<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K/A
(Amendment No. 3)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 1995
or
[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 0-15338
SEATTLE FILMWORKS, INC.
(Exact name of registrant as specified in its charter)
Washington 91-0964899
(State or other jurisdiction of (I.R.S.) Employer
incorporation or organization Identification No.)
1260 16th Avenue West
Seattle, Washington 98119
(206) 281-1390
(Address, including zip code, and telephone number, including area code of
principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, par value $.01 per share
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
- -
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [ ]
As of November 30, 1995, there were issued and outstanding 7,153,978 shares
of Common Stock, par value $.01 per share. As of November 30, 1995, the
aggregate market value of the Registrant's Common Stock held by nonaffiliates of
the Registrant was $101,024,175 based on the last sale price of the Registrant's
Common Stock as reported on the Nasdaq National Market.
Page 1 of 4 Pages
No Exhibits
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ITEM 6 - SELECTED FINANCIAL DATA
The selected financial data set forth below with respect to the Company's
statements of income for the years ended September 30, 1995, September 24, 1994
and September 25, 1993 and the Company's balance sheets at September 30, 1995
and September 24, 1994 are derived from the audited financial statements
included elsewhere in this report and should be read in conjunction with those
financial statements and their related footnotes. The selected income statement
data for the years ended September 26, 1992 and September 28, 1991 and selected
balance sheet data at September 25, 1993, September 26, 1992 and September 28,
1991 are derived from audited financial statements which are not included in
this report.
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SEATTLE FILMWORKS, INC.
SELECTED FINANCIAL DATA
(In thousands, except share information)
<TABLE>
<CAPTION>
Fiscal Years
1995 1994 1993 1992 1991
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
Income Statement Data:
- ----------------------
Net revenues $62,185 $49,753 $42,728 $38,442 $36,645
Gross profit 24,057 18,907 17,269 15,694 15,083
Operating expenses 15,729 12,709 12,284 11,660 11,666
Net income $ 5,682 $ 4,438 $ 3,570 $ 2,905 $ 2,373
======= ======= ======= ======= =======
Income as a percent of revenues 9.1% 8.9% 8.4% 7.6% 6.5%
Earnings per share* $ .73 $ .54 $ .43 $ .35 $ .29
======= ======= ======= ======= =======
Weighted average shares*
outstanding 7,821,174 8,263,118 8,238,771 8,177,364 8,120,529
========= ========= ========= ========= =========
Balance Sheet Data:
- -------------------
Capitalized customer acquisition
expenditures 7,356 4,458 3,832 3,349 3,283
Total assets 28,244 18,835 ** 19,632 15,538 11,474
Long-term obligations 0 0 0 0 0
Shareholders' equity $17,932 $11,347 ** $13,376 $ 9,553 $ 6,541
======= ======= ======= ======= =======
</TABLE>
See notes to financial statements.
* All earnings per share data reflects a three for two stock split distributed
February 26, 1993, a two for one stock split distributed March 16, 1994, and a
three for two stock split distributed March 15, 1995.
** Reflects the impact of repurchasing 750,000 shares of common stock for
$6,643,000 during the fourth quarter of fiscal 1994.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this amended report to be signed on
its behalf by the undersigned, thereunto duly authorized.
SEATTLE FILMWORKS, INC.
(REGISTRANT)
DATED: June 28, 1996
By: /s/ Case H. Kuehn
----------------------------
Case H. Kuehn
Vice President-Finance
Chief Financial Officer
(Principal Financial and
Accounting Officer)
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