FORM 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended July 31, 1996
Commission file number 1-4372
FOREST CITY ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
Ohio 34-0863886
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
10800 Brookpark Road Cleveland, Ohio 44130
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 216-267-1200
None
(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 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 ___
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at September 4, 1996
Class A Common Stock, $.33 1/3 par value 5,121,598 shares
Class B Common Stock, $.33 1/3 par value 3,620,016 shares
<TABLE>
FOREST CITY ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Six Months Ended July 31,
-------------------------
1996 1995
-------- ---------
(in thousands)
<S> <C> <C>
Operating Activities
Net earnings (loss) $ 2,783 $ (2,265)
Depreciation and amortization 34,753 31,691
Deferred income taxes 1,183 (220)
Gain on disposition of properties (934) -
Extraordinary gain (1,500) (3,055)
(Increase) decrease in land held
for development or sale 2,182 (2,341)
(Increase) decrease in notes and accounts
receivable, net (2,505) 24,326
(Increase) decrease in inventories (286) 14,936
(Increase) decrease in other assets 1,233 (12,027)
Increase (decrease) in accounts payable and
accrued expenses 2,767 (28,256)
Increase in deferred profit 964 4,697
-------- --------
Net cash provided by operating activities 40,640 27,486
-------- --------
Investing Activities
Capital expenditures (73,016) (62,910)
Proceeds from disposition of properties 10,215 -
Investments in and advances to affiliates (3,174) (5,814)
-------- --------
Net cash used in investing activities (65,975) (68,724)
-------- --------
Financing Activities
Increase in mortgage and long-term debt 70,113 63,465
Principal payments on mortgage debt
on real estate (19,569) (25,616)
Payments on long-term debt (16,679) (6,221)
Increase in notes payable 6,282 -
Payments on notes payable (19,998) (12,626)
Purchase of treasury stock (6,080) -
-------- --------
Net cash provided by
financing activities 14,069 19,002
-------- --------
Net (decrease) in cash (11,266) (22,236)
Cash at beginning of period 39,145 46,478
-------- --------
Cash at end of period $ 27,879 $ 24,242
======== ========
</TABLE>
See notes to consolidated financial statements.
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.
FOREST CITY ENTERPRISES, INC.
(Registrant)
Date September 16, 1996 /s/ Thomas G. Smith
Thomas G. Smith, Senior Vice President
and Chief Financial Officer
Date September 16, 1996 /s/ Linda M. Kane
Linda M. Kane, Vice President,
Corporate Controller
