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Previous: MUTUAL FUND GROUP, 497, 1998-07-01 |
Next: EASTERN ENVIRONMENTAL SERVICES INC, NT 10-K, 1998-07-01 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A No. 1
(Mark One)
---------
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
--------- EXCHANGE ACT OF 1934
For the fiscal year ended November 2, 1997.
---------
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
--------- SECURITIES EXCHANGE ACT OF 1934.
For the transition period from ___________ to ____________.
Commission file number 0-15995
MICROAGE, INC.
(Exact name of registrant as specified in its charter)
Delaware 86-0321346
(State of incorporation) (I. R. S. Employer Identification No.)
2400 South MicroAge Way
Tempe, AZ 85282
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (602) 366-2000
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
Common stock, $.01 Par Value Per Share
(Title of Class)
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 ~ ~
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]
The aggregate market value of the voting stock held by non-affiliates of
the registrant was $287,298,865 at June 26, 1998, based on the closing
market price of the Common Stock on such date, as reported by the Nasdaq
Stock Market.
The number of shares of the registrant's Common Stock (par value $.01 per
share) outstanding at June 26, 1998 was 19,986,008.
<PAGE>
This Form 10K/A No. 1. for MicroAge, Inc. (the "Company") is being filed
pursuant to Regulation S-K Item 601(c)(2)(iii) to amend the Financial Data
Schedules for the three fiscal years and the interim periods for the two fiscal
years ended November 2, 1997 due to the Company's adoption of Statement of
Financial Accounting Standards No. 128 "Earnings Per Share" which the Company
adopted in the first quarter of fiscal 1998, and due to several acquisitions
which have been accounted for as poolings of interest. The Company's financial
statements and EPS for prior periods have been restated to comply with the new
standard and to include the accounts and operations of the acquired companies.
Accordingly, Exhibit 27 to the Form 10-K of the Company is being replaced by
Exbibits 27.1, 27.2, and 27.3 included in this Form 10-K/A No. 1.
EXHIBIT INDEX
EX-27.1 Restated Financial Data Schedule as of and for the year ended October
29, 1995.
EX-27.2 Restated Financial Data Schedule as of and for the year ended November
3, 1996.
EX-27.3 Restated Financial Data Schedule as of and for the year ended November
2, 1997
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, as amended, the Registrant has duly caused this amended
report to be signed on its behalf by the undersigned, theunto duly authorized.
MICROAGE, INC.
(Registrant)
Date: June 30, 1998 By:
/s/ Jeffrey D. McKeever
-------------------------------------
Jeffrey D. McKeever
Chairman of the Board and
Chief Executive Officer
Date: June 30, 1998 By:
/s/ James R. Daniel
-------------------------------------
James R. Daniel
Senior Vice President
Chief Financial Officer and Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial
information extracted from the consolidated
financial statements as of and for the fiscal year
ended October 29, 1995, and is qualified in its
entirety by reference to such statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-29-1995
<PERIOD-START> OCT-31-1994
<PERIOD-END> OCT-29-1995
<EXCHANGE-RATE> 1
<CASH> 14,324
<SECURITIES> 0
<RECEIVABLES> 233,455
<ALLOWANCES> 12,690
<INVENTORY> 306,657
<CURRENT-ASSETS> 555,358
<PP&E> 88,571
<DEPRECIATION> 42,076
<TOTAL-ASSETS> 621,395
<CURRENT-LIABILITIES> 442,450
<BONDS> 0
0
0
<COMMON> 163
<OTHER-SE> 174,595
<TOTAL-LIABILITY-AND-EQUITY> 621,395
<SALES> 3,129,982
<TOTAL-REVENUES> 3,129,982
<CGS> 2,952,480
<TOTAL-COSTS> 2,952,480
<OTHER-EXPENSES> 155,854
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,886
<INCOME-PRETAX> 5,580
<INCOME-TAX> 1,514
<INCOME-CONTINUING> 4,066
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,066
<EPS-PRIMARY> 0.24
<EPS-DILUTED> 0.24
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains unaudited summary financial
information extracted from the consolidated
financial statements as of and for the periods
ended January 28, 1996, April 28, 1996, July 28,
1996 and November 3, 1996 and is qualified in its
entirety by reference to such statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS 3-MOS YEAR
<FISCAL-YEAR-END> NOV-03-1996 NOV-03-1996 NOV-03-1996 NOV-03-1996
<PERIOD-START> OCT-30-1995 JAN-29-1996 APR-29-1996 OCT-30-1995
<PERIOD-END> JAN-28-1996 APR-28-1996 JUL-28-1996 NOV-03-1996
<EXCHANGE-RATE> 1 1 1 1
<CASH> 11,284 8,871 13,611 22,261
<SECURITIES> 0 0 0 0
<RECEIVABLES> 177,800 263,103 285,701 306,140
<ALLOWANCES> 13,781 14,052 13,581 8,763
<INVENTORY> 377,515 300,304 297,420 332,265
<CURRENT-ASSETS> 565,679 571,852 595,736 663,446
<PP&E> 92,098 98,440 104,445 114,960
<DEPRECIATION> 46,406 50,767 55,666 60,754
<TOTAL-ASSETS> 630,558 640,305 664,484 744,500
<CURRENT-LIABILITIES> 439,938 456,062 476,784 548,574
<BONDS> 0 0 0 0
0 0 0 0
0 0 0 0
<COMMON> 154 154 161 165
<OTHER-SE> 176,496 180,230 184,373 191,794
<TOTAL-LIABILITY-AND-EQUITY> 630,558 640,305 664,484 744,500
<SALES> 833,638 917,475 896,183 3,741,740
<TOTAL-REVENUES> 833,638 917,475 896,183 3,741,740
<CGS> 784,438 862,882 839,963 3,510,307
<TOTAL-COSTS> 784,438 862,882 839,963 3,510,307
<OTHER-EXPENSES> 3,353 4,530 2,719 14,007
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 438 964 93 1,976
<INCOME-PRETAX> 3,489 5,346 6,635 26,113
<INCOME-TAX> 1,319 2,517 3,024 11,014
<INCOME-CONTINUING> 2,170 2,829 3,611 15,099
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 2,170 2,829 3,611 15,099
<EPS-PRIMARY> 0.13 0.17 0.21 0.89
<EPS-DILUTED> 0.13 0.16 0.21 0.87
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains unaudited summary financial
information extracted from the consolidated
financial statements as of and for the periods
ended February 2, 1997, May 4, 1997, August 3,
1997 and November 2, 1997 and is qualified in its
entirety by reference to such statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS 3-MOS YEAR
<FISCAL-YEAR-END> NOV-02-1997 NOV-02-1997 NOV-02-1997 NOV-02-1997
<PERIOD-START> NOV-04-1996 FEB-03-1997 MAY-05-1997 NOV-04-1996
<PERIOD-END> FEB-02-1997 MAY-04-1997 AUG-03-1997 NOV-02-1997
<EXCHANGE-RATE> 1 1 1 1
<CASH> 12,125 24,738 45,502 24,029
<SECURITIES> 0 0 0 0
<RECEIVABLES> 242,080 299,478 315,355 352,097
<ALLOWANCES> 14,040 13,321 14,252 10,973
<INVENTORY> 481,502 469,587 428,826 478,532
<CURRENT-ASSETS> 732,622 792,169 787,110 855,347
<PP&E> 120,823 126,656 135,947 149,826
<DEPRECIATION> 65,906 64,456 69,545 75,851
<TOTAL-ASSETS> 814,957 884,805 892,280 985,914
<CURRENT-LIABILITIES> 544,695 623,813 619,426 709,870
<BONDS> 0 0 0 0
0 0 0 0
0 0 0 0
<COMMON> 170 171 173 184
<OTHER-SE> 202,343 207,059 219,553 239,434
<TOTAL-LIABILITY-AND-EQUITY> 814,957 884,805 892,280 985,914
<SALES> 897,420 1,101,107 1,161,839 4,491,868
<TOTAL-REVENUES> 897,420 1,101,107 1,161,839 4,491,868
<CGS> 834,510 1,022,938 1,077,468 4,175,128
<TOTAL-COSTS> 834,510 1,022,938 1,077,468 4,175,128
<OTHER-EXPENSES> 4,881 7,422 7,650 27,589
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 595 2,316 1,597 6,105
<INCOME-PRETAX> 8,756 11,135 11,276 44,111
<INCOME-TAX> 3,719 4,568 4,670 18,478
<INCOME-CONTINUING> 5,037 6,567 6,606 25,633
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 5,037 6,567 6,606 25,633
<EPS-PRIMARY> 0.29 0.38 0.38 1.46
<EPS-DILUTED> 0.28 0.37 0.36 1.39
</TABLE>
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