SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1996
Commission File No. 0-21830
Johnstown America Industries, Inc.
(Exact name of registrant as specified in its charter)
Delaware 25-1672791
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
980 North Michigan Avenue
Suite 1000
Chicago, Illinois 60611
(Address of principal executive offices)
(312) 280-8844
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12 (b) of the Act: None
Securities registered pursuant to Section 12 (g) of the Act:
Common Stock, $.01 par value NASDAQ National Market System
Indicate by checkmark 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 by checkmark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K is not contained herein, and will not be contained, to the best
of the registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K.
___________
State the aggregate market value of the voting stock held by nonaffiliates of
the registrant. The aggregate market value shall be computed by reference to the
price at which the stock was sold, or the average bid and asked prices of such
stock, as of a specified date within 60 days prior to the date of filing. (See
definition of affiliate in Rule 405.)
$38,576,291 as of March 12, 1997.
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at March 12, 1997
Common Stock, $.01 par value 9,755,062
Portions of the following documents are incorporated by reference in Parts II
and III of this Report: (1) Registrant's Annual Report to Shareholders for the
fiscal year ended December 31, 1996 (Part II); and (2) Registrant's Proxy
Statement for the Annual Meeting of Shareholders to be held on May 1, 1997 (Part
III).
1
<PAGE>
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Annual Report on Form 10-K for the
fiscal year ended December 31, 1996 as set forth in the pages attached hereto:
From Exhibit 13.1
Selected portions of the Registrants Annual Report to Shareholders.
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<S> <C> <C> <C>
(In thousands, except per share data)
Years Ended December 31, 1996 1995 1994
- ---------------------------------------------------------------------------------------------------------
Net manufacturing sales $ 555,510 $ 666,028 $ 468,070
Leasing revenue 4,462 2,573 455
Total revenue 559,972 668,601 468,525
Cost of sales - manufacturing 472,054 608,328 442,020
Cost of leasing 2,104 654 133
Gross profit 85,814 59,619 26,372
Selling, general and administrative expenses 46,605 28,117 13,144
Amortization expense 10,174 6,478 3,573
Gain on sale of leased freight cars (1,354) -- --
Operating income 30,389 25,024 9,655
Interest expense, net 33,015 13,782 266
Interest expense - leasing 2,821 920 --
Income (loss) before income taxes (5,447) 10,322 9,389
Provision (benefit) for income taxes (76) 4,737 3,692
Net income (loss) $ (5,371) $ 5,585 $ 5,697
- ---------------------------------------------------------------------------------------------------------
Income (loss) per common share: $ (.55) $ .57 $ .58
- ---------------------------------------------------------------------------------------------------------
Weighted average common and common
equivalent shares outstanding 9,794 9,799 9,844
- ---------------------------------------------------------------------------------------------------------
</TABLE>
12
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
JOHNSTOWN AMERICA INDUSTRIES, INC.
/s/ Andrew M. Weller
- -------------------------------
ANDREW M. WELLER
Executive Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
Dated: July 3, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-1-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<CASH> 24,535
<SECURITIES> 0
<RECEIVABLES> 51,229
<ALLOWANCES> 1,883
<INVENTORY> 49,589
<CURRENT-ASSETS> 142,830
<PP&E> 150,318
<DEPRECIATION> 26,459
<TOTAL-ASSETS> 555,283
<CURRENT-LIABILITIES> 115,611
<BONDS> 286,939
0
0
<COMMON> 98
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 555,283
<SALES> 555,510
<TOTAL-REVENUES> 559,972
<CGS> 472,054
<TOTAL-COSTS> 474,158
<OTHER-EXPENSES> 55,425
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 35,836
<INCOME-PRETAX> (5,447)
<INCOME-TAX> (76)
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (5,371)
<EPS-PRIMARY> (.55)
<EPS-DILUTED> (.55)
</TABLE>
