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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Filed Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (Date of earliest event reported) February 28, 1997
TRISTAR CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-13099 13-3129318
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
12500 San Pedro Avenue, Suite 500, San Antonio, Texas 78216
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (210) 402-2200
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 1. Change in Control.
Not applicable.
Item 2. Acquistion or Disposition of Assets.
Not applicable.
Item 3. Bankruptcy or Receivership.
Not applicable.
Item 4. Change in Accountant.
Not applicable.
Item 5. Other Events.
Attached hereto as Exhibit "A" is a consolidated balance sheet of
Tristar Corporation and its subsidiaries, reflecting its audited balances as of
August 31, 1996, and unaudited balances as of February 1, 1997.
Item 6. Resignation of Director.
Not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Not applicable.
Item 8. Change in Fiscal Year.
Not applicable.
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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.
TRISTAR CORPORATION
By /s/ Loren M. Eltiste
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Loren M. Eltiste, Vice President,
Chief Financial Officer, Assistant
Secretary and Principal Financial
and Accounting Officer
DATE: February 28, 1997
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EXHIBIT A
TRISTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS February 1, Pro Forma
1997 Shareholders'
(unaudited) Equity August 31, 1996 *
<S> <C> <C> <C>
Current assets:
Cash $ 367,000 $ 233,000
Accounts receivable, less allowance for 10,302,000 9,522,000
doubtful accounts of $967,000
Accounts receivable - related parties - net 1,171,000 1,518,000
Inventories 14,821,000 12,691,000
Prepaid expenses 327,000 258,000
Total current assets 26,938,000 24,222,000
Property, plant and equipment, less 8,121,000 8,532,000
accumulated depreciation of $6,133,000
Other assets:
Warrant valuation, less accumulated 619,000 653,000
amortization of $1,471,000
Other assets 405,000 360,000
Total other assets 1,024,000 1,013,000
Total assets 36,083,000 33,767,000
</TABLE>
* Prepared from audited financial statements for the year ended August 31, 1996
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TRISTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
LIABILITIES AND February 1, Pro Forma
SHAREHOLDERS' EQUITY 1997 Shareholders' August 31,
(unaudited) Equity** 1996 *
<S> <C> <C> <C>
Current liabilities:
Short-term borrowings $ 9,636,000 9,319,000
Accounts payable-trade 6,254,000 5,233,000
Accounts payable-related parties-net 3,470,000 2,900,000
Accrued bonuses 232,000 202,000
Accrued interest expense-subordinated debt 1,383,000 1,174,000
Other accrued expenses 1,203,000 847,000
Income taxes payable 10,000 85,000
Current portion of capital lease obligations 39,000 38,000
Current portion of long-term obligations 2,930,000 3,134,000
Total current liabilities 25,284,000 22,932,000
Long-term debt, less current portion -- 3,000
Obligations under capital leases, less current 2,000 59,000
portion
Subordinated long term debt - related parties, 8,000,000 4,500,000 12,666,000
less current portion
Total liabilities 33,286,000 4,500,000 35,660,000
Commitments and contingencies
Shareholders' equity:
Preferred stock, $.05 par value; authorized 4,666,000 4,666,000
1,000,000 shares;
Series A 666,529 shares issued and outstanding;
Series B 120,690 shares issued and outstanding -- 3,500,000 --
proforma
Common stock, $.01 par value; authorized 167,000 167,000 167,000
30,000,000 shares;
issued and outstanding 16,716,176 shares
Additional paid-in-capital 10,493,000 100,493,000 10,354,000
Accumulated deficit (12,361,000) (12,529,000) (12,414,000)
Total shareholders' equity 2,797,000 $ 6,297,000 (1,893,000)
Total liabilities and shareholders' equity 36,083,000 33,767,000
</TABLE>
* Prepared from audited financial statements for the year ended August 31, 1996
** Reflects changes due to the issuance of Preferred Stock in exchange for the
cancellation of Subordinated Debt