THIS CONFORMING PAPER FORMAT DOCUMENT IS BEING SUBMITTED
PURSUANT TO RULE 901(d) OF REGULATION S-T
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
(Amendment No. 1)*
[MARK ONE]
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1995
Commission File No. 0-16345
SOUTHERN ELECTRONICS CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 22-2715444
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization)
Identification No.)
4916 North Royal Atlanta Drive, Tucker, Georgia
30085
(Address of principal executive offices) (Zip
Code)
(404) 491-8962
(Registrant's telephone number, including area code)
Not Applicable
Former name, former address and former fiscal year,
if changed since last report.
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
At April 21, 1995, there were 6,962,902 shares of Common Stock, $.01 par
value, outstanding.
* The purpose of this Amendment is to submit the Financial Data Schedule
(Exhibit 27) as of and for the period ended March 31, 1995.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
The following exhibits are incorporated by reference or filed with
this report:
Exhibit
Number Description
10.28 Letter of Intent dated March 15, 1995 between
the Registrant and GBC Technologies, Inc. (1)
10.29 Amendment No. Two and Amendment No. Three to
Revolving Credit Agreement dated February 23,
1993 between the Registrant and Southern
Electronics Distributors, Inc. (wholly-owned
subsidiary of Registrant) and National City
Bank, Columbus (f/k/a BancOhio National Bank).
27 Financial Data Schedule
________________
Previously filed.
(1) Incorporated herein by reference to Exhibit 1 to the
Registrant's Current Report on Form 8-K filed March 17, 1995
(date of earliest event reported: March 15, 1994).
(b) Reports on Form 8-K
The Registrant filed a Current Report on Form 8-K on March 17,
1995 reporting the execution and delivery, on March 15, 1995, of a
Letter of Intent with GBC Technologies, Inc. ("GBC") contemplating
the merger of the Registrant with a wholly-owned subsidiary of
GBC.
<PAGE>
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.
SOUTHERN ELECTRONICS CORPORATION
(Registrant)
September 27, 1995 /s/ Gerald Diamond
Gerald Diamond
Chairman of the Board and
Chief Executive Officer
(Principal Executive Officer)
September 27, 1995 /s/ Larry G. Ayers
Larry G. Ayers
Vice President-Finance and
Treasurer
(Principal Accounting Officer)
22671123<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
10.28 Letter of Intent dated March 15, 1995
between the Registrant and GBC
Technologies, Inc. (1)
10.29 Amendment No. Two and Amendment No. Three
to Revolving Credit Agreement dated
February 23, 1993 between the Registrant
and Southern Electronics Distributors,
Inc. (wholly-owned subsidiary of
Registrant) and National City Bank,
Columbus (f/k/a BancOhio National Bank).
27 Financial Data Schedule
________________
Previously filed.
(1) Incorporated herein by reference to Exhibit 1 to the Registrant's
Current Report on Form 8-K filed March 17, 1995 (date of earliest event
reported: March 15, 1994).
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM SOUTHERN
ELECTRONICS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS AS OF AND FOR THE PERIOD ENDED MARCH 31, 1995 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> MAR-31-1995
<CASH> 2,005,000
<SECURITIES> 0
<RECEIVABLES> 25,301,000
<ALLOWANCES> 0
<INVENTORY> 34,418,000
<CURRENT-ASSETS> 63,550,000
<PP&E> 4,256,000
<DEPRECIATION> 0
<TOTAL-ASSETS> 68,135,000
<CURRENT-LIABILITIES> 39,891,000
<BONDS> 0
<COMMON> 71,000
0
0
<OTHER-SE> 33,173,000
<TOTAL-LIABILITY-AND-EQUITY> 68,135,000
<SALES> 292,557,000
<TOTAL-REVENUES> 292,557,000
<CGS> 271,635,000
<TOTAL-COSTS> 271,635,000
<OTHER-EXPENSES> 14,072,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 397,000
<INCOME-PRETAX> 6,453,000
<INCOME-TAX> 2,446,000
<INCOME-CONTINUING> 4,007,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,007,000
<EPS-PRIMARY> 0.57
<EPS-DILUTED> 0.57
</TABLE>
