SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the period ended May 31, 1997
Commission File Number 0-27944
PRIDE AUTOMOTIVE GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 98-0157860
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
Pride House, Watford Metro Centre, Tolpits Lane, Watford, England WD1 8SB
(Address of principal executive offices) (Zip Code)
(800) 698-6590
(Issuer's telephone number, including area code)
Indicate by (X) whether Registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months and (2) has been subject to such filing requirements for the
past 90 days. YES X NO
Common Stock, $.001 par value. 2,837,600 shares outstanding as of May 31,
1997.
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PRIDE AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
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<CAPTION>
For the Six Months Ended
May 31,
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net loss ...........................................................................$ (936,455) $ (186,297)
Adjustments to reconcile net loss to net cash provided by operating activities:
Minority interest in net loss of subsidiary ......................................(385,631) --
Depreciation and amortization ....................................................1,904,595 1,246,229
Amortization of goodwill .........................................................295,449 295,449
(Gain) on disposal of fixed assets ...............................................(168,710) (9,532)
Provision for maintenance costs ..................................................-- 23,691
Changes in assets and liabilities:
Decrease (increase) in accounts receivable 341,221 (81,644)
(Increase) in inventories (609,131) (106,292)
Increase (decrease) in accounts payable, .......................................... 823,217 (1,162,253)
Net cash provided from operating activities 1,264,555 19,351
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of revenue producing assets ....................................... (6,781,178) (3,207,506)
Proceeds from sale of fixed assets .................................................1,030,421 570,037
Net cash (utilized) by investing activities (5,750,757) (2,637,469)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from bank lines of credit .............................................1,568,470 467,809
Proceeds from sale of common stock and warrants ....................................92,500 3,282,500
Costs associated with stock/debt offerings .........................................(126,296) (882,206)
Loans repaid to directors ..........................................................-- (123,668)
Principal payments of long-term debt ...............................................(7,290) (42,436)
Payment of acquisition debt ........................................................(42,500) --
Proceeds from hire purchase contract funding .......................................9,079,975 3,795,711
Principal repayments of hire purchase contract funding .............................(5,927,829) (3,448,679)
Net cash provided by financing activities ............................................4,637,030 3,049,031
EFFECT OF EXCHANGE RATE CHANGES ON CASH ..............................................(388,852) 25,366
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS .................................(238,024) 456,279
Cash and cash equivalents, beginning of year .......................................250,699 3,377
CASH AND CASH EQUIVALENTS, END OF PERIOD ........................................$ 12,675 $ 459,656
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See notes to interim consolidated condensed financial statements
Page 5.
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PART II. OTHER INFORMATION
Part II - Other Information
ITEM 1. Legal Proceedings. None.
ITEM 2. Changes in Securities. None.
ITEM 3. Defaults Upon Senior Securities. None.
ITEM 4. Submission of Matters to a Vote. None.
ITEM 5. Other Information. None.
ITEM 6. Exhibit and Reports on Form 8-k.
(a) Exhibit 27 Financial Data Schedule.
(b) None.
Page 13
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized
Dated: August 18, 1997
Pride Automotive Group, Inc.
by: \s\ Alan Lubinsky
Alan Lubinsky
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