SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment No. 1 to Form 10-Q
[X] Quarterly report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended March 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 Number 1-4704
GUARDSMAN PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
Delaware 38-0593900
(State of incorporation) (I.R.S. Employer Identification No.)
3033 Orchard Vista Drive, S. E., Suite 200
P.O. Box 1521, Grand Rapids, Michigan 49501
(Address of principal executive offices) (Zip Code)
(616) 957-2600
(Registrant's telephone number, including area code)
Not Applicable
(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.
Common Stock, $1 Par Value, 9,494,936 shares at April 30, 1995.
-1-
This Amendment No. 1 to Form 10-Q is filed solely for the
purpose of filing with the Commission Exhibits 11 and 27.
-2-
GUARDSMAN PRODUCTS, INC.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
(11) Statement re: Computation of Per Share Income.
(27) Financial Data Schedule
b) Reports on Form 8-K
The Registrant did not file a Form 8-K Current Report during
the first quarter of 1995.
-3-
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.
GUARDSMAN PRODUCTS, INC.
Date: May 9, 1995 \s\Henry H. Graham, Jr.
Henry H. Graham, Jr.
Vice President of Finance and
Chief Financial Officer
-4-
EXHIBIT INDEX
Exhibit
Number Document
11 Statement re: Computation of Per Share Income
27 Financial Data Schedule
-5-
EXHIBIT 11
<TABLE>
GUARDSMAN PRODUCTS, INC.
STATEMENT RE: COMPUTATION OF PER SHARE INCOME
(in thousands, except per share data)
<CAPTION>
Three Months Ended
March 31,
1995 1994
<S> <C> <C>
Weighted average shares outstanding 9,484 7,941
Increase in dilutive incremental
shares issuable upon exercise
of common stock as computed
by maximum dilutive methods 73 54
Common shares assuming full dilution 9,557 7,995
Net income $ 1,672 $ 1,165
Fully diluted net income per share $ .17 $ .15
</TABLE>
NOTE: The income per share calculations noted above differ from the
calculations used in determining income per share reported in the condensed
consolidated financial statements, which were based on weighted average
shares outstanding. These differences result from the inclusion of
outstanding stock options and other shares using maximum dilutive methods
in the above calculations, which were excluded from the calculation of
income per share reported in the condensed consolidated financial
statements because they were not materially dilutive (i.e., less than 3%).
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FIRST QUARTER 1995 FORM 10-Q AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 5,386
<SECURITIES> 0
<RECEIVABLES> 35,168
<ALLOWANCES> 667
<INVENTORY> 32,974
<CURRENT-ASSETS> 80,479
<PP&E> 48,160
<DEPRECIATION> 19,477
<TOTAL-ASSETS> 146,217
<CURRENT-LIABILITIES> 35,344
<BONDS> 30,403
<COMMON> 9,495
0
0
<OTHER-SE> 56,182
<TOTAL-LIABILITY-AND-EQUITY> 146,217
<SALES> 64,340
<TOTAL-REVENUES> 64,340
<CGS> 43,060
<TOTAL-COSTS> 43,060
<OTHER-EXPENSES> 17,972
<LOSS-PROVISION> 108
<INTEREST-EXPENSE> 484
<INCOME-PRETAX> 2,834
<INCOME-TAX> 1,162
<INCOME-CONTINUING> 1,672
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,672
<EPS-PRIMARY> .18
<EPS-DILUTED> .00
</TABLE>
