<PAGE> 1
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) April 28, 1995
-------------------------------
AMRE, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-9632 75-2041737
- ---------------------------- ------------ -------------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
8585 North Stemmons Freeway, Dallas, Texas 75247
- --------------------------------------------------------------------------------
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code (214)658-6300
<PAGE> 2
Item 5. Other Events
On April 28, 1995, AMRE, Inc. announced the resignation of Mr.
V. James Sardo as President, Chief Executive Officer and Director of
the Company and the withdrawal of his nomination for election as a
Director of the Company at the annual meeting of stockholders to be
held on May 17, 1995.
Item 7. Financial Statements and Exhibits
The following exhibits are attached to and made a part of this Form
8-K:
Exhibit 99 Press Release dated April 28, 1995, announcing the
resignation of Mr. V. James Sardo.
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 hereunto duly authorized.
AMRE, INC.
Dated: May 2, 1995 By: /s/ C. CURTIS EVERETT
C. Curtis Everett
Vice President-Law
Secretary and
General Counsel
2
<PAGE> 3
EXHIBIT INDEX
Exhibit 99 Press Release dated April 28, 1995, announcing the
resignation of Mr. V. James Sardo.
<PAGE> 1
EXHIBIT 99
AMRE INC. PRESS RELEASE
- --------------------------------------------------------------------------------
Contact: John Vanecko FOR IMMEDIATE RELEASE
Vice President and CFO
(214) 658-6338
DALLAS, April 28, 1995 - AMRE, Inc., a national direct marketer of
home improvement products, today reported operating results for the first
quarter ended April 2, 1995.
Contract revenues amounted to $60.9 million, compared with $52.1
million in the corresponding period last year. The net loss for the period
amounted to $3.9 million or $0.29 per share, compared with a net loss of $3.0
million or $0.23 per share a year earlier.
The Company said that, as previously indicated, it had anticipated a
seasonal first quarter net loss, but the loss was somewhat larger than
expected. Higher fixed costs and a reduced gross margin, principally in the
fast-growing windows line, resulted in an operating loss of $6.7 million
compared to the prior year operating loss of $5.2 million.
Although the dollar amount of sales orders for the quarter was 11
percent higher than last year, sales orders were negatively impacted by the
imbalance between lead flows and sales staffing in several key markets.
Production backlog at the end of the quarter was slightly higher than at the
same point a year ago.
The Company separately announced today that V. James Sardo has
resigned as President and Chief Executive Officer to pursue other career
opportunities. Mr. Sardo has also resigned as a Director of the Company and
withdrawn his nomination for election as a Director at the annual meeting of
stockholders to be held on May 17, 1995.
The Company is currently holding discussions with a successor to Mr.
Sardo and believes it will be in a position to make an announcement with
respect to a new President within 30 days. Until a new President is named,
AMRE's activities will be directed by its Senior Management Team which will be
headed by Ronald I. Wagner, Chairman of the Board of the Company.
(Tables Follow)
<PAGE> 2
AMRE, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
QUARTER ENDED
----------------------------
APRIL 2, 1995 MARCH 27, 1994
------------- --------------
<S> <C> <C>
Contract revenues . . . . . . . . . . . $ 60,885 $ 52,125
Gross profit . . . . . . . . . . . . . . 40,360 35,241
Operating loss . . . . . . . . . . . . . (6,695) (5,232)
Net loss . . . . . . . . . . . . . . . . $ (3,895) $ (2,984)
Net loss per share . . . . . . . . . . . $ (0.29) $ (0.23)
Weighted average shares outstanding . . . 13,306 12,851
</TABLE>
###
