AUTHENTIC FITNESS CORP
10-Q/A, 1997-02-19
APPAREL & OTHER FINISHD PRODS OF FABRICS & SIMILAR MATL
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________________________________________________________________________________
 
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                            ------------------------
 
                                   FORM 10-Q/A
                                (Amendment No. 1)
 
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<S>        <C>
[x]        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
           FOR THE QUARTERLY PERIOD ENDED JANUARY 4, 1997
 
                                                           OR
 
[ ]        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
           FOR THE TRANSITION PERIOD FROM TO
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                         COMMISSION FILE NUMBER 1-11202
 
                            ------------------------
 
                         AUTHENTIC FITNESS CORPORATION
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
                            ------------------------
 
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<S>                                                       <C>
                        DELAWARE                                                 95-4268251
              (STATE OR OTHER JURISDICTION                                    (I.R.S. EMPLOYER
           OF INCORPORATION OR ORGANIZATION)                                IDENTIFICATION NO.)
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                               6040 BANDINI BLVD.
                           COMMERCE, CALIFORNIA 90040
             (ADDRESS OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
 
                                 (213) 726-1262
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
 
                            ------------------------
 
                        COPIES OF ALL COMMUNICATIONS TO:
 
                         AUTHENTIC FITNESS CORPORATION
                                 90 PARK AVENUE
                                   26TH FLOOR
                            NEW YORK, NEW YORK 10016
                           ATTENTION: GENERAL COUNSEL
 
                            ------------------------
 
     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 reports), and (2) has been subject to  such
filing requirements for the past 90 days. Yes [x]  No [ ]
 
     The  number of  shares outstanding of  the registrant's Common  Stock as of
January 31, 1997 is: 22,389,730.
 
________________________________________________________________________________







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                          PART II -- OTHER INFORMATION
 
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
 
     (a) Exhibits.
 
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<S>         <C>     
11.1            --  Earnings per share.
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     (b) Reports on Form 8-K.
 
        None.
 
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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.
 
                                           AUTHENTIC FITNESS CORPORATION
 
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<S>                                                  <C>
Date: February 18, 1997                                       By:          /s/ WALLIS H. BROOKS
                                                     ...................................................
                                                                      WALLIS H. BROOKS
                                                     SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER,
                                                         PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER

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                                       2

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                         AUTHENTIC FITNESS CORPORATION
                    CALCULATION OF INCOME PER COMMON SHARE
                     (IN THOUSANDS EXCEPT PER SHARE DATA)
 
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<CAPTION>
                                                                    SECOND QUARTER ENDED                  SIX MONTHS ENDED
                                                                 ------------------------              -----------------------
                                                                 JANUARY 4,    DECEMBER 30,            JANUARY 4,   DECEMBER 30,
                                                                   1997           1995                   1997           1995
                                                                 ---------     ---------               ---------     ---------

<S>                                                           <C>           <C>                     <C>          <C>
Net Income (loss).............................................      $4,637    ($   1,164)              ($  6,904)      $1,011
                                                                 ---------     ---------               ---------    ---------
                                                                 ---------     ---------               ---------    ---------
Weighted average number of shares of common stock outstanding
  during the period...........................................  22,333,730    17,789,104              22,234,094   17,789,104
Shares Sold in public offering
 completed October 19, 1995...................................      --         1,805,500                  --          975,275
Options exercised during the period...........................       1,099        --                      --           38,280
Common stock equivalents:
     Series A Warrants........................................      --           411,392                  --        2,538,843
     Option shares outstanding using the treasury stock
       method.................................................      80,745        --                      --          690,493
                                                                 ---------     ---------              ---------     ---------
Weighted average number of shares of common stock
  outstanding.................................................  22,415,574    20,006,001              22,234,094   22,031,995
                                                                 ---------     ---------               ---------    ---------
                                                                 ---------     ---------               ---------    ---------
                                                                
Net income (loss) per share...................................   $    0.21     ($   0.06)               ($  0.31)    $   0.05
                                                                 ---------     ---------               ---------    ---------
                                                                 ---------     ---------               ---------    ---------
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