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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
AMENDMENT NO. 1
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (EVENT): October 25, 1996
THE PARTS SOURCE, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
FLORIDA 0-27864 59-3149403
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(STATE OF INCORPORATION) (COMMISSION FILE NO.) (IRS EMPLOYER
IDENTIFICATION NO.)
1751 SOUTH MISSOURI AVENUE
CLEARWATER, FLORIDA 34616
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(813) 588-0377
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(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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ITEM 2. ACQUISITION OF ASSETS
On October 25, 1996 The Parts Source, Inc., d/b/a/ Ace Auto Parts (the
"Company"), acquired from A. P. S., Inc. ("APS"), the business of six
auto parts stores located in the state of Florida. The six auto parts
stores are located in Ocala, Wildwood, Orlando, Cape Canaveral and
Belleview, Florida. Each of the new stores marks the Company's first
entry into the respective markets. As a result of the acquisition, the
Company now operates 33 auto parts stores, all located in the state of
Florida.
The purchase price of the stores was approximately $2.7 million.
Approximately $2.4 million of the purchase price was paid with cash
received from the sale of Common Stock described in Item 5 below. The
availability of such funds resulted from the prior utilization of the
Company's line of credit with the Barnett Bank, N.A. to pay down the
accounts payable to APS which is also described in Item 5 below. The
balance of the purchase price will be paid from the Company's line of
credit.
The Company intends to continue the operations of each of the acquired
stores as auto parts stores.
ITEM 5. OTHER EVENTS
In September 1996, while negotiating with APS for new terms on its
supply agreement, the Company utilized its line of credit to pay down
its trade payables to APS by $4 million. As a condition of this
payment, Autoparts Finance Company, Inc., a subsidiary of APS, agreed to
purchase 227,273 shares of Common Stock of the Company in a private
transaction at $11.00 per share (the fair market value). The purchase
was consummated on October 25, 1996.
SIGNATURE
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, thereto duly authorized.
THE PARTS SOURCE, INC.
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(Registrant)
Dated: November 8, 1996 /s/ Thomas D. Cox
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Thomas D. Cox, President and Chief
Executive Officer
