FORM 10-Q/A
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1997
OR
o 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: 000-23175
Beringer Wine Estates Holdings, Inc. (Exact name of Registrant as specified
in its charter)
Delaware 68-0370340
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1000 Pratt Avenue
St. Helena, CA 94574
(Address of principal executive offices) (Zip code)
(707) 963-7115 (Registrant's telephone number including area code)
Not applicable (Former name, former address, and former fiscal year, if
changed since last report)
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 ____
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.
Title Outstanding
Class A Common Stock 1,416,962 at December 31, 1997
Class B Common Stock 17,338,946 at December 31, 1997
Item 1 Financial Statements
Consolidated Balance Sheets
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
Consolidated Balance Sheets
(in thousands, except share and per share data)
December 31, 1997 June 30, 1997
(unaudited)
Assets
Current Assets:
<S> <C> <C>
Cash $ 19 $115
Accounts receivable-trade, net of allowance of $266 and $251 37,046 28,226
Inventories 258,561 214,097
Prepaids and other current assets 3,403 5,024
-----------------------------------------
Total current assets $299,029 $247,462
Property, plant and equipment, net of
accumulated depreciation of $18,702 and $13,197 223,710 212,378
Investments 238 267
Other assets, net 7,404 7,077
-----------------------------------------
Total Assets $530,381 $467,184
==============================
Liabilities, Redeemable Preferred Stock, Preferred and
Common Stock and Other Stockholders Equity
Current Liablities:
Accounts payable-trade $32,881 $10,114
Book overdraft liability 2,386 2,001
Accrued trade discounts 6,029 2,461
Accrued payroll, bonuses and benefits 4,905 3,661
Accrued interest 4,718 5,998
Other accrued expenses 4,937 5,698
Income taxes payable 1,335 -
Deferred tax liabilities 849 4,104
Current portion of long-term debt 7,076 3,714
-----------------------------------------
Total current liabilities $65,116 $37,751
Line of credit 85,500 104,000
Long-term debt, less current portion 169,980 211,398
Deferred tax liabilities 31,069 29,368
Other liabilities 5,333 6,333
-----------------------------------------
Total liabilities 356,998 388,850
-----------------------------------------
Redeemable preferred stock:
Redeemable Series A Preferred Stock, $0.01 par value;
stated at redemption value at June 30, 1997, less non-accreted
discount of $2,623,000 including cumulative dividends in arrears;
2,000,000 shares authorized; 369,640 shares issued and
outstanding at June 30, 1997 - 34,341
----------------------------------------
Preferred and Common stock and other stockholders' equity:
Preferred Stock, 5,000,000 shares authorized at December 31, 1997
- -
Class A Common Stock, $0.01 par value; 2,000,000 shares
authorized; 1,416,962 and 1,019,980 shares issued and outstanding 14 10
Class B Common Stock, $0.01 par value; 38,000,000 shares
authorized; 17,338,946 and 11,716,212 shares issued and outstanding 173 117
Notes receivable from stockholders (477) (636)
Warrants - 1,848
Additional paid-in capital 187,755 57,470
Accumulated deficit (14,082) (14,816)
------------------------------------------
Total preferred and common stock and other stockholders'
equity 173,383 43,993
------------------------------------------
Total redeemable preferred stock, preferred and common
stock and other stockholders' equity 173,383 78,334
------------------------------------------
Total liabilities, redeemable preferred stock, preferred
and common stock and other stockholders' equity $530,381 $467,184
==========================================
</TABLE>
see notes to consolidated financial statements
<TABLE>
<CAPTION>
Consolidated Statements of Cash Flows
(Unaudited, in thousands) Three months ended Six months
ended
December 31, December 31,
<S> <C> <C> <C> <C>
1997 1996 1997 1996
Cash flows from operating activities:
Net income (loss) 1,407 (398) 734 (5,216)
provided by (used in) operating activities:
Deferred taxes (1,030) 2,258 (1,554) (11,484)
Depreciation and amortization 2,745 1,524 5,635 3,049
Provision for doubtful accounts - 52 - 52
Extraordinary loss on early extinguishment
of debt 1,509 - 1,509 -
Other 3 12 85 4
Changes in assets and liabilities:
Accounts receivable-trade (7,835) (390) (8,820) (325)
Inventories 2,403 (3,287) (44,484) (15,098)
Prepaids and other assets (541) (778) 732 761
Accounts payable-trade (17,734) (5,896) 22,787 16,884
Book overdraft liability (5,833) - 385 -
Accrued trade discounts 3,261 3,213 3,568 2,256
Accrued payroll, bonuses and benefits 1,184 1,130 1,244 898
Accrued interest (856) (4,140) (1,280) (4,490)
Other accrued expenses (364) 1,857 (761) 2,827
Income taxes payable 1,335 (1,123) 1,335 2,493
Other liabilities (501) 6,500 (1,000) 7,333
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Net cash provided by (used in)
operating activities $(20,847) $534 $(19,885) $(56)
Cash flows from investing activities:
Acquisitions of property, plant and equipment (7,154) (3,596) (16,343) (6,723)
Dispositions of property, plant and
equipment - 47 - 47
Distribution from instruments - - 29 -
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Net cash provided by (used in) investing
activities (7,154) (3,549) (16,314) (6,676)
--------------------------------------------------------------------------
Cash flows from financing activities:
Net proceeds from (repayments of) long-term
debt and line of credit (66,022) 6,442 (58,127) 9,000
Repayment of debt due to Nestle - (1,649) - (4,024)
Proceeds from initial public offering 132,476 - 132,476 -
Issuance of common stock - 1 - 827
Issuance (redemption) of preferred stock (38,705) - (38,705) 318
Proceeds from notes receivable from
stockholders 159 106 159 106
Exercise of stock options - - 300 -
-------------------------------------------------------------------------
Net cash provied by (used in) financing
activities 27,908 4,900 36,103 6,227
Net increase (decrease) in cash (93) 1,885 (96) (505)
Cash at beginning of the period 112 11,833 115 14,223
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Cash at end of the period $19 $13,718 $19 $13,718
=============================================
</TABLE>
Notes to Consolidated Financial Statements
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.
Beringer Wine Estates Holdings, Inc.
February 16, 1998 By://Peter F. Scott
Date Peter F. Scott, Senior Vice President,
Finance and Operations and CFO
