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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q/A
Amendment No. 1 to
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1999
OR
/_/ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to ______________
Commission File No. 0-11560
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SAVOIR TECHNOLOGY GROUP, INC.
----------------------------
(Exact name of registrant as specified in its charter)
Delaware 94-2414428
-------- ----------
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
254 E. Hacienda Avenue, Campbell, CA
------------------------------------
(Address of principal executive offices)
95008
-----
(Zip Code)
(408) 379-0177
--------------
(Registrant's telephone number,
including area code)
N/A
---
(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 requirements for at least the past 90 days.
YES /X/ NO /_/
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding at November 1, 1999
----- -------------------------------
Common Stock $0.01 par value 13,101,530
-1-
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
--------------------------------
A. Exhibits
The exhibits listed in the accompanying index to exhibits are filed as part
of this Amendment No. 1 to Form 10-Q.
-2-
<PAGE>
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.
Registrant:
SAVOIR TECHNOLOGY GROUP, INC.
Dated: December 29, 1999 By /s/ P. Scott Munro
-----------------------------------------
P. Scott Munro
Chief Executive Officer
Dated: December 29, 1999 By /s/ Dennis J. Polk
-----------------------------------------
Dennis J. Polk
Senior Vice President, Corporate Finance
(Chief Accounting Officer)
-3-
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit
-------
27.1 Financial Data Schedules for the Second and Third Quarters of 1999
and 1998.
27.2 Financial Data Schedules for the Second and Third Quarters of 1997
and 1996.
-4-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Savoir
Technology Group, Inc.'s Consolidated Statements of Income (Loss) and
Consolidated Balance Sheets and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 9-MOS 6-MOS 9-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1999 DEC-31-1999 DEC-31-1998 DEC-31-1998
<PERIOD-END> SEP-30-1999 JUN-30-1999 SEP-30-1998 JUN-30-1998
<CASH> 7,170 7,007 2,920 7,002
<SECURITIES> 0 0 0 0
<RECEIVABLES> 116,981 132,621 107,403 79,079
<ALLOWANCES> 1,200 997 774 620
<INVENTORY> 39,602 33,727 43,870 37,179
<CURRENT-ASSETS> 193,605 198,324 173,604 139,424
<PP&E> 15,352 15,156 10,410 10,112
<DEPRECIATION> 7,877 7,209 5,545 5,316
<TOTAL-ASSETS> 303,347 315,672 261,524 214,775
<CURRENT-LIABILITIES> 188,298 196,592 170,427 126,297
<BONDS> 0 0 0 0
0 0 0 0
19 20 20 20
<COMMON> 131 127 100 99
<OTHER-SE> 109,864 108,267 91,349 86,712
<TOTAL-LIABILITY-AND-EQUITY> 303,347 315,672 261,524 214,775
<SALES> 551,833 370,256 373,233 223,424
<TOTAL-REVENUES> 551,833 370,256 373,233 223,424
<CGS> 490,784 328,758 328,035 195,474
<TOTAL-COSTS> 490,784 328,758 328,035 195,474
<OTHER-EXPENSES> 57,499 29,073 32,030 19,853
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 2,098 1,512 3,277 2,672
<INCOME-PRETAX> 1,452 10,913 9,891 5,425
<INCOME-TAX> 1,267 5,330 4,830 2,651
<INCOME-CONTINUING> 185 5,583 5,061 2,774
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 (2,338) (2,338)
<CHANGES> 0 0 0 0
<NET-INCOME> 185 5,583 2,723 436
<EPS-BASIC> (0.07) 0.41 (0.30) (0.06)
<EPS-DILUTED> (0.07) 0.38 (0.28) 0.04
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Savoir
Technology Group, Inc.'s Consolidated Statements of Income (Loss) and
Consolidated Balance Sheets and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 9-MOS 6-MOS 9-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1996 DEC-31-1996
<PERIOD-END> SEP-30-1997 JUN-30-1997 SEP-30-1996 JUN-30-1996
<CASH> 5,112 182 407 79
<SECURITIES> 0 0 0 0
<RECEIVABLES> 68,232 34,693 24,767 20,664
<ALLOWANCES> 1,301 302 187 332
<INVENTORY> 22,721 19,542 16,179 14,478
<CURRENT-ASSETS> 100,753 57,691 42,791 35,896
<PP&E> 8,436 6,475 6,725 6,204
<DEPRECIATION> 4,175 2,785 3,668 3,476
<TOTAL-ASSETS> 165,286 69,407 49,656 42,304
<CURRENT-LIABILITIES> 98,384 49,694 35,744 29,182
<BONDS> 0 0 0 0
0 0 0 0
19,263 0 0 0
<COMMON> 25,913 20,346 16,670 16,485
<OTHER-SE> (528) (1,295) (3,083) (3,726)
<TOTAL-LIABILITY-AND-EQUITY> 165,286 69,407 49,656 42,304
<SALES> 121,975 75,836 93,921 59,981
<TOTAL-REVENUES> 121,975 75,836 93,921 59,981
<CGS> 102,571 63,274 81,938 52,495
<TOTAL-COSTS> 102,571 63,274 81,938 52,495
<OTHER-EXPENSES> 15,843 10,372 9,652 6,101
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 1,532 928 676 434
<INCOME-PRETAX> 2,029 1,262 1,655 951
<INCOME-TAX> 312 312 155 94
<INCOME-CONTINUING> 1,717 950 1,500 857
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 1,717 950 1,500 857
<EPS-BASIC> 0.36 0.20 0.33 0.19
<EPS-DILUTED> 0.33 0.19 0.33 0.19
</TABLE>
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