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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported):
November 4, 1996
NATIONAL HOME CENTERS, INC.
(Exact name of registrant as specified in its charter)
Arkansas 0-21448 71-0403343
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
Highway 265 North
Springdale, Arkansas 72765
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: .......... (501) 756-1700
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Item 5. Other Events.
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On November 7, 1996, the Company sold and transferred certain inventory,
equipment and building leases of its "Cabinet Craft" division for notes of
$1,700,000 to American Quality Manufacturing Corporation ("AQM") which is
located in Conway, Arkansas. As security for the notes, the Company retained
a first lien on all of the equipment and a second lien on all of the
inventory of Cabinet Craft. The Company incurred a net loss of approximately
$599,000 from this division during fiscal year ending January 31, 1996 and
incurred a net loss of approximately $355,000 for the interim six month
period ending July 31, 1996.
Also, on November 7, 1996, the Company sold and transferred certain
truss assembly and manufacturing equipment for $325,000 to Latco
Construction, Inc. and received $50,000 cash and a promissory note for
$275,000, due on or before November 1, 1998, secured by a lien in all
equipment sold to Latco.
Item 7. Financial Statements and Exhibits.
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Exhibits
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99.1 Press Release by the Company dated November 7, 1996 regarding the
sale of its "Cabinet Craft" division.
SIGNATURES
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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 hereunto duly authorized.
NATIONAL HOME CENTERS, INC.
(Registrant)
Date: November 18, 1996 By: /s/ Brent A. Hanby
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Brent A. Hanby
Chief Financial Officer
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EXHIBIT 99.1
For Immediate Release
Contact: Brent Hanby
Phone (501) 756-1700
NATIONAL HOME CENTERS, INC. ANNOUNCES
SALE OF MANUFACTURING FACILITY
Springdale, Arkansas (November 7, 1996)--National Home Centers, Inc.,
(Nasdaq/NM:NHC) today announced the sale of one of its manufacturing divisions.
The Company has sold and transferred certain inventory, equipment and building
leases of its "Cabinet Craft" division for notes of $1,700,000 to American
Quality Manufacturing Corporation ("AQM") which is located in Conway, Arkansas.
Approximately 70 people are employed in the division.
National Home Centers incurred a net loss of approximately $599,000 from this
division during fiscal year ending 1/31/96 and incurred a net loss of
approximately $355,000 for the interim six month period ending 7/31/96.
Commenting on the sale, Dwain A. Newman, chairman and chief executive officer,
said, "The sale of this division will allow us to further concentrate on our
core business which is to operate stores which cater to professional builders
and retail consumers. We are pleased to find a buyer for the division."
National Home Centers is a full-line retailer of home improvement products and
building materials to retail customers and professional contractors. The Company
currently operates ten stores. The common stock of National Home Centers is
traded on the Nasdaq Stock Market (National Market) under the symbol NHCI.
