SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended June 30, 2000
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Commission file no.0-15152
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FIND/SVP, INC.
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(Exact name of Registrant as specified in its charter)
New York 13-2670985
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(State or other jurisdiction (I.R.S. employer
of incorporation or organization) identification no.)
625 Avenue of the Americas, New York, NY 10011
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (212) 645-4500
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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 ___
Number of shares of Common Stock outstanding at July 31, 2000: 7,455,693
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FIND/SVP, INC. AND SUBSIDIARIES
Index
PART I. FINANCIAL INFORMATION Page
ITEM 1. Financial Statements
Condensed Consolidated Balance Sheets 3
June 30, 2000 (unaudited) and December 31, 1999
Condensed Consolidated Statements of Operations 4
Six Months Ended June 30, 2000 and 1999 (unaudited)
Condensed Consolidated Statements of Operations 5
Three Months Ended June 30, 2000 and 1999 (unaudited)
Condensed Consolidated Statements of Cash Flows 6
Six Months Ended June 30, 2000 and 1999 (unaudited)
Notes to Condensed Consolidated Financial Statements 7
ITEM 2. Management's Discussion and Analysis of Financial Condition 9
and Results of Operations
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 14
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K 15
SIGNATURES 16
2
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PART I.
FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
FIND/SVP, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
June 30, December 31,
2000 1999
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ASSETS (unaudited)
Current assets:
Cash $ 1,897 $ 2,096
Investment securities 500 500
Accounts receivable, net 2,185 1,941
Note receivable 138 138
Deferred tax assets 114 114
Prepaid expenses and other current assets 344 323
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Total current assets 5,178 5,112
Equipment and leasehold improvements,
at cost, less accumulated depreciation
and amortization of $6,871 in 2000 and
$6,399 in 1999 3,794 3,995
Other assets:
Goodwill, net 91 96
Other assets 2,163 2,075
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$ 11,226 $ 11,278
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 384 $ 409
Accrued expenses and other 991 1,504
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Total current liabilities 1,375 1,913
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Unearned retainer income 2,431 1,929
Notes payable 2,366 2,963
Other liabilities 673 584
Commitments
Shareholders' equity:
Common stock, $.0001 par value
Authorized 20,000,000 shares;
issued and outstanding 7,455,693
at June 30, 2000; issued and
outstanding 7,136,169 shares
at December 31, 1999 1 1
Capital in excess of par value 5,542 4,904
Accumulated deficit (1,162) (1,016)
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Total shareholders' equity 4,381 3,899
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$ 11,226 $ 11,278
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See accompanying notes to condensed consolidated financial statements.
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FIND/SVP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited)
Six months ended June 30
(in thousands, except share and per share data)
2000 1999
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Revenues $ 11,967 $ 11,051
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Operating expenses:
Direct costs 6,110 5,748
Selling, general and administrative expenses 5,933 5,194
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Operating (loss) income (76) 109
Interest income 72 55
Interest expense (190) (252)
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Loss before benefit for income taxes (194) (88)
Benefit for income taxes (49) (2)
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Net loss $ (145) $ (86)
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Loss per common share:
Basic $ (0.02) $ (0.01)
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Diluted $ (0.02) $ (0.01)
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Weighted average number of common shares:
Basic 7,381,633 7,119,377
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Diluted 7,381,633 7,119,377
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See accompanying notes to condensed consolidated financial statements.
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FIND/SVP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited)
Three months ended June 30
(in thousands, except share and per share data)
2000 1999
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Revenues $ 5,961 $ 5,565
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Operating expenses:
Direct costs 3,062 2,972
Selling, general and administrative expenses 2,998 2,711
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Operating loss (99) (118)
Interest income 35 22
Interest expense (93) (113)
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Loss before benefit for income taxes (157) (209)
Benefit for income taxes (46) (58)
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Net loss $ (111) $ (151)
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Loss per common share:
Basic $ (0.01) $ (0.02)
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Diluted $ (0.01) $ (0.02)
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Weighted average number of common shares:
Basic 7,455,068 7,121,169
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Diluted 7,455,068 7,121,169
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See accompanying notes to condensed consolidated financial statements.
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FIND/SVP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(unaudited)
Six months ended June 30
(in thousands)
2000 1999
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Cash flows from operating activities:
Net loss $ (145) $ (86)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization 550 563
Provision for losses on accounts receivable 86 28
Changes in assets and liabilities:
Increase in accounts receivable (330) (182)
Increase in deferred tax assets -- (34)
(Increase) decrease in prepaid expenses (21) 33
Increase in other assets (157) (139)
(Decrease) increase in accounts payable (25) 308
Decrease in accrued expenses and
other current liabilities (514) (563)
Increase in unearned retainer income 502 359
Increase (decrease) in other liabilities 89 (264)
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Net cash provided by operating activities 35 23
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Cash flows from investing activities:
Capital expenditures (271) (435)
Repayment of notes receivable -- 169
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Net cash used in investing activities (271) (266)
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Cash flows from financing activities:
Principal payments under notes payable -- (850)
Proceeds from exercise of stock options 37 6
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Net cash provided by (used in)
financing activities 37 (844)
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Net decrease in cash (199) (1,087)
Cash at beginning of period 2,096 2,307
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Cash at end of period $ 1,897 $ 1,220
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See accompanying notes to condensed consolidated financial statements.
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FIND/SVP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(unaudited)
A. MANAGEMENT'S STATEMENT
In the opinion of Management, the accompanying condensed consolidated financial
statements contain all normal and recurring adjustments necessary to present
fairly the financial position at June 30, 2000, and the results of operations
for the six and three month periods ended June 30, 2000 and 1999 and cash flows
for the six month periods ended June 30, 2000 and 1999. Operating results for
the six and three month periods ended June 30, 2000 are not necessarily
indicative of the results that may be expected for the year ending December 31,
2000.
FIND/SVP, Inc. and Subsidiaries (the "Company") have reclassified certain prior
year balances to conform with the current presentation.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. It is suggested that these condensed
consolidated financial statements be read in conjunction with the consolidated
financial statements and notes thereto for the year ended December 31, 1999
included in the Company's 1999 Annual Report on Form 10-K.
B. (LOSS) EARNINGS PER SHARE
Basic (loss) earnings per share are computed by dividing net (loss) income by
the weighted average number of common shares outstanding during the period.
Diluted (loss) earnings per share are computed by dividing net (loss) income by
a diluted weighted average number of common shares outstanding during the
period. Such dilution is computed using the treasury stock method for the
assumed conversion of stock options and warrants whose exercise price was less
than the average market price of the common shares during the respective period,
and certain additional dilutive effects of exercised, terminated and cancelled
stock options. For the six and three month periods ended June 30, 2000 there was
no such dilutive effect.
Options and warrants to purchase 2,057,427 and 2,433,177 common shares during
the six months ended June 30, 2000 and 1999, respectively, were antidilutive and
were therefore excluded from the computation of diluted earnings per share.
Options and warrants to purchase 1,924,927 and 2,452,552 common shares during
the three months ended June 30, 2000 and 1999, respectively, were antidilutive
and were therefore excluded from the computation of diluted earnings per share.
C. NOTES PAYABLE
The Company has a $1,000,000 line of credit at the prime commercial lending rate
plus 0.5%. The line is renewable annually, and was put in place on December 30,
1999. In April 2000, the Company established letters of credit totaling $148,000
which are secured by the line of credit, thus reducing the amount available to
$852,000. No amounts were borrowed under the line of credit as of June 30, 2000.
In the first quarter of 2000, the Company issued 266,945 common shares upon the
exercise of warrants in exchange for the retirement of $601,000 of the Company's
Senior Subordinated Note due October 31, 2001.
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D. INCOME TAXES
The $49,000 income tax benefit as of June 30, 2000 represents 25% of the loss
before income tax benefit. The difference between this rate and the statutory
rate primarily relates to expenses that are not deductible for income tax
purposes. The effective tax rate was 34% as of June 30, 1999.
E. ACCOUNTING PRINCIPLES NOT YET ADOPTED
In June 1998, Statement of Financial Accounting Standards ("SFAS") No. 133,
"Accounting for Derivative Instruments and Hedging Activities", was issued. SFAS
No. 133 established accounting and reporting standards for derivative
instruments and for hedging activities. The Company will adopt SFAS No. 133 on
January 1, 2001. It is anticipated that the adoption of SFAS No. 133 will not
affect the Company's consolidated financial position and results of operations.
In December 1999, the staff of the Securities and Exchange Commission issued
Staff Accounting Bulletin (SAB) No. 101, "Revenue Recognition in Financial
Statements." This SAB provides guidance on the recognition, presentation and
disclosure of revenue, and will be implemented by the Company in the quarter
ending December 31, 2000. The Company continues to the study the SAB, however it
is anticipated that its adoption will not affect the Company's consolidated
financial position and results of operations.
F. SUPPLEMENTAL CASH FLOWS INFORMATION
During the six month period ended June 30, 2000, the Company had the following
non-cash financing activities:
The Company issued 266,945 common shares upon the exercise of warrants in
exchange for the retirement of $601,000 of the Company's Senior Subordinated
Note due October 31, 2001.
The Company recorded the cashless exercise of 47,860 options at prices ranging
from $0.75 to $2.25, in exchange for 28,831 shares of common stock at prices
ranging from $3.3125 to $4.01325. Such shares were held for a period of at least
six months before the respective exchange. The value of these transactions was
$97,000.
During the six month period ended June 30, 2000, options to purchase 334,000
shares of common stock were granted under the Company's Stock Option Plan, at
prices ranging from $2.21875 to $3.6875.
G. SUBSEQUENT EVENTS
On July 10, 2000, the Company's Board of Directors approved an amendment to the
FIND/SVP, Inc. 1996 Stock Option Plan to increase the number of shares of common
stock issuable there under from 1,150,000 to 1,650,000. On July 10, 2000, the
Company's shareholders approved this amendment.
On August 1, 2000, the Company entered into a financing agreement with a
commercial bank for a $1,400,000 Term Note (the "Note"), due June 30, 2005. The
Note bears interest at prime plus 1.25 and is payable in quarterly installments
beginning September 30, 2000. In early August 2000, the proceeds of the Note
were used to pay down a portion of the Company's Senior Subordinated Notes. The
Company also exchanged 150,000 shares of its common stock for 633,055
outstanding warrants to purchase common stock.
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ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Six and three months ended June 30, 2000 compared to six and three months ended
June 30, 1999.
GENERAL
FIND/SVP, Inc. provides a broad consulting, advisory and business intelligence
service to executives and other decision-making employees of client companies,
primarily in the United States. The Company operates in one business segment,
providing consulting and business advisory services including: the Quick
Consulting and Research Service ("QCS") which provides retainer clients with
access to the expertise of the Company's staff and information resources; and
the Strategic Consulting and Research Group ("SCRG") which provides more
extensive, in-depth custom market research and competitive intelligence
information, as well as customer satisfaction and loyalty programs. The Company
considers its QCS and SCRG services, which operate as "consulting and business
advisory" activities, to be its core competency.
REVENUES
The Company's revenues increased by $916,000 or 8.3% to $11,967,000 for the
six-month period ended June 30, 2000 from $11,051,000 for the six-month period
ended June 30, 1999. The Company's revenues increased by $396,000 or 7.1% to
$5,961,000 for the three-month period ended June 30, 2000 from $5,565,000 for
the three-month period ended June 30, 1999.
QCS accounted for 81.8% and 83.7%, and SCRG accounted for 17.1% and 15.5% of the
Company's revenues for the six-month periods ended June 30, 2000 and 1999,
respectively. QCS revenues increased by 5.9% and SCRG revenues increased by
19.5% for the six-month period ended June 30, 2000, as compared to the
comparable period of the prior year. QCS accounted for 82.6% and 81.9%, and SCRG
accounted for 16.3% and 17.5% of the Company's revenues for the three-month
periods ended June 30, 2000 and 1999, respectively. QCS revenues increased by
8.1% and SCRG revenues decreased by 1.0% for the three-month period ended June
30, 2000, as compared to the comparable period of the prior year.
The increase in QCS was due primarily to an increase in the retainer base (the
recognized monthly retainer revenue), caused by an increase in the number of
retainer clients as well as an increase in the average retainer fee, during the
six and three-month periods ended June 30, 2000 as compared to the comparable
period of the prior year. As of June 30, 2000, the Company had 1,928 retainer
clients, an increase of 0.2% over the number of retainer clients as of June 30,
1999. As of June 30, 2000, the retainer base (monthly retainer fees billed to
clients) was $1,538,000, an increase of 9.5% over the retainer base as of June
30, 1999.
The increase in SCRG revenues was due primarily to an increase in the number of
projects booked during the first six months of 2000 as compared to the like
period in 1999. During the first six months of 2000, many of the practice groups
within SCRG regained productivity after being adversely affected by staff
turnover, which occurred in the latter part of 1998 and caused reduced revenues
for much of 1999.
9
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DIRECT COSTS
Direct costs increased by 6.3% or $362,000 to $6,110,000 for the six-month
period ended June 30, 2000, from $5,748,000 for the six-month period ended June
30, 1999. As a percent of revenues, direct costs decreased to 51.1% for the
six-month period ended June 30, 2000, from 52.0% for the corresponding period in
1999. The increase in total direct costs was due primarily to increased labor
costs and an increase in the expenses incurred on behalf of clients.
Direct costs increased by 3.0% or $90,000 to $3,062,000 for the three-month
period ended June 30, 2000, from $2,972,000 for the three-month period ended
June 30, 1999. As a percent of revenues, direct costs decreased to 51.4% for the
three-month period ended June 30, 2000, from 53.4% for the corresponding period
in 1999. The decrease in total direct costs was due primarily to a decrease in
expenses incurred on behalf of clients and a decrease in the cost of electronic
resources during the second quarter of 2000 as compared to the second quarter of
1999.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses increased by 14.2% or $739,000 to
$5,933,000 for the six-month period ended June 30, 2000, from $5,194,000 for the
six-month period ended June 30, 1999. As a percent of revenues, selling, general
and administrative expenses increased to 49.6% for the six-month period ended
June 30, 2000, from 47.0% for the corresponding period in 1999. The increase in
selling, general and administrative expenses was due primarily to increased
labor costs.
Selling, general and administrative expenses increased by 10.6% or $287,000 to
$2,998,000 for the three-month period ended June 30, 2000, from $2,711,000 for
the three-month period ended June 30, 1999. As a percent of revenues, selling,
general and administrative expenses increased to 50.3% for the three-month
period ended June 30, 2000, from 48.7% for the corresponding period in 1999. The
increase in selling, general and administrative expenses was due primarily to
increased labor costs.
OPERATING INCOME
The Company had an operating loss of $76,000 for the six months ended June 30,
2000, as compared to operating income of $109,000 for the six months ended June
30, 1999.
The Company had an operating loss of $99,000 for the three months ended June 30,
2000, as compared to an operating loss of $118,000 for the three months ended
June 30, 1999.
INTEREST INCOME AND EXPENSE
During the six months ended June 30, 2000, the Company earned $72,000 in
interest income, which increased from $55,000 in 1999. During the three months
ended June 30, 2000, the Company earned $35,000 in interest income, which
increased from $22,000 in 1999. The increase was a result of the increased cash
balance for much of the first six months of 2000 as compared to the same period
of 1999, coupled with interest earned on notes receivable.
Interest expense was $190,000 for the six-month period ended June 30, 2000,
which was a decrease from $252,000 for the same period in 1999. Interest expense
was $93,000 for the three-month period ended June 30, 2000, which was a decrease
from $113,000 for the same period in 1999. The decreases were a result of the
reduction in outstanding debt in 2000 as compared to 1999.
10
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LIQUIDITY AND CAPITAL RESOURCES
Historically, the Company's primary sources of liquidity and capital resources
have been cash flow from operations, borrowings, and prepaid retainer fees
provided by clients. Cash balances were $1,897,000 and $2,096,000 at June 30,
2000 and December 31, 1999, respectively. The Company's working capital position
(current assets, less current liabilities) at June 30, 2000 was $3,814,000, as
compared to $3,199,000 at December 31, 1999.
The Company believes that its cash generated from operations, together with its
existing cash balances, will be sufficient to meet its operating cash needs and
expected capital expenditures for the near term. To supplement possible
short-term cash needs, the Company has a $1,000,000 line of credit at the prime
commercial lending rate plus one-half percent, reduced by outstanding letters of
credit totaling $148,000. The line is renewable annually, and was put in place
on December 30, 1999. No amounts were borrowed under the line of credit as of
June 30, 2000.
Cash provided by operating activities was $35,000 and $23,000 in the six-month
periods ended June 30, 2000 and 1999, respectively.
Cash used in investing activities was $271,000 and $266,000 in the six-month
periods ended June 30, 2000 and 1999, respectively. Capital expenditures for the
migration of the Company's 10-year-old management information system to a new
computer system platform were a significant component of the amounts invested in
both 2000 and 1999. This new system improves the consultants' ability to
communicate with clients, access the internet, and to integrate the Company's
products, as well as to expand the Company's enterprise network. Total capital
expenditures were $271,000 and $435,000 in the six-month periods ended June 30,
2000 and 1999, respectively. The Company expects to spend approximately $380,000
for capital items during the remainder of 2000, the major portions of which will
be used to complete the migration of the information systems to the new
platform, and for leasehold improvements related to mechanical heating and
cooling systems at one of its locations.
Cash provided by (used in) financing activities was $37,000 and ($844,000) in
the six-month periods ended June 30, 2000 and 1999, respectively. In 1999, the
most significant item related to the early repayment of two bank borrowings
aggregating $850,000, which were otherwise due in installments in the years 2000
and 2001. In connection with the repayment of such bank borrowings, the bank
released two $1,000,000 standby letters of credit that had been provided by a
shareholder, SVP, S.A.
In the first quarter of 2000, warrants to acquire 266,945 common shares were
exercised and $601,000 of face value of the Senior Subordinated Note due October
31, 2001 were surrendered as payment.
In accordance with the terms of the Senior Subordinated Notes, the payment of
portions of accrued interest may be deferred. Interest of $165,000 and $73,000
at June 30, 2000 and 1999, respectively, was accrued and deferred under such
terms. Such amounts compound and accrue interest at the 12% rate of such Notes.
On August 1, 2000, the Company entered into a financing agreement with a
commercial bank for a $1,400,000 Term Note (the "Note"), due June 30, 2005. The
Note bears interest at prime plus 1.25 and is payable in quarterly installments
beginning September 30, 2000. In early August 2000, the proceeds of the Note
were used to pay down a portion of the Company's Senior Subordinated Notes. The
Company also exchanged 150,000 shares of its common stock for 633,055
outstanding warrants to purchase common stock.
11
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The Company believes that its current cash balance and cash flow from operations
will be sufficient to cover its expected capital expenditures for the next 12
months and that it will have sufficient liquidity for the next 12 months.
The Company had non-cash financing activities related to the cashless exercise
of stock options. In the six months ended June 30, 2000, 47,860 options were
exercised at prices ranging from $0.75 to $2.25, in exchange for 28,831 shares
of common stock at prices ranging from $3.3125 to $4.01325. Such shares were
held for a period of at least six months before the respective exchange. The
value of these transactions was $97,000.
During the six months ended June 30, 2000, options to purchase 334,000 shares of
common stock were granted under the Company's Stock Option Plan, at prices
ranging from $2.21875 to $3.6875.
MARKET FOR COMPANY'S COMMON EQUITY
In the first quarter of 1998, by letter dated January 21, 1999, and by letter
dated November 16, 1999, the Company received notification from the NASDAQ Stock
Market, Inc. ("NASDAQ") that the Company was not in compliance with NASDAQ's
$1.00 minimum bid price requirement; the shares of the Common Stock having
closed below the minimum bid price for 30 consecutive business days. To regain
compliance with this standard the Common Stock was required to have a closing
bid price at or above $1.00 for ten consecutive trading days within the
90-calendar day period following the advent of non-compliance. With respect to
all notifications, the Common Stock subsequently met the required minimum bid
price for ten consecutive trading days, and the Company's Common Stock is
currently in compliance with the NASDAQ minimum bid requirement. Had compliance
not been achieved, NASDAQ could have issued a delisting letter.
The Company's failure to meet NASDAQ's maintenance criteria in the future may
result in the discontinuance of the inclusion of its securities in NASDAQ. In
such event, trading, if any, in the securities may then continue to be conducted
in the non-NASDAQ over-the-counter market in what are commonly referred to as
the electronic bulletin board and the "pink sheets". As a result, an investor
may find it more difficult to dispose of or to obtain accurate quotations as to
the market value of the securities. In addition, the Company would be subject to
a Rule promulgated by the Securities and Exchange Commission that, if the
Company fails to meet criteria set forth in such Rule, imposes various practice
requirements on broker-dealers who sell securities governed by the Rule to
persons other than established customers and accredited investors. For these
types of transactions, the broker-dealer must make a special suitability
determination for the purchaser and have received the purchaser's written
consent to the transactions prior to sale. Consequently, the Rule may have an
adverse effect on the ability of brokers-dealers to sell the securities, which
may affect the ability of shareholders to sell the securities in the secondary
market.
INFLATION
The Company has in the past been able to increase the price of its products and
services sufficiently to offset the effects of inflation on wages and other
expenses, and anticipates that it will be able to do so in the future.
12
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FORWARD LOOKING INFORMATION: CERTAIN CAUTIONARY STATEMENTS
This Report on Form 10-Q (and any other reports issued by the Company from time
to time) contains certain forward-looking statements made in reliance upon the
safe harbor provisions of the Private Securities Litigation Act of 1995. Such
forward-looking statements, including statements regarding the Company's
dependence on regulatory approvals, its future cash flows, sales, gross margins
and operating costs, the effect of conditions in the industry and the economy in
general, and legal proceedings, are based on current expectations that involve
numerous risks and uncertainties. Actual results could differ materially from
those anticipated in such forward-looking statements as a result of various
known and unknown factors, including, without limitation, future economic,
competitive, regulatory, and market conditions, future business decisions, and
those factors discussed under Management's Discussion and Analysis of Financial
Condition and Results of Operations. Words such as "believes", "anticipates",
"expects", "intends", "may", and similar expressions are intended to identify
forward-looking statements, but are not the exclusive means of identifying such
statements. The Company undertakes no obligation to revise any of these
forward-looking statements. Subsequent written and oral forward looking
statements attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by cautionary statements in this paragraph
and elsewhere in this Form 10-Q, and in other reports filed by the Company with
the Securities and Exchange Commission.
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ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There has been no material change in the Company's assessment of its sensitivity
to market risk as of June 30, 2000, as compared to the information included in
Part II, Item 7A, "Quantitative and Qualitative Disclosures About Market Risk",
of the Company's Form 10-K for the year ended December 31, 1999, as filed with
the Securities and Exchange Commission on March 30, 2000.
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PART II.
OTHER INFORMATION
ITEM 6.
EXHIBITS AND REPORTS ON FORM 8-K
A. EXHIBITS
27. Financial Data Schedule
B. REPORTS ON FORM 8-K
None.
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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.
FIND/SVP Inc.
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(REGISTRANT)
Date: August 14, 2000 /s/ Andrew P. Garvin
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Andrew P. Garvin
Chief Executive Officer and President
Date: August 14, 2000 /s/ Fred S. Golden
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Fred S. Golden
Chief Financial Officer
(Principal Financial Officer
and Principal Accounting Officer)
16
