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<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A No. 1
[ x ] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Quarter Ended DECEMBER 31, 1994 Commission File Number 1-5371
THE UNION CORPORATION
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 25-0848970
---------------------- -------------------------------------
(State of incorporation) (I.R.S. Employer Identification Number)
145 Mason Street, Greenwich, CT 06830
-------------------------------------- --------
(Address of principal executive offices) (Zip Code)
(203) 629-0505
---------------------------------------------------
(Registrant's telephone number,including area code)
492 Route 46 East, Fairfield, NJ 07004
----------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark 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 (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
--------- ---------
5,580,617 Common shares were outstanding as of February 8, 1995
--------------- ----------------------
<PAGE>
THE UNION CORPORATION AND SUBSIDIARIES
Index to Condensed Consolidated Financial Statements and Exhibits
Page
----
Part I. Financial Information:
Item 1. Financial Statements
Condensed Consolidated Balance Sheets,
December 31, 1994 (Unaudited) and
June 30, 1994 3
Condensed Consolidated Statements of
Operations (Unaudited), for the Six Months
Ended December 31, 1994 and 1993 4
Condensed Consolidated Statements of
Operations (Unaudited), for the Three Months
Ended December 31, 1994 and 1993 5
Condensed Consolidated Statements of
Cash Flows (Unaudited), for the Six Months
Ended December 31, 1994 and 1993 6
Condensed Consolidated Statement of
Shareholders' Equity (Unaudited), for the
Six Months Ended December 31, 1994 7
Notes to Condensed Consolidated Financial
Statements (Unaudited) 8
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations 9 - 13
Part II. Other Information:
Item 1. Legal Proceedings 14 - 16
Item 4. Submission of Matters to a Vote of
Security Holders 17
Item 6. Exhibits and Reports on Form 8-K 17 - 19
Signatures 20
<PAGE>
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS:
On November 17, 1994, the Company held its Annual Meeting of Stockholders.
The following matters were voted on and approved by the stockholders:
(1) Messrs. William B. Hewitt, Robert A. Kerr and Stuart J. Northrop
were re-elected to the Board of Directors and Messrs.
Melvin L. Cooper, John E. Angle, Gordon S. Dunn, James C. Miller III
and Herbert R. Silver continued to serve as members of the Board of
Directors after the meeting.
Votes Votes Votes Broker
For Against Abstaining Non-Votes
--- ------- ---------- ---------
(2) Proposal to approve the
adoption of the 1994
Incentive Stock Plan 2,742,713 874,035 623,662 938,892
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K:
(As amended on March 30, 1995 to include Exhibit No. 27)
(a) EXHIBITS:
Exhibit No. 11
Computation of Primary and Fully Diluted Earnings Per Share (Unaudited)
Exhibit No. 27
Financial Data Schedule
(b) REPORTS ON FORM 8-K:
There were no reports on Form 8-K filed for the three months ended
December 31, 1994.
17
<PAGE>
<TABLE>
<CAPTION>
THE UNION CORPORATION AND SUBSIDIARIES Item 6
Computation of Primary and Fully Diluted Earnings Per Share (Unaudited) Exhibit 11
(Dollars in thousands, except per share amounts)
Six Months Ended December 31
-------------------------------------------------------------------------------------
1994 1993
-------------------------------------------- ----------------------------------------
Income Income
Number of Net of Per Share Number of Net of Per Share
Shares Taxes Amount Shares Taxes Amount
--------- ------ --------- --------- ------ ---------
<S> <C> <C> <C> <C> <C> <C>
Primary Earnings:
Average common shares (based
on weighted average number
of shares outstanding) 5,536,814 6,224,256
Common stock equivalents
(stock options) 102,339 91,030
--------- ---------
Income before cumulative effect
of change in accounting for
income taxes 5,639,153 $2,221 $.39 6,315,286 $1,652 $.26
--------- ---------
--------- ---------
Cumulative effect of change in
accounting for income taxes - - - 6,315,286 1,068 .17
--------- ----- --- --------- ----- ---
--------- ---------
Net income 5,639,153 $2,221 $.39 6,315,286 $2,720 $.43
--------- ----- --- --------- ----- ---
--------- ----- --- --------- ----- ---
Fully Diluted Earnings:
Average common shares (based
on weighted average number
of shares outstanding) 5,536,814 6,224,256
Common stock equivalents
(stock options) 134,244 98,605
--------- ---------
Income before cumulative effect
of change in accounting for
income taxes 5,671,058 $2,221 $.39 6,322,861 $1,652 $.26
--------- ---------
--------- ---------
Cumulative effect of change in
accounting for income taxes - - - 6,322,861 1,068 .17
--------- ----- --- --------- ----- ---
--------- ----- --- --------- ----- ---
Net income 5,671,058 $2,221 $.39 6,322,861 $2,720 $.43
--------- ----- --- --------- ----- ---
--------- ----- --- --------- ----- ---
</TABLE>
18
<PAGE>
<TABLE>
<CAPTION>
THE UNION CORPORATION AND SUBSIDIARIES Item 6
Computation of Primary and Fully Diluted Earnings Per Share (Unaudited) Exhibit 11
(Dollars in thousands, except per share amounts)
Three Months Ended December 31
--------------------------------------------------------------------------------
1994 1993
----------------------------------- -------------------------------------
Income Income
Number of Net of Per Share Number of Net of Per Share
Shares Taxes Amount Shares Taxes Amount
--------- ------ --------- --------- ------ ---------
<S> <C> <C> <C> <C> <C> <C>
Primary Earnings:
Average common shares (based
on weighted average number
of shares outstanding) 5,535,340 6,202,755
Common stock equivalents
(stock options) 140,410 96,329
--------- ---------
Income before cumulative effect
of change in accounting for
income taxes 5,675,750 $1,271 $.22 6,299,084 $ 838 $.13
--------- ---------
--------- ---------
Cumulative effect of change in
accounting for income taxes - - - - - -
--------- ----- --- --------- ----- ---
--------- ----- --- --------- ----- ---
Net income 5,675,750 $1,271 $.22 6,299,084 $ 838 $.13
--------- ----- --- --------- ----- ---
Fully Diluted Earnings:
Average common shares (based
on weighted average number
of shares outstanding) 5,535,340 6,202,755
Common stock equivalents
(stock options) 140,410 100,310
--------- ---------
Income before cumulative effect
of change in accounting for
income taxes 5,675,750 $1,271 $.22 6,303,065 $ 838 $.13
--------- ---------
--------- ---------
Cumulative effect of change in
accounting for income taxes - - - - - -
--------- ----- --- --------- ----- ---
--------- ----- --- --------- ----- ---
Net income 5,675,750 $1,271 $.22 6,303,065 $ 838 $.13
--------- ----- --- --------- ----- ---
--------- ----- --- --------- ----- ---
</TABLE>
19
<PAGE>
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 UNION CORPORATION
(Registrant)
Date: March 30, 1995 By: Melvin L. Cooper
-----------------------------------
Melvin L. Cooper
Chairman of the Board and President
(Chief Executive Officer)
Date: March 30, 1995 By: Nicholas P. Gill
-----------------------------------
Nicholas P. Gill
Treasurer and Secretary
(Chief Financial Officer)
20
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Form 10-Q for the quarter ended December 31, 1994 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> DEC-31-1994
<CASH> 11,372
<SECURITIES> 20,859
<RECEIVABLES> 6,011
<ALLOWANCES> 629
<INVENTORY> 0
<CURRENT-ASSETS> 41,067
<PP&E> 16,744
<DEPRECIATION> 6,917
<TOTAL-ASSETS> 106,285
<CURRENT-LIABILITIES> 15,875
<BONDS> 20,868
<COMMON> 4,238
0
0
<OTHER-SE> 54,470
<TOTAL-LIABILITY-AND-EQUITY> 106,285
<SALES> 0
<TOTAL-REVENUES> 47,286
<CGS> 0
<TOTAL-COSTS> 30,671
<OTHER-EXPENSES> 2,088<F1>
<LOSS-PROVISION> 98
<INTEREST-EXPENSE> 672
<INCOME-PRETAX> 3,897
<INCOME-TAX> 1,676
<INCOME-CONTINUING> 2,221
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,221
<EPS-PRIMARY> .39
<EPS-DILUTED> .39
<FN>
<F1>Represents the total depreciation and amortization expense,
but does not include S, G. & A expenses of $10,487.
</FN>
</TABLE>
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