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FORM 10-K/A
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
For the Fiscal Year Ended December 31, 1998
OR
[ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
COMMISSION FILE NUMBER: 811-854
IIC INDUSTRIES INC.
(Exact name of Registrant as specified in its charter)
DELAWARE 13-5675984
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
420 LEXINGTON AVENUE
NEW YORK, NEW YORK 10170
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (212) 297-6132
Securities registered pursuant to Section 12(b) of the Act: NONE
TITLE OF EACH CLASS NAME OF EACH EXCHANGE ON WHICH REGISTERED
- ------------------- -----------------------------------------
N/A N/A
Securities registered pursuant to Section 12(g) of the Act:
COMMON STOCK, $0.25 PAR VALUE
(Title of Class)
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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 by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
The purpose of this amendment is to correct a typographical error on the
Statement of Cash Flows for the year ended December 31, 1998. (Item 14(a)(1).
The amended Statement of Cash Flows is attached.
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IIC Industries, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31,
(dollar amounts in thousands)
<TABLE>
<CAPTION>
1998 1997 1996
-------- -------- --------
<S> <C> <C> <C>
Cash flows from operating activities
Net income $ 3,629 $ 5,373 $ 12,711
-------- -------- --------
Adjustments to reconcile net income to net cash
provided by (used in) operating activities
Depreciation 3,428 3,555 3,253
Amortization 25 67 75
Equity in (earnings) of affiliates, net
of dividends (4,361) (4,156) (4,230)
Minority interest 434 (1,087) 2,935
Gain on sale of noncurrent assets (410) (2,486) (2,230)
Foreign currency loss 2,563 2,453 263
Changes in operating assets and liabilities, net
of effects of acquisition and dispositions of
businesses:
Accounts receivable 2,165 3,122 (13,339)
Inventories 7,983 12,012 (20,880)
Advances to subcontractors 1,054
Other assets 405 64 (188)
Accounts payable and accrued expenses 4,426 (3,932) 7,772
Advances from customers 372 (7,018) 1,681
-------- -------- --------
Total adjustments 17,030 2,594 (23,834)
-------- -------- --------
Net cash provided by (used in) operating
activities 20,659 7,967 (11,123)
-------- -------- --------
Cash flows from investing activities
Purchase of subsidiaries, net of cash acquired (3,668) (359) (2,510)
Purchase of property and equipment (5,092) (5,264) (10,636)
Purchase of investments (12,993) (3,730) (1,713)
(Purchase) sale of other assets (1,984) 234 74
Deposits 2,000
Advances (to) from affiliates (56) 158 (71)
Proceeds on disposal of property and equipment 1,600 2,733 3,178
Proceeds on disposal of investments 717 2,549 1,558
Restricted cash (156) 8,145 (2,637)
Redemption of notes and loan receivable 94 389 196
-------- -------- --------
Net cash (used in) provided by investing
activities (19,538) 4,855 (12,561)
-------- -------- --------
</TABLE>
The accompanying notes are an integral part of these statements.
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IIC Industries, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
Years ended December 31,
(dollar amounts in thousands)
<TABLE>
<CAPTION>
1998 1997 1996
-------- -------- --------
<S> <C> <C> <C>
Cash flows from financing activities
Issuance of long-term debt $ 1,240 $ 911 $ 422
Principal payments on long-term debt (2,641) (100) (381)
Net (payments) receipts of short-term bank loans (11,799) (6,766) 23,074
-------- -------- --------
Net cash (used in) provided by financing
activities (13,200) (5,955) 23,115
-------- -------- --------
(Decrease) increase in cash and cash
equivalents during the year before
effect of exchange rate on cash (12,079) 6,867 (569)
Effect of exchange rate on cash 255 (1,297) (1,634)
-------- -------- --------
(Decrease) increase in cash and cash
equivalents during the year (11,824) 5,570 (2,203)
Cash and cash equivalents at beginning of year 22,781 17,211 19,414
-------- -------- --------
Cash and cash equivalents at end of year $ 10,957 $ 22,781 $ 17,211
======== ======== ========
Supplemental disclosures of cash flow information:
Cash paid during the year for
Interest $ 2,336 $ 5,976 $ 6,077
Income taxes 2,170 3,457 3,225
</TABLE>
The accompanying notes are an integral part of these statements.
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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.
Dated: April 27, 1999 IIC Industries Inc.
By: /s/ Bernard Schreier
---------------------
Bernard Schreier, Chairman
of the Board and President
(Principal Executive Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report
has been signed below by the following persons in the capacities and on the
dates indicated.
SIGNATURE TITLE DATE
--------- ----- ----
/s/ Bernard Schreier Chairman of the Board, April 27, 1999
------------------------ President and Director
Bernard Schreier (Principal Executive Officer)
/s/ Michael M. Wreschner Director April 27, 1999
------------------------ (Principal Financial Officer
Michael M. Wreschner and Chief Accounting Officer)
