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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
AMENDMENT NO. 1
TO
FORM 10-Q
Quarterly Report under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For the nine months ended July 31, 1999 Commission file number 0-13880
ENGINEERED SUPPORT SYSTEMS, INC.
(Exact name of Registrant as specified in its charter)
Missouri 43-1313242
(State of Incorporation) (IRS Employer Identification Number)
1270 North Price Road, St. Louis, Missouri 63132
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (314) 993-5880
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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The number of shares of the Registrant's common stock, $.01 par
value, outstanding at August 31, 1999 was 6,888,958.
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ENGINEERED SUPPORT SYSTEMS, INC
CONDENSED CONSOLIDATED BALANCE SHEETS
<CAPTION>
July 31 October 31
1999 1998
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(Unaudited)
<S> <C> <C>
ASSETS
Current Assets
Cash and cash equivalents $ 517,703 $ 5,773,529
Accounts receivable 13,171,407 14,036,184
Contracts in process and inventories 35,890,357 18,686,810
Other current assets 1,188,980 1,542,973
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Total Current Assets 50,768,447 40,039,496
Property, plant and equipment, less accumulated
depreciation of $15,798,755 and $13,895,326 27,630,023 25,064,982
Cost in excess of net assets acquired, less accumulated
amortization of $1,865,309 and $1,073,176 24,123,759 25,835,892
Other assets 1,141,934 1,219,852
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Total Assets $103,664,163 $92,160,222
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Notes payable $ 6,700,000 $
Current maturities of long-term debt 7,954,160 7,204,172
Accounts payable 10,480,212 7,285,396
Other current liabilities 6,330,751 7,340,394
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Total Current Liabilities 31,465,123 21,829,962
Long-term debt 7,801,041 36,779,160
Deferred income taxes 2,659,699 2,659,699
ESOP guaranteed bank loan 615,000 725,700
Shareholders' Equity
Common stock, par value $01 per share; 10,000,000
shares authorized; 7,503,854 and 5,490,604
shares issued 75,039 54,906
Additional paid-in capital 37,032,274 11,082,278
Retained earnings 28,519,355 23,682,931
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65,626,668 34,820,115
Less ESOP guaranteed bank loan 615,000 725,700
Less treasury stock at cost, 614,896 and 638,702 shares 3,888,368 3,928,714
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61,123,300 30,165,701
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Total Liabilities and Shareholders' Equity $103,664,163 $92,160,222
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See notes to 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.
ENGINEERED SUPPORT SYSTEMS, INC.
Date: September 17, 1999 By: Michael F. Shanahan Sr.
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Michael F. Shanahan Sr.
Chairman of the Board, President
and Chief Executive Officer
Date: September 17, 1999 By: Gary C. Gerhardt
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Gary C. Gerhardt
Executive Vice President and
Chief Financial Officer
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