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Previous: USA WASTE SERVICES INC, S-4, 1996-07-16 |
Next: INTERNATIONAL SEMICONDUCTOR CORP, 10QSB/A, 1996-07-16 |
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------------
FORM 10-K-A1
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 (Fee Required)
FOR THE FISCAL YEAR ENDED JUNE 30, 1995
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 (No Fee Required)
For the transition period from to
Commission File Number
0-23050
SPRECKELS INDUSTRIES, INC.
(Exact name of Registrant as specified in its charter)
DELAWARE 94-3050406
(State or other jurisdiction of (I.R.S. Employer
incorporation of organization) Identification No.)
6805 MORRISON BOULEVARD, SUITE 450, CHARLOTTE, NORTH CAROLINA 28211
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (704) 367-4220
-----------------
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
Name of each exchange
Title of each class on which registered
None None
<PAGE>
Registrant hereby amends Item 14(a)2 of its Form 10-K.
<PAGE>
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K
(a) The following documents are filed as a part of this report:
1. Financial Statements
The following consolidated financial statements,
schedules of consolidated segment information,
supplemental information and report of independent
public accountants contained in the 1995 Annual Report
to Stockholders, are incorporated by reference in this
report:
- Consolidated Statements of Operations for
the year ended June 30, 1995, the eleven
months ended June 30, 1994, one month ended
July 31, 1993 and the year ended June 30,
1993.
- Consolidated Balance Sheets as of June 30,
1995 and June 30, 1994.
- Consolidated Statements of Cash Flows for
the year ended June 30, 1995, the eleven
months ended June 30, 1994, one month ended
July 31, 1993 and year ended June 30, 1993.
- Consolidated Statements of Common Stock
Equity (Deficit) for the year ended June 30,
1995, the eleven months ended June 30, 1994,
one month ended July 31, 1993 and year ended
June 30, 1992.
- Notes to Consolidated Financial Statements.
- Quarterly Results of Operations.
- Report of Independent Public Accountants.
-13-
<PAGE>
2. Consolidated Financial Statement Schedules
- Condensed Consolidating Balance Sheets as
of June 30, 1995 and June 30, 1994.
- Condensed Consolidating Statements of
Operations for the year ended June 30, 1995,
the eleven months ended June 30, 1994, the
one month ended July 31, 1993 and the year
ended June 30, 1993.
- Condensed Consolidating Statements of Cash
Flows for the year ended June 30, 1995, the
eleven months ended June 30, 1994, the one
month ended July 31, 1993 and the year ended
June 30, 1993.
- Valuation and Qualifying Accounts for the
year ended June 30, 1995, the 11 months
ended June 30, 1994, the one month ended
July 31, 1993 and the year ended June 30,
1993.
All other schedules have been omitted since the required information is
either not present in amounts sufficient to require submission of the schedule
or is included in the consolidated financial statements or notes thereto.
3. Exhibits
See (c) below.
(b) Reports on Form 8-K filed during fourth quarter:
None.
(c) Exhibits
The exhibits filed with this Form 10-K are listed in the
Exhibit Index commencing on page 29.
-14-
<PAGE>
SPRECKELS INDUSTRIES, INC.
CONDENSED CONSOLIDATING BALANCE SHEETS
JUNE 30, 1995
<TABLE>
<CAPTION>
COMBINED
COMBINED NON-
PARENT GUARANTOR GUARANTOR
COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED
(dollars in thousands)
ASSETS
<S> <C> <C> <C> <C> <C>
Cash and cash equivalents $ (63) $ (5,472) $ 2,145 $ 5,829 $ 2,439
Accounts receivable, net -- 35,364 5,037 -- 40,401
Inventories (100) 94,244 7,413 -- 101,557
Other current assets 5,641 11,091 2,901 -- 19,633
--------- --------- --------- ---------
Total current assets 5,478 135,227 17,496 5,829 164,030
Property, plant and equipment, net 97 116,430 2,171 -- 118,698
Excess reorganization value, net -- 30,098 -- -- 30,098
Investment in subsidiary 179,405 4,932 (4,932) (179,405) --
Prepaid pension cost -- 1,906 -- -- 1,906
Other assets 1,296 2,325 (244) (8) 3,369
--------- --------- ---------
Total Assets $ 186,276 $ 290,918 $ 14,491 $(173,584) $ 318,101
========= ========= ========= ========= =========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Short-term borrowing and current
portion of long-term debt $ -- $ 36,639 $ -- $ -- $ 36,639
Accounts payable 2,183 15,958 2,946 5,830 26,917
Accrued payroll costs 123 7,154 -- -- 7,277
Accrued interest 1,492 335 -- -- 1,827
Other current liabilities 5,073 13,935 4,294 -- 23,302
--------- --------- ---------
Total current liabilities 8,871 74,021 7,240 5,830 95,962
Long-term debt 70,000 13,727 -- -- 83,727
Intercompany debt -- 28,698 -- (28,698) --
Post-retirement benefit obligation 173 19,104 -- -- 19,277
Deferred taxes 23,752 855 -- -- 24,607
Other non-current liabilities 1,269 17,361 3,389 -- 22,019
--------- --------- ---------
Total liabilities 104,065 153,766 10,629 (22,868) 245,592
Stockholders' equity:
Common stock and additional
paid-in capital 36,617 147,906 -- (113,523) 71,000
Retained earnings (accumulated deficit) 45,595 (10,691) 2,619 (37,193) 330
Treasury stock (1) -- -- -- (1)
Accumulated benefit obligation in
excess of plan assets -- (154) -- -- (154)
Accumulated foreign currency
translation adjustment -- 91 1,243 -- 1,334
--------- ---------
Total stockholders' equity 82,211 137,152 3,862 (150,716) 72,509
--------- --------- --------- --------- ---------
Total Liabilities and Stockholders'
Equity $ 186,276 $ 290,918 $ 14,491 $(173,584) $ 318,101
========= ========= ========= ========= =========
</TABLE>
-15-
<PAGE>
SPRECKELS INDUSTRIES, INC.
CONDENSED CONSOLIDATING BALANCE SHEETS
JUNE 30, 1994
<TABLE>
<CAPTION>
COMBINED
COMBINED NON-
PARENT GUARANTOR GUARANTOR
COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED
(Dollars in thousands)
ASSETS
<S> <C> <C> <C> <C> <C>
Cash and cash equivalents $ (144) $ 319 $ 890 $ --- $ 1,065
Accounts receivable, net --- 33,404 4,130 --- 37,534
Inventories (100) 81,497 4,661 --- 86,058
Other current assets 7,637 11,737 1,189 --- 20,563
--------------- -------------- -------------- --------------------------------
Total current assets 7,393 126,957 10,870 --- 145,220
Property, plant and equipment, net 115 107,017 1,496 --- 108,628
Excess reorganization value, net (553) 49,119 (412) --- 48,154
Investment in subsidiary 150,714 3,432 (3,432) (150,714) ---
Intercompany receivable 13,737 --- --- (13,737) ---
Other assets 3,492 3,592 127 --- 7,211
-------------- --------------- ----------------------------------------------------
Total Assets $ 174,898 $ 290,117 $ 8,649 $ (164,451) $ 309,213
=========== ============ =============== ============= ==============
LIABILITIES AND STOCKHOLDERS'
EQUITY
Short-term borrowings and current
portion of long-term debt $ --- $ 23,937 $ 110 $ --- $ 24,047
Accounts payable 711 19,829 1,602 --- 22,142
Accrued payroll costs 878 7,743 --- --- 8,621
Accrued interest 1,479 201 --- --- 1,680
Other current liabilities 7,944 9,426 2,347 --- 19,717
---------------------------- -------------- ---------------------------------
Total current liabilities 11,012 61,136 4,059 --- 76,207
Long-term debt 70,000 10,338 --- --- 80,338
Intercompany payable --- 13,737 --- (13,737) ---
Post-retirement benefit obligation --- 25,667 --- --- 25,667
Deferred tax 27,907 795 --- --- 28,702
Other non-current liabilities 6,409 16,736 2,203 --- 25,348
-------------------------- -------------- -------------------------------
115,328 128,409 6,262 (13,737) 236,262
Stockholders' equity:
Common stock and additional
paid-in capital 58,005 160,913 --- (147,918) 71,000
Retained earnings (accumulated deficit) 2,470 721 2,075 (2,796) 2,470
Treasury stock (1) --- --- --- (1)
Accumulated benefit obligation in
excess of plan assets (904) --- --- --- (904)
Accumulated foreign currency
translation adjustments --- 74 312 --- 386
--------------------------------------------------------------------------------------
Total stockholders' equity 59,570 161,708 2,387 (150,714) 72,951
-------------- ------------- -------------- -------------- ---------------
Total liabilities and stockholders'
equity $ 174,898 $ 290,117 $ 8,649 $ (164,451) $ 309,213
============== ============= ============== ============= =============
</TABLE>
-16-
<PAGE>
SPRECKELS INDUSTRIES, INC.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
JUNE 30, 1995
(dollars in thousands)
<TABLE>
<CAPTION>
COMBINED
COMBINED NON-
PARENT GUARANTOR GUARANTOR
COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED
<S> <C> <C> <C> <C> <C>
Net Sales $ --- $ 330,893 $ 26,904 $ (745) $ 357,052
Cost of product sold --- 278,995 15,711 (745) 293,961
------------------------------ ------------- -------------------------------
Gross profit --- 51,898 11,193 --- 63,091
Selling, general and administrative
expense 5,923 42,465 7,103 --- 55,491
Cost of work force reduction at
Spreckels Sugar and restructuring
of the corporate office 1,216 853 --- --- 2,069
Equity in (earnings) loss of
subsidiaries (5,867) (2,203) --- 8,070 ---
-------------- -------------- ------------------------------- -------------------
Income from operations (1,272) 10,783 4,090 (8,070) 5,531
Interest expense, net 8,780 1,556 74 --- 10,410
Intercompany (income) expense (4,567) 4,567 --- --- ----
--------------- -------------- -------------------------------------------------------
Income (loss) before provision
for income tax (5,485) 4,660 4,016 (8,070) (4,879)
Provision (benefit) for income
tax (3,345) (1,207) 1,813 --- (2,739)
-------------- ----------------------------- ----------------------------------
Net income (loss) $ (2,140) $ 5,867 $ 2,203 $ (8,070) $ (2,140)
============== ============== ============== ================ =================
</TABLE>
-17-
<PAGE>
SPRECKELS INDUSTRIES, INC.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
ELEVEN MONTHS ENDED JUNE 30, 1994
<TABLE>
<CAPTION>
COMBINED
COMBINED NON-
PARENT GUARANTOR GUARANTOR
COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED
<S> <C> <C> <C> <C> <C>
Net Sales $ --- $ 331,300 $ 19,055 $ (778) $ 349,577
Cost of products sold --- 275,452 11,211 (778) 285,885
------------------------------- ------------- -------------------------------
Gross profit --- 55,848 7,844 --- 63,692
Selling, general and administrative
expenses 4,721 39,400 4,894 --- 49,015
Equity in (earnings) loss of
subsidiaries (721) (2,075) --- 2,796 ---
--------------- -------------- -------------------------------- -------------------
Income (loss) from operations (4,000) 18,523 2,950 (2,796) 14,677
Interest expense, net 7,892 1,021 98 --- 9,011
Intercompany (income) expense (14,465) 14,622 (157) --- ---
-------------- ------------- --------------- -------------------------------------
Income (loss) before provision
for income taxes 2,573 2,880 3,009 (2,796) 5,666
Provision (benefit) for income taxes 103 2,159 934 --- 3,196
--------------- ------------------------------ -----------------------------------
Net income $ 2,470 $ 721 $ 2,075 $ (2,796) $ 2,470
============= =============== ============== =============== =================
</TABLE>
-18-
<PAGE>
SPRECKELS INDUSTRIES, INC.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
ONE MONTH ENDED JULY 31, 1993
<TABLE>
<CAPTION>
COMBINED
COMBINED NON-
PARENT GUARANTOR GUARANTOR
COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED
<S> <C> <C> <C> <C> <C>
Net Sales $ --- $ 28,053 $ 1,531 $ (112) $ 29,472
Cost of products sold --- 22,407 908 (112) 23,203
-------------- -------------- -------------- ---------------- --------------------
Gross profit --- 5,646 623 --- 6,269
Selling, general and administrative
expenses 321 4,432 409 --- 5,162
Equity in (earnings) loss of
subsidiaries (9,435) 39 --- 9,396 ---
-------------- -------------- -------------- ---------------- --------------------
Income (loss) from operations 9,114 1,175 214 (9,396) 1,107
Interest expense, net 1,574 237 15 --- 1,826
Intercompany (income) expense (1,207) 1,222 (15) --- ---
Reorganization items 555 --- --- --- 555
-------------- -------------- -------------- ---------------- --------------------
Income (loss) before provision
for income taxes, fresh-start adjustments,
cumulative effect of changes in accounting
principles and extraordinary items 8,192 (284) 214 (9,396) (1,274)
Provision (benefit) for income taxes 130 (235) 105 --- ---
-------------- -------------- -------------- ---------------- --------------------
Income (loss) before fresh-start
adjustments, cumulative effect of
changes in accounting principle and
extraordinary items 8,062 (49) 109 (9,396) (1,274)
Fresh-start reporting adjustments,
net of tax --- 16,194 (148) --- 16,046
Cumulative effect of changes in
accounting principle, net of tax --- (6,710) --- --- (6,710)
Extraordinary item, debt forgiveness
net of tax 26,388 --- --- --- 26,388
-------------- -------------- -------------- ---------------- --------------------
Net income (loss) $ 34,450 $ 9,435 $ (39) $ (9,396) $ 34,450
============== =============== ============== ================ ===============
</TABLE>
-19-
<PAGE>
SPRECKELS INDUSTRIES, INC.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
JUNE 30, 1993
<TABLE>
<CAPTION>
COMBINED
COMBINED NON-
PARENT GUARANTOR GUARANTOR
COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED
<S> <C> <C> <C> <C> <C>
Net Sales $ -- $ 314,891 $ 19,846 $ -- $ 334,737
Cost of products sold -- 261,490 12,065 -- 273,555
--------- --------- ---------
Gross profit -- 53,401 7,781 -- 61,182
Selling, general and administrative
expense 4,131 38,621 4,349 -- 47,101
Other operating expense (259) 610 79 -- 430
Equity in (earnings) loss of
subsidiaries 2,749 (1,640) -- (1,109) --
--------- --------- --------- ---------
Income (loss) from operations (6,621) 15,810 3,353 1,109 13,651
Interest expense, net 17,413 2,891 103 -- 20,407
Intercompany (income) expense (15,722) 15,722 -- -- --
Reorganization items 19,580 -- -- -- 19,580
Other non-operating expenses 996 -- -- -- 996
--------- ---------
Income (loss) before provision
for income taxes (28,888) (2,803) 3,250 1,109 (27,332)
Provision (benefit) for income taxes (1,263) (54) 1,610 -- 293
--------- ---------
Net income (loss) $ (27,625) $ (2,749) $ 1,640 $ 1,109 $ (27,625)
========= ========= ========= =========
</TABLE>
-20-
<PAGE>
SPRECKELS INDUSTRIES, INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
JUNE 30, 1995
<TABLE>
<CAPTION>
COMBINED
COMBINED NON-
PARENT GUARANTOR GUARANTOR
COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED
(Dollars in thousands)
<S> <C> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (2,140) $ 5,867 $ 2,203 $ (8,070) $ (2,140)
Equity in (earnings) loss of
subsidiaries (5,867) (2,203) -- 8,070 --
Depreciation and amortization 229 7,763 201 -- 8,193
Deferred income tax -- (6,052) -- -- (6,052)
Gain on the sale of fixed assets -- 48 -- -- 48
Net changes in operating assets and liabilities:
Decrease (increase) in receivable,
prepaid expenses and other assets 1,997 (1,315) (2,619) -- (1,937)
Decrease (increase) in inventories -- (12,747) (2,752) -- (15,499)
Increase (decrease) in trade payables
and accrued expenses (2,927) 243 3,263 5,829 6,408
Increase (decrease) in other non-
current liabilities (8,812) (2,083) 1,176 -- (9,719)
Deferred charges and other assets 2,099 889 900 -- 3,888
-------- -------- -------- ------ ---------
Net cash provided by (used in)
operating activities (15,421) (9,590) 2,372 5,829 (16,810)
-------- -------- -------- ------ ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures -- (20,501) (1,035) -- (21,536)
Proceeds from sale of fixed assets -- 1,243 -- -- 1,243
Proceeds from divestiture of subsidiary
company -- 21,800 -- -- 21,800
-------- ------
Net cash provided by (used in)
investing activities -- 2,542 (1,035) -- 1,507
-------- -------- ------
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowing under capital lease program -- 2,553 -- -- 2,553
Short-term borrowings, net -- 11,960 (82) -- 11,878
Repayment of revolving loan -- (8,517) -- -- (8,517)
Net borrowings-revolver -- 10,616 -- -- 10,616
Intercompany transfers 15,502 (15,502) -- -- --
Other -- 147 -- -- 147
-------- -------- -------- ------ ---------
Net cash provided by (used in) financing
activities 15,502 1,257 (82) -- 16,677
-------- -------- -------- ------ ---------
Net increase (decrease) in cash and
cash equivalents 81 (5,791) 1,255 5,829 1,374
Cash and cash equivalents at
beginning of period (144) 319 890 -- 1,065
-------- -------- -------- ------ ---------
Cash and cash equivalents at end
of period $ (63) $(5,472) $ 2,145 $ 5,829 $ 2 ,439
======== ======== ======== ======= =========
</TABLE>
-21-
<PAGE>
SPRECKELS INDUSTRIES, INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
JUNE 30, 1994
<TABLE>
<CAPTION>
COMBINED
COMBINED NON-
PARENT GUARANTOR GUARANTOR
COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED
(Dollars in thousands)
<S> <C> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 2,470 $ 721 $ 2,075 $ (2,796) $ 2,470
Adjustments to reconcile net income
to net cash provided by operating
activities before reorganization items:
Equity in (earnings) loss of
subsidiaries (721) (2,075) -- 2,796 --
Depreciation and amortization 11 8,006 116 -- 8,133
Deferred income tax 2,661 (509) -- -- 2,152
Deferred revolver charges (72) -- -- -- (72)
Net changes in operating assets and liabilities:
Decrease (increase) in receivable,
prepaid expenses and other assets (3,052) (6,714) 2,043 -- (7,723)
Decrease (increase) in inventories -- 11,117 117 -- 11,234
Increase (decrease) in trade payables
and accrued expenses (2,484) (1,555) (2,152) -- (6,191)
Increase (decrease) in other non-
current liabilities 2,129 (1,689) 936 -- 1,376
Deferred charges and other assets -- 2,043 -- -- 2,043
-------- --------
Net cash provided by operating activities 942 9,345 3,135 -- 13,422
-------- -------- -------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (83) (3,632) (55) -- (3,770)
Purchase of Delta Sugar assets -- (1,878) -- -- (1,878)
Purchase of emission credits from Delta -- (1,122) -- -- (1,122)
(Increase) decrease in other assets (1,449) -- -- -- (1,449)
--------
Net cash used in investing activities (1,532) (6,632) (55) -- (8,219)
-------- -------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under capital lease
obligations -- 2,398 -- -- 2,398
Short-term borrowings, net -- (7,500) (647) -- (8,147)
Net borrowings-revolver -- (2,519) -- -- (2,519)
Repayments of long-term debt -- (450) -- -- (450)
Purchase of treasury stock -- (1) -- -- (1)
Intercompany transfers (13,748) 13,748 -- -- --
Other -- (1,006) (1,910) -- (2,916)
-------- -------- --------
Net cash provided by (used in) financing
activities (13,748) 4,670 (2,557) -- (11,635)
-------- -------- -------- -------- --------
Net increase (decrease) in cash and
cash equivalents (14,338) 7,383 523 -- (6,432)
Cash and cash equivalents at
beginning of period 14,194 (7,064) 367 -- 7,497
-------- -------- -------- -------- --------
Cash and cash equivalents at end
of period $ (144) $ 319 $ 890 $ -- $ 1,065
======== ======== ======== ======== ========
</TABLE>
-22-
SPRECKELS INDUSTRIES, INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
JULY 31, 1993
<TABLE>
<CAPTION>
COMBINED
COMBINED NON-
PARENT GUARANTOR GUARANTOR
COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED
(Dollars in thousands)
<S> <C> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 34,450 $ 9,435 $ (39) $ (9,396) $ 34,450
Adjustments to reconcile net income
to net cash provided by operating
activities before reorganization items:
Reorganization items 555 -- -- -- 555
Equity in (earnings) loss of
subsidiaries (9,435) 39 -- 9,396 --
Depreciation and amortization 3 608 13 -- 624
Fresh-start adjustment 23,293 (39,487) 148 -- (16,046)
Gain on debt forgiveness (26,388) -- -- -- (26,388)
Cumulative effect of changes in
accounting principle -- 6,710 -- -- 6,710
Net change in operating assets and liabilities:
Decrease (increase) in receivable,
prepaid expenses and other assets 59 (1,944) 344 -- (1,541)
Decrease (increase) in inventories -- (12,660) 450 -- (12,210)
Increase (decrease) in trade payables
and accrued expenses (8,448) 5,959 809 -- (1,680)
Increase (decrease) in other non-
current liabilities (26) 97 (227) -- (156)
Deferred charges and other assets 267 -- -- -- 267
-------- -------- -------- -------- --------
Net cash provided by (used in)
operating activities 14,330 (31,243) 1,498 -- (15,415)
Cash flows from investing activities:
Capital expenditures -- (536) (1) -- (537)
Proceeds from sale of fixed assets -- (1) 30 -- 29
(Increase) decrease in other assets -- (93) -- -- (93)
-------- -------- -------- -------- --------
Net cash provided by (used in)
investing activities -- (630) 29 -- (601)
-------- -------- -------- -------- --------
Cash flows from financing activities:
Short-term borrowin, net -- (3,595) (273) -- (3,868)
Repayment of seasonal loan -- (25,000) -- -- (25,000)
Repayment of revolving loan -- (30,009) -- -- (30,009)
Net borrowing-revolver -- 11,036 -- -- 11,036
Repayment of long-term debt (40,006) -- -- -- (40,006)
Issuance of Senior Notes 70,000 -- -- -- 70,000
Intercompany transfers (50,269) 50,269 -- -- --
Other -- 1,153 (1,365) -- (212)
-------- -------- -------- -------- --------
Net cash provided by (used in)
financing activities (20,275) 3,854 (1,638) -- (18,059)
-------- -------- -------- -------- --------
Net increase (decrease) in cash
and cash equivalents (5,945) (28,019) (111) -- (34,075)
Cash and cash equivalents at
beginning of period 20,139 20,955 478 -- 41,572
-------- -------- -------- -------- --------
Cash and cash equivalents at
end of period $ 14,194 $ (7,064) $ 367 $ --- $ 7,497
======== ======== ======== ======== ========
</TABLE>
-23-
<PAGE>
SPRECKELS INDUSTRIES, INC.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
JUNE 30, 1993
<TABLE>
<CAPTION>
COMBINED
COMBINED NON-
PARENT GUARANTOR GUARANTOR
COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED
(Dollars in thousands)
<S> <C> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $(27,625) $ (2,749) $ 1,640 $ 1,109 $(27,625)
Adjustments to reconcile net income
to net cash provided by operating
activities before reorganization items:
Reorganization items 19,196 384 -- -- 19,580
Equity in (earnings) loss of
subsidiaries 2,749 (1,640) -- (1,109) --
Depreciation and amortization (8) 8,108 250 -- 8,350
Deferred income tax (1,596) -- -- -- (1,596)
Reversal of warrant accretion (1,677) -- -- -- (1,677)
Gain on sale of fixed assets -- (112) -- -- (112)
Net change in operating assets and liabilities:
Decrease (increase) in receivable,
prepaid expenses and other assets 1,941 325 506 -- 2,772
Decrease (increase) in inventories -- (4,298) (64) -- (4,362)
Increase (decrease) in trade payables
and accrued expenses 559 5,178 162 -- 5,899
Increase (decrease) in other non-
current liabilities (303) (494) 377 -- (420)
--------- -------- -------- -------- --------
Net cash provided by (used in)
operating activities before
reorganization items (6,764) 4,702 2,871 -- 809
Reorganization items charged
to expense 11,743 1,866 -- -- 13,609
-------- -------- --------
Net cash provided by operating
activities 4, 979 6,568 2,871 -- 14,418
--------- -------- -------- -------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (9) (2,291) (236) -- (2,536)
Sales of fixed assets -- 138 71 -- 209
(Increase) decrease in other assets 1,148 (1,596) -- -- (448)
--------- -------- -------- -------- --------
Net cash provided by (used in)
investing activities 1,139 (3,749) (165) -- (2,775)
--------- -------- -------- -------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Short-term borrowing, net -- 26,657 (746) -- 25,911
Net borrowings-revolver (55) -- -- -- (55)
Repayments of long-term debt -- (25) -- -- (25)
Purchase of treasury stock (41) -- -- -- (41)
Intercompany transfers 12,163 (12,163) -- -- --
Other 836 1,289 (1,927) -- 198
--------- -------- -------- -------- --------
Net cash provided by (used in) financing
activities 12,903 15,758 (2,673) -- 25,988
--------- -------- -------- -------- --------
Net increase in cash and cash equivalents 19,021 18,577 33 -- 37,631
Cash and cash equivalents at
beginning of period 1,118 2,378 445 -- 3,941
-------- -------- -------- -------- --------
20, 139 20,955 478 -- 41,572
Restricted cash at end of year -- 17,739 -- -- 17,739
--------- -------- -------- -------- --------
Cash and cash equivalents at end of period $ 20,139 $ 3,216 $ 478 $ --- $23,833
========= ======== ======== ======== ========
</TABLE>
-24-
<PAGE>
SCHEDULE II
SPRECKELS INDUSTRIES, INC.
VALUATION AND QUALIFYING ACCOUNTS(1)
(IN THOUSANDS)
<TABLE>
<CAPTION>
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F
- -------- -------- ------------------------------ -------- -------- --------
Balance at Charged to Charged to Fresh-Start Balance at
Beginning Costs and Other Accounting End
Classification of Period Expenses Accounts Deductions Adjustmen Of Period
- -------------- ---------- ---------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
June 30, 1995:
Bond Amount $ 148 $ 64 $ -- $ -- $ -- $ 212
Reserve for doubtful accounts 796 710 -- 217(2) -- 1,289
Accumulated amortization of
excess reorganization value 2,313 1,802 -- 559(3) -- 3,556
------ ------ -------------- ------ ------------- ------
Total $3,257 $2,576 $ -- $ 776 $ -- $5,057
====== ====== ============== ====== ============= ======
June 30, 1994:
Reserve for doubtful accounts $ 981 $ 637 $ -- $ 822(2) $ -- $ 796
Accumulated amortization of
excess reorganization value -- 2,313 -- -- -- 2,313
Accumulated amortization of
bond issue costs -- 148 -- -- -- 148
------ ------ -------------- ------ ------------- ------
Total $ 981 $3,098 $ -- $ 822 $ -- $3,257
====== ====== ============== ====== ============= ======
August 1, 1993:
Reserve for doubtful accounts 842 139 -- -- -- 981
Accumulated amortization of
goodwill 8,293 119 -- -- (8,412) --
------ ------ -------------- ------ ------------- ------
Total $9,135 $ 258 $ -- $ -- $ (8,412) $ 981
====== ====== ============== ====== ============= ======
June 30, 1993:
Reserve for doubtful accounts 1,020 821 -- 999(2) -- 842
Accumulated amortization of
goodwill 6,869 1,424 -- -- -- 8,293
------ ------ -------------- ------ ------------- ------
Total $7,889 $2,245 $ -- $ 999 $ -- $9,135
====== ====== ============== ====== ============= ======
</TABLE>
(1) This schedule should be read in conjunction with the Company's audited
consolidated financial statements and related notes thereto.
(2) Consists primarily of trade account receivables written off as
uncollectible.
(3) Write down of excess reorganization value related to sale of Carbidie.
S-1
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
SPRECKELS INDUSTRIES, INC.
By: /s/ Michael L. Sarina
Michael L. Sarina
Secretary and Chief
Accounting Officer
Date: July 16, 1996
<PAGE>
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
We have audited in accordance with generally accepted auditing
standards, the financial statements included in Spreckels Industries, Inc.'s
annual report to shareholders incorporated by reference in this Form 10-K, and
have issued our reports thereon dated August 17, 1995. Our audit was made for
the purpose of forming an opinion on those statements taken as a whole. The
schedules listed in Item 14(A)2 and listed in the index below are the
responsibility of the company's management and are presented for purposes of
complying with the Securities and Exchange Commission's rules and are not part
of the basic financial statements. These schedules have been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, fairly state in all material respects the financial data
required to be set forth therein in relation to the basic financial statements
taken as a whole.
Arthur Andersen LLP
(Signature of Arthur Andersen LLP)
San Francisco, California
August 17, 1995
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<CASH> 2,439
<SECURITIES> 0
<RECEIVABLES> 41,690
<ALLOWANCES> 1,289
<INVENTORY> 101,557
<CURRENT-ASSETS> 19,633
<PP&E> 129,458
<DEPRECIATION> 10,760
<TOTAL-ASSETS> 318,101
<CURRENT-LIABILITIES> 95,962
<BONDS> 70,000
0
0
<COMMON> 60
<OTHER-SE> 72,449
<TOTAL-LIABILITY-AND-EQUITY> 318,101
<SALES> 357,052
<TOTAL-REVENUES> 357,052
<CGS> 293,961
<TOTAL-COSTS> 293,961
<OTHER-EXPENSES> 57,560
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 10,410
<INCOME-PRETAX> (4,879)
<INCOME-TAX> (2,739)
<INCOME-CONTINUING> (2,140)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,140)
<EPS-PRIMARY> (0.35)
<EPS-DILUTED> 0
</TABLE>
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