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United States of America
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 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 0-20743
OPEN PLAN SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Virginia 54-1515256
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
4299 Carolina Avenue, 23222
Building C, Richmond, Virginia (Zip Code)
(Address of principal executive offices)
(804) 228-5600
(Telephone number of registrant)
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 __.
As of the close of business on August 11, 2000, Open Plan Systems, Inc. had
4,402,891 shares of Common Stock, no par value, outstanding.
<PAGE>
Open Plan Systems, Inc.
Part I
Financial Information
Item 1: Financial Statements
Consolidated Balance Sheets
(amounts in thousands)
<TABLE>
<CAPTION>
June 30 December 31
2000 1999
-------------------------------------
Assets (unaudited)
<S><C> <C> <C> <C> <C> <C>
Current assets:
Cash and cash equivalents $ 102 $ 13
Accounts receivable, net 7,122 7,144
Inventories 8,183 7,862
Prepaids and other 793 638
Refundable income taxes 64 188
Deferred income taxes 417 385
-------------------------------------
Total current assets 16,681 16,230
Property and equipment, net 2,425 2,272
Goodwill, net 3,781 3,898
Deferred income taxes 1,137 1,093
Cash and cash equivalents externally restricted under bond
indenture agreement 2,450 -
Other 164 126
-------------------------------------
Total assets $26,638 $23,619
=====================================
Liabilities and shareholders' equity
Current liabilities:
Revolving line of credit $ 3,814 $ 2,419
Trade accounts payable 2,636 3,464
Accrued compensation 347 238
Other accrued liabilities 898 813
Customer deposits 943 1,005
Current portion of long-term debt 57 62
-------------------------------------
Total current liabilities 8,695 8,001
Long-term debt 2,633 163
-------------------------------------
Total liabilities 11,328 8,164
Shareholders' equity:
Preferred stock, no par value:
Authorized shares - 5,000
Issued and outstanding shares - none
- -
Common stock, no par value:
Authorized shares - 50,000
Issued and outstanding shares - 4,403 18,651 18,651
Additional capital 137 137
Accumulated other comprehensive loss (2) -
Accumulated deficit (3,476) (3,333)
-------------------------------------
Total shareholders' equity 15,310 15,455
-------------------------------------
Total liabilities and shareholders' equity $26,638 $23,619
=====================================
</TABLE>
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.
OPEN PLAN SYSTEMS, INC.
--------------------------
(Registrant)
Date: August 18, 2000 /s/ John L. Hobey
-----------------------------------
John L. Hobey
Chief Executive Officer
Date: August 18, 2000 /s/ Neil F. Suffa
-----------------------------------
Neil F. Suffa
Chief Financial & Accounting Officer
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