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 March 31, 1995
Commission File # 1-3185
UNITED MERCHANTS AND MANUFACTURERS, INC.
(Exact name of registrant as specified in its charter)
Delaware 13-1426280
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1650 Palisade Avenue, Teaneck, N.J. 07666
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (201) 837-1700
Indicate by check mark whether the registrant (1) has filed all documents
and 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 [ ]
APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether registrant has filed all documents and
reports required to be filed by Section 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court. Yes [X] No [ ]
As of May 10, 1995, there were 17,845,000 shares of Common Stock, Par
Value $1 per share, outstanding.
1
<PAGE>
UNITED MERCHANTS AND MANUFACTURERS, INC.
AND SUBSIDIARIES
FORM 10-Q
- I N D E X -
Page
Number
Part I Financial Information
Consolidated Statement of Operations.............................. 3
Management's Discussion and Analysis of Financial
Condition and Results of Operations.............................. 4
Consolidated Balance Sheet........................................ 7
Consolidated Statement of Cash Flows.............................. 8
Notes to Consolidated Financial Statements........................ 9
Part II Other Information
Items............................................................. 14
Signatures........................................................ 14
2
<PAGE>
PART I - FINANCIAL INFORMATION
UNITED MERCHANTS AND MANUFACTURERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(000 omitted)
-----------------------------------------
Three Months Ended Nine Months Ended
March 31 March 31
------------------- -------------------
1995 1994* 1995 1994*
--------- --------- --------- ---------
Net sales........................ $11,197 $14,119 $48,291 $47,700
Cost of sales.................... 6,499 7,986 28,217 26,216
Selling, general and
administrative expenses......... 6,294 9,144 24,496 28,897
Loss on termination of certain
operations (Note B)............. 13 513
--------- --------- --------- ---------
Operating Loss ($1,609) ($3,011) ($4,935) ($7,413)
Interest expense................. (2,731) (3,084) (8,420) (9,352)
Loss on sale of operation -
(Note B)........................ (835)
Amortization of goodwill......... (180) (180) (540) (540)
Other income .................... 22 173 318 415
Minority interest in net losses
of subsidiary................... 155 19 152 405
Provision for income taxes....... (25) (25) (75) (75)
--------- --------- --------- ---------
Loss from Continuing Operations ($4,368) ($6,108) ($14,335) ($16,560)
Discontinued operations (Notes A and B):
Net earnings (loss) prior to sale
or closing.................... (95) (532) 3,589
Gain (loss) on sale or closing.. 5,103 (7,900) 5,103
Cumulative effect of change in
accounting principle for post-
retirement benefits other than
pensions - no income tax effect
(Note C)........................ (15,303)
--------- --------- --------- ---------
Net Loss ($4,368) ($1,100) ($22,767) ($23,171)
Dividends applicable to preferred
stock (Note E).................. 1,125 1,125 3,375 3,375
--------- --------- --------- ---------
Net Loss Applicable
to Common Shares ($5,493) ($2,225) ($26,142) ($26,546)
========= ========= ========= =========
Average common shares outstanding 17,845 17,845 17,845 17,845
Loss per common share:
Continuing operations........... ($0.31) ($0.41) ($0.99) ($1.12)
Discontinued operations......... 0.00 0.28 (0.47) 0.49
Change in accounting principle.. 0.00 0.00 0.00 (0.86)
--------- --------- --------- ---------
Net Loss per Common Share ($0.31) ($0.13) ($1.46) ($1.49)
========= ========= ========= =========
-------------------
* The amounts for 1994 have been restated to report separately the results
of continuing and discontinued operations.
See Notes to Consolidated Financial Statements.
3
UNITED MERCHANTS AND MANUFACTURERS, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Consolidated net sales of United Merchants and Manufacturers, Inc.
("UM&M" or the "Company") decreased by $2,922,000 in the three months and
increased by $591,000 in the nine months ended March 31, 1995, as compared
to last year's third fiscal quarter and nine months, which have been
restated to report separately the results of continuing and discontinued
operations. The decrease in net sales in the current year's quarter as
compared to the same period last year is the result of the Company's sale
of the retail outlet store operations of its Accessories and Apparel
segment in January 1995 (see Note B of Notes to Consolidated Financial
Statements). The decrease was partially offset by a 6% increase in net
sales of the Company's Apparel and Accessories segment's costume jewelry
operation. The increase in net sales for the current nine month period is
the result of a 23% increase in net sales of the Apparel and Accessories
segment's costume jewelry operation, which more than offset the fact that
net sales for the current year's third fiscal quarter included no sales
from the retail outlet store operation which, as mentioned above, was
sold. The Company attributes the increases in the sales of the costume
jewelry operation to strong product performance at retail, improvement in
service levels, technological advances and development of new customers.
For the quarter and nine months ended March 31, 1995, the Company
reported operating losses of $1,609,000 and $4,935,000, respectively, as
compared to operating losses of $3,011,000 and $7,413,000, respectively,
for the same periods last year. Operating results for this year's
nine-month period include operating losses of the Apparel and Accessories
segment's retail outlet store operation of $1,216,000, as compared to
operating losses of $1,657,000 in last year's nine months. The current
year's quarter includes no results of operations of the retail store
operations while prior year's quarter includes operating losses of
$984,000. Operating results for the current year's nine months also
include $513,000 of operating losses of the retail stores from
December 31, 1994 to the date of sale. The Apparel and Accessories
segment's costume jewelry operation reported lower operating earnings in
the current year's quarter as compared with the prior year's same three
months. For the nine months ended March 31, 1995, the operation reported
operating income as compared to an operating loss in the same period last
year, primarily as the result of (1) the increased sales volume referred
to above, (2) improved gross profit margins reflecting increased
absorption of manufacturing and distribution overhead and improved
purchasing procedures and sourcing and (3) decreases, as a percentage of
net sales, in selling, general and administrative expenses.
4
<PAGE>
Interest expense decreased by $353,000 and $932,000 in the current
year's quarter and nine months from the same periods last year. The
positive impact of significantly reduced average borrowings during the
current year's periods was offset to a large extent by a higher borrowing
rate.
Loss from continuing operations for the nine months ended March 31,
1995 includes a provision for a non-recurring, non-cash loss of $835,000
on the sale of the Company's retail outlet store operation.
During the nine months of the current fiscal year, the Company
reported losses from discontinued operations of $532,000 as compared to
earnings of $3,589,000 in last year's nine months. Net results for the
nine months ended March 31, 1995 are after a provision for a non-recurring
loss on the termination of the Company's Apparel Textiles segment of
$7,900,000, including estimated losses from operations from December 31,
1994 through the shutdown date, of which approximately $5,200,000
represents a non-cash loss. Net results for the prior year's quarter and
nine months includes a gain of $5,103,000 on the sale by the Company of
its Uniblend division. See Note B of Notes to Consolidated Financial
Statements for discussion of discontinued operations.
The net results for the nine months ended March 31, 1994 include an
extraordinary, non-cash charge of $15,303,000 representing the cumulative
effect of a change in accounting principle for post retirement benefits
other than pensions. See Note C of Notes to Consolidated Financial
Statements for further discussion of this change.
LIQUIDITY AND CAPITAL RESOURCES
During recent years and for the nine months ended March 31, 1995, the
Company has incurred significant losses from operations and as of
March 31, 1995 has a stockholders' equity deficit. As discussed in the
Company's Annual Report on Form 10-K for the year ended June 30, 1994, the
Company reduced its senior debt as of June 30, 1994 and refinanced the
remainder at higher interest rates. While this was a substantial,
positive development for the Company, as of June 30, 1994, the Company's
independent auditors' report stated that recurring losses from operations,
net deficiency in stockholders' equity and the significant debt owed by
the Company raise substantial doubt as to the Company's ability to
continue as a going concern. The Company's financial statements have been
prepared assuming that the Company will continue as a going concern and do
not include any adjustments that might result from the outcome of this
uncertainty. As also discussed in the Company's Annual Report on Form
10-K, in the future, the Company's strategy is to continue to pay down
part of its debt through the sale of certain assets and to refinance the
remainder at more beneficial terms. The Company cannot continue to
operate under the terms of its present agreements, particularly the high
interest rate, with its current lender other than on a very short-term
basis. Subsequent to March 31, 1995, the Company reached an understanding
with the current lender regarding the long-term debt of the Company's 79%
owned subsidiary, Victoria Creations, Inc. (which debt is included in the
Company's consolidated balance sheet), whereby the current lender will
increase the credit line and reduce the interest rate on the debt of the
subsidiary. There can be no assurance that this understanding will evolve
into a definitive agreement. Therefore, the Company continues to
aggressively explore alternative financing methods in order to repay the
current lender. Such alternative financing arrangements may include
borrowing from another financial institution at reasonable market terms,
the sale of stock of or by a subsidiary or a combination of both. There
can be no assurance that such refinancing is available.
5
<PAGE>
In addition, the Company has taken steps toward establishing, through
a subsidiary, a reinsurance business. Subject to completion of certain
financing and administrative agreements, including the refinancing of debt
referred to above, this subsidiary plans to acquire certain types of
existing life insurance policies and other long-term annuity contracts
from mainly life insurance companies. Over a period of time, the Company
is hopeful that it will generate profits and positive cash flow as it
services these policies. There can be no assurances that the Company will
succeed in establishing a profitable insurance business.
During the first nine months of fiscal 1995, the Company depended on
borrowings and proceeds from the sale or shutdown of divisions to finance
its operations. The amounts which the Company borrows under its revolving
loan agreements fluctuate based on the Company's cash availability or
requirements.
The Company has not declared or paid any cash dividends on its 10%
Cumulative Preferred Stock in order to retain its available cash for use
in its operations.
6
<PAGE>
UNITED MERCHANTS AND MANUFACTURERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(000 omitted)
-------------------
Mar 31 June 30
1995 1994*
ASSETS --------- ---------
Current Assets:
Cash............................................... $1,808 $662
Receivables, net of allowances of $2,034,000 at
March 31, 1995 and $1,704,000 at June 30, 1994 9,205 9,757
Inventories (Note G)............................... 17,329 21,380
Prepaid expenses and other current assets.......... 1,243 1,456
Net assets of discontinued operations (Note A)..... 2,687 14,193
--------- ---------
Total Current Assets $32,272 $47,448
Property, Plant and Equipment (Note G).............. $11,992 $14,799
Less accumulated depreciation and amortization..... 7,246 8,888
--------- ---------
$4,746 $5,911
Goodwill............................................ 20,842 21,383
Other Assets and Deferred Charges (Note G).......... 8,292 8,512
--------- ---------
$66,152 $83,254
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Trade payables..................................... $5,791 $4,870
Accrued expenses and sundry liabilities (Note G)... 8,220 9,270
--------- ---------
Total Current Liabilities $14,011 $14,140
Long-Term Debt (Note F)............................. 84,037 80,559
Other Long-Term Liabilities (Note G)................ 23,268 20,800
Minority Interest................................... 1,742 1,894
Stockholders' Equity (Deficit):
Preferred stock, par value $1 per share; 10,000,000
shares authorized; 450,000 shares outstanding..... $450 $450
Common stock, par value $1 per share: 40,000,000
shares authorized; 17,845,000 shares outstanding
(excluding 22,800 shares held in treasury)........ 17,845 17,845
Capital in excess of par value..................... 64,674 64,674
Retained earnings (deficit)........................ (131,241) (108,474)
Unrealized pension liability adjustment............ (4,634) (4,634)
Notes receivable from stock purchase agreement..... (4,000) (4,000)
--------- ---------
Total Stockholders' Equity (Deficit) ($56,906) ($34,139)
--------- ---------
$66,152 $83,254
========= =========
* The amounts for June 30, 1994 have been restated to report separately
the assets and liabilities and net assets of continuing and
discontinued operations.
See Notes to Consolidated Financial Statements.
7
UNITED MERCHANTS AND MANUFACTURERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(000 omitted)
-------------------
Nine Months Ended
March 31
-------------------
1995 1994*
--------- ---------
Cash Flows from Operating Activities:
Net loss.............................................. ($22,767) ($23,171)
Adjustments to reconcile net loss to net cash
used for operating activities:
Change in accounting principle for post-retirement
benefits other than pensions....................... 15,303
Depreciation and amortization....................... 1,158 1,306
Minority interest................................... (152) (405)
Amortization of bond discount....................... 774 585
Loss on shutdown of certain operations.............. 7,900
Less cash portion ofloss on shutdown .............. (2,704)
Loss on sale of division............................ 835 (5,103)
Decrease (increase) in assets:
Receivables.......................................... 552 1,609
Inventories.......................................... 3,025 635
Prepaid expenses and other current items............. 213 (347)
Other assets and deferred charges.................... 101 738
Increase (decrease) in liabilities:
Trade payables ...................................... 1,364 (1,510)
Accrued expenses and sundry liabilities.............. (983) 398
Other long-term liabilities.......................... (1,066) (1,695)
--------- ---------
Net Cash Used for Operating Activities ($11,750) ($11,657)
Cash Flows from Investing Activities:
Additions to property, plant and equipment............ ($267) ($259)
Dispositions of property, plant and equipment......... 103
Sale or shutdown of divisions:
Proceeds from sale or shutdown of divisions.......... 8,941 17,881
Non-cash proceeds - receivables...................... 252
Net change in assets of discontinued operation
prior to sale or shutdown............................ 1,415 4,883
--------- ---------
Net Cash Provided by Investing Activities $10,192 $22,757
Cash Flows from Financing Activities:
Decrease in loans payable to factor................... ($9,179)
Increase (Decrease) in long-term debt................. 2,704 (2,135)
--------- ---------
Net Cash Provided by (Used for) Financing Activities $2,704 ($11,314)
--------- ---------
Increase (Decrease) in Cash $1,146 ($214)
Cash at beginning of period............................ 662 1,008
--------- ---------
Cash at end of period $1,808 $794
========= =========
-------------------
Supplemental disclosures of cash flow information:
Interest.............................................. $9,154 $9,430
Income Taxes.......................................... 75 75
* The amounts for 1994 have been restated to report separately the
results of continuing and discontinued operations.
The accompanying notes are an integral part of these financial statements.
8
UNITED MERCHANTS AND MANUFACTURERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE A - BASIS OF PRESENTATION AND LIQUIDITY
Basis of Presentation - The accompanying consolidated financial statements
of United Merchants and Manufacturers, Inc. ("UM&M" or the "Company") and
its subsidiaries have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by
generally accepted accounting principles for complete financial
statements. During the quarter ended March 31, 1994, the Company sold an
operation and subsequent to March 31, 1994, the Company sold another and
closed a third (see Note B - Discontinued Operations - below).
Accordingly, the financial statements for the three and nine months ended
March 31, 1994 have been restated to report separately the results of
continuing and discontinued operations. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary
for a fair presentation have been included. The results of operations of
interim periods are subject to year-end audit and adjustments and are not
necessarily indicative of the results of operations of the fiscal year.
For further information, refer to the consolidated financial statements
and footnotes included thereto in the Company's Annual Report on Form 10-K
for the year ended June 30, 1994.
Liquidity - During each of the three years ended June 30, 1994 and for the
current three and nine months, the Company has incurred significant losses
from operations and as of March 31, 1995 has a stockholders' equity
deficit. As discussed in the Company's Annual Report on Form 10-K, the
Company refinanced its senior debt as of June 30, 1994 and thereby reduced
the total indebtedness of the Company. While this was a substantial,
positive development for the Company, as of June 30, 1994, the Company's
independent auditors' report stated that the recurring losses from
operations, net deficiency in stockholders' equity and the significant
debt owed by the Company raise substantial doubt as to the Company's
ability to continue as a going concern. The consolidated financial
statements have been prepared assuming that the Company will continue as a
going concern and do not include any adjustments that might result from
the outcome of this uncertainty.
NOTE B - DISPOSITIONS OF CERTAIN OPERATIONS
Sale of Portion of Accessories and Apparel Segment:
In January 1995, the Company sold the retail outlet store operations of
its Accessories and Apparel segment for cash and the assumption by the
buyer of certain of the operation's liabilities. The financial statements
presented herein include the results of the retail outlet store operations
through December 31, 1994. During the quarter ended December 31, 1994,
the Company recognized a loss of $1.3 million for the sale and the loss
9
<PAGE>
from operations from December 31, 1994 to date of sale. Net sales for the
nine months ended March 31,1995 include net sales of $9.8 million and
operating loss includes a loss of $1.2 million from these operations. Net
sales for the three and nine months ended March 31, 1994 include net sales
of $3.9 million and $17.2 million and operating loss includes a loss of
$1.0 million and $1.7 million, respectively, from these operations.
Discontinued Operations:
In December 1994, the Company announced that it would close its Buffalo
Mill division, which was its Apparel Textiles segment, on or about
February 17, 1995. The Company made a provision for losses of
$7.9 million for the closing and ongoing costs of the division.
During the quarter ended June 30, 1994, the Company sold substantially all
of the assets (other than accounts receivable) and business, as a going
concern, of its Clarkesville Mill operations. The sale resulted in a gain
of approximately $3.2 million. Also during the quarter, the Company
determined that the non-cash proceeds from the sale of two operations in
fiscal 1993 were uncollectable and, therefore, recognized a loss on sale
of those operations of $5.1 million.
During the quarter ended March 31, 1994, the Company sold substantially
all of the assets (other than accounts receivable) and business, as a
going concern, of its Uniblend operation. The sale resulted in a gain of
approximately $5.1 million.
The proceeds from the two sale transactions, together with the collection
of the accounts receivable of all three of the discontinued operations
mentioned above, were or will be used to reduce the Company's indebtedness.
The financial statements and notes thereto presented herein have been
restated to reflect the three discontinued operations as such. For the
six months ended December 31, 1994 (period prior to the decision to close
the Apparel Textile segment), net sales of the Apparel Textile segment
were $15.3 million and operating loss was $0.5 million. For the three and
nine months ended March 31, 1994, net sales of the three operations were
$23.9 million and $80.4 million and operating income (loss) was
($0.1) million and $2.6 million, respectively.
NOTE C - CHANGE IN ACCOUNTING PRINCIPLE FOR POSTRETIREMENT BENEFITS OTHER
THAN PENSIONS
Effective July 1, 1993, the Company adopted Statement of Financial
Accounting Standards No. 106, "Employers' Accounting for Postretirement
Benefits Other Than Pensions". The statement requires accrual of the cost
of providing postretirement benefits, including medical and life insurance
coverage, during the active service period of the employee rather than the
pay-as-you-go (cash) basis which the company used prior to adoption. The
company elected to immediately recognize the accumulated postretirement
10
<PAGE>
benefit obligation equal to the discounted present value of expected
future benefit payments attributed to employees service rendered prior to
July 1, 1993. This resulted in a one-time, non-cash charge against
earnings of $15.3 million as of July 1, 1993.
NOTE D - INCOME TAXES
The provisions for income taxes for the three and nine months ended
March 31, 1995 and 1994 varied from the expected relationship to loss
before income taxes since the operating losses did not result in income
tax benefits. The provisions consist of amounts for state and local
income taxes.
NOTE E - DIVIDENDS APPLICABLE TO PREFERRED STOCK
The Company has not declared nor paid any cash dividends on its 10%
Cumulative Preferred Stock in order to retain its available cash for use
in its operations. For financial statement purposes, cumulative preferred
dividends are deducted from the results of operations in determining
earnings applicable to common shares whether or not such dividends are
declared or paid.
NOTE F - LONG-TERM DEBT
Long-term debt consists of the following:
(000 omitted)
------------------
Mar 31 June 30
1995 1994
-------- --------
Secured promissory notes.......................... $ 12,000 $ 12,000
Revolving loans................................... 19,020 16,316
3 1/2% Senior Subordinated Secured Debentures
due 2009 (net of unamortized discount of
$47,147,000 at March 31, 1995 and
$47,827,000 at June 30, 1994).................... 21,995 21,315
5% Subordinated Notes due 2019:
Issued to former senior lender................... 30,000 30,000
Issued in settlement of lawsuit (net of
unamortized discount of $20,978,000 at
March 31, 1995 and $21,072,000 at
June 30, 1994).................................. 1,022 928
-------- --------
Total Long-Term Debt $ 84,037 $ 80,559
======== ========
The revolving loans fluctuate based on the Company's cash availability or
requirements. The secured promissory notes and revolving loans are
secured by substantially all of the Company's assets.
11
<PAGE>
NOTE G - SUPPLEMENTAL BALANCE SHEET INFORMATION
Supplemental information regarding certain balance sheet captions is as
follows:
(000 omitted)
------------------
Mar 31 June 30
1995 1994*
-------- --------
Inventories:
Raw materials...................................... $ 5,309 $ 5,551
Work in process.................................... 422 705
Finished goods..................................... 11,598 15,124
-------- --------
$ 17,329 $ 21,380
======== ========
Property, plant and equipment:
Land and buildings................................. $ 3,502 $ 3,502
Machinery, equipment and other..................... 8,490 11,297
-------- --------
$ 11,992 $ 14,799
Less accumulated depreciation and amortization...... 7,246 8,888
-------- --------
Net Property, Plant and Equipment $ 4,746 $ 5,911
======== ========
Other assets and deferred charges:
Long-term assets held for sale...................... $ 4,314 $ 4,952
Interest receivable - sale of stock................. 1,831 1,710
Deferred pension cost............................... 765 765
Deposits............................................ 338 352
Other............................................... 1,044 733
-------- --------
$ 8,292 $ 8,512
======== ========
Accrued expenses and sundry liabilities:
Accrued compensation expenses....................... $ 1,763 $ 1,363
Postretirement benefits other than pension.......... 1,303 1,108
Accrued workers compensation........................ 1,103 1,493
Accrued taxes other than payroll.................... 428 1,643
Accrued professional fees........................... 720 442
Accrued shutdown costs.............................. 124 703
Accrued interest.................................... 603 1,208
Accrued royalties expense........................... 400 342
Accrued insurance................................... 460 454
Other............................................... 1,316 514
-------- --------
$ 8,220 $ 9,270
======== ========
12
<PAGE>
(000 omitted)
------------------
Mar 31 June 30
1995 1994*
-------- --------
Other long-term liabilities:
Postretirement benefits other than pension.......... $ 13,521 $ 14,021
Accrued pension liability........................... 6,521 6,137
Accrued shutdown costs.............................. 3,208 419
Other............................................... 18 223
-------- --------
$ 23,268 $ 20,800
======== ========
* The amounts for June 30, 1994 have been restated to report separately
the assets and liabilities of continuing and discontinued operations.
NOTE H - LEGAL PROCEEDINGS
The Company is a defendant in various lawsuits. It is not expected that
these suits will result in judgements which in the aggregate would have a
material adverse effect on the Company's financial position.
13
<PAGE>
UNITED MERCHANTS AND MANUFACTURERS, INC.
AND SUBSIDIARIES
PART II - OTHER INFORMATION
Item 2. Changes in Securities
Information required under this item is contained in Part I,
Note F of Notes to Consolidated Financial Statements, which is
incorporated herein by reference.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
(27) Financial Data Schedule - filed herewith.
(b) Reports on Form 8-K - None
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.
UNITED MERCHANTS AND MANUFACTURERS, INC.
(Registrant)
Date: May 19, 1995 By /s/ Norman R. Forson
Norman R. Forson
Senior Vice President and
Corporate Comptroller
14
<PAGE>
UNITED MERCHANTS AND MANUFACTURERS, INC. AND SUBSIDIARIES
FORM 10-Q
INDEX TO EXHIBIT
The following exhibits are being filed herewith:
Exhibit No.
(27) Financial Data Schedule as of and for the quarter ended March 31,
1995 is filed herewith.
<PAGE>
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