SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
TO
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period Commission File No. 0-27682
ended August 31, 1997
GLOBE BUSINESS RESOURCES, INC.
Incorporated under the IRS Employer
laws of Ohio Identification No. 31-1256641
1925 Greenwood Avenue
Cincinnati, OH 45246
Phone: (513) 771-8221
Indicate by check mark whether the 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 (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
As of September 30, 1997, 4,444,509 shares of the Registrant's common
stock, no par value, were outstanding.
This Amendment is filed to correct a transmission error in the Accounts
Receivable number in the Consolidated Statement of Cash Flows.
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GLOBE BUSINESS RESOURCES, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in thousands)
For the six months ended,
August 31, August 31,
1997 1996
---------- ----------
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 2,648 $ 1,947
Adjustments to reconcile net income
to net cash provided by
operating activities:
Rental furniture depreciation 3,523 2,917
Other depreciation and amortization 1,023 485
Provision for losses on accounts receivable 255 50
Provision for deferred income taxes 887 507
(Gain)/loss on sale of property and equipment (4) 4
Book value of furniture sales and rental buyouts 5,932 5,811
Changes in assets and liabilities:
Accounts receivable (2,634) (1,205)
Other assets, net (6) (115)
Prepaid expenses 127 (188)
Accounts payable 959 15
Customer deposits 144 (35)
Accrued compensation (181) (854)
Accrued taxes 279 504
Accruted interest payable 393 94
Other accrued expenses 178 (133)
-------- --------
Net cash provided by operating activities 13,523 9,804
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to rental furniture (12,132) (15,150)
Purchases of property and equipment (2,503) (714)
Proceeds from disposition of property and equipment 7 --
Debenture retirement -- (59)
Purchase of businesses, net of cash acquired (5,432) (5,912)
-------- --------
Net cash used in investing activities (20,060) (21,835)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on the revolving credit agreement 56,316 49,023
Repayments on the revolving credit agreement (50,885) (35,853)
Net proceeds (repayments) of other debt 1,370 (595)
Principal payments under capital lease obligations (211) (162)
Exercise of common stock options 6 15
-------- --------
Net cash provided by financing activities 6,596 12,428
-------- --------
Net (decrease)/increase in cash 59 397
Cash at beginning of period 717 133
-------- --------
Cash at end of period $ 776 $ 530
-------- --------
The accompanying notes are an integral part of these financial statements.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this amendment to this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.
Globe Business Resources, Inc.
By: /s/Sharon G. Kebe
---------------------------------
Sharon G. Kebe
Senior Vice President-Finance
and Treasurer
(Principal Financial Officer)
Signed: October 9, 1997
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