SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K/A
AMENDMENT NO. 3 TO
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 20, 1995
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Sirco International Corp.
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(Exact name of registrant as specified in its charter)
New York 0-4465 13-2511270
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(State or other jurisdiction (Commission IRS Employer
of incorporation) File Number) Identification No.)
24 Richmond Hill Avenue, Stamford, Connecticut 06901
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(203) 359-4100
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<PAGE>
1. Item 7, "Financial Statements, Pro Forma Financial Information and Exhibits"
is hereby amended to include the following:
(b) Pro Forma Financial Information
Sirco International Corp. and Subsidiaries Condensed Consolidated Pro
Forma Statement of Operations, Year Ended November 30, 1994 (Unaudited)
Sirco International Corp. and Subsidiaries Condensed Consolidated Pro
Forma Balance Sheet, November 30, 1994
<PAGE>
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 hereunto duly authorized.
Dated: December 13, 1995 SIRCO INTERNATIONAL CORP.
By: /s/ Joel Dupre
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Name: Joel Dupre
Title: Chairman of the
Board and Chief
Executive Officer
<PAGE>
SIRCO INTERNATIONAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED PRO FORMA BALANCE SHEET
NOVEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
Consolidated
Historical Proforma Proforma
Amounts Adjustments As Adjusted
------------ ------------ ------------
<S> <C> <C> <C>
Current assets:
Cash ......................... $ 955,869 $ 86,000(1) $ 1,041,869
Accounts receivable, net ..... 1,826,400 1,826,400
Inventories .................. 5,213,120 (1,889,000)(2) 3,324,120
Prepaid expenses ............. 326,909 326,909
Other current assets ......... 344,020 344,020
------------ ------------
Total current assets ....... 8,666,318 6,863,318
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Property, plant and
equipment, net .................. 1,861,556 (36,000)(1) 1,825,556
Less accumulated depreciation .... (1,088,524) 36,000(1) (1,052,524)
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773,032 773,032
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Other assets ..................... 211,592 211,592
Restrictive covenant ............. 240,000(3) 240,000
Investments in and advances to
subsidiary ...................... 600,793 600,793
------------ -------------- ------------
Total assets ............... $ 10,251,735 ($ 1,563,000) $ 8,688,735
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</TABLE>
<PAGE>
SIRCO INTERNATIONAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED PRO FORMA BALANCE SHEET (CONTINUED)
NOVEMBER 30, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
Consolidated
Historical Proforma Proforma
Amounts Adjustments As Adjusted
------------ ------------ ------------
<S> <C> <C> <C>
Current liabilities:
Loans payable to financial
institutions ................ $ 2,067,764 $ 2,067,764
Short-term loan payable to
related party ............... 1,743,235 ($ 1,700,000)(2) 43,235
Current maturities of
long-term debt .............. 448,401 448,401
Accounts payable ............. 1,981,945 1,981,945
Accrued expenses ............. 1,062,692 100,000(5) 1,162,692
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Total current liabilities .. 7,304,037 5,704,037
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Long-term debt, less current
maturities ...................... 49,651 49,651
------------ ------------
Non-current accrued expenses ..... 240,000(3) 440,000
------------
200,000(4)
Stockholders' equity:
Common stock ................. 121,520 121,520
Capital in excess of par value 4,027,534 4,027,534
Accumulated deficit .......... (645,104) 86,000(1) (1,048,104)
(189,000)(2)
(200,000)(4)
(100,000)(5)
Treasury stock ............... (27,500) (27,500)
Accumulated foreign currency
translation adjustment ...... (578,403) (578,403)
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Total stockholders' equity 2,898,047 2,495,047
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Total liabilities and
stockholders' equity .... $ 10,251,735 ($ 1,563,000) $ 8,688,735
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</TABLE>
Pro Forma Adjustments:
(1) Reflects the proceeds ($86,000) from the sale of certain property and
equipment and other assets and the write off of the related fully
depreciated property and equipment.
(2) Reflects the disposition of the handbag division inventory (book value
$1,889,000) to Bueno of California, Inc., the repayment of related debt
($1,700,000) and a loss on the transaction of $189,000.
(3) Reflects entering into a restrictive covenant payment agreement of $240,000,
initial payment due March 1996.
(4) Reflects an accrual of $200,000 for severance, initial payment due March
1996.
(5) Reflects an accrual of $100,000 for the estimated closing costs of
disposition transaction.
