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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended May 23, 1997
OR
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to
Commission file number 1-7623
GENOVESE DRUG STORES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 11-1556812
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
80 Marcus Drive, Melville, New York, 11747
(Address of principal executive offices)
(Zip Code)
(516) 420-1900
(Registrant's telephone number, including area code)
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 close of the period covered by this report.
<TABLE>
<CAPTION>
CLASS OUTSTANDING AT MAY 23, 1997
- ---------------------------------- ---------------------------
<S> <C>
COMMON STOCK:
Class A, par value $1.00 per share 6,340,136
Class B, par value $1.00 per share 6,037,100
</TABLE>
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GENOVESE DRUG STORES, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
Sixteen Weeks Ended
------------------------
May 23, May 24,
1997 1996
-------- --------
<S> <C> <C>
Cash Flows From Operating Activities:
Net income $ 1,829 $ 1,285
Adjustments to reconcile net income to
net cash provided by (used for) operating
activities:
Depreciation and amortization 3,918 3,397
Provision for LIFO inventory valuation 1,600 1,200
Provision for other noncash expenses 41 93
Changes in certain assets and liabilities:
Receivables 563 (2,129)
Merchandise inventory 5,794 1,519
Prepaid expenses and other 25 1,676
Other assets (1,859) (965)
Supplier advances 6,224 --
Accounts payable, accrued expenses
and other (21,340) (11,458)
-------- --------
Net cash used for operating activities (3,205) (5,382)
-------- --------
Cash Flows From Investing Activities:
Purchase of property and equipment (6,155) (4,985)
Proceeds from the sale of the Living Color
photo processing lab 3,952 --
-------- --------
Net cash used for investing activities (2,203) (4,985)
-------- --------
Cash Flows From Financing Activities:
Net increase in bank borrowings 5,800 10,600
Repayments of long term liabilities (286) (222)
Issuance of Common Stock - Employee Stock Ownership
and Appreciation Rights Plan 356 5
Treasury stock purchased (120) (1)
Payment of cash dividends (740) (666)
-------- --------
Net cash provided by financing activities 5,010 9,716
-------- --------
Net Increase (Decrease) in Cash (398) (651)
Cash at Beginning of Period 2,368 2,251
-------- --------
Cash at End of Period $ 1,970 $ 1,600
======== ========
Supplemental Disclosure:
Interest paid $ 1,019 $ 1,186
======== ========
Income taxes paid $ 5,619 $ 3,422
======== ========
</TABLE>
See the accompanying notes to unaudited condensed financial statements.
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PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
The following exhibits are included herein:
(11) Statement re: computation of net income per common share.
There were no reports on Form 8-K filed during the sixteen weeks ended May 23,
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.
GENOVESE DRUG STORES, INC.
(Registrant)
Date: July 9, 1997 By: /s/ Jerome Stengel
-----------------------------
Jerome Stengel
(Vice President & Treasurer)
(Principal Financial Officer)
