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Previous: AEP GENERATING CO /OH/, 10-Q, 1995-08-14 |
Next: HARRAHS ENTERTAINMENT INC, 10-Q, 1995-08-14 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of The Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported) July 31, 1995
CANDIE'S, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-10593 11-2481903
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2975 Westchester Avenue, Purchase, New York 10577
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (914) 694-8600
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
The unaudited condensed consolidated balance sheets of the Registrant as of
July 31, 1995, presented below in this Item 5 is being filed by the Registrant
to demonstrate to The Nasdaq Stock Market, Inc. its continued compliance with
the quantitative maintenance criteria for the inclusion of its common stock on
the Nasdaq National Market as set forth in Section 5(a)3 of Part III of Schedule
D of the By-Laws of the National Association of Securities Dealers, Inc.
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<PAGE>
<TABLE>
<CAPTION>
CANDIE'S, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
JULY 31, JANUARY 31,
1995 1995
----------- -----------
<S> <C> <C>
ASSETS
CURRENT ASSETS
CASH AND CASH EQUIVALENTS $ 397,686 $ --
RESTRICTED CASH 100,000 100,000
ACCOUNTS RECEIVABLE
net allowances of $200,092 and $45,000
at July 31, 1995 and January 31, 1995 3,724,206 583,911
INVENTORIES 3,541,893 3,269,158
PREPAID EXPENSES 930,866 151,195
OTHER CURRENT ASSETS 146,910 --
----------- -----------
TOTAL CURRENT ASSETS 8,841,561 4,104,264
PROPERTY AND EQUIPMENT
LESS ACCUMULATED DEPRECIATION
AND AMORTIZATION 115,954 142,960
OTHER ASSETS:
NON-COMPETITION AGREEMENTS 394,350 414,234
TRADEMARK 4,972,874 5,114,282
OTHER 468,963 514,274
----------- -----------
TOTAL OTHER ASSETS 5,836,187 6,042,790
----------- -----------
TOTAL ASSETS $14,793,702 $10,290,014
=========== ===========
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
CANDIE'S, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
JULY 31, JANUARY 31,
1995 1995
----------- -----------
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
ACCOUNTS PAYABLE $ 5,846,247 $ 1,820,598
PAYABLE FOR INVENTORY IN
TRANSIT 864,017 1,105,845
NOTES PAYABLE - NEW RETAIL CONCEPTS,INC. 608,803 --
DUE TO FACTOR 903,571 1,162,035
ACCRUED LITIGATION EXPENSE 100,000 100,000
ACCRUED EXPENSES AND TAXES 1,322,210 1,394,253
ACCRUED U.S. CUSTOMS DUTIES 70,000 63,427
----------- -----------
TOTAL CURRENT LIABILITIES 9,714,848 5,646,158
OTHER NONCURRENT LIABILITIES 152,172 206,213
ACCRUED U.S. CUSTOMS DUTIES 16,926 45,746
----------- -----------
TOTAL LIABILITIES 9,883,946 5,898,117
----------- -----------
STOCKHOLDERS' EQUITY:
PREFERRED STOCK, $.01 PAR VALUE - SHARES
AUTHORIZED 5,000,000; NONE ISSUED OR
OUTSTANDING
COMMON STOCK, $.001 PAR VALUE - SHARES
AUTHORIZED: 30,000,000 and 10,000,000;
ISSUED 8,742,465 AT JULY 31, 1995
AND JANUARY 31, 1995 8,742 8,709
ADDITIONAL PAID-IN CAPITAL 9,200,305 9,162,837
DEFICIT, since February 28, 1993,
(deficit eliminated $27,696,007) (4,299,291) (4,779,649)
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 4,909,756 4,391,897
----------- -----------
TOTAL LIABILITIES AND STOCK-
HOLDERS' EQUITY $14,793,702 $10,290,014
=========== ===========
</TABLE>
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<PAGE>
SIGNATURE
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 hereunto duly authorized.
CANDIE'S, INC.
By: /s/ Gary Klein
---------------------------
Gary Klein, Vice President-
Finance
August 11, 1995
5
<PAGE>
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