SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended August 31, 1995 or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the transition period from ________________ to __________________.
Commission file number 0-18352
INTERNATIONAL AIRLINE SUPPORT GROUP, INC.
Delaware 59-2223025
(State or other jurisdication of (IRS Employer Identification No.)
incorporation or organization)
8095 NW 64th Street, Miami, FL 33166
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including aera code: (305) 593-2658
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 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
----- -----
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
The number of shares of the Company's common stock outstanding as
of September 25, 1995 was 4,041,779.
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INTERNATIONAL AIRLINE SUPPORT GROUP, INC. AND SUBSIDIARIES
PART II - OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
In July 1993, Viglass Aviation (Viglass) filed a complaint
against the Company in the Circuit Court of the 11th Judicial Circuit in
and for Dade County, Florida (Case No. 93-14256CA20), claiming that
Viglass was entitled to payment of $681,750 under a commission agreement
with the Company relating to the sale of certain aircraft to one of the
Company's significant customers. The Company disputes this claim,
maintaining that the sale occurred outside the provisions of the
commission agreement. The Company filed a motion to hold the plaintiffs
in contempt for failure to comply with discovery demands. This motion
remains in abeyance pending settlement negotiations between the parties.
The Company is subject to other legal proceedings and claims which
have arisen in the ordinary course of its business and which have not
been finally adjudicated. The actions, when ultimately concluded and
determined, will not, in the opinion of management, have a material
adverse affect upon the financial position of the Company.
Item 3. DEFAULTS UPON SENIOR SECURITIES
Currently, the Company is in default in the payment of principal
on the 12% Senior Secured Notes and in default in the payment of
interest on the 8% Convertible Subordinated Debentures. The Notes are
secured by substantially all of the assets of the Company and the
Debentures are unsecured and are subordinated in right of payment to the
Notes.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibit 27 Financial Data Schedule
(b) Reports on Form 8-K
A report on Form 8-K dated July 17,1995 was filed by the Company
during the quarter for which this report is filed. The Form 8-K
reported that the Company did not make its scheduled July 17, 1995
principal payment in the amount of approximately $1.8 million to the
holders of the Company's 12% Senior Secured Notes due July 17, 1997,
noting that non-payment constituted an Event of Default under the
underlying loan agreements and under the agreements relating to the
Company's 8% Convertible Subordinated Debentures. The report discussed
that the Company has commenced meeting with lenders to discuss a
preliminary restructuring proposal.
11
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INTERNATIONAL AIRLINE SUPPORT GROUP, INC AND SUBSIDIARIES
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.
INTERNATIONAL AIRLINE SUPPORT GROUP, INC.
(Registrant)
/S/ October 31, 1995
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ROBERT K. NORRIS Date
Vice President-Finance
12
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