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Previous: ENGINEERING MEASUREMENTS CO, 10QSB, 1997-09-05 |
Next: BIOCONTROL TECHNOLOGY INC, 8-K, 1997-09-05 |
<PAGE> 1
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 JUNE 30, 1997
COMMISSION FILE NUMBER: 0-8498
HAVERTY FURNITURE COMPANIES, INC.
(Exact name of registrant as specified in its charter)
MARYLAND 58-0281900
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
866 WEST PEACHTREE STREET, N.W., ATLANTA, GEORGIA 30308
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (404) 881-1911
<PAGE> 2
The undersigned Registrant hereby amends the following item or other
portions of its Quarterly Report on Form 10-Q for the quarterly period ended
June 30, 1997, as set forth below:
Part I, Item 1. Financial Statements.
Part II, Item 6. Exhibits and Reports on Form 8-K.
<PAGE> 3
PART I. FINANCIAL INFORMATION
-----------------------------
ITEM 1. FINANCIAL STATEMENTS
HAVERTY FURNITURE COMPANIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
<TABLE>
<CAPTION>
June 30 December 31
1997 1996
-------- -----------
<S> <C> <C>
ASSETS
Current Assets
Cash and cash equivalents $ 944 $ 414
Accounts receivable 198,803 208,014
Less allowance for doubtful accounts 7,105 7,105
-------- --------
191,698 200,909
Inventories, at LIFO 81,143 77,385
Other current assets 6,533 4,422
-------- --------
TOTAL CURRENT ASSETS 280,318 283,130
Property and equipment 188,719 178,791
Less accumulated depreciation and amortization 69,169 64,441
-------- --------
119,550 114,350
Other assets 2,022 2,395
-------- --------
$401,890 $399,875
======== ========
</TABLE>
-1-
<PAGE> 4
HAVERTY FURNITURE COMPANIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Continued)
<TABLE>
<CAPTION>
June 30 December 31
1997 1996
-------- ----------
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Notes payable to banks $ 86,300 $ 80,500
Accounts payable and accrued expenses 37,007 35,412
Income taxes -- 1,622
Current portion of long-term debt and
capital lease obligations 8,425 7,906
-------- --------
TOTAL CURRENT LIABILITIES 131,732 125,440
Long-term debt and capital lease obligations,
less current portion 115,925 120,434
Deferred income taxes 826 826
Other liabilities 2,320 2,259
Stockholders' Equity
Capital stock, par value $1 per share --
Preferred Stock, Authorized: 1,000,000 shares;
Issued: None
Common Stock, Authorized: 1997 and 1996 --
50,000,000 shares; Issued: 1997 -- 9,376,218 shares;
1996 -- 9,306,114 shares (including shares in treasury:
1997 -- 716,133; 1996 -- 494,328) 9,376 9,306
Convertible Class A Common Stock, Authorized:
1997 and 1996 -- 15,000,000 shares; Issued:1997--
3,182,751 shares; 1996 -- 3,191,804 shares (including
shares in treasury: 1997 and 1996 -- 249,055) 3,183 3,192
Additional paid-in capital 34,059 33,556
Retained earnings 112,603 110,405
-------- --------
159,221 156,459
Less cost of Common Stock and
Convertible Class A Common Stock in treasury 8,134 5,543
-------- --------
151,087 150,916
-------- --------
$401,890 $399,875
======== ========
</TABLE>
See notes to condensed consolidated financial statements.
-2-
<PAGE> 5
HAVERTY FURNITURE COMPANIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
<TABLE>
<CAPTION>
Quarter Ended Six Months Ended
June 30 June 30
------------------- -------------------
1997 1996 1997 1996
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net sales $113,006 $103,341 $227,755 $214,091
Cost of goods sold 60,143 54,279 120,423 112,369
-------- -------- -------- --------
Gross profit 52,863 49,062 107,332 101,722
Credit service charges 4,032 3,150 7,836 6,445
-------- -------- -------- --------
56,895 52,212 115,168 108,167
Costs and expenses:
Selling, general and administrative 49,542 46,132 98,747 93,849
Interest 3,702 3,734 7,319 7,092
Provision for doubtful accounts 1,547 981 2,914 1,879
-------- -------- -------- --------
54,791 50,847 108,980 102,820
-------- -------- -------- --------
Other income, net 47 40 119 59
-------- -------- -------- --------
INCOME BEFORE INCOME TAXES 2,151 1,405 6,307 5,406
Income taxes 774 520 2,270 2,000
-------- -------- -------- --------
NET INCOME $ 1,377 $ 885 $ 4,037 $ 3,406
======== ======== ======== ========
Average number of common and common
equivalent shares outstanding 11,678 11,689 11,678 11,663
======== ======== ======== ========
Earnings per share $ 0.12 $ 0.08 $ 0.35 $ 0.29
======== ======== ======== ========
Cash dividends per common share:
Common Stock $ .0800 $ .0750 $ .1600 $ .1500
Class A Common Stock .0750 .0700 .1500 .1400
</TABLE>
See notes to condensed consolidated financial statements.
-3-
<PAGE> 6
HAVERTY FURNITURE COMPANIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
<TABLE>
<CAPTION>
Six Months Ended June 30
------------------------
1997 1996
-------- ---------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 4,037 $ 3,406
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 6,787 6,276
Provision for doubtful accounts 2,914 1,879
Loss on sale of property and equipment -- 24
-------- --------
Subtotal 13,738 11,585
Changes in operating assets and liabilities:
Accounts receivable 6,297 (9,268)
Inventories (3,758) (9,560)
Other current assets (1,243) 1,015
Accounts payable and accrued expenses 1,595 (4,269)
Income taxes (2,490) (2,008)
-------- --------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 14,139 (12,505)
-------- --------
INVESTING ACTIVITIES
Purchases of property and equipment (12,068) (10,839)
Proceeds from sale of property and equipment 81 74
Other investing activities 373 (70)
-------- --------
NET CASH USED IN INVESTING ACTIVITIES (11,614) (10,835)
-------- --------
FINANCING ACTIVITIES
Net increase in short-term borrowings 5,800 27,800
Payment of long-term debt and capital lease obligations (3,990) (4,004)
Purchase of treasury shares (2,591) --
Exercise of stock options 564 568
Dividends paid (1,839) (1,720)
Other financing activities 61 36
-------- --------
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (1,995) 22,680
-------- --------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 530 (660)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 414 2,146
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 944 $ 1,486
======== ========
</TABLE>
See notes to condensed consolidated financial statements.
-4-
<PAGE> 7
HAVERTY FURNITURE COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE A - Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with the instructions to Form 10-Q and, therefore, do not
include all information and footnotes required by generally accepted accounting
principles for complete financial statements. The financial statements include
the accounts of the Company and its wholly owned subsidiaries. All significant
intercompany accounts and transactions have been eliminated in consolidation. In
the opinion of management, all adjustments considered necessary for a fair
presentation have been included and all such adjustments are of a normal
recurring nature.
NOTE B - Interim LIFO Calculations
An actual valuation of inventory under the LIFO method can be made only at the
end of each year based on the inventory levels and costs at that time.
Accordingly, interim LIFO calculations must necessarily be based on management's
estimates of expected year-end inventory levels and costs. Since these are
affected by factors beyond management's control, interim results are subject to
the final year-end LIFO inventory valuation.
NOTE C - Supplementary Cash Flow Information
The Company made total cash payments for interest (including capitalized
interest) of approximately $7,230,000 and $6,800,000 for the six months ended
June 30, 1997 and 1996, respectively.
The Company made total income tax payments of $5,800,000 and $3,930,000 for the
six months ended June 30, 1997 and 1996, respectively.
-5-
<PAGE> 8
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) The following exhibits are hereby filed with this report:
27 -- Financial Data Schedule.
(b) Reports on Form 8-K.
None.
-6-
<PAGE> 9
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this amendment to be signed on its behalf by the
undersigned thereunto duly authorized.
HAVERTY FURNITURE COMPANIES, INC.
By: /s/ Dennis L. Fink
----------------------------------
Dennis L. Fink
Executive Vice President and
Chief Financial Officer
(principal financial officer)
Date: September 5, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF HAVERTY FURNITURE COS., INC. AND
SUBSIDIARIES AS OF JUNE 30, 1997 AND FOR THE PERIOD THEN ENDED AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 944
<SECURITIES> 0
<RECEIVABLES> 198,803
<ALLOWANCES> 7,105
<INVENTORY> 81,143
<CURRENT-ASSETS> 280,318
<PP&E> 188,719
<DEPRECIATION> 69,169
<TOTAL-ASSETS> 401,890
<CURRENT-LIABILITIES> 131,732
<BONDS> 115,925
12,559
0
<COMMON> 0
<OTHER-SE> 138,528
<TOTAL-LIABILITY-AND-EQUITY> 401,890
<SALES> 227,755
<TOTAL-REVENUES> 235,591
<CGS> 120,423
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 2,914
<INTEREST-EXPENSE> 7,319
<INCOME-PRETAX> 6,307
<INCOME-TAX> 2,270
<INCOME-CONTINUING> 4,037
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,037
<EPS-PRIMARY> .35
<EPS-DILUTED> .35
</TABLE>
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