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Previous: AETNA SERIES FUND INC, 485APOS, 1997-01-21 |
Next: ALLIANCE INCOME BUILDER FUND INC, 497, 1997-01-21 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
Amendment No. 1
(Mark One)
[x] Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended November 30,
1996 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 0-19402
VANS, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 33-0272893
(State or Other Jurisdiction (I.R.S. Employer
of Incorporation or Organization) Identification No.)
2095 North Batavia Street
Orange, California 92865-3101
(Address of Principal Executive Offices) (Zip Code)
(714) 974-7414
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Formal Fiscal Year,
if Change Since Last Report)
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 report(s), and (2) has been subject to such
filing requirements for the past 90 days. YES X NO
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date: 13,081,522 shares
of Common Stock, $.001 par value, as of January 13, 1997.
1
<PAGE> 2
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements.
VANS, INC.
Condensed Consolidated Balance Sheets
November 30, 1996 and May 31, 1996
<TABLE>
<CAPTION>
November 30, May 31,
1996 1996
------------- -------------
ASSETS
<S> <C> <C>
Current assets:
Cash $ 12,939,002 $ 14,233,352
Accounts receivable, net of allowance for doubtful accounts of $1,741,376
and $1,147,344 at November 30, 1996 and May 31, 1996, respectively 24,085,797 20,842,989
Inventories (note 2) 24,682,053 19,400,644
Deferred income taxes 364,000 364,000
Prepaid expenses 1,486,000 2,457,301
------------- -------------
Total current assets 63,556,852 57,298,286
Property, plant and equipment, net 15,588,310 10,801,763
Property held for sale 4,687,106
Excess of cost over the fair value of net assets acquired, net of
accumulated amortization of $33,125,409 and $32,744,117 at November 30,
1996 and May 31, 1996, respectively 18,317,117 16,495,283
Other assets 981,870 1,178,331
------------- -------------
Total assets $ 98,444,149 $ 90,460,769
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ 2,899,322 $ 6,431,349
Accounts payable 4,492,351 4,328,821
Accrued payroll and related expenses 1,194,512 1,611,906
Restructuring costs 1,452,251 1,750,782
Accrued workers' compensation 400,578 803,964
Accrued interest 75,165 --
Income taxes payable 2,753,947 967,659
------------- -------------
Total current liabilities 13,268,126 15,894,481
Deferred income taxes 1,495,000 1,495,000
Capital lease obligation 332,419 343,742
------------- -------------
Total liabilities 15,095,545 17,733,223
Minority interest 583,927 --
Stockholders' equity:
Common stock, $.001 par value, 20,000,000 shares authorized, 13,080,439
and 12,628,085 shares issued and outstanding at November 30, 1996 and
May 31, 1996, respectively 13,080 12,628
Additional paid-in capital 100,654,044 96,201,083
Stock subscriptions -- (85,000)
Accumulated deficit (17,902,447) (23,401,165)
------------- -------------
Total Shareholders' Equity 82,764,677 72,727,546
------------- -------------
Total liabilities & shareholders' equity $ 98,444,149 $ 90,460,769
============= =============
</TABLE>
2
<PAGE> 3
VANS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Thirteen weeks ended November 30, 1996 and November 25, 1995
<TABLE>
<CAPTION>
Thirteen weeks ended
November 30, November 25,
1996 1995
------------ ------------
<S> <C> <C>
Net sales $ 37,104,812 $ 29,098,068
Cost of sales 23,140,725 17,247,502
------------ ------------
Gross profit 13,964,087 11,850,566
Operating expenses:
Selling and distribution 6,543,320 6,223,009
Marketing, advertising and promotion 2,535,030 1,672,912
General and administrative 1,489,928 1,282,178
Provision for doubtful accounts 167,623 103,950
Amortization of intangibles 190,645 190,645
------------ ------------
Total operating expenses 10,926,546 9,472,694
------------ ------------
Earnings from operations 3,037,541 2,377,872
Interest income 117,039 --
Interest and debt expense (106,982) (763,989)
Other income 889,007 513,222
------------ ------------
Earnings before income taxes 3,936,605 2,127,105
Income tax expense 1,519,530 850,843
------------ ------------
Net earnings 2,417,075 1,276,262
============ ============
Net earnings per share $ 0.18 $ 0.13
============ ============
Weighted average common and common equivalent shares
(note 3) 13,682,071 10,114,665
============ ============
</TABLE>
3
<PAGE> 4
VANS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Twenty-six weeks ended November 30, 1996 and November 25, 1995
<TABLE>
<CAPTION>
Twenty-six weeks ended
November 30, November 25,
1996 1995
------------ ------------
<S> <C> <C>
Net sales $ 81,060,993 $ 57,501,915
Cost of sales 49,545,510 35,537,394
------------ ------------
Gross profit 31,515,483 21,964,521
Operating expenses:
Selling and distribution 13,481,647 12,338,063
Marketing, advertising and promotion 6,480,773 3,072,688
General and administrative 3,024,183 2,531,618
Provision for doubtful accounts 406,508 179,256
Amortization of intangibles 381,290 381,290
------------ ------------
Total operating expenses 23,774,401 18,502,915
------------ ------------
Earnings from operations 7,741,082 3,461,606
Interest income 218,875 --
Interest and debt expense (298,991) (1,512,649)
Other income 1,327,512 940,419
------------ ------------
Earnings before income taxes 8,988,478 2,889,376
Income tax expense 3,489,760 1,155,751
------------ ------------
Net earnings 5,498,718 1,733,625
============ ============
Net earnings per share $ 0.40 $ 0.17
============ ============
Weighted average common and common equivalent shares
(note 3) 13,664,040 10,072,720
============ ============
</TABLE>
4
<PAGE> 5
VANS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Twenty-six weeks ended November 30, 1996 and November 25, 1995
<TABLE>
<CAPTION>
Twenty-six weeks ended
November 30, November 25,
1996 1995
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 5,498,718 $ 1,733,625
Adjustments to reconcile net earnings to net cash provided by
(used in) operating activities:
Depreciation and amortization 1,657,742 1,591,338
Amortization of deferred financing costs -- 36,062
Provision for losses on accounts receivable and sales returns 658,259 334,203
Changes in assets and liabilities:
Accounts receivable (3,242,808) (5,199,370)
Income taxes receivable -- 3,530,128
Inventories (5,281,409) (1,809,105)
Prepaid expenses 971,301 (657,627)
Other assets 196,461 359,297
Accounts payable 163,530 (1,916,940)
Accrued payroll and related expenses (417,394) (59,842)
Accrued workers' compensation (403,386) (413,357)
Restructuring costs (298,531) (2,550,374)
Accrued interest 75,165 (121,934)
Income taxes payable 1,786,288 1,155,750
------------ ------------
Net cash provided by (used in) operating activities 1,363,936 (3,988,146)
------------ ------------
Cash flows from investing activities:
Purchases of property, plant and equipment (955,449) (1,273,502)
------------ ------------
Net cash used in investing activities (955,449) (1,273,502)
------------ ------------
Cash flows from financing activities:
Proceeds (payments) on short term borrowings (3,532,027) 4,433,105
Payments on capital lease obligations (11,323) (73,252)
Proceeds from long term credit facility -- 6,894,448
Principal payments on senior notes -- (5,800,000)
Proceeds from issuance of common stock, net 1,840,513 34,003
------------ ------------
Net cash provided by (used in) financing activities (1,702,837) 5,488,304
------------ ------------
Net increase (decrease) in cash and cash equivalents (1,294,350) 226,656
Cash and cash equivalents, beginning of period 14,233,352 3,279,843
------------ ------------
Cash and cash equivalents, end of period $ 12,939,002 $ 3,506,499
============ ============
Supplemental cash flow information - amounts paid for:
Interest $ 204,187 $ 1,476,587
Income taxes $ 2,463,090 $ 41,265
</TABLE>
5
<PAGE> 6
SIGNATURES
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.
VANS, INC.
(Registrant)
Date: January 21, 1997 By: /s/ CRAIG E. GOSSELIN
------------------------
Craig E. Gosselin
Vice President and General Counsel
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