<PAGE>
<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For The Quarter Ended Commission File
April 29, 2000 Number 1-5674
ANGELICA CORPORATION
(Exact name of Registrant as specified in its charter)
MISSOURI 43-0905260
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
424 South Woods Mill Road
CHESTERFIELD, MISSOURI 63017
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(314) 854-3800
____________________________________________________
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
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
------ -------
The number of shares outstanding of Registrant's Common Stock, par value
$1.00 per share, at June 1, 2000 was 8,688,719 shares.
================================================================================
<PAGE>
<PAGE>
<TABLE>
ANGELICA CORPORATION AND SUBSIDIARIES
INDEX TO FINANCIAL STATEMENTS AND SUPPORTING SCHEDULES
FOR APRIL 29, 2000 FORM 10-Q QUARTERLY REPORT
<CAPTION>
Page Number Reference
----------------------
Quarterly Report
to
Form 10-Q Shareholders
--------- ------------
<S> <C> <C>
PART I. FINANCIAL INFORMATION:
Consolidated Statements of Income -
First Quarter Ended April 29, 2000 and
May 1, 1999 3
Consolidated Balance Sheets -
April 29, 2000 and January 29, 2000 4
Consolidated Statements of Cash Flows -
First Quarter Ended April 29, 2000 and
May 1, 1999 5
Notes to Consolidated Financial
Statements 2
Management's Discussion and Analysis
of Operations and Financial Condition 3-4
Exhibit A - Quarterly Report to
Shareholders 5
PART II. OTHER INFORMATION 6-10
</TABLE>
<PAGE>
<PAGE>
ANGELICA CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
QUARTER ENDED APRIL 29, 2000
(1) The accompanying consolidated condensed financial statements are
unaudited, and it is suggested that these consolidated statements
be read in conjunction with the fiscal 2000 Annual Report,
including Notes to Financial Statements. However, it is the
opinion of the Company that all adjustments, consisting only of
normal recurring adjustments, necessary for a fair statement of
the results during the interim period have been included.
(2) See Index to Financial Statements and Supporting Schedules on page
1. Those pages of the Angelica Corporation and Subsidiaries
Quarterly Report to Shareholders for the quarter ended April 29,
2000, listed in such index are incorporated herein by reference.
The pages of the Quarterly Report to Shareholders which are not
listed on the index and therefore not incorporated herein by
reference are furnished for the information of the Commission but
are not to be deemed "filed" as a part of this report. The
Quarterly Report to Shareholders referred to herein is located
immediately following page 4 of this report.
(3) For purposes of the Consolidated Statements of Cash Flows, the
Company considers short-term, highly liquid investments which are
readily convertible into cash, as cash equivalents.
2
<PAGE>
<PAGE>
ANGELICA CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS
AND FINANCIAL CONDITION
QUARTER ENDED APRIL 29, 2000
Analysis of Operations
----------------------
In the quarter ended April 29, 2000, combined sales and textile service
revenues decreased 7.4 percent compared with last year's first quarter.
Revenues of the Textile Services segment decreased 5.9 percent in the
first quarter, primarily due to the loss of several large customers in
the preceding year. Earnings of this segment declined 14.7 percent as a
result of the decline in revenue and higher labor costs compared with
the first quarter last year. Sales of the Manufacturing and Marketing
segment decreased 13.8 percent compared with the same quarter last year
due to the absence of large customer rollout programs in this year's
first quarter. The 33.4 percent decrease in earnings of this segment is
primarily the result of the decline in revenues and modestly lower
results for the Canadian Operations, partially offset by a 9.8 percent
increase in the gross margin percentage from increased offshore sourcing
and resulting lower product cost. Life Retail Stores had a 5.2 percent
increase in first quarter sales, as a result of a 7.7 percent same-store
sales increase, offset by having 17 fewer stores than last year.
Earnings decreased 38.6 percent, primarily due to increased compensation
expenses and discounting in certain geographical areas which lowered
gross margins.
Selling, general and administrative expenses increased 1.8 percent in
the first quarter compared with the same period last year. These
expenses increased as a percent of combined sales and textile service
revenues from 23.3 percent to 25.6 percent in the first quarter. The
declines in revenues in the Manufacturing and Marketing and Textile
Services segments and the planned increases in sales efforts have
contributed to this increase. Net interest expense was $79,000 lower in
the quarter as a result of lower long-term debt balances due to sinking
fund payments and increased interest income on higher cash balances.
Financial Condition
-------------------
The Company had working capital of $144,237,000 and a current ratio of
4.2 to 1 at April 29, 2000, up from $141,469,000 and 4.0 to 1 a year ago
and compared with $141,122,000 and 3.9 to 1 at the beginning of the
year. The ratio of long-term debt to debt-plus-equity was 34.9 percent
at the close of the quarter, down from 35.1 percent a year ago and 35.0
percent at the beginning of the year.
Operating activities provided a total cash flow of $5,046,000 in the
first quarter compared with $2,276,000 in the same period last year,
with the increase being due to decreased working capital requirements.
Cash used in investing activities was $272,000 compared with cash
provided a year ago of $2,267,000. The difference is due to increased
capital expenditures of $815,000 in the current year first quarter and a
decrease in disposals of businesses and property of $1,867,000. Cash
flows used in financing activities reflect normal sinking fund payments
of long-term debt and the payment of dividends. No material change in
the Company's future aggregate cash requirements is foreseen at the
present time.
3
<PAGE>
<PAGE>
Based on the Company's cash generation from operations, as well as its
strong working capital position, current ratio and ratio of long-term
debt to debt-plus-equity, Management believes that internal funds
available from operations plus external funds available from the
issuance of additional debt and/or equity as needed in the future, will
be sufficient for all planned operating and capital requirements,
including acquisitions.
Forward-Looking Disclosure
--------------------------
The Private Securities Litigation Reform Act of 1995 provides a "safe-
harbor" for forward-looking statements. This report contains forward-
looking statements that reflect the Company's current views with respect
to future events and financial resources. These forward-looking
statements are subject to certain risks and uncertainties, including
delays in the shipment of backlogs or unusual or unexpected cash needs
for operations or capital transactions, that could cause actual results
to differ materially from historical results or those anticipated.
Actual future results and trends may differ materially from historical
results or those anticipated depending on a variety of factors,
including, but not limited to, competitive and general economic
conditions, the ability to retain current customers and to add new
customers in competitive market environments, the achievement of
operating efficiencies and optimizing costs without deterioration in
customer service.
4
<PAGE>
<PAGE>
EXHIBIT A
TEXTILE SERVICES IMAGE APPAREL INNOVATION VALUE
Angelica Corporation
424 South Woods Mill Road
[Angelica logo] Chesterfield, Missouri 63017-3406
Tel: 314.854.3800
May 19, 2000
Dear Shareholder:
While results for the first quarter of fiscal 2001 at $.18 per share are
measurably below those for the first quarter last year at $.29 per
share, they did meet our expectations. Last year's first quarter was the
strongest of the year, failing to reflect either the full impact of an
abnormal loss of existing textile services business or the impact of
sharply higher labor costs in certain areas experienced later in the
year. Both of these factors depressed last year's results as the year
progressed. It is important to note that first quarter results this
year in each of our three business segments are considerably better than
in the fourth quarter last year, confirming our belief that the
turnaround is progressing.
Combined sales and textile service revenues decreased 7.4 percent to
$112,159,000 in this year's first quarter compared with $121,132,000
last year. Pretax income was $2,503,000 in the quarter compared with
$4,017,000 last year. Net income decreased 36.7 percent to $1,577,000
from $2,491,000 in the comparable prior period.
The Textile Services segment had a decline in first quarter revenue from
$64,523,000 last year to $60,691,000 this year, or 5.9 percent.
However, new business added (on an annual revenue basis) totaled
$12,000,000 for the first quarter compared with $24,000,000 for all of
the prior year. Cancellations were also at lower levels after having
been at historically high levels for much of last year. This
combination suggests improved revenues and earnings in the balance of
the year. The investments we made last year in revitalizing our sales
and marketing efforts are beginning to be reflected in improved
performance. As a consequence of the lower revenue level and higher
labor costs compared with the first quarter last year, operating
earnings decreased 14.7 percent to $4,356,000 from $5,107,000 in the
first quarter this year. Our labor costs have increased dramatically in
this segment, as entry level labor is extremely tight in many
localities, causing higher wage rates as well as increased turnover and
lower productivity. In addition to increasing our capital investments
in labor-saving equipment, we are aggressively implementing price
increases throughout this segment to offset these higher costs and are
maintaining our strategy of pricing responsibly for new business.
The Manufacturing and Marketing segment's sales for the first quarter
were $34,943,000 compared with $40,541,000 or 13.8 percent below last
year. The sales decline was due to the absence of large "rollouts" for
new or existing customers during this year's first quarter. We do have
a number of large rollouts on the books for the remainder of this year,
which make us optimistic for improved sales and earnings as the year
unfolds. Operating earnings of $1,196,000 were 33.4 percent below last
year's level of $1,795,000 but up significantly from the fourth quarter
of last year. The closing of an additional domestic sewing facility
was announced in March, furthering our strategy to source our product
requirements more cost effectively. We now will have five domestic
facilities, down from 16 just two years ago.
In the first quarter, Life Retail Stores had a same-store sales increase
of 7.7 percent. This is the fifth quarter in a row where same-store
sales have increased. Overall, sales increased 5.2 percent to
$23,291,000 compared with $22,137,000 in the previous year first
quarter, the difference being 17 fewer stores than last year. Included
in this reduction in number of stores are three under-performing stores
closed in the first quarter. Operating earnings decreased to $543,000
from $884,000 in the previous year, a reduction of 38.6 percent. As with
the other segments, first quarter earnings this year exceeded
significantly the results of the fourth quarter last year. Life Retail
is on schedule to enter the catalogue and to expand the e-commerce
distribution channels during the third quarter of this year.
<PAGE>
<PAGE>
Interest expense declined 3.6 percent in the first quarter, reflecting
lower debt and increased interest income on cash balances. Cash flow
also was strong in the quarter, and we ended the period with $17,441,000
in the bank.
There is little question that our efforts to add value to shareholders
more timely through a sale or merger of the Company or its segments
negatively affected financial performance for the first quarter, both in
terms of non-recurring expenses as well as negative impact in the
marketplace and heightened anxiety internally. Now that we have ended
these efforts, we will be better able to focus upon improved
performance. We believe that this attempt to add value through a sale or
merger was prudent, although in retrospect our timing was not favorable.
The subsequent decision to reduce the dividend payout from $.96 to $.32
per share annually and to repurchase up to 2.0 million shares of our
stock over the next three years provides us with optimum flexibility to
add future value for shareholders. Our goal is to use cash to grow the
business first and to repurchase stock second. Under our long-term debt
indentures, if net worth (shareholders' equity) falls below
$160,000,000, we would be required to repay all of our debt and would
incur a significant prepayment penalty. By reducing the payout of
earnings through dividends and by improving our earnings over time, we
will increase net worth, avoid early payment of our debt, avoid the
prepayment penalty and be able to complete the stock repurchase program.
As mentioned above, we have committed to increased capital investment at
Textile Services to reduce the amount of labor required in our plants.
The investments approved have very favorable paybacks and will help to
reduce labor costs in the future. We have announced a decision to
centralize certain administrative functions and are planning to close
down the Textile Services administrative headquarters in Raleigh, North
Carolina and move them into existing facilities in St. Louis.
We are increasing the number of sales representatives at the
Manufacturing and Marketing segment to insure that new customer rollouts
become more routine. Because we are more cost competitive than
previously as a consequence of improved product sourcing, the addition
of sales representatives is more practical. We also are combining the
two Canadian operations into one and expect that this will lower costs
and improve earnings in that marketplace as well.
In summary, the first quarter was not as good as last year's first
quarter, but it did reach our expectations. It was encouraging that the
first quarter sales and earnings were higher than those achieved in the
fourth quarter. We expect subsequent quarters this year will show
favorable comparisons to prior year quarters, and that we will exceed
the earnings results in the most recent fiscal year. We believe we have
built a solid foundation for future growth in revenue and earnings.
Respectively submitted,
/s/ Don W. Hubble
Don W. Hubble
Chairman, President and
Chief Executive Officer
<PAGE>
<PAGE>
<TABLE>
CONSOLIDATED STATEMENTS OF INCOME
Angelica Corporation and Subsidiaries
Unaudited (Dollars in thousands, except per share amounts)
<CAPTION>
First Quarter Ended
---------------------------
April 29, 2000 May 1, 1999
-------------- -----------
<S> <C> <C>
Textile service revenues $ 60,691 $ 64,523
Net sales 51,468 56,609
-------- --------
112,159 121,132
-------- --------
Cost of textile services 47,869 50,871
Cost of goods sold 30,810 35,356
-------- --------
78,679 86,227
-------- --------
Gross profit 33,480 34,905
-------- --------
Selling, general and
administrative expenses 28,728 28,236
Interest expense 2,092 2,171
Other expense, net 157 481
-------- --------
30,977 30,888
-------- --------
Income before income taxes 2,503 4,017
Provision for income taxes 926 1,526
-------- --------
Net income $ 1,577 $ 2,491
======== ========
Basic and diluted earnings per share <F*> $ 0.18 $ 0.29
======== ========
Dividends per common share $ 0.24 $ 0.24
======== ========
Comprehensive income consisting of net income and foreign currency
translation adjustments, totaled $1,420 and $3,036 for the quarters
ended April 29, 2000 and May 1, 1999, respectively.
Certain amounts in the prior year have been reclassified to conform to
current year presentation.
<FN>
<F*> Based upon weighted average number of common and common equivalent
shares outstanding of 8,675,517 and 8,682,370 for fiscal periods of 2001
and 2000, respectively.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
CONSOLIDATED BALANCE SHEETS
Angelica Corporation and Subsidiaries
Unaudited (Dollars in thousands)
<CAPTION>
April 29, January 29,
2000 2000
--------- -----------
<S> <C> <C>
ASSETS
------
Current Assets:
Cash and short-term investments $ 17,441 $ 15,651
Receivables, less reserve of $3,193 and $2,792 53,634 55,700
Inventories:
Raw material 21,000 20,377
Work in progress 4,634 4,446
Finished goods 56,352 55,182
-------- --------
81,986 80,005
Linens in service 31,289 33,075
Prepaid expenses 4,178 4,423
Income taxes 1,257 458
-------- --------
Total Current Assets 189,785 189,312
-------- --------
Property and Equipment 208,544 210,308
Less -- reserve for depreciation 119,394 118,121
-------- --------
89,150 92,187
-------- --------
Goodwill 5,652 5,765
Other acquired assets 4,079 4,575
Cash surrender value of life insurance 21,199 20,954
Miscellaneous 5,484 6,802
-------- --------
36,414 38,096
-------- --------
Total Assets $315,349 $319,595
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current Liabilities:
Current maturities of long-term debt $ 2,902 $ 3,026
Accounts payable 22,065 23,535
Accrued expenses 20,581 21,629
-------- --------
Total Current Liabilities 45,548 48,190
-------- --------
Long-Term Debt, less current maturities 87,299 87,916
Other Long-Term Obligations 19,756 20,077
Shareholders' Equity:
Preferred Stock:
Class A, Series 1, $1 stated value,
authorized 100,000 shares, outstanding: None -- --
Class B, authorized 2,500,000 shares, outstanding: None -- --
Common Stock, $1 par value, authorized 20,000,000
shares, issued: 9,471,538 9,472 9,472
Capital surplus 4,196 4,196
Retained earnings 166,068 166,574
Accumulated other comprehensive income (1,856) (1,699)
Common Stock in treasury, at cost: 796,173 and 795,856 (15,134) (15,131)
-------- --------
162,746 163,412
-------- --------
Total Liabilities and Shareholders' Equity $315,349 $319,595
======== ========
</TABLE>
<PAGE>
<PAGE>
<TABLE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
Angelica Corporation and Subsidiaries
Unaudited (Dollars in thousands)
<CAPTION>
First Quarter Ended
---------------------------
April 29, 2000 May 1, 1999
-------------- -----------
<S> <C> <C>
Cash Flows from Operating Activities:
Net income $ 1,577 $ 2,491
Non-cash items included in net income:
Depreciation 3,309 3,225
Amortization of acquisition costs 602 810
Change in working capital components,
net of businesses acquired/disposed of: (1,201) (3,638)
Other, net 759 (612)
------- -------
Net cash provided by operating activities 5,046 2,276
------- -------
Cash Flows from Investing Activities:
Expenditures for property and equipment, net (2,146) (1,331)
Cost of businesses acquired - (143)
Disposals of businesses and property 1,874 3,741
------- -------
Net cash (used in) provided by investing activities (272) 2,267
------- -------
Cash Flows from Financing Activities:
Long-term debt repayments (741) (3,429)
Dividends paid (2,082) (2,081)
Other, net (161) 79
------- -------
Net cash used in financing activities (2,984) (5,431)
------- -------
Net increase (decrease) in cash and
short-term investments 1,790 (888)
Balance at beginning of year 15,651 6,876
------- -------
Balance at end of period $17,441 $ 5,988
======= =======
Supplemental cash flow information:
Income taxes paid $ 1,217 $ 172
Interest paid $ 769 $ 1,408
</TABLE>
<PAGE>
<PAGE>
<TABLE>
BUSINESS SEGMENT INFORMATION
Angelica Corporation and Subsidiaries
Unaudited (Dollars in thousands)
<CAPTION>
First Quarter Ended
---------------------------
April 29, 2000 May 1, 1999
-------------- -----------
<S> <C> <C>
Sales and textile service revenues:
Textile Services $ 60,691 $ 64,523
Manufacturing and Marketing 34,943 40,541
Retail Sales 23,291 22,137
Intersegment sales (6,766) (6,069)
-------- --------
$112,159 $121,132
======== ========
Earnings:
Textile Services $ 4,356 $ 5,107
Manufacturing and Marketing 1,196 1,795
Retail Sales 543 884
Interest, corporate expenses and other, net (3,592) (3,769)
-------- --------
$ 2,503 $ 4,017
======== ========
</TABLE>
<TABLE>
SUMMARY FINANCIAL POSITION DATA
Angelica Corporation and Subsidiaries
Unaudited (Dollars in thousands, except ratios, shares and per share amounts)
<CAPTION>
First Quarter Ended
---------------------------
April 29, 2000 May 1, 1999
-------------- -----------
<S> <C> <C>
Working capital $ 144,237 $ 141,469
Current ratio 4.2 to 1 4.0 to 1
Long-term debt $ 87,299 $ 90,184
Shareholders' equity $ 162,746 $ 166,748
Percent long-term debt to debt and equity 34.9% 35.1%
Equity per common share $ 18.76 $ 19.23
Common shares outstanding 8,675,365 8,669,848
</TABLE>
<PAGE>
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibit and Reports on Form 8-K
---------------------------------------
(a) See Exhibit Index included herein on pages 7-10.
(b) Reports on Form 8-K - A report on Form 8-K was filed on April 28,
2000, announcing in a press release the reduction of the quarterly
dividend to $.08 per share from $.24 per share, effective with the July
1 dividend, and the authorization by the Board of Directors of a stock
repurchase program of up to 2,000,000 shares during the next three
years.
SIGNATURES
----------
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.
Angelica Corporation
--------------------
(Registrant)
Date: June 7, 2000 /s/ T. M. Armstrong
--------------------------------------
T. M. Armstrong
Senior Vice President -
Finance and Administration
Chief Financial Officer
(Principal Financial Officer)
/s/ James W. Shaffer
--------------------------------------
James W. Shaffer
Vice President and Treasurer
(Principal Accounting Officer)
6
<PAGE>
<PAGE>
EXHIBIT INDEX
-------------
Exhibit
Number Exhibit
------ -------
[FN]
<F*>Asterisk indicates exhibits filed herewith.
<F**>Incorporated by reference from the document listed.
3.1 Restated Articles of Incorporation of the Company, as currently
in effect. Filed as Exhibit 3.1 to the Form 10-K for the fiscal
year ended January 26, 1991.<F**>
3.2 Current By-Laws of the Company, as last amended February 29,
2000. Filed as Exhibit 3.2 to Form 10-K for the fiscal year
ended January 29, 2000.<F**>
4.1 Shareholder Rights Plan dated August 25, 1998. Filed as Exhibit
1 to Registration Statement on Form 8-A on August 28, 1998.<F**>
4.2 10.3% and 9.76% Senior Notes to insurance company due annually
to 2004, together with Note Facility Agreement. Filed as
Exhibit 4.2 to the Form 10-K for the fiscal year ended January
27, 1990.<F**>
4.3 9.15% Senior Notes to insurance companies due December 31, 2001,
together with Note Agreements and First Amendment thereto.
Filed as Exhibit 4.3 to the Form 10-K for the fiscal year ended
February 1, 1992.<F**>
4.4 8.225% Senior Notes to Nationwide Life Insurance Company,
American United Life Insurance Company, Aid Association for
Lutherans (reissued to Nimer & Co. as of August 1, 1998), and
Modern Woodmen of America due May 1, 2006, together with Note
Agreement. Filed as Exhibit 4.4 to the Form 10-Q for the
fiscal quarter ended July 29, 1995.<F**>
Note: No other long-term debt instrument issued by the
Registrant exceeds 10% of the consolidated total assets of
the Registrant and its subsidiaries. In accordance with Item
601(b) (4) (iii) (A) of Regulation S-K, the Registrant will furnish
to the Commission upon request copies of long-term debt instruments
and related agreements.
10.1 Angelica Corporation 1994 Performance Plan (as amended 1/31/95).
Filed as Exhibit 10.1 to the Form 10-K for fiscal year ended
January 28, 1995.<F**>
10.2 Form of Participation Agreement for the Angelica Corporation
Management Retention and Incentive Plan (filed as Exhibit 10.3
to the Form 10-K for fiscal year ended
7
<PAGE>
<PAGE>
1/30/93 and incorporated herein by reference) with revised
schedule setting out executive officers covered under such
agreements and the "Benefit Multiple" listed for each.<F**>
10.3 Angelica Corporation Stock Option Plan (As amended November 29,
1994). Filed as Exhibit 10.7 to the Form 10-K for fiscal year
ended January 28, 1995.<F**>
10.4 Angelica Corporation Stock Award Plan. Filed as Exhibit 10 to
the Form 10-K for fiscal year ended February 1, 1992.<F**>
10.5 Angelica Corporation Retirement Savings Plan, as amended and
restated. Filed as Exhibit 19.3 to the Form 10-K for fiscal year
ended January 27, 1990, incorporating all amendments thereto
through the date of this filing.<F**>
10.6 Supplemental Plan. Filed as Exhibit 19.10 to the Form 10-K for
fiscal year ended January 27, 1990, incorporating all amendments
thereto through the date of this filing. The last amendment
thereto was filed as Exhibit 10.31 to Form 10-K for fiscal year
ended January 25, 1997.<F**>
10.7 Deferred Compensation Option Plan for Selected Management
Employees. Filed as Exhibit 19.9 to the Form 10-K for fiscal
year ended January 26, 1991, incorporating all amendments
thereto through the date of this filing. The last amendment
thereto was filed as Exhibit 10.34 to Form 10-K for fiscal year
ended January 25, 1997.<F**>
10.8 Deferred Compensation Option Plan for Directors. Filed as
Exhibit 19.8 to the Form 10-K for fiscal year ended January 26,
1991, incorporating all amendments thereto through the date of
this filing.<F**>
10.9 Supplemental and Deferred Compensation Trust. Filed as Exhibit
19.5 to the Form 10-K for fiscal year ended February 1,
1992.<F**>
10.10 Management Retention Trust. Filed as Exhibit 19.4 to the Form
10-K for fiscal year ended February 1, 1992.<F**>
10.11 Performance Shares Plan for Selected Senior Management
(restated). Filed as Exhibit 19.3 to the Form 10-K for fiscal
year ended January 26, 1991.<F**>
10.12 Management Retention and Incentive Plan (restated). Filed as
Exhibit 19.1 to the Form 10-K for fiscal year ended January 26,
1991.<F**>
10.13 Non-Employee Directors Stock Plan. Filed as Exhibit 10.3 to the
Form 10-K for fiscal year ended January 27, 1990, incorporating
all amendments thereto through the date of this filing.<F**>
8
<PAGE>
<PAGE>
10.14 Restated Deferred Compensation Plan for Non-Employee Directors.
Filed as Exhibit 10 (v) to the Form 10-K for fiscal year ended
January 28, 1984, incorporating all amendments thereto through
the date of this filing. The last amendment thereto was filed as
Exhibit 10.25 to Form 10-K for the fiscal year ended January
28, 1995.<F**>
10.15 Restated Angelica Corporation Stock Bonus and Incentive Plan
(Incorporating Amendments Adopted Through August 1, 1999).
Filed as Exhibit 10.16 to Form 10-K for the fiscal year ended
January 29, 2000.<F**>
10.16 Angelica Corporation Pension Plan as Amended and Restated.
Filed as Exhibit 19.7 to the Form 10-K for fiscal year ended
January 26, 1991, incorporating all amendments thereto through
the date of this filing. The last amendment thereto was filed as
Exhibit 10.23 to Form 10-Q for fiscal quarter ended July 27,
1996.<F**>
10.17 Angelica Corporation 1994 Non-Employee Directors Stock Plan.
Filed as Appendix A of the Company's Proxy Statement for the
Annual Meeting of Shareholders held on May 23, 1995 and
incorporating all amendments thereto through the date of this
filing. The last amendment thereto was filed as Exhibit 10.35 to
Form 10-K for fiscal year ended January 31, 1998.<F**>
10.18 Specimen form of Stock Option Agreement under the Angelica
Corporation Stock Option Plan. Filed as Exhibit 10.20 to the
Form 10-K for fiscal year ended January 27, 1996.<F**>
10.19 Form of Stock Option Agreement under the Angelica Corporation
1994 Performance Plan (filed as Exhibit 10.21 to Form 10-K for
fiscal year ended January 27, 1996) with one of the Company's
executive officers, together with schedule identifying the
officer and setting forth the material details in which the
agreement differs from the form of agreement that is filed.
Filed as Exhibit 10.21 to the Form 10-K for fiscal year ended
January 25, 1997.<F**>
10.20 Specimen form of Stock Option Agreement under the Angelica
Corporation 1999 Performance Plan. Filed as Exhibit 10.21 to
Form 10-K for the fiscal year ended January 29, 2000.<F**>
10.21 Form of Indemnification Agreement between the Company and each
of its directors and executive officers (filed as Exhibit 10.22
to Form 10-K for fiscal year ended January 30, 1999), with a
schedule identifying the directors and current executive
officers executing such agreements.<F**>
9
<PAGE>
<PAGE>
10.22 Employment Agreement between the Company and Theodore M.
Armstrong, dated January 1, 2000. Filed as Exhibit 10.23 to
Form 10-K for the fiscal year ended January 29, 2000.<F**>
10.23 Employment Agreement between the Company and Don W. Hubble,
dated December 12, 1997. Filed as Exhibit 10.30 to the Form 10-K
for fiscal year ended January 31, 1998.<F**>
10.24 Retirement Benefit Agreement between the Company and Don W.
Hubble dated January 1, 1998. Filed as Exhibit 10.31 to the Form
10-K for fiscal year ended January 31, 1998.<F**>
10.25 Non-Qualified Stock Option Agreement between the Company and Don
W. Hubble dated January 2, 1998. Filed as Exhibit 10.32 to the
Form 10-K for fiscal year ended January 31, 1998.<F**>
10.26 Description of restricted stock granted to Don W. Hubble
effective January 2, 1998. Filed as Exhibit 10.33 to the Form
10-K for fiscal year ended January 31, 1998.<F**>
10.27 Employment Agreement between the Company and Charles D. Molloy,
Jr., dated October 1, 1999. Filed as Exhibit 10.29 to the Form
10-Q for fiscal quarter ended October 30, 1999.<F**>
10.28 Employment Agreement between the Company and Steven L. Frey,
dated March 1, 1999. Filed as Exhibit 10.34 to the Form 10-K
for fiscal year ended January 30, 1999.<F**>
10.29 Angelica Corporation 1999 Performance Plan. Filed as Appendix A
of the Company's Proxy Statement for the Annual Meeting of
Shareholders held May 25, 1999.<F**>
10.30 Employment Agreement between the Company and Denis R. Raab,
dated August 23, 1999. Filed as Exhibit 10.32 to the Form 10-Q
for fiscal quarter ended October 30, 1999.<F**>
10.31 Employment Agreement between the Company and Daniel J. Westrich,
dated October 1, 1999. Filed as Exhibit 10.33 to the Form 10-Q
for fiscal quarter ended October 30, 1999.<F**>
10.32 Employment Agreement between the Company and James W. Shaffer,
dated October 1, 1999. Filed as Exhibit 10.34 to the Form 10-Q
for fiscal quarter ended October 30, 1999.<F**>
10.33 Employment Agreement between the Company and Edward P. Ryan,
dated November 5, 1999.<F*>
27 Financial Data Schedule<F*>
10
