SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A AMENDMENT NO. 1
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended April 1, 1995
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 Number 0-24868
E&B MARINE INC.
(Exact name of registrant as specified in its charter)
Delaware 22-2430891
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
201 Meadow Road
Edison, New Jersey 08818
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (908) 819-7400
Indicate by a 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 as 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 the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class 3,743,381
Common Stock, $.001 par value Shares outstanding at
May 8, 1995
<PAGE>
E & B MARINE INC. AND SUBSIDIARIES
INDEX
Page No.
Part I - Financial Information
Consolidated Balance Sheets -
April 1, 1995 and December 31, 1994 3
Consolidated Statements of Operations -
Three Months ended April 1, 1995
and March 26, 1994 4
Consolidated Statements of Cash Flows -
Three Months ended April 1, 1995
and March 26, 1994 5
Notes to Consolidated Financial Statements 6
Management's Discussion and Analysis of
Financial Condition and Results
of Operations *
Part II - Other Information
Item 6. Exhibits and Reports on Form 8-K 7
Signatures 8
--------------
* Not amended.
<PAGE>
<TABLE>
E&B MARINE INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
APRIL 1, 1995 AND DECEMBER 31, 1994
UNAUDITED
<CAPTION>
Dollars in Thousands 1995 1994
ASSETS
<S> <C> <C>
Currents Assets:
Cash and cash equivalents $ 880 $ 719
Accounts receivable 983 501
Inventory 29,083 19,987
Prepaid expenses 764 802
Other current assets 3,488 2,690
------ ------
Total current assets 35,198 24,699
Property, plant and equipment, net 4,731 4,569
Excess of cost over fair value of
assets acquired, net of
amortization 2,094 2,112
Other assets 2,582 2,613
------- -------
TOTAL ASSETS $44,605 $33,993
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Revolving line of credit $ 1,827
Current maturities of long-term debt 1,286 $ 1,282
Accounts payable 14,625 6,370
Accrued expenses 4,486 4,000
------ ------
Total current liabilities 22,224 11,652
Revolving line of credit 10,845 9,427
Long-term debt, less current
maturities 2,213 2,536
Shareholders' Equity:
Common Stock 4 4
Additional paid-in capital 21,053 21,002
Accumulated deficit (9,628) (8,500)
Less:
Treasury stock-at cost (2,084) (2,084)
Value assigned to unearned
compensation (22) (44)
------- -------
Total Shareholders' Equity 9,323 10,378
------- -------
LIABILITIES AND SHAREHOLDERS' EQUITY $44,605 $33,993
======= =======
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE> -3-
<TABLE>
E&B MARINE INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
QUARTERS ENDED APRIL 1, 1995 AND MARCH 26, 1994
UNAUDITED
<CAPTION>
Dollars in Thousands,
except per share amounts 1995 1994
<S> <C> <C>
Net sales $19,131 $16,148
Cost of goods sold excluding amortization
and depreciation 14,935 12,648
------- -------
Gross profit 4,196 3,500
Selling, general and administrative expenses 5,390 4,669
Depreciation and amortization 285 291
------- -------
Income (Loss) from operations before interest
and income taxes (1,479) (1,460)
Net interest expense (400) (330)
------- -------
Income (Loss) before income taxes (1,879) (1,790)
Income tax benefit 751
------- -------
Net loss $(1,128) $(1,790)
======= =======
Per share amounts:
Net Loss $(0.30) $(0.49)
======= =======
Weighted average number of shares
outstanding 3,708,000 3,688,000
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE> -4-
<TABLE>
E&B MARINE INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
QUARTERS ENDED APRIL 1, 1995 AND MARCH 26, 1994
UNAUDITED
<CAPTION>
Dollars in Thousands 1995 1994
Cash flows from operating activities:
<S> <C> <C>
Net Loss $(1,128) $(1,790)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 285 290
Earned compensation related to ESOP 22 22
Change in assets and liabilities net of
non-cash transactions:
(Increase) in accounts receivable (482) (325)
(Increase) in inventory (9,096) (7,972)
(Increase) in other current assets (798) (49)
(Increase) decrease in prepaid expens e 38 (286)
Decrease in other assets 23 2
Increase in accounts payable 8,255 9,997
Increase (decrease) in accrued expenses 486 (85)
------- -------
Net cash used in operating activities (2,395) (196)
------- -------
Cash flows from investing activities:
Purchase of property, plant and equipment (421) (613)
------- -------
Net cash used in investing activities (421) (613)
------- -------
Cash flows from financing activities:
Borrowings under debt agreement 3,245 5,900
Payments of debt (319) (4,900)
Proceeds from issuance of stock (net) 51 16
------- -------
Net cash provided by financing activities 2,977 1,016
------- -------
Net change in cash 161 207
Cash and cash equivalents at beginning of year 719 395
------- -------
Cash and cash equivalents at end of quarter $ 880 $602
======= =======
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE> -5-
E & B MARINE INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED
1: Basis of Presentation
The financial information included herein is unaudited; however,
such information reflects all adjustments (consisting solely of
normal recurring adjustments) which are, in the opinion of
management, necessary for a fair statement of results for the
interim periods.
The results of operations for the three-month period ended April 1,
1995 are not necessarily indicative of the results to be expected
for the full year.
2: Inventories
Inventory has been calculated using the cost complement obtained
from the inventory tracking system which is applied on an
individual store basis. Additionally, gross profit margin is
reduced by an estimated percentage of sales for shrinkage.
3: Loss per Common Share
The loss per Common Share for 1995 and 1994 respectively, is based
on the weighted average number of Common Shares outstanding during
the quarter. Common stock equivalents are not considered in the
computation, as their inclusion (utilizing the modified treasury
stock method), would be anti-dilutive on the per share amounts.
<PAGE> -6-
E&B MARINE INC. AND SUBSIDIARIES
Part II - Other Information
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27 Financial Data Schedule.
(b) Reports on Form 8-K
No reports on Form 8-K have been filed during the quarter
ended April 1, 1995.
<PAGE> -7-
E&B MARINE INC. AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this amendment to be signed on
its behalf by the undersigned thereunto duly authorized.
July 10, 1995 E&B MARINE INC.
By Kenneth G. Peskin
Kenneth G. Peskin
Chairman and
Chief Executive Officer
By Walfrido A. Martinez
Walfrido A. Martinez
Senior Vice President and
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> APR-01-1995
<CASH> 880
<SECURITIES> 0
<RECEIVABLES> 983
<ALLOWANCES> 0
<INVENTORY> 29,083
<CURRENT-ASSETS> 22,224
<PP&E> 11,696
<DEPRECIATION> 6,965
<TOTAL-ASSETS> 44,605
<CURRENT-LIABILITIES> 22,224
<BONDS> 0
<COMMON> 4
0
0
<OTHER-SE> 9,319
<TOTAL-LIABILITY-AND-EQUITY> 44,605
<SALES> 19,131
<TOTAL-REVENUES> 19,131
<CGS> 14,935
<TOTAL-COSTS> 14,935
<OTHER-EXPENSES> 5,675
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 400
<INCOME-PRETAX> (1,879)
<INCOME-TAX> (751)
<INCOME-CONTINUING> (1,128)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,128)
<EPS-PRIMARY> (.30)
<EPS-DILUTED> (.30)
</TABLE>
