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================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------------
FORM 10-Q/A
Amendment No. 1 to
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
---------------------------
For the quarterly period ended April 30, 2000
Commission Registrant; State of Incorporation; IRS EMPLOYER
File Number Address; and Telephone Number Identification No.
333-52529 MMH HOLDINGS, INC. 39-1924039
(a Delaware Corporation)
315 W. Forest Hill Avenue
Oak Creek, Wisconsin 53154
(414) 764-6200
333-52527 MORRIS MATERIAL HANDLING, INC. 39-1716155
(a Delaware Corporation)
315 W. Forest Hill Avenue
Oak Creek, Wisconsin 53154
(414) 764-6200
Indicate by check mark whether the registrants (1) have 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
registrants were required to file such reports), and (2) have been subject to
such filing requirements for the past 90 days.
Yes X No
--- ---
Indicate the number of shares outstanding of each of the issuers' classes of
common stock, as of the latest practicable date (June 20, 2000):
MMH Holdings, Inc. Nonvoting common stock, $.01 Par Value,
4,350 shares outstanding. Voting common
stock, $.01 Par Value, 10,169 shares
outstanding.
Morris Material Handling, Inc. Common stock, $.01 Par Value, 100 shares
outstanding. MMH Holdings, Inc. holds all
of the outstanding common stock of Morris
Material Handling, Inc.
<PAGE>
MMH HOLDINGS, INC.
------------------
(DEBTORS - IN - POSSESSION AS OF MAY 17, 2000)
--------------------------------------------
CONDENSED BALANCE SHEETS
------------------------
(DOLLARS IN THOUSANDS)
----------------------
ASSETS
------
April 30, October 31,
2000 1999
----------- -----------
(Unaudited)
Current Assets
Cash and cash equivalents $ 2,101 $ 3,929
Accounts receivable-net 54,649 64,481
Inventories 39,684 39,994
Other current assets 9,784 7,842
--------- ---------
106,218 116,246
Property, Plant and Equipment
Land and improvements 3,349 3,349
Buildings 22,762 23,235
Machinery and equipment 44,640 45,219
--------- ---------
70,751 71,803
Less accumulated depreciation (32,586) (30,829)
--------- ---------
38,165 40,974
--------- ---------
Other Assets
Goodwill 39,872 42,844
Debt financing costs 15,320 16,398
Other 10,141 10,374
--------- ---------
65,333 69,616
--------- ---------
$ 209,716 $ 226,836
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
April 30, October 31,
2000 1999
----------- ----------
(Unaudited)
Current Liabilities
Short-term notes payable and
current portion of long-term
obligations (Note 7) $ 382 $ 383
Revolving Credit Facility
Borrowings (Note 7) 29,990 27,925
Term Loans (Note 7) 48,395 52,225
Acquisition Facility Line Borrowings
(Note 7) 12,094 12,430
Senior Notes (Note 7) 200,000 200,000
Bank overdrafts 1,693 1,367
Trade accounts payable 19,308 26,757
Employee compensation and
benefits 6,244 8,020
Advance payments and progress
billings 10,800 8,336
Accrued warranties 1,767 1,821
Accrued interest 11,556 1,804
Income taxes payable 3,923 2,205
Other current liabilities 10,472 9,791
--------- ---------
356,624 353,064
--------- ----------
Other Long-Term Obligations 2,638 2,784
Other Long-Term Liabilities 1,044 1,307
Minority Interest 292 504
--------- ----------
Commitments and Contingencies (Note 8)
Manditorily Redeemable Preferred Stock 115,239 108,245
Shareholders' Equity (266,121) (239,068)
--------- ----------
$ 209,716 $ 226,836
========= ==========
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
MMH HOLDINGS, INC.
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
(UNAUDITED)
(Dollars in Thousands)
FOR THE SIX MONTHS ENDED APRIL 30, 2000
<TABLE>
<CAPTION>
Non Morris Consolidated
Guarantor Guarantor Material Morris Material MMH
Subsidiaries Subsidiaries Handling, Inc. Eliminations Handling, Inc. Holdings, Inc.
------------ ------------ -------------- ------------ -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Revenues
Net Sale $131,714 $ 8,407 $ - $ (352) $ 139,769 $ -
Other Income - net 147 - - - 147 -
-------- --------- --------- ----------- ----------- -----------
131,861 8,407 - (352) 139,916 -
Cost of Sales 99,002 6,406 - (352) 105,056 -
Selling, General
and Administrative Expenses 32,786 1,826 675 - 35,287 -
-------- --------- --------- ----------- ----------- -----------
Operating Income (Loss) 73 175 (675) - (427) -
Interest (Expense) Income - net
Affiliates (3,174) (192) 3,366 - - -
Third party (305) (240) (13,886) - (14,431) -
-------- --------- --------- ----------- ----------- -----------
Loss Before Income Taxes, Equity
in Earnings (Loss) of Subsidiaries and
Minority Interest (3,406) (257) (11,195) - (14,858) -
Provision for Income Taxes (1,065) - - - (1,065) -
Equity in Earnings (Loss) of Subsidiaries (230) - (4,701) 4,931 - (15,896)
Minority Interest - - - 27 27 -
-------- --------- --------- ----------- ----------- -----------
Net Income (Loss) $ (4,701) $ (257) $ (15,896) $ 4,958 $ (15,896) (15,896)
======== ========= ========= =========== =========== ===========
</TABLE>
Consolidated
MMH
Eliminations Holdings, Inc.
----------- --------------
Revenues
Net Sales $ - $ 139,769
Other Income - net - 147
-------- ---------
- 139,916
Cost of Sales - 105,056
Selling, General
and Administrative Expenses - 35,287
-------- ---------
Operating Income (Loss) - (427)
Interest (Expense) Income - net
Affiliates - -
Third party - (14,431)
-------- ---------
Loss Before Income Taxes, Equity
in Earnings (Loss) of Subsidiaries and
Minority Interest - (14,858)
Provision for Income Taxes - (1,065)
Equity in Earnings (Loss) of Subsidiaries 15,896 -
Minority Interest - 27
-------- ---------
Net Income (Loss) $ 15,896 $ (15,896)
======== =========
FOR THE THREE MONTHS ENDED APRIL 30, 2000
<TABLE>
<CAPTION>
Non Morris Consolidated
Guarantor Guarantor Material Morris Material MMH
Subsidiaries Subsidiaries Handling, Inc. Eliminations Handling, Inc. Holdings, Inc.
------------ ------------ -------------- ------------ -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Revenues
Net Sales $ 67,575 $ 4,310 $ - $ (36) $ 71,849 $ -
Other Income - net 70 (25) - - 45 -
-------- --------- --------- ----------- ----------- -----------
67,645 4,285 - (36) 71,894 -
Cost of Sales 51,170 3,308 - (36) 54,442 -
Selling, General
and Administrative expenses 17,963 939 452 - 19,354 -
-------- --------- --------- ----------- ----------- -----------
Operating Income (1,488) 38 (452) - (1,902) -
Interest (Expense) Income - net
Affiliates (1,564) (97) 1,661 - - -
Third Party (174) (102) (7,247) - (7,523) -
-------- --------- --------- ----------- ----------- -----------
Loss Before Income Taxes, Equity
in Earnings (Loss) of Subsidiaries and
Minority Interest (3,226) (161) (6,038) - (9,425) -
Provision for Income Taxes (1,271) - (2,247) - (3,518) -
Equity in Earnings (Loss) of Subsidiaries (140) - (4,637) 4,777 - 12,922
Minority Interest - - - 21 21 -
-------- --------- --------- ----------- ----------- -----------
Net Income (Loss) $ (4,637) $ (161) $ (12,922) $ 4,798 $ (12,922) $ (12,922)
======== ========= ========= =========== =========== ===========
</TABLE>
Consolidated
MMH
Eliminations Holdings, Inc.
----------- --------------
Revenues
Net Sales $ - $ 71,849
Other Income - net - 45
-------- ---------
- 71,894
Cost of Sales - 54,442
Selling, General
and Administrative Expenses - 19,354
-------- ---------
Operating Income (Loss) - (1,902)
Interest (Expense) Income - net
Affiliates - -
Third party - (7,523)
-------- ---------
Loss Before Income Taxes, Equity
in Earnings (Loss) of Subsidiaries and
Minority Interest - (9,425)
Provision for Income Taxes - (3,518)
Equity in Earnings (Loss) of Subsidiaries 12,922 -
Minority Interest - 21
-------- ---------
Net Income (Loss) $ 12,922 $ (12,922)
======== =========
3
<PAGE>
MMH HOLDINGS, INC.
(Debtors-in-Possession as of May 17, 2000)
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASHFLOWS
FOR THE SIX MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
(Dollars in Thousands)
<TABLE>
<CAPTION>
Non Morris Consolidated
Guarantor Guarantor Material Morris Material MMH
Subsidiaries Subsidiaries Handling, Inc. Eliminations Handling, Inc. Holdings, Inc.
------------ ------------ -------------- ------------ -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Operating Activities
Net income (Loss) $ (9,377) $ (734) $ (17,776) $ 10,111 $ (17,776) $ (17,776)
Add (deduct) - items not
affecting cash provided by
operating activities:
Depreciation and amortization 4,468 74 21 - 4,563 -
Amortization of debt
financing cost - - 1,174 - 1,174 -
Equity in loss of subsidiaries 707 - 9,377 (10,084) - 17,776
Gain on sale of business - - (6,380) - (6,380) -
Deferred income taxes - net - - - - - -
Other - - - (27) (27) -
Changes in working capital, excluding
the effects of acquisition opening
balance sheets:
Accounts receivable 7,886 426 - - 8,312 -
Inventories (1,419) (79) - - (1,498) -
Other current assets (2,265) 7 250 - (2,008) -
Trade accounts payable and
bank overdrafts (6,965) 608 - - (6,357) -
Accrued interest 8 - 9,726 - 9,734 -
Other current liabilities 943 (65) 2,580 - 3,458 -
-------- --------- --------- ----------- ----------- -----------
Net cash provided by (used for)
operating activities (6,014) 237 (1,028) - (6,805) -
-------- --------- --------- ----------- ----------- -----------
Investment and Other Transactions
Fixed asset additions - net (495) 21 - - (474) -
Capitalized software (997) - - - (997) -
Net proceeds on divestiture of business 9,115 - - - 9,115 -
Other - net (115) (11) (70) - (196) -
-------- --------- --------- ----------- ----------- -----------
Net cash used for investment and
other transactions 7,508 10 (70) - 7,448 -
-------- --------- --------- ----------- ----------- -----------
Financing Activities
Changes in short-term debt and
notes payable 6,868 (28) - - 6,840 -
Proceeds from/(Repayments of)
Revolving Credit Facility borrowings - - (4,775) - (4,775) -
Repayments of Term Loans - - (3,812) - (3,812) -
Repayments of Acquisition Facility
Line borrowings - - (336) - (336) -
Distribution to parent (8,846) 99 8,747 - - -
Repayments of long-term debt (87) - - - (87) -
Payment of fees for amendment of
New Credit Facility - - (226) - (226) -
-------- --------- --------- ----------- ----------- -----------
Net cash provided by (used for)
financing activities (2,065) 71 (402) - (2,396) -
-------- --------- --------- ----------- ----------- -----------
Effect of Exchange Rate Changes on
Cash and Cash Equivalents (55) (20) - - (75) -
-------- --------- --------- ----------- ----------- -----------
Increase (Decrease) in Cash and
Cash Equivalents (626) 298 (1,500) - (1,828) -
Cash and Cash Equivalents
Beginning of Period 2,325 104 1,500 - 3,929 -
-------- --------- --------- ----------- ----------- -----------
End of Period $ 1,699 $ 402 0 - 2,101 -
======== ========= ========= =========== =========== ===========
</TABLE>
Consolidated
MMH
Eliminations Holdings, Inc.
----------- --------------
Operating Activities
Net income (Loss) $ 17,776 $ (17,776)
Add (deduct) - items not
affecting cash provided by
operating activities:
Depreciation and amortization - 4,563
Amortization of debt
financing cost - 1,174
Equity in loss of subsidiaries (17,776) -
Gain on sale of business - (6,380)
Deferred income taxes - net - -
Other - (27)
Changes in working capital, excluding
the effects of acquisition opening
balance sheets:
Accounts receivable - 8,312
Inventories - (1,498)
Other current assets - (2,008)
Trade accounts payable and
bank overdrafts - (6,357)
Accrued interest - 9,734
Other current liabilities - 3,458
-------- ---------
Net cash provided by (used for)
operating activities - (6,805)
-------- ---------
Investment and Other Transactions
Fixed asset additions - net
Capitalized software - (474)
Net proceeds on divestiture of business - (997)
Other - net - 9,115
Net cash used for investment and
other transactions - (196)
-------- ---------
- 7,448
Financing Activities
Changes in short-term debt and
notes payable - 6,840
Proceeds from/(Repayments of)
Revolving Credit Facility borrowings - (4,775)
Repayments of Term Loans - (3,812)
Repayments of Acquisition Facility
Line borrowings - (336)
Distribution to parent - -
Repayments of long-term debt - (87)
Payment of fees for amendment of
New Credit Facility - (226)
-------- ---------
Net cash provided by (used for)
financing activities - (2,396)
-------- ---------
Effect of Exchange Rate Changes on
Cash and Cash Equivalents - (75)
-------- ---------
Increase (Decrease) in Cash and
Cash Equivalents - (1,828)
Cash and Cash Equivalents
Beginning of Period - 3,929
-------- ---------
End of Period - 2,101
======== =========
4
<PAGE>
MMH HOLDINGS, INC.
(Debtors-in-Possession as of May 17, 2000)
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASHFLOWS
FOR THE SIX MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
(Dollars in Thousands)
<TABLE>
<CAPTION>
Non Morris Consolidated
Guarantor Guarantor Material Morris Material MMH
Subsidiaries Subsidiaries Handling, Inc. Eliminations Handling, Inc. Holdings, Inc.
------------ ------------ -------------- ------------ -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Operating Activities
Net income (Loss) $ (4,701) $ (257) $ (15,896) $ 4,958 $ (15,896) $ (15,896)
Add (deduct) - items not
affecting cash provided by
operating activities:
Depreciation and amortization 3,707 146 - - 3,853 -
Amortization of debt
financing cost - - 1,048 - 1,048 -
Equity in loss of subsidiaries 230 - 4,701 (4,931) - 15,896
Deferred income taxes - net - - 31 - 31 -
Other - - - (27) (27) -
Changes in working capital, excluding
the effects of acquisition opening
balance sheets:
Accounts receivable 17,901 1,384 - - 19,285 -
Inventories 1,846 (584) - - 1,262 -
Other current assets (6,201) (1,269) 3,407 - (4,063) -
Trade accounts payable and
bank overdrafts (8,197) 72 - - (8,125) -
Accrued interest 144 - (544) - (400) -
Other current liabilities (12,581) 128 8,080 - (4,373) -
-------- --------- --------- ----------- ----------- -----------
Net cash provided by (used for)
operating activities (7,852) (380) 827 - (7,405) -
-------- --------- --------- ----------- ----------- -----------
Investment and Other Transactions
Fixed asset additions - net (4,585) (159) - - (4,744) -
Capitalized software - - - - - -
Acquisition of businesses - net
of cash acquired (5,070) - - - (5,070) -
Repayment of loans by senior
management - - 70 - 70 -
Other - net (421) 176 - - (245) -
-------- --------- --------- ----------- ----------- -----------
Net cash (used for) provided by
investment and other transactions (10,076) 17 70 - (9,989) -
-------- --------- --------- ----------- ----------- -----------
Financing Activities
Changes in short-term debt and
notes payable 8,147 120 - - 8,267 -
(Repayments of)/Proceeds from
Revolving Credit Facility borrowings - - 8,784 - 8,784 -
Proceeds from Aquisitions Facility
Line borrowings - - 1,235 - 1,235 -
Distribution to parent 10,241 - (10,241) - - -
Repayments of long-term debt - - (675) - (675) -
-------- --------- --------- ----------- ----------- -----------
Net cash provided by (used for)
financing activities 18,388 120 (897) - 17,611 -
-------- --------- --------- ----------- ----------- -----------
Effect of Exchange Rate Changes on
Cash and Cash Equivalents 45 (6) - - 39 -
-------- --------- --------- ----------- ----------- -----------
Increase (Decrease) in Cash and
Cash Equivalents 505 (249) - - 256 -
Cash and Cash Equivalents
Beginning of Period 2,214 320 - - 2,534 -
-------- --------- --------- ----------- ----------- -----------
End of Period $ 2,719 71 - - 2,790 -
======== ========= ========= =========== =========== ===========
</TABLE>
Consolidated
MMH
Eliminations Holdings, Inc.
----------- --------------
Operating Activities
Net income (Loss) $ 15,896 $ (15,896)
Add (deduct) - items not
affecting cash provided by
operating activities:
Depreciation and amortization - 3,853
Amortization of debt
financing cost - 1,048
Equity in loss of subsidiaries (15,896) -
Deferred income taxes - net - 31
Other - (27)
Changes in working capital, excluding
the effects of acquisition opening
balance sheets:
Accounts receivable - 19,285
Inventories - 1,262
Other current assets - (4,063)
Trade accounts payable and
bank overdrafts - (8,125)
Accrued interest - (400)
Other current liabilities - (4,373)
-------- ---------
Net cash provided by (used for)
operating activities - (7,405)
-------- ---------
Investment and Other Transactions
Fixed asset additions - net - (4,744)
Capitalized software - -
Acquisition of businesses - net
of cash acquired - (5,070)
Repayment of loans by senior
management - 70
Other - net - (245)
-------- ---------
Net cash (used for) provided by
investment and other transactions - (9,989)
-------- ---------
Financing Activities
Changes in short-term debt and
notes payable - 8,267
(Repayments of)/Proceeds from
Revolving Credit Facility borrowings - 8,784
Proceeds from Aquisitions Facility
Line borrowings - 1,235
Distribution to parent - -
Repayments of long-term debt - (675)
-------- ---------
Net cash provided by (used for)
financing activities - 17,611
-------- ---------
Effect of Exchange Rate Changes on
Cash and Cash Equivalents - 39
-------- ---------
Increase (Decrease) in Cash and
Cash Equivalents - 256
Cash and Cash Equivalents
Beginning of Period - 2,534
-------- ---------
End of Period - 2,790
======== =========
5
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
MMH HOLDINGS, INC.
Date: July 17, 2000 /S/ DAVID D. SMITH
-------------------
David D. Smith
Vice President - Finance
(Principal Financial Officer)
MORRIS MATERIAL HANDLING, INC.
Date: July 17, 2000 /S/ DAVID D. SMITH
-------------------
David D. Smith
Vice President - Finance
(Principal Financial Officer)
6
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