SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 2, 1996, Commission File No. 0-1500
Evans, Inc.
(Exact name of registrant as specified in its charter)
Delaware 36-1050870
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
36 South State Street, Chicago, Illinois 60603
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 855-2000
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Title of Each Class
Common Stock, $.20 par value
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 12 months and (2) has been subject
to such filing requirements for the past 90 days. Yes X No
The aggregate market value of voting stock of the Registrant held
by nonaffiliates of the Registrant was approximately $5,103,000.
For purposes of this calculation, all directors and officers of the
Registrant have been considered to be affiliates.
As of May 22, 1996, 4,918,301 shares of the Registrant's common stock
were outstanding.
Portions of the Registrant's Proxy Statement for its Annual Meeting
of Stockholders to be held on July 30, 1996 are incorporated into
Parts I and III of this Form 10-K.
<PAGE>
<TABLE>
EVANS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 2, 1996 and February 25, 1995
($ In Thousands)
<CAPTION>
1996 1995
-------- --------
<S> <C> <C>
ASSETS
- -------
Current assets:
Cash and cash equivalents $220 $1,134
Accounts receivable, less allowance for
doubtful accounts of $864 and $794 15,984 17,105
Merchandise inventories 14,761 16,401
Prepaid expenses and other current assets 1,154 512
-------- --------
Total current assets 32,119 35,152
-------- --------
Property and equipment:
Buildings 4,861 4,861
Furniture and equipment 6,080 10,993
Leasehold improvements 9,775 10,635
-------- --------
20,716 26,489
Accumulated depreciation and amortization (10,293) (15,885)
-------- --------
10,423 10,604
-------- --------
Long-lived assets, principally intangible assets
(net of accumulated amortization of $1,896 and
and $1,632) 3,469 3,060
-------- --------
$46,011 $48,816
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------- 1996 1995
-------- --------
Current liabilities:
Notes payable $9,219 $9,965
Current portion of long-term debt 1,043 272
Accounts payable 6,611 8,911
Accrued liabilities:
Payroll 680 575
Taxes, other than on income 1,446 1,590
Rent 1,153 1,150
Vacations 774 987
Restructuring 215 1,401
Other 1,187 1,221
Income taxes 6 6
-------- --------
Total current liabilities 22,334 26,078
-------- --------
Long-term debt 1,888 1,178
-------- --------
Other liabilities 11 16
-------- --------
Shareholders' equity:
Preferred stock, $1.00 par value, 3,000,000 shares
authorized, none issued
Common stock, $.20 par value, 8,000,000 shares
authorized, 6,333,435 shares issued 1,267 1,267
Capital in excess of par value 15,660 15,660
Retained earnings 9,449 9,215
Treasury stock, 1,415,134 shares at cost (4,598) (4,598)
-------- --------
Total shareholders' equity 21,778 21,544
-------- --------
$46,011 $48,816
======== ========
<FN>
The accompanying notes are an integral part of the
consolidated financial statements.
</FN>
</TABLE>
<PAGE>
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 of the undersigned, thereunto duly authorized.
EVANS, INC.
By: William E. Koziel
-----------------
William E. Koziel
Vice President and Chief Financial Officer
Date:
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.
Signature Title Date
----------- ------- ------
David B. Meltzer Chairman of the Board May 22, 1996
- ------------------
David B. Meltzer
Patrick J. Regan President and Chief May 22, 1996
- --------------------- Executive Officer
Patrick J. Regan
Robert K. Meltzer Executive Vice President May 22, 1996
- --------------------- General Merchandise Manager
Robert K. Meltzer
Samuel B. Garber Vice President, May 22, 1996
- --------------------- General Counsel and Secretary
Samuel B. Garber
Ernest R. Wish Director May 22, 1996
- ---------------------
Ernest R. Wish
Harold Sussman Director May 22, 1996
- ---------------------
Harold Sussman
Dennis Bookshester Director May 22, 1996
- ----------------------
Dennis Bookshester
Gwendolyn L. Stanback Director May 22, 1996
- ----------------------
Gwendolyn L. Stanback
<PAGE>
