FORM 10-Q/A-1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996 or
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number I-91
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Furniture Brands International, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 43-0337683
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
101 South Hanley Road, St. Louis, Missouri 63105
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 863-1100
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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.<PAGE>
Yes X No
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.
Yes X No
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APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
61,400,945 Shares as of July 31, 1996
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PART I FINANCIAL INFORMATION
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Item 6. Exhibits and Reports on Form 8-k
(a) 99. Press Releases, dated July 30, 1996.<PAGE>
SIGNATURE
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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.
Furniture Brands International, Inc.
(Registrant)
By Steven W. Alstadt
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Steven W. Alstadt
Controller and
Chief Accounting Officer
Date: August 15, 1996<PAGE>
Exhibit 99
FOR IMMEDIATE RELEASE
FURNITURE BRANDS INTERNATIONAL ANNOUNCES REFINANCING
TO ANNUALLY SAVE $0.05 - $0.06 PER COMMON SHARE
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St. Louis, July 30, 1996 - - Furniture Brands International
(NYSE:FBN) announced that, as a result of its strong operating
performance and significant debt reduction during the first half
of 1996, the company has executed a commitment letter with the
agent banks under its existing secured credit agreement which
will result in substantial reductions in interest expense. This
refinancing, which is subject to various conditions, is scheduled
to be finalized by the end of September.
The new secured credit agreement will be structured as a five-
year, reducing revolving credit facility with an initial
commitment totaling $475 million. The company's agent banks,
Bankers Trust Company, NationsBank and Credit Lyonnais, will
provide the facility in conjunction with a syndicate of lending
institutions. The terms of the new secured credit agreement will
provide the company with increased financial flexibility as well
as lower interest rates which are expected to favorably impact
annual results of operations by $0.05 - $0.06 per common share.<PAGE>
Exhibit 99
FOR IMMEDIATE RELEASE
FURNITURE BRANDS INTERNATIONAL AUTHORIZES
UP TO $30 MILLION IN EQUITY REPURCHASES
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St. Louis, July 30, 1996 - - Furniture Brands International
(NYSE:FBN) announced today that its Board of Directors has
authorized repurchases of outstanding common stock and Series 1
Warrants of the company in a total amount up to $30 million over
the next 12 months, subject to certain restrictions in the
company's secured credit agreement. The timing and amounts
purchased will depend upon market conditions. Repurchases may be
effected from time to time in the open market or in negotiated
transactions.
The company recently completed the redemption of its Series 2
Warrants, generating net cash proceeds of approximately $9
million. In addition, the company has executed a commitment
letter with its agent banks to refinance its secured credit
agreement which, among other benefits, will allow for the equity
repurchases. At June 30, 1996, the company had outstanding
approximately 61.4 million shares of common stock and
approximately 5.2 million Series 1 Warrants to purchase
additional shares of common stock at $7.13 per share. These
warrants are redeemable as of August 3, 1997, subject to the
average market price of the common stock prior to that date. <PAGE>
