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 ________July_31,_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 Numbers______1-6686__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 July 31, 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
PART I
FINANCIAL INFORMATION
Item 1. Financial_Statements (continued)
AMALGAMATED AUTOMOTIVE INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
July 31, October 31,
ASSETS ___1995____ __1994(a)__
CURRENT ASSETS
Cash $ 119,409 $ 97,500
Accounts receivable - net allowance
for doubtful accounts - (1995 -
$10,000, 1994 - $4,000) 792,004 892,587
Other receivables 6,519 74,417
Inventories - at the lower of cost
or market (first-in, first-out) 3,114,402 3,117,078
Prepaid expenses 110,678 82,453
Deferred Taxes ___10,749 ___10,749
Total current assets $ 4,153,761 $ 4,274,784
PROPERTY AND EQUIPMENT - AT COST
Land $ 190,874 $ 190,560
Buildings 921,160 921,160
Leasehold improvements 283,603 277,559
Fixtures and equipment 714,884 706,005
Autos and trucks __587,246 __640,007
$ 2,697,767 $ 2,735,291
Less accumulated depreciation and
amortization 1,697,055 1,682,541
$ 1,000,712 $ 1,052,750
OTHER ASSETS
Excess of cost over net assets of
companies acquired $ 499,583 $ 501,637
Other 115,857 116,099
Loan Origination Cost
Net of Amortization ___46,949 ___57,223
$ __662,389 $ __674,959
$ 5,816,862 $ 6,002,493
========== =========
(a) Reflects impact of restatement of financial results for the twelve months
ended October 31, 1993. See Amendment No. 1 on Form 10-QSB/A (Filed May 3,
1994) to the Issuer's Quarterly Report on Form 10-QSB for the three months
ended January 31, 1994, the Issuer's Current Report on Form 8-K, dated April
25, 1994, and Amendment No.1 on Form 10-KSB/A to the Issuer's Annual Report
on Form 10-KSB for the fiscal year ended October 31, 1993.
-5-
FORM 10-QSB
PART I
FINANCIAL INFORMATION
Item 1. Financial_Statements (Continued)
AMALGAMATED AUTOMOTIVE INDUSTRIES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
For the Nine Months
____Ended_July_31____
_1995__ _1994(a)
Cash flows from operating activities:
Net income (loss) $(121,756) $(170,727)
Noncash items included in net income:
Depreciation and amortization 110,631 97,960
(Increase) decrease in:
Accounts and other receivables 168,481 (33,628)
Inventories (2,676) (350,594)
Prepaid expenses (28,225) (2,836)
Other Assets 242 0
Increase (decrease) in:
Accounts payable 101,105 590,447
Compensation payable (15,431) 0
Accrued liabilities (6,334) (38,644)
Net cash provided by (used in)
operating activities $_206,037 $ 91,978
Cash flows from investing activities:
Proceeds from Sale of Assets $ 2,850
Purchase of property and equipment 17,966 (46,959)
Net cash provided by (used in)
investing activities $ 17,966 $ (44,109)
Cash flows from financing activities:
Debt reduction - Loans, Mtgs & Leases $(109,187) (85,771)
Net borrowings under line of credit (56,975) (101,000)
Net cash provided by (used in)
financing activities $(166,189) $(186,771)
Net increase (decrease) in cash $ 21,909 $ 28,396
Cash - beginning _97,500 _69,195
Cash - ending $ 119,409 $ 97,591
======= =======
Schedule of noncash investing transactions
Acquisition of property and equipment $ 41,305 $ 46,959
Financing from long-term obligations _23,339 ______0
Cash payment for property
and equipment $ 17,966 $ 46,959
======= =======
(a) Reflects impact of restatement of financial results for the twelve months
ended October 31, 1993. See Amendment No. 1 on Form 10-QSB/A (Filed May 3,
1994) to the Issuer's Quarterly Report on Form 10-QSB for the three months
ended January 31, 1994, the Issuer's Current Report on Form 8-K, dated April
25, 1994, and Amendment No 1. on Form 10-KSB/A to the Issuer's Annual Report
on Form 10-KSB for the fiscal year ended October 31, 1993.
-7-
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__ 9/19/95 ________________ /s/ Kurt J. Myers____________________________
Kurt J. Myers, Chairman of Board,
President and Chief Executive Officer
Date __9/19/95_________________ /s/ Nick J. Chacanias________________________
Nick J. Chacanias, Treasurer
-15-
This schedule contains summary financial information extracted from
July 31, 1995 10QSB and is qualified in its entirety by reference
to such financial statements.
[/LEGEND]
[CIK] 0000004325
[NAME] AMALGAMATED AUTOMOTIVE INDUSTRIES INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] 9-MOS
[FISCAL-YEAR-END] OCT-31-1995
[PERIOD-END] JULY-31-1995
[CASH] 119,409
[SECURITIES] 0
[RECEIVABLES] 802,004
[ALLOWANCES] 10,000
[INVENTORY] 3,114,402
[CURRENT-ASSETS] 4,153,761
[PP&E] 2,697,767
[DEPRECIATION] 1,697,055
[TOTAL-ASSETS] 5,816,862
[CURRENT-LIABILITIES] 3,462,183
[BONDS] 1,026,397
[COMMON] 2,949
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[OTHER-SE] 1,325,333
[TOTAL-LIABILITY-AND-EQUITY] 5,816,862
[SALES] 6,271,102
[TOTAL-REVENUES] 6,501,744
[CGS] 4,151,279
[TOTAL-COSTS] 2,207,894
[OTHER-EXPENSES] 0
[LOSS-PROVISION] 0
[INTEREST-EXPENSE] 264,327
[INCOME-PRETAX] (121,756)
[INCOME-TAX] 0
[INCOME-CONTINUING] (121,756)
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] (121,756)
[EPS-PRIMARY] (.13)
[EPS-DILUTED] (.13)
</TABLE>
