This is to amend the Cash Flow Statement for the third quarter ended September
27, 1996 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(Mark One)
[X] Quarterly report pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 27, 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: 0-21204
SOUTHERN ENERGY HOMES, INC.
(Exact name of registrant as specified in its charter)
Delaware
63-1083246
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
Highway 41 North, P.O. Box 390, Addison, Alabama
35540
(Address of principal executive offices)
(Zip Code)
(205) 747-8589
(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.
Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
15,101,706 shares of Common Stock, $.0001 par value, as of
October 31, 1996
SOUTHERN ENERGY HOMES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Thirty-nine Weeks Ended
September September
27,1996 29,1995
OPERATING ACTIVITIES:
Net income $11,732,000 $ 8,546,000
Adjustments to reconcile net income to
cash (used in) provided
by operating activities
Depreciation of property and 1,165,000 902,000
equipment
Amortization of intangibles 379,000 312,000
Credit for deferred tax benefits (919,000) (302,000)
Provision for doubtful accounts 19,000 27,000
Accretion of discount on debt - 78,000
Provision for credit losses 1,066,000 -
Origination of installment contracts (25,806,000) -
Principal collected on originated 85,000 -
installment contracts
Change in assets and liabilities:
Increase in inventory (4,096,000) (1,043)
Increase in accounts receivable (4,973,000) (4,848,000)
Increase in prepayments and other (1,765,000) (1,181,000)
Increase in accounts payable 5,894,000 2,218,000
Increase in accrued liabilities
6,373,000 2,549,000
Net cash used in provided by
operating activities (10,846,000) 7,258,000
INVESTING ACTIVITIES:
Purchase of subsidiary, net of cash (413,000) -
acquired
Capital expenditures (2,994,000) (3,643,000)
Maturities of investments 2,076,000 2,757,000
Purchase of investments (650,000) -
Net cash (used in) provided by
investing activities (1,981,000) (886,000)
FINANCING ACTIVITIES:
Repayments on long-term debt (63,000) (1,432,000)
Proceeds from exercise of stock options 335,000 -
Net cash (used in) provided by 272,000 (1,432,000)
financing activities
NET INCREASE (DECREASE) IN CASH
(12,555,000) (4,940,000)
CASH AND CASH EQUIVALENTS AT THE BEGINNING
OF THE PERIOD 16,750,000 4,004,000
CASH AND CASH EQUIVALENTS AT THE END OF THE $ 4,195,000 $ 8,944,000
PERIOD
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Cash paid during the period for $ 10,000 $ 72,000
interest
Income taxes paid $ 6,778,000 $ 5,356,000
The accompanying notes are an integral part of these consolidated
condensed financial statements.
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.
SOUTHERN ENERGY HOMES, INC.
Date: November 12, 1996 By: /s/ Wendell L. Batchelor
Wendell L. Batchelor,
Chairman, President
and Chief Executive Officer
Date: November 12, 1996 By: /s/ Keith W. Brown
Keith W. Brown, Executive Vice
President, Chief Financial
Officer, Treasurer and Secretary
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JAN-03-1997
<PERIOD-END> SEP-27-1996
<CASH> 4,195
<SECURITIES> 650
<RECEIVABLES> 26,024
<ALLOWANCES> 182
<INVENTORY> 15,322
<CURRENT-ASSETS> 50,521
<PP&E> 20,928
<DEPRECIATION> 4,855
<TOTAL-ASSETS> 100,170
<CURRENT-LIABILITIES> 30,861
<BONDS> 0
0
0
<COMMON> 2
<OTHER-SE> 69,307
<TOTAL-LIABILITY-AND-EQUITY> 69,309
<SALES> 232,446
<TOTAL-REVENUES> 232,446
<CGS> 199,571
<TOTAL-COSTS> 199,571
<OTHER-EXPENSES> 14,297
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (491)
<INCOME-PRETAX> 19,069
<INCOME-TAX> 7,337
<INCOME-CONTINUING> 7,337
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,732
<EPS-PRIMARY> 0.78
<EPS-DILUTED> 0.78
</TABLE>
