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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
Amendment No. 3
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 25, 1996
THE PARTS SOURCE, INC.
d/b/a Ace Auto Parts
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(Exact name of registrant as specified in its charter)
FLORIDA 0-27864 59-3149403
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(State or other jurisdiction of Commission File Number (I.R.S. Employer
incorporation or organization) Identification No.)
1751 S. Missouri Avenue, Clearwater, Florida 34616
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (813) 588-0377
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N/A
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(Former name or former address, if changed since last report.)
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THE PARTS SOURCE, INC.
(D/B/A/ ACE AUTO PARTS)
PRO FORMA CONDENSED STATEMENT OF EARNINGS
For the nine months ended September 30, 1996
(unaudited)
The following unaudited pro forma condensed combined statement of earnings is
based on the statement of earnings of The Parts Source, Inc. (d/b/a Ace Auto
Parts) as contained in the Form 10-Q for the nine months ended September 30,
1996, and the unaudited statement of earnings of A.P.S., Inc. ("Florida Store
Group") for the six months ended July 25, 1996, after giving effect to the
conforming adjustments described in Note 1 and the pro forma adjustments
described in Note 2 as if the acquisition had occurred on January 1, 1996. In
the opinion of management, all adjustments have been made that are necessary to
present fairly the pro forma information. This statement should be read in
conjunction with the aforementioned Form 10-Q and Florida Store Group financial
statements and notes thereto, which are included elsewhere in this Filing.
<TABLE>
<CAPTION>
Historical Pro Forma
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9/30/96 7/25/96 Note 1 9/30/96 Note 2
The Parts Conforming A.P.S. as Pro Forma Pro Forma
Source A.P.S. Adjustments Conformed Adjustments Combined
----------- ---------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Net sales $19,158,078 $3,767,576 $1,866,367 $5,633,943 $ - $24,792,021
Cost of goods sold 11,993,887 2,319,953 1,142,795 3,462,748 47,200(4) 15,503,835
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Gross profit 7,164,191 1,447,623 723,572 2,171,195 (47,200) 9,288,186
Operating, selling, general and
administrative expenses 6,711,855 1,229,239 631,543 1,860,782 (80,424)(3) 8,492,213
----------- ---------- ---------- ---------- -------- -----------
Earnings from operations 452,336 218,384 92,029 310,413 33,224 795,973
Other income (expense) (200,322) 409 411 820 (53,154)(1) (283,956)
(31,300)(2)
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Net earnings before income taxes 252,014 218,793 92,440 311,233 (51,230) 512,017
Provision for income taxes * 94,610 79,231 34,179 113,410 (18,668)(5) 189,352
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Net earnings $ 157,404 $ 139,562 $ 58,261 $ 197,823 $(32,562) $ 322,665
=========== ========== ========== ========== ======== ===========
Net earnings per common share $ .06 $ .11
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Weighted average common shares
outstanding 2,758,996 2,986,269(6)
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</TABLE>
(*) Reflects the Company's pro forma income tax expense for the for the nine
months ended September 30, 1996 as the Company was a Subchapter S
Corporation for tax purposes until April 8, 1996.
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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.
November 27, 1996
- ------------------------------ The Parts Source, Inc.
(Date) d/b/a Ace Auto Parts
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(Registrant)
/s/ Robert B. Morgan
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Robert B. Morgan
Chief Financial and Accounting Officer
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