<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
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 000-21621
KEVCO, INC.
(Exact name of registrant as specified in its charter)
Texas 75-2666013
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Kevco, Inc.
1300 S. University Drive, Suite 200
Fort Worth, Texas 76107
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (817) 332-2758
Securities registered pursuant to Section 12(b) of the Act:
NONE
Securities registered pursuant to Section 12(g) of the Act:
Name of each exchange
Title of Each Class on which registered
------------------- -------------------
Common Stock, The Nasdaq Stock Market
par value of $.01 per share
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 .
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or informational statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
The aggregate market value of voting stock of the Registrant held by non-
affiliates of the registrant was $52,793,228 on March 12, 1998, based on the
closing price of the registrant's common stock on such date of $18.50 per share,
as reported on The Nasdaq Stock Market.
As of March 12, 1998, 6,831,159 shares of the registrant's Common Stock
were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant's annual report to shareholders for the year ended
December 31, 1997 are incorporated by reference into Part II of this report, and
portions of the proxy statement for the annual meeting of shareholders of the
registrant to be held during 1998 are incorporated by reference into Part III of
this report.
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The Registrant hereby amends its Form 10-K solely for the purpose of restating,
in accordance with Rule 601(c)(2)(iii) of Regulation S-K, Exhibit 27.1 and 27.2
(Financial Data Schedule) reflecting for prior periods Kevco, Inc.'s change in
method of valuing inventory from the last-in, first-out method to the first-in,
first-out method in June 1997 and the adoption of Statement of Financial
Accounting Standards No. 128 "Earnings Per Share."
S I G N A T U R E S
Pursuant to the requirements of Section 13 or 15(d) 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.
KEVCO, INC.
Date: April 8, 1998 By: /s/ Jerry E. Kimmel*
--------------------------------
Jerry E. Kimmel,
Chairman, President and Chief Executive
Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on April 8, 1998.
Signature Title
--------- -----
/s/ Jerry E. Kimmel* Chairman of the Board, President
- --------------------------------- and Chief Executive Officer
Jerry E. Kimmel (Principal Executive Officer)
/s/ Clyde A. Reed, Jr.* Executive Vice President,
- --------------------------------- Chief Operating Officer
Clyde A. Reed, Jr. and Director
/s/ Ellis L. McKinley, Jr. Vice President, Chief Financial
- --------------------------------- Officer, Treasurer and Director
Ellis L. McKinley, Jr. (Principal Financial Officer and
Principal Accounting Officer)
/s/ Gregory G. Kimmel* Senior Vice President,
- --------------------------------- Corporate Development
Gregory G. Kimmel and Director
/s/ Richard S. Tucker* Secretary and Director
- ---------------------------------
Richard S. Tucker
2
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/s/ Martin C. Bowen* Director
- ---------------------------------
Martin C. Bowen
/s/ Richard Nevins* Director
- ---------------------------------
Richard Nevins
*By: /s/ Ellis L. McKinley, Jr.
-----------------------------
Ellis L. McKinley, Jr.,
ATTORNEY-IN-FACT
3
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This restated schedule contains summary financial information extracted from the
consolidated financial statements of Kevco, Inc. and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<RESTATED>
<S> <C> <C> <C>
<PERIOD-TYPE> YEAR 9-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-START> JAN-01-1997 JAN-01-1997 JAN-01-1997
<PERIOD-END> DEC-31-1997 SEP-30-1997 JUN-30-1997
<CASH> 271 77 80
<SECURITIES> 0 0 0<F1>
<RECEIVABLES> 41,647 25,322 24,532<F2>
<ALLOWANCES> 641 132 119
<INVENTORY> 83,540 34,988 34,434
<CURRENT-ASSETS> 132,830 61,702 59,740
<PP&E> 49,399 26,204 24,945
<DEPRECIATION> 6,957 7,641 7,143
<TOTAL-ASSETS> 308,194 114,578 112,022
<CURRENT-LIABILITIES> 75,385 26,575 24,846
<BONDS> 0 0 0
0 0 0
0 0 0
<COMMON> 68 68 68
<OTHER-SE> 40,579 40,329 38,947
<TOTAL-LIABILITY-AND-EQUITY> 308,194 114,578 112,022
<SALES> 394,206 271,957 173,404
<TOTAL-REVENUES> 400,120 276,370 176,311
<CGS> 341,362 235,138 149,410
<TOTAL-COSTS> 384,511 263,876 167,188
<OTHER-EXPENSES> 0 0 0
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 4,767 2,354 1,496
<INCOME-PRETAX> 10,842 10,140 7,627
<INCOME-TAX> 4,554 4,056 3,050
<INCOME-CONTINUING> 6,288 6,084 4,577
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 6,288 6,084 4,577
<EPS-PRIMARY> 0.92 0.89 0.67
<EPS-DILUTED> 0.90 0.87 0.65
<FN>
<F1>Amounts inapplicable or not disclosed as a separate line on the statement of
financial position or results of operations are reported as 0 herein.
<F2>Notes and accounts receivable - trade are reported net of allowances for
doubtful accounts in the statement of financial position.
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This restated schedule contains summary financial information extracted from the
consolidated financial statements of Kevco, Inc. and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<RESTATED>
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS YEAR YEAR
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1996 DEC-31-1995
<PERIOD-START> JAN-01-1997 JAN-01-1996 JAN-01-1995
<PERIOD-END> MAR-31-1997 DEC-31-1996 DEC-31-1995
<CASH> 80 2,078 977
<SECURITIES> 0 0 0<F1>
<RECEIVABLES> 22,846 9,558 14,929<F2>
<ALLOWANCES> 71 100 160
<INVENTORY> 32,417 23,722 19,201
<CURRENT-ASSETS> 56,186 35,596 35,290
<PP&E> 23,606 15,459 13,964
<DEPRECIATION> 5,626 5,251 4,206
<TOTAL-ASSETS> 108,841 55,739 55,669
<CURRENT-LIABILITIES> 29,924 11,070 15,546
<BONDS> 0 0 0
0 0 0
0 0 0
<COMMON> 68 68 47
<OTHER-SE> 35,499 34,125 9,509
<TOTAL-LIABILITY-AND-EQUITY> 108,841 55,739 55,669
<SALES> 72,099 267,344 182,519
<TOTAL-REVENUES> 73,378 272,841 185,129
<CGS> 61,976 226,653 155,641
<TOTAL-COSTS> 69,657 256,376 176,530
<OTHER-EXPENSES> 0 0 0
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 528 2,058 1,337
<INCOME-PRETAX> 3,193 14,407 7,262
<INCOME-TAX> 1,277 1,695 45
<INCOME-CONTINUING> 1,916 12,712 7,217
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 1,916 12,712 7,217
<EPS-PRIMARY> 0.28 0 0
<EPS-DILUTED> 0.27 0 0
<FN>
<F1>Amounts inapplicable or not disclosed as a separate line on the statement of
financial position or result of operations are reported as 0 herein.
<F2>Notes and accounts receivable - trade are reported net of allowances for
doubtful accounts in the statement of financial position.
</FN>
</TABLE>
