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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A-1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 13, 1998
LADD FURNITURE, INC.
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(Exact name of registrant as specified in its charter)
North Carolina 0-11577 56-1311320
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
4620 Grandover Parkway, P.O. Box 26777, Greensboro, North Carolina 27417-6777
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (336) 294-5233
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(Former name or former address, if changed since last report.)
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ITEM 1. Changes in Control of Registrant.
Not Applicable.
ITEM 2. Acquisition or Disposition of Assets.
Not Applicable.
ITEM 3. Bankruptcy or Receivership.
Not Applicable.
ITEM 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
ITEM 5. Other Events.
On October 13, 1998, the Registrant issued a press release reporting
its 1998 third quarter and nine month results of operations. A transposition
error was recorded in the EDGAR copy of Exhibit 10.2. Prepaid expenses and other
current assets for January 3, 1998 was incorrectly shown as $8,106 and should
have been $8,016. The revised supplemental financial data submitted to stock
analysts dated October 13, 1998 is attached hereto as Exhibit 99.1.
ITEM 6. Resignations of Registrant's Directors.
Not Applicable.
ITEM 7. Financial Statements and Exhibits.
a) Exhibits
99.1 Revised Supplemental Financial Data submitted to
stock analysts dated October 13, 1998.
2
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ITEM 8. Change in Fiscal Year.
Not Applicable.
3
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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 hereunto duly authorized.
LADD FURNITURE, INC.
Date: November 3, 1998 By: /s/William S. Creekmuir
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William S. Creekmuir
Title: Executive Vice President,
Chief Financial Officer,
Treasurer and Secretary
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EXHIBIT 99.1
LADD FURNITURE, INC. AND SUBSIDIARIES -- SUPPLEMENTAL FINANCIAL DATA
OCTOBER 13, 1998 CONTACT: JOHN J. ONG, CFA (336) 315-4049
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (PRELIMINARY AND UNAUDITED)
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Quarters Ended
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In thousands, except per share data 3/29/97 6/28/97 9/27/97 1/3/98 4/4/98 7/4/98 10/3/98
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Net sales $123,368 125,572 129,935 146,625 147,409 135,505 142,896
Cost of sales 101,437 101,393 106,791 119,429 120,733 108,173 115,160
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Gross profit 21,931 24,179 23,144 27,196 26,676 27,332 27,736
Selling, general and administrative expenses 17,552 18,561 17,794 20,328 20,350 19,947 19,932
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Operating income 4,379 5,618 5,350 6,868 6,326 7,385 7,804
Other deductions:
Interest expense 3,005 2,719 2,701 2,817 2,584 2,371 2,220
Other expense (income), net 521 194 (199) 276 (126) 310 148
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3,526 2,913 2,502 3,093 2,458 2,681 2,368
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Earnings before income taxes 853 2,705 2,848 3,775 3,868 4,704 5,436
Income tax expense 333 1,055 1,110 1,371 1,508 1,835 2,117
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Net earnings $ 520 1,650 1,738 2,404 2,360 2,869 3,319
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Net earnings per common share-basic $ 0.07 0.21 0.22 0.31 0.30 0.37 0.42
Net earnings per common share-diluted $ 0.07 0.21 0.22 0.31 0.30 0.35 0.41
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Weighted average number of common
shares outstanding-actual 7,720 7,737 7,758 7,760 7,760 7,812 7,831
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CONDENSED CONSOLIDATED BALANCE SHEETS (PRELIMINARY AND UNAUDITED)
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Dollar amounts in thousands 3/29/97 6/28/97 9/27/97 1/3/98 4/4/98 7/4/98 10/3/98
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ASSETS
Current assets:
Cash $ 151 191 659 75 114 89 156
Trade accounts receivable 72,786 71,016 83,865 83,297 91,709 85,253 94,861
Inventories 89,260 97,091 94,819 93,189 95,101 102,129 103,353
Prepaid expenses and other current assets 6,831 7,536 6,923 8,016 8,646 9,514 7,124
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Total current assets 169,028 175,834 186,266 184,577 195,570 196,985 205,494
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Property, plant and equipment 68,580 67,648 66,708 67,530 66,255 66,406 66,189
Intangible and other assets 80,551 79,668 77,796 77,083 76,333 74,431 73,836
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$318,159 323,150 330,770 329,190 338,158 337,822 345,519
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt $ 6,676 6,633 4,965 6,807 11,476 6,590 6,590
Trade accounts payable 25,120 26,807 27,080 29,488 37,217 36,317 36,982
Accrued expenses and other current liabilities 33,552 30,030 36,203 31,952 33,925 35,252 38,617
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Total current liabilities 65,348 63,470 68,248 68,247 82,618 78,159 82,189
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Long-term debt, excluding current installments 122,694 121,231 123,565 118,586 109,390 109,629 109,540
Deferred and other liabilities 5,639 12,027 10,481 11,432 12,826 12,657 13,067
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Total liabilities 193,681 196,728 202,294 198,265 204,834 200,445 204,796
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Total shareholders' equity 124,478 126,422 128,476 130,925 133,324 137,377 140,723
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$318,159 323,150 330,770 329,190 338,158 337,822 345,519
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