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FORM 10-QA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark one)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 1, 1997
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No. 0-13076
LOT$OFF CORPORATION
DELAWARE 74-2640559
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
8750 Tesoro Drive, San Antonio, Texas 78217-0555
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(Address of principal executive offices) (Zip Code)
Telephone: (210) 805-9300
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(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days: Yes X No:
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856,080 shares of the Registrant's common stock were outstanding at August 1,
1997.
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LOT$OFF Corporation hereby amends the following items, financial statements,
exibits or other portions of its Quarterly Report on Form 10-Q for the
quarterly period ended August 1, 1997 by amending Part I, Item 1 - Financial
Statements (Condensed Consolidated Statement of Cash Flows for the twenty-six
weeks ended August 1, 1997 - Cash Flows From Operating Activity).
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LOT$OFF CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Twenty-six Weeks Ended
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August 1, 1997 August 2, 1996
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<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss) $(4,543,433) $(9,899,641)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 354,570 1,937,074
Reorganization items 500,000 -
Non-cash interest expense on long-term debt - 117,981
Changes in assets and liabilities:
Accounts receivable 101,383 417,011
Merchandise inventories 1,899,556 (1,161,523)
Prepaid and other current assets (155,266) (505,108)
Other assets (72,841) (311,698)
Accounts payable-trade 101,309 5,947,281
Accounts payable-other (300,469) (1,148,744)
Accrued expenses and other
current liabilities 97,926 329,568
Closed store costs - (269,017)
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Net cash provided by (used in) operating
activities (2,017,265) (4,546,816)
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CASH FLOWS FROM INVESTING
ACTIVITIES:
Capital expenditures (182,549) (433,350)
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Net cash provided by (used in) investing activities (182,549) (433,350)
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</TABLE>
See accompanying notes to these condensed consolidated financial statements.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized:
LOT$OFF CORPORATION
By: /s/ James G. Scogin
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James G. Scogin, Vice-President,
Controller, Chief Accounting
Officer, Treasurer and Secretary
Date: September 19, 1997
