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, 1999
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)
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.
<PAGE 1>
YES X NO
Number of shares outstanding of the registrant's common stock,
par value $.01 per share, on February 14, 2000; 4,745,014.
HAHN AUTOMOTIVE WAREHOUSE, INC.
Index
PAGE NO.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets -
December 31, 1999 and September 30, 1999
Condensed Consolidated Statements of Operations -
for the three months ended December 31, 1999
and December 31, 1998
Condensed Consolidated Statements of Cash Flows -
for the three months ended December 31, 1999
and December 31, 1998
Condensed Consolidated Statements of Comprehensive
Income - for the three months ended December 31, 1999
and December 31, 1998
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 6. Exhibits and Reports on Form 8-K
SIGNATURES
<PAGE 2>
EXHIBITS
<TABLE>
<CAPTION>
HAHN AUTOMOTIVE WAREHOUSE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except share data)
ASSETS 12/31/99 9/30/99
(Unaudited)
<S> <C> <C>
Current Assets:
Cash $80 $81
Marketable Securities 654 685
Trade Accounts Receivable (Net of
Allow.
for Doubtful Accounts) 17,309 17,577
Inventory 43,638 44,501
Other Current Assets 2,912 3,009
Total Current Assets 64,593 65,853
Property, Equipment, and Leasehold
Improvements, Net 6,588 6,892
Other Assets 7,008 6,978
Total Assets 78,189 79,723
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current Portion of Long-Term Debt
and Capital Lease Obligations 1,425 1,541
Accounts Payable 11,395 12,377
Compensation Related Liabilities 1,187 1,673
Discontinued Operations 301 604
Other Accrued Expenses 3,817 4,271
Total Current Liabilities 18,125 20,466
Obligations Under Credit Facility 37,908 36,611
Notes Payable-Officers and Affiliates 1,728 1,736
Long-Term Debt 1,647 1,704
Capital Lease Obligations 3,097 3,196
Other Liabilities 2,125 2,237
Total Liabilities 64,630 65,950
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 (12,533) (12,339)
Accumulated Other Comprehensive Income 70 90
Total Shareholders' Equity 13,559 13,773
Total Liabilities and Shareholder's $78,189 $79,723
Equity
<PAGE 3>
</TABLE>
<TABLE>
<CAPTION>
HAHN AUTOMOTIVE WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended December 31, 1999 and 1998
(In Thousands, except for share and per share data)
(Unaudited)
1999 1998
<S> <C> <C>
Net Sales $29,498 $29,869
Cost of Products Sold 18,065 18,484
Gross Profit 11,433 11,385
Selling, General and
Administrative Expense 10,444 10,583
Depreciation and Amortization 465 388
Income from Operations 524 414
Interest Expense (940) (920)
Interest and Service Charge Income 102 73
Income (Loss) Before Taxes (314) (433)
Income Taxes (Refundable) (120) (165)
Net Income ($194) ($268)
Net Income Per Share ($0.04) ($0.06)
Weighted Shares Outstanding 4,745,014 4,745,014
</TABLE>
<PAGE 4>
<TABLE>
<CAPTION>
HAHN AUTOMOTIVE WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended December 31, 1999 and 1998
(In Thousands)
(Unaudited)
1999 1998
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income (Loss) ($194) ($268)
Adjustments to Reconcile Net Income
(Loss) to Net
Cash Provided by (Used In)
Operating Activities:
Depreciation and Amortization 465 388
Provision for Doubtful Accounts
and Notes 133 160
Changes in Assets and Liabilities:
Trade Accounts Receivable 135 1,164
Inventory 863 1,050
Other Assets (29) 40
Accounts Payable and Other Accruals (2,326) (1,820)
Net Cash Provided by (Used In)
Operating Activities (953) 714
Cash Flows from Investing Activities:
Additions to Property, Equipment and
Leasehold Improvements (65) (107)
Net Cash Used in Investing Activities (65) (107)
Cash Flows from Financing Activities:
Net Borrowings (Paydown) Under
Revolving Credit Agreement 1,295 (683)
Proceeds from Long-Term Debt and
Demand Notes 0 0
Payment of Long-Term Debt and
Demand Notes (148) (53)
Payment of Notes Payable -
Officers and Affiliates (40) (36)
Payment of Capital Lease Obligations (90) (82)
Net Cash Provided by (Used In)
Financing Activities 1,017 (854)
Net Decrease in Cash (1) (247)
Cash at Beginning of Year 81 329
Cash at End of Period 80 82
Supplemental Disclosures of Cash
Flow Information
Cash Paid During the Quarter for:
Interest $850 $814
Income Taxes $4 $5
</TABLE>
<PAGE 5>
<TABLE>
<CAPTION>
HAHN AUTOMOTIVE WAREHOUSE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended December 31, 1999 and 1998
(In Thousands)
(Unaudited)
1999 1998
<S> <C> <C>
Net Income (Loss) ($194) ($268)
Unrealized Gain (Loss) on
Marketable Securities, Net of Tax (20) (17)
Comprehensive Net Income (Loss) ($214) ($285)
</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. 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 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, 1999, 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.
<PAGE 7>
Operating results for the three month period ended December 31,
1999 are not necessarily indicative of the results that may be
expected for the entire fiscal year.
2. Earnings Per Share
The Company presents earnings per share ("EPS") in accordance
with Statement of Financial Accounting Standards ("SFAS") No.
128, "Earnings per Share". SFAS No. 128 requires dual
presentation of basic EPS and diluted EPS on the face of the
statements of operations. Basic EPS is computed using net income
(loss) divided by the weighted-average number of common shares
outstanding for the period. Diluted EPS reflects the potential
dilution that could occur from common shares issuable through
stock-based compensations including stock options.
In thousands, except share
and per share data
Three Months
Ended December 31,
1999 1998
Basic and Diluted Shares Outstanding:
Weighted Average Number of
Shares Outstanding 4,745,014 4,745,014
Net Income (Loss) ($194) ($268)
Basic and Diluted EPS ($.04) ($.06)
The exercise of outstanding stock options has not been included
in the calculation of diluted EPS since the effect would be
antidilutive because all outstanding options were out of the
money as of December 31,1999.
<PAGE 8>
3. Debt (in thousands)
Long-term debt consists of the following:
12/31/99 9/30/99
Credit Facility Agreement 38,408 37,113
Notes Payable - Officers and Affiliates 1,804 1,843
Other Long-Term Debt 2,116 2,264
Less Current Maturities (1,044) (1,169)
$41,284 $40,051
The Company is subject to a Credit Facility Agreement that
expires on October 22, 2002 and provides a revolving credit note,
subject to a borrowing base, up to a maximum of $50.0 million.
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 5.3% and 8.50%, respectively, at December 31,1999.
The unused portion of the Credit Facility bears interest at an
annual rate of .25% to .375%.
As of February 14, 2000, the Company had an outstanding balance
of $36.2 million under the Credit Facility.
The Credit Facility 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 accordance with capital stock and cash flow
coverage requirements. Restrictive covenants include maintenance
of a minimum tangible net worth and a minimum fixed charge
coverage ratio. The Company was in compliance with all
covenants, as amended, at December 31, 1999.
The Company has outstanding promissory notes ("Notes") with the
former Chairman of the Board of Directors and with the President
and Chief Executive Officer of the Company, in the aggregate
amount of $2,150,000. The Notes, which are due in October, 2003,
bear interest which is payable monthly, at the annual rate of
12%. The Company is also subject to a number of other debt
agreements, including a mortgage, which comprise the balance of
the long-term debt.
<PAGE 9>
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 the 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, for the fiscal year ended
September 30, 1999, 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 1999
Annual Report and any amendments or modifications thereof when
evaluating any forward-looking comments concerning the Company.
Results of Operations
The Company's net sales for the first quarter of fiscal year
2000, which ended December 31, 1999 declined $371,000, to $29.5
million, from $29.9 million for the same fiscal quarter last
year. This 1.2% decrease resulted mainly from the reduced sale
of auto parts at the company's full service distribution centers
which is generally attributable to mild weather conditions
throughout the quarter, softness in the auto parts industry
caused by various factors, which include improved vehicle
manufacturing and performance, longer vehicle warranties, leased
vehicles, warranted pre-owned vehicles and increased competition.
For the quarter, on a comparable location basis, net sales
increased by 4.8% at the Advantage Auto Stores and 9.1% at the
direct distribution centers, while the full service distribution
centers experienced a decline of 5.6%. The full service
distribution centers were adversely affected by increased
competition and to a lesser extent the purchase of two
independent Auto Value customers that are now operated as
Advantage Stores.
Gross profit for the first quarter of fiscal year 2000 increased
0.4%. Gross profit, expressed as a percentage of sales,
increased to 38.8%, from 38.1%, for the first quarter of the
previous fiscal year. This percentage increase is mainly due to
the sales mix increase of the Advantage Auto Stores as a
percentage of total net sales. Sales at the Advantage Store
level generate a higher gross profit margin than sales at the
distribution centers.
<PAGE 10>
Selling, general and administrative expense decreased $139,000
from $10.6 million in the first quarter of Fiscal 1999, to $10.4
million for the comparable quarter of Fiscal 2000. As a
percentage of net sales, selling, general and administrative
expense was 35.4% for the first quarter of both fiscal year 1999
and 2000.
Depreciation and amortization increased $77,000 from $388,000
during the first fiscal quarter last year, to $465,000 for the
first quarter of the current fiscal year. This increase is the
result of the purchase of computer equipment upon completion of
the lease period, and to negative goodwill from a 1988
acquisition being fully amortized in January of Fiscal Year 1999.
As a result of the factors discussed above, operating income for
the first quarter increased $110,000 from $414,000, in the
previous fiscal year, to $524,000 in the current fiscal year's
first quarter. As a percentage of net sales, operating income
increased to 1.8% from 1.4% in the same quarter of Fiscal 1999.
Interest expense increased $20,000 from $920,000, in the first
fiscal quarter of 1999, to $940,000, for the first quarter of the
current fiscal year. This increase is the result of higher
average borrowings and higher interest rates under the Credit
Facility, which was partially offset by a decrease in the
interest component of payments on capitalized leases.
As a result of the factors discussed above, the Company had a
loss before income taxes of $314,000 for the three months ended
December 31, 1999, compared to a loss before taxes of $433,000
in the same quarter of the previous fiscal year. Due to a
$120,000 tax benefit, the Company's net loss for the current
quarter was $194,000 or $.04 per share, compared to a net loss of
$268,000 or $.06 per share, for the first quarter of Fiscal 1999.
Liquidity and Capital Resources
The Company's principal sources of liquidity for its operational
and capital requirements are internally generated funds,
borrowings under its Credit Facility, leasing arrangements and
extended payment terms from vendors.
<PAGE 11>
During the first fiscal quarter of 2000, the Company obtained an
approval from Fleet Capital to overadvance its Credit Facility in
the amount of $2.0 million during the period December 30, 1999
through January 14, 2000. The Company utilized this overadvance
facility to the extent of $1.6 million during the period. The
Company has obtained approval from Fleet Capital to overadvance
its Credit Facility in an amount up to $2.4 million during the
period from January 24, 2000 through February 16, 2000 and in the
amount of $1.0 million during the period from February 28, 2000
through March 7, 2000. The Company utilized the $2.4 million
overadvance in February, 2000 and expects to utilize the approved
overadvance of $1.0 million during the period February 28, 2000
through March 7, 2000. As of February 14, 2000, the Company had
an outstanding balance of $36.2 million under its Credit Facility
and the overadvance facility, leaving $2.7 million of
availability. There can be no assurances that Fleet Capital will
grant any such requests or if it does grant such requests that it
will be on favorable terms to the Company. The Company may
request future overadvances from Fleet Capital during the
remainder of fiscal year 2000.
During the first quarter of Fiscal 2000, operating activities
consumed net cash of $953,000, compared to net cash provided by
operating activities of $714,000 for the same quarter in fiscal
1999, primarily due to a $2.3 million decrease in accounts
payable and other accrued expense, partially offset by a decrease
of $1.0 million in accounts receivable and inventory, and
$465,000 in depreciation and amortization expense. These changes
reflect the seasonal changes in the accounts payable, accounts
receivable and inventory levels during this quarter.
Cash flow used in investing activities for the current quarter
was $65,000, a slight decrease from $107,000 expended for these
activities in the corresponding quarter for the previous fiscal
year. Cash used in investing activities consists mainly of
routine capital expenditures for computer equipment and store
fixtures.
Financing activities during the first quarter of Fiscal 2000
generated $1.0 million, in cash, compared to $854,000 in funds
used in the first quarter of fiscal 1999. This was primarily due
to an increase in the line of credit to fund operating activities
and partially offset by payments on long-term debt and capital
lease obligations.
In the future the Company expects to make minor strategic
acquisitions to the extent that its debt service and other
funding requirements permit.
<PAGE 12>
The Company anticipates that, subject to Fleet Capital granting
future requests for advances, its sources of liquidity 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
2000. The Company, however, does not expect to generate cash flow
sufficient to fund the repayment of borrowings due under its
revolving credit facility upon its maturity and accordingly,
expects that it will seek to refinance such amounts prior to such
maturity. No assurance can be given that such refinancing can be
successfully accomplished or accomplished on favorable terms. A
failure to refinance this revolving credit facility, if
necessary, would result in a severe liquidity problem for the
Company.
YEAR 2000
The Year 2000 issue is the result of computer software programs
being written using two digits rather than four to define the
applicable year. Any of the Company's software programs,
computer hardware or equipment that have date-sensitive software
or embedded chips may recognize a date using "00" as the year
1900 rather than the year 2000. This could result in
miscalculation or system failures.
The Company developed a Year 2000 plan to ensure that all of its
significant date-sensitive computer software and hardware systems
and other equipment utilized in its various distribution and
administrative activities (utilizing embedded chips or software),
would be Year 2000 compliant and operational. The plan addressed
all of the Company's locations and included a review of computer
applications that connect elements of the Company's business
directly to its customers and suppliers. The plan also included
an assessment process to determine that the Company's significant
customers and suppliers ("Third-Party Activities") would also be
Year 2000 compliant.
The Company's plan to resolve the Year 2000 issue included four
major phases - assessment, remediation, testing, and
implementation. The Company has completed all phases of its plan
for significant information technology and operating equipment
that it believed would be affected by the Year 2000 issue. Based
upon its assessment, the Company concluded that it was necessary
to reprogram and/or replace certain of its information technology
systems. The Company also determined that certain of its
operating equipment did require modifications to make certain
they remain operational.
<PAGE 13>
As of December 31, 1999 the remediation of operating equipment
has been completed. Certain desktop personal computers that
were Year 2000 deficient have been replaced as part of the
Company's scheduled rotation replacement program, the cost of
which does not impact the Year 2000 project. Testing and
implementation of the affected equipment has been completed.
Software modification to the Company's mainframe computer system
has been completed and tested. All vendor supplied upgrades have
been implemented and tested. There was no additional expense to
the Company, as modified Year 2000 software is a part of the
Company's software maintenance agreement. Personnel expenses
were incurred for the implementation and testing phases.
All of the Company owned remote store systems have been upgraded
with modified Year 2000 software without cost to the Company, as
these costs are also covered under the software maintenance
agreement for these systems. Personnel and implementation
expenses were incurred for these upgrades.
The Company utilized both internal and external resources to
reprogram or replace, test, and implement the required Year 2000
modifications. The Company has completed the Year 2000 project,
including remediation, testing and implementation. The Company's
total cost to address the Year 2000 issue was approximately
$150,000 and has been funded through operating cash flow.
The company has experienced no Year 2000 disruptions with
vendors, customers, or the Company's own software or hardware as
of February 14, 2000.
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.
<PAGE 14>
Business Segment Information
Effective September 30, 1999, the Company adopted the provisions
of SFAS No. 131, "Disclosures about Segments of an Enterprise and
Related Information." This statement establishes annual and
interim reporting standards for an enterprise's operating
segments and related disclosures about its products, services,
geographic areas and major customers. Adoption of this statement
had no impact on the Company's consolidated financial position,
results of operations or cash flows. Comparative information for
earlier years has been restated. Restatement of comparative
information for interim periods in the initial year of adoption
is to be reported for interim periods in the second year of
application. The Company reports its operating results in two
segments: direct distribution and full service distribution.
Segment selection was based on internal organizational structure,
the way in which the operations are managed and their performance
evaluated by management and the Company's Board of Directors, the
availability of separate financial results, and materiality
considerations. The accounting policies of the segments are the
same as those described in the summary of significant accounting
policies. The Company evaluates performance based on operating
profits of the respective business units.
Information concerning the Company's Business Segments for the
first quarter of fiscal years 2000 and 1999, is as follows
(dollars in thousands):
<TABLE>
<CAPTION>
2000 1999
<S> <C> <C>
Net Sales to Customers
Full Service Distribution $25,217 $25,557
Direct Distribution 4,281 4,312
Total Net Sales to Customers $29,498 $29,869
Operating Income
Full Service Distribution $570 $390
Direct Distribution ( 46) 24
Total Operating Profit $524 $414
Interest Expense (940) (920)
Other Income 102 73
Consolidated Income (Loss) Before
taxes ($314) ($433)
Identifiable Assets
Full Service Distribution $72,184 $69,764
Direct Distribution 6,005 5,527
Total Identifiable Assets 78,189 $75,291
Capital Expenditures
Full Service Distribution $61 $100
Direct Distribution 4 7
Total Capital Expenditure $65 $107
Depreciation and Amortization
Full Service Distribution $417 $340
Direct Distribution 48 48
Total Depreciation and
Amortization $465 $388
</TABLE>
<PAGE 15>
ITEM 4. OTHER INFORMATION
On July 6, 1999, the Company, through its wholly-owned subsidiary
iAutoparts, Inc. ("iAutoparts"), launched iAutoparts.com, its
online automotive parts store. The Company believes that
iAutoparts.com is an innovative approach to the auto parts
aftermarket distribution model. It will extend the Company's
reach directly to the consumer, entering new geographical and
customer markets, and further expand its distribution mix. As of
December 9, 1999, more than 3,500 users registered vehicles on
iAutoparts.com and the web site experienced in excess of 2.5
million page views ("hits") since the inception of this site.
iAutoparts.com is the first online automotive parts store powered
by the industry's leading CCI/Triad ePartExpert electronic parts
catalog. The Web site guides users through a logical search to
ensure accurate automotive parts selection. ePartExpert provides
technical tips, parts specifications and suggestions for related
parts. iAutoparts.com offers more that two million nationally
branded automotive hard parts and maintenance items in inventory,
representing in excess of $45.0 million in automotive parts on
hand and available for immediate delivery. To date, iAutoparts
has had nominal sales.
On November 30, 1999, iAutoparts, Inc. entered into an agreement
with Capital Formation Group of Rochester, L.P., a full service
financial advisory, investment and merchant banking company, with
expertise in the area of private corporate financing, to assist
and advise management in exploring strategic alternatives for the
auto parts e-commerce business. There is no assurance that any
strategic alternative involving iAutoparts will be adopted and
implemented, or that if any transaction is effected involving
iAutoparts that it will ultimately enhance the Company's
shareholder value.
<PAGE 16>
PART II. OTHER INFORMATION
Item 5. Other Information
In January, 2000, Nathan Lewinger was elected to the Company's
Board of Directors.
Mr. Lewinger is a private investor whose investments
include real estate and high tech companies. From 1976
until 1988 Mr. Lewinger served as President of Pennant
Products, Inc. (a manufacturer of bakery ingredients) until
Pennant Products was sold in 1988 to Unilever Corporation.
From 1988 to 1990, Mr. Lewinger served as President of the
Bakery Division of Van Den Burgh Foods (a division of
Unilever) and from 1990 to 1993 he was a consultant to
Unilever Corporation. He currently serves on the Board of
EKMS, an intellectual property consulting firm in Cambridge,
Massachusetts. Mr. Lewinger is 55 years of age.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27 Selected financial information as required for Edgar
electronic filing for the three months ended December 31,
1999.
(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//Eli N. Futerman
Eli N. Futerman
President and Chief Executive Officer
By: s//Peter J. Adamski
Peter J. Adamski
Vice President - Finance and
Chief Financial Officer
Dated: February 14, 2000
<PAGE 17>
EXHIBIT INDEX
Exhibit 27
Selected financial information as required for Edgar
electronic filing for the three months ended December 31, 1999.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-END> DEC-31-1999
<CASH> 80
<SECURITIES> 654
<RECEIVABLES> 17,309
<ALLOWANCES> 0
<INVENTORY> 43,638
<CURRENT-ASSETS> 64,593
<PP&E> 6,588
<DEPRECIATION> 0
<TOTAL-ASSETS> 78,189
<CURRENT-LIABILITIES> 18,125
<BONDS> 0
0
0
<COMMON> 47
<OTHER-SE> 13,512
<TOTAL-LIABILITY-AND-EQUITY> 78,189
<SALES> 29,498
<TOTAL-REVENUES> 29,498
<CGS> 18,065
<TOTAL-COSTS> 10,909
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 940
<INCOME-PRETAX> (314)
<INCOME-TAX> (120)
<INCOME-CONTINUING> (194)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (194)
<EPS-BASIC> (.04)
<EPS-DILUTED> (.04)
</TABLE>
