SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For Quarterly Period Ended December 31, 1997
Commission File Number 0-20984
HAHN AUTOMOTIVE WAREHOUSE, INC.
(Exact name of Registrant as specified in its charter)
NEW YORK 16-0467030
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
415 West Main Street Rochester, New York 14608
(Address of principal executive offices) (Zip Code)
(716) 235-1595
(Registrant's telephone number, including area code)
<PAGE> 1
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
Number of shares outstanding of the registrant's common stock,
par value $.01 per share, on February 12, 1998; 4,745,014.
HAHN AUTOMOTIVE WAREHOUSE, INC.
Index
PAGE NO.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets -
December 31, 1997 and September 30, 1997
Condensed Consolidated Statements of Operations -
for the quarters ended December 31, 1997
and December 31, 1996
Condensed Consolidated Statements of Cash Flows -
for the quarters ended December 31, 1997
and December 31, 1996
Notes to Condensed Consolidated
Financial Statements
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
PART II. OTHER INFORMATION
Item 2. Changes in Securities
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
<PAGE> 2
<TABLE>
<CAPTION>
HAHN AUTOMOTIVE WAREHOUSE, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In Thousands except share data)
ASSETS 12/31/97 9/30/97
(Unaudited)
<S> <C> <C>
Current Assets:
Cash $86 $632
Trade Accounts Receivable
net of allowance for
doubtful accounts 15,450 16,995
Inventory 40,471 42,516
Other Current Assets 5,121 4,862
Total Current Assets 61,128 65,005
Property, Equipment, and
Leasehold Improvements, net 4,756 5,062
Other Assets 8,104 7,725
73,988 77,792
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities:
Current portion of long-term
debt and capital lease
obligations 1,544 1,330
Notes payable-officers and
affiliates 2,482 2,704
Accounts payable 8,412 12,062
Compensation related
liabilities 1,373 1,880
Discontinued Operations 4,689 5,066
Other accrued expenses 3,133 3,215
Total Current Liabilities 21,633 26,257
Long-term Debt 39,659 38,896
Capital Lease Obligations 255 275
<PAGE> 3
Total Liabilities 61,547 65,428
Shareholders' Equity:
Common stock (par value $.01
per share authorized
20,000,000 shares; issued
and outstanding
4,745,014) 47 47
Additional Paid-in Capital 25,975 25,975
Retained Earnings (13,581) (13,658)
Total Shareholders' Equity 12,441 12,364
$73,988 $77,792
</TABLE>
<TABLE>
<CAPTION>
HAHN AUTOMOTIVE WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
For the Three Months Ended December 31,
1997 and 1996
(In Thousands except for share and per
share data)
(Unaudited)
1997 1996
(Restated)
<S> <C> <C>
Net sales $31,539 $33,872
Cost of products sold 19,410 20,770
Gross profit 12,129 13,102
Selling, general and
administrative expense 10,777 10,628
Depreciation and amortization 397 425
Operating Income 955 2,049
Interest expense (947) (1,070)
<PAGE> 4
Interest and service charge income 112 112
Income from continuing
operations before provision
for income taxes 120 1,091
Provision for income taxes 43 435
Income from continuing operations $77 $656
Loss from discontinued operations,
net of income tax benefit 0 (585)
Net income $77 $71
Basic and diluted earnings per share:
Income from continuing operations $0.02 $0.14
Loss from discontinued operations $0.00 ($0.12)
Net income $0.02 $0.02
Basic and diluted weighted average
number of shares 4,745,014 4,745,014
</TABLE>
<TABLE>
<CAPTION>
HAHN AUTOMOTIVE WAREHOUSE, INC.
STATEMENTS OF CASH FLOWS
For the Three Months Ended December 31,
1997 AND 1996
(In Thousands)
(Unaudited)
1997 1996
(Restated)
<S> <C> <C>
Cash flows from operating activities:
Net income $77 $656
Adjustments to reconcile net income
to net cash provided by operating
activities:
<PAGE> 5
Depreciation and amortization 397 425
Provision for doubtful accounts and
notes 172 172
Change in assets and liabilities:
Trade receivables 1,373 1,559
Inventory 2,045 (4,560)
Other assets (652) (9,914)
Accounts payable and other accruals (4,616) 1,669
Net cash used in operating activities (1,204) (9,993)
Cash flows from investing activities:
Additions to property, equipment
and leasehold improvements (77) (567)
Net cash used in investing activities (77) (567)
Cash flows from financing activities:
Net borrowings under Revolving Credit
Agreement 1,146 9,250
Proceeds from long-term debt and
demand notes 18 1,519
Payments from long-term debt and
demand notes (87) (77)
Payment of notes payable-officers
and affiliates (222) (24)
Payment of capital lease obligations (120) (105)
Net cash provided by financing
activities 735 10,563
Net decrease in cash (546) 3
Cash at beginning of year 632 79
Cash at end of period 86 82
Supplemental disclosures of cash
flow information
Cash paid during the quarter for:
Interest $765 $1,185
Income taxes $28 $39
</TABLE>
<PAGE> 6
HAHN AUTOMOTIVE WAREHOUSE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies
Basis of Presentation
The condensed interim consolidated financial statements included
herein have been prepared by the Company, without audit, pursuant
to the rules and regulations of the Securities and Exchange
Commission. As a result of its Chapter 11 bankruptcy filing, the
Company's AUTOWORKS, Inc. subsidiary (see note 2 below) has been
deconsolidated. The interim financial statements reflect all
adjustments which are, in the opinion of management, necessary to
fairly present such information. Although the Company believes
that the disclosures included on the face of the interim
consolidated financial statements and in the other footnotes
herein are adequate to make the information presented not
misleading, certain information and footnote disclosures,
including significant accounting policies, normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations. It is suggested that all
condensed consolidated financial statements contained herein be
read in conjunction with the financial statements and the notes
thereto included in the Company's Annual Report for the fiscal
year ended September 30, 1997, on Form 10-K, filed with the
Securities and Exchange Commission, Washington, D.C. 20549. This
information may be obtained through the web site of the
Securities and Exchange Commission, EDGAR Filing section at
http://www.sec.gov.
Operating results for the three month period ended December 31,
1997 are not necessarily indicative of the results that may be
expected for the entire fiscal year.
2. Discontinued Operations
In the third quarter of fiscal 1997, the Company made the
decision to exit its retail business. On July 24, 1997, the
Company's retail subsidiary, AUTOWORKS, Inc. ("AUTOWORKS"), filed
for reorganization under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court in the
Western District of New York to assure orderly administration of
AUTOWORKS' assets and liabilities. Under Chapter 11, AUTOWORKS
will operate as a debtor-in-possession while its assets are sold
or liquidated, and its debts restructured. As a result, the
Company has deconsolidated, and classified as a discontinued
operation,
<PAGE> 7
the AUTOWORKS subsidiary. The consolidated financial statements
presented herein, (including all prior period statements which
have been restated to reflect the reclassification and to conform
to current year presentation), reflect discontinued operations
separately from continuing operations.
The assets and liabilities of AUTOWORKS are summarized as
follows:
<TABLE>
<CAPTION>
Assets 12/31/97 9/30/97
<S> <C> <C>
Cash $250 $833
Accounts Receivable, net 190 40
Inventory 0 220
Property, Plant and Equipment 500 712
Other Assets 114 127
Total Assets 1,054 1,932
Liabilities
Current Liabilities $17,028 $17,906
Due to Affiliates 33,375 33,375
Total Liabilities 50,403 51,281
Liabilities Exceeding Assets $49,349 $49,349
</TABLE>
3. Stockholder's Equity
On March 15, 1997, the Board of Directors declared a 4% stock
dividend on the Company's common stock, distributable May 1, 1997
to stockholders of record as of April 10, 1997. Accordingly, an
amount equal to the fair market value of the additional shares
issued has been charged to retained earnings and credited to
common stock and additional paid-in capital at September 30,
1997, which were restated to reflect this 4% stock dividend.
4. Earnings Per Share
The Company has adopted Statement of Financial Accounting
Standards (SFAS) No. 128, "Earnings per Share", which was issued
by the Financial Accounting Standards Board in 1997. SFAS No.
128 requires dual presentation of basic earnings per share (EPS)
and diluted EPS on the face of all statements of earnings for
periods ending after December 15, 1997. Basic EPS is computed as
net earnings divided by the weighted-average number of common
shares outstanding for the period. Diluted EPS reflects the
potential
<PAGE> 8
dilution that could occur from common shares issuable through
stock-based compensations including stock options. Reported
earnings per share in prior periods have been restated to conform
with the provisions of SFAS 128.
<TABLE>
<CAPTION>
Three Months
Ended December 31
1997 1996
BASIC AND DILUTED EARNINGS PER SHARE
<S> <C> <C>
Basic and Diluted Shares Outstanding:
Weighted average number of
shares outstanding 4,745,014 4,745,014
Net income $77 $71
Basic and Diluted EPS $.02 $.02
</TABLE>
The exercise of outstanding stock options has not been included
in the calculation of diluted EPS since the effect would be
antidilutive.
5. Debt (in thousands)
<TABLE>
<CAPTION>
Long-term debt consists of the following:
12/31/97 9/30/97
<S> <C> <C>
Credit Facility Agreement 38,976 37,830
Other Long-term Debt 2,151 2,220
Less Current Maturities (1,468) (1,154)
$39,659 $38,896
</TABLE>
On October 22, 1997, the Company closed on a New Credit Facility
Agreement. The new agreement expires on October 22, 2002 and
provides for a revolving credit facility subject to a borrowing
base, up to a maximum of $50.0 million. The proceeds of the
initial borrowings under the Credit Facility Agreement were used
to repay all amounts outstanding under the Company's previously
<PAGE> 9
existing credit agreement and Senior Secured Notes. Borrowings
outstanding under the previous credit agreement and Senior
Secured Notes as of September 30, 1997 are assumed to have been
replaced as of the balance sheet dates with borrowings under the
New Credit Facility Agreement.
Borrowings under the Credit Facility Agreement bear interest at
an annual rate equal to, at the Company's option, either (a)
LIBOR plus 1.75% to 2.5%, dependent upon the Company's financial
performance, or (b) the bank prime rate plus 0% to .75%,
dependent upon the Company's financial performance. LIBOR and
prime were 5.9% and 8.5%, respectively, at December 31, 1997.
As of February 11, 1998, the Company had an outstanding balance
of $36.9 million under the New Credit Facility.
The New Credit Facility Agreement is collateralized by
substantially all of the Company's assets and contains covenants
and restrictions, including limitations on indebtedness, liens,
leases, mergers and sales of assets, investments, dividends,
stock purchases and other payments in addition to tangible net
worth and fixed charge ratio requirements. Restrictive covenants
include maintenance of a minimum tangible net worth and a minimum
fixed charge coverage ratio.
On December 14, 1995, the Company entered into an agreement with
its Chief Executive Officer and principal shareholder whereby he
would, upon request of a Special Committee of disinterested
directors of the Company's Board of Directors ("Special
Committee"), purchase from the Company subordinated debt up to a
maximum aggregate principal amount of $4.0 million on terms and
conditions to be negotiated with, but ultimately determined by
the Special Committee. As a result, the Company executed
promissory notes ("Notes") with the Chief Executive Officer and
the President of the Company, on February 1 and January 24, 1996,
respectively, in the aggregate amount of $2,150,000. The Notes
bear interest which is payable monthly, at the annual rate of
12%. Commencing January 1, 1997, the Notes require monthly
principal repayments with possible mandatory prepayments if the
Company's net income exceeds certain defined amounts. Final
principal and interest payments are due February 1, 2001. The
remaining balance of notes payable due to officers and affiliates
is comprised of a number of notes to related parties with varying
terms.
6. Contingencies
The Official Unsecured Creditors' Committee in the AUTOWORKS
bankruptcy proceeding has requested that AUTOWORKS pursue a claim
against the Company for alleged preferential transfers between the
Company and AUTOWORKS amounting to approximately $6.5 million.
Such
<PAGE> 10
Committee is presently investigating this claim and the
transactions in general between the Company and AUTOWORKS through
discovery which is being conducted as permitted under Bankruptcy
Court procedures, although no adversary proceeding has been
commenced. Counsel for AUTOWORKS has rejected the Committee's
request on the grounds that the claim does not appear to have
merit. However, the Committee has the ability to pursue Bankruptcy
Court relief in its own right. The Committee has also indicated
that relief may be sought against the Company under the doctrine of
substantive consolidation for alleged fraud in connection with the
Company's acquisition of AUTOWORKS, and under fraudulent conveyance
laws. While the Company would vigorously defend itself and does
not believe that it should be held liable under applicable law
should this claim ever be brought in an adversary proceeding, there
can be no assurance that the Company would prevail or, because of
the early stage of discovery, as to the magnitude of any potential
exposure therefrom. The Company believes that the Committee is
investigating, through the aforementioned discovery, both its
asserted claim and other possible claims which it may or may not
assert in the future. There can be no assurance the Committee or
other parties to the bankruptcy proceeding will not assert other
claims against the Company in the future.
HAHN AUTOMOTIVE WAREHOUSE, INC.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
The discussions set forth in this form 10-Q may contain forward-
looking comments. Such comments are based upon the information
currently available to management of the Company and management's
perception thereof as of the date of this report. Actual results
of the Company's operations could materially differ from those
indicated in the forward-looking comments. The difference could be
caused by a number of factors including, but not limited to, those
discussed under the heading "Important Information Regarding
Forward-Looking Statements" in the Company's Annual Report on Form
10-K, dated December 29, 1997, which has been filed with the United
States Securities and Exchange Commission (the "Commission"). That
Annual Report may be obtained by contacting the Commission's public
reference operations or through the worldwide web site at
http://www.sec.gov, EDGAR Filing section. Readers are strongly
encouraged to obtain and consider the factors listed in the
December 29, 1997, Annual Report and any amendments or
modifications thereof when evaluating any forward-looking comments
concerning the Company.
Due to AUTOWORKS continuing losses and negative cash flow, the
Company decided, during Fiscal 1997 to exit the retail business and
focus its operations in the wholesale automotive aftermarket
segment. AUTOWORKS filed a Chapter 11 Petition for Reorganization
on July 24, 1997. As a result, the Company has deconsolidated
AUTOWORKS and classified it as a discontinued operation in the
<PAGE> 11
Company's financial statements and all previous periods have been
restated to reflect this treatment; references herein to previous
period figures are to the restated figures and do not include
AUTOWORKS.
Hahn Automotive Warehouse, Inc. (the "Company") operates its
automotive aftermarket business both through the Company and its
wholly-owned subsidiary, Meisenzahl Auto Parts, Inc. Unless
otherwise indicated, the discussion herein refers to the financial
condition and results of operations of the Company on a
consolidated basis.
Results of Operations
The Company's net sales for the fiscal quarter ended December 31,
1997 declined to $31.5 million, from $33.9 million for the same
fiscal quarter last year. This 7.1% decrease resulted mainly from
the reduced sale of auto parts due primarily to mild weather
conditions and increased competition at the Advantage Store
division. For the quarter on a same location basis, net sales
dropped by 8.2% at the full service distribution centers and 7.3%
at the Advantage Auto stores, both which were partially offset by a
1.2% increase at the direct distribution centers.
Gross profit for the current quarter decreased $973,000 as
compared to the first quarter of fiscal 1997. Gross profit
expressed as a percentage of sales decreased to 38.5% from 38.7%
for the previous fiscal year. This percentage decrease is mainly
due to an unfavorable change in sales mix resulting from the
decrease in Advantage Auto store sales as a percentage of net
sales.
Selling, general and administrative expenses increased $149,000
from $10.6 million in the first quarter of fiscal 1997, to $10.8
million for the comparable quarter of fiscal 1998. As a
percentage of net sales, selling, general and administrative
expense increased to 34.2% from 31.4% for the same period last
year. This percentage increase is directly related to the net
sales decreases in all segments of the business.
Depreciation and amortization decreased $28,000 from $425,000
during the corresponding quarter last year, to $397,000 for the
first quarter of the current fiscal year. This decrease is the
result of utilization of operating leases rather than the
purchase of fixed assets (which occurred due to the capital
expenditure limitation imposed by the Company's New Credit
Facility), which was partly offset by an increase in amortization
of good will related to the acquisitions of Nu-Way Auto Parts,
Inc. and Finn Auto Parts of Canandaigua, Inc., which occurred on
October 14, 1997, and May 1, 1998 respectively.
<PAGE> 12
As a result of the factors discussed above, operating income
declined $1.1 million, from $2.0 million in the previous fiscal
year to $955,000 in the current year's first quarter. As a
percentage of sales the operating income declined to 3.0% from
6.0% in the same quarter of fiscal 1997.
Interest expense declined $123,000 to $947,000 from $1.1 million
for the same quarter of the previous fiscal year. This decline
is the result of lower borrowings on the New Credit Facility.
As a result of the factors discussed above, income from
continuing operations decreased $579,000 to $77,000, or $.02 per
share, from $656,000, or $.14 per share, for the same quarter
last year.
Net income increased $6,000, or 8.5%, from $71,000 for the first
quarter of fiscal 1997 to $77,000 for the first fiscal quarter of
1998. This increase, taking into consideration the change in
income from continuing operations, is largely due to the
discontinuance in fiscal 1997 of AUTOWORKS as losses from
discontinued operations were incurred in the first quarter of
fiscal 1997, but not in fiscal 1998.
Basic and diluted earnings per share and weighted average number
of shares outstanding as of December 31, 1996 have been restated
to reflect the 4% stock dividend to shareholders of record on
April 10, 1997. This dividend was distributed on May 1, 1997.
LIQUIDITY AND CAPITAL RESOURCES
During the first quarter of fiscal 1998, continuing operations
consumed net cash of $1.0 million, largely due to a decrease in
accounts payable of $4.7 million which was partially offset by
decreases in trade accounts receivable and inventory of $1.4
million and $2.0 million, respectively. These changes reflect
the company's efforts to reduce inventory levels during the
quarter.
Investing activities consist mainly of routine capital
expenditures for delivery vehicles, computer equipment, and store
and warehouse fixtures. Capital expenditures from continuing
operations were $77,000 during the first quarter of fiscal 1998.
Financing activities during the first quarter of fiscal 1998
generated $735,000 of cash, due to an increase of net borrowings
under the Company's New Credit Facility, partially offset by
payments on long-term debt.
In the future the Company expects to make minor strategic
acquisitions and open new direct distribution centers and
Advantage Auto stores to the extent that its debt service and
other funding requirements permit. The Company's ability to
<PAGE> 13
continue to open new direct distribution centers will depend on
the its ability to negotiate extended payment terms with vendors,
which initially minimizes additional working capital
requirements. The Company believes that it will be able to
continue to obtain such financing.
On October 22, 1997, the Company entered into a Loan and Security
Agreement (the "New Credit Facility") with Fleet Capital
Corporation ("Fleet Capital"), which provides for, among other
things, a revolving credit facility with $50.0 million in maximum
availability subject, however, to borrowing base restrictions,
including a $2.5 million term loan, a $3.5 million supplemental
availability line and a $2.0 million letter of credit sub-
facility. The proceeds of the initial borrowing under the New
Credit Facility, $36.0 million were used to repay all amounts
outstanding under the previous credit agreement and Senior
Secured Notes.
At the Company's option, loans outstanding under the New Credit
Facility may be maintained at either (a) the LIBOR rate plus
1.75% to 2.5% basis points depending on the Company's financial
performance or (b) the prime rate of Fleet Capital plus up to 75
basis points depending on the Company's financial performance.
LIBOR is fixed for interest periods of one, two, three or six
months at the option of the Company.
The Company is required to pay an unused facility fee of between
25 basis points and 37.5 basis points (depending on the Company's
financial performance) on the unutilized revolving facility
commitment. The Company must pay a letter of credit fee equal to
Fleet Bank's prime rate plus up to 75 basis points (depending on
the Company's financial performance) on the aggregate stated
amount of each letter of credit for its stated duration.
The obligations of the Company under the New Credit Facility are
secured by a first priority security interest on substantially
all present and future assets of the Company. The obligations of
the Company under the New Credit Facility are guaranteed up to a
maximum amount of $2.5 million by Michael Futerman, who is an
officer, director and the principal shareholder of the Company.
Secured mortgages on certain real estate were pledged as
collateral guarantees by Michael Futerman.
The New Credit Facility contains customary restrictive covenants,
including, without limitation, restrictions on changes in
character of the business, mergers, sales or transfers of assets,
acquisitions, capital expenditures, liens, indebtedness,
restricted payments or repurchases of other indebtedness,
dividends and transactions with affiliates. The New Credit
Facility also requires that the Company maintain (i) an adjusted
tangible net worth through September 30, 1998 of not less than
<PAGE> 14
the greater of $13 million or 75% of the Company's tangible net worth
as of September 30, 1997 and thereafter 75% of the tangible net
worth as of the previous Fiscal year end as well as (ii) as of
the end of each quarter a ratio of fixed charges to cash flow of
not less 1.0 to 1.0 for the four previous quarters (with a
limited period measurement for the first year).
The revolving credit facility matures on October 22, 2002, and
the term loan is payable in nineteen (19) quarterly payments of
$125,000 each commencing on February 1, 1998 and is all due and
payable on November 1, 2002. The supplemental line (which was
fully advanced at the closing) is payable in forty-seven (47)
monthly payments of $72,917 commencing October 1, 1998 and is all
due and payable on September 1, 2002. Principal repaid on the
supplemental line is not available for further borrowing. The
Company is required to make mandatory prepayment on loans
outstanding under the New Credit Facility with the proceeds of
certain asset sales and on the term loan and the supplemental
line with 50% of the Company's annual cash flow up to a maximum
of $500,000 (or $250,000 if the term loan or supplemental line
have been paid in full).
As of February 11, 1998, the Company had an outstanding balance
of $36.9 million under the New Credit Facility.
The Company is subject to various actual and potential losses,
claims, obligations and proceedings, including those pertaining
to AUTOWORKS as well as others, as disclosed in Form 10-K Part I,
Item 3, and in Note 6 to the Financial Statements. The Company
has made provision for certain anticipated operating expenses
(such as certain real estate and equipment lease obligations and
self-insured exposures) of AUTOWORKS for which it may be jointly
liable with AUTOWORKS, recorded at $5.1 million at September 30,
1997. While the Company believes that these recorded liabilities
and other reserves are reasonable in light of the Company's
current information, the judgments involved in the determination
thereof are inherently subjective and uncertain such that there
can be no assurance that they will prove sufficient in light of
future developments.
The Company's principal sources of liquidity for its operational
requirements are internally generated funds, borrowings under its
revolving credit facility, leasing arrangements and extended
payment terms from vendors. The Company anticipates that these
sources will provide sufficient working capital to operate its
business, make expected capital expenditures and to meet its
other short-term and longer-term liquidity needs, through the
balance of fiscal 1998.
<PAGE> 15
Seasonality
The Company's business is somewhat seasonal in nature, primarily
as a result of the impact of weather conditions on the demand for
automotive aftermarket products. Historically, the Company's net
sales and gross profits have been higher in the second half of
each Fiscal year than in the first half.
PART II. OTHER INFORMATION
Item 2. Changes in Securities
As reported above, on October 22, 1997, the Company and Fleet
Capital Corporation entered into a Loan and Security Agreement.
The Loan and Security Agreement restricts the Company's ability to
declare and pay non-stock dividends.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
3.1 Restated Certificates of Incorporation of Hahn (Exhibit 3.1 to
The Company's Registration Statement on Form S-1 (No. 33-48694)
as filed with the SEC on January 19, 1993) Incorporated by
reference.
3.2 Amended and Restated By-Laws of Hahn (Exhibit 3 to Hahn's
Quarterly Report on Form 10-Q for quarterly period ended March
31, 1994) Incorporated by reference.
27 Financial Data Schedule
(b) Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
HAHN AUTOMOTIVE WAREHOUSE, INC.
(Registrant)
By: s//Mike Futerman
Mike Futerman
Chief Executive Officer
<PAGE> 16
By: s//Eli N. Futerman
Eli N. Futerman
President
By: s//Albert J. Van Erp
Albert J. Van Erp
Vice President - Finance
Dated: February 12, 1998
EXHIBIT 27
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> DEC-31-1997
<CASH> 86
<SECURITIES> 0
<RECEIVABLES> 15,450
<ALLOWANCES> 0
<INVENTORY> 40,471
<CURRENT-ASSETS> 61,128
<PP&E> 4,756
<DEPRECIATION> 0
<TOTAL-ASSETS> 73,988
<CURRENT-LIABILITIES> 21,733
<BONDS> 0
0
0
<COMMON> 47
<OTHER-SE> 12,441
<TOTAL-LIABILITY-AND-EQUITY> 73,988
<SALES> 31,539
<TOTAL-REVENUES> 31,539
<CGS> 19,410
<TOTAL-COSTS> 11,174
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 947
<INCOME-PRETAX> 120
<INCOME-TAX> 43
<INCOME-CONTINUING> 77
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 77
<EPS-PRIMARY> .02
<EPS-DILUTED> .02
</TABLE>
