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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------------------
(Mark One)
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended: September 29, 2000
------------------
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: 0-27992
ELAMEX, S.A. de C.V.
(Exact name of registrant as specified in its charter)
Mexico Not Applicable
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
Avenida Insurgentes No. 4145-B Ote.
Cd. Juarez, Chihuahua Mexico C.P. 32340
(Address of principal executive offices) (Zip code)
(915) 774-8252
Registrant's telephone number, including area code
in El Paso, Texas
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 |_|
The number of shares of Class I Common Stock, no par value of the
Registrant outstanding as of November 13, 2000 was:
6,866,100
<PAGE>
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ELAMEX, S.A. DE C.V. AND SUBSIDIARIES
TABLE OF CONTENTS
Page No.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Condensed Balance Sheets as of September 29, 2000 and
December 31, 1999 (unaudited) ...........................................1
Consolidated Condensed Statements of Earnings for the thirty-nine and
thirteen weeks ended September 29, 2000 and October 1, 1999 (unaudited)..2
Consolidated Condensed Statements of Cash Flows for the thirty-nine weeks
ended September 29, 2000 and October 1, 1999 (unaudited).................3
Notes to Consolidated Condensed Financial Statements (unaudited) ........4
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations..............................6
Item 3. Qualitative and Quantitative Disclosures About Market Risk ......9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings...............................................10
Item 2. Changes in Securities and use of proceeds.......................10
Item 3. Defaults upon Senior Securities.................................10
Item 4. Submission of Matters to a Vote of Security Holders.............10
Item 5. Other Information...............................................10
Item 6. Exhibits and Reports on Form 8-K................................10
SIGNATURES ...................................................................11
<PAGE>
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements
ELAMEX, S.A. DE C.V. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(In U. S. Dollars)
(Unaudited)
September 29, December 31,
2000 1999
----------------- ---------------
Assets
Current assets:
Cash and cash equivalents $ 34,027,751 $ 7,164,115
Receivables
Trade accounts, net 24,125,271 30,757,105
Other receivables 9,588,822 2,371,984
----------------- ---------------
Total receivables 33,714,093 33,129,089
Inventories, net 7,366,601 21,211,814
Refundable income taxes 1,607,238 1,084,992
Prepaid expenses 2,797,262 1,294,200
----------------- ---------------
Total current assets 79,512,945 63,884,210
Property, plant and equipment, net 51,347,931 52,874,539
Goodwill 9,577,801 9,948,662
Other assets, net 431,858 516,582
----------------- ---------------
$ 140,870,535 $ 127,223,993
================= ===============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 18,192,394 $ 19,807,188
Accrued expenses 9,056,387 5,235,091
Notes payable and current portion of
long-term debt 12,411,004 4,364,289
Taxes payable 2,285,202 606,092
Deferred income taxes, net 53,334 4,991,335
----------------- ---------------
Total current liabilities 41,998,321 35,003,995
Long-term debt, excluding current portion 17,060,504 26,454,901
Other liabilities 153,539 208,412
Deferred income taxes, net 1,202,341 451,484
----------------- ---------------
Total liabilities 60,414,705 62,118,792
Minority Interest (518,861) 1,677,446
Commitments and contingencies -- --
Stockholders' equity:
Common stock, 22,400,000 authorized,
7,400,000 shares issued and 6,866,100
outstanding. 35,060,468 35,060,468
Retained earnings 48,432,355 30,885,419
Treasury stock (2,518,132) (2,518,132)
----------------- ---------------
Total stockholders' equity 80,974,691 63,427,755
----------------- ---------------
$ 140,870,535 $ 127,223,993
================= ===============
See accompanying notes to unaudited consolidated condensed financial statements.
1
<PAGE>
ELAMEX, S.A. DE C.V. AND SUBSIDIARIES
Consolidated Condensed Statements of Earnings
(In U. S. Dollars)
(Unaudited)
<TABLE>
<CAPTION>
13 Weeks ended 39 Weeks ended
-------------------------------------- --------------------------------------
September 29, 2000 October 1, 1999 September 29, 2000 October 1, 1999
------------------ --------------- ------------------ ---------------
<S> <C> <C> <C> <C>
Net sales $ 36,677,446 $ 48,456,405 $ 134,696,519 $ 112,152,388
Cost of sales 37,734,311 44,232,229 131,861,567 101,549,960
------------ ------------ ------------- -------------
Gross profit (1,056,865) 4,224,176 2,834,952 10,602,428
------------ ------------ ------------- -------------
Operating expenses:
General and administrative 2,860,707 3,122,526 9,957,095 6,996,282
Selling 464,995 466,642 1,457,153 1,386,717
Research and development -- 224,512 -- 1,227,657
------------ ------------ ------------- -------------
Total operating expenses 3,325,702 3,813,680 11,414,248 9,610,656
------------ ------------ ------------- -------------
Operating (loss) income (4,382,567) 410,496 (8,579,296) 991,772
------------ ------------ ------------- -------------
Other income (expense):
Interest income 729,321 88,686 1,292,310 580,342
Interest expense (529,449) (516,914) (2,192,400) (726,711)
Other, net 1,342,712 (147,605) 2,241,310 370,419
Gain on sale of EMS operations -- -- 20,535,390 --
------------ ------------ ------------- -------------
Total other income (expense) 1,542,584 (575,833) 21,876,610 224,050
------------ ------------ ------------- -------------
(Loss) income before income taxes and
minority interest (2,839,983) (165,337) 13,297,314 1,215,822
Income tax (benefit) provision (623,174) 16,125 (2,053,315) 542,000
------------ ------------ ------------- -------------
(Loss) income before minority interest (2,216,809) (181,462) 15,350,629 673,822
Minority interest 1,259,226 524,598 2,196,307 925,931
------------ ------------ ------------- -------------
Net (loss) income $ (957,583) $ 343,136 $ 17,546,936 $ 1,599,753
============ ============ ============= =============
Basic and diluted (loss) income per
common share $ (0.14) $ 0.05 $ 2.56 $ 0.23
Weighted average shares outstanding 6,866,100 6,866,100 6,866,100 6,866,100
============ ============ ============= =============
</TABLE>
See accompanying notes to unaudited consolidated condensed financial statements
2
<PAGE>
ELAMEX, S.A. DE C.V. AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
(In U. S. Dollars)
(Unaudited)
<TABLE>
<CAPTION>
39 Weeks ended
-----------------------------
September 29, October 1,
2000 1999
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 17,546,936 $ 1,599,753
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation and amortization 3,779,262 4,025,209
Gain on sale of EMS Operations (20,535,390) --
Minority interest in loss of consolidated
subsidiaries (2,196,307) (930,035)
Deferred income tax benefit (4,187,144) (2,411,270)
Loss on sale of equipment 158,275
Change in operating assets and liabilities:
Trade accounts receivable (3,490,234) (2,677,858)
Other receivables (7,395,049) (492,462)
Inventories 618,974 (2,101,089)
Refundable income taxes (522,246) --
Prepaid expenses (1,604,466) (508,384)
Other assets 385,110 376,552
Accounts payable 3,737,910 (111,839)
Accrued expenses 3,603,172 2,955,866
Taxes payable 1,679,110 --
Other liabilities (54,873) 93,834
------------ ------------
Net cash used in operating activities
(8,635,235) (23,448)
------------ ------------
Cash flows from investing activities:
Purchase of property, plant and equipment (14,617,667) (5,771,358)
Proceeds from sale of equipment -- 152,971
Business acquisition, net of cash acquired -- (19,852,562)
Advances to related party 6,218,141
Proceeds from sale of subsidiaries 51,146,867 --
------------ ------------
Net cash provided by (used in) investing
activities 36,529,200 (19,252,808)
------------ ------------
Cash flows from financing activities:
Net increase in notes payable 8,478,068 18,378,810
Repayment of long-term debt (9,394,397) (287,955)
Principal repayments of capital lease obligations (114,000) (367,997)
Minority interest contribution -- 236,466
------------ ------------
Net cash provided by (used in) financing
activities (1,030,329) 17,959,324
------------ ------------
Net increase (decrease) in cash and cash equivalents 26,863,636 (1,316,932)
Cash and cash equivalents, beginning of period 7,164,115 5,697,035
------------ ------------
Cash and cash equivalents, end of period $ 34,027,751 $ 4,380,103
============ ============
</TABLE>
See accompanying notes to unaudited consolidated condensed financial statements.
3
<PAGE>
Notes to Consolidated Condensed Financial Statements (Unaudited)
(1) General
The accompanying consolidated condensed financial statements of Elamex,
S.A. de C.V., and subsidiaries ("Elamex" or the "Company") are unaudited and
certain information and footnote disclosures normally included in the annual
financial statements prepared in accordance with accounting principles generally
accepted in the United States of America have been omitted pursuant to the rules
and regulations of the Securities and Exchange Commission. While the management
of the Company believes that the disclosures presented are adequate to make the
information presented not misleading, interim consolidated, condensed financial
statements should be read in conjunction with the consolidated financial
statements and notes included in the Company's 1999 annual report on Form 10-K.
In the opinion of management, the accompanying unaudited consolidated
condensed financial statements contain all adjustments (consisting solely of
normal recurring adjustments) necessary for a fair presentation of the financial
position as of September 29, 2000, the results of operations for the thirty-nine
and thirteen week periods ended September 29, 2000 and October 1, 1999 and
cashflows for the thirty-nine weeks ended September 29, 2000 and October 1,
1999. The consolidated condensed balance sheet as of December 31, 1999 is
derived from the December 31, 1999 audited consolidated financial statements.
The results of operations for the thirty-nine and thirteen weeks ended September
29, 2000 are not necessarily indicative of the results to be expected for the
entire year.
(2) Gain on Disposition of EMS Operations
Effective May 23, 2000 the Company sold its contract electronics manufacturing
services (EMS) operations, for cash proceeds of approximately $51.2 million and
realized a pre-tax gain of $20.5 million. The EMS Oprations had revenues of
approximately $26.8 million through May 23, 2000, which represented 20% of
consolidated revenues of the Company for the thirty-nine weeks ended September
29, 2000.
(3) Inventories
Inventories consist of the following:
September 29, December 31,
2000 1999
(Thousands) (Thousands)
----------- --------------
Raw materials $ 5,637 $ 16,550
Work-in-process 783 1,510
Finished goods 1,043 4,206
-------- --------
7,463 22,266
Reserve for excess and obsolete inventory (96) (1,054)
-------- --------
$ 7,367 $ 21,212
======== ========
(3) Foreign Currency Translation
Included in "other, net" on the accompanying consolidated condensed
statements of earnings are foreign exchange gains of $206,660 and $110,620 for
the thirteen and thirty-nine weeks ended September 29, 2000 respectively and
$3,043 and $27,984 for the thirteen and thirty-nine weeks ended October 1, 1999
respectively.
4
<PAGE>
Assets and liabilities denominated in pesos are summarized as follows in U. S.
dollars:
September 29, December 31,
2000 1999
----------- -----------
Cash and cash equivalents $ 575,627 $ 121,077
Other receivables 2,052,869 1,917,023
Prepaid expenses 3,685,865 4,489,299
Other assets, net 87,870 598,237
Accounts payable (1,271,026) (1,828,987)
Accrued expenses and other
liabilities (6,184,307) (7,215,736)
----------- -----------
Net non-U.S. currency position $(1,053,102) $(1,919,087)
=========== ===========
(4) Income Taxes
The Company has applied Statement of Financial Accounting Standards (SFAS)
No. 109, Accounting for Income Taxes. Under SFAS No.109, deferred tax assets and
liabilities are recognized for the future tax consequences of temporary
differences between the financial carrying amounts of assets and liabilities and
their respective tax bases. Deferred tax assets are also recognized for the
estimated future effects of tax loss carryforwards. Deferred tax assets are
reduced by any tax benefit, the realization of which is not considered to be
more likely than not.
In accordance with SFAS No.109, the Company has calculated taxes based on
its operations subject to tax in Mexico as well as its operations subject to tax
in the U.S., resulting in an overall effective tax rate for the thirty-nine
weeks ended September 29, 2000 of a benefit of approximately 15%. The primary
differences between the overall effective tax rate and the statutory rates of
35% for both Mexico and the U.S. are bases differences in the net assets of the
EMS operations disposed of in the second quarter ended June 30, 2000, currency
and inflationary gains and losses in Mexico and non-deductible Goodwill in the
U.S. In addition, the Company has established a valuation allowance to offset
the tax benefit associated with certain asset tax carryforwards of individual
Mexican subsidiaries and Qualcore's tax loss carryforwards, as realization of
those benefits are not considered more likely than not at this time.
(5) Earnings per Share
Basic and diluted income per common share ("EPS") for the thirteen and
thirty-nine week periods ended September 29, 2000 and October 01, 1999 were
calculated using the weighted average number of common shares outstanding. The
weighted average number of common shares outstanding for the thirteen and
thirty-nine weeks ended September 29, 2000 and October 1, 1999 were 6,866,100.
The Company has no dilutive securities.
(6) New Accounting Pronouncements
In June 1998, the Financial Accounting Standards Board (FASB) issued SFAS
No. 133, Accounting for Derivative Instruments and Hedging Activities which is
effective for all fiscal quarters of fiscal years beginning after June 15, 2000.
Given the Company's current operations and policies, management believes that
the adoption of SFAS 133, as amended, will not have a material impact on the
financial statements of the Company.
In December 1999, the Security and Exchange Commission issued Staff
Accounting Bulletin No. 101, "Revenue recognition in Financial Statements" (SAB
101). SAB 101 summarizes certain of the SEC's views in applying generally
accepted accounting principles to revenue recognition in financial statements
SAB 101, as amended, is effective beginning in the fourth quarter of 2000,
Management currently believes that this new pronouncement should not have any
material effect on the Company's consolidated financial statements.
5
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Results of Operations
General
The following table sets forth statements of earnings data as a percentage of
net sales, derived from the consolidated condensed financial statements included
elsewhere herein, for each period presented, unless otherwise indicated.
Percentage of Net Sales
<TABLE>
<CAPTION>
Thirteen weeks ended Thirty-nine weeks ended
September 29, 2000 October 01, 1999 September 29, 2000 October 01, 1999
<S> <C> <C> <C> <C>
Net sales .............................. 100% 100% 100% 100%
Cost of sales .......................... 102.9 91.3 97.9 90.5
Gross profit .......................... (2.9) 8.7 2.1 9.5
Selling, general and administrative ....
expenses ............................. 9.1 7.4 8.5 7.4
Research and development ............... -- 0.5 -- 1.1
Operating (loss) income ................ (11.9) 0.8 (6.4) 0.9
Other income (expense) ................. 4.2 (1.2) 16.2 0.2
(Loss) income before income taxes and ..
minority interest .................... (7.7) (0.3) 9.9 1.1
Income tax (benefit) provision ......... (1.7) -- (1.5) 0.5
(Loss) income before minority interest . (6.0) (0.4) 11.4 0.6
Minority interest ...................... 3.4 1.1 1.6 0.8
Net (loss) income ...................... (2.6)% 0.7% 13.0% 1.4%
</TABLE>
Net sales
Net sales for the thirteen weeks ended September 29, 2000 decreased 24% to
$36.7 million from $48.5 million for the comparable period in 1999. Net sales
for the thirty-nine weeks ended September 29, 2000 increased 20% to $134.7
million from $112.2 million for the comparable period in 1999. The decrease in
sales during the third quarter was primarily attributable to the sale of EMS
operations during the second quarter of 2000. The increase in sales during the
39 weeks ended September 29, 2000 is primarily due to the acquisition of
Precision, Tool and Die operation, which was acquired in the 3rd Quarter of 1999
and to growth in sales in our Plastics and metal stamping operations, partially
offset by the sale of the EMS operations in May 2000.
Gross profit
For the thirteen weeks ended September 29, 2000, Elamex generated a gross
margin deficit of $1.1 million which represents a $5.3 million decrease compared
to $ 4. 2 million gross profit for the comparable period in 1999. The following
three primary factors negatively impacted Elamex's gross profit: The sale of EMS
which contributed $2.2 million to gross profit in the third quarter of 1999;
operating inefficiencies in our Qualcore, joint venture with GE, and increases
in labor costs in our other operating units. For the thirty-nine weeks ended
September 29, 2000, we had a decrease in gross profit of 73% to $2.8 million
from $10.6 million for the comparable period in 1999. This decrease in gross
margin was primarily due to the operating inefficiencies in Qualcore that also
resulted in unfavorable adjustments to the first and second quarters of 2000.
The decrease is also attributable to an increase in peso denominated labor costs
of 13% in the first quarter of this year; a higher cost of sales associated with
Precision's higher material content; and an upward revaluation of the Mexican
peso against the U.S. dollar resulting in higher dollar equivalent costs of peso
denominated non-labor expenses.
Selling, general and administrative and research and development expenses
Operating Expenses decreased 12.8% to $3.3 million for the thirteen weeks
ended September 29, 2000, compared to $3.8 million for the same period of the
prior year. Operating Expenses increased 18.8% to $11.4 million for the
thirty-nine weeks ended September 29, 2000, compared to $9.6 million for the
same period of the prior year. The decrease in third
6
<PAGE>
quarter is primarily due to a decrease in general and administrative expenses of
$0.3 million as a result of the sale of EMS operations and a decrease of $0.2
million in research and development due to the sale of Optimag in the third
quarter 1999. The increase in the thirty-nine weeks was primarily due to a non
recurring severance, personnel and management costs directly resulting from the
sale of the EMS operations, the consolidation of our Precision operations and
peso denominated cost increases with no offsetting effect in the exchange rate.
The increase in operating expenses was partially offset by a decrease in R&D
expenses related to the Optimag operation sold in October of the prior year.
Other income (expense)
Other income for the thirteen weeks ended September 29, 2000 was $1.5
million and a loss of $0.6 million for the thirteen weeks ended October 1, 1999.
Other income for the thirty-nine weeks ended September 29, 2000 was $21.9
million and $0.2 for the thirty-nine weeks ended October 1, 1999. The increase
of other income in the third quarter was the result of additional income from
the EMS sale of $0.6 million; $0.3 million of Optimag earnout and additional
interest income of $0.6 million generated from increased cash investments. The
increase of other income during the thirty-nine weeks ended September 29, 2000
was primarily due to the gain of $20.5 million as a result of the sale of the
EMS operations. Additionally during the first quarter of 2000, Elamex recognized
a gain on the sale of securities of $445 thousand.
Income taxes
Income tax provision decreased to a benefit of $0.6 million for the
thirteen weeks ended September 29, 2000 from a provision of $16 thousand for the
thirteen weeks ended October 1, 1999. Income tax provision decreased to a
benefit of $2 million for the thirty-nine weeks ended September 29, 2000 from a
provision of $0.9 million for the thirty-nine weeks ended October 1, 1999. The
reduction in tax provision is due primarily to a basis difference in the net
assets of the EMS operations disposed of in the quarter ended June 30, 2000.
Net income (loss)
Net loss for the thirteen weeks ended September 29, 2000 was $1.0 million
compared to a gain of $0.3 million for the thirteen weeks ended October 1, 1999.
Net income for the thirty-nine weeks ended September 29, 2000 was $17.5 million
and $1.6 million for the thirty-nine weeks ended October 1, 1999. Basic and
diluted net loss per common share for the thirteen weeks ended September 29,
2000 was $0.14 compared to a gain of $0.05 for the thirteen weeks ended October
1, 1999. Basic and diluted net income per common share for the thirty-nine weeks
ended September 29, 2000 was $2.56 and $0.23 for the thirty-nine weeks ended
October 1, 1999. At the end of the quarter, weighted average shares outstanding
were 6,866,100, which is equal to weighted average shares outstanding for the
same period in 1999.
Liquidity and Capital Resources
The Company's working capital (defined as current assets minus current
liabilities) as of September 29, 2000 increased by $8.6 million from December
31, 1999. The income is primarily due to an increase in cash of $27 million, a
decrease of current deferred income tax liabilities of $4.9 million and a
decrease in accounts payable of $1.6, partially offset by a decrease in
inventories of $13.8 million, an increase in accrued liabilities of $3.9 million
and an increase in notes payable and current portion of long term debt of $8
million.
The increase in cash of $27 million was primarily due to the proceeds from
the sale of the EMS operations, a portion of the proceeds was used to pay out
the balance of a revolving credit facility that had been used to fund the
acquisition of our Kentucky operation. The remainder will be used to increase
our market share in our custom component manufacturing operations such as metal
stamping and plastics injection molding and our shelter services through
acquisitions and green field investments.
Under its several credit agreements, the Company has committed to maintain
certain financial covenants. While these ratios are to be maintained throughout
the year, it is noted that as of the end of the quarter ended September 2000,
management believes the Company was in compliance with the financial ratios
except for liquidity ratios and leverage ratios for Qualcore, the Company's
joint venture with General Electric in Cd. Juarez as a result of the operating
problems in Qualcore. Qualcore's banks have been advised of these operating
problems and that Qualcore is not in compliance with some of the financial ratio
covenants. The financial institutions have not given notice to date as required
for events of default.
7
<PAGE>
Management believes it is taking the appropriate actions to the financial
institutions' satisfaction and Qualcore will be back into compliance with its
financial covenants.
During the first three quarters of 2000, the Company invested $14.6
million in property, plant & equipment. These investments were primarily to
complete the new Qualcore facility in Celaya at a cost of $8 million, also to
install a new 1100 metric ton press and powder paint line in our Kentucky
operation at a cost of $4.4 million, leasehold improvements to our recently
completed Las Torres plant for $800 thousand, and investment of $1 million in
machinery and equipment in our Qualcore operations in Mexico.
8
<PAGE>
Forward Looking Comments
This Form 10-Q includes forward-looking statements that involve risks and
uncertainties, including, but not limited to, risks associated with the
Company's future growth and profitability, the ability of the Company to
continue to increase sales to existing customers and to new customers and the
effects of competitive and general economic conditions.
There can be no assurance that the Company's principal customers will
continue to purchase products and services from the Company at current levels,
if at all, and the loss of one or more major customers could have a material
adverse effect on the Company's results of operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
The Company has financial instruments that involve market risks and
uncertainties. For information regarding the Company's exposure to market risks,
see Item 7A of the Company's Form 10-K.
9
<PAGE>
PART II
OTHER INFORMATION
Item 1. Legal proceedings
Not applicable.
Item 2. Changes in Securities and Use of Proceeds
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
No matters were submitted to a vote of Security Holders during the period
covered by this report.
Item 5. Other Information
Elamex, S.A. de C.V. intends to provide periodic reports pursuant to
Section 13 of the Securities Exchange Act of 1934, as amended, and the rules
promulgated thereunder. It expects that its annual reports will be filed on Form
10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, or
equivalent forms, following the customary time deadlines therefor; but, as a
foreign private issuer, it is entitled to report on Form 20-F and Form 6-K and
it hereby reserves all of its rights to use such forms or their equivalent as
permitted for such an issuer under applicable laws, rules and regulations.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
Exhibit
Number Description
3 Estatutos Sociales (By-Laws) of the Registrant (including
English translation).*
*Filed as an exhibit to the Company's Registration Statement on Form S-1, file
No. 333-01768
27 Financial Data Schedule
(b) Reports on Form 8-K
The Company filed no reports on Form 8-K during the quarter
ended September 29, 2000.
10
<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, in Ciudad Juarez, Chihuahua, Mexico.
ELAMEX, S.A. de C.V.
Date: November 13, 2000
By: /s/ Hector M. Raynal
-------------------------------------
President and Chief Executive Officer
(Duly Authorized Officer)
Date: November 13, 2000 By: /s/ Daniel L. Johnson
------------------------------------
Vice-President of Finance and
Chief Financial Officer
