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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL 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 year ended December 31, 1996 Commission File No. 0-12361
Richton International Corporation
(Exact name of registrant as specified in its charter)
Delaware 05-012205
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
340 Main Street, Madison, New Jersey 07940
(Address of principal executive offices) (Zip Code)
Issuer's telephone number ...................................... (201) 966-0104
Securities registered under Name of Exchange on which Registered:
Section 12(b) of the Exchange Act:
Common Stock, par value $.10 American Stock Exchange
Securities registered under Section 12(g) of the Exchange Act:
Series A Preferred Stock, par value $1.00. Purchase Right
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 dates. 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 II of this Form 10-K or any amendment to this
Form 10-K. [X]
State the aggregate market value of the voting stock held by nonaffiliates of
the Registrant.
Aggregate market value at March 1, 1997 amounted to $8,100,000
Indicate the number of shares outstanding of each of the Registrant's classes of
Common Stock, as of the latest practicable date.
Common Stock, par value $.10, 2,949,447 shares at March 1, 1997
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the annual shareholders report for the year ended December 31, 1996
are incorporated by reference into I and II.
Portions of the proxy statement for the annual shareholders meeting to be held
April 28, 1997 are incorporated by reference into Part III.
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<PAGE>
ITEM 6. Selected Financial Data
SUMMARY OF OPERATIONS
(In thousands, except percentages and per share amounts)
<TABLE>
<CAPTION>
December 31
-------------------------------------------- April
1996 1995 1994 1993 1993
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C>
Net Sales ..................... $ 87,750 $ 66,659 $ 50,306 $ 11,080 --
Gross Profit percentage ....... 28% 28% 28% 27% --
Operating Profit .............. 3,832 3,466 2,702 (847) --
Interest expense. net ......... 1,216 1,092 817 21 $ 55
Income (loss) from operations . 1,766 1,365 1,004 (573) (1,001)
Income (loss) from Discontinued
Operations ................. -- -- -- (426) 164
Net Income ( loss) ............ 1,766 1,365 1,004 (999) (837)
Net Income (loss) per share ... $ 0.54 $ 0.43 $ 0.34 $ (0.37) $ (0.32)
</TABLE>
FINANCIAL POSITION
(In thousands, except ratios)
December 31
------------------------------------------ April
1996 1995 1994 1993 1993
--------- --------- --------- --------- ---------
Total Assets ............ 32,374 26,114 15,801 15,849 3,096
Long-term Debt .......... 6,986 7,150 3,834 6,621 --
Working Capital ......... 5,610 3,029 2,341 2,537 2,682
Current ratio ........... 1.31 to 1 1.22 to 1 1.28 to 1 1.32 to 1 6.66 to 1
Notes to Selected Financial Data:
Note a -- The Registrant acquired CBE effective March 29, 1995
Note b -- The Registrant acquired Century effective August 31, 1993
Note c -- The Registrant was a shell company with no operating units from May,
1992 until August, 1993
5
<PAGE>
ITEM 8. Financial Statements
The financial statements required by this Item, are set forth below:
Page
Description Number
----------- ------
Report of Independent Public Accountants ......................... F-1
Consolidated Balance Sheets at December 31, 1996 and
December 31, 1995 ............................................. F-2
Consolidated Statements of Operations for the three years
ended December 31, 1996 ....................................... F-3
Consolidated Statements of Shareholders' Equity for the
three years ended December 31, 1996 ........................... F-4
Consolidated Statements of Cash Flows for the three years
ended December 31, 1996 ....................................... F-5
Notes to Consolidated Financial Statements ....................... F-6
Richton International Corporation
Quarterly analysis of sales, operating margin, net income and earnings per
share
<TABLE>
<CAPTION>
Net Equivalent
Pre-Tax Income Earnings Shares
Sales Gross $ Profit % Profit (Loss) Per Share Outstanding
----- ------- -------- ------- ------ --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1st Qtr. 1996 10,449,000 2,445,000 23.40 (1,373,000) (872,000) (0.27) 3,185,000
1995 5,165,000 1,237,000 23.95 (1,256,000) (794,000) (0.28) 2,866,000
2nd Qtr. 1996 27,903,000 8,773,000 31.44 2,962,000 1,860,000 0.57 3,236,000
1995 24,840,000 7,124,000 28.68 2,593,000 1,634,000 0.52 3,166,000
3rd Qtr. 1996 32,660,000 9,714,000 29.74 1,829,000 1,107,000 0.34 3,247,000
1995 23,089,000 6,407,000 27.75 1,561,000 872,000 0.28 3,152,000
4th Qtr. 1996 16,738,000 3,852,000 23.01 (802,000) (329,000) (0.10) 3,290,000
1995 13,565,000 3,790,000 27.94 (524,000) (347,000) (0.11) 3,161,000
---------- --------- ----- -------- -------- ---- ---------
Year 1996 87,750,000 24,784,000 28.24 2,616,000 1,766,000 0.54 3,290,000
1995 66,659,000 18,558,000 27.84 2,374,000 1,365,000 0.43 3,161,000
</TABLE>
