<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> SEP-30-1995
<CASH> 1,120
<SECURITIES> 0
<RECEIVABLES> 6,393
<ALLOWANCES> 279
<INVENTORY> 5,517
<CURRENT-ASSETS> 14,385
<PP&E> 71,832
<DEPRECIATION> 31,202
<TOTAL-ASSETS> 82,310
<CURRENT-LIABILITIES> 9,793
<BONDS> 25,198
<COMMON> 1,175
0
0
<OTHER-SE> 41,734
<TOTAL-LIABILITY-AND-EQUITY> 82,310
<SALES> 6,209
<TOTAL-REVENUES> 11,601
<CGS> 5,547
<TOTAL-COSTS> 5,677
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 30
<INTEREST-EXPENSE> 855
<INCOME-PRETAX> 509
<INCOME-TAX> 115
<INCOME-CONTINUING> 325
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 325
<EPS-PRIMARY> .48
<EPS-DILUTED> .48
</TABLE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 1O-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended September 30, 1995 Commission File Number 0-1437
THE FIRST REPUBLIC CORPORATION OF AMERICA
(Exact name of registrant as specified in its charter)
DELAWARE 13-1938454
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
302 Fifth Avenue, New York, N.Y. 10001
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (212) 279-6100
Former name, former address and former fiscal year, if changed since last
report:
Indicate by checkmark whether the registrant (1) has filed all reports required
to be filed by Sections 13 and 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
As of November 20, 1995 there were 672,890 shares of common stock outstanding.
<PAGE>
PART I. FINANCIAL INFORMATION
THE FIRST REPUBLIC CORPORATION OF AMERICA
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, June 30,
1995 1995
(UNAUDITED) (SEE NOTE
BELOW)
Assets
Current Assets
Cash and Cash Equivalents $ 1,120,025 $ 1,294,475
Accounts Receivable 6,113,573 6,346,410
Inventories (Note 2) 5,517,144 5,472,000
Other Current Assets 1,634,620 1,412,028
Total Current Assets 14,385,362 14,524,913
Property, Plant and Equipment 71,832,893 71,688,171
Less: Accumulated Depreciation 31,201,589 30,639,141
Net Properties 40,631,304 41,049,030
Other Assets 27,293,507 27,165,787
TOTAL ASSETS $ 82,310,173 $ 82,739,730
Liabilities & Stockholders' Equity
Current Liabilities $ 9,793,428 $ 9,534,371
Long Term Debt 25,197,694 25,539,845
Other Liabilities and Deferred Credits 4,409,537 4,411,404
Stockholders' Equity:
Common Stock 1,175,261 1,175,261
Other Stockholders' Equity 41,734,253 42,078,849
Total Stockholders' Equity 42,909,514 43,254,110
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 82,310,173 $ 82,739,730
NOTE: The balance sheet at June 30, 1995
has been derived from the audited
financial statements at that date
and condensed.
SEE NOTES TO CONDENSED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
<PAGE>
THE FIRST REPUBLIC CORPORATION OF AMERICA
AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Three months ended
September 30,
1995 1994
Revenues
Net sales-Products $ 6,209,170 $ 5,909,471
Real Estate and hotel operations 5,627,748 5,342,231
Other (including equity in net loss of
affiliated entities) (235,953) 363,652
Total Revenues 11,600,965 11,615,354
Expenses
Cost of Sales 5,547,348 4,616,252
Operating-real estate and hotel 2,492,563 2,440,658
Selling, general & administrative 1,606,421 1,557,807
Depreciation and amortization 946,839 923,556
Real estate taxes 661,373 670,079
Interest 855,103 701,678
Total Expenses 12,109,647 10,910,030
(Loss) income before income taxes,
and minority interests (508,682) 705,324
Income taxes - Note 3 (115,000) (217,000)
Minority interests 298,750 7,298
Net (Loss) income $ (324,932) $ 495,622
Earnings (loss) per share:
Net (Loss) income $ (.48) $ .74
Average shares outstanding 673,338 674,107
SEE NOTES TO CONDENSED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
<PAGE>
THE FIRST REPUBLIC CORPORATION OF AMERICA
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
UNAUDITED
Three Months Ended
September 30,
1995 1994
OPERATING ACTIVITIES
Net (Loss) Income $ (324,932) $ 495,622
Adjustments to Reconcile (Loss) Income to Net
Cash (Used) Provided by Operating Activities:
Depreciation and Amortization 946,839 923,556
Minority Interests' Share of Loss in
Subsidiaries (298,750) (7,298)
Changes in Operating Assets and Liabilities:
Increase in Accounts and Other Receivables (118,511) (985,536)
Increase in Inventories (45,144) (146,410)
Increase in Other Assets (222,592) (722,338)
(Decrease) Increase in Accounts Payable (40,943) 2,009,963
(Decrease) Increase in Other Liabilities (1,867) 6,002
NET CASH (USED) PROVIDED BY OPERATIONS (105,900) 1,573,561
INVESTING ACTIVITIES
Purchases of Property Plant and Equipment (529,113) (1,599,768)
Investment in and Advances to Affiliated
Entities-Net 171,030 (870,624)
Payments Received on Mortgages Receivable 351,348 69,000
NET CASH USED BY INVESTING ACTIVITIES (6,735) (2,401,392)
FINANCING ACTIVITIES
Proceeds from Notes Payable 300,000 700,000
Payments on - Long Term Debt (342,151) (259,481)
Other Financing Activities (19,664) -
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES (61,815) 440,519
DECREASE IN CASH AND CASH EQUIVALENTS (174,450) (387,312)
Cash and Cash Equivalents at Beginning of Period 1,294,475 1,316,144
CASH AND CASH EQUIVALENTS AT END OF PERIOD$ 1,120,025 $ 928,832
SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
<PAGE>
THE FIRST REPUBLIC CORPORATION OF AMERICA
AND SUBSIDIARIES
NOTES TO CONDENSED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The condensed consolidated balance sheet as of September 30, 1995 and the
consolidated statements of operations and cash flows for the three month periods
ended September 30, 1995 and 1994, have been prepared by the Company, without
audit. In the opinion of management, all adjustments (which include only normal
recurring adjustments) necessary to present fairly the financial position,
results of operations and cash flows at September 30, 1995 and for all periods
presented, have been made.
2. INVENTORIES
September 30, June 30,
1995 1995
Work-in process and
raw materials $ 1,920,546 $ 1,945,308
Finished goods 3,596,598 3,526,692
$ 5,517,144 $ 5,472,000
3. INCOME TAXES
Three Months Ended
September 30,
1995 1994
Federal $ - $ 100,000
State 115,000 117,000
$ 115,000 $ 217,000
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(IN THOUSANDS)
Liquidity and Capital Resources
Working capital for the three months ended September 30, 1995 decreased by
approximately $399. Net cash used by operating activities was approximately
$106. Net cash used by financing activities was approximately $62. Net cash of
approximately $7 was used for investing activities.
The company has a $10,000 term loan and a $3,000 revolving line of credit with
its principal lender, collateralized by a mortgage on the East Newark Industrial
Center. At September 30, 1995, $2,700 is outstanding under the line of credit.
The term loan, which has an outstanding balance of $7,944 at September 30, 1995,
requires monthly principal payments of $56 and matures on August 1, 1997 when
the remaining unpaid principal balance of $6,667 will become due. The revolving
line, which is renewable annually, is due in January 1996. The interest rate on
both facilities is one percent in excess of the lender's prime rate.
Results of Operations
Three months ended September 30, 1995 and 1994
Income from operations before income taxes and minority interests decreased
$1,214. The components are as follows:
(Decrease)
1995 1994 Increase
Real Estate $ 1,210 $ 1,290 $ (80)
Hotel 221 70 151
Seafood (979) 279 (1,258)
Textile 94 139 (45)
Corporate (1,055) (1,073) 18
$ (509) $ 705 $ (1,214)
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS - CONTINUED
(IN THOUSANDS)
REAL ESTATE
Revenues increased $187. A mortgage obtained January 1, 1995 on the
Jefferson Bank Building in Miami Beach, Florida increased mortgage expense by
$80 and repairs and maintenance increased $72. There were no other significant
variations in any expense category.
HOTEL
Revenues increased $98 over last year. Hotel earnings increased $151 as a
result of the higher revenues and lower operating costs.
SEAFOOD
Revenues increased $216 in the current period. Earnings decreased $1,258
for the seafood division due primarily to the presence of "brown tide" at our
clam operation during the summer months which curtailed production, the lack of
availability of scallops for Lambert Seafood operations, and a substantial
reduction in the sales price of shrimp resulting from a temporary oversupply of
product worldwide.
TEXTILES
Hanora Spinning's earnings increased $71 to $281 for the quarter due to
higher revenues. Hanora South and J & M Dyers recognized combined losses of $85
compared to last years profit of $53 due to gross profits earned at J & M last
year as a result of a substantial contract that expired in December 1994.
Whitlock Combing incurred a loss of $102 in the current period as compared to a
loss of $124 last year relating to its property in South Carolina which is being
offered for sale. Overall, textile revenues increased $156.
CORPORATE/OTHER
Corporate expenses, including the operations of the nursing homes and
interest on the Company's term loan and revolving line of credit, remained
approximately the same.
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K.
Exhibits: None
Reports: There were no reports on Form 8-K filed
during the quarter ended September 30, 1995.
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.
THE FIRST REPUBLIC CORPORATION OF AMERICA
Registrant
Date: November 28, 1995 /s/ Norman A. Halper
Norman A. Halper
President
Date: November 28, 1995 /s/ Harry Bergman
Harry Bergman
Treasurer
