SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q/A-2
QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended July 23, 1994
Commission File Number 1-10204
CPI CORP.
____________________________________________________________
(Exact Name of Registrant as Specified In Its Charter)
Delaware 43-1256674
- ---------------------------------- ---------------------
(State of Other Jurisdiction (I.R.S. Employer
of Incorporation or Organization) Identification No.)
1706 Washington Avenue, St. Louis, Missouri 63103-1790
- -------------------------------------------- -----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (314)231-1575
-------------
Indicate by check mark whether the registrant 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 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.
Common Stock $.40 par value 13,894,517 shares
- ---------------------------- --------------------------------
Class Outstanding at September 1, 1994
EXHIBIT INDEX ON PAGE 4
PAGE 1 OF 8
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CPI CORP.
INDEX
<CAPTION>
Original Amended
10Q 10-Q/A-2
PAGE NO. PAGE NO.
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Part I. Financial Information:
Item 1. Financial Statements:
Interim Condensed Consolidated 4,5
Balance Sheets - July 23, 1994,
July 24, 1993 and February
5, 1994
Interim Condensed Consolidated 6,7 5,6
Statements of Earnings - For the
12 and 24 Weeks Ended July 23,
1994 and July 24, 1993
Interim Condensed Consolidated 8-10
Statements of Changes in
Stockholders' Equity - For
the 52 Weeks Ended February 5,
1994 and for the 24 Weeks Ended
July 23, 1994
Interim Condensed Consolidated 11,12
Statements of Cash Flows - For
the 24 Weeks Ended July 23,
1994 and July 24, 1993
Notes to Interim Condensed 13-15
Consolidated Financial
Statements
Item 2. Management's Discussion and 16-22
Analysis of Financial Condition
and Results of Operations
Item 6.(a)
Exhibit 11 - Computation of 23,24
Earnings per Common Share
Exhibit 27 - Financial Data
Schedule
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2
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CPI CORP.
INDEX
<CAPTION>
PAGE NO.
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Part II. Other Information:
Item 2. Changes in the Rights of Company's 25
Security Holders
Item 4. Results of Votes of Security Holders 25,26
Item 6. Exhibits and Reports on Form 8-K 27
Signature 28
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3
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<TABLE>
EXHIBIT INDEX
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PAGE NO.
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Part I. Item 6(a)
Exhibit 27 - Financial Data Schedule
Part II. Item 6(a)
Exhibit 4 - Instruments Defining the Rights
of Security Holders, Including Debentures
a. Amendment dated February 24, 1994 30-34
b. Amendment dated June 14, 1994 35-40
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ITEM 6(B) REPORTS ON FORM 8-K
There were no reports on Form 8-K filed for the quarter ended
July 23, 1994.
4
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
<TABLE>
CPI CORP. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
12 Weeks Ended July 23, 1994 and July 24, 1993
<CAPTION>
12 Weeks Ended
---------------------------
July 23, July 24,
1994 1993
------------- -------------
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Net Sales $104,651,813 $ 95,385,928
Cost and expenses:
Cost of sales (exclusive of
depreciation expense shown
below) 32,900,575 28,113,793
Selling, administrative and
general expenses 60,037,082 56,508,547
Depreciation 7,078,576 6,027,345
Amortization of intangibles 1,236,335 1,533,246
Severance and early
retirement benefit --- (150,000)
------------- -------------
101,252,568 92,032,931
------------- -------------
Income from operations 3,399,245 3,352,997
Net interest expense (786,585) (62,031)
Other income 107,983 168,373
------------- -------------
Earnings before
income taxes and
cumulative effect of
accounting change 2,720,643 3,459,339
Income tax expense 1,089,300 1,392,387
------------- -------------
Earnings before
cumulative effect
of accounting change 1,631,343 2,066,952
Cumulative effect of
accounting change --- ---
------------- -------------
Net earnings $ 1,631,343 $ 2,066,952
============= =============
Earnings before cumulative
effect of accounting change $ 0.11 $ 0.14
Cumulative effect of
accounting change --- ---
------------- -------------
Net earnings $ 0.11 $ 0.14
============= =============
Weighted average number of
common and common equivalent
shares outstanding 14,342,019 14,679,758
============= =============
<FN>
See notes to interim condensed consolidated financial statements.
</FN>
</TABLE>
5
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<TABLE>
CPI CORP. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
24 Weeks Ended July 23, 1994 and July 24, 1993
<CAPTION>
24 Weeks Ended
---------------------------
July 23, July 24,
1994 1993
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Net Sales $204,755,488 $184,176,285
Cost and expenses:
Cost of sales (exclusive of
depreciation expense shown
below) 63,803,722 53,811,421
Selling, administrative and
general expenses 125,029,742 115,306,318
Depreciation 13,685,375 11,836,282
Amortization of intangibles 2,551,055 2,952,431
Severance and early
retirement expense --- 1,400,000
------------- -------------
205,069,894 185,306,452
------------- -------------
Income (loss) from operations (314,406) (1,130,167)
Net interest income (expense) (1,316,059) 52,451
Other income 204,198 291,526
------------- -------------
Loss before income taxes
and cumulative effect of
accounting change (1,426,267) (786,190)
Income tax benefit 570,478 315,153
------------- -------------
Loss before cumulative effect
of accounting change (855,789) (471,037)
Cumulative effect of accounting
change --- 2,120,000
------------- -------------
Net earnings (loss) $ (855,789) $ 1,648,963
============= =============
Loss before cumulative
effect of accounting change $ (0.06) $ (0.03)
Cumulative effect of accounting
change --- 0.14
------------- -------------
Net earnings (loss) $ (0.06) $ 0.11
============= =============
Weighted average number of
common and common equivalent
shares outstanding 14,461,486 14,671,399
============= ============
<FN>
See notes to interim condensed consolidated financial statements.
</FN>
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6
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SIGNATURES
Pursuant to the registration requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned therunto duly
authorized.
CPI CORP.
DATE: January 19, 1995 BY: /s/ BARRY ARTHUR
---------------- --------------------------
Barry Arthur
Executive Vice President -
Finance
Principal Financial Officer
7
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> QTR-2
<FISCAL-YEAR-END> FEB-04-1995
<PERIOD-END> JUL-23-1994
<CASH> 4,435
<SECURITIES> 17,199
<RECEIVABLES> 19,671
<ALLOWANCES> 896
<INVENTORY> 28,580
<CURRENT-ASSETS> 80,798
<PP&E> 275,412
<DEPRECIATION> 135,550
<TOTAL-ASSETS> 282,421
<CURRENT-LIABILITIES> 59,857
<BONDS> 0
<COMMON> 6,801
0
0
<OTHER-SE> 152,574
<TOTAL-LIABILITY-AND-EQUITY> 282,421
<SALES> 204,755
<TOTAL-REVENUES> 204,755
<CGS> 63,804
<TOTAL-COSTS> 205,070
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,934
<INCOME-PRETAX> (1,426)
<INCOME-TAX> (570)
<INCOME-CONTINUING> (856)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (856)
<EPS-PRIMARY> (0.060)
<EPS-DILUTED> (0.060)
</TABLE>
