UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q/A #1
Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act
of 1934
(Mark One)
/ X / QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (Amendment #1)
For the quarterly period ended March 7, 1998
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________ to ___________
_________________________
For the Quarter Ended March 7, 1998 Commission File Number 1-11165
INTERSTATE BAKERIES CORPORATION
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 43-1470322
- ------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Indentification No.)
incorporation or organization)
12 East Armour Boulevard, Kansas City, Missouri 64111
- ----------------------------------------------- ---------
(Address of principal executive offices) Zip Code
(Registrant's telephone number, including area code) (816)502-4000
-------------
- -------------------------------------------------------------------------------
(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 / /
There were 73,003,783 shares of common stock, $.01 par value per share,
outstanding on April 3, 1998.
<PAGE>
PART II
ITEM 6 - Exhibits and Reports on Form 8-K
a) Exhibits filed with this report
1) 11 - Schedule regarding computation of per share earnings.
2) 27 - Financial data schedule for the 40 weeks ended March 7,1998.
3) 27.1 - Restated financial data schedule for the fiscal
year ended June 1, 1996.
4) 27.2 - Restated financial data schedules for the 12 weeks
ended August 24, 1996, the 24 weeks ended
November 16, 1996, the 40 weeks ended March 8, 1997
and the fiscal year ended May 31, 1997.
5) 27.3 - Restated financial data schedules for the 12 weeks
ended August 23, 1997 and the 24 weeks ended
November 15, 1997.
<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.
Interstate Bakeries Corporation
-------------------------------
(Registrant)
DATE: April 28, 1998 /s/ John F. McKenny
-------------------------------
John F. McKenny, Vice President/
Corporate Controller and
Principal Accounting Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND STATEMENT OF INCOME FOR THE DATE INDICATED
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-01-1996
<PERIOD-END> JUN-01-1996
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 183,144
<ALLOWANCES> 3,606
<INVENTORY> 67,254
<CURRENT-ASSETS> 318,273
<PP&E> 1,021,568
<DEPRECIATION> 204,173
<TOTAL-ASSETS> 1,486,460
<CURRENT-LIABILITIES> 357,222
<BONDS> 224,651
0
0
<COMMON> 775<F1>
<OTHER-SE> 459,472<F1>
<TOTAL-LIABILITY-AND-EQUITY> 1,486,460
<SALES> 2,878,180
<TOTAL-REVENUES> 2,878,180
<CGS> 1,453,191
<TOTAL-COSTS> 1,453,191
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 29,310
<INCOME-PRETAX> 50,335
<INCOME-TAX> 25,872
<INCOME-CONTINUING> 24,463
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 24,463
<EPS-PRIMARY> .35<F1>
<EPS-DILUTED> .35<F1>
<FN>
<F1>EARNINGS PER SHARE AMOUNTS ON THIS FINANCIAL DATA SCHEDULE HAVE BEEN RESTATED
FOR THE ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS (SFAS) NO. 128,
"EARNINGS PER SHARE", WHICH REQUIRES A DUAL PRESENTATION OF BASIC AND DILUTED
EARNINGS PER SHARE. IN ADDITION, THESE EARNINGS PER SHARE AMOUNTS, AS WELL AS
THE COMMON STOCK PAR VALUE AND OTHER STOCKHOLDERS' EQUITY AMOUNTS, HAVE BEEN
ADJUSTED TO REFLECT A TWO-FOR-ONE STOCK SPLIT EFFECTED IN THE FORM OF A STOCK
DIVIDEND PAID NOVEMBER 3, 1997.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THESE SCHEDULES CONTAIN SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF INCOME FOR THE DATES INDICATED
AND ARE QUALIFIED IN THEIR ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS YEAR
<FISCAL-YEAR-END> MAY-31-1997 MAY-31-1997 MAY-31-1997 MAY-31-1997
<PERIOD-END> AUG-24-1996 NOV-16-1996 MAR-08-1997 MAY-31-1997
<CASH> 13,175 1,428 10,739 0
<SECURITIES> 0 0 0 0
<RECEIVABLES> 178,767 186,924 180,348 195,324
<ALLOWANCES> 3,142 3,481 3,954 4,577
<INVENTORY> 69,918 69,521 61,570 63,962
<CURRENT-ASSETS> 331,313 326,917 311,131 325,162
<PP&E> 1,037,046 1,049,279 1,039,724 1,076,436
<DEPRECIATION> 224,966 245,479 250,920 269,153
<TOTAL-ASSETS> 1,491,964 1,477,198 1,437,891 1,493,087
<CURRENT-LIABILITIES> 371,214 350,905 328,321 348,516
<BONDS> 283,651 269,395 239,000 251,000
0 0 0 0
0 0 0 0
<COMMON> 778<F1> 778<F1> 782<F1> 785<F1>
<OTHER-SE> 475,167<F1> 497,406<F1> 513,245<F1> 537,937<F1>
<TOTAL-LIABILITY-AND-EQUITY> 1,491,964 1,477,198 1,437,891 1,493,087
<SALES> 753,625 1,512,003 2,457,261 3,212,431
<TOTAL-REVENUES> 753,625 1,512,003 2,457,261 3,212,431
<CGS> 374,139 740,004 1,205,895 1,566,265
<TOTAL-COSTS> 374,139 740,004 1,205,895 1,566,265
<OTHER-EXPENSES> 0 0 0 0
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 5,837 11,325 17,989 22,592
<INCOME-PRETAX> 33,098 78,926 118,696 169,298
<INCOME-TAX> 14,431 34,017 51,158 72,121
<INCOME-CONTINUING> 18,667 44,909 67,538 97,177
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 18,667 44,909 67,538 97,177
<EPS-PRIMARY> .25<F1> .60<F1> .90<F1> 1.30<F1>
<EPS-DILUTED> .25<F1> .59<F1> .89<F1> 1.28<F1>
<FN>
<F1>EARNINGS PER SHARE AMOUNTS ON THESE FINANCIAL DATA SCHEDULES HAVE BEEN RESTATED
FOR THE ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS (SFAS) NO. 128,
"EARNINGS PER SHARE", WHICH REQUIRES A DUAL PRESENTATION OF BASIC AND DILUTED
EARNINGS PER SHARE. IN ADDITION, THESE EARNINGS PER SHARE AMOUNTS, AS WELL AS
THE COMMON STOCK PAR VALUE AND OTHER STOCKHOLDERS' EQUITY AMOUNTS, HAVE BEEN
ADJUSTED TO REFLECT A TWO-FOR-ONE STOCK SPLIT EFFECTED IN THE FORM OF A STOCK
DIVIDEND PAID NOVEMBER 3, 1997.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THESE SCHEDULES CONTAIN SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF INCOME FOR THE DATES INDICATED
AND ARE QUALIFIED IN THEIR ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> MAY-30-1998 MAY-30-1998
<PERIOD-END> AUG-23-1997 NOV-15-1997
<CASH> 0 0
<SECURITIES> 0 0
<RECEIVABLES> 203,807 204,611
<ALLOWANCES> 4,625 5,035
<INVENTORY> 63,572 65,380
<CURRENT-ASSETS> 328,083 342,805
<PP&E> 1,089,751 1,098,769
<DEPRECIATION> 290,670 301,928
<TOTAL-ASSETS> 1,485,140 1,496,560
<CURRENT-LIABILITIES> 356,376 406,752
<BONDS> 269,000 209,000
0 0
0 0
<COMMON> 786<F1> 787
<OTHER-SE> 503,017<F1> 532,860
<TOTAL-LIABILITY-AND-EQUITY> 1,485,140 1,496,560
<SALES> 763,719 1,517,886
<TOTAL-REVENUES> 763,719 1,517,886
<CGS> 362,155 714,285
<TOTAL-COSTS> 362,155 714,285
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 4,466 9,039
<INCOME-PRETAX> 50,388 108,140
<INCOME-TAX> 20,508 44,013
<INCOME-CONTINUING> 29,880 64,127
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 29,880 64,127
<EPS-PRIMARY> .40<F1> .87<F1>
<EPS-DILUTED> .39<F1> .85<F1>
<FN>
<F1>EARNINGS PER SHARE AMOUNTS ON THESE FINANCIAL DATA SCHEDULES HAVE BEEN RESTATED
FOR THE ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS (SFAS) NO. 128,
"EARNINGS PER SHARE", WHICH REQUIRES A DUAL PRESENTATION OF BASIC AND DILUTED
EARNINGS PER SHARE. IN ADDITION, THE 3-MOS (PERIOD ENDED AUG-23-1997) EARNINGS
PER SHARE AMOUNTS, AS WELL AS THE COMMON STOCK PAR VALUE AND OTHER STOCKHOLDERS'
EQUITY AMOUNTS, HAVE BEEN ADJUSTED TO REFLECT A TWO-FOR-ONE STOCK SPLIT EFFECTED
IN THE FORM OF A STOCK DIVIDEND PAID NOVEMBER 3, 1997.
</FN>
</TABLE>
