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Previous: BANC ONE AUTO GRANTOR TRUST 1996-A, 8-K, 1999-05-18 |
Next: MODACAD INC, NT 10-Q, 1999-05-18 |
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 1999
--------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
--------------------------------------------
Commission file number 0-27738
--------------------------------------------
THE JPM COMPANY
(Exact name of registrant as specified in its charter)
Pennsylvania 23-1702908
- ------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
155 North 15th Street, Lewisburg,PA 17837
- ------------------------------------------------------------------------
(Address of principal executive offices) (ZIP Code)
Registrants telephone number, including area code 570-524-8225
----------------------
- ------------------------------------------------------------------------
(Former address of principal executive offices) (ZIP Code)
Former name, former address and former fiscal year, if changed since last
report.
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by section 10 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 the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
At March 31, 1999, 7,350,199 shares of common stock, $.000067 par value,
were issued and outstanding.
The undersigned Registrant hereby amends the following financial statements to
its quarterly report on Form 10-Q, filed on May 13, 1999 for the period ending
March 31, 1999.
<PAGE>
Item 1. Financial Statements
<TABLE>
<CAPTION>
THE JPM COMPANY CONDENSED CONSOLIDATED BALANCE SHEET (in thousands)
March 31, September 30,
1999 1998
----------------- -------------------
<S> <C> <C>
(unaudited)
ASSETS
CURRENT ASSETS
Cash $ 1,576 $ 2,625
Accounts receivable, net 21,602 19,681
Inventories, net 32,584 23,984
Other current assets 4,374 3,711
------------- --------------
Total current assets 60,136 50,001
Property, plant and equipment, net 25,922 21,267
Excess of cost over fair value of net assets acquired and other intangible
assets, net 25,352 15,445
Other assets 1,973 2,308
------------- --------------
$ 113,383 $ 89,021
============= ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term borrowings $ - $ 290
Current maturities of long-term debt 544 544
Notes payable 2,000 -
Accounts payable 16,272 7,707
Accrued expenses 6,115 4,448
Deferred income taxes 1,620 1,620
------------- --------------
Total current liabilities 26,551 14,609
Long-term debt 47,958 42,193
Other long-term liabilities 2,597 1,457
Minority interest 346 -
------------- --------------
77,452 58,259
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 10,000
shares authorized; none issued and outstanding - -
Common Stock, $.000067 par value,
40,000 shares authorized, issued
7,350 at March 31, 1999 and
7,060 at September 30, 1998 - -
Additional paid-in capital 20,178 17,513
Retained earnings 16,569 13,614
Accumulated other comprehensive loss (816) (365)
-------------- -----------
Total shareholders' equity 35,931 30,762
-------------- -----------
$ 113,383 $ 89,021
============== ===========
</TABLE>
The accompanying notes are an integral part of these statements.
Page-3
<PAGE>
<TABLE>
<CAPTION>
THE JPM COMPANY CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited-in thousands)
Six Months Ended
March 31, March 31,
1999 1998
------- -------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 2,955 $ 829
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 1,932 1,369
Foreign currency translation (gain) loss 24 (92)
Loss (gain) on sale of property, plant and equipment (18) -
Deferred taxes 1,142 (231)
Minority interest 277 -
Deferred compensation expense 99 105
Change in assets and liabilities,
net of effects from businesses acquired:
(Increase) decrease in accounts receivable (1,298) (2,444)
(Increase) decrease in inventories (7,729) (2,164)
(Increase) decrease in other assets (856) (242)
Increase (decrease) in accounts payable 7,697 (793)
Increase (decrease) in accrued expenses 161 2,070
Increase (decrease) in income taxes payable 684 -
--------- ---------
Net cash provided by (used in) operating activities 5,070 (1,593)
--------- ---------
Cash flows from investing activities:
Payments for businesses acquired, net of cash
acquired ($465 in 1999) (5,827) -
Capital expenditures (5,641) (4,389)
Proceeds from sale of property, plant and equipment 28 -
Deferred compensation plan contributions (100) (105)
--------- ---------
Net cash provided by (used in) investing
activities (11,540) (4,494)
--------- ---------
Cash flows from financing activities:
Net borrowings (repayments) under credit facilities 5,756 4,856
Proceeds from issuance of long-term debt - 2,898
Principal payments on long-term debt (282) (321)
Proceeds from exercise of stock options 165 129
--------- ---------
Net cash provided by (used in) financing activities 5,639 7,562
--------- ---------
Net effect of changes in exchange rates on cash (218) -
--------- ---------
Increase (decrease) in cash (1,049) 1,475
Cash at beginning of period 2,625 543
--------- ---------
Cash at end of period $ 1,576 $ 2,018
========= =========
</TABLE>
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.
THE JPM COMPANY
Registrant
(Principal Executive Officer)
Date: May 18, 1999 By: /s/ William D. Baker
------------ ------------------------
William D. Baker
Vice President and Chief Financial Officer
(Principal Financial Officer)
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