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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K/A-2
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)........ FEBRUARY 21, 1995
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RYKOFF-SEXTON, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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DELAWARE 0-8105 95-2134693
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification Number)
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1050 WARRENVILLE ROAD
LISLE, ILLINOIS 60532
(Address of principal executive offices)
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REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE.... (708) 964-1414
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761 TERMINAL STREET
LOS ANGELES, CALIFORNIA 90021
(Former name or former address, if changed since last report)
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED
1. Continental Foods, Inc. Interim Financial Statements as of January
31, 1995 and 1994.
2
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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.
RYKOFF-SEXTON, INC.
Date: April 1, 1996 /s/ MARK VAN STEKELENBURG
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Mark Van Stekelenburg
Chairman, President and Chief
Executive Officer
Date: April 1, 1996 /s/ RICHARD J. MARTIN
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Richard J. Martin
Senior Vice President and
Chief Financial Officer
Date: April 1, 1996 /s/ JAMES C. WONG
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James C. Wong
Treasurer
3
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ITEM 7. FINANCIAL STATEMENTS AND PRO FORMA FINANCIAL INFORMATION
<TABLE>
<CAPTION>
PAGE
NUMBER
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<S> <C> <C>
7(a) Interim Financial Statements of Business Acquired
Continental Foods, Inc.
Condensed Balance Sheets as of January 31, 1995 and
April 30, 1994........................................ 5
Condensed Statements of Income for the Nine Months Ended
January 31, 1995 and 1994............................. 6
Condensed Statements of Cash Flows for the Nine Months
Ended January 31, 1995 and 1994....................... 7
Notes to Condensed Financial Statements................. 8
</TABLE>
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CONTINENTAL FOODS, INC.
CONDENSED BALANCE SHEETS
ASSETS
<TABLE>
<CAPTION>
JANUARY 31, APRIL 30,
1995 1994
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(DOLLARS IN THOUSANDS)
<S> <C> <C>
CURRENT ASSETS:
CASH AND CASH EQUIVALENTS.............................................................. $ 1,651 $ 1,410
ACCOUNTS AND NOTES RECEIVABLE, NET..................................................... 7,624 8,015
INVENTORIES............................................................................ 4,423 4,175
PREPAID EXPENSES AND OTHER ASSETS...................................................... 492 456
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TOTAL CURRENT ASSETS................................................................. 14,190 14,056
NOTES RECEIVABLE -- NONCURRENT........................................................... -- 240
PROPERTY, PLANT, AND EQUIPMENT, NET...................................................... 928 840
OTHER ASSETS, NET........................................................................ 173 147
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TOTAL ASSETS......................................................................... $ 15,291 $ 15,283
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
ACCOUNTS PAYABLE....................................................................... $ 3,995 $ 4,872
ACCRUED LIABILITIES.................................................................... 935 923
CURRENT PORTION OF LONG-TERM DEBT...................................................... -- 27
DEMAND NOTES PAYABLE................................................................... 391 843
REVOLVING LINE OF CREDIT............................................................... -- 1,250
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TOTAL CURRENT LIABILITIES............................................................ 5,321 7,915
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STOCKHOLDER'S EQUITY:
COMMON STOCK, AT STATED VALUE.......................................................... 18 18
RETAINED EARNINGS...................................................................... 9,952 7,350
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY........................................... $ 15,291 $ 15,283
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</TABLE>
See accompanying notes to condensed financial statements
5
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CONTINENTAL FOODS, INC.
CONDENSED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
NINE MONTHS ENDED
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JANUARY 31, JANUARY 31,
1995 1994
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(DOLLARS IN THOUSANDS)
<S> <C> <C>
SALES................................................................................... $ 78,831 $ 66,904
COST OF SALES........................................................................... 65,702 55,933
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GROSS PROFIT............................................................................ 13,129 10,971
WAREHOUSE, SELLING, GENERAL & ADMINISTRATIVE EXPENSES................................... 10,585 9,378
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INCOME FROM OPERATIONS.................................................................. 2,544 1,593
INTEREST EXPENSE (INCOME)............................................................... (58) (6)
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NET INCOME.............................................................................. $ 2,602 $ 1,599
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</TABLE>
See accompanying notes to condensed financial statements
6
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CONTINENTAL FOODS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
NINE MONTHS ENDED
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JANUARY 31, JANUARY 31,
1995 1994
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(DOLLARS IN THOUSANDS)
<S> <C> <C>
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
NET INCOME............................................................................ $ 2,602 $ 1,599
ADJUSTMENTS TO RECONCILE NET INCOME TO CASH FLOWS PROVIDED BY OPERATING ACTIVITIES --
DEPRECIATION AND AMORTIZATION....................................................... 144 135
CHANGES IN OPERATING ITEMS
(INCREASE) DECREASE IN ACCOUNTS AND NOTES RECEIVABLE.............................. 631 (400)
INCREASE IN INVENTORY............................................................. (248) (390)
INCREASE IN PREPAID EXPENSES AND OTHER ASSETS..................................... (62) (260)
DECREASE IN ACCOUNTS PAYABLE...................................................... (877) (1,628)
INCREASE IN ACCRUED EXPENSES...................................................... 12 443
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CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES............................. 2,202 (501)
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CASH FLOWS USED IN INVESTING ACTIVITIES:
PURCHASES OF PROPERTY, PLANT AND EQUIPMENT............................................ (232) (134)
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CASH FLOWS USED IN INVESTING ACTIVITIES........................................... (232) (134)
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CASH FLOWS (USED IN) PROVIDED BY FINANCING ACTIVITIES
(DECREASE) INCREASE IN DEMAND NOTES PAYABLE, NET...................................... (452) 382
DECREASE IN LINE OF CREDIT, NET....................................................... (1,250) (975)
PAYMENTS ON LONG-TERM DEBT............................................................ (27) (98)
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CASH FLOWS USED IN FINANCING ACTIVITIES........................................... (1,729) (691)
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NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS.................................... 241 (1,326)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR............................................ 1,410 1,020
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CASH AND CASH EQUIVALENTS, END OF YEAR.................................................. $ 1,651 $ (306)
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</TABLE>
See accompanying notes to condensed financial statements
7
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CONTINENTAL FOODS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(1) The accompanying unaudited Condensed Financial Statements of Continental
Foods, Inc. have been prepared in accordance with generally accepted accounting
principles for interim financial information. Accordingly, they do not include
all of the information and footnotes required by generally accepted accounting
principles for a complete set of financial statements. In the opinion of
management, all adjustments considered necessary, consisting only of normal
recurring adjustments, are included for fair presentation. Operating results for
the nine months ended January 31, 1995 are not necessarily indicative of results
that may be expected for the full year. The unaudited Condensed Financial
Statements should be read in conjunction with the audited Consolidated Financial
Statements of the Company for the years ended April 30, 1994 and 1993.
(2) On February 21, 1995, substantially all of the assets of the Company
were sold to Rykoff-Sexton, Inc.
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