<PAGE>
Form 10-K/A
Amendment No. 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the Fiscal Year ended May 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _______ to _________
Commission File No. 0-5815
AMERICAN CONSUMERS, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-1033765
- ------------------------------------- -----------------------------
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or Number)
organization)
P.O. Box 2328, 418-A Battlefield Pkwy., Ft. Oglethorpe, GA 30742
-------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (706) 861-3347
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $0.10 par value
- --------------------------------------------------------------------------------
(Title of Class)
Exhibit Index on Page __
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The Registrant hereby amends its Annual Report on Form 10-K for the fiscal
year ended May 31, 1997, to add Exhibit 27, the Financial Data Schedule.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) 1. The following Financial Statements included in the Company's 1997
Annual Report to the security holders for the fiscal year ended May
31, 1997, are incorporated by reference in Item 8 hereof:
- Report of Independent Accountants
- Balance Sheets - May 31, 1997 and June 1, 1996
- Statements of Income and Retained Earnings - Fiscal Years Ended
May 31, 1997; June 1, 1996; and June 3, 1995
- Statements of Cash Flows - Fiscal Years Ended May 31, 1997; June
1, 1996; and June 3, 1995
- Notes to Financial Statements
2. None of the schedules for which provision is made in the applicable
accounting regulations of the Securities and Exchange Commission are
required under the related instructions, or else are inapplicable to
the Company, and therefore no such schedules have been filed.
3. The following exhibits are either incorporated by reference or
attached to and made a part of this report:
Exhibit 3 Articles of Incorporation and By-Laws. Incorporated by
reference to Exhibit 3 to Form 10-K for the year ended
May 29, 1993.
Exhibit 10(a) Line of Credit Loan Agreement, related Note and
Security Agreement dated as of August 1992 by and
between the Company and Wachovia Bank of Georgia, N.A.
Incorporated by reference to Exhibit 10(a) to Form 10-K
for the year ended May 29, 1993.
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Exhibit 10(b) Financial Management Account Investment/Commercial Loan
Access Agreement dated October 1, 1993, Amending Line
of Credit Loan Agreement dated as of August 1992 by and
between the Company and Wachovia Bank of Georgia, N.A.
Incorporated by reference to Exhibit 10(b) to Form 10-K
for the year ended June 3, 1995.
Exhibit 10(c) Note and Security Agreement, together with related
Addendum to Financial Management Account Investment/
Commercial Loan Access Agreement between the Company
and Wachovia Bank of Georgia, N.A., dated July 6, 1994.
Incorporated by reference to Exhibit 10(c) to Form 10-K
for the year ended June 3, 1995.
Exhibit 10(d) Letter Agreement dated December 5, 1994 amending
Financial Management Account Investment/Commercial Loan
Access Agreement between the Company and Wachovia Bank
of Georgia, N.A. Incorporated by reference to Exhibit
10(d) to Form 10-K for the year ended June 3, 1995.
Exhibit 10(e) Promissory Notes to related stockholder. Incorporated
by reference to Exhibit 10(d) to Form 10-K for the year
ended May 29, 1993.
Exhibit 10(f) Lease for the Company's Ringgold, Georgia location.
Incorporated by reference to Exhibit 10(e) to Form 10-K
for the year ended May 29, 1993.
Exhibit 10(g) Agreement for the Company's LaFayette, Georgia
location. Incorporated by reference to Exhibit 10(f)
to Form 10-K for the year ended May 29, 1993.
Exhibit 10(h) Lease Agreement for the Company's Chatsworth, Georgia
location. Incorporated by reference to Exhibit 10(g)
to Form 10-K for the year ended May 29, 1993.
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Exhibit 10(i) Lease Agreement for the Company's Chickamauga, Georgia
location. Incorporated by reference to Exhibit 10(h)
to Form 10-K for the year ended May 29, 1993.
Exhibit 10(j) Renewal Lease Agreement for the Company's Stevenson,
Alabama location. Incorporated by reference to Exhibit
10(h) to Form 10-K for the year ended May 28, 1994.
Exhibit 10(k) Lease Agreement for the Company's Dayton, Tennessee
location. Incorporated by referenced to Exhibit 10(j)
to Form 10-K for the year ended May 29, 1993.
Exhibit 10(l) Lease Agreement for the Company's Trenton, Georgia
location. Incorporated by reference to Exhibit 10(k)
to Form 10-K for the year ended May 29, 1993.
Exhibit 10(m) Lease Agreement for the Company's Executive offices.
Incorporated by reference to Exhibit 10(l) to Form 10-K
for the year ended May 29, 1993.
Exhibit 10(n) Equipment Lease and Master License Agreement dated
March 31, 1995 between the Company and Fleming
Companies, Inc. pertaining to the equipment and
software for the Company's electronic cash registers
and scanning equipment. Incorporated by reference to
Exhibit 10(n) to Form 10-K for the year ended June 1,
1996.
Exhibit 10(o) Collateral Substitution Agreement, together with
related Collateral Assignment of Deposit, between the
Company and Wachovia Bank of Georgia, N.A., dated May
19, 1997.
Exhibit 13 Annual Report to Shareholders for the Fiscal Year ended
May 31, 1997.
Exhibit 23 Consent of Messrs. Hazlett, Lewis & Bieter.
Exhibit 27 Financial Data Schedule.
(b) The Company has not filed any report on Form 8-K during the last quarter of
the period covered by this report.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
AMERICAN CONSUMERS, INC.
Date: August 26, 1997 By: s/MICHAEL A. RICHARDSON
-----------------------
Michael A. Richardson
Chairman of the Board,
President and Chief
Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
Signature Title Date
--------- ----- ----
s/MICHAEL A. RICHARDSON Chairman of the Board, August 26, 1997
- ------------------------ President and Chief
Michael A. Richardson Executive Officer
s/PAUL R. COOK Executive Vice- August 26, 1997
- ------------------------ President, Chief
Paul R. Cook Financial Officer,
Treasurer (Chief
Accounting Officer) and
Director
s/VIRGIL E. BISHOP Vice-President and August 26, 1997
- ------------------------ Director
Virgil E. Bishop
s/JOHN P. PRICE Director August 26, 1997
- ------------------------
John P. Price
Director August ___, 1997
- ------------------------
Thomas L. Richardson
s/JEROME P. SIMS Director August 26, 1997
- ------------------------
Jerome P. Sims, Sr.
Director August __, 1997
- ------------------------
Herbert S. Willbanks
<TABLE> <S> <C>
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<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF AMERICAN CONSUMERS, INC. FOR THE YEAR ENDED MAY 31, 1997
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<CASH> 1,043,990
<SECURITIES> 190,878
<RECEIVABLES> 146,751
<ALLOWANCES> 0
<INVENTORY> 1,737,809
<CURRENT-ASSETS> 3,221,667
<PP&E> 2,873,014
<DEPRECIATION> 1,803,230
<TOTAL-ASSETS> 4,301,451
<CURRENT-LIABILITIES> 1,221,243
<BONDS> 0
0
0
<COMMON> 92,150
<OTHER-SE> 2,488,016
<TOTAL-LIABILITY-AND-EQUITY> 4,301,451
<SALES> 28,004,993
<TOTAL-REVENUES> 28,004,993
<CGS> 22,047,027
<TOTAL-COSTS> 22,047,027
<OTHER-EXPENSES> 5,802,594
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 72,116
<INCOME-PRETAX> 128,634
<INCOME-TAX> 19,719
<INCOME-CONTINUING> 108,915
<DISCONTINUED> 0
<EXTRAORDINARY> 0
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<NET-INCOME> 108,915
<EPS-PRIMARY> 0.12
<EPS-DILUTED> 0.12
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