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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 September 30, 1994 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 November 2, 1994 there were 3,115,417 shares of Common Stock outstanding.
The aggregate market value of the voting stock held by non-affiliates (589,918
shares) based upon the closing price of such stock on the American Stock
Exchange on November 2, 1994 was approximately $2,875,850.
As of September 30, 1994 there were 3,115,417 shares of Common Stock at a par
value of $.0025 per share issued and outstanding.
Documents Incorporated by Reference
NONE
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DESCRIPTION OF AMENDMENT
On April 5, 1994, the Board of Director's 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 of Common Stock outstanding as of
November 2, 1994 is being amended to read 3,115,417, with the number of shares
held by non-affiliates being amended to 589,918 with a closing price on the
American Stock Exchange on November 2, 1994 of $2,875,850. The number of
shares of Common Stock outstanding as of September 30, 1994 was also amended to
3,115,417.
On page 5 the number of shares of Common Stock outstanding in 1993 was amended
to read 2,830,230, with the value of the Common Stock outstanding in 1994
amended to $7,789.
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H. W. KAUFMAN FINANCIAL GROUP, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,*
1994 1993
------------ ------------
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
- ----------- --- ------------- ------
CURRENT LIABILITIES:
Accounts payable:
Insurance companies $32,417,458 $27,998,807
Customer advance payments 1,583,876 1,430,111
Other 592,455 574,174
Accruals:
Taxes, other than on income 2,216,326 2,408,403
Compensation 1,736,742 1,770,699
Other 455,305 616,823
Current portion of long-term obligation 425,000 --
----------- -----------
TOTAL CURRENT LIABILITIES 39,427,162 34,799,017
NOTE PAYABLE - LONG TERM 425,000 --
DEFERRED REVENUE 1,115,132 898,813
----------- -----------
TOTAL LIABILITIES 40,967,294 35,697,830
----------- -----------
STOCKHOLDERS' EQUITY:
Common stock, $.0025 par - 7,500,000
shares authorized; Outstanding
3,115,417 1994 and 2,830,230 1993 7,081 7,075
Additional paid-in capital 1,917,384** 459,329
Retained earnings 4,497,446** 5,101,383
Securities valuation (23,623) --
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 6,398,288 5,567,787
----------- -----------
$47,365,582 $41,265,617
=========== ===========
</TABLE>
* Condensed from 1993 Audited Financial Statements
** Additional paid-in capital and Retained earnings have been adjusted to
reflect the 10% stock dividend distributed on May 5, 1994.
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PART I - FINANCIAL INFORMATION
Item 2 - Management's Discussion and Analysis of Financial Condition
and Consolidated Results of Operations
Liquidity and Capital Resources
On September 30, 1994, the Company's Financial condition reflects a working
capital of $1,428,869, tangible net worth of $2,968,572 and stockholders'
equity of $6,398,288. This compares to a working capital of $873,602, tangible
net worth of $1,819,190, and stockholders' equity of $5,049,231 at September
30, 1993. The improvement in working capital and tangible net worth reflects
the continued profitability of the Company over last year and the $1,115,000
addition to Deferred Revenue during the 1st Quarter of 1994.
Financial highlights from the September 30, 1994 and 1993 financials are
presented below:
<TABLE>
<CAPTION>
SEPTEMBER 30,
Description 1994 1993
- ----------- ----------- -----------
<S> <C> <C>
Total Current Assets $40,856,031 $35,164,403
Total Assets 47,365,582 40,238,845
Total Current Liabilities 39,427,162 34,290,801
Total Liabilities 40,967,294 35,189,614
Retained Earnings 4,497,446(1) 4,586,080
Total Stockholders' Equity 6,398,288 5,049,231
Gross Profit 22,361,402 18,460,053
Net Income before Taxes 2,436,995 1,470,698
Net Income after Taxes 1,357,800 790,398
Net Income per Share $.43 $.25
</TABLE>
NOTE (1): On April 5, 1994, the Board of Directors declared a 10% stock
dividend payable to shareholders of record as of April 19, 1994. 283,093
additional shares of Common Stock were issued on May 5, 1994. The transaction
was treated for accounting purposes as a stock split effected in the form of a
dividend. Retained Earnings was charged $1,451,560 and, accordingly, credited
to Additional Paid-in Capital, resulting, however, in no change from such
transfer to Total Stockholders' Equity or Net Income.
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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
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