SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment to Quarterly Report Under Section 13
or 15(d) of the Securities Exchange Act of 1934
Quarter Ended May 1, 1999 Commission File Number 0-15898
DESIGNS, INC.
(Exact name of registrant as
specified in its charter)
Delaware 04-2623104
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
66 B Street, Needham, MA 02494
(Address of principal executive offices) (Zip Code)
(781) 444-7222
(Registrant's telephone
number, including area code)
Indicate by "X" whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities 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 the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding as of May 1, 1999
----- --------------------------------
Common 15,930,000 shares
<PAGE>
AMENDMENT NO 1
The undersigned registrant hereby amends its Quarterly Report on Form
10-Q for the quarter ended May 1, 1999 by deleting in its entirety the
Consolidated Statements of Cash Flows for the three months ended May 1, 1999
and May 2, 1998 set forth therein and inserting in place thereof the
Consolidated Statements of Cash Flows set forth below.
DESIGNS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three months ended
-------------------------------
May 1, May 2,
1999 1998
-------------- -----------
Cash flows from operating activities:
Net loss $ (863) $ (3,052)
Adjustments to reconcile to net cash
provided by operating activities:
Depreciation and amortization 1,726 2,491
Deferred taxes 114 -
Minority interest - (226)
Loss from disposal of property
and equipment 112 130
Changes in operating assets and liabilities:
Accounts receivable (302) (100)
Inventories 5,445 (1,954)
Prepaid expenses (2,120) (327)
Other assets (39) (146)
Reserve for severance and store closings (774) (1,308)
Income taxes (530) 11,097
Accounts payable (3,273) 3,771
Accrued expenses and other current liabilities 2,327 544
Accrued rent (25) 241
------------ ------------
Net cash provided by operating activities 1,798 11,161
------------ ------------
Cash flows from investing activities:
Additions to property and equipment (1,131) (151)
Proceeds from disposal of property and equipment 73 87
------------ ------------
Net cash used for investing activities (1,058) (64)
------------ ------------
Cash flows from financing activities:
Net borrowings (repayments) under credit facility (996) (8,828)
Issuance of common stock to Board of Directors 103 -
Issuance of common stock under option program (1) - 16
------------ ------------
Net cash used for financing activities (893) (8,812)
------------ ------------
Net (decrease) increase in cash and cash
equivalents (153) 2,285
Cash and cash equivalents:
Beginning of the period 153 1,473
------------ ------------
End of the period - $3,758
============ ============
(1)Net of related tax effect.
The accompanying notes are an intergral part of the
consolidated financial statements.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned hereunto duly authorized.
DESIGNS, INC.
Date: June 24, 1999 By: /s/ Joel H. Reichman
________________________________
Joel H. Reichman, President and
Chief Executive Officer
