<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington DC 20549
FORM 10-KSB
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
--- SECURITIES EXCHANGE ACT OF 1934
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
--- SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended August 31, 1995 Commission File Number 0-2331
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GLASSMASTER COMPANY
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(Exact name of small business issuer as specified in its charter)
South Carolina 57-0283724
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(State of incorporation) (IRS Employer ID No.)
PO Box 788, Lexington SC 29071
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(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: 803-359-2594
--------------------------------
Securities registered pursuant to Section 12 (b) of the Exchange Act: None
-----------
Securities registered pursuant to Section 12 (g) of the Exchange Act:
COMMON STOCK, PAR VALUE $.03 PER SHARE
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(Title of Class)
Indicate by an "X" whether the issuer (1) has filed all reports required to be
filed by Section 13 or 15 (d) of the Securities Exchange Act during the
preceding 12 months, and (2) has been subject to such filing requirements for
the past 90 days. YES X NO
--- ---
Indicate by an "X" if disclosure of delinquent filers in response to Item 405
of regulation S-B is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. X
---
State issuer's revenues for its most recent fiscal year. $24,087,607 .
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The aggregate market value of the voting stock held by non-affiliates of the
registrant was approximately $1,577,119 as of October 31, 1995, based on the
average bid and asked price of $2.44 per share.
The number of shares outstanding of the registrant's common stock, as of
October 31, 1995 was 1,601,029 shares.
DOCUMENTS INCORPORATED BY REFERENCE
The information set forth under items 9, 10, 11, and 12 of Part III of this
report is incorporated by reference from the issuer's definitive proxy
statement for the 1996 annual meeting of stockholders that will be filed no
later than December 30, 1995.
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- 10 -
Signatures
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.
GLASSMASTER COMPANY
By Raymond M. Trewhella By Steven R. Menchinger
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Raymond M. Trewhella, President Steven R. Menchinger, Corporate
(Principal Executive Officer) Controller and Treasurer
(Principal Financial Officer)
(Principal Accounting Officer)
Date November 17, 1995 Date November 17, 1995
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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 the dates indicated.
By Stephen W. Trewhella By Raymond M. Trewhella
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Stephen W. Trewhella, Director Raymond M. Trewhella, Director
Date November 17, 1995 Date November 17, 1995
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By H. D. Harrelson By Melvin L. Chavis
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H. D. Harrelson, Director Melvin L. Chavis, Director
Date November 17, 1995 Date November 17, 1995
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By James F. Kane By John S. Hammond
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James F. Kane, Director John S. Hammond, Director
Date November 17, 1995 Date November 17, 1995
-------------------------------- -------------------------------
By John Taylor By Norman A. Cotner
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John Taylor, Director Norman A. Cotner, M.D.
Date November 17, 1995 Date November 17, 1995
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Exhibit Sequential Page No.
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<S> <C> <C>
3.1 Amended and Restated Certificate of Incorporation of the Company, filed as
Exhibit 3.1 to Form 10-K for the year ended August 31, 1991 and incorporated
herein by reference. ---
3.2 Amended and Restated Bylaws of the company, filed as Exhibit 3.2 to Form 10-K
for the year ended August 31, 1991 and incorporated herein by reference. ---
10 Amended and restated Glassmaster Company 1992 Incentive Stock Option Plan,
filed as exhibit 10 to Form 10-KSB for the year ended August 31, 1993 and
incorporated herein by reference. ---
11 Computation of Earnings Per Share for two years ended August 31, 1995 and 1994. ---
21 Subsidiaries of the Company. ---
27 Financial Data Schedule (for SEC use only). ---
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S ANNUAL REPORT ON FORM 10-KSB FOR THE FISCAL YEAR ENDED AUGUST 31, 1995
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-01-1994
<PERIOD-END> AUG-31-1995
<CASH> 161,809
<SECURITIES> 0
<RECEIVABLES> 3,648,625
<ALLOWANCES> 68,417
<INVENTORY> 2,749,741
<CURRENT-ASSETS> 6,655,322
<PP&E> 9,575,886
<DEPRECIATION> 3,896,923
<TOTAL-ASSETS> 12,586,879
<CURRENT-LIABILITIES> 5,359,249
<BONDS> 3,347,008
0
0
<COMMON> 48,052
<OTHER-SE> 3,379,606
<TOTAL-LIABILITY-AND-EQUITY> 12,586,879
<SALES> 24,087,606
<TOTAL-REVENUES> 24,087,606
<CGS> 20,252,166
<TOTAL-COSTS> 20,252,166
<OTHER-EXPENSES> 3,126,099
<LOSS-PROVISION> 52,149
<INTEREST-EXPENSE> 543,773
<INCOME-PRETAX> 113,421
<INCOME-TAX> 49,120
<INCOME-CONTINUING> 64,301
<DISCONTINUED> 0
<EXTRAORDINARY> 287,061
<CHANGES> 0
<NET-INCOME> 351,362
<EPS-PRIMARY> .22
<EPS-DILUTED> .22
</TABLE>
