<PAGE> 1
FORM 10-Q/A
Amendment No. 1
to
Form 10-Q
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 May 2, 1997
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No. 0-13076
LOT$OFF CORPORATION
(F/K/A 50-OFF STORES, INC.)
DELAWARE 74-2640559
- ---------------------------------------- -----------------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or Identification No.)
organization
8750 Tesoro Drive, San Antonio, Texas 78217-0555
- ---------------------------------------- -----------------------------
(Address of principal executive offices) (Zip Code)
Telephone: (210) 805-9300
----------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days: Yes X No
--- ---
--------------------------
12,200,915 shares of the Registrant's old common stock were outstanding at May
2, 1997.
855,320 shares of the Registrant's new common stock were outstanding at June
18, 1997.
--------------------------
LOT$OFF Corporation hereby amends the following items, financial statements,
exhibits or other portions of its Quarterly Report on Form 10-Q for the
quarterly period ended May 2, 1997 by amending Part I, Item 1 -- Financial
Statements (Liabilities and Stockholder's (Deficit) Equity for January 31,
1997). Part II, Item 6. Exhibits (Exhibit 27 for name change).
<PAGE> 2
LOT$OFF CORPORATION AND SUBSIDIARIES
(F/K/A 50-OFF STORES, INC. AND SUBSIDIARIES - DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
<TABLE>
<CAPTION>
May 2, 1997 January 31, 1997 May 3, 1996
-------------- ---------------- --------------
<S> <C> <C> <C>
CURRENT LIABILITIES:
Credit facility $ 7,660,908 $ 5,396,580 $ --
Accounts payable-trade 1,747,773 1,381,708 9,705,104
Accounts payable-other 2,278,479 2,032,512 4,809,516
Accrued expenses and
other current liabilities 1,823,620 1,757,468 4,104,654
Current portion of closed store
costs -- -- 1,001,449
Current portion of long-term debt -- 266,667 1,063,273
-------------- ------------ --------------
TOTAL CURRENT LIABILITIES 13,510,780 10,834,935 20,683,996
CREDIT FACILITY, refinanced -- -- 10,109,405
LONG-TERM DEBT, less
current portion -- -- 4,014,674
NOTES PAYABLE - VENDORS -- -- 2,631,658
LIABILITIES SUBJECT TO COMPROMISE -- 30,250,544 --
COMMITMENTS AND CONTINGENCIES 30,193,052 --
STOCKHOLDERS' (DEFICIT) EQUITY:
Common stock 122,009 122,009 122,009
Additional paid-in capital 36,022,264 36,022,264 36,022,264
Subscription receivable (3,991,050) (3,991,050) (3,991,050)
Accumulated deficit (56,210,289) (53,983,966) (15,275,633)
-------------- ------------ --------------
TOTAL STOCKHOLDERS' EQUITY (24,057,066) (21,830,743) 16,877,590
-------------- ------------ --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ (19,646,766) $ 19,254,736 $ 54,317,323
============== ============ ==============
</TABLE>
See accompanying notes to these condensed consolidated financial statements.
-4-
<PAGE> 3
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:
LOT$OFF CORPORATION
By: /s/ James G. Scogin
----------------------------------
James G. Scogin, Vice-President,
Controller, Chief Accounting
Officer, Treasurer and Secretary
Date: June 23, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM LOT$OFF
CORPORATION F/K/A 50-OFF STORES, INC.'S FINANCIAL STATEMENTS AS OF AND FOR THE
THIRTEEN WEEKS ENDED MAY 2, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAY-02-1997
<PERIOD-END> MAY-02-1997
<CASH> 591
<SECURITIES> 0
<RECEIVABLES> 207
<ALLOWANCES> 0
<INVENTORY> 14,050
<CURRENT-ASSETS> 15,249
<PP&E> 7,405
<DEPRECIATION> 3,465
<TOTAL-ASSETS> 19,647
<CURRENT-LIABILITIES> 13,511
<BONDS> 16,756
0
0
<COMMON> 122
<OTHER-SE> (24,179)
<TOTAL-LIABILITY-AND-EQUITY> 19,647
<SALES> 11,919
<TOTAL-REVENUES> 11,919
<CGS> 7,721
<TOTAL-COSTS> 7,721
<OTHER-EXPENSES> 6,283
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 142
<INCOME-PRETAX> (2,226)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,226)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,226)
<EPS-PRIMARY> (.18)
<EPS-DILUTED> (.18)
</TABLE>
