UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended December 31, 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 number 1-7725
I.R.S. Employer Identification Number 36-2687938
COMDISCO, INC.
(a Delaware Corporation)
6111 North River Road
Rosemont, Illinois 60018
Telephone: (847) 698-3000
Name of each Number of shares
Title of exchange on outstanding as of
each class which registered December 31, 1999
Common stock, New York Stock Exchange 152,574,602
$.10 par value Chicago Stock Exchange
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 XX No .
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<PAGE>
EXPLANTORY NOTE:
This Amendment No. 1 is being filed by the undersigned registrant to
correct certain typographical and table footing errors included in information
provided in response to Part 1, Item 1. Financial Information, "Consolidated
Statements of Cash Flows" in its Quarterly Report on Form 10-Q for the quarter
ended December 31, 1999 filed with the Securities and Exchange Commission on
February 14, 2000. Changes have been made in the following:
o Under "Cash flows from operating activities," Notes receivable
receipts.
o Cash and cash equivalents at end of period.
The entire Consolidated Statements of Cash Flows, reflecting the
aforementioned corrections, originally appearing on pages 5 and 6, is set forth
below.
<PAGE>
Comdisco, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions)
Three Months Ended December 31, 1999 and 1998
Increase (decrease) in cash and cash equivalents:
<TABLE>
<CAPTION>
1999 1998
---- ----
<S> <C> <C>
Cash flows from operating activities:
Operating lease and other leasing receipts......................... $ 472 $ 543
Direct financing and sales-type leasing receipts................... 239 245
Leasing costs, primarily rentals paid.............................. (5) (5)
Sales.............................................................. 103 94
Sales costs........................................................ (29) (50)
Technology services receipts....................................... 138 123
Technology services costs.......................................... (114) (97)
Other revenue...................................................... 102 13
Note receivable receipts........................................... 71 11
Selling, general and administrative expenses....................... (98) (84)
Interest........................................................... (73) (84)
Income taxes....................................................... (2) (3)
------ ------
Net cash provided by operating activities....................... 804 706
------ ------
Cash flows from investing activities:
Equipment purchased for leasing.................................... (824) (852)
Investment in continuity and network services facilities........... (55) (36)
Notes receivable................................................... (161) (71)
Investment in Prism Communication Services......................... (76) --
Other investing activities (33) (20)
------ ------
Net cash used in investing activities (1,149) (979)
------ ------
Cash flows from financing activities:
Discounted lease proceeds.......................................... 118 133
Net increase in notes payable...................................... 239 33
Issuance of term notes and senior notes............................ 25 351
Maturities and repurchases of term notes and senior notes......... (25) (90)
Principal payments on secured debt................................. (87) (117)
Common stock purchased and placed in treasury...................... (33) (10)
Dividends paid on common stock..................................... (4) (4)
Issuance of Prism Communication Services common stock.............. 10 --
Decrease (increase) in legally restricted cash..................... 14 (8)
Other, net......................................................... (8) (5)
------ ------
Net cash provided by financing activities ...................... 249 283
------ ------
Net increase (decrease) in cash and cash equivalents................ (96) 10
Cash and cash equivalents at beginning of period..................... 387 63
------ ------
Cash and cash equivalents at end of period........................... $ 291 $ 73
====== ======
See accompanying notes to consolidated financial statements
</TABLE>
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<PAGE>
Comdisco, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) -- CONTINUED
(in millions)
Three Months Ended December 31, 1999 and 1998
<TABLE>
<CAPTION>
1999 1998
---- ----
<S> <C> <C>
Reconciliation of net earnings to net cash
provided by operating activities:
Net earnings......................................................... $ 42 $ 38
Adjustments to reconcile net earnings
to net cash provided by operating activities:
Leasing costs, primarily
depreciation and amortization.................................. 406 552
Leasing revenue, primarily principal portion of
direct financing and sales-type lease rentals.................. 227 67
Cost of sales..................................................... 26 1
Technology services costs, primarily
depreciation and amortization.................................. 11 3
Interest.......................................................... 11 --
Income taxes...................................................... 21 20
Other - net....................................................... 60 25
----- -----
Net cash provided by operating activities.............. $804 $706
===== =====
See accompanying notes to consolidated financial statements.
</TABLE>
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<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.
COMDISCO, INC.
Registrant
Date: February 28, 2000 /s/ David J. Keenan
David J. Keenan
Senior Vice President
and Controller
