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<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
AMENDMENT NO. 1
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended December 31, 1997
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from _____________________ to________________________
Commission File Number: 1-8988
---------------------------------------------------------
ECC INTERNATIONAL CORP.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 23-1714658
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
175 STRAFFORD AVENUE, SUITE 116, WAYNE, PA 19087-3377
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(610) 687-2600
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
NOT APPLICABLE
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding twelve 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. [X] Yes [ ] No
As of December 31, 1997, there were 8,204,091 shares of the Registrant's
Common Stock, $.10 par value per share, issued and outstanding.
<PAGE> 2
EXPLANATORY NOTE
This Amendment No. 1 on Quarterly Report on Form 10-Q/A of ECC
International Corp. amends and restates Item 6 of the Registrant's Quarterly
Report on Form 10-Q for the quarter ended December 31, 1997 (File No. 1-8988).
<PAGE> 3
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
a. EXHIBITS
The exhibits listed in the Exhibit Index filed as part of this report are
filed as part of or are included in this report.
b. REPORTS ON FORM 8-K
On December 10, 1997, the Company filed a Current Report on Form 8-K, dated
November 25, 1997, to report the completion of the sale of certain assets and
properties of ECC Vending Corp. to Dixie-Narco, Inc.
<PAGE> 4
SIGNATURES
Pursuant to the requirements 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.
ECC INTERNATIONAL CORP.
Date May 12, 1998 /s/ Relland Winand
---------------------------------------
Relland Winand
Vice President, Finance
<PAGE> 5
EXHIBIT INDEX
-------------
Exhibit
No. Description
- ------- -----------
10.1 Amendment dated as of November 13, 1997, to the Term and Revolving
Credit Agreement dated as of September 20, 1994 by and among the
Company and First Fidelity Bank, N.A. is incorporated by reference to
Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the
quarter ended December 31, 1997 (Commission File No. 1-8988)
10.2 Amendment dated as of December 19, 1997, to the Term and Revolving
Credit Agreement dated as of September 20, 1994 by and among the
Company and First Fidelity Bank, N.A. is incorporated by reference to
Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the
quarter ended December 31, 1997 (Commission File No. 1-8988)
10.3 Asset Purchase Agreement, dated as of November 25, 1997, by and among
Dixie-Narco, Inc., ECC International Corp. and ECC Vending Corp. is
incorporated by reference to Exhibit 2 to the Company's Current Report
on Form 8-K dated November 25, 1997. (Commission File No. 1-8988)
10.4 Director Equity Compensation Plan is incorporated by reference to
Annex A to the Company's Definitive Schedule 14A filed with the SEC on
October 27, 1997. (Commission File No. 1-8988)
27.1 Restated Financial Data Schedule for the year ended June 30, 1995
27.2 Restated Financial Data Schedule for the three months ended September
30, 1995, the six months ended December 31, 1995, the nine months
ended March 31, 1996 and the year ended June 30, 1996
27.3 Restated Financial Data Schedule for the nine months ended March 31,
1997 and the year ended June 30, 1997
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<RESTATED>
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<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<CASH> 3,535
<SECURITIES> 0
<RECEIVABLES> 8,829
<ALLOWANCES> 51
<INVENTORY> 10,035
<CURRENT-ASSETS> 63,864
<PP&E> 51,466
<DEPRECIATION> 27,459
<TOTAL-ASSETS> 89,739
<CURRENT-LIABILITIES> 22,881
<BONDS> 16,250
0
0
<COMMON> 766
<OTHER-SE> 48,273
<TOTAL-LIABILITY-AND-EQUITY> 89,739
<SALES> 83,534
<TOTAL-REVENUES> 83,534
<CGS> 60,731
<TOTAL-COSTS> 60,731
<OTHER-EXPENSES> 394
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,384
<INCOME-PRETAX> 11,132
<INCOME-TAX> 3,896
<INCOME-CONTINUING> 7,236
<DISCONTINUED> 82
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,318
<EPS-PRIMARY> .96
<EPS-DILUTED> .93
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS YEAR
<FISCAL-YEAR-END> JUN-30-1996 JUN-30-1996 JUN-30-1996 JUN-30-1996
<PERIOD-START> JUL-01-1995 JUL-01-1995 JUL-01-1995 JUL-01-1995
<PERIOD-END> SEP-30-1995 DEC-31-1995 MAR-31-1995 JUN-30-1996
<EXCHANGE-RATE> 1 1 1 1
<CASH> 3,614 5,165 3,372 5,057
<SECURITIES> 0 0 0 0
<RECEIVABLES> 7,957 15,627 10,604 11,271
<ALLOWANCES> 71 93 113 135
<INVENTORY> 12,152 14,493 15,328 12,984
<CURRENT-ASSETS> 64,942 66,504 61,265 66,618
<PP&E> 52,710 53,850 55,467 57,971
<DEPRECIATION> 28,404 29,278 30,255 31,285
<TOTAL-ASSETS> 91,108 93,012 88,530 95,397
<CURRENT-LIABILITIES> 23,107 22,398 20,487 22,382
<BONDS> 15,558 16,235 13,903 18,706
0 0 0 0
0 0 0 0
<COMMON> 769 775 778 782
<OTHER-SE> 50,105 52,035 51,793 52,093
<TOTAL-LIABILITY-AND-EQUITY> 91,108 93,012 88,530 95,397
<SALES> 26,980 58,671 85,976 101,713
<TOTAL-REVENUES> 26,980 58,671 85,976 101,713
<CGS> 20,630 45,907 69,724 81,159
<TOTAL-COSTS> 20,630 45,907 69,724 81,159
<OTHER-EXPENSES> 3,297 314 325 446
<LOSS-PROVISION> 20 65 63 0
<INTEREST-EXPENSE> 464 851 1,188 1,436
<INCOME-PRETAX> 2,573 4,959 4,341 6,574
<INCOME-TAX> 886 1,703 1,493 2,342
<INCOME-CONTINUING> 1,687 3,246 2,848 4,232
<DISCONTINUED> 0 0 0 (1,354)
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 1,687 3,246 2,848 2,878
<EPS-PRIMARY> .22 .42 .37 .37
<EPS-DILUTED> .21 .41 .36 .36
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C> <C>
<PERIOD-TYPE> 9-MOS YEAR
<FISCAL-YEAR-END> JUN-30-1997 JUN-30-1997
<PERIOD-START> JUL-01-1996 JUL-01-1996
<PERIOD-END> MAR-31-1997 JUN-30-1997
<EXCHANGE-RATE> 1 1
<CASH> 3,232 3,888
<SECURITIES> 0 0
<RECEIVABLES> 8,703 9,295
<ALLOWANCES> 102 106
<INVENTORY> 14,049 9,666
<CURRENT-ASSETS> 56,532 53,646
<PP&E> 60,466 61,600
<DEPRECIATION> 34,189 35,481
<TOTAL-ASSETS> 84,815 82,034
<CURRENT-LIABILITIES> 14,273 18,289
<BONDS> 18,932 16,640
0 0
0 0
<COMMON> 797 805
<OTHER-SE> 49,379 44,741
<TOTAL-LIABILITY-AND-EQUITY> 84,815 82,034
<SALES> 57,421 72,550
<TOTAL-REVENUES> 57,421 72,550
<CGS> 48,553 63,175
<TOTAL-COSTS> 48,553 63,175
<OTHER-EXPENSES> 684 1,163
<LOSS-PROVISION> 0 (29)
<INTEREST-EXPENSE> 1,377 1,541
<INCOME-PRETAX> (1,337) (4,656)
<INCOME-TAX> 318 (72)
<INCOME-CONTINUING> (1,655) (4,584)
<DISCONTINUED> (1,731) (3,951)
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> (3,386) (8,535)
<EPS-PRIMARY> (.43) (1.08)
<EPS-DILUTED> (.43) (1.08)
</TABLE>
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