================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
--OR--
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED JUNE 30, 1997
Commission File Number: 0-16207
ALL AMERICAN SEMICONDUCTOR, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 59-2814714
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
16115 NORTHWEST 52ND AVENUE, MIAMI, FLORIDA 33014
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (305) 621-8282
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. [X] Yes No [ ]
As of August 8, 1997, 20,343,894 shares (including 160,703 shares held by a
wholly-owned subsidiary of the Registrant) of the common stock of All American
Semiconductor, Inc. were outstanding.
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1
<PAGE>
ALL AMERICAN SEMICONDUCTOR, INC. AND SUBSIDIARIES
FORM 10-Q - INDEX
PART ITEM PAGE
NO. NO. DESCRIPTION NO.
- --------------------------------------------------------------------------------
I FINANCIAL INFORMATION:
1. Financial Statements
Consolidated Condensed Balance Sheets at June 30, 1997
(Unaudited) and December 31, 1996...............................3
Consolidated Condensed Statements of Operations for the Quarters
and Six Months Ended June 30, 1997 and 1996 (Unaudited).........4
Consolidated Condensed Statements of Cash Flows for the
Six Months Ended June 30, 1997 and 1996 (Unaudited).............5
Notes to Consolidated Condensed Financial Statements (Unaudited)..6
2. Management's Discussion and Analysis of Financial Condition and
Results of Operations...........................................7
II OTHER INFORMATION:
2. Changes in Securities............................................10
4. Submission of Matters to a Vote of Security Holders..............10
6. Exhibits and Reports on Form 8-K.................................10
SIGNATURES.......................................................11
2
<PAGE>
ALL AMERICAN SEMICONDUCTOR, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
JUNE 30 DECEMBER 31
ASSETS 1997 1996
- ------------------------------------------------------------------------------------------------------------------
(UNAUDITED)
<S> <C> <C>
Current assets:
Cash.............................................................. $ 208,000 $ 525,000
Accounts receivable, less allowances for doubtful
accounts of $1,509,000 and $1,200,000........................... 38,134,000 32,711,000
Inventories....................................................... 66,918,000 64,212,000
Other current assets.............................................. 4,425,000 5,113,000
--------------- ---------------
Total current assets.......................................... 109,685,000 102,561,000
Property, plant and equipment - net................................... 5,082,000 5,454,000
Deposits and other assets............................................. 3,392,000 3,832,000
Excess of cost over fair value of net assets acquired - net........... 1,050,000 1,074,000
--------------- ---------------
$ 119,209,000 $ 112,921,000
=============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------------------------------------------------------------------------------------
Current liabilities:
Current portion of long-term debt................................. $ 364,000 $ 434,000
Accounts payable and accrued expenses............................. 40,839,000 31,808,000
Income taxes payable.............................................. 347,000 -
Other current liabilities......................................... 192,000 496,000
--------------- ---------------
Total current liabilities..................................... 41,742,000 32,738,000
Long-term debt:
Notes payable..................................................... 46,508,000 50,012,000
Subordinated debt................................................. 6,388,000 6,539,000
Other long-term debt.............................................. 1,236,000 1,236,000
--------------- ---------------
95,874,000 90,525,000
--------------- ---------------
Commitments and contingencies
Shareholders' equity:
Preferred stock, $.01 par value, 1,000,000 shares
authorized, none issued......................................... - -
Common stock, $.01 par value, 40,000,000 shares
authorized, 20,343,894 and 20,323,894 shares issued,
19,853,895 and 19,833,895 shares outstanding.................... 199,000 198,000
Capital in excess of par value.................................... 25,575,000 25,561,000
Accumulated deficit............................................... (1,988,000) (2,912,000)
Treasury stock, at cost, 180,295 shares........................... (451,000) (451,000)
--------------- ---------------
23,335,000 22,396,000
--------------- ---------------
$ 119,209,000 $ 112,921,000
=============== ===============
</TABLE>
See notes to consolidated condensed financial statements
3
<PAGE>
ALL AMERICAN SEMICONDUCTOR, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
<CAPTION>
QUARTERS SIX MONTHS
PERIODS ENDED JUNE 30 1997 1996 1997 1996
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET SALES.................................. $ 68,131,000 $ 61,746,000 $ 130,370,000 $ 124,705,000
Cost of sales.............................. (52,935,000) (47,227,000) (101,034,000) (95,961,000)
--------------- --------------- --------------- ---------------
Gross profit............................... 15,196,000 14,519,000 29,336,000 28,744,000
Selling, general and
administrative expenses.................. (12,846,000) (13,837,000) (25,259,000) (26,093,000)
Restructuring and other
nonrecurring expenses.................... - (485,000) - (930,000)
--------------- --------------- --------------- ---------------
INCOME FROM CONTINUING
OPERATIONS............................... 2,350,000 197,000 4,077,000 1,721,000
Interest expense........................... (1,259,000) (1,451,000) (2,456,000) (2,448,000)
--------------- --------------- --------------- ---------------
INCOME (LOSS) FROM
CONTINUING OPERATIONS
BEFORE INCOME TAXES...................... 1,091,000 (1,254,000) 1,621,000 (727,000)
Income tax (provision) benefit............. (469,000) 540,000 (697,000) 314,000
--------------- --------------- --------------- ---------------
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE
DISCONTINUED OPERATIONS
AND EXTRAORDINARY ITEMS.................. 622,000 (714,000) 924,000 (413,000)
Loss from discontinued operations
(net of $61,000 and $5,000 income
tax benefit)............................. - (81,000) - (7,000)
--------------- --------------- --------------- ---------------
Income (loss) before
extraordinary items...................... 622,000 (795,000) 924,000 (420,000)
Extraordinary items:
Gain from settlement of litigation (net
of $205,000 income tax provision)...... - 272,000 - 272,000
Loss on early retirement of debt (net
of $161,000 income tax benefit)........ - - - (214,000)
--------------- --------------- --------------- ---------------
NET INCOME (LOSS).......................... $ 622,000 $ (523,000) $ 924,000 $ (362,000)
=============== =============== =============== ===============
Primary and fully diluted earnings per share:
Income (loss) from
continuing operations................ $ .03 $ (.04) $ .05 $ (.02)
Discontinued operations................ - - - -
Extraordinary items.................... - .01 - -
------ ------ ------ ------
Net income (loss)...................... $ .03 $ (.03) $ .05 $ (.02)
====== ====== ====== ======
</TABLE>
See notes to consolidated condensed financial statements
4
<PAGE>
ALL AMERICAN SEMICONDUCTOR, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30 1997 1996
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Cash Flows Provided By (Used For) Operating Activities................ $ 3,449,000 $ (19,235,000)
------------- -------------
Cash Flows From Investing Activities:
Acquisition of property and equipment................................. (120,000) (1,616,000)
Increase in other assets.............................................. (13,000) (3,658,000)
Net investing activities of discontinued operations................... - (39,000)
------------- -------------
Cash flows used for investing activities......................... (133,000) (5,313,000)
------------- -------------
Cash Flows From Financing Activities:
Net borrowings (repayments) under line of credit agreement............ (3,504,000) 25,073,000
Increase in notes payable............................................. - 15,000,000
Repayments of notes payable........................................... (144,000) (15,631,000)
Net proceeds from issuance of equity securities....................... 15,000 9,000
------------- -------------
Cash flows provided by (used for) financing activities........... (3,633,000) 24,451,000
------------- -------------
Decrease in cash...................................................... (317,000) (97,000)
Cash, beginning of period............................................. 525,000 276,000
------------- -------------
Cash, end of period................................................... $ 208,000 $ 179,000
============= =============
Supplemental Cash Flow Information:
Interest paid......................................................... $ 2,320,000 $ 1,850,000
============= =============
Income taxes paid (refunded) - net.................................... $ (383,000) $ 1,093,000
============= =============
</TABLE>
Supplemental Schedule of Noncash Investing and Financing Activities:
During the six months ended June 30, 1996, the Company purchased all of the
capital stock of Programming Plus Incorporated ("PPI"). The consideration paid
by the Company for such capital stock consisted of 549,999 shares of common
stock of the Company valued at $1,375,000 (or $2.50 per share); however, only
60,000 shares of common stock (valued at $150,000) were released to the PPI
selling shareholders at closing, with the balance retained in escrow subject to
certain conditions subsequent.
See notes to consolidated condensed financial statements
5
<PAGE>
ALL AMERICAN SEMICONDUCTOR, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
================================================================================
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
In the opinion of management, the accompanying unaudited Consolidated Condensed
Financial Statements include all adjustments (consisting of normal recurring
accruals or adjustments only) necessary to present fairly the financial position
at June 30, 1997, and the results of operations and the cash flows for all
periods presented. The results of operations for the interim periods are not
necessarily indicative of the results to be obtained for the entire year. Prior
period's financial statements have been reclassified to conform with the current
period's presentation.
For a summary of significant accounting policies (which have not changed from
December 31, 1996) and additional financial information, see the Company's
Annual Report on Form 10-K for the year ended December 31, 1996, including the
consolidated financial statements and notes thereto which should be read in
conjunction with these financial statements.
EARNINGS PER SHARE
The weighted average shares used for the computation of earnings per share were
as follows:
<TABLE>
<CAPTION>
QUARTER SIX MONTHS
QUARTERS AND SIX MONTHS ENDED JUNE 30 1997 1996 1997 1996
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Primary and fully diluted............. 19,686,277 20,439,031 19,692,046 20,444,245
</TABLE>
In February 1997, the Financial Accounting Standards Board issued Statement No.
128 "Earnings Per Share" ("SFAS 128"), which changes the method for calculating
earnings per share. SFAS 128 requires the presentation of "basic" and "diluted"
earnings per share on the face of the income statement. SFAS 128 is effective
for financial statements for periods ending after December 15, 1997. The Company
will adopt SFAS 128 for the year ending December 31, 1997, and accordingly
restate prior periods, as early adoption is not permitted. SFAS 128 is not
expected to materially differ from primary or fully diluted earnings per share.
2. LONG-TERM DEBT
Outstanding borrowings at June 30, 1997 and 1996, under the Company's $100
million line of credit facility aggregated $46,496,000 and $54,783,000,
respectively.
3. OPTIONS
During the quarter ended June 30, 1997, the Company issued an aggregate of
54,000 stock options to nine individuals pursuant to the Employees', Officers',
Directors' Stock Option Plan, as previously amended and restated. These options
have an exercise price of either $1.00 or $1.01 per share and generally vest
over a five-year period and are exercisable over a six-year period. During the
quarter ended March 31, 1997, the Company issued an aggregate of 344,500 stock
options to 26 individuals pursuant to the Employees', Officers', Directors'
Stock Option Plan, as previously amended and restated. These options have an
exercise price of $1.07 per share and generally vest over a five-year period and
are exercisable over a six-year period. During the six months ended June 30,
1997, 20,000 stock options were exercised at $.75 per share and an aggregate of
26,000 stock options were canceled at exercise prices ranging from $2.03 to
$2.63 per share.
6
<PAGE>
ALL AMERICAN SEMICONDUCTOR, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
================================================================================
All American Semiconductor, Inc. and its subsidiaries (the "Company") is a
national distributor of electronic components manufactured by others. The
Company distributes a full range of semiconductors (active components),
including transistors, diodes, memory devices and other integrated circuits, as
well as passive components, such as capacitors, resistors, inductors and
electromechanical products, including cable, switches, connectors, filters and
sockets. These products are sold primarily to original equipment manufacturers
("OEMs") in a diverse and growing range of industries, including manufacturers
of computers and computer-related products, satellite and communications
products, consumer goods, robotics and industrial equipment, defense and
aerospace equipment and medical instrumentation. Through its Aved Memory
Products ("AMP") and Aved Display Technologies ("ADT") divisions, the Company
also designs and has manufactured under the label of its subsidiary's divisions,
certain board level products including memory modules and flat panel display
driver boards. These products are also sold to OEMs. Through the third quarter
of 1996, the Company also distributed a limited offering of computer products.
RESULTS OF OPERATIONS
- ---------------------
Net sales for the quarter and six months ended June 30, 1997 were $68.1 million
and $130.4 million, representing a 10.3% and 4.5% increase over net sales of
$61.7 million and $124.7 million for the same periods of 1996, excluding sales
from discontinued operations. The increases in net sales were attributable to
higher sales in many territories. Net sales for the second quarter of 1997
represents the second quarterly increase in sales when compared to the prior
consecutive quarter.
Gross profit was $15.2 million and $29.3 million for the second quarter and
first six months of 1997, compared to $14.5 million and $28.7 million for the
same periods of 1996, excluding gross profit from discontinued operations. The
increases were primarily due to the increase in net sales. Gross profit margins
as a percentage of net sales were 22.3% and 22.5% for the second quarter and
first six months of 1997 compared to 23.5% and 23.0% for the second quarter and
first six months of 1996. The gross profit margins for the 1996 periods
reflected a fewer number of low margin, large volume transactions. While gross
profit margins may continue to decline slightly, the Company believes that any
future decline should be offset by increases in sales and improved operating
efficiencies.
Selling, general and administrative expenses ("SG&A") was $12.8 million for the
second quarter of 1997 compared to $13.8 million for the second quarter of 1996.
SG&A for the first half of 1997 was $25.3 million compared to $26.1 million for
the first six months of 1996. The decreases reflect the benefits of the expense
control programs implemented during the third quarter of 1996 as well as the
benefits from the restructurings initiated during the second half of 1996. With
its present infrastructure, including the Company's excess plant capacity, the
Company believes that it can support higher sales without a significant increase
in fixed costs. This should result in improved operating efficiencies in the
future.
SG&A as a percentage of net sales decreased to 18.9% and 19.4% for the second
quarter and six months ended June 30, 1997, from 22.4% and 20.9% for the same
periods of 1996. The improvement in SG&A as a percentage of sales reflects the
decrease in SG&A in absolute dollars as well as the increase in sales. SG&A in
absolute dollars may increase in the future with increases in sales.
Income from continuing operations increased to $2.4 million for the second
quarter of 1997, compared to $197,000 for the second quarter of 1996 which
included the effect of nonrecurring expenses of $485,000. For the six months
ended June 30, 1997, income from continuing operations was $4.1 million,
compared with
7
<PAGE>
ALL AMERICAN SEMICONDUCTOR, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
================================================================================
$1.7 million for the same period of 1996 which included the effect of
nonrecurring expenses of $930,000. The increase in income from continuing
operations was attributable to the increase in net sales and the decrease in
SG&A in both absolute dollars and as a percentage of net sales.
Interest expense was $1.3 million and $2.5 million for the second quarter and
first half of 1997, as compared to $1.5 million and $2.4 million for the same
periods of 1996. The decrease in the second quarter of 1997 as compared to the
second quarter of 1996 resulted from a decrease in amortization of deferred
financing fees and lower average borrowings for the period. These factors were
partially offset by the additional interest expense associated with an increase
in the Company's borrowing rate which occurred during the second half of 1996.
Interest expense for the first six months of 1997 compared to the same period of
1996 reflects the decrease in interest expense for the second quarter which was
more than offset by an increase in interest expense for the first quarter of
1997 resulting primarily from additional borrowings at an increased borrowing
rate.
Net income was $622,000 ($.03 per share) and $924,000 ($.05 per share) for the
quarter and six months ended June 30, 1997, compared to net losses of $523,000
($.03 per share) and $362,000 ($.02 per share) for the same periods of 1996.
Included in 1996 are after-tax losses from discontinued operations of $81,000
and $7,000 and extraordinary after-tax net gains of $272,000 and $58,000 for the
quarter and first six months, respectively.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
Working capital at June 30, 1997 decreased to $67.9 million from working capital
of $69.8 million at December 31, 1996. The current ratio was 2.63:1 at June 30,
1997, as compared to 3.13:1 at December 31, 1996. The decrease in the current
ratio was primarily due to an increase in accounts payable and accrued expenses
which was partially offset by an increase in accounts receivable and inventory.
Accounts receivable levels at June 30, 1997 were $38.1 million, up from accounts
receivable of $32.7 million at December 31, 1996, reflecting increased sales for
the first six months of 1997. Inventory increased to $66.9 million at June 30,
1997, from $64.2 million at December 31, 1996. The increase in inventory was
primarily to support the increases in sales as well as to support budgeted
future growth. Accounts payable and accrued expenses increased to $40.8 million
at June 30, 1997, from $31.8 million at December 31, 1996, primarily as a result
of purchases of inventory.
During the second half of 1996, the Company's credit facility was amended
whereby certain financial covenants were modified and the Company's borrowing
rate was increased by one-quarter of one percent (.25%). At June 30, 1997,
outstanding borrowings under this facility aggregated $46.5 million.
The Company expects that its cash flows from operations and additional
borrowings available under its credit facility will be sufficient to meet its
current financial requirements over the next twelve months.
FORWARD-LOOKING STATEMENTS
- --------------------------
This Form 10-Q contains forward-looking statements (within the meaning of
Section 21E. of the Securities Exchange Act of 1934, as amended), representing
the Company's current expectations, beliefs, estimates or intentions concerning
the Company's future performance and operating results, its products, services,
markets and industry, and/or future events relating to or effecting the Company
and its business and operations. When used in this Form 10-Q, the words
"believes," "estimates," "plans," "expects," "intends,"
8
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ALL AMERICAN SEMICONDUCTOR, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
================================================================================
"anticipates," and similar expressions as they relate to the Company or its
management are intended to identify forward-looking statements. The actual
results or achievements of the Company could differ materially from those
indicated by the forward-looking statements because of various risks and
uncertainties related to and including, without limitation, the effectiveness of
the Company's business and marketing strategies, timing of delivery of products
from suppliers, the product mix sold by the Company, the Company's development
of new customers, existing customer demand, availability of products from and
the establishment and maintenance of relationships with suppliers, price
competition for products sold by the Company, management of growth and expenses,
the Company's ability to collect accounts receivable, price decreases on
inventory that is not price protected, gross profit margins, availability and
terms of financing to fund capital needs, the continued enhancement of
telecommunication, computer and information systems, the continued and
anticipated growth of the electronics industry and electronic components
distribution industry, a change in government tariffs or duties, a change in
interest rates, and the other risks and factors detailed in this Form 10-Q and
in the Company's other filings with the Securities and Exchange Commission.
These risks and uncertainties are beyond the ability of the Company to control.
In many cases, the Company cannot predict the risks and uncertainties that could
cause actual results to differ materially from those indicated by the
forward-looking statements.
9
<PAGE>
ALL AMERICAN SEMICONDUCTOR, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
================================================================================
ITEM 2. CHANGES IN SECURITIES
---------------------
(c) SALES OF UNREGISTERED SECURITIES
--------------------------------
The Company has not issued or sold any unregistered securities during
the quarter ended June 30, 1997 except that pursuant to the Company's
Employees', Officers', Directors' Stock Option Plan, as previously
amended and restated, the Company granted stock options to purchase
54,000 shares of the Company's common stock to nine individuals at an
exercise price of either $1.00 or $1.01 per share. The stock options
generally vest over a five-year period and are exercisable over a
six-year period. See Note 3 to Notes to Consolidated Condensed
Financial Statements. All of the stock options were granted by the
Company in reliance upon the exemption from registration available
under Section 4(2) of the Securities Act of 1933, as amended.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
---------------------------------------------------
(a) On July 11, 1997, the Registrant held its 1996 annual meeting of
shareholders (the "Annual Meeting").
(b) One matter voted on at the Annual Meeting was the election of two
directors of the Registrant. The two nominees, who were existing
directors of the Registrant and nominees of the Registrant's Board of
Directors, were re-elected at the Annual Meeting as directors of the
Registrant, receiving the number and percentage of votes for election
and abstentions as set forth next to their respective names below:
NOMINEE FOR DIRECTOR FOR ABSTAIN
-------------------- ------------ -------
Paul Goldberg 17,704,794 97.0% 540,045 3.0%
Rick Gordon 17,733,079 97.2% 511,760 2.8%
The other directors whose term of office as directors continued after
the Annual Meeting are Bruce M. Goldberg, Howard L. Flanders, S. Cye
Mandel and Sheldon Lieberbaum.
(c) The following additional matter was separately voted upon at the Annual
Meeting and received the votes of the holders of the number of shares
of Common Stock voted in person or by proxy at the Annual Meeting and
the percentage of total votes cast as indicated below:
Ratification of selection of independent accountants for 1997 fiscal
year
For 17,904,259 98.1%
Against 247,970 1.4%
Abstain 92,610 0.5%
(d) Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
--------------------------------
(a) EXHIBITS
--------
11.1 Statement Re: Computation of Per Share Earnings (Unaudited).
27.1 Financial Data Schedule.
(b) REPORTS ON FORM 8-K
-------------------
The Company did not file any reports on Form 8-K during the quarter
ended June 30, 1997.
10
<PAGE>
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.
ALL AMERICAN SEMICONDUCTOR, INC.
--------------------------------
(Registrant)
Date: August 8, 1997 /S/ PAUL GOLDBERG
--------------------------------
Paul Goldberg, Chairman of the Board and
Chief Executive Officer
(Duly Authorized Officer)
Date: August 8, 1997 /S/ HOWARD L. FLANDERS
--------------------------------
Howard L. Flanders, Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
11
<TABLE>
<CAPTION>
ALL AMERICAN SEMICONDUCTOR, INC. AND SUBSIDIARIES EXHIBIT 11.1
COMPUTATION OF PER SHARE EARNINGS (UNAUDITED)
QUARTERS SIX MONTHS
PERIODS ENDED JUNE 30 1997 1996 1997 1996
- ------------------------------------------------------------------------------------------------------------------
PRIMARY EARNINGS (LOSS)
- -----------------------
PER SHARE:
----------
<S> <C> <C> <C> <C>
NET INCOME (LOSS).......................... $ 622,000 $ (523,000) $ 924,000 $ (362,000)
=============== =============== =============== ===============
WEIGHTED AVERAGE SHARES:
Common shares outstanding................ 19,673,600 19,746,127 19,669,512 19,744,864
Common share equivalents................. 12,677 692,904 22,534 699,381
--------------- --------------- --------------- ---------------
Weighted average number of
common shares and common
share equivalents outstanding.......... 19,686,277 20,439,031 19,692,046 20,444,245
=============== =============== =============== ===============
PRIMARY EARNINGS (LOSS) PER
COMMON SHARE............................. $ .03 $ (.03) $ .05 $ (.02)
====== ====== ====== ======
FULLY DILUTED EARNINGS (LOSS)
- -----------------------------
PER SHARE:
----------
NET INCOME (LOSS).......................... $ 622,000 $ (523,000) $ 924,000 $ (362,000)
=============== =============== =============== ===============
WEIGHTED AVERAGE SHARES:
Weighted average number of
common shares and common
share equivalents outstanding.......... 19,686,277 20,439,031 19,692,046 20,444,245
Additional options not included above.... - - - -
--------------- --------------- --------------- ---------------
Weighted average number of
common shares outstanding
as adjusted............................ 19,686,277 20,439,031 19,692,046 20,444,245
=============== =============== =============== ===============
FULLY DILUTED EARNINGS (LOSS)
PER COMMON SHARE......................... $ .03 $ (.03) $ .05 $ (.02)
====== ====== ====== ======
12
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information from the
Registrant's consolidated condensed financial statements as of and for
the six months ended June 30, 1997, and is qualified in its entirety by
reference to such consolidated financial statements.
</LEGEND>
<CIK> 0000818074
<NAME> ALL AMERICAN SEMICONDUCTOR, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 208
<SECURITIES> 0
<RECEIVABLES> 39,643
<ALLOWANCES> 1,509
<INVENTORY> 66,918
<CURRENT-ASSETS> 109,685
<PP&E> 9,260
<DEPRECIATION> 4,178
<TOTAL-ASSETS> 119,209
<CURRENT-LIABILITIES> 41,742
<BONDS> 54,132
0
0
<COMMON> 199
<OTHER-SE> 23,136
<TOTAL-LIABILITY-AND-EQUITY> 119,209
<SALES> 130,370
<TOTAL-REVENUES> 130,370
<CGS> 101,034
<TOTAL-COSTS> 101,034
<OTHER-EXPENSES> 24,580
<LOSS-PROVISION> 679
<INTEREST-EXPENSE> 2,456
<INCOME-PRETAX> 1,621
<INCOME-TAX> 697
<INCOME-CONTINUING> 924
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 924
<EPS-PRIMARY> .05
<EPS-DILUTED> .05
</TABLE>
