<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[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
[ ] 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 001-13195
INDUSTRIAL DISTRIBUTION GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 58-2299339
-------- ----------
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
950 East Paces Ferry Road, Suite 1575 Atlanta, Georgia 30326
------------------------------------------------------------
(Address of principal executive offices and zip code)
(404) 949-2100
--------------
(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 [X] No [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
Class Outstanding at July 31, 2000
---------------------------- ----------------------------
Common Stock, $.01 par value 8,876,906
<PAGE> 2
INDUSTRIAL DISTRIBUTION GROUP, INC.
INDEX
<TABLE>
<S> <C>
PART I. Financial Information
ITEM 1. Financial Statements
Consolidated Balance Sheets at June 30, 2000 (Unaudited) and December 31, 1999
Consolidated Statements of Operations for the three months ended June 30, 2000 and
1999 (Unaudited)
Consolidated Statements of Operations for the six months ended June 30, 2000 and 1999
(Unaudited)
Consolidated Statements of Cash Flows for the six months ended June 30, 2000 and 1999
(Unaudited)
Notes to Consolidated Financial Statements June 30, 2000 (Unaudited)
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
PART II. Other Information
ITEM 1. Legal Proceedings
ITEM 4. Submission of Matters to Vote of Security Holders
ITEM 6. Exhibits and Reports on Form 8-K
</TABLE>
2
<PAGE> 3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
INDUSTRIAL DISTRIBUTION GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands except share data)
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
2000 1999
----------- -----------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and Cash Equivalents ...................................... $ 695 $ 851
Accounts Receivable, net ....................................... 66,927 64,029
Inventory, net ................................................. 67,585 67,633
Deferred Tax Assets ............................................ 7,094 7,094
Prepaid and Other Current Assets ............................... 8,418 5,722
-------- --------
TOTAL CURRENT ASSETS ........................................ 150,719 145,329
Property and Equipment, net .................................... 23,468 31,538
Intangible Assets, net ......................................... 52,921 53,019
Other Assets ................................................... 987 918
-------- --------
TOTAL ASSETS .................................................. $228,095 $230,804
======== ========
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short Term Debt ................................................ $ 424 $ 467
Accounts Payable ............................................... 43,224 41,806
Accrued Compensation ........................................... 3,019 2,782
Other Accrued Liabilities ...................................... 12,817 22,126
-------- --------
TOTAL CURRENT LIABILITIES ..................................... 59,484 67,181
Long-Term Debt ................................................. 44,012 47,486
Deferred Income Tax Liabilities ................................ 2,024 2,024
Other Long-Term Liabilities .................................... 8,581 2,041
-------- --------
TOTAL LIABILITIES ............................................ 114,101 118,732
STOCKHOLDERS' EQUITY:
Common Stock, par value $.01 per share, 50,000,000
shares authorized; 8,861,165 shares issued and 8,831,511
shares outstanding in 2000; 8,641,831 shares issued and
8,635,058 shares outstanding in 1999 .......................... 89 87
Additional Paid-In Capital ..................................... 98,087 97,546
Retained Earnings .............................................. 15,818 14,439
-------- --------
Total Stockholders' Equity ..................................... 113,994 112,072
-------- --------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY ..................... $228,095 $230,804
======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
3
<PAGE> 4
INDUSTRIAL DISTRIBUTION GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data)
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
JUNE 30,
2000 1999
---------- -----------
<S> <C> <C>
NET SALES ................................................. $ 138,293 $ 137,250
COST OF SALES ............................................. 107,983 107,279
---------- -----------
Gross profit ............................................ 30,310 29,971
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES .............. 27,509 27,847
---------- -----------
Income from operations .................................. 2,801 2,124
INTEREST EXPENSE .......................................... 1,168 887
OTHER (INCOME) EXPENSE, NET ............................... 29 (45)
---------- -----------
INCOME BEFORE INCOME TAXES ................................ 1,604 1,282
PROVISION FOR INCOME TAXES ................................ 750 629
---------- -----------
NET INCOME ................................................ $ 854 $ 653
========== ===========
BASIC AND DILUTED EARNINGS PER SHARE ...................... $ .10 $ .08
========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING (Basic and Diluted) ... 8,817,625 8,540,169
========== ===========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
4
<PAGE> 5
INDUSTRIAL DISTRIBUTION GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data)
(Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
2000 1999
----------- -----------
<S> <C> <C>
NET SALES ................................................. $ 277,808 $ 273,145
COST OF SALES ............................................. 217,251 213,062
----------- -----------
Gross profit ............................................ 60,557 60,083
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES .............. 55,523 56,587
----------- -----------
Income from operations .................................. 5,034 3,496
INTEREST EXPENSE .......................................... 2,397 1,521
OTHER (INCOME) EXPENSE, NET ............................... (19) (181)
----------- -----------
INCOME BEFORE INCOME TAXES ................................ 2,656 2,156
PROVISION FOR INCOME TAXES ................................ 1,277 983
----------- -----------
NET INCOME ................................................ $ 1,379 $ 1,173
=========== ===========
BASIC AND DILUTED EARNINGS PER SHARE ...................... $ .16 $ .14
=========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING (Basic and Diluted) ... 8,782,617 8,518,912
=========== ===========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
5
<PAGE> 6
INDUSTRIAL DISTRIBUTION GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
2000 1999
-------- --------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ................................................................ $ 1,379 $ 1,173
-------- --------
Adjustments to reconcile net income to net cash used in operating
activities:
Depreciation and amortization .......................................... 2,495 2,286
Benefit for deferred taxes ............................................. -- (1)
Gain on disposal of equipment .......................................... (101) (18)
Loss on sale of investment ............................................. -- 10
Changes in operating assets and liabilities, net of
acquisitions and dispositions:
Accounts receivable, net ............................................. (3,395) (7,418)
Inventories, net ..................................................... (972) (1,877)
Prepaid and other assets ............................................. (1,133) 1,644
Accounts payable ..................................................... 1,570 734
Accrued compensation ................................................. 293 (517)
Other accrued liabilities ............................................ (2,233) 2,878
-------- --------
Total adjustments .................................................. (3,476) (2,279)
-------- --------
Net cash used in operating activities .............................. (2,097) (1,106)
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment, net ............................... (3,409) (10,132)
Proceeds from the sale of property and equipment ....................... 9,485 656
Cash paid in acquisitions, net of cash acquired ........................ -- (1,792)
Purchase of investments ................................................ -- 2
Deposits ............................................................... (457) (138)
Proceeds from liquidation of life insurance policies ................... 437 1
Proceeds from sale of investments ...................................... 88 80
-------- --------
Net cash provided by (used in) investing activities ........... 6,144 (11,323)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock ................................. 252 96
Proceeds from (payments on) debt, net .................................. (3,516) 12,757
Proceeds from management liability insurance, net of premium payments .. 9,812 --
Payment to dissenting shareholder ...................................... (10,750) --
Other .................................................................. (1) --
-------- --------
Net cash (used in) provided by financing activities .............. (4,203) 12,853
NET CHANGE IN CASH AND CASH EQUIVALENTS ................................... (156) 424
CASH AND CASH EQUIVALENTS, beginning of period ............................ $ 851 $ 1,285
======== ========
CASH AND CASH EQUIVALENTS, end of period .................................. $ 695 $ 1,709
======== ========
Supplemental Cash Flow Information:
Cash Paid for Interest ................................................. $ 1,987 $ 1,762
======== ========
Cash Paid for Income Taxes ............................................. $ 1,198 $ 673
======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
6
<PAGE> 7
INDUSTRIAL DISTRIBUTION GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2000
Industrial Distribution Group, Inc. ("IDG" or the "Company"), a Delaware
corporation, was formed on February 12, 1997 to create a nationwide supplier of
cost-effective, flexible procurement solutions for manufacturers and other users
of maintenance, repair, operating, and production (MROP) products. The Company
conducts business in 27 states and provides product expertise in the procurement
and application of MROP products to a wide range of industries.
1. BASIS OF PRESENTATION
The accompanying unaudited interim financial statements are prepared pursuant to
the Securities and Exchange Commission's rules and regulations for reporting on
Form 10-Q. Accordingly, certain information and footnotes required by generally
accepted accounting principles for complete financial statements are not
included herein. The Company believes all adjustments necessary for a fair
presentation of these interim statements have been included and are of a normal
and recurring nature.
Certain reclassifications have been made to prior year amounts to conform to the
current year presentation.
The interim statements should be read in conjunction with the Company's
financial statements and notes thereto, included in its Annual Report on Form
10-K, for the fiscal year ended December 31, 1999, Commission File Number
001-13195.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
There were no significant changes in the accounting policies of the Company
during the periods presented.
3. CREDIT FACILITY
In December 1999, the Company entered into a $100,000,000 revolving credit
facility with a six-bank syndicate. The facility has a two-year term, bears
interest at either the bank's corporate base rate or a Eurodollar rate plus
applicable margins, and has a first security interest in the assets of the
Company's business units. The agreement provides that the facility be used for
operations and acquisitions and provides $5,000,000 for swinglines and
$10,000,000 for letters of credit. There is an annual commitment fee on the
unused portion of the facility equal to between 20 and 30 basis points of the
average daily unused portion of the aggregate commitment, depending on the ratio
of indebtedness to adjusted EBITDA. This fee amounted to approximately $63,000
and $56,000 for the three months ended June 30, 2000 and 1999, respectively.
This agreement amended the December 1998 agreement for a $125,000,000 facility.
The amounts outstanding under this facility at June 30, 2000 and 1999 were
$41,700,000 and $49,000,000, respectively.
Additionally, the Company has outstanding two issued letters of credit for a
total of $2,948,000 as of June 30, 2000. The revolving credit facility contains
various covenants pertaining to the maintenance of certain financial ratios.
These covenants include requirements for interest coverage, cash flow, and net
worth, among other restrictions. The covenants also prohibit the payment of
dividends. The Company was in compliance with these covenants as of June 30,
2000 and 1999.
4. CAPITAL STOCK
During the second quarter of 2000, the Company issued 48,961 shares of its
common stock through its employee stock purchase plan. Additionally, the Company
issued 22,564 shares of its common stock as part of its 1999 management
incentive plan.
On July 24, 2000, the Company repurchased 442,498 shares of its common stock
from Douglass C.Smith (a co-founder and former President, Chief Operating
Officer, and Director of IDG) and certain of Mr. Smith's family members, at a
purchase price of $2.50 per share, for an aggregate purchase price of
$1,106,245. The transaction was completed in response to Mr. Smith's unsolicited
request for such a repurchase.
7
<PAGE> 8
5. COMMITMENTS AND CONTINGENCIES
On April 5, 2000, the Company settled the previously reported dissenter's rights
lawsuit involving its wholly owned subsidiary The Distribution Group, Inc.
("TDG") and Alvis J. Waite that had been pending in DeKalb County Superior
Court, Georgia, File No. 97-14388-4. On behalf of TDG, the Company paid Mr.
Waite $10.75 million in full satisfaction of all disputes and issues raised by
the lawsuit, in which the court had entered a judgment that adopted the
recommendations of the court-appointed appraiser. Including a charge taken in
the fourth quarter of 1999, the Company had previously provided an accrual that
was adequate to cover the payment as well as related legal fees. The payment was
made using a management liability insurance policy provided through one of its
insurance carriers.
The Company is subject to various claims and legal actions which arise in the
ordinary course of business. The Company believes that the ultimate resolution
of such matters, including that identified above, will not have a material
adverse effect on the Company's financial position or results of operations.
6. NEW PRONOUNCEMENTS
In September 1998, the Financial Accounting Standards Board issued SFAS No. 133,
"Accounting for Derivative Instruments and Hedging Activities," which addresses
the accounting for derivative instruments. SFAS No. 133 was recently amended to
be effective for financial statements for the Company's fiscal quarters
beginning after January 1, 2001. The Company does not expect SFAS No. 133 will
have a significant effect on its current financial reporting.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The following discussion is based upon the historical financial results of the
Company. Results of operations from acquisitions made using the purchase method
of accounting have also been included from their date of acquisition.
In this discussion, most percentages and dollar amounts have been rounded to aid
presentation; as a result, all such figures are approximations. References to
such approximations have generally been omitted.
This discussion may contain certain forward-looking statements concerning the
Company's operations, performance, and financial condition, including, in
particular, the likelihood of the Company's success in developing and expanding
its business. These statements are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties and
contingencies, many of which are beyond the control of the Company. Actual
results may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results to differ
include, but are not limited to, the availability of attractive acquisition
opportunities, the successful integration and profitable management of acquired
businesses, improvement of operating efficiencies, the availability of working
capital and financing for future acquisitions, the Company's ability to grow
internally through expansion of services and customer bases, its ability to
reduce overhead, seasonality, the continuation of key supplier relationships,
the ability of the Company to compete successfully in the highly competitive and
diverse MROP market, the Company's ability to maintain key personnel, the
availability of key personnel for employment by the Company, and other factors
discussed in more detail under "Item 1-Business" of the Company's Annual Report
on Form 10-K for fiscal 1999.
8
<PAGE> 9
RESULTS OF OPERATIONS
THREE MONTHS ENDED JUNE 30, 2000 AND 1999
The following table sets forth certain historical financial data for IDG and
shows such data as a percentage of net sales for the periods indicated (dollars
in thousands):
<TABLE>
<CAPTION>
THREE MONTHS ENDED JUNE 30
---------------------------------------------------------
2000 1999
-------------------------- -------------------------
<S> <C> <C> <C> <C>
Net Sales $ 138,293 100.0% $ 137,250 100.0%
Cost of Sales 107,983 78.1 107,279 78.2
---------- --------- ---------- ---------
Gross Profit 30,310 21.9 29,971 21.8
Selling, General and Administrative 27,509 19.9 27,847 20.3
---------- --------- ---------- ---------
Operating Income $ 2,801 2.0% $ 2,124 1.5%
========== ========== ========== =========
</TABLE>
Net sales increased $1.0 million or .8 % from $137.3 million for the three
months ended June 30, 1999 to $138.3 million for the three months ended June 30,
2000. The increase is attributable to sales from an acquisition made in the
second quarter of 1999 and the addition of new flexible procurement solutions
customers.
Cost of sales increased $704,000 or .7% from $107.3 million for the three months
ended June 30, 1999 to $108.0 million for the three months ended June 30, 2000.
As a percentage of net sales, cost of sales decreased from 78.2% in 1999 to
78.1% in 2000. The decrease in cost of sales as a percentage of net sales is
primarily due to a change in total company sales mix and additional incentives
from strategic growth suppliers.
Selling, general, and administrative expenses decreased $338,000 or 1.2% from
$27.8 million for the three months ended June 30, 1999 to $27.5 million for the
three months ended June 30, 2000. As a percentage of net sales, selling, general
and administrative expenses decreased from 20.3% to 19.9%. The decrease in
selling, general and administrative expenses as a percentage of sales is
primarily due to management's efforts to reduce expenses through consolidation
of facilities and reduction of the number of employees.
Operating income increased $677,000 or 31.9% from $2.1 million for the three
months ended June 30, 1999 to $2.8 million for the three months ended June 30,
2000. As a percentage of net sales, operating income increased from 1.5% in 1999
to 2.0% in 2000.
SIX MONTHS ENDED JUNE 30, 2000 AND 1999
The following table sets forth certain historical financial data for IDG and
shows such data as a percentage of net sales for the periods indicated (dollars
in thousands):
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30
--------------------------------------------------------
2000 1999
-------------------------- ------------------------
<S> <C> <C> <C> <C>
Net Sales $ 277,808 100.0% $ 273,145 100.0%
Cost of Sales 217,251 78.2 213,062 78.0
---------- ----------- ---------- ----------
Gross Profit 60,557 21.8 60,083 22.0
Selling, General and Administrative 55,523 20.0 56,587 20.7
---------- ----------- ---------- ----------
Operating Income $ 5,034 1.8% $ 3,496 1.3%
========== =========== ========== ==========
</TABLE>
Net sales increased $4.7 million or 1.7 % from $273.1 million for the six months
ended June 30, 1999 to $277.8 million for the six months ended June 30, 2000.
The sales increase is attributable to the addition of new flexible procurement
solutions customers. Further, $2.0 million is attributable to sales from an
acquisition made in June of 1999.
9
<PAGE> 10
Cost of sales increased $4.2 million or 2.0% from $213.1 million for the six
months ended June 30, 1999 to $217.3 million for the six months ended June 30,
2000. As a percentage of net sales, cost of sales increased from 78.0% in 1999
to 78.2% in 2000. The increase in cost of sales as a percentage of net sales is
primarily due to a change in total company sales mix offset by additional
incentives from strategic growth suppliers.
Selling, general, and administrative expenses decreased $1.1 million or 1.9%
from $56.6 million for the six months ended June 30, 1999 to $55.5 million for
the six months ended June 30, 2000. As a percentage of net sales, selling,
general and administrative expenses decreased from 20.7% to 20.0%. The decrease
is partially attributable to the 1999 expense associated with the departure of
the former CEO and the closure of the Chevy Chase, Maryland office. Additionally
management's efforts to reduce expenses through consolidation of facilities and
reduction of the number of employees have resulted in lower selling, general,
and administrative expenses as a percentage of sales.
Operating income increased $1.5 million or 44.0% from $3.5 million for the six
months ended June 30, 1999 to $5.0 million for the six months ended June 30,
2000. As a percentage of net sales, operating income increased from 1.3% in 1999
to 1.8% in 2000.
LIQUIDITY AND CAPITAL RESOURCES
At June 30, 2000, the Company had $695,000 in cash, an additional $90.5 million
of working capital, and $55.4 million of borrowing capacity under its $100
million revolving credit facility with a six-bank syndicate.
The Company's liquidity position continues to be sufficient to enable the
Company to fund its current operations and to fund anticipated internal
expansion and acquisitions for the next year.
Net cash used in operating activities for the six months ended June 30, 2000 and
1999 was $2.1 million and $1.1 million, respectively. The change was due to cash
used to fund working capital needs.
Net cash provided by (used in) investing activities for the six months ended
June 30, 2000 and 1999 was $6.1 million and ($11.3) million, respectively.
During 1999 property and equipment additions included expenditures for a new
building for the Company's largest business unit. In June 2000, the building was
sold in a transaction accounted for as a sale leaseback. Proceeds from the sale
are included in investing activities for the six months ended June 30, 2000.
Otherwise, in 2000, the cash was used primarily for equipment additions. In 1999
cash was also used to fund a portion of the Company's ERP system and to fund an
acquisition.
Net cash (used in) provided by financing activities for the six months ended
June 30, 2000 and 1999 was ($4.2) million and $12.9 million, respectively. In
2000, the Company arranged, through one of its insurance carriers to purchase
management liability insurance to cover the $10.75 million payment made to the
dissenting shareholder. This premium is being financed by the insurance carrier
over a period of three years and provided $9.8 million in cash net of premium
payments. Additionally in 2000, cash provided by investing activities was used
to reduce the Company's long-term debt. In 1999, the cash was used for repayment
of lines of credit of certain acquired companies, property additions, and to
fund working capital needs.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There has been no significant change in the disclosure concerning this item made
in the Company's Annual Report on Form 10K for the year ended December 31, 1999.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On April 5, 2000, the Company settled the previously reported dissenter's rights
lawsuit involving its wholly owned subsidiary The Distribution Group, Inc.
("TDG") and Alvis J. Waite that had been pending in DeKalb County Superior
Court, Georgia, File No. 97-14388-4. On behalf of TDG, the Company paid Mr.
Waite $10.75 million in full satisfaction of all disputes and issues raised by
the lawsuit, in which the court had entered a judgment that adopted the
recommendations of the court-appointed appraiser. Including a charge taken in
the fourth quarter of 1999, the Company had previously provided an accrual that
was adequate to cover the payment as well as related legal fees. The payment was
made using a management liability insurance policy provided through one of its
insurance carriers.
10
<PAGE> 11
ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS
The Company held its annual meeting of stockholders on May 22, 2000, at which
only the election of eight nominees for directors was voted on. All eight
nominees were elected, with the following vote totals:
<TABLE>
<CAPTION>
NOMINEE VOTES FOR VOTES WITHHOLD
------------------- --------- --------------
<S> <C> <C>
David K. Barth 6,406,715 746,606
William J. Burkland 6,423,215 730,106
William A. Fenoglio 6,423,215 730,106
Patrick S. O'Keefe 6,422,803 730,517
William T. Parr 6,902,920 250,401
George L. Sachs, Jr 6,361,551 791,770
Richard M. Seigel 6,345,849 807,472
Andrew B. Shearer 6,423,215 730,106
</TABLE>
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
a) The following exhibits are filed as part of the Form 10Q:
Exhibit 11 -- Computation of Earnings Per Share
Exhibit 27A -- Financial Data Schedule (for SEC use only)
b) Reports on Form 8-K
Form 8-K filed July 24, 2000
Reporting under Item 5 that the Company repurchased shares of its
common stock.
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.
INDUSTRIAL DISTRIBUTION GROUP, INC.
(Registrant)
Date: August 11, 2000 By: /s/ Jack P. Healey
-----------------------------------------------------
Jack P. Healey
Senior Vice President and Chief Financial
Officer (Duly Authorized Officer and Principal
Accounting and Financial Officer)
11
