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UNITED STATES
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 September 30, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ___________________ to ____________________
Commission File No. 333-10491
GUITAR CENTER, INC.
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE 95-4600862
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
5155 CLARETON DRIVE
AGOURA HILLS, CALIFORNIA 91301
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(Address of principal executive offices) (Zip Code)
(818) 735-8800
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Registrant's telephone number, including area code
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 No X
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As of November 11, 1996, 1,400,000 shares of the registrant's Common Stock, $.01
par value, were outstanding.
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GUITAR CENTER, INC.
BALANCE SHEET
<TABLE>
<CAPTION>
SEPTEMBER 30 DECEMBER 31
1996 1995
(UNAUDITED) (AUDITED)
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(in thousands)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents 52 1,338
Accounts receivable, less allowance for doubtful accounts of $100
(1996) and $200 (1995) 3,228 2,203
Inventories 48,465 31,282
Prepaid expenses and other current assets 1,709 772
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Total current assets 53,514 35,595
Property and equipment, net 15,262 13,276
Goodwill, net of accumulated amortization of $163 (1996) and $152 (1995) 436 447
Other assets 4,333 300
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$73,545 $49,618
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable 9,754 12,613
Accrued expenses and other current liabilities 10,512 16,979
Current portion of long-term debt 9,930 -
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Total current liabilities 30,196 29,592
Other long-term liabilities 564 263
Long-term debt 100,000 -
Senior preferred stock, aggregate liquidating preference of $20,895;
authorized 4,250,000 shares, issued and outstanding 800,000 shares 14,442 -
Stockholders' equity (deficit):
Junior preferred stock 138,600 -
Warrants 6,500 -
Common stock, no par value; authorized 2,500,000 shares issued and
outstanding 1,400,000 at December 31, 1995; authorized 10,000,000 shares,
issued and outstanding 1,400,000 at September 30, 1996 1,400 4,987
Additional paid in capital (10,249) -
Retained earnings (deficit) (207,908) 14,776
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Total stockholders' equity (deficit) (71,657) 19,763
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$73,545 $49,618
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</TABLE>
See accompanying notes
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PART II. OTHER INFORMATION
Items 1 - 5. Not Applicable
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
(1) 27.1 Financial Data Schedule
(b) Reports on Form 8-K. None.
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GUITAR CENTER, INC.
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 thereunto duly authorized.
Guitar Center, Inc.
/s/ Bruce L. Ross.
Date: November 11, 1996 Bruce L. Ross, Vice President,
Chief Financial Officer and Secretary
(Duly Authorized Officer and Principal
Financial and Accounting Officer)
