<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(MARK ONE)
( X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
---------------------------------------------
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 0-8410
--------------------------------------
WYANT CORPORATION
- -------------------------------------------------------------------------------
(Exact name of registration as specified in its charter)
New York 11-2236837
- -------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
100 Readington Road Somerville, New Jersey 08876
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code 908-707-1800
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 requirement for the past 90 days.
Yes X No
------- -----------
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the close of the latest practicable date.
Class Outstanding at May 11, 1998
- -------------------------------------------------------------------------------
Common stock, $.01 par value 1,703,676
1
<PAGE> 2
WYANT CORPORATION
FORM 10-Q
QUARTER ENDED MARCH 31, 1998
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The attached unaudited consolidated financial statements of Wyant Corporation
reflect all adjustments which are, in the opinion of management, necessary to
present a fair statement of the operating results for the interim periods.
Consolidated balance sheet 3
Consolidated statement of operations 4
Consolidated statement of cash flows 5
Consolidated statement of stockholders' equity 6
Notes to consolidated financial statements 7-10
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
2
<PAGE> 3
PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
WYANT CORPORATION
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
March 31 December 31
1998 1997
---- ----
ASSETS
CURRENT
Cash and cash equivalents $ -- $ 156,131
Accounts receivable 13,719,595 12,920,004
Inventories (note 3) 8,167,449 8,245,125
Other 1,642,165 1,782,667
----------- -----------
TOTAL CURRENT ASSETS 23,529,209 23,103,927
Capital assets 19,135,986 19,318,814
Other assets 1,262,166 1,410,142
----------- -----------
TOTAL ASSETS $43,927,361 $43,832,883
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT
Bank indebtedness $ 1,973,170 $ 2,204,719
Committed revolving credit facility 6,101,791 5,880,748
Accounts payable and accrued expenses 10,281,414 9,667,050
Income taxes payable 952,288 1,252,988
Current portion of long-term debt (note 4) 770,975 789,035
Current portion of preferred stock of subsidiary 552,828 550,084
----------- -----------
TOTAL CURRENT LIABILITIES 20,632,466 20,344,624
Long-term debt (note 4) 5,655,576 5,548,021
Preferred stock of subsidiary (note 2) 3,874,608 4,379,527
Deferred income taxes 1,526,374 1,780,726
STOCKHOLDERS' EQUITY (note 2)
Common stock, par value $0.01 per share 27,037 27,037
Additional paid-in capital 6,806,867 6,806,867
Retained earnings 5,546,534 5,112,006
Cumulative translation adjustment (142,101) (165,925)
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 12,238,337 11,779,985
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $43,927,361 $43,832,883
=========== ===========
</TABLE>
See accompanying notes
3
<PAGE> 4
WYANT CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
Net sales $23,975,242 $22,129,598
Cost of sales 16,615,319 15,433,423
----------- -----------
Gross profit 7,359,923 6,696,175
Expenses
Selling 3,789,378 3,849,283
General and administration 2,362,205 2,909,175
Amortization 120,552 126,443
---------- -----------
6,272,135 6,884,901
---------- -----------
Operating income (loss) 1,087,788 (188,726)
Other Income (expense)
Interest income -- 11,816
Interest expense (341,740) (173,068)
Other 82,926 137,493
---------- -----------
(258,814) (23,759)
---------- -----------
Income (loss) before tax 828,974 (212,485)
Income tax expense (benefit)
Current 290,000 (146,000)
Deferred 29,000 110,000
---------- -----------
319,000 (36,000)
---------- -----------
Net income (loss) 509,974 (176,485)
Dividends and accretion of mandatorily
redeemable preferred stock 75,446 --
---------- -----------
Net income (loss) attributable to common shares $ 434,528 $ (176,485)
========== ===========
Per common share (note 5)
Basic $ 0.12 $ (0.05)
Diluted 0.12 (0.05)
</TABLE>
See accompanying notes
4
<PAGE> 5
WYANT CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
OPERATING ACTIVITIES
Net income (loss) $ 509,974 $ (176,485)
Items not affecting cash
Depreciation and amortization 498,140 412,788
Deferred income taxes 29,000 110,000
Deferred pension costs (30,216) (35,920)
Changes in non-cash working capital balances
Accounts receivable (799,591) (918,933)
Inventories 77,676 (228,821)
Other current assets (148,793) (765,907)
Accounts payable 614,364 (375,587)
Incomes taxes payable (300,700) 6,080
---------- ----------
449,854 (1,972,785)
INVESTING ACTIVITIES
Purchase of capital assets (210,524) (459,794)
Sale of marketable securities -- 446,812
Decrease (increase) in other assets 17,961 (67,986)
---------- ----------
(192,563) (80,968)
FINANCING ACTIVITIES
Repayment of long-term debt (162,086) (536,370)
Increase in long-term debt 460,241 4,120,000
Redemption of preferred shares of subsidiary (550,122) --
Dividends on preferred shares of subsidiary (49,511) --
Distribution to G.H. Wood + Wyant Inc. shareholders (note 2) -- (3,667,033)
Increase (decrease) in bank indebtedness (231,549) 1,519,505
Distribution to minority shareholders -- (156,839)
Decrease (increase) in acquisition escrow fund 100,101 (1,092)
---------- ----------
(432,926) 1,278,171
Effect of exchange rate changes on cash 19,504 5,627
---------- ----------
Net decrease in cash (156,131) (769,955)
Cash and cash equivalents, beginning of period 156,131 1,570,625
---------- ----------
Cash and cash equivalents, end of period $ -- $ 800,670
========== ==========
</TABLE>
See accompanying notes
5
<PAGE> 6
WYANT CORPORATION
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
---- ----
<S> <C> <C>
Common stock at par value $ 27,037 $ 27,037
----------- -----------
Additional paid-in capital 6,806,867 6,789,397
----------- -----------
Retained earnings
Balance at beginning of period 5,112,006 4,999,823
Net income (loss) 509,974 (176,485)
Dividends declared (49,511) --
Accretion (25,935) --
Distributions to minority shareholders -- (156,839)
----------- -----------
Balance at end of period 5,546,534 4,666,499
----------- -----------
Accumulated other comprehensive income
Balance at beginning of period (165,925) 26,955
Foreign currency translation adjustments 23,824 (48,369)
----------- -----------
Balance at end of period (142,101) (21,414)
----------- -----------
Treasury stock -- (31,530)
----------- -----------
Total stockholders' equity $12,238,337 $11,429,989
=========== ===========
Comprehensive income
Net income (loss) $ 509,974 $ (176,485)
Other - Foreign currency translation adjustments 23,824 (48,369)
----------- -----------
Comprehensive income for period $ 533,798 $ (224,854)
=========== ===========
Number of common shares issued 2,271,484 2,271,484
Treasury stock held -- (14,933)
----------- -----------
Number of common shares issued and outstanding 2,271,484 2,256,551
Common shares issuable upon conversion
of exchangeable shares (note 2) 1,333,333 1,333,333
----------- -----------
Number of common shares issued, issuable and
outstanding (note 5) 3,604,817 3,589,884
=========== ===========
</TABLE>
See accompanying notes
6
<PAGE> 7
WYANT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(INFORMATION AS AT MARCH 31, 1998 AND FOR THE THREE MONTHS
ENDED MARCH 31, 1998 AND 1997 ARE UNAUDITED)
1. GENERAL
The accompanying unaudited consolidated financial statements include the
accounts of Wyant Corporation (formerly Hosposable Products, Inc.) and its
wholly-owned subsidiaries, Bridgewater Manufacturing Corp., IFC
Disposables, Inc. and Wood Wyant Inc. They have been prepared in
accordance with accounting principles generally accepted in the United
States for interim financial information and with the instructions to Form
10-Q and Article 10 of Regulation S-X. Accordingly, they do not include
all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion
of management, the accompanying consolidated financial statements contain
all adjustments, consisting only of normal recurring accruals considered
necessary to present fairly the financial position as of March 31, 1998,
the results of operations, cash flows and changes in stockholders' equity
for the three months ended March 31, 1998 and 1997. For further
information, refer to the financial statements and notes thereto included
in the Company's annual report for the year ended December 31, 1997.
2. BASIS OF PRESENTATION
On March 18, 1997 the Corporation, through a wholly owned subsidiary, Wood
Wyant Inc., purchased the Canadian operations of G.H. Wood + Wyant Inc.
for [i] cash consideration of Cdn $5,000,000 [US $3,667,033], [ii] a
promissory note [" the Note"] in the amount of Cdn $4,068,951
[US $2,961,606] having a fair value of US $2,798,794, [iii]
3,800,000 shares of Class B Preferred Stock of Wood Wyant Inc. having a
liquidation preference of Cdn $3,800,000 [US $2,765,849] and a fair value
of US $2,267,900, and [iv] 1,000,000 shares of Class E Preferred Stock of
Wood Wyant Inc. having a liquidation preference per share of one share of
Wyant Corporation Common Stock. The fair value of Class E Preferred shares
at March 18, 1997 was US $5,000,000. These Class E Preferred shares are
recorded at par value of $10,000 in Wyant Corporation Common Stock and
$4,990,000 in additional paid-in capital. Each Class E Preferred share is
exchangeable by the holder at any time for one share of Wyant Corporation
Common Stock.
The transaction represents a combination of entities under common control
and has been accounted for in a manner similar to a pooling of interests.
Accordingly, the comparative figures in these financial statements
retroactively reflect the financial information of the combined entities.
The excess of the fair value of the consideration paid of US $13,733,727
over the book value of the net assets acquired of US $8,638,875 [Cdn
$11,868,951] is considered a deemed dividend for accounting purposes,
which reduces the additional paid-in capital by US $5,094,852. The Note,
which yielded interest at 6% per annum, was exchanged on August 29, 1997
for shares of Class A Preferred Stock of Wood Wyant Inc. on the basis of
one share for each Cdn $1.00 of unpaid principal amount of the Note.
The Class A and B preferred shares entitle holders to fixed cumulative
preferential dividends at the rate of 4% and 3.999999%, respectively, of
their redemption price of $1.00 Cdn per share and are mandatorily
redeemable in ten consecutive annual tranches, each equal to 10% of their
combined redemption value, commencing on January 3, 1998. No Class B
Preferred shares shall be redeemed until all Class A Preferred shares have
been redeemed. The Class E Preferred shares entitle holders to receive
dividends on a pro-rata basis equivalent to dividends declared to the
Corporation's common stockholders.
7
<PAGE> 8
3. INVENTORIES
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
---- ----
<S> <C> <C>
Raw materials $3,145,122 $3,016,029
Finished goods 5,022,327 5,229,096
---------- ----------
$8,167,449 $8,245,125
========== ==========
</TABLE>
4. LONG-TERM DEBT
<TABLE>
<CAPTION>
March 31, December 31,
1998 1997
---- ----
<S> <C> <C>
Wyant Corporation
New Jersey Economic Development
Authority bonds maturing December 1,
1998 to December 1, 2013 and bearing
interest at fixed rates from 4.7%
to 5.7% $3,929,869 $3,929,869
Other -- 20,000
---------- ----------
3,929,869 3,949,869
Wood Wyant Inc.
Term loan repayable in monthly
installments of Cdn. $20,476 plus
interest at prime plus 3/4% (prime
at March 31, 1998 - 6.5%), maturing
October 1, 2001. Principal amount
Cdn. $1,877,143 (December 31, 1997 -
Cdn. $1,938,571) 1,318,774 1,355,170
Revolving credit facility
(Cdn $1,676,635 - December 31, 1997 -
Cdn. $1,476,300) 1,177,908 1,032,017
---------- ----------
6,426,551 6,337,056
Current portion 770,975 789,035
---------- ----------
$5,655,576 $5,548,021
========== ==========
</TABLE>
8
<PAGE> 9
5. EARNINGS PER SHARE
<TABLE>
<CAPTION>
Three months ended March 31
---------------------------
1998 1997
---- ----
<S> <C> <C>
Numerator
Net income (loss) $ 509,974 $ (176,485)
Preferred stock dividends and accretion 75,446 --
---------- ----------
Numerator for basic and diluted earnings per share -
income available to common stockholders $ 434,528 $ (176,485)
========== ==========
Denominator
Denominator for basic earnings per share -
weighted-average shares issued, issuable
and outstanding 3,604,817 3,589,884
Effect of dilutive securities
Stock options 96,062 --
---------- ----------
Denominator for diluted earnings per share -
adjusted weighted-average shares 3,700,879 3,589,884
========== ==========
Basic earnings per share $ 0.12 $ (0.05)
Diluted earnings per share $ 0.12 $ (0.05)
</TABLE>
Earnings per share for the three months ended March 31, 1997 have been
restated to reflect retroactively the implementation in the fourth quarter
of 1997 of FAS 128 - Earnings per share - and the inclusion of the
1,333,333 Class E Preferred shares of Wood Wyant Inc., which are
exchangeable on a one-for-one basis for common shares of the Corporation,
in the average number of shares outstanding used to compute both basic and
diluted earnings per share.
Also, the number of shares and earnings per share reported for both periods
have been amended to reflect a four-for-three stock split effected in the
form of a stock dividend, which was announced on March 27, 1998 and is to
be paid on May 21, 1998.
6. SEGMENT INFORMATION
THREE MONTHS ENDED MARCH 31
---------------------------
<TABLE>
<CAPTION>
Sanitation Health Care Wiping
Products Products Products Total
---------- ----------- -------- -----
<S> <C> <C> <C> <C>
1998
----
Revenues from external customers $11,500,782 $ 8,923,580 $3,550,880 $23,975,242
Intersegment revenues 832,171 863,605 587,214 2,282,990
Segment income before taxes 465,529 274,456 88,989 828,974
Segment assets 19,944,532 18,760,902 5,221,927 43,927,361
1997
----
Revenues from external customers 12,287,019 6,727,349 3,115,230 22,129,598
Intersegment revenues 726,293 340,870 116,675 1,183,838
Segment income (loss) before taxes 543,384 (842,089) 86,220 (212,485)
</TABLE>
9
<PAGE> 10
7. SUBSEQUENT EVENT
On April 30, 1998, Wood Wyant Inc. acquired all of the outstanding shares
of H.A. Perigord Company Limited, a leading provider of sanitation products
and services to the commercial and institutional markets of Northern
Ontario.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following information should be read in conjunction with the accompanying
unaudited financial statements and the notes thereto included in Item I of this
quarterly report, and the financial statements and the notes thereto and
management's discussion and analysis of financial condition and results of
operations contained in the Company's Annual Report on Form 10-K for the year
ended December 31, 1997.
RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1998 COMPARED WITH THE THREE MONTHS
ENDED MARCH 31, 1997
SALES
- -----
Sales for the three months ended March 31, 1998 increased by $1,845,644 to
$23,975,242 from the total of $22,129,598 in the first quarter of 1997, after
eliminating inter-segment sales, which amounted to $2,282,990 in the current
quarter, compared with $1,183,838 in the first quarter of 1997. Sales of the
sanitation products segment were $12,332,953, down by $680,359 or 5.2% as a
result of the negative impact of a weaker Canadian dollar translation rate and
lower selling prices for paper products. In the health care products segment
sales were $9,787,185, up by $2,718,966 or 38.5% from the level in the first
quarter of 1997. This resulted primarily from the additional sales of
Symphony (R) and private label adult incontinent briefs, which were introduced
late in the first quarter of 1997. Sales of the wiping products segment at
$4,138,094 were $906,189 or 28.0% higher than in the first quarter of 1997 due
to a significant increase in sales of paper products and systems.
COST OF SALES AND GROSS PROFIT
- ------------------------------
Gross profit of the sanitation products segment decreased to 38% of sales from
40% in the first quarter of 1997, reflecting the lower selling prices for paper
products. In the health care products segment, gross profit improved to 20% of
sales from 12% in the same quarter last year, due to the favorable impact of the
higher sales volume and to manufacturing efficiencies. Gross profit of the
wiping products segment declined from 20% in the first quarter of 1997 to 17% in
the current quarter. The lower margin was the result of a significant increase
in sales of paper products, which generate lower margins than the segment's
other product lines.
SELLING EXPENSES
- ----------------
Selling expenses for the first quarter of 1998 at $3,789,378 were $59,905 or
1.6% lower than in the corresponding period last year. In the sanitation
products segment, selling expenses at $2,498,696 were $84,273 lower than in the
first quarter of 1997, as the impact of the weaker Canadian dollar exchange rate
more than offset an increase of 1.8% in expenses. Selling expenses of the health
care products segment decreased by $44,708 to $782,438 in the first quarter of
1998, as an increase of $115,281 in outward freight costs brought about by the
significantly higher level of sales was more than offset by lower expenses
resulting from cost reduction programs. In the wiping products segment, selling
expenses in the first quarter of 1998 rose by $69,060 to $508,244, reflecting an
increase of $53,665 in outward freight charges caused by the higher sales
volume.
10.
<PAGE> 11
GENERAL AND ADMINISTRATION EXPENSES
- -----------------------------------
General and administration expenses declined by $546,970 or 18.8% to $2,362,205
in the first quarter of 1998. Expenses of the sanitation products segment at
$1,627,228 were $418,487 lower than in the corresponding period last year. The
savings resulted primarily from reduced staffing costs, lower rent charges due
to the consolidation of warehousing facilities at a Company-owned facility and
the weaker Canadian dollar exchange rate. In the health care products segment,
expenses for the current quarter at $624,077 were $125,505 lower than in the
same quarter in 1997, due to the benefits realized from expense reduction
programs implemented during 1997, primarily relating to lower staffing levels.
Expenses of the wiping products segment at $110,900 were $2,978 lower in the
current quarter.
AMORTIZATION
- ------------
Amortization of $120,552 was $5,891 lower than in the first quarter of 1997 due
to the relatively low level of capital spending in 1997.
INTEREST EXPENSE
- ----------------
Interest expense increased by $168,672 to $341,740 in the first quarter of 1998,
primarily due to the cost of the increased borrowing incurred to finance the
acquisition of the Canadian operations of G.H. Wood + Wyant Inc.
OTHER INCOME
- ------------
Other income declined by $66,383 to $82,926 in the current quarter, as a result
of reduced foreign exchange gains in Wood Wyant Inc. and lower interest income.
INCOME (LOSS) BEFORE TAX
- ------------------------
Income before tax of $828,974 was generated in the first quarter of 1998,
compared with a loss before tax of $212,485 in the first quarter of 1997. The
change resulted from the improvement in the health care products segment
($1,116,545) and wiping products segment ($2,769), partially offset by a
reduction of $77,855 in the sanitation products segment.
INCOME TAXES
- ------------
Income taxes in the first quarter of 1998 amounted to $319,000, compared with a
net tax recovery of $36,000 in the first quarter of 1997, reflecting the
Company's improved results.
NET INCOME (LOSS)
- -----------------
Net income for the first quarter of 1998 amounted to $509,974 or $0.12 per
common share, compared with a net loss of $176,485 or $0.05 per common share in
the corresponding period last year. The earnings per share of both periods give
full effect to the 1,333,333 Class E Preferred shares of Wood Wyant Inc. which
are exchangeable for common shares of Wyant Corporation.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
Liquidity and capital resources of the Company's United States operation - the
Wyant Health Care division and IFC Disposables, Inc. - are discussed together,
while the Canadian operations - Wood Wyant Inc. - are discussed separately as
each is self-financing and has separate banking facilities.
11.
<PAGE> 12
CANADIAN OPERATIONS
- -------------------
The Canadian Operations generated $258,301 of cash during the first quarter of
1998. Cash from operations amounted to $951,523, including a net reduction of
$507,293 in working capital. This included a reduction in accounts receivable
of $441,468, as collections returned to normal levels following a postal strike
in late-1997, and in inventories of $347,478. Income taxes payable decreased
by $357,286 during the period, while accounts payable increased by $90,181.
Capital expenditures totalled $157,784 in the first quarter of 1998. New debt
raised during the quarter from an existing facility to finance capital spending
amounted to $197,671, while repayments of long-term debt amounted to $100,560.
In addition, $550,122 of outstanding Class A Preferred shares were redeemed in
January 1998 and dividends of $49,511 were paid on the Class A and Class B
Preferred shares. As at March 31, 1998 approximately $2,300,000 was available
on the Company's secured revolving line of credit of $4,215,259 (Cdn
$6,000,000). An additional amount of approximately $960,000 was available to
finance future capital expenditures under a revolving credit facility of
$2,107,630 (Cdn $3,000,000).
Management believes that future operating cash flows and the unused
availability under existing credit facilities will be sufficient to meet its
ongoing operating cash requirements, to repay the term debt as it becomes due
and to meet cash requirements for capital asset additions.
U.S. OPERATIONS
- ---------------
A total of $233,818 of cash was utilized during the first quarter of 1998.
Operating activities utilized $482,223 of cash, due to a net increase in
working capital of $1,037,419 brought about primarily by increases of
$1,117,434 in accounts receivable and $241,599 in inventories, partially
offset by an increase of $338,352 in accounts payable. The higher receivables
reflected for the most part increased business activity. Capital expenditures
totalled $52,740 during the current quarter. $100,101 was obtained from the
acquisition escrow fund, with an additional $221,043 drawn on the Company's
revolving credit facility. As at March 31, 1998, additional borrowing of
approximately $1,986,000 was available under this facility.
Management believes that future operating cash flows and the unused
availability under existing credit facilities will be sufficient to meet its
ongoing operating cash requirements, to repay the term debt as it becomes due
and to meet cash requirements for capital asset additions.
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
The Company is not involved in any material legal proceedings.
ITEMS 2, 3, 4, 5 & 6
Not applicable
12.
<PAGE> 13
WYANT CORPORATION
SIGNATURES
Pursuant to the requirement 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.
Wyant Corporation
(Registrant)
Date: May 11, 1998 SIGNATURE: /s/ Marc D'Amour
----------------- --------------------------
Marc D'Amour
Vice President, Finance &
Chief Financial Officer
(For the registrant and as Principal
Financial Officer)
13.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM WYANT
CORPORATION FORM 10-Q RE QUARTER ENDED MARCH 31, 1998 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FORM 10-Q MARCH 31, 1998.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 13,719,595
<ALLOWANCES> 0
<INVENTORY> 8,167,449
<CURRENT-ASSETS> 23,529,209
<PP&E> 19,135,986
<DEPRECIATION> 0
<TOTAL-ASSETS> 43,927,361
<CURRENT-LIABILITIES> 20,632,466
<BONDS> 5,655,576
3,874,608
0
<COMMON> 27,037
<OTHER-SE> 12,211,300
<TOTAL-LIABILITY-AND-EQUITY> 43,927,361
<SALES> 23,975,242
<TOTAL-REVENUES> 23,975,242
<CGS> 16,615,319
<TOTAL-COSTS> 22,887,454
<OTHER-EXPENSES> (82,926)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 341,740
<INCOME-PRETAX> 828,974
<INCOME-TAX> 319,000
<INCOME-CONTINUING> 509,974
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 509,974
<EPS-PRIMARY> 0.12
<EPS-DILUTED> 0.12
</TABLE>
