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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q/A
AMENDED QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended March 31, 1994
Commission File No. 0-17342
LIVE ENTERTAINMENT INC.
(Exact name of Registrant as specified in its charter)
Delaware 95-4178252
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
15400 Sherman Way, Van Nuys, California 91406
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (818) 988-5060
AMENDMENT NO.1
The undersigned registrant hereby amends the following items, and
financial statements, exhibits or other portions of its Quarterly Report
on Form 10-Q dated as of May 13, 1994 as filed with the Securities and
Exchange Commission on May 13, 1994 as set forth on the pages hereto:
Date on signature page.
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this amendment to be signed on its
behalf by the undersigned thereunto duly authorized.
Date: May 19, 1994 LIVE Entertainment Inc.
By: /s/ Robert L. Denton
Robert L. Denton
Vice President and
Chief Accounting Officer
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ITEM 3(b). DEFAULTS UPON SENIOR SECURITIES - DIVIDEND ARREARAGE ON
PREFERRED STOCK
Dividends under the Series C Preferred Stock, at the rate of 5% per
annum on the unreturned $15,000,000 liquidation value of the Series C
Preferred Stock, are due on June 30 and December 31 of each year.
Although the $188,000 dividend scheduled to be paid on June 30, 1993 and
the $375,000 dividend scheduled to be paid on December 31, 1993 both
were accrued by the Company, those dividends were not paid due to
restrictions imposed on the Company by the terms of the Series B
Preferred Stock, which prohibit the payment of dividends on the Series
C Preferred Stock unless the aggregate amount of such dividends,
together with all cash dividends paid on the Series B Preferred Stock,
does not exceed the net income of the Company (adding back specified net
worth exclusions) since the March 23, 1993 date of issuance of the
Series C Preferred Stock and the Series B Preferred Stock. The Company
has had a consolidated net loss since March 23, 1993. Thus, pursuant to
the terms of the Series B Preferred Stock, the Company was prohibited
from paying the June 30, 1993 and December 31, 1993 cash dividends on
the Series C Preferred Stock.
The unpaid dividends themselves bear a dividend of 5%, and are due
on the next regularly scheduled dividend payment date for the Series C
Preferred Stock. The Company intends to pay the unpaid dividends, plus
the additional dividends thereon, as soon as it has generated sufficient
net income to permit such payment to occur or as soon as the Series B
Preferred Stock has been redeemed, provided that such payment does not
impair the capital of LIVE and is permitted under the Delaware General
Corporation Law.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
Exhibits: 11 - Computation of Income (Loss)
Per Common Share (Unaudited).
Reports on Form 8-K: None.
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.
LIVE ENTERTAINMENT INC.
Dated: May 13, 1994 By: /s/ MICHAEL J. WHITE
------------ Michael J. White
Acting Chief Financial Officer
