SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
(Mark One)
[ X ] Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the quarterly period
ended February 28, 1995 or
[ ] Transaction report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
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Commission file number 0-15838
NEW JERSEY STEEL CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 22-2137967
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
NORTH CROSSMAN ROAD, SAYREVILLE, NEW JERSEY 08872
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, include area code: (908) 721-6600
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Not Applicable
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(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
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court.
Yes ______ No _____
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of February 28, 1995.
$.01 Par Value Common Stock 5,893,370
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(Title of Class) (Number of Shares Outstanding)
NEW JERSEY STEEL CORPORATION
INDEX
Part I. Financial Information
Item 1. Financial Statements
Condensed Consolidated Balance
Sheets at February 28, 1995 (unaudited)
and November 30, 1994
Condensed Consolidated Statements of
Operations for the Three-Month
Periods ended February 28, 1995 and 1994
(unaudited)
Condensed Consolidated Statements of
Cash Flows for the Three-Month Periods ended
February 28, 1995 and 1994 (unaudited)
Notes to Condensed Consolidated
Financial Statements (unaudited)
NEW JERSEY STEEL CORPORATION AND SUBSIDIARY
Consolidated Balance Sheets
(Dollars in Thousands, Except Per Share Data)
<TABLE>
<CAPTION>
Feb. Nov.
Assets 1995 1994
------ ------- -------
(Unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 98 337
Receivables:
Trade, less allowance for doubtful
receivables of $1,951 and $1,846 in
1995 and 1994, respectively 16,248 19,874
Trade - affiliates 3,148 2,858
Other 368 364
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Net receivables 19,764 23,096
Inventories 20,875 14,853
Prepaid expenses
and other current assets 1,463 1,620
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Total current assets 42,200 39,906
Property, plant and equipment, net 74,198 73,928
Other assets 4,281 3,931
Deferred income taxes 4,518 4,518
Real estate held for investment, net 13,826 13,953
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139,023 136,236
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Liabilities and Stockholder's Equity
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Current Liabilities:
Note payable - bank $ 16,634 --
Accounts payable - trade 26,288 27,824
Due to parent 450 339
Accrued expenses 4,716 5,015
Customer deposit 1,113 3,072
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Total current liabilities 49,201 36,250
Note payable - bank -- 10,536
Stockholders' equity:
Preferred stock, $.01 par value.
Authorized 5,000,000 shares;
none issued. Common stock,
$.01 par value. Authorized
15,000,000 shares; issued and
outstanding 5,893,370 shares
in 1995 and 1994 59 59
Additional paid-in capital 133,904 133,904
Accumulated deficit (44,141) (44,513)
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Total stockholders' equity 89,822 89,450
Commitments and contingencies -- --
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139,023 136,236
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</TABLE>
See accompanying notes to condensed consolidated financial
statements.
NEW JERSEY STEEL CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS of OPERATIONS
Three Month Periods ended February 28, 1995
and February 28, 1994
(In Thousands, Except Per Share Data)
<TABLE>
<CAPTION>
1995 1994
------- -------
(Unaudited)
<S> <C> <C>
Net sales $26,222 20,708
Net sales - affiliates 3,671 1,641
Cost of sales 27,934 21,787
------- -------
Gross profit 1,959 562
Selling, general and administrative
expenses 1,679 1,643
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Operating income (loss) 280 (1,081)
Other:
Interest, net (expense) income (59) 4
Rental income 48 174
Other,net (95) 0
------- -------
(106) 178
Earnings (loss) before provision
for income taxes and equity in
operations of investee 174 (903)
Provision for income taxes 44 --
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Earnings (loss) before equity
in operations of investee 130 (903)
Equity in operations of investee 242 --
------- -------
Net earnings (loss) $ 372 (903)
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Net earnings (loss) per common share $ 0.06 (0.15)
======= =======
Weighted average number of shares
outstanding 5,893,000 5,874,000
</TABLE>
See accompanying notes to consolidated financial statements.
NEW JERSEY STEEL CORPORATION AND SUBSIDIARY
Consolidated Statements of Cash Flows
Three Month Periods Ended February 28, 1995 and 1994
(Dollars in Thousands)
<TABLE>
<CAPTION>
1995 1994
-------- --------
(Unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net earnings (loss) $ 372 (903)
Adjustments to reconcile net
earnings (loss) to net cash
used in operating activities:
Depreciation 1,761 1,297
Provision for losses on
trade receivables 105 165
Equity in operations of investee (242) --
Changes in assets and liabilities:
Decrease in net receivables 3,227 939
Increase in inventories (6,022) (5,793)
Decrease (increase) in prepaid
expenses and other
current assets 157 (168)
Increase in other assets (108) --
(Decrease) increase in accounts
payable - trade (1,536) 162
Decrease in due to parent,
accrued expenses and customer
deposit (2,147) (201)
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Net cash used in
operating activities (4,433) (4,502)
Cash flows from investing activities
Capital expenditures (1,904) (9,593)
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Cash flows from financing activities
Bank borrowings - net 6,098 11,700
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Net decrease in cash and
cash equivalents (239) (2,395)
Cash and cash equivalents at beginning
of period 337 2,536
-------- --------
Cash and cash equivalents at end of period $ 98 $ 141
======== ========
</TABLE>
See accompanying notes to condensed consolidated financial statments.
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.
NEW JERSEY STEEL CORPORATION
Registrant
Dated: April 28, 1995 /s/ Robert J. Pasquarelli
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Robert J. Pasquarelli
President and CEO
Dated: April 28, 1995 /s/ Paul Roik
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Paul Roik
Vice President - Finance and
Treasurer
(Principal Financial and
Accounting Officer
