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Previous: PROTOCOL SYSTEMS INC/NEW, 10-Q, 1998-05-15 |
Next: DAMARK INTERNATIONAL INC, 8-A12B, 1998-05-15 |
<PAGE>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------------------
FORM 10-K/A
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997 Commission File Number: 0-19902
DAMARK INTERNATIONAL, INC.
(Exact name of Registrant as specified in its charter)
MINNESOTA 41-1551116
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
7101 WINNETKA AVENUE NORTH (612) 531-0066
MINNEAPOLIS, MINNESOTA 55428 (Registrant's telephone number,
(Address of principal executive including area code)
offices and Zip Code)
Securities registered pursuant to Section 12 (b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act:
Class A Common Stock, $.01 par value
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 Act of 1934 during the preceding 12 months and (2) has been
subject to such filing requirements for the past 90 days: Yes X No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of Registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K. [ ]
Indicate the number of shares outstanding of each of the Registrant's
classes of common stock, as of the latest practicable date: On March 6,
1998, there were 7,818,464 shares of Class A Common Stock, $.01 par value, of
the Registrant outstanding. The aggregate market value of the Class A Common
Stock of the Registrant held on March 6, 1998 (based on the last reported
sale price of the Common Stock on that date by the Nasdaq National Market
tier of the Nasdaq Stock Market System) owned by non-affiliates was
approximately $86,401,991.
DOCUMENTS INCORPORATED BY REFERENCE:
1. Portions of the Registrant's Report to Shareholders for the year ended
December 31, 1997 filed with the Securities and Exchange Commission (the
"1997 Annual Report") are incorporated by reference into Parts II and IV of
this Form 10-K.
2. Portions of the Proxy Statement for the Annual Meeting of Shareholders
to be held April 15, 1998 filed with the Securities and Exchange Commission
(the "1997 Proxy Statement") are incorporated by reference into Part III of
this Form 10-K.
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<PAGE>
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, thereto duly authorized.
DAMARK INTERNATIONAL, INC.
Date: May 15, 1998 /s/ Mark A. Cohn
-----------------------------------------------
Mark A. Cohn
Chairman, President and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant in the capacities and on the dates indicated.
/s/ MARK A. COHN Chairman, President, Chief
- ------------------------- Executive Officer and Director May 15, 1998
Mark A. Cohn (Principal Executive Officer)
/s/ KIM H. PLAHN Vice President-Finance May 15, 1998
- ------------------------- (Principal Financial and
Kim H. Plahn Accounting Officer)
* Director May 15, 1998
- -------------------------
Thomas A. Cusick
* Director May 15, 1998
- -------------------------
Jack W. Eugster
* Director May 15, 1998
- -------------------------
Harold Roitenberg
* Director May 15, 1998
- -------------------------
Ralph Strangis
* Director May 15, 1998
- -------------------------
Joel N. Waller
* Director May 15, 1998
- -------------------------
Stephen J. Hemsley
*By: /s/ MARK A. COHN May 15, 1998
---------------------
(Mark A. Cohn Attorney-in-Fact)
*Mark A. Cohn, pursuant to Powers of Attorney executed by each of the
directors listed above whose name is marked by an "*" and filed as an exhibit
hereto, by signing his name hereto does hereby sign and execute this report of
DAMARK International, Inc. on behalf of each of such directors.
1
<PAGE>
DAMARK INTERNATIONAL, INC.
EXHIBIT INDEX TO
ANNUAL REPORT ON FORM 10-K
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997
REGULATION
S-K
EXHIBIT
TABLE
REFERENCE TITLE OF DOCUMENT
--------- -----------------
27.1 Financial Data Schedule for the year ended December
31, 1997
27.2 Restated Financial Data Schedules for the periods
ended June 29, 1996, September 28, 1996 and December
31, 1996
27.3 Restated Financial Data Schedules for the periods
ended March 29, 1997, June 28, 1997 and September 27,
1997
2
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<CASH> 474
<SECURITIES> 0
<RECEIVABLES> 79,273
<ALLOWANCES> 1,700
<INVENTORY> 70,744
<CURRENT-ASSETS> 160,283
<PP&E> 62,513
<DEPRECIATION> 24,162
<TOTAL-ASSETS> 206,189
<CURRENT-LIABILITIES> 135,984
<BONDS> 0
0
0
<COMMON> 80
<OTHER-SE> 68,583
<TOTAL-LIABILITY-AND-EQUITY> 206,189
<SALES> 594,627
<TOTAL-REVENUES> 594,627
<CGS> 423,411
<TOTAL-COSTS> 423,411
<OTHER-EXPENSES> 156,006
<LOSS-PROVISION> 3,836
<INTEREST-EXPENSE> 1,757
<INCOME-PRETAX> 9,550
<INCOME-TAX> 3,245
<INCOME-CONTINUING> 6,305
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,305
<EPS-PRIMARY> 0.78
<EPS-DILUTED> 0.74
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS 9-MOS YEAR
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996 DEC-31-1996
<PERIOD-END> JUN-29-1996 SEP-28-1996 DEC-31-1996
<CASH> 6,222 16 2
<SECURITIES> 0 0 0
<RECEIVABLES> 27,846 30,872 38,721
<ALLOWANCES> 1,445 1,335 1,134
<INVENTORY> 56,375 65,177 53,016
<CURRENT-ASSETS> 96,945 104,342 98,475
<PP&E> 46,785 49,799 52,520
<DEPRECIATION> 13,643 15,300 16,616
<TOTAL-ASSETS> 139,131 147,458 142,790
<CURRENT-LIABILITIES> 75,077 86,152 78,811
<BONDS> 0 0 0
0 0 0
0 0 0
<COMMON> 85 81 81
<OTHER-SE> 62,556 59,898 62,463
<TOTAL-LIABILITY-AND-EQUITY> 139,131 147,458 142,790
<SALES> 241,030 353,226 513,716
<TOTAL-REVENUES> 241,030 353,226 513,716
<CGS> 174,655 253,591 371,145
<TOTAL-COSTS> 174,655 253,591 371,145
<OTHER-EXPENSES> 62,910 93,090 130,774
<LOSS-PROVISION> 1,504 2,015 2,543
<INTEREST-EXPENSE> 45 90 254
<INCOME-PRETAX> 2,048 4,486 9,123
<INCOME-TAX> 717 1,570 3,055
<INCOME-CONTINUING> 1,331 2,916 6,068
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 1,331 2,916 6,068
<EPS-PRIMARY> 0.15 0.34 0.72
<EPS-DILUTED> 0.15 0.33 0.70
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-END> MAR-29-1997 JUN-28-1997 SEP-27-1997
<CASH> 2 36 51
<SECURITIES> 0 0 0
<RECEIVABLES> 43,363 53,807 62,071
<ALLOWANCES> 1,144 1,403 1,192
<INVENTORY> 67,469 74,060 66,029
<CURRENT-ASSETS> 118,636 138,432 139,813
<PP&E> 53,580 55,854 59,343
<DEPRECIATION> 18,164 19,904 21,974
<TOTAL-ASSETS> 162,238 182,411 184,980
<CURRENT-LIABILITIES> 97,899 116,267 117,782
<BONDS> 0 0 0
0 0 0
0 0 0
<COMMON> 81 81 81
<OTHER-SE> 62,823 64,628 65,682
<TOTAL-LIABILITY-AND-EQUITY> 162,238 182,411 184,980
<SALES> 128,622 276,116 410,940
<TOTAL-REVENUES> 128,622 276,116 410,940
<CGS> 93,224 198,962 292,575
<TOTAL-COSTS> 93,224 198,962 292,575
<OTHER-EXPENSES> 33,993 71,119 109,930
<LOSS-PROVISION> 635 1,681 2,305
<INTEREST-EXPENSE> 177 455 1,057
<INCOME-PRETAX> 607 3,847 5,006
<INCOME-TAX> 206 1,307 1,701
<INCOME-CONTINUING> 401 2,540 3,305
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 401 2,540 3,305
<EPS-PRIMARY> 0.05 0.32 0.41
<EPS-DILUTED> 0.05 0.30 0.39
</TABLE>
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