GLOBE BUSINESS RESOURCES INC
10-K/A, 1998-07-22
EQUIPMENT RENTAL & LEASING, NEC
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                   FORM 10-K/A

                          AMENDMENT NO. 1 TO FORM 10-K

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF 
    THE SECURITIES EXCHANGE ACT OF 1934 

                  For the fiscal year ended February 28, 1998

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(D) 
    OF THE SECURITIES EXCHANGE ACT OF 1934

                           Commission File No. 0-27682

                         GLOBE BUSINESS RESOURCES, INC.

Incorporated under the                                      IRS Employer
     laws of Ohio                                  Identification No. 31-1256641

                               11260 Chester Road
                                    Suite 400
                             Cincinnati, Ohio 45246
                              Phone: (513) 771-8287

SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:  None

SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:

                               TITLE OF EACH CLASS
                           Common Stock, no par value



     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 ___

     Indicate by check mark if disclosure of delinquent  filers pursuant to Item
405 of Regulation S-K is not contained herein, and need not be contained, to the
best of Registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

     As of May 1, 1998,  4,548,399 shares of the  Registrant's  common stock, no
par value, were outstanding.  The aggregate market value of Common Stock held by
non-affiliates of the Registrant at May 1, 1998, was approximately $37.9 million
computed at the closing price of $14.125 per share on that date.



                      DOCUMENTS INCORPORATED BY REFERENCE:

     Portions of the Proxy Statement for the 1998 Annual Meeting of Shareholders
are incorporated by reference in Part III.



<PAGE>




     This Form 10-K/A is being filed  solely to amend and restate the  Financial
Data  Schedule  filed with the  Company's  Form 10-K for the  fiscal  year ended
February 28, 1998. The amendment and restatement reflects the impact of restated
earnings  per share  amounts  calculated  pursuant  to  Statement  of  Financial
Accounting  Standards No. 128,  "Earnings per Share" and reports  interim period
year-to-date  amounts for selected  income  statement  categories.  The required
Financial Data Schedules are filed herewith.




<PAGE>



                                   SIGNATURES

     Pursuant  to the  requirements  of  Section  13 or 15(d) 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.

                                             Globe Business Resources, Inc.



                                             By:    /s/ David D. Hoguet
                                                ----------------------------
                                                    David D. Hoguet
                                                    Chief Executive Officer

Signed:  July 21, 1998

     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
Registrant and in the capacities and on the dates indicated:

      Signature                       Capacity                      Date
- -----------------------         --------------------            -------------



/s/ David D. Hoguet
- ----------------------
David D. Hoguet                 Director                        July 21, 1998



/s/ Blair D. Neller
- ----------------------
Blair D. Neller                 Director                        July 21, 1998



/s/ Alvin Z. Meisel
- ----------------------
Alvin Z. Meisel                 Director                        July 21, 1998



/s/ William R. Griffin
- ----------------------
William R. Griffin              Director                        July 21, 1998



/s/ Thomas C. Parise
- ----------------------
Thomas C. Parise                Director                        July 21, 1998


                                
/s/ Sharon G. Kebe              Senior Vice President-
- ----------------------          Finance and Treasurer
Sharon G. Kebe                  (Principal Financial Officer)   July 21, 1998



<TABLE> <S> <C>


<ARTICLE>                     5
<MULTIPLIER>                                   1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                              FEB-28-1997
<PERIOD-END>                                   AUG-31-1996
<CASH>                                            530
<SECURITIES>                                        0
<RECEIVABLES>                                   5,784
<ALLOWANCES>                                      472
<INVENTORY>                                    46,227
<CURRENT-ASSETS>                                    0
<PP&E>                                          7,062
<DEPRECIATION>                                  3,760
<TOTAL-ASSETS>                                 60,450
<CURRENT-LIABILITIES>                               0
<BONDS>                                             0
                               0
                                         0
<COMMON>                                       19,000
<OTHER-SE>                                          0
<TOTAL-LIABILITY-AND-EQUITY>                   60,450
<SALES>                                         7,361
<TOTAL-REVENUES>                               30,823
<CGS>                                           4,509
<TOTAL-COSTS>                                  27,084
<OTHER-EXPENSES>                                    0
<LOSS-PROVISION>                                    0
<INTEREST-EXPENSE>                                607
<INCOME-PRETAX>                                 3,190
<INCOME-TAX>                                    1,243
<INCOME-CONTINUING>                             1,947
<DISCONTINUED>                                      0
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                                    1,947
<EPS-PRIMARY>                                     .45
<EPS-DILUTED>                                     .45
        


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     5
<MULTIPLIER>                                   1,000
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                              FEB-28-1997
<PERIOD-END>                                   NOV-30-1996
<CASH>                                            392
<SECURITIES>                                        0
<RECEIVABLES>                                   5,928
<ALLOWANCES>                                      590
<INVENTORY>                                    49,343
<CURRENT-ASSETS>                                    0
<PP&E>                                          7,754
<DEPRECIATION>                                  3,940
<TOTAL-ASSETS>                                 64,125
<CURRENT-LIABILITIES>                               0
<BONDS>                                             0
                               0
                                         0
<COMMON>                                       19,303
<OTHER-SE>                                          0
<TOTAL-LIABILITY-AND-EQUITY>                   64,125
<SALES>                                        11,149
<TOTAL-REVENUES>                               48,427
<CGS>                                           6,860
<TOTAL-COSTS>                                  42,606
<OTHER-EXPENSES>                                    0
<LOSS-PROVISION>                                    0
<INTEREST-EXPENSE>                              1,077
<INCOME-PRETAX>                                 4,842
<INCOME-TAX>                                    1,849
<INCOME-CONTINUING>                             2,993
<DISCONTINUED>                                      0
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                                    2,993
<EPS-PRIMARY>                                     .70
<EPS-DILUTED>                                     .69
        


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     5
<MULTIPLIER>                                   1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                              FEB-28-1997
<PERIOD-END>                                   FEB-28-1997
<CASH>                                            717
<SECURITIES>                                        0
<RECEIVABLES>                                   6,147
<ALLOWANCES>                                      460
<INVENTORY>                                    48,462
<CURRENT-ASSETS>                                    0
<PP&E>                                          9,059
<DEPRECIATION>                                  4,152
<TOTAL-ASSETS>                                 71,778
<CURRENT-LIABILITIES>                               0
<BONDS>                                             0
                               0
                                         0
<COMMON>                                       19,883
<OTHER-SE>                                          0
<TOTAL-LIABILITY-AND-EQUITY>                   71,778
<SALES>                                        14,769
<TOTAL-REVENUES>                               67,520
<CGS>                                           9,218
<TOTAL-COSTS>                                  59,766
<OTHER-EXPENSES>                                    0
<LOSS-PROVISION>                                    0
<INTEREST-EXPENSE>                              1,640
<INCOME-PRETAX>                                 6,386
<INCOME-TAX>                                    2,478
<INCOME-CONTINUING>                             3,908
<DISCONTINUED>                                      0
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                                    3,908
<EPS-PRIMARY>                                     .90
<EPS-DILUTED>                                     .89
        


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     5
<MULTIPLIER>                                   1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                              FEB-28-1998
<PERIOD-END>                                   AUG-31-1997
<CASH>                                            776
<SECURITIES>                                        0
<RECEIVABLES>                                   8,644
<ALLOWANCES>                                      711
<INVENTORY>                                    51,680
<CURRENT-ASSETS>                                    0
<PP&E>                                         11,887
<DEPRECIATION>                                  4,757
<TOTAL-ASSETS>                                 84,070
<CURRENT-LIABILITIES>                               0
<BONDS>                                             0
                               0
                                         0
<COMMON>                                       19,915
<OTHER-SE>                                          0
<TOTAL-LIABILITY-AND-EQUITY>                   84,070
<SALES>                                         7,214
<TOTAL-REVENUES>                               47,278
<CGS>                                           4,553
<TOTAL-COSTS>                                  41,507
<OTHER-EXPENSES>                                    0
<LOSS-PROVISION>                                    0
<INTEREST-EXPENSE>                              1,353
<INCOME-PRETAX>                                 4,343
<INCOME-TAX>                                    1,695
<INCOME-CONTINUING>                             2,648
<DISCONTINUED>                                      0
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                                    2,648
<EPS-PRIMARY>                                     .60
<EPS-DILUTED>                                     .59
        


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     5
<MULTIPLIER>                                   1,000
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                              FEB-28-1998
<PERIOD-END>                                   NOV-30-1997
<CASH>                                            876
<SECURITIES>                                        0
<RECEIVABLES>                                   9,307
<ALLOWANCES>                                      798
<INVENTORY>                                    53,931
<CURRENT-ASSETS>                                    0
<PP&E>                                         12,694
<DEPRECIATION>                                  4,813
<TOTAL-ASSETS>                                 96,992
<CURRENT-LIABILITIES>                               0
<BONDS>                                             0
                               0
                                         0
<COMMON>                                       21,040
<OTHER-SE>                                          0
<TOTAL-LIABILITY-AND-EQUITY>                   96,992
<SALES>                                        12,246
<TOTAL-REVENUES>                               75,311
<CGS>                                           7,594
<TOTAL-COSTS>                                  66,612
<OTHER-EXPENSES>                                    0
<LOSS-PROVISION>                                    0
<INTEREST-EXPENSE>                              2,154
<INCOME-PRETAX>                                 6,390
<INCOME-TAX>                                    2,485
<INCOME-CONTINUING>                             3,905
<DISCONTINUED>                                      0
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                                    3,905
<EPS-PRIMARY>                                     .88
<EPS-DILUTED>                                     .86
        


</TABLE>

<TABLE> <S> <C>


<ARTICLE>                     5
<MULTIPLIER>                                   1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                              FEB-28-1998
<PERIOD-END>                                   FEB-28-1998
<CASH>                                            526
<SECURITIES>                                        0
<RECEIVABLES>                                   8,992
<ALLOWANCES>                                      609
<INVENTORY>                                    53,220
<CURRENT-ASSETS>                                    0
<PP&E>                                         13,057
<DEPRECIATION>                                  5,314
<TOTAL-ASSETS>                                 99,437
<CURRENT-LIABILITIES>                               0
<BONDS>                                             0
                               0
                                         0
<COMMON>                                       21,492
<OTHER-SE>                                          0
<TOTAL-LIABILITY-AND-EQUITY>                   99,437
<SALES>                                        15,723
<TOTAL-REVENUES>                              103,900
<CGS>                                           9,529
<TOTAL-COSTS>                                  93,996
<OTHER-EXPENSES>                                    0
<LOSS-PROVISION>                                    0
<INTEREST-EXPENSE>                              3,055
<INCOME-PRETAX>                                 6,663
<INCOME-TAX>                                    2,598
<INCOME-CONTINUING>                             4,065
<DISCONTINUED>                                      0
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                                    4,065
<EPS-PRIMARY>                                     .91
<EPS-DILUTED>                                     .89
        

</TABLE>


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