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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly period ended September 30, 1997
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-14474
AMERTRANZ WORLDWIDE HOLDING CORP.
(Exact name of registrant as specified in its charter)
Delaware 11-3309110
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
7001B Cessna Drive, P.O. Box 35329
Greensboro, North Carolina 27425
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (910) 668-7500
Former Address: 2001 Marcus Avenue, Lake Success, New York 11042
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
At November 5, 1997, the number of shares outstanding of the registrant's common
stock was 7,981,594
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<PAGE>
TABLE OF CONTENTS
Part I - Financial Information Page
Item 1. Financial Statements:
Consolidated Balance Sheets,
September 30, 1997 and June 30, 1997 3
Consolidated Statements of Operations
for the Three Months Ended September 30,
1997 and 1996 4
Consolidated Statement of
Cash Flows for the Three Months Ended
September 30, 1997 and 1996 5
Notes to Unaudited Consolidated Financial
Statements 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations 8
Part II - Other Information
Item 6. Exhibits and Reports on Form 8-K 10
2
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERTRANZ WORLDWIDE HOLDING CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, 1997 June 30, 1997
------------------ -------------
ASSETS (unaudited)
<S> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 799,098 $ 1,382,243
Accounts receivable, net of allowance for doubtful
accounts of $811,127 and $782,607, respectively 16,031,307 12,490,694
Prepaid expenses and other current assets 472,759 743,569
------------ ------------
Total current assets 17,303,164 14,616,506
PROPERTY AND EQUIPMENT, net 820,233 734,900
OTHER ASSETS 172,076 223,768
GOODWILL, net of accumulated amortization of
$858,180 and $709,091, respectively 14,096,843 14,245,932
------------ ------------
Total assets $ 32,392,316 $ 29,821,106
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 9,151,342 $ 8,131,715
Accrued expenses 2,767,447 2,364,219
Accrued transportation expenses 4,320,780 3,303,366
Reserve for restructuring 2,136,750 2,681,956
Note payable to bank 6,825,397 6,467,558
Note payable to affiliate 500,754 500,754
Current portion of long-term debt due to affiliate 3,781,855 3,633,273
Current portion of long-term debt 50,000 50,000
Dividends payable 54,000 12,875
Lease obligation-current portion 12,063 12,063
----------- -----------
Total current liabilities 29,600,388 27,157,779
LONG-TERM DEBT DUE TO AFFILIATE 4,000,000 4,000,000
LONG TERM DEBT 75,000 87,500
LEASE OBLIGATION--LONG-TERM 6,251 6,251
----------- -----------
Total liabilities $33,681,639 $31,251,530
----------- -----------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT):
Preferred Stock, $10 par value; 2,500,000 shares authorized,
387,750 and 498,000 shares issued and outstanding respectively 3,877,500 4,980,000
Common stock, $.01 par value; 15,000,000 shares authorized,
7,962,397 and 6,826,504 shares issued and outstanding,
respectively 79,624 68,265
Paid-in capital 22,028,490 20,972,256
Accumulated deficit (27,263,687) (27,439,695)
Less: Treasury stock, 106,304 shares held at cost (11,250) (11,250)
----------- -----------
Total stockholders' equity (deficit) (1,289,323) (1,430,424)
----------- -----------
Total liabilities and stockholders' equity (deficit) $32,392,316 $29,821,106
=========== ===========
</TABLE>
The accompanying notes are an integral part of this
consolidated balance sheet.
3
<PAGE>
AMERTRANZ WORLDWIDE HOLDING CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended September 30,
1997 1996
---- ----
<S> <C> <C>
Operating revenue $24,718,652 $15,267,768
Cost of transportation 18,976,183 11,571,685
----------- -----------
Gross profit 5,742,469 3,696,083
Selling, general and
administrative expenses 5,111,904 4,811,260
Operating income (loss) 630,565 (1,115,177)
Interest (expense) (364,369) (436,410)
Other (expense) income, net (1,191) 54,368
----------- -----------
Income (loss) before income taxes 265,005 (1,497,219)
Provision for income taxes 35,000 0
----------- -----------
Net income (loss) $ 230,005 $(1,497,219)
=========== ===========
Net income (loss) per share:
Primary $ 0.03 $ (0.26)
=========== ===========
Fully Diluted(1) $ 0.01 -
=========== ===========
Weighted average shares
outstanding:
Primary 6,944,443 5,851,504
=========== ============
Fully Diluted(1) 11,878,662 -
=========== ============
<FN>
(1) Fully diluted loss per share in 1996 was anti-dilutive.
</FN>
</TABLE>
The accompanying notes are an integral part of this
consolidated statement.
4
<PAGE>
AMERTRANZ WORLDWIDE HOLDING CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended September 30,
1997 1996
---- ----
<S> <C> <C> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 230,008 $(1,497,219)
Bad debt expense 28,520 (13,780)
Depreciation and amortization 229,549 184,671
Decrease in debt issuance costs - 103,466
Adjustments to reconcile net income to net cash used in operating activities-
Increase in accounts receivable (3,569,133) (229,133)
Decrease (increase) in prepaid expenses and other current assets 270,810 (140,429)
Decrease in other assets 51,692 74,251
Increase (decrease) in accounts payable and accrued expenses 1,882,188 (1,277,137)
------------ -----------
Net cash used in operating activities (876,366) (2,795,310)
------------ -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (165,793) (218,177)
------------ -----------
Net cash used in investing activities (165,793) (218,177)
------------ -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from initial public offering - net of costs - 12,304,696
Issuance of common stock - 23,000
Additional costs relating to the Private Placement (34,907) -
Net borrowings from note payable to bank 357,839 79,403
Proceeds (repayment) of short-term debt 148,582 (4,658,330)
Repayment of long-term debt (12,500) (1,546,441)
Proceeds from revolving loan due to affiliate - 88,854
Payment of lease obligations - (5,056)
------------ -----------
Net cash provided by financing activities: 459,014 6,286,126
------------ -----------
Net (decrease) increase in cash and cash equivalents (583,145) 3,272,639
CASH AND CASH EQUIVALENTS, beginning of the period 1,382,243 377,490
------------ -----------
CASH AND CASH EQUIVALENTS, end of the period 799,098 3,650,129
============ ===========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash payments for:
Interest 213,005 60,965
Income taxes 9,604 8,263
</TABLE>
The accompanying notes are an integral part of this
consolidated statement.
5
<PAGE>
AMERTRANZ WORLDWIDE HOLDING CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
(Unaudited)
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTMENT AND FINANCING ACTIVITIES:
<TABLE>
<CAPTION>
Three Months Ended September 30,
1997 1996
---- ----
<S> <C> <C>
TIA, Inc. conversion of 110,250 Class A Preferred Shares ($1,102,500) -
Issuance of Common Stock for TIA, Inc. conversion of
110,250 Class A Preferred Shares $ 11,025 -
Issuance of Common Stock for Stock Options exercised $ 334 -
Issuance of Preferred Stock as partial repayment of long-term debt - $2,000,000
</TABLE>
The accompanying notes are an integral part of this
consolidated statement.
6
<PAGE>
AMERTRANZ WORLDWIDE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - Notes to Unaudited Consolidated Financial Statements
The accompanying unaudited consolidated financial statements have been prepared
in accordance with the instructions for Form 10-Q and Regulation S-X related to
interim period financial statements and, therefore, do not include all
information and footnotes required by generally accepted accounting principles.
However, in the opinion of management, all adjustments (consisting of normal
recurring adjustments and accruals) considered necessary for a fair presentation
of the consolidated financial position of the Company and its subsidiaries at
September 30, 1997 and their consolidated results of operations and cash flows
for the quarter ended September 30, 1997 have been included. The results of
operations for the interim periods are not necessarily indicative of the results
that may be expected for the entire year. Reference should be made to the annual
financial statements, including footnotes thereto, included in the Amertranz
Worldwide Holding Corp. (the "Company" or "Holding") Form 10-K for the year
ended June 30, 1997.
Note 2 - Earnings Per Share
Earnings per share is computed using the weighted average number of common
shares outstanding and, where applicable, common equivalent shares issuable upon
exercise of stock options and warrants redeemable under the treasury stock
method to the extent that they are dilutive. Any dividends on preferred stock
accrued by the Company have been accounted for in the computation.
In 1997, the Financial Accounting Standards Board issued SFAS No. 128, "Earnings
Per Share". This statement establishes standards for computing and presenting
earnings per share ("EPS"), replacing the presentation of currently required
Primary EPS with a presentation of Basic EPS. For entities with complex capital
structures, the statement requires dual presentation of both Basic EPS and
Diluted EPS on the face of the statement of operations. Under this new standard,
Basic EPS is computed based on the weighted average number of shares actually
outstanding during the year. Diluted EPS includes the effect of potential
dilution from the exercise of outstanding dilutive stock options and warrants
into common stock using the treasury stock method. SFAS No. 128 is effective for
financial statements issued for periods ending after December 15, 1997, and
earlier application is not permitted. The Company does not expect that the
adoption of this statement will have a material effect on EPS.
7
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
This Quarterly Report on Form 10-Q contains certain forward-looking statements
reflecting the Company's current expectations with respect to its operations,
performance, financial condition, and other developments. Such statements are
necessarily estimates reflecting the Company's best judgement based upon current
information and involve a number of risks and uncertainties. While it is
impossible to identify all such factors, factors which could cause actual
results to differ materially from expectations are: (i) the Company's historic
losses and ability to maintain recent profitability, (ii) competitive practices
in the industries in which the Company competes, (iii) the Company's dependence
on current management, (iv) the impact of current and future laws and
governmental regulations affecting the transportation industry in general and
the Company's operations in particular, (v) general economic conditions, and
(vi) other factors which may be identified from time to time in the Company's
Securities and Exchange Commission filings and other public announcements. There
can be no assurance that these and other factors will not affect the accuracy of
such forward-looking statements. Forward-looking statements are preceded by an
asterisk (*).
Results of Operations
The following discussion relates to the combined results of operation of the
Company for the three month period July 1, 1997 through September 30, 1997,
compared to results of operation for the period July 1, 1996 through September
30, 1996.
Three Months ended September 30, 1997 and 1996
Operating Revenue. Operating revenue increased to $24.7 million for the
three months ended September 30, 1997 from $15.3 million for the three months
ended September 30, 1996, a 61.9% increase. Of this increase, 39.3% resulted
from growth in the Company's Caribbean Air Services, Inc. ("CAS") subsidiary and
the balance was due to the operations of the Company's Target Airfreight, Inc.
("Target") subsidiary which the Company acquired in May 1997.
Cost of Transportation. Cost of transportation was 76.8% of operating
revenue for the three months ended September 30, 1997, and 75.8% of operating
revenue for the three months ended September 30, 1996 This increase is almost
entirely from the Company's Target subsidiary's international freight forwarding
services, which historically reflects a higher cost of transportation as a
percentage of sales.
Gross Profit. As a result of the factor described in the previous
paragraph, gross profit for the three months ended September 30, 1997 decreased
to 23.2% of operating revenue from 24.2% of operating revenue for the three
months ended September 30, 1996.
Selling, General and Administrative Expenses. Selling, general and
administrative expenses were 20.7% of operating revenue for the three months
ended September 30, 1997, and 31.5% of operating revenue for the three months
ended September 30, 1996. This decrease was primarily due to (i) the closing of
the Company's Amertranz Worldwide, Inc. ("Amertranz") subsidiary prior to the
beginning of the September 30, 1997 fiscal quarter (while the Amertranz
subsidiary was included for the period July 1, 1996 through September 30, 1996);
and (ii) the historically lower selling, general and administrative expenses as
a percentage of sales of the Company's Target subsidiary (acquired in May 1997),
and the inclusion of those results in the Company's consolidated results of
operations for the September 30, 1997 fiscal quarter.
Liquidity and Capital Resources
During the three months ended September 30, 1997, net cash used by operating
activities was $876,000. Cash used in investing activities was $166,000, which
primarily consisted of capital expenditures. Cash
8
<PAGE>
provided by financing activities was $459,000, which primarily consisted of net
borrowings under the BNY Facility.
Capital expenditures for the three months ended September 30, 1997 were
approximately $166,000.
* Working Capital Requirements. Cash needs of the Company are currently met by
funds generated from operations and the Company's accounts receivable financing
facility. As of September 30, 1997, the Company had $1.4 million available under
its accounts receivable financing facility, and approximately $799,000 from
operations. The Company believes that its current financial resources will be
sufficient to finance its operations and obligations for the short term.
However, the Company's actual working capital needs for the long and short terms
will depend upon numerous factors, including the Company's operating results,
the cost of increasing the Company's sales and marketing activities, changes in
law which affect doing business in Puerto Rico, and competition, none of which
can be predicted with certainty. To the extent the Company's long term working
capital needs are not met from these sources, additional financing will be
necessary.
* Management's Plans. During prior fiscal years, the Company incurred
significant losses, primarily attributed to the Company's Amertranz subsidiary's
operations. The Company closed the Amertranz subsidiary prior to the end of its
June 30, 1997 fiscal year. As part of the closing of the Amertranz subsidiary,
the Amertranz subsidiary's business was combined with the Company's Target
subsidiary. To date, management believes that Target has successfully integrated
many of the customers of the Amertranz subsidiary into Target's operations. The
Company anticipates that the closing of the Amertranz subsidiary while retaining
many of its customers will have the effect of containing the significant losses
which the Company has incurred during the previous fiscal years.
Approximately $3.9 million of the Company's accounts payable represents
unsecured trade payables of the Company's closed Amertranz subsidiary. In order
to preserve the goodwill of these trade creditors, the Company is currently
negotiating with these trade creditors to satisfy the Amertranz subsidiary's
obligations over a period of time, primarily based on a percentage of the
Company's future profits.
In addition, $4.3 million of the Company's current liabilities represent
obligations which, by their terms, are subordinated to the Company's revolving
credit obligations to its accounts receivable financing lender. Accordingly,
repayment of this $4.3 million will only be made from the Company's future
profits.
Results of the Company's operations for the fiscal quarter ended September 30,
1997 indicate that: (i) the closing of the Amertranz subsidiary is having a
significant positive impact on operating results; (ii) management believes that
many customers of the Amertranz subsidiary have been retained and are being
successfully integrated into the operations of the Target subsidiary; and (iii)
the operations of the Company's CAS subsidiary continue to be profitable. There
can be no assurance that management's plans outlined above to stem the Company's
losses and return to profitability will be successful. However, management
believes that it will successfully conclude its negotiations with the trade
creditors of the Amertranz subsidiary and that there will be a significant
positive impact on the Company's consolidated operating results and cash flows
as a result of the closing of the Amertranz subsidiary and the consolidation of
the Amertranz customer base into Target to sustain the Company's operations for
the fiscal year ending June 30, 1998.
9
<PAGE>
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
Exhibit No.
3.1 Certificate of Incorporation of Registrant, as amended (incorporated
by reference to Exhibit 3.1 to the Registrant's Registration
Statement on Form S-3, Registration No. 333-30351)
3.2 By-Laws of Registrant, as amended (incorporated by reference to
Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q for the
Quarter Ended December 31, 1996, File No. 001-14474)
4.1 Warrant Agent Agreement (incorporated by reference to Exhibit 4.3 to
the Registrant's Registration Statement on Form S-1, Registration No.
333-03613)
4.2 Form of Amendment No. 1 to Warrant Agent Agreement dated June 13,
1997 (incorporated by reference to Exhibit 4.7 to the Registrant's
Registration Statement on Form S-1, Registration No. 333-30351)
4.3 Agreement of Merger, dated as of April 17, 1997, by and between the
Registrant, Target International Services, Inc. (name subsequently
changed to Target Airfreight, Inc.), Target Air Freight, Inc., and
Christopher A. Coppersmith (incorporated by reference to Exhibit 4.4
to the Registrant's Registration Statement on Form S-3, Registration
No. 333-30351)
4.4 Agency Agreement, dated May 8, 1997, by and between the Registrant
and GKN Securities Corp. with respect to the Registrant's June 13,
1997 Private Placement (incorporated by reference to Exhibit 4.5 to
the Registrant's Registration Statement on Form S-3, Registration No.
333-30351)
4.5 Form of Subscription Agreement, dated June 13, 1997, with respect to
the Registrant's June 13, 1997 Private Placement (incorporated by
reference to Exhibit 4.6 to the Registrant's Registration Statement
on Form S-3, Registration No. 333-30351)
4.6 Certificate of Designations with respect to the Registrant's Class A
Preferred Stock (contained in Exhibit 3.1)
4.7 Certificate of Designations with respect to the Registrant's Class B
Preferred Stock (contained in Exhibit 3.1)
4.8 Certificate of Designations with respect to the Registrant's Class C
Preferred Stock (contained in Exhibit 3.1)
4.9 Form of Underwriter's Purchase Option (incorporated by reference to
Exhibit 4.4 to the Registrant's Registration Statement on Form S-1,
Registration No. 333-03613)
10.1 1996 Stock Option Plan (incorporated by reference to Exhibit 10.1 to
the Registrant's Registration Statement on Form S-1, Registration No.
333-03613)
10.2 Accounts Receivable Management and Security Agreement, dated January
16, 1997 by and between BNY Financial Corp., as Lender, and Amertranz
Worldwide, Inc., Caribbean Air Services, Inc., and Consolidated Air
Services, Inc., as Borrowers, and guaranteed by Amertranz Worldwide
Holding Corp. ("BNY Facility Agreement") (incorporated by reference
to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for
the Quarter Ended March 31, 1997, File No. 001-14474)
10.3 Letter Amendment to BNY Facility Agreement, dated April 16, 1997
("BNY Letter Amendment") (incorporated by reference to Exhibit 10.2
to the Registrant's Quarterly Report on Form 10-Q for the Quarter
Ended March 31, 1997, File No. 001-14474)
10.4 Shadow Warrant entered into in connection with the BNY Letter
Amendment (incorporated by reference to Exhibit 10.3 to the
Registrant's Quarterly Report on Form 10-Q for the Quarter Ended
March 31, 1997, File No. 001-14474)
10.5 Letter Amendment to BNY Facility Agreement, dated September 25, 1997
(incorporated by reference to Exhibit 10.5 to the Registrant's Annual
Report on Form 10-K for the Fiscal year Ended June 30, 1997, File No.
001-14474)
10.6 Loan and Security Agreement dated October 25,1995 between Amertranz
Worldwide, Inc.
10
<PAGE>
and TIA, Inc., as amended January 24, 1996 (incorporated by reference
to Exhibit 10.5 to the Registrant's Registration Statement on Form
S-1, Registration No. 333-03613)
10.7 Form of Amended and Restated Promissory Note of Amertranz Worldwide,
Inc. payable to TIA, Inc. in principal amount of $800,000
(incorporated by reference to Exhibit 10.6 to the Registrant's
Registration Statement on Form S-1, Registration No. 333-03613)
10.8 Revolving Credit Promissory Note dated February 7, 1996 of Caribbean
Air Services, Inc. payable to TIA, Inc. and Caribbean Freight System,
Inc. in the principal amount of $4,000,000 (incorporated by reference
to Exhibit 10.9 to the Registrant's Registration Statement on Form
S-1, Registration No. 333-03613)
10.9 Promissory Note dated February 7, 1996 of Amertranz Worldwide Holding
Corp. payable to TIA, Inc. and Caribbean Freight System, Inc. in the
principal amount of $10,000,000 (incorporated by reference to Exhibit
10.10 to the Registrant's Registration Statement on Form S-1,
Registration No. 333-03613)
10.10 Employment Agreement dated June 24, 1996 between Amertranz Worldwide
Holding Corp. and Stuart Hettleman (incorporated by reference to
Exhibit 10.13 to the Registrant's Annual Report on Form 10-K for the
Fiscal Year Ended June 30, 1996, File No. 001- 14474)
10.11 Employment Agreement dated June 24, 1996 between Amertranz Worldwide
Holding Corp. and Richard A. Faieta (incorporated by reference to
Exhibit 10.14 to the Registrant's Annual Report on Form 10-K for the
Fiscal Year Ended June 30, 1996, File No. 001- 14474)
10.12 Consulting Agreement dated February 7, 1996 among Amertranz Worldwide
Holding Corp., Amertranz Worldwide, Inc. and Martin Hoffenberg
(incorporated by reference to Exhibit 10.11 to the Registrant's
Registration Statement on Form S-1, Registration No. 333-03613)
10.13 Employment Agreement dated September 27, 1994 between Amerford
Domestic, Inc. and Bruce Brandi, as modified February 7, 1996
(incorporated by reference to Exhibit 10.12 to the Registrant's
Registration Statement on Form S-1, Registration No. 333-03613)
10.14 Cargo Aircraft Charter Agreement dated February 28, 1994 between TIA,
Inc. and Florida West Airlines, Inc., as amended and assigned
November 29, 1995 (incorporated by reference to Exhibit 10.15 to the
Registrant's Registration Statement on Form S-1, Registration No.
333-03613)
10.15 Lease Agreement dated March 31, 1994 between The Equitable Life
Assurance Society of the U.S. and Integrity Logistics, Inc. for the
premises at 2001 Marcus Avenue, Lake Success, New York (incorporated
by reference to Exhibit 10.16 to the Registrant's Registration
Statement on Form S-1, Registration No. 333-03613)
10.16 Lease Agreement dated August 7, 1990 between S Partners and Caribbean
Freight System, Inc. for the premises at 7001 Cessna Drive,
Greensboro, North Carolina, as amended and extended April 9, 1994
(incorporated by reference to Exhibit 10.17 to the Registrant's
Registration Statement on Form S-1, Registration No. 333-03613)
10.17 Lease Agreement for Los Angeles Facility (incorporated by reference
to Exhibit 10.17 to the Registrant's Annual Report on Form 10-K for
the Fiscal year Ended June 30, 1997, File No. 001-14474)
27 Financial Data Schedule
(b) Reports on Form 8-K:
None
11
<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.
Dated: November 6, 1997 AMERTRANZ WORLDWIDE HOLDING CORP.
Registrant
/s/ Stuart Hettleman
----------------------------------------
President, Chief Executive Officer
/s/ Philip J. Dubato
----------------------------------------
Vice President, Chief Financial Officer
C71274.198
12
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements as of and for the period ended September 30, 1997 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0001009480
<NAME> AMERTRANZ WORLDWIDE HOLDING CORP.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 799
<SECURITIES> 0
<RECEIVABLES> 16,842
<ALLOWANCES> 811
<INVENTORY> 0
<CURRENT-ASSETS> 17,303
<PP&E> 1,576
<DEPRECIATION> 756
<TOTAL-ASSETS> 32,392
<CURRENT-LIABILITIES> 29,600
<BONDS> 0
0
3,878
<COMMON> 80
<OTHER-SE> (5,246)
<TOTAL-LIABILITY-AND-EQUITY> 32,392
<SALES> 24,719
<TOTAL-REVENUES> 24,719
<CGS> 18,976
<TOTAL-COSTS> 18,976
<OTHER-EXPENSES> 5,112
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 364
<INCOME-PRETAX> 265
<INCOME-TAX> 35
<INCOME-CONTINUING> 230
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 230
<EPS-PRIMARY> 0.03
<EPS-DILUTED> 0.01
</TABLE>
