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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 9, 1996
AMERICAN EDUCATIONAL PRODUCTS, INC.
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(Exact name of registrant as specified in its charter)
COLORADO 0-16310 84-1012129
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(State or other (Commission file number) (Employer Identi-
incorporation fication No.)
5350 Manhattan Circle, Suite 210, Boulder, Colorado 80303
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 543-0123
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(Former name or former address, if changed since last report)
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ITEM 5: OTHER EVENTS
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American Educational Products, Inc. (the "Company") files herewith its
unaudited Balance Sheet and its unaudited Statement of Operations as of and for
the one-month period ended July 31, 1996. These financial statements are
unaudited but, in the opinion of management, reflect all adjustments which are
necessary to a fair statement of the financial position and results of
operations as of and for the period presented.
ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS
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(a) Financial Statements
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Balance Sheet and Statement of Operations
(b) Pro Forma Financial Information
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Not applicable.
(c) Exhibits
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None.
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AMERICAN EDUCATIONAL PRODUCTS, INC.
CONSOLIDATED BALANCE SHEET
as of July 31, 1996
(Unaudited)
<CAPTION>
ASSETS
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<S> <C>
CURRENT ASSETS
Cash $ 88,000
Trade receivables, net of allowance of $66,000 1,553,000
Royalty receivable 176,000
Inventories 2,250,000
Prepaid advertising costs 179,000
Other 75,000
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TOTAL CURRENT ASSETS 4,321,000
PROPERTY AND EQUIPMENT, net 2,923,000
VIDEO LIBRARY, net 590,000
INTANGIBLE ASSETS, net 424,000
OTHER ASSETS 356,000
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TOTAL ASSETS $8,614,000
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LIABILITIES AND EQUITY
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CURRENT LIABILITIES
Note payable $1,200,000
Current maturities of long term debt 995,000
Accounts payable 1,151,000
Accrued expenses 358,000
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TOTAL CURRENT LIABILITIES 3,704,000
LONG TERM DEBT, less current maturities 828,000
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 50,000,000 shares
authorized; none issued or outstanding
Common stock, $0.01 par value; 100,000,000 shares
authorized; 4,176,049 issued and outstanding 42,000
Additional paid in capital 6,076,000
Accumulated deficit (2,036,000)
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TOTAL STOCKHOLDERS' EQUITY 4,082,000
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $8,614,000
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AMERICAN EDUCATIONAL PRODUCTS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
for the month ended July 31, 1996
(Unaudited)
<S> <C>
INCOME:
Net sales $933,000
Cost of goods sold 591,000
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Gross profit 342,000
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OPERATING EXPENSES:
Advertising and catalog costs 26,000
Other marketing 89,000
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Total marketing 115,000
General and administrative 122,000
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Total operating expenses 237,000
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OPERATING INCOME 105,000
OTHER INCOME (EXPENSE):
Gain on sale of asset 77,000
Interest expense (35,000)
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Net other income 42,000
INCOME BEFORE INCOME TAXES 147,000
Income tax expense -0-
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NET INCOME $147,000
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Earnings per common share and
common share equivalent $0.04
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Average number of common and common
equivalent shares outstanding 4,176,000
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SIGNATURE
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 hereunto duly authorized.
AMERICAN EDUCATIONAL PRODUCTS, INC.
Dated: August 9, 1996 By: /s/ Clifford C. Thygesen
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Clifford C. Thygesen, President
