<PAGE> 1
CONFORMED
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
AND EXCHANGE ACT OF 1934
For the transition period from ____________________ to____________________
Commission file number 1-542
GROSSMAN'S INC.
--------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 38-0524830
---------------------------------------- ------------------------
(State or other jurisdiction of (I.R.S. Employer
in corporation or organization) Identification No.)
45 Dan Road
Canton, Massachusetts 02021
---------------------------------------- ------------------------
(Address of principal executive offices) (Zip Code)
(617) 830-4000
--------------------------------------------------------------------------
(Registrant's telephone number, including area code)
200 Union Street, Braintree, Massachusetts
--------------------------------------------------------------------------
(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 Sections 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter periods
that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
Indicate the number of shares outstanding of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock - $.01 Par Value - 27,371,605 shares as of November 8, 1996.
R> This amendment files corrections to adjust Statement of Cash Flow's
1995 amounts to those previously reported.
<PAGE> 2
<TABLE>
GROSSMAN'S INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except per share data)
(Unaudited)
<CAPTION>
NINE MONTHS ENDED
SEPTEMBER 30,
------------------------
1996 1995
---- ----
<S> <C> <C>
OPERATING ACTIVITIES
Net loss $(56,063) $ 5,704
Adjustments to reconcile net loss to net
cash (used for) operating activities:
Depreciation and amortization 3,889 8,650
Net (gain) on disposals of property (99) (18,313)
Provision for losses on accounts receivable 1,777 1,262
Provision for store closing 25,911 4,500
Undistributed loss of unconsolidated affiliate 394 483
(Increase) decrease in assets:
Receivables 8,067 (8,155)
Inventories 28,834 (16,423)
Note receivable and other assets 12,839 303
(Decrease) in accounts payable and accrued
liabilities and other liabilities (42,403) 6,726
--------- ---------
Total adjustments 39,209 (20,967)
NET CASH (USED FOR) OPERATING ACTIVITIES (16,854) (15,263)
INVESTING ACTIVITIES
Capital expenditures (1,871) (6,150)
Proceeds from sales of property, net 24,277 26,828
Investment in unconsolidated affiliate (460) (194)
--------- ---------
NET CASH PROVIDED BY INVESTING ACTIVITIES 21,946 20,484
FINANCING ACTIVITIES
Proceeds from mortgage financing 33,000 -
Payments on mortgage financing (18,876) -
--------- ---------
Net proceeds from mortgage financing 14,124 -
Payments on long-term debt and capital lease
obligations (18,540) (16,354)
Net borrowings from (repayments to) revolving
term note payable (2,543) 12,869
Issuance of common stock as payment for
Directors' fees 65 165
Issuance of other common stock - 9
--------- ---------
NET CASH (USED FOR) FINANCING ACTIVITIES (6,894) (3,311)
Net increase (decrease) in cash and cash equivalents (1,802) 1,910
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,536 3,034
--------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 734 $ 4,944
========= =========
</TABLE>
<F1>
The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.
<PAGE> 3
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.
GROSSMAN'S INC.
Company
by /s/ Steven L. Shapiro
--------------------------------------
Steven L. Shapiro
Vice President - Controller
DATE: November 25, 1996
<PAGE>
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.
GROSSMAN'S INC.
---------------
Company
by_____________________________________
Steven L. Shapiro
Vice President - Controller
DATE: November 25, 1996
