<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the quarterly period ended June 30, 2000
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from ________ to _________
Commission file number 0-23705
Automotive Performance Group, Inc.
(Exact name of small business issuer as specified in its charter)
Delaware 86-0938742
(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
7341 Anaconda Avenue, Garden Grove, California 92841
(Address of principal executive offices)
(714) 373-2837
(Issuer's telephone number)
Not Applicable
(Former name, former address and former fiscal
year, if changed since last report)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 [ ]
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: On July 31, 2000 the issuer
had 12,737,404 outstanding shares of common stock, par value $0.0001
Transitional Small Business Disclosure Format (Check One): Yes [ ] No [X]
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PART I - FINANCIAL INFORMATION
ITEM 1. - FINANCIAL STATEMENTS.
Automotive Performance Group, Inc. and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(In Thousands, Except Share Data)
<TABLE>
<CAPTION>
June 30, 2000 December 31,
(unaudited) 1999
----------- ----
<S> <C> <C>
CURRENT ASSETS
Cash $ 501 $ 161
Accounts receivable 7 65
Prepaid expenses and other 48 77
-------- --------
Total current assets 556 303
FURNITURE and EQUIPMENT, net 45 54
OTHER ASSETS
Investment in PBT Brands, Inc., net -- 3,077
Intangible assets, net 1,760 1,823
-------- --------
$ 2,361 $ 5,257
======== ========
CURRENT LIABILITIES
Accounts payable $ 623 $ 1,013
Accrued liabilities 201 150
Net liabilities of discontinued specialty chemical subsidiary 566 548
-------- --------
Total current liabilities 1,390 1,711
COMMITMENTS AND CONTINGENCIES -- --
COMMON STOCK WITH PUT OPTION 202 --
STOCKHOLDERS' EQUITY
Preferred stock - authorized 13,000,000 shares, $0.0001 par value:
Series A - authorized 5,650,000 shares; no shares outstanding -- --
Series B - authorized 7,000,000 shares; 3,480,000 shares outstanding -- --
Common Stock - authorized 130,000,000 shares, $0.0001 par
value, 12,737,404 shares outstanding 1 1
Additional contributed capital 62,765 62,765
Accumulated other comprehensive income 28 28
Accumulated deficit (62,025) (59,248)
-------- --------
769 3,546
-------- --------
$ 2,361 $ 5,257
======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
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Automotive Performance Group, Inc. and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(In Thousands, Except Per Share Data)
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30, June 30,
-------- --------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Revenues $ 22 $ -- $ 66 $ --
Expenses
Direct expenses 22 -- 53 --
Selling, general and administrative 40 324 87 506
Salaries, payroll taxes and benefits 32 181 65 412
Professional expenses (6) 467 100 825
Depreciation and amortization 35 7 71 9
Write-off of goodwill -- 3,047 -- 3,047
------- ------- ------- -------
123 4,026 376 4,799
------- ------- ------- -------
Operating loss (101) (4,026) (310) (4,799)
Other income (expense)
Equity in losses of affiliate (482) -- (2,527) --
Interest expense (5) 131 (5) (23)
Other income 12 40 110 51
------- ------- ------- -------
(475) 171 (2,422) 28
------- ------- ------- -------
Loss from continuing operations before discontinued
operations (576) (3,855) (2,732) (4,771)
Discontinued operations
Loss from operations of discontinued specialty chemical
subsidiary (10) (802) (45) (1,111)
Loss from sale of discontinued specialty chemical subsidiary
including operating losses during phase-out period -- (185) -- (185)
Loss from operations of automotive parts and accessories
subsidiaries -- (653) -- (850)
Loss from sale of discontinued automotive parts and
accessories subsidiaries including
operating losses during phase-out period -- (1,685) -- (1,685)
------- ------- ------- -------
Loss from discontinued operations (10) (3,325) (45) (3,831)
------- ------- ------- -------
NET LOSS $ (586) $(7,180) $(2,777) $(8,602)
======= ======= ======= =======
Loss per common share basic and diluted
Loss before discontinued operations $ (0.04) $ (0.60) $ (0.22) $ (0.75)
Discontinued operations (0.00) (0.51) (0.00) (0.61)
------- ------- ------- -------
$ (0.04) $ (1.11) $ (0.22) $ (1.36)
======= ======= ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
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Automotive Performance Group, Inc. and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited) (In Thousands)
<TABLE>
<CAPTION>
Six months ended June 30,
-------------------------
2000 1999
---- ----
<S> <C> <C>
Increase (Decrease) in Cash:
Cash flows from operating activities:
Net loss $(2,777) $(8,602)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 71 109
Equity in losses from affiliates -- 8
Equity losses in investment in PBT Brands, Inc. 2,527 --
Provision for losses on discontinued operations -- 1,870
Write-off of goodwill -- 3,047
Issuance of common stock for services -- 78
Accrued interest on put option 5 --
Loss on disposal of assets -- 42
Write-off of notes receivable -- 507
Changes in assets and liabilities:
Accounts receivable 58 (76)
Inventories -- (212)
Prepaid expenses and other assets 29 (7)
Accounts payable (174) 719
Accrued liabilities (149) 11
------- -------
Net cash used in operating activities (410) (2,506)
Cash flows from investing activities:
Purchase of furniture and equipment -- (78)
Investment in future acquisitions -- (5,393)
Investment in subsidiaries -- (1,194)
Proceeds from partial sale of investment in PBT Brands, Inc. 750 --
Proceeds from the disposition of equipment -- 1
------- -------
Net cash provided by (used in) investing activities 750 (6,664)
Cash flows from financing activities:
Payments on long-term obligations -- (222)
Payments on capital leases -- (51)
Proceeds from issuance of preferred stock -- 5,591
Proceeds from notes payable -- 2,023
Borrowings on line of credit, net -- 124
------- -------
Net cash provided by financing activities -- 7,465
------- -------
Net increase (decrease) in cash 340 (1,705)
Cash at beginning of period 161 1,829
------- -------
Cash at end of period $ 501 $ 124
======= =======
Cash paid during the period for interest $ -- $ 127
======= =======
Non cash activities:
Accrued liabilities added to investment in PBT Brands, Inc. $ 200 $ --
Issuance of common stock with put option for accounts payable 197 --
</TABLE>
The accompanying notes are an integral part of these financial statements.
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Automotive Performance Group, Inc. and Subsidiaries
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - FINANCIAL STATEMENTS
The unaudited consolidated condensed financial statements and related
notes are presented as permitted by Form 10-QSB, and do not contain certain
information included in Automotive Performance Group, Inc. and Subsidiaries'
(APG) audited consolidated financial statements and notes for the fiscal year
ended December 31, 1999. The information furnished reflects, in the opinion of
management, all adjustments, consisting of normal recurring accruals, necessary
for a fair presentation of the results of the interim periods presented. The
results of operations for the interim periods are not necessarily indicative of
the results to be expected for the entire fiscal year ending December 31, 2000.
The accompanying unaudited consolidated condensed financial statements and
related notes should be read in conjunction with APG's audited consolidated
financial statements and notes thereto, and Form 10-KSB, for its fiscal year
ended December 31, 1999. Certain reclassifications have been made to the 1999
financial statements in order to conform to the 2000 presentation.
NOTE 2 - LOSS PER COMMON SHARE
APG accounts for loss per common share under Statement of Financial
Accounting Standards No. 128, "Earnings per Share," which established standards
for computing and presenting earnings per share. Loss per share is based on the
average number of shares outstanding during each period and loss attributable to
common stockholders. The weighted average number of common shares outstanding
was 12,693,448 and 6,449,727 for the three months ended June 30, 2000 and 1999,
respectively, and was 12,529,680 and 6,344,841 for the six months ended June 30,
2000 and 1999, respectively. The effect of common stock equivalents on the
computation of loss per common share for the three months and for the six months
ended June 30, 2000 and 1999 was anti-dilutive, and therefore, is not included
in the computation of diluted loss per common share.
NOTE 3 - INVESTMENT IN PBT BRANDS, INC.
APG accounts for its investment in PBT Brands, Inc. (PBT) under the
equity method of accounting whereby APG's share of the earnings or losses of PBT
are reflected in the Consolidated Condensed Statements of Operations. The amount
by which APG's carrying value exceeds its share of the underlying net assets of
PBT is amortized over an 8-year period. This amortization expense is included in
Equity in losses of affiliate on the accompanying Consolidated Condensed
Statements of Operations.
On April 7, 2000, APG sold an amount equal to 4% of the outstanding
equity of PBT for $750,000. In June 2000, $200,000 representing APG's share of
additional expenses related to APG's initial acquisition of its equity in PBT
was added to the carrying value of the PBT investment.
APG's equity in PBT's losses totaled $1,543,000 and $3,588,000 for the
three months and six months ended June 30, 2000, respectively. These amounts
include $85,000 and $147,000, respectively, of amortization of APG's excess cost
over underlying equity of PBT. The equity method of accounting dictates that APG
stop recognizing its proportional share of PBT's losses when APG's net
investment in
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PBT has been reduced to zero. This condition was met in the second quarter of
2000, therefore APG recorded only the first $482,000 of its $1,543,000 share of
PBT's losses ($2,527,000 of $3,588,000 for the six month period). Even though
the remaining $1,061,000 does not appear on APG's financial statements, it may
reduce APG's future income. The equity method of accounting allows APG to record
its proportional share of PBT's future net income only after this $1,061,000,
plus APG's unrecognized share of PBT's future losses, have been offset by an
equal amount of APG's unrecognized share of PBT's future net income.
NOTE 4 - COMMON STOCK
On April 13, 2000, APG granted 333,333 shares of its common stock to
one of its vendors in payment for approximately $200,000 owed to that vendor for
services rendered. As part of this arrangement to exchange APG's debt for
equity, the vendor was granted a "put option," or the right to require APG to
repurchase these shares. This put option may be exercised by the vendor during
the month of January 2002 for $200,000 plus seven percent interest from August
1, 1999. APG is amortizing the $39,000 interest from April 2000 through January
2002. Due to this put option, the value of these shares, plus interest accrued
through June 2000, is recorded on the balance sheet as temporary equity. These
333,333 shares are included in the total number of shares outstanding when
computing APG's loss per share.
NOTE 5 - CONTINGENCIES
APG is involved in certain claims arising in the normal course of
business. While it is too early to provide an evaluation of these claims at this
time, it is possible that, due to the size of the claims asserted against APG,
these matters, either individually or taken together, may have a material effect
on APG's financial position and results of operations. In addition, APG is aware
of several other matters that, while not presently a matter of litigation or
arbitration, may develop into litigation or arbitration in the future. Some of
these matters, either individually or taken together, may have a material effect
on APG's financial position and results of operations. It is too early to
estimate any possible loss resulting from these matters.
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ITEM 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
This Plan of Operation contains forward-looking statements that involve
risks and uncertainties. All forward-looking statements are based on information
available to Automotive Performance Group, Inc. (APG) on the date hereof, and
APG assumes no obligation to update any such forward-looking statements. APG's
actual results could differ materially from those anticipated in these
forward-looking statements as a result of a number of factors, including those
risk factors described in APG's Annual Report on Form 10-KSB for the year ended
December 31, 1999.
It is assumed that the reader of this Form 10-QSB has read and is
familiar with the materials presented in APG's Annual Report on Form 10-KSB for
the year ended December 31, 1999. In addition, the following material should be
read with the rest of this report in mind, especially the financial statements
appearing in Part I, Item 1.
BUSINESS STRUCTURE
APG's business at June 30, 2000 primarily consists of three elements:
PBT, Boyds and D'Artagnan (all described below).
PBT Brands, Inc. (PBT) manufactures, distributes and markets premium
functional chemical products to the automotive maintenance and repair markets
under the Permatex, Right Stuff, Fast Orange and other brand names. Several
members of APG's management and APG security holders are also members of PBT's
management and PBT security holders. Since APG is a minority owner of PBT, it
recognizes its proportional share of PBT's net income/loss as other income/loss
each quarter. Accounting rules dictate that APG stop recognizing its
proportional share of PBT's loss when APG's net investment in PBT has been
reduced to zero. This condition was met in the second quarter of 2000 when APG's
share of PBT losses exceeded APG's remaining investment in PBT by $1,061,000.
APG will be able to record its proportional share of PBT's future net income
only after this $1,061,000, plus APG's unrecognized share of any future PBT
losses, have been offset by an equal amount of APG's unrecognized share of PBT's
future net income. In spite of PBT's continuing net loss for financial statement
reporting purposes, which primarily is due to PBT's accelerated amortization of
intangibles, PBT continues to show positive earnings before income taxes,
depreciation and amortization. APG feels that the application of these
accounting rules, while appropriate for financial statement reporting purposes,
does not reflect the true value of its investment in PBT. Even though this
investment is no longer reflected on APG's balance sheets, APG's management
believes that the true value of its investment in PBT has been appreciating
since acquisition and will continue to increase in value throughout the
foreseeable future.
Boyds Wheels, Inc. (Boyds) designs, manufactures via contract with
others, and sells specialty wheels to the automotive, truck, trailer, and
recreational vehicle markets. Boyds has one employee who is responsible for
designing and selling these specialty wheels to customers whom he solicits. This
same employee also identifies and contracts with manufacturers to have the
product produced to the customer's specifications. While in bankruptcy, a period
of over one year, Boyds discontinued all of its operations and was out of the
marketplace. Boyds is now in the process of attempting to re-establish its
business. Boyds' rebuilding is hampered by the fact that in the highly
competitive specialty wheel business there are numerous other manufacturers of
competing products that have ongoing business relationships with the major wheel
distributors and retailers. At the present, Boyds does not have any such ongoing
relationships. Since APG acquired its 80% interest in Boyds, significant amounts
of management time and financial resources have been required to protect various
intangible assets of Boyds, including trademarks and business reputation. In
addition, Boyds owns several trademarks and designs that it has
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licensed to others under various royalty agreements. These royalty agreements
provide small amounts of ongoing revenue. One of the trademarks has been sold to
raise cash for working capital needs. In April 2000, APG announced its intent to
sell the wheel business of Boyds.
D'Artagnan Associates, Inc. (D'Artagnan), a wholly-owned subsidiary of
APG, owns technology and assets used in the manufacture of iron carbonyl and
potential rights involving the use of signature control technology. D'Artagnan
has developed unique management systems and a management team having particular
relevance to the chemicals industry. Mr. Dean M. Willard, Chief Executive
Officer and a director of both APG and PBT, is also the Chief Executive Officer
and a director of D'Artagnan.
THE NEXT TWELVE MONTHS
APG expects PBT to continue expanding its operations and reducing its
quarterly losses during the next twelve months. Boyds continues to work toward
re-establishing its business and making itself salable. D'Artagnan is expected
to contribute net income during 2000. In addition, APG continues to seek
additional acquisition and/or merger candidates that do not interfere with the
business of PBT and that may benefit from synergies created by associating with
APG. Continuing efforts will be required during 2000 to complete the divestiture
efforts related to business elements that were discontinued in prior periods and
to resolve various legal, securities, and related matters; these efforts are
expected to decrease over time as the various matters are resolved.
During 2000, APG had no direct employees other than the one person
working for Boyds. Currently, APG's officers are working for the company for a
salary of $1 per year. Required legal and accounting services are all
outsourced. From time to time, directors and officers have been granted
market-price options.
PARTIAL SALE OF INVESTMENT IN PBT
On April 7, 2000, APG sold a portion of its investment in PBT to a
number of PBT employees and PBT investors, some of whom are also officers and
directors of APG. This sale generated $750,000 in cash for APG. The sale
included both PBT common and preferred stock in essentially the same ratio and
for essentially the same dollar amount as APG paid for those shares. APG's share
of PBT's common stock was reduced to 18.1% from 22% as a result of this sale.
LIQUIDITY AND CAPITAL RESOURCES
Historically, APG has financed its business primarily through private
placements of preferred stock and debt financing. Currently, APG has no
significant internal sources of continuing liquidity. APG expects to continue
funding its non-acquisition liquidity needs through cash generated by activities
of its D'Artagnan subsidiary, from asset sales, and from the issuance of
additional preferred stock, if needed. On April 7, 2000, APG raised $750,000 in
cash by selling a portion of its investment in PBT as mentioned above. APG
believes that the proceeds from this sale, when combined with expected revenues
from D'Artagnan's activities, will provide APG with enough liquidity to supply
its needs for ongoing operating capital during the next twelve months. APG also
is continuing to negotiate with its creditors to settle the amounts outstanding
by various methods including long-term payment plans and exchanging debt for
equity. One such conversion of debt into equity occurred on April 13, 2000 when
approximately $200,000 of accounts payable was exchanged for 333,333 shares of
APG common stock as further described in Part II, Item 2 below.
Acquisitions will be funded through the issuance of additional debt
and/or equity.
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CONSOLIDATED FINANCIAL STATEMENTS
As a result of the restructuring which occurred in 1999 and 1998, which
was explained in detail in APG's Annual Report on Form 10-KSB for the year ended
December 31, 1999, virtually all of APG's business activities that were extant a
year ago no longer exist as continuing operations. In addition, virtually all of
APG's business activities that will continue on a going-forward basis are new to
APG within the last year. Because of this restructuring, management cautions the
reader that direct comparisons between current and historical statements or
analyses may not be meaningful, and may be misleading. In particular, notes B,
E, and L to the December 31, 1999 financial statements provide details regarding
these divestitures and acquisitions.
Balance Sheets - APG's assets at June 30, 2000 are comprised primarily
of the unamortized excess of the total acquisition cost over the estimated fair
value of assets acquired in the D'Artagnan acquisition (included in the caption
"intangible assets") (75% of total assets) and cash (21% of total assets). APG's
liabilities at June 30, 2000 are comprised primarily of accounts payable
(primarily for legal and other professional fees related to APG's restructuring
efforts) (26% of total liabilities and equity) and the liabilities related to
discontinued subsidiaries (24% of total liabilities and equity). APG's equity at
June 30, 2000 represents 33% of total liabilities and equity.
The June 30, 2000 amounts have changed from those reported at December
31, 1999 primarily due to the $3.1 million decrease in the investment in PBT and
the resulting $2.5 million increase in accumulated deficit as discussed in note
3 to the financial statements.
Statements of Operations - The operations during the quarter ended June
30, 2000 reflect a net loss of $0.6 million, of which $0.5 million (82%) is a
non-cash loss due to recording APG's share of PBT's net loss on the equity basis
and amortization of excess costs. These losses are significantly less than the
first quarter of 2000 primarily due to three factors: PBT's net loss for the
quarter was much less than the prior quarter's loss; APG's equity in those
losses was reduced to 18.1% from 22% on April 7; and $1.1 million of APG's
equity share was not recognized because the carrying value of the investment in
PBT was reduced to zero on APG's balance sheet.
The operations during the second quarter of 2000 differ from the
corresponding period of 1999 primarily due to the large costs related to
discontinued operations that were recognized in 1999 and no longer apply in
2000. Other differences were:
- operating revenues and expenses related to the D'Artagnan
subsidiary,
- the release and subsequent capitalization of the $150,000
accrual related to a legal settlement,
- reduced operating expenses due to the effects of APG's
restructuring program, and
- APG's portion of PBT's net loss.
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PART II - OTHER INFORMATION
ITEM 1. - LEGAL PROCEEDINGS.
APG is involved in certain claims arising in the course of its
business. Several of those claims were described in APG's Annual Report on Form
10-KSB for the year ended December 31, 1999. The following events have occurred
during the second quarter of 2000.
Triumph Partners III, L.P. (a Delaware limited liability partnership),
Triumph III Advisors, L.P. (a Delaware limited liability partnership), and
Triumph Advisors, Inc. (a Delaware corporation) filed suit against APG, Mr. Dean
M. Willard (Chairman and CEO of both APG and PBT), PBT Brands, Inc., and The
Jordan Company, LLC (a Delaware limited liability company) in July 1999 (amended
on August 18, 1999). This suit was filed in the Massachusetts Superior Court,
County of Suffolk. Plaintiffs alleged that APG entered into an exclusive
agreement with Triumph to provide financing in connection with the acquisition
of Permatex and AC Tech. Because these acquisitions were consummated with other
financing (obtained from co-defendant Jordan), plaintiffs sought $442,560.26
expense reimbursement, $120 million to $160 million lost profits, $2 million or
more lost fee income, not less than $1.2 million as a break-up fee, treble
damages, and reimbursement for legal fees and other expenses. APG had
indemnified Mr. Willard from all claims in this matter. This case was settled by
all parties, and the Stipulation of Dismissal was entered in the court records
on April 3, 2000. As part of this settlement, APG has committed to paying
$200,000.
ITEM 2. - CHANGES IN SECURITIES.
(a) Not applicable.
(b) Not applicable.
(c) Common Stock - On April 13, 2000 APG granted 333,333 shares of its common
stock to one of its vendors in payment for approximately $200,000 owed to that
vendor for services rendered. As part of this arrangement to exchange APG's debt
for equity, the vendor was granted a "put option," or the right to require APG
to repurchase these shares. This put option may be exercised by the vendor
during the month of January 2002 for $200,000 plus seven percent interest from
August 1, 1999. APG is amortizing the $39,000 interest from April 2000 through
January 2002. In addition, the vendor granted to Mr. Dean M. Willard, Chairman
and Chief Executive Officer of APG, a proxy to vote these shares subject to
termination upon the occurrence of certain events. APG relied on the exemptions
provided by Section 4 of the Securities Act and Regulation D promulgated
thereunder in not registering these shares.
(d) Not applicable.
ITEM 3. - DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
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ITEM 5. - OTHER INFORMATION.
Effective June 1, 2000, APG's common stock was no longer traded on the
OTC Bulletin Board. The OTC Bulletin Board indicated that it had delisted APG's
stock because APG's filings with the U.S. Securities and Exchange Commission
(SEC) were not current. APG was unable to obtain all documents required to
complete its Current Report on Form 8-K for August 1999, its Annual Report on
Form 10-KSB for the year ended December 31, 1999, and its Quarterly Report on
Form 10-QSB for the period ended March 31, 2000 on a timely basis. Some of those
documents had to be prepared by other entities that APG did not control. The
missing documents subsequently have been obtained and all delinquent reports
have been filed with the SEC. APG is now in full compliance with all SEC filing
requirements. In July, APG requested one of its former market makers to have
APG's common stock relisted on the OTC Bulletin Board. During the time when
APG's stock is not listed on the OTC Bulletin Board, public trading in APG's
common stock is reported on the "pink sheets". The "pink sheets" are published
daily by the National Quotation Bureau.
Trading on the OTC Bulletin Board is characterized by low trading
volumes and high volatility; trading on the "pink sheets" is characterized by
even lower trading volumes and even higher volatility than on the OTC Bulletin
Board as well as lower per share prices. While APG anticipates that its common
stock will be relisted on the OTC Bulletin Board in the near future, APG can not
be sure that a broader or more stable market will develop or that its per share
market price will fully recover to its former levels, if at all. The investment
community could show little or no interest in APG in the future. As a result,
persons receiving APG's securities may have difficulty in reselling such
securities should they desire to do so.
ITEM 6. - EXHIBITS AND REPORTS ON FORM 8-K.
(a) Index of Exhibits
27.1 Financial Data Schedule
(b) Reports on Form 8-K
APG did not file a Current Report on Form 8-K during the second quarter
of 2000.
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
AUTOMOTIVE PERFORMANCE GROUP, INC.
Date August 15, 2000 By /s/ DEAN M. WILLARD
---------------------- --------------------------------------
Dean M. Willard
Chairman of the Board and Chief
Executive Officer
Date August 15, 2000 By /s/ GEORGE BARRAZA
---------------------- --------------------------------------
George Barraza
Chief Financial Officer
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Index of Exhibits
27.1 Financial Data Schedule
13
