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<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
(Amendment No. 1)
(Mark One)
[X] Quarterly Report Under Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended May 31, 1998
[ ] Transition Report Under Section 13 or 15(d) of the Exchange Act
For the transition period from _______________ to __________________
Commission File Number: 0-5531
FLORAFAX INTERNATIONAL, INC.
----------------------------
(Exact name of small business issuer as specified in its charter)
Delaware 41-0719035
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8075 20th Street, Vero Beach, Florida 32966
(Address of principal executive offices)
561-563-0263
------------
(Issuer's telephone number)
(Former name, former address and former fiscal year, if changed since
last report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 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. YES X NO
--- ---
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 7,937,570 as of July 3, 1998.
----------------------------
Transitional Small Business Disclosure Format (Check one): Yes ; No X
<PAGE> 2
FLORAFAX INTERNATIONAL, INC.
LIST OF ITEMS AMENDED
PART I FINANCIAL INFORMATION
---------------------
Page No.
--------
Item 1. Financial Statements (Unaudited):
Consolidated Statements of Cash Flows
Nine Months Ended May 31, 1998
and May 31, 1997 1 - 2
<PAGE> 3
FLORAFAX INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
NINE MONTHS ENDED MAY 31
1998 1997
----------------------------
<S> <C> <C>
OPERATING ACTIVITIES
Net income $1,218 $2,538
ADJUSTMENTS TO RECONCILE NET INCOME TO NET
CASH PROVIDED BY OPERATING ACTIVITIES
Depreciation, amortization, and
retirements 247 150
Provision for doubtful accounts 136 162
Deferred income taxes 662 (62)
Increase (decrease) in cash
flows due to changes in:
Receivables (2,428) (1,938)
Prepaid and other assets (71) (76)
Other assets (125) 157
Accounts payable 6,784 1,769
Accrued liabilities (35) 697
Membership security deposits 7 5
-------------------------------------
NET CASH PROVIDED BY
OPERATING ACTIVITIES 6,395 3,402
INVESTING ACTIVITIES
Capital expenditures (1,218) (785)
Increase in Goodwill (3,600)
Purchase of common stock (100)
(Increase) decrease in restricted cash (25) 22
-------------------------------------
NET CASH (USED IN) INVESTING ACTIVITIES $(4,943) $(763)
</TABLE>
See accompanying notes
(CONTINUED)
1
<PAGE> 4
FLORAFAX INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
NINE MONTHS ENDED MAY 31
1998 1997
--------------------------------
<S> <C> <C>
FINANCING ACTIVITIES
Proceeds from issuing debt 2,500
Purchases of treasury stock (178) (1,343)
Proceeds from issuing stock 15 11
Payments of debt (333)
--------------------------------
NET CASH (USED IN)
FINANCING ACTIVITIES 2,337 (1,665)
--------------------------------
NET INCREASE IN CASH AND
CASH EQUIVALENTS 3,789 974
Cash and cash equivalents
at beginning of year 4,170 3,671
--------------------------------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $7,959 4,645
================================
SUPPLEMENTAL DISCLOSURES OF
CASH FLOW INFORMATION:
Cash paid during the period for interest $1
Cash paid during the period for
Income tax $60 $52
</TABLE>
See accompanying notes
2
<PAGE> 5
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Florafax International, Inc.
----------------------------
(Registrant)
Date: July 15, 1998 James H. West
-------------
President and Chief
Financial Officer
3
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