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Previous: MIDAS FUND INC, NSAR-B, 1998-03-02 |
Next: BRANDES INVESTMENT PARTNERS L P /CA/ /ADV, SC 13G/A, 1998-03-02 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K/A
(AMENDMENT NO. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): January 29, 1998
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PRECISION STANDARD, INC.
(Exact name of registrant as specified in its charter)
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Colorado 0-13829 84-0985295
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction) Identification No.)
1225 17th Street, Suite 1800
Denver, Colorado 80202
(Address of principal executive offices)
Registrant's telephone number, including area code: (303) 292-6565
ITEM 2 - ACQUISITION OR DISPOSITION OF ASSETS.
Filed herewith are the unaudited combined balance sheet and statement
of operations for the period ended January 31, 1998, of Precision
Standard, Inc. after giving effect to the disposition of the assets
relating to its Hayes Targets division.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized, in the City of Denver, State of
Colorado, on March 2, 1998.
PRECISION STANDARD, INC.
By:/s/Matthew L. Gold
Matthew L. Gold
President
PRECISION STANDARD, INC.
BALANCE SHEET
JANUARY 31, 1998
UNAUDITED
($ in Thousands)
<TABLE>
<CAPTION>
ASSETS
- ------
<S> <C>
Cash and Cash Equivalents $ -
Accounts Receivable - Trade, Net Allowance 12,321
Inventories 20,085
Prepaid Expenses and Other 411
Deferred Tax Asset 4,347
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Total Current Assets 37,164
Leasehold Improvements at cost 10,459
Machinery and Equipment at cost 17,549
Accumulated Depreciation and Amortization (17,227)
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Net Property, Plant and Equipment 10,781
Other Assets, Net of Intangibles 4,433
Accounts Receivable, Officer 270
Deposits and Other 481
Other Assets 1,517
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Total Other Assets 6,701
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Total Assets $ 54,646
==========
LIABILITIES AND SHAREHOLDER EQUITY
- ----------------------------------
Current Maturity - Long Term Debt $ 483
Accounts Payable and Accrued Expenses 25,998
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Total Current Liabilities 26,481
Long Term Debt, Net of Current Maturities 19,784
Other Liabilities 3,632
Unfunded Accumulated Benefit Obligation 1,480
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Total Other Liabilities 24,896
Common Stock 1
Additional Paid-In Capital 5,433
Retained Earnings 67
Equity Adjustment - Minimum Pension Liability (2,470)
Equity Adjustment - Foreign Current Translation 238
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Total Stockholders Equity 3,269
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Total Liabilities and Equity $ 54,646
==========
</TABLE>
PRECISION STANDARD, INC.
RESULTS OF OPERATIONS
FOR THE ONE MONTH PERIOD ENDED
JANUARY 31, 1998
UNAUDITED
($ in Thousands)
<TABLE>
<CAPTION>
<S> <C>
Sales $ 11,436
Cost of Sales (including SG&A) 11,379
----------
Operating Profit 57
Other Expense (Income) (3,294)
Interest Expense 228
Estimated Income Tax Expense -
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Net Income $ 3,123
==========
Weighted average shares outstanding 14,459,488
Earnings per common share:
Income (Loss) before income tax $ 0.22
Income tax expense -
Net income (loss) $ 0.22
</TABLE>
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