U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-QSB/A
(AMENDMENT NUMBER 1)
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended ________APRIL__30,_1995____
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_1-6886_and_2-37589_____________________
_______________________AMALGAMATED_AUTOMOTIVE_INDUSTRIES,_INC._____________
(Exact name of small business issuer as specified in its charter)
_____________Pennsylvania____________ __________23-1716951___________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Idenfification No.)
POST OFFICE BOX 2441
____________________1731_SOUTH_19TH_STREET,_HARRISBURG,_PA_17105_______
(Address of principal executive offices)
______________________________717-939-7893________________________________
(Issuer's telephone number)
________________________________No_Change_________________________________
(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, and (2)
has been subject to such filing requirements for the past 90 days.
YES__X__ NO______
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the Issuer's classes
of common equity, as of the latest practicable date:
Common_Stock_Outstanding
At April 30, 1995 the Issuer had 943,187 shares of common stock
outstanding, par value $.0025 per share, the only class of such stock issued.
Transitional Small Business Disclosure Format
YES_______ NO___X____
FORM 10-QSB/A
PART II
OTHER INFORMATION
Item 5. Other_Information_(continued)
(b) Election_of_Officers
At the organizational meeting of the Issuer's Boad of Directors
following the Annual meeting of Shareholders on February 24, 1995, the
following persons were elected to the offices set forth adjacent to their
respective names:
Kurt J. Myers Chairman of the Board,
President and Chief Executive Officer
Timothy L. McMasters Treasurer
Mark Jenkins Secretary
(c)_Resignation_of_Director
On March 22, 1995, Director Eugene W. Hickock was named by the
Governor of Pennsylvania as Secretary Designate for the Pennsylvania
Department of Education and on May 2, 1995 was confirmed as Pennsylvania's
Secretary of Education. At the request of the Governor, Mr. Hickock has
resigned from all boards, including the Issuer's. The Issuer has no
immediate plans to fill the vacancy created by Mr. Hickock's resignation.
Item 6. Exhibits_and_Reports_on_Form_8-K
(a) Exhibits - See Exhibit Index on Pages 16-17 hereof. Exhibits
(10.9), (11), and (27) are attached to this report.
(b) Reports_on_Form_8-K - One report on Form 8-K, dated April 28,
1995 was filed during the quarter ended April 30, 1995, reporting inter alia,
on the letter received from Provident Bank of Maryland advising that it was
the bank's intent that the Issuer repay or replace the Bank's credit
facilities by no later than June 1, 1995.
-14-
FORM 10-QSB/A
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
AMALGAMATED_AUTOMOTIVE_INDUSTRIES,_INC.
(Registrant)
Date _______7/31/95__________ ____/s/___Kurt_J._Myers__________________
Kurt J. Myers, Chairman of Board,
President and Chief Executive Officer
Date _______7/31/95__________ ____/s/___Nick_J._Chacanias______________
Nick J. Chacanias, Controller
-15-
FORM 10-QSB/A
EXHIBIT INDEX FOR QUARTERLY REPORTS ON FORM 10-QSB
Exhibit_No. Subject Applicability
(2) Plan of purchase, sale acquisition, Not Applicable
reorginization, arrangement, liquidation
or succesion
(4) Instruments defining the rights of Not Applicable
security holders including indentures
(10) Material Contracts
(10.1) March 13, 1992 Employment
Agreement with Jacob J. Myers, Jr.
(10.2) March 15, 1992 Stock Purchase
Option Agreement with Ralph E. Wilson,
Maxine J. Wilson and Fayette Drilling
Company, Inc. Provided in
Annual Report
(10.3) May 6, 1992 Note and Mortgage on Form 10-KSB
Issued to Unitas National Bank for the
Year Ended
(10.4) May 7, 1992 Loan and Security 10-31-93
and Open End Mortgage Agreement with and
Provident Bank of Maryland Incorporated
Herein by
(10.5) July 15, 1992 Agreement with Reference
Jacob J. Myers, Jr. and Judgment
Promissory Note
(10.6) January 1, 1993 Employment
Agreement with Kurt J. Myers
(10.7) Letter of January 9, 1995 from
Provident Bank of Maryland
("Provident") agreeing to waive
defaults as of October 31, 1994 in
certain ratio and cash flow requirements
under the Loan Agreement and other
agreements with Provident [Exhibit(10.4)]
as well as all of Provident's rights and Provided in
remedies with respect to such defaults Annual Report
under the Loan Agreement and on Form 10-KSB
other agreements for the
Year Ended
(10.8) Letter Agreement of January 9, 10-31-94
1995 with Provident Bank of Maryland and
("Provident"), amending the Promissory Incorporated
Note to Provident, as a condition of the Herein by
waiver granted by Exhibit (10.7) so as to Reference
increase the interest rate under the Loan
Agreement from 2% to 4% per annum above
Provident's prime rate effective 1-1-95
-16-
FORM 10-QSB/A
EXHIBIT INDEX FOR QUARTERLY REPORTS ON FORM 10-QSB/A (continued)
(10.9) Forbearance Agreement of Attached Hereto
June 5, 1995 with Provident Bank
of Maryland
(11) Statement re computation of per share Attached Hereto
earnings
(15) Letter on unaudited interim financial Not Applicable
information
(18) Letter on change in accounting Not Applicable
principles
(19) Reports furnished to security holders Not Applicable
(22) Published report regarding matters Not Applicable
submitted to vote of security holders
(23) Consents of experts and counsel Not Applicable
(24) Power of Attorney Not Applicable
(27) Financial Data Schedule Attached Hereto
(99) Additional Exhibits Not Applicable
-17-
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<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
April 30, 1995 10QSB and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<CIK> 0000004325
<NAME> AMALGAMATED AUTOMOTIVE INDUSTRIES INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<CASH> 46,672
<SECURITIES> 0
<RECEIVABLES> 826,548
<ALLOWANCES> 10,000
<INVENTORY> 3,385,796
<CURRENT-ASSETS> 4,382,636
<PP&E> 2,699,882
<DEPRECIATION> 1,677,867
<TOTAL-ASSETS> 6,071,150
<CURRENT-LIABILITIES> 3,584,664
<BONDS> 1,043,149
<COMMON> 2,949
0
0
<OTHER-SE> 1,175,400
<TOTAL-LIABILITY-AND-EQUITY> 6,071,150
<SALES> 4,100,944
<TOTAL-REVENUES> 4,324,056
<CGS> 2,689,955
<TOTAL-COSTS> 1,475,535
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 171,853
<INCOME-PRETAX> (13,287)
<INCOME-TAX> 0
<INCOME-CONTINUING> (13,287)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (13,287)
<EPS-PRIMARY> (.01)
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