<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q/A
AMENDMENT 1
X Quarterly Report Under Section 13 or 15 (d) of the Securities
- ----- Exchange Act of 1934
For Quarter Ended June 30, 1995 Commission File No. 1-10594
H. W. KAUFMAN FINANCIAL GROUP, INC.
(exact name of registrant as specified in its charter)
Michigan 38-1903339
(State of Incorporation) (I.R.S. Employer
Identification No.)
30833 NORTHWESTERN HIGHWAY
SUITE 220
FARMINGTON HILLS, MI 48334
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (810) 932-9000
Indicated by a check mark whether the registrant (1) has filed all reports
required 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 ___
As of August 4, 1995 there were 3,440,467 shares of Common Stock outstanding.
The aggregate market value of the voting stock held by non-affiliates (672,622
shares) based upon the closing price of such stock on the American Stock
Exchange on August 4, 1995 was approximately $5,107,268.
As of June 30, 1995 there were 3,440,467 shares of Common Stock at a par value
of $.0025 per share issued and outstanding.
Documents Incorporated by Reference
NONE
-1-
<PAGE> 2
AMENDMENT DESCRIPTION
On April 5, 1994, the Board of Directors declared a 10% stock dividend to
shareholders of record as of April 19, 1994, payable on May 5, 1994 resulting
in 283,093 additional shares issued.
This amendment is to value the transaction based on the market value of the
additional shares of Common Stock issued. Retained earnings was charged for
$1,451,560 and, accordingly, credited to Additional Paid-in Capital.
In addition, on page 1, the number of shares held by non-affiliates on August
4, 1995, is being amended to 672,622.
On the page 5 footnote, the May 5, 1995 date has been amended to May 5, 1994.
<PAGE> 3
H. W. KAUFMAN FINANCIAL GROUP, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, December 31,*
LIABILITIES AND STOCKHOLDERS' EQUITY 1995 1994
----------- -------------
<S> <C> <C>
CURRENT LIABILITIES:
Accounts payable:
Insurance companies $36,553,474 $31,559,820
Customer advance payments 2,846,865 2,137,937
Other 707,127 598,603
Accruals:
Taxes, other than on income 2,104,043 2,566,699
Compensation 1,680,678 2,097,202
Other 301,907 210,666
Current portion of long-term obligations 775,000 425,000
----------- ----------
TOTAL CURRENT LIABILITIES 44,969,094 39,595,927
LONG TERM DEBT, LESS CURRENT PORTION 150,000 425,000
DEFERRED REVENUE 2,266,501 1,115,132
----------- ----------
TOTAL LIABILITIES 47,385,595 41,136,059
STOCKHOLDERS' EQUITY:
Common stock, $.0025 par - 7,500,000
shares authorized; 3,440,467 shares
outstanding in 1995 and 3,123,043
shares outstanding in 1994 8,601 7,808
Additional paid-in capital 3,743,027** 1,953,069**
Retained earnings 3,196,969** 4,906,265**
Securities valuation 119,246 (98,768)
----------- ----------
TOTAL STOCKHOLDERS' EQUITY 7,067,843 6,768,374
----------- -----------
$54,453,438 $47,904,433
=========== ===========
</TABLE>
* Condensed from 1994 Audited Financial Statements
**Additional paid-in capital and Retained earnings have been adjusted to
reflect the 10% stock dividend distributed on May 17, 1995 and the 10% stock
dividend distributed on May 5, 1994.
-5-
<PAGE> 4
PART I - FINANCIAL INFORMATION
Item 2 - Management's Discussion and Analysis of Financial Condition and
Consolidated Results of Operations
Liquidity and Capital Resources
On June 30, 1995, the Company's Financial condition reflected working capital
of $2,045,526, a tangible net worth of $2,915,808 and stockholders' equity of
$7,067,843. This compares to working capital of $1,539,990, a tangible net
worth of $1,916,059, and stockholders' equity of $5,605,713 at June 30, 1994.
The improvement in working capital and tangible net worth reflects the
continued profitability of the Company over the last year, and the $1,151,369
addition to Deferred Revenue during the 1st quarter of 1995. Financial
highlights from the June 30, 1995 and 1994 financials are presented below:
<TABLE>
<CAPTION>
JUNE 30,
Description 1995 1994
- -------------------------------- -------------- -------------
<S> <C> <C>
Total Current Assets $47,014,620 $41,529,602
Total Assets 54,453,438 48,034,270
Total Current Liabilities 44,969,094 39,989,612
Total Liabilities 47,385,595 42,428,557
Retained Earnings 3,196,969* 3,664,903*
Total Stockholders' Equity 7,067,843 5,605,713
Gross Profit 16,025,581 14,445,135
Net Income before Taxes 1,360,809 1,117,160
Net Income after Taxes 609,635 525,965
Net Income per Share $.18 $.15*
</TABLE>
*Retained Earnings and Net Income per Share have been adjusted to reflect the
10% stock dividend distributed on May 17, 1995 and the 10% stock dividend
distributed on May 5, 1994.
-9-
<PAGE> 5
H. W. KAUFMAN FINANCIAL GROUP, INC.
AND ITS CONSOLIDATED SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
H. W. Kaufman Financial Group, Inc.
Registrant
Date August 29, 1995 /s/ Herbert W. Kaufman
-----------------------------------
Herbert W. Kaufman
President
Date August 29, 1995 /s/ Gerald F. Wesolowski
-----------------------------------
Gerald F. Wesolowski
Chief Financial Officer
-18-
