<PAGE> 1
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------
FORM 10-Q/A-1
Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of
1934 For the Quarter Ended October 3, 1998
-------------------
Commission File No. 0-11577
-------------------
LADD FURNITURE, INC.
(Exact name of registrant as specified in its charter)
NORTH CAROLINA 56-1311320
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
POST OFFICE BOX 26777
4620 GRANDOVER PARKWAY
GREENSBORO, NORTH CAROLINA 27417-6777
(Address of principal executive offices) (Zip Code)
(336) 294-5233
(Registrants' telephone number, including area code)
(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 the past 90 days.
Yes X No
--- ---
As of November 30, 1998 there were 7,831,080 shares of Common Stock ($.30 par
value) of the registrant outstanding.
================================================================================
<PAGE> 2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
On November 13, 1998, the Registrant filed its third quarter 1998 Form 10-Q. The
dollar amounts presented in the Consolidated Statements of Shareholders' Equity
were, in some instances, incorrect as of October 3, 1998 and the thirty-nine
weeks then ended. The correct amounts, as well as the previously filed incorrect
amounts, are as follows:
(dollars in thousands)
<TABLE>
<CAPTION>
Previously
Corrected Reported
--------- --------
<S> <C> <C>
Shares issued in connection with
incentive stock option plan $ 985 977
Amortization of employee restricted
stock awards 69 50
Net earnings 8,548 5,229
Total Additional paid-in capital 51,331 51,304
Total Retained earnings 87,043 83,724
Total Shareholders' equity 140,723 137,377
</TABLE>
The revised Consolidated Statements of Shareholders' Equity is attached hereto.
-2-
<PAGE> 3
LADD FURNITURE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Amounts in thousands, except share data)
<TABLE>
<CAPTION>
Number Additional Total
of shares Common paid-in Retained shareholders'
issued stock capital earnings equity
---------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C>
BALANCE AT DECEMBER 28, 1996 7,719,567 $ 2,316 49,401 72,183 123,900
Purchase of restricted
stock (3,273) (1) -- -- (1)
Shares issued in connection
with incentive stock
option plan 4,500 2 51 -- 53
Shares issued in connection
with employee defined
contribution plan 38,889 11 536 -- 547
Amortization of employee
restricted stock awards -- -- 114 -- 114
Net earnings -- -- -- 6,312 6,312
---------- ---------- ---------- ---------- ----------
BALANCE AT JANUARY 3, 1998 7,759,683 2,328 50,102 78,495 130,925
Shares issued in connection
with incentive stock
option plan 75,747 22 985 -- 1,007
Retirement of stock and purchase
of restricted stock (4,350) (1) (86) -- (87)
Amortization of employee
restricted stock awards -- -- 69 -- 69
Non-qualified stock options -- -- 261 -- 261
Net earnings -- -- -- 8,548 8,548
---------- ---------- ---------- ---------- ----------
BALANCE AT OCTOBER 3, 1998
(UNAUDITED) 7,831,080 $ 2,349 51,331 87,043 140,723
========== ========== ========== ========== ==========
</TABLE>
-3-
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LADD Furniture, Inc.
Date: December 1, 1998 By: s/William S. Creekmuir
--------------------------
William S. Creekmuir
Executive Vice President
and Chief Financial Officer
-4-