As filed with the Securities and Exchange Commission on May 14, 1997
Registration No. 333-25971
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
AMENDMENT NO. 1
TO
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
----------------
SIRCO INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)
New York 13-2511270
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
24 Richmond Hill Avenue
Stamford, Connecticut 06901
(203) 359-4100
(Address, including zip code, and telephone number,
including area code of Registrant's principal executive offices)
JOEL DUPRE
Chairman of the Board and Chief Executive Officer
Sirco International Corp.
24 Richmond Hill Avenue
Stamford, Connecticut 06901
(203) 359-4100
(Name, address, including zip code and telephone number,
including area code, of agent for service)
Copy To:
Eric M. Hellige, Esq.
Pryor, Cashman, Sherman & Flynn
410 Park Avenue
New York, New York 10022
(212) 421-4100
Approximate date of commencement of proposed sale of the securities to
the public: As soon as possible after this Registration Statement becomes
effective.
<PAGE>
If the only securities being registered on this Form are to be offered
pursuant to dividend or interest reinvestment plans, please check the following
box. [ ]
If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with
dividend or interest reinvestment plans, please check the following box. [ X ]
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act of 1933, check the following
box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [ ]
If this Form is a post-effective amendment filed pursuant to Rule
462(c) under the Securities Act of 1933, check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering. [ ]
If delivery of the Prospectus is expected to be made pursuant to Rule
434, check the following box. [ ]
-------------------------
<TABLE>
<CAPTION>
Calculation Of Registration Fee
========================================================================================================================
Proposed Proposed
Maximum Maximum
Offering Aggregate
Title of Each Class of Amount to Price Per Offering Amount of
Securities to be Registered be Registered Share* Price* Registration Fee
============================================ ===================== ================ ================ ===================
<S> <C> <C> <C> <C>
Common Stock, $.01 par value............... 220,000 shares $11.94 $2,626,800 $ 796**
========================================================================================================================
</TABLE>
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* Calculated in accordance with Rule 457(c) solely for the purpose of
calculating the registration fee (based on the closing price per share
of the Registrant's Common Stock as reported on the NASDAQ Small Cap
market on April 21, 1997.)
** Previously paid.
The Registrant hereby amends this Registration Statement on such date
or dates as may be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933, or until this Registration Statement shall become
effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section 8(a), may determine.
<PAGE>
SUBJECT TO COMPLETION, DATED MAY 14, 1997
PROSPECTUS
220,000 Shares
SIRCO INTERNATIONAL CORP.
Common Stock
---------------------
This Prospectus relates to the offering and resale by the Shareholders
named herein (the "Selling Shareholders") of up to 220,000 shares of common
stock, par value $.10 per share (the "Common Stock"), of Sirco International
Corp. (the "Company"). The Company will not receive any proceeds from the sale
of shares of Common Stock by the Selling Shareholders. The Common Stock is
traded on the NASDAQ Small Cap market under the symbol "SIRC." The last reported
high and low trade prices for the Common Stock on May 8, 1997, were $13.38 and
$12.00 per share, respectively.
The sale of Common Stock by the Selling Shareholders may be sold from
time to time directly or by pledgees, donees, transferees or other successors in
interest in the over-the-counter market, or on any stock exchange on which
shares of Common Stock may be listed at the time of sale, in negotiated
transactions, or through a combination of such methods of distribution, at fixed
prices which may be changed, at market prices prevailing at the time of sale, at
prices related to such prevailing market prices, or at negotiated prices. The
shares of Common Stock may be sold by one or more of the following methods,
without limitation: (a) a block trade in which the broker-dealer so engaged will
attempt to sell the shares as agent but may position and resell a portion of the
block as principal to facilitate the transaction; (b) purchases by a broker or
dealer as principal and resale by such broker or dealer for its account pursuant
to this Prospectus; (c) ordinary brokerage transactions and transactions in
which the broker solicits purchasers; and (d) face-to-face transactions between
the Selling Shareholders and purchasers without a broker-dealer. In effecting
sales, brokers or dealers engaged by the Selling Shareholders may arrange for
other brokers or dealers to participate. Such brokers or dealers may receive
commissions or discounts from the Selling Shareholders in amounts to be
negotiated immediately prior to the sale. Such brokers or dealers and any other
participating brokers or dealers may be deemed to be "underwriters" within the
meaning of Section 2(11) of the Securities Act of 1933, in connection with such
sales. In addition, any securities covered by this Prospectus that qualify for
sale pursuant to Rule 144 might be sold under Rule 144 rather than pursuant to
this Prospectus.
The aggregate proceeds to the Selling Shareholders from the sale of the
shares of Common Stock offered hereby will be the purchase price of the shares
of Common Stock sold less the aggregate agents' commissions and underwriters'
discounts, if any. By agreement, the Company will pay substantially all of the
expenses incident to the registration of the shares of Common Stock, except for
selling commissions associated with the sale of such shares, all of which will
be paid by the Selling Shareholders.
SEE "RISK FACTORS" AT PAGE 6 OF THIS PROSPECTUS
- --------------------------------------------------------------------------------
THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES AND COMMISSION NOR HAS THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
THE ATTORNEY GENERAL OF THE STATE OF NEW YORK HAS NOT
PASSED ON OR ENDORSED THE MERITS OF THIS OFFERING. ANY
REPRESENTATION TO THE CONTRARY IS UNLAWFUL.
- --------------------------------------------------------------------------------
The date of this Prospectus is ______, 1997.
<PAGE>
No dealer, salesperson or any other person has been authorized to give
any information or to make any representations other than those contained in
this Prospectus in connection with the offer made by this Prospectus and, if
given or made, such information or representations must not be relied upon as
having been authorized by the Company or the Selling Shareholders. This
Prospectus does not constitute an offer to sell or a solicitation of an offer to
buy, the securities offered hereby in any jurisdiction in which such offer or
solicitation is not authorized, or to any person to whom it is unlawful to make
such offer or solicitation. Neither the delivery of this Prospectus nor any sale
made hereunder shall, under any circumstances, create any implication that any
information contained therein is correct as of any time subsequent to the date
hereof.
AVAILABLE INFORMATION
The Company is subject to the informational requirements of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules
and regulations thereunder, and in accordance therewith files reports, proxy
statements and other information with the Securities and Exchange Commission
(the "Commission"). The Registration Statement, the exhibits and schedules
forming a part thereof and the reports, proxy statements and other information
filed by the Company with the Commission, can be inspected and copied, upon
payment of prescribed fees, at the public reference facilities maintained by the
Commission at 450 Fifth Street, N.W., Room 1024, Washington, D.C. 20549, and at
the Commission's regional offices at Seven World Trade Center, New York, New
York 10048 and Northwestern Atrium Center, 500 West Madison Street, Suite 1400,
Chicago, Illinois 60661-2511. Copies of such material can also be obtained at
prescribed rates by writing to the public reference section of the Commission,
450 Fifth Street, N.W., Washington, D.C. 20549. The Commission maintains a Web
site that contains reports, proxy and information statements and other
information regarding registrants that file electronically with the Commission.
The address of the Commission's Web site is: http://www.sec.gov.
The Company has filed with the Commission a registration statement (the
"Registration Statement") (of which this Prospectus is a part) under the
Securities Act of 1933, as amended (the "Securities Act"). This Prospectus does
not contain all of the information set forth in the Registration Statement,
certain portions of which have been omitted as permitted by the rules and
regulations of the Commission. Statements contained in this Prospectus as to the
contents of any contract or other document are not necessarily complete, and in
each instance reference is made to the copy of such contract or other document
filed as an exhibit to the Registration Statement, each such statement being
qualified in all respects by such reference and the exhibits and schedules
thereto. For further information regarding the Company, reference is hereby made
to the Registration Statement and such exhibits and schedules which may be
obtained from the Commission at its principal office in Washington, D.C. upon
payment of the fees prescribed by the Commission.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The documents listed below have been filed by the Company under the
Exchange Act with the Commission and are incorporated herein by reference:
(1) The Company's Annual Report on Form 10-K for the fiscal year
ended November 30, 1996; and
(2) The Company's Quarterly Report on Form 10-Q for the fiscal
quarter ended February 28, 1997.
All documents filed by the Registrant pursuant to Section 13(a), 13(c),
14 or 15(d) of the Exchange Act subsequent to the date of this Prospectus and
prior to the termination of this offering shall be deemed to be incorporated by
reference in this Prospectus and to be part hereof from the date of filing such
documents (provided, however, that the information referred to in Item 402(a)(8)
of Regulation S-K of the Commission shall not be deemed specifically
incorporated by reference herein.
Any statement contained herein or in a document incorporated or deemed
to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Prospectus to the extent that a statement
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<PAGE>
contained herein (or in the applicable Prospectus Supplement) or in any other
subsequently filed document which also is or is deemed to be incorporated by
reference herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Prospectus.
Copies of all documents which are incorporated herein by reference (not
including the exhibits to such information, unless such exhibits are
specifically incorporated by reference in such information) will be provided
without charge to each person, including any beneficial owner of the securities
offered hereby to whom this Prospectus is delivered, upon written or oral
request. Requests should be made to Paul Riss, Chief Financial Officer of the
Company, 24 Richmond Hill Avenue, Stamford, Connecticut 06901 (telephone number:
(203) 359-4100).
3
<PAGE>
THE COMPANY
The Company designs, manufacturers and markets a broad line of soft
luggage, sports bags, backpacks, children's bags, tote bags and related
products. The Company's strategy is to produce a diverse line of high quality,
fashionable products at competitive prices. The Company believes its ability to
merchandise high quality products is facilitated by its creative design,
manufacturing and sourcing capabilities.
The Company sells its products under many trade names, including "Cross
Trainer," "Sirco Kids," and "Mondo," all of which are registered. In addition,
the Company sells its products under certain trademarked names licensed from
others, including "Cherokee," "Dunlop," "Generra," "Gold's Gym," "Hedgren,"
"Perry Ellis" and "Skechers". The Company also designs and manufactures soft
luggage and sports bags on a contract basis for unaffiliated retailers.
Virtually all of the Company's products are manufactured by foreign
suppliers in accordance with the Company's design specifications. During the
fiscal year ended November 30, 1996, approximately 64% of the Company's products
were manufactured in the People's Republic of China. The primary markets for the
Company's products are the United States and Canada.
The Company sells its products primarily to large national retail chain
stores, including Target, Sears, Kmart and Wal-Mart, and to regional discount
store chains, such as ShopKo, Bradlees and Caldor. The Company also sells to
department stores and other specialty stores, including J.C. Penney,
Bloomingdale's, and Mervyn's, and to apparel chain stores, such as TJ
Maxx/Marshall's and Ross Stores. The Company also sells its products to sporting
goods retailers, such as The Sports Authority, and to warehouse clubs, such as
Price Costco. The loss by the Company of several of these customers would have
an adverse effect on the Company's profitability. However, the Company believes
that these customers, if lost, could be partially, if not completely, replaced
by others.
During the fiscal years ended November 30, 1996, 1995 and 1994, sales
to Target represented approximately 19%, 25% and 22%, respectively, of net sales
and sales to Kmart represented approximately 11% of net sales in fiscal 1996. No
other customer accounted for more than 10% of net sales in any of such fiscal
years.
The Company currently maintains showrooms in New York City and Ontario,
Canada. The Company solicits business directly from its customers, using the
services of both full-time sales persons and independent sales representatives.
The independent sales representatives represent a number of manufacturers or
wholesalers other than the Company, and are compensated on a commission basis,
typically pursuant to the terms of a non-exclusive sales representative
contract. The Company fills orders on the terms and conditions of standard
purchase orders it receives from customers.
After extensive negotiations with FILA Sport S.p.A. ("Fila"), in
February 1996, the Company and FILA entered into an agreement pursuant to which
the Company ceased shipping FILA product under a non-exclusive license with FILA
during fiscal 1996. Net sales of the FILA product for the fiscal years ended
November 30, 1996, 1995 and 1994 were approximately $8,584,000 (including
approximately $482,000 sold to FILA), $5,314,000, and $1,357,000, respectively,
or 30.9%, 21.4% and 4.9%, respectively, of the Company's total net sales.
Although the loss of the ability to sell products bearing the FILA trademark may
have an adverse effect on the Company's results of operations through the fiscal
quarter ending August 31, 1997, the Company expects that a significant portion
of the sales of FILA product in fiscal 1996, will be replaced in fiscal 1997
with the sales of products bearing the "Perry Eillis," "Skechers," or "Hedgren"
labels. However, future net sales could be negatively impacted if sales from new
licenses or increases in sales under the existing licenses do not replace the
sales of FILA product.
During fiscal 1996, the Company received notification from Airway
Industries Inc. ("Airway") that Airway would not renew its license agreement
with the Company pursuant to which Sirco International (Canada) Limited, the
Company's Canadian subsidiary ("Sirco Canada"), was granted an exclusive license
to sell in Canada, luggage and luggage related products under the trade names
"Atlantic" and "Oleg Cassini" through December 31, 1996. During the fiscal years
ended November 30, 1996, 1995 and 1994, sales of Atlantic product approximated
$5,782,000, $3,571,000, and $1,190,000, respectively, which represented
approximately 20.8%, 14.4% and 4.3%,
4
<PAGE>
respectively, of the Company's total net sales for those periods, and
approximately 95.4%, 97.6% and 85.2%, respectively, of the total net sales of
Sirco Canada for those periods. Sirco Canada earned approximately $434,000 and
$269,000 in the fiscal years ended November 30, 1996 and 1995, respectively, and
had a net loss of approximately $122,000 in the fiscal year ended November 30,
1994. In addition, following receipt of notification from Airway and Douglas
Turner, then the President of Sirco Canada and a Director of the Company, that
Airway and Mr. Turner had mutually agreed to Airway's future employment of Mr.
Turner in its efforts to distribute directly its products in Canada, the Company
terminated its employment of Mr. Turner in September 1996.
The Company believes that the loss of the Airway license agreement may
have an adverse effect on the Company's results of operations for the fiscal
year ending November 30, 1997. However, the Company has made a significant
reduction in the fixed overhead of Sirco Canada, and in December 1996, leased
substantially all of its warehouse to three tenants, and hired a new president.
The Company believes that the sales in Canada of the Atlantic product can be
replaced over the next two years by sales of other licensed products, including
products bearing the recently licensed "Perry Ellis," "Skechers" and "Hedgren"
names or logos.
The Company has not declared any cash dividends during the past fiscal
year with respect to the Common Stock. The declaration by the Company of any
cash dividends in the future will depend upon the determination of the Company's
Board of Directors as to whether, in light of the Company's earnings, financial
position, cash requirements and other relevant factors existing at the time, it
appears advisable to do so. The Company's current financing arrangements contain
certain restrictions regarding the payment of dividends.
The Company was incorporated under the laws of New York on July 22,
1964. The executive offices of the Company are located at 24 Richmond Hill
Avenue, Stamford, Connecticut 06901, and its telephone number at that address is
(203) 359-4100.
5
<PAGE>
RISK FACTORS
The purchase of the Company's Common Stock involves a high degree of
risk, including, but not necessarily limited to, the risks described below:
Reliance on License Agreements; Recent Termination of Material Licenses
and Possible Termination of Existing Licenses. Sales of licensed products
accounted for approximately 83%, 65% and 49% of the Company's net sales during
fiscal 1996, 1995 and 1994, respectively. Sales of products developed and sold
under the Company's license from Fila Sport S.p.A. ("Fila") accounted for
approximately 30.9%, 21.4% and 4.9% of the Company's total net sales in fiscal
1996, 1995 and 1994, respectively. Sales of products developed and sold under
the Company's license from Airway Industries Inc. ("Airway") accounted for
approximately 20.8%, 14.4% and 4.3% of the Company's' total net sales in fiscal
1996, 1995 and 1994, respectively. The Company's licenses with Fila and Airway
were terminated in 1996. Primarily as a result of the termination of the Fila
and Airway licenses, the Company's net sales for the fourth quarter of fiscal
1996 and the first quarter of fiscal 1997 declined by approximately $934,000 and
approximately $3,512,000, respectively, which had a material adverse effect on
the Company's results of operations for those periods. See "The Company."
Although the Company has entered into new license agreements to develop and sell
products bearing the "Perry Ellis," "Sketchers" and "Hedgren" names and logos,
there can be no assurance that the Company will be able successfully to develop
and sell products under these licenses in sufficient quantity to replace the
product sales under the Company's former Fila and Airway licenses. In addition,
there can be no assurance that the Company will be able to procure new license
agreements or renew existing license agreements on commercially reasonable
terms, or that existing licenses will not be terminated. The Company's license
agreements limit both the products that can be manufactured thereunder and the
territory and market in which such products may be marketed. Certain of the
Company's license agreements require licensor approval before merger,
reorganization, certain management changes or assignment of the license, which
restrictions could affect the growth of the Company. In addition, the Company's
licensors typically have the right to approve, in their sole discretion, the
products developed by the Company and the third party manufacturers of such
product. Obtaining such approval may be time consuming and could adversely
affect the timing of the introduction of new products.
Adversely Changing Consumer Preferences; New Product Introductions. As
a result of changing consumer preferences, some of the Company's products may be
successfully marketed for only one or two years. There can be no assurance that
any of the Company's products or any of the Company's product lines will
continue to be popular. The Company has recently introduced its "Perry Ellis,"
"Sketchers" and "Hedgren" product lines. There can be no assurance that any of
these new product lines will be successful or that any new products or product
lines will be successful. The Company's products compete with other similar
products for retail shelf space. There can be no assurance that shelf space in
retail stores will be available to support the Company's existing products or
the expansion of the Company's products and product lines.
Dependence on Key Personnel. The Company's future success will be
highly dependent on the continued efforts of Joel Dupre, Chairman of the Board
and Chief Executive Officer of the Company. The Company has no employment
agreement or noncompete agreement with Mr. Dupre nor key-man life insurance on
the life of Mr. Dupre. The loss of the services of Mr. Dupre could have a
material adverse effect upon the Company. The Company's success is also
dependent upon its ability to retain its key management, sales, marketing and
product development personnel and to attract other personnel to satisfy the
Company's needs. There can be no assurance that the Company will be successful
in retaining and attracting such personnel.
Dependence on Third Party Manufacturers; No Long-Term Contracts;
International Relations. To date, substantially all of the Company's products
have been manufactured by third parties in The People's Republic of China, the
Philippines, Taiwan and Thailand. During the year ended November 30, 1996,
approximately 64% of the Company's products were manufactured in The People's
Republic of China. The Company does not have long-term contracts with any of
these manufacturers. Although the Company believes that it could arrange
alternate sources of manufacturing if the need arose, the Company has made no
plans for securing alternate sources in the event its present arrangements with
any of its existing manufacturers prove impossible to maintain, and there can be
no assurance that there would be sufficient alternate manufacturing facilities
to meet the increased demand for
6
<PAGE>
production which would likely result from a disruption of manufacturing sources
in China or any other foreign country. Furthermore, such a shift to alternate
facilities, if available, would likely result in increased manufacturing costs
and may subject the Company's products to additional and/or higher quotas,
duties, tariffs or other restrictions.
Foreign manufacturing is generally subject to risks such as
transportation delays and interruptions, political and economic disruptions, the
imposition of tariffs and import and export controls, changes in governmental
policies, restrictions on the transfer of funds and fluctuations of the United
States Dollar against foreign currencies. While the Company to date has not
experienced any material adverse effects due to foreign manufacturing, there can
be no assurances that such events will not occur in the future. The occurrence
of any such event, particularly one affecting the Company's business with
Chinese manufacturers, would have a material adverse effect on the Company.
Competition. The luggage, sport bag and backpack industry is highly
competitive. Many of the Company's competitors have longer operating histories,
broader product lines and greater financial resources and advertising budgets
than the Company. In addition, the luggage, sport bag and backpack industry has
nominal barriers to entry. Competition is based primarily on the ability to
design and develop new products, procure licenses for popular characters and
trademarks, and successfully market products. Many of the Company's competitors,
including certain of the Company's licensors, offer similar products or
alternatives to the Company's products. The Company has not in the past and does
not in the immediate future plan to devote any material amount of its capital
resources to advertising. There can be no assurance that the Company will be
able to continue to compete effectively in this marketplace.
Dividend Policy; No Dividend Payments in Near Future. For the
foreseeable future, the Company expects to retain earnings to finance the
expansion and development of its business. Any future payment of cash dividends
will be within the discretion of the Company's Board of Directors, which is
controlled by the present shareholders, and will depend, among other factors, on
the earnings, capital requirements, operating and financial condition of the
Company and other relevant factors, and compliance with various financing
covenants to which the Company is or may become a party. At present, the Company
is party to a credit facility with Coast Business Credit, a division of Southern
Pacific Thrift & Loan Association ("Coast"), that prohibits the payment of
dividends without the prior consent of Coast. See "Item 5. Market for the
Company's Common Equity and Related Stockholder Matters" and "Item 7.
Management's Discussion and Analysis of Financial Condition and Results of
Operations - Liquidity and Capital Resources" in the Company's Annual Report on
Form 10-K for the year ended November 30, 1996, which is incorporated by
reference herein.
Reliance on Customers and Retailers for Sales and Distribution. The
Company sells and distributes its products principally through large national
retail chain stores, regional discount store chains, department and specialty
stores. There can be no assurance that the Company will be successful in
maintaining its existing arrangements with its customers or in entering into
arrangements with additional customers. A loss of several of these customers
could adversely effect the Company's profitability. During the fiscal years
ended November 30, 1996, 1995 and 1994, sales to Target represented
approximately 19%, 25% and 22%, respectively, of net sales, and sales to Kmart
represented approximately 11% of net sales in fiscal 1996. The loss of either of
these customers could have a material adverse effect on the Company's business
and results of operations.
Limited Public Market and Possibility Volatility of Stock Price.
Although there is a public market for the Common Stock, at May 9, 1997, only
approximately 906,600 shares of the Common Stock were beneficially owned by
shareholders that were not affiliates of the Company, of which 220,000 shares
held by the Selling Shareholders are "restricted securities" within the meaning
of Rule 144 under the Securities Act and may not be sold in the absence of
registration under the Securities Act unless an exemption from registration is
available. As a result, the market for the Common Stock is thinly traded, and
the trading prices of the Common Stock could be subject to wide fluctuations in
response to variations in the Company's operating results, announcements by the
Company or others, developments affecting the Company or its competitors and
other events and factors. In addition, the stock market has experienced extreme
price and volume fluctuations in recent years. These fluctuations have had a
substantial effect on the market prices for many companies, often unrelated to
their performance, and may adversely affect the market price for the Common
Stock.
7
<PAGE>
Effect of Certain Charter Provisions; Limitation of Liability of
Directors; Antitakeover Effects of New York Law. The Board of Directors has the
authority to issue up to 1,000,000 shares of preferred stock of the Company
("Preferred Stock") in one or more series, and to determine the prices, rights,
preferences, privileges and restrictions, including voting rights, of the shares
within each series without any further vote or action by shareholders. The
Company has no current plans to issue shares of Preferred Stock. However, the
rights of the holders of Common Stock will be subject to, and may be adversely
affected by, the rights of the holders of any Preferred Stock that may be issued
in the future. The issuance of Preferred Stock, while providing flexibility in
connection with possible acquisitions and other corporate activities, could have
the effect of making it more difficult for a third party to acquire control of
the Company. Further, certain anti-takeover provisions of New York law could
delay or make more difficult a change of control of the Company. While such
provisions are intended to enable the Board of Directors or maximize shareholder
value, they may have the effect of discouraging takeovers that could be in the
best interest of certain shareholders. There can be no assurance that such
provisions will not have an adverse effect on the market value of the Company's
stock in the future. In addition, the Company's charter provides that its
directors shall not be personally liable to the Company or its shareholders for
monetary damages in the event of a breach of fiduciary duty to the extent
permitted by New York law.
USE OF PROCEEDS
The shares of Common Stock offered hereby are being registered for the
account of the Selling Shareholders. The Company will not receive any part of
the proceeds from the sale of the Common Stock by the Selling Shareholders.
SELLING SHAREHOLDERS
The shares of Common Stock to be sold hereunder include shares of
Common Stock that were purchased by the Selling Shareholders (other than Jaymac
Inc. and Alexander G. Minella) as a component of Units, each Unit consisting of
one share of Common Stock, one Class A Common Stock Purchase Warrant (the "Class
A Warrants") and one Class B Common Stock Purchase Warrant (the "Class B
Warrants"). Each Class A Warrant is exercisable on or prior to April 18, 1998
for the purchase one share of Common Stock at an exercise price of $4.125 per
share. Each Class B Warrant is exercisable on or prior to April 18, 1998 for the
purchase of one share of Common Stock at an exercise price of $5.125 per share.
In connection with the Company's engagement of the placement agent for the sale
of the Units, the Company issued to Jaymac Inc. as a finder Class A Warrants to
purchase up to 10,000 shares of Common Stock, which shares of Common Stock were
purchased by Jaymac Inc. on May 7, 1997 and are included in the shares of Common
Stock that may be sold hereunder. The shares of Common Stock to be sold
hereunder by Alexander G. Minella were purchased from the Company on May 7, 1997
upon the exercise of stock options granted by the Company to Mr. Minella in
September 1995 at an exercise price of $2.50 per share. The Company will not
receive any proceeds from the sale of the shares of Common Stock to be sold by
the Selling Shareholders hereunder.
The Company has been informed by the Selling Shareholders that the
name, address, maximum number of shares of Common Stock to be sold and total
number of shares of Common Stock owned by each Selling Shareholder are as set
forth in the following table. The Selling Shareholders may sell all or part of
their shares of Common Stock pursuant to this Prospectus, and the offering of
shares of Common Stock hereunder is not being underwritten on a firm commitment
basis. As a result, no estimates can be given as to the number and percentage of
shares of Common Stock that will be held by each Selling Shareholder upon
termination of the offering made by this Prospectus.
8
<PAGE>
<TABLE>
<CAPTION>
No. of Shares
Beneficially Owned Percentage of Class Maximum No.
Name and Address Prior to Offering Ownership of Shares to be Offered
---------------- ----------------- --------- -----------------------
<S> <C> <C> <C>
Lise Shankman 60,000 3.8% 20,000
21 Canterbury Drive
North Caldwell, NJ 07006
Masada I Limited Partners 30,000 1.9% 10,000
P.O. Box 5017
Quogue, NY 11959
Milos Nikolic 30,000 1.9% 10,000
III Bulevar 120A, Apt. 1Y
Belgrade, Serbia 11070
NAC Group, Inc. 30,000 1.9% 10,000
500 North Broadway, Suite 240
Jericho, NY 11753
Kenneth Moschetto 45,000 2.8% 15,000
355 Bayville Avenue, # 8
Bayville, NY 11709
Robert LoRusso 75,000 4.8% 25,000
29 Hunt Court
Jericho, NY 11753
Evangelos Pollatos 30,000 1.9% 10,000
324 Whitney Lane
Woodbury, NY 11797
Mona Axelrod 60,000 3.8% 20,000
12-01 Estates Lane
Bayside, NY 11360
Stuart Jackson 60,000 3.8% 20,000
140 Euclid Avenue
Hackensack, NJ 07601
John Eckhoff 75,000 4.8% 25,000
6 Wesleyan Road
Commack, NY 11725
David G. Kwalbrun 45,000 2.8% 15,000
1305 Jonathan Lane
Wantaugh, NY 11793
Rothchild Capital Holdings 60,000 3.8% 20,000
1200 North Federal Highway, Suite 315
Boca Raton, FL 33432
9
<PAGE>
<CAPTION>
No. of Shares
Beneficially Owned Percentage of Class Maximum No.
Name and Address Prior to Offering Ownership of Shares to be Offered
---------------- ----------------- --------- -----------------------
<S> <C> <C> <C>
Jaymac Inc. 10,000 0.6% 10,000
16 Pond Road
Woodbury, NY 11797
Alexander G. Minella 10,000 0.6% 10,000
------ ------
274 Keeler Drive
Ridgefield, CT 06877
620,000 220,000
======= =======
</TABLE>
PLAN OF DISTRIBUTION
The sale of Common Stock by the Selling Shareholders may be sold from
time to time directly or by pledgees, donees, transferees or other successors in
interest in the over-the-counter market, or on any stock exchange on which
shares of Common Stock may be listed at the time of sale, in negotiated
transactions, or through a combination of such methods of distribution, at fixed
prices which may be changed, at market prices prevailing at the time of sale, at
prices related to such prevailing market prices, or at negotiated prices. The
shares of Common Stock may be sold by one or more of the following methods,
without limitation: (a) a block trade in which the broker-dealer so engaged will
attempt to sell the Shares as agent but may position and resell a portion of the
block as principal to facilitate the transaction; (b) purchases by a broker or
dealer as principal and resale by such broker or dealer for its account pursuant
to this Prospectus; (c) ordinary brokerage transactions and transactions in
which the broker solicits purchasers; and (d) face-to-face transactions between
the Selling Shareholders and purchasers without a broker-dealer. In effecting
sales, brokers or dealers engaged by the Selling Shareholders may arrange for
other brokers or dealers to participate. Such brokers or dealers may receive
commissions or discounts from the Selling Shareholders in amounts to be
negotiated immediately prior to the sale. Such brokers or dealers and any other
participating brokers or dealers may be deemed to be "underwriters" within the
meaning of Section 2(11) of the Securities Act in connection with such sales. In
addition, any securities covered by this Prospectus that qualify for sale
pursuant to Rule 144 might be sold under Rule 144 rather than pursuant to this
Prospectus.
The Selling Shareholders and any broker-dealers acting in connection
with the sale of shares of Common Stock hereunder may be deemed to be
"underwriters" within the meaning of Section 2(11) of the Securities Act, and
any commissions received by them and any profit realized by them on the resale
of shares of Common Stock as principals may be deemed underwriting compensation
under the Securities Act.
Upon the Company being notified by a Selling Shareholder that any
material arrangement has been entered into with a broker-dealer for the sale of
shares of Common Stock through a block trade, special offering or secondary
distribution or a purchase by a broker or dealer, a supplemental prospectus will
be filed, if required, pursuant to Rule 424(c) under the Securities Act,
disclosing: (i) the name of each such Selling Shareholder and of the
participating broker-dealer(s), (ii) the number of shares of Common Stock
involved, (iii) the price at which such shares of Common Stock were sold, (iv)
the commissions paid or discounts or concessions allowed to such
broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not
conduct any investigation to verify the information set out or incorporated by
reference in this Prospectus and (vi) other facts material to the transaction.
The Selling Shareholders reserve the sole right to accept and, together
with any agent of the Selling Shareholders, to reject in whole or in part any
proposed purchase of the shares of Common Stock. The Selling Shareholders will
pay any sales commissions or other seller's compensation applicable to such
transactions.
Offers and sales of shares of the Common Stock have not been registered
or qualified under the laws of any country, other than the United States. To
comply with certain states' securities laws, if applicable, the shares of
10
<PAGE>
Common Stock will be offered or sold in such jurisdictions only through
registered or licensed brokers or dealers. In addition, in certain states the
shares of Common Stock may not be offered or sold unless they have been
registered or qualified for sale in such states or an exemption from
registration or qualification is available and is complied with.
Under applicable rules and regulations under the Exchange Act, any
person engaged in a distribution of shares of the Common Stock may not
simultaneously engage in market-making activities with respect to such shares of
Common Stock for a period of two to nine business days prior to the commencement
of such distribution. In addition to and without limiting the foregoing, each
Selling Shareholder and any other person participating in a distribution will be
subject to applicable provisions of the Exchange Act and the rules and
regulations thereunder, including without limitation, Rules 10b-2, 10b-6 and
10b-7, which provisions may limit the timing of purchases and sales of any of
the shares of Common Stock by the Selling Shareholders or any such other person.
All of the foregoing may affect the marketability of the Common Stock and the
broker's' and dealers' ability to engage in market-marking activities with
respect to the Common Stock.
The Company will pay substantially all of the expenses incident to the
registration of the shares of Common Stock hereby, estimated to be approximately
$18,000.
DESCRIPTION OF SECURITIES TO BE REGISTERED
The authorized capital stock of the Company consists of 10,000,000
shares of Common Stock, par value $.10 per share, and 1,000,000 shares of
Preferred Stock, par value $.10 per share. At May 9, 1997, 1,589,700 shares of
Common Stock were issued and outstanding; no shares of Preferred Stock are
outstanding as of the date hereof.
Each outstanding share of Common Stock will entitle the holder to one
vote on all matters presented to Shareholders for a vote. Holders of shares of
Common Stock will have no preemptive, subscription or conversion rights. All
shares of Common Stock to be outstanding following this offering will be duly
authorized, fully paid, and nonassessable. Distributions may be paid to the
holders of shares of Common Stock if and when declared by the Board of Directors
of the Company out of funds legally available therefor. The Company has not
declared any cash dividends during the past fiscal year with respect to its
Common Stock. The declaration by the Company of any cash dividends in the future
will depend upon the determination of the Company's Board of Directors as to
whether, in light of the Company's earnings, financial position, cash
requirements and other relevant factors existing at the time, it appears
advisable to do so.
If the Company is liquidated, subject to the right of any holders of
Preferred Stock to receive preferential distributions, each outstanding share of
Common Stock will be entitled to participate pro rata in the assets remaining
after payment of, or adequate provision for, all known debts and liabilities of
the Company.
The holders of a majority of the outstanding shares of Common Stock
constitute a quorum at any meeting of the shareholders. Directors of the Company
are elected by a plurality of the votes cast at a meeting of shareholders. The
Common Stock does not have cumulative voting rights; therefore, the holders of a
majority of the outstanding shares of Common Stock can elect all directors of
the Company. In general, shareholders action other than the election of
directors must be authorized by a majority of the votes cast at a meeting of
shareholders. However, the Business Corporation Law of the State of New York
(the "BCL") provides that certain extraordinary matters, such as a merger or
consolidation in which the Company is a constituent corporation, a sale or other
disposition of all or substantially all of the Company's assets, and the
dissolution of the Company, require the vote of the holders of two-thirds of all
outstanding voting shares. Most amendments to the Company's Certificate of
Incorporation require the vote of the holders of a majority of all outstanding
voting shares.
11
<PAGE>
Under the Company's Certificate of Incorporation, as amended, shares of
Preferred Stock can be issued from time to time in one or more series as
determined by the Board of Directors. The Board of Directors is authorized to
fix by resolution as to any series the designation and number of shares of the
series, the voting rights, the dividend rights, the redemption price, the amount
payable upon liquidation or dissolution, the conversion rights, and any other
designations, preferences or special rights or restrictions as may be permitted
by law. Unless the nature of a particular transaction and the rules of law
applicable thereto require such approval, the Board of Directors has the
authority to issue these shares of Preferred Stock without shareholder approval.
The Company has no present plans, arrangements, commitments or understandings
regarding the issuance of any shares of Preferred Stock.
The Board of Directors is able to issue authorized and unissued shares
of one or more new series of Preferred Stock with such voting, conversion,
liquidation, redemption and other rights as the Board determines in its sole
discretion without further shareholder action. Any issuance of shares of
Preferred Stock could have the effect of diluting the earnings per share and
book value of existing shares of Common Stock. Because the Board of Directors
has the authority to fix the voting rights to be accorded to any series of
Preferred Stock, the holders of shares of a new series of Preferred Stock could
be entitled to vote separately as a class in connection with the approval of
certain extraordinary corporate transactions in circumstances where New York law
does not require such class vote, or might be given a disproportionately large
number of votes. The issuance of shares of Preferred Stock could also result in
a class of securities outstanding that would have certain preferences (for
example, with respect to dividends or liquidation), or would enjoy certain
voting rights in addition, to those of the Common Stock.
Although the Company currently has no such intention, authorized but
unissued shares of Preferred Stock could be used to make more difficult a change
in control of the Company. Any issuance of shares of Preferred Stock could
dilute the stock ownership of persons seeking to gain control of the Company.
Shares of a new series of Preferred Stock could also be convertible into a large
number of shares of Common Stock or have other terms which might make more
difficult or costly the acquisition of a controlling interest in the Company.
Under certain circumstances, such shares could be used to create voting
impediments or to frustrate persons attempting to effect a takeover or otherwise
gain control of the Company. Such shares could be privately placed with
purchasers who might side with the Board of Directors in opposing a hostile
takeover bid. In addition, the Board of Directors could authorize holders of a
series of Preferred Stock to vote as a class, either separately or with the
holders of the Common Stock, on any merger, sale or exchange of assets by the
Company or any other extraordinary corporate transactions. The ability of the
Board of Directors to take such actions might be considered as having an effect
of discouraging any attempt by another person or entity to acquire control of
the Company.
The registrar and transfer agent for the Company's Common Stock is
Registrar and Transfer Company.
LEGAL MATTERS
Certain legal matters in connection with this offering, including the
validity of the issuance of the shares of Common Stock offered hereby, will be
passed upon for the Company by Pryor, Cashman, Sherman & Flynn, New York, New
York.
EXPERTS
The consolidated balance sheets of the Company as of November 30, 1996
and 1995, and the related consolidated statements of operations, stockholders'
equity and cash flows for the years then ended appearing in the Company's Annual
Report on Form 10-K for the years ended November 30, 1996 and 1995, have been
audited by Nussbaum Yates & Wolpow, P.C., independent auditors, as set forth in
their report thereon included therein and incorporated herein by reference,
which is based in part on the report of Deloitte & Touche, Chartered
Accountants. The consolidated statements of operations, stockholders' equity and
cash flows of Sirco International Corp. and subsidiaries for the year ended
November 30, 1994 have been audited by Ernst & Young, LLP, independent
12
<PAGE>
auditors, as set forth in their report thereon included therein and incorporated
herein by reference, which is based in part on the report of Deloitte & Touche,
Charted Accountants. The financial statements referred to above are incorporated
herein by reference in reliance upon such reports given upon the authority of
such firms as experts in accounting and auditing.
13
<PAGE>
- --------------------------------------------------------------------------------
No dealer, sales representative, or other person has been authorized to
give any information or to make any representations in connection with this
offering other than those contained in this Prospectus, and if given or made,
such information or representation must not be relied upon as having been
authorized by the Company or any Underwriter. This Prospectus does not
constitute an offer to sell or a solicitation of an offer to buy any of the
securities offered hereby by anyone in any jurisdiction in which such offer or
solicitation is not authorized or in which the person making such offer or
solicitation is not qualified to do so or to any person to whom it is unlawful
to make such offer or solicitation. Neither the delivery of this Prospectus nor
any sale made hereunder shall, under any circumstances, create any implication
that there has been no change in the affairs of the Company since the date
hereof or that the information contained herein is correct as of any time
subsequent to the date hereof.
---------------
TABLE OF CONTENTS
Page
Available Information ........................................... 2
Incorporation of Certain
Documents by Reference ....................................... 2
The Company ..................................................... 4
Use of Proceeds ................................................. 8
Selling Shareholders ............................................ 8
Plan of Distribution ............................................ 10
Description of Securities to be Registered ...................... 11
Legal Matters ................................................... 12
Experts ......................................................... 12
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
220,000 Shares
SIRCO INTERNATIONAL CORP.
Common Stock
---------------
PROSPECTUS
---------------
___________ , 1997
- --------------------------------------------------------------------------------
<PAGE>
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. Other Expenses of Issuance and Distribution.
Estimated expenses to be paid by the Company in connection with the
issuance and distribution of the securities being registered are as follows:
Registration Fee ................ $ 2,425
Legal Fees and Expenses ......... 10,000
Accounting Fees and Expenses..... 5,000
Miscellaneous ................... 575
-------
Total ........................... $18,000
=======
ITEM 15. Indemnification of Directors and Officers
Reference is made to Sections 721 through 725 of the Business
Corporation Law of the State of New York (the "BCL"), which provides for
indemnification of directors and officers of New York corporations under certain
circumstances.
Section 722 of the BCL provides that a corporation may indemnify
directors and officers as well as other employees and individuals against
judgments, fines, amounts paid in settlement and reasonable expenses, including
attorneys' fees, in connection with actions or proceedings, whether civil or
criminal (other than an action by or in the right of the corporation, a
"derivation action"), if they acted in good faith and in a manner they
reasonably believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe their conduct was unlawful. A similar standard is
applicable in the case of derivative actions, except that indemnification only
extends to amounts paid in settlement and reasonable expenses (including
attorneys' fees) incurred in connection with the defense or settlement of such
actions, and the statute does not apply in respect of a threatened action, or a
pending action that is settled or otherwise disposed of, and requires court
approval before there can be any indemnification where the person seeking
indemnification has been found liable to the corporation. Section 721 of the BCL
provides that Article 7 of the BCL is not exclusive of other indemnification
that may be granted by a corporation's certificate of incorporation,
disinterested director vote, shareholders vote, agreement or otherwise.
Article XII of the Registrant's by-laws requires the Registrant to
indemnify its officers and directors to the fullest extent permitted under the
BCL. Article XII of the Registrant's by-laws further provides that no director
of the Registrant shall be personally liable to the Registrant or its
shareholders for monetary damages for breach of fiduciary duty as a director,
except that no indemnification shall be made in respect of (1) a threatened
action, or a pending action which is settled or otherwise disposed of, or (2)
any claim, issue or matter as to which such person shall have been adjudged to
be liable to the Registrant unless and only to the extent that the court in
which such action or suit was brought or, if no action was brought, any court of
competent jurisdiction determines upon application that, in view of all the
circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such portion of the settlement and expenses as the court deems
proper.
Section 402(b) of the BCL provides that a corporation's certificate of
incorporation may include a provision that eliminates or limits the personal
liability of the corporation's directors to the corporation or its shareholders
for damages for any breach of a director's duty, provided that such provision
does not eliminate or limit (1) the liability of any director if a judgment or
other final adjudication adverse to the director establishes that the director's
acts or omissions were in bad faith or involved intentional misconduct or a
knowing violation of law
<PAGE>
or that the director personally gained a financial profit or other advantage to
which the director was not legally entitled or that the director's acts violated
Section 719 of the BCL, or (2) the liability of any director for any act or
omission prior to the adoption of a provision authorized by Section 402(b) of
the BCL. Article Sixth of the Registrant's Certificate of Incorporation, as
amended, provides that no director of the Registrant shall be liable to the
Registrant or its shareholders for any breach of duty in such capacity except as
provided in Section 402(b) of the BCL.
Any amendment to or repeal of the Registrant's Certificate of
Incorporation or by-laws shall not adversely affect any right or protection of a
director or officer of the Registrant for or with respect to any acts or
omissions of such director or officer occurring prior to such amendment or
repeal.
The Registrant maintains directors and officers insurance which,
subject to certain exclusions, insures the directors and officers of the
Registrant against certain losses which arise out of any neglect or breach of
duty (including, but not limited to, any error, misstatement, act, or omission)
by the directors or officers in the discharge of their duties, and insures the
Registrant against amounts which it has paid or may become obligated to pay as
indemnification to its directors and/or officers to cover such losses.
Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers or persons controlling the
Registrant pursuant to the foregoing, the Registrant has been informed that in
the opinion of the Commission such indemnification is against public policy as
expressed in the Securities Act and is therefore unenforceable.
Item 16. Exhibits
Exhibit No. Description
----------- -----------
4.1 Form of Class A Common Stock Purchase Warrant*
4.2 Form of Class B Common Stock Purchase Warrant*
5.1 Opinion of Pryor, Cashman, Sherman & Flynn
23.1 Consent of Pryor, Cashman, Sherman & Flynn
(included as part of Exhibit 5.1)
23.2 Consent of Nussbaum Yates & Wolpow, P.C.
23.3 Consent of Ernst & Young LLP
23.4 Consent of Deloitte & Touche
24 Powers of Attorney (included in the signature
page of this Registration Statement)*
- -----------------
* Previously filed.
Item 17. Undertakings
(a) The undersigned Registrant hereby undertakes:
II-2
<PAGE>
(1) To file, during any period in which offers or sales are
being made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section
10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events
arising after the effective date of the Registration Statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in the Registration
Statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was
registered) and any deviation from the low or high and of the
estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price
represent no more than 20 percent change in the maximum
aggregate offering price set for in the "Calculation of
Registration Fee" table in the effective Registration
Statement;
(iii) To include any material information with
respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such
information in the Registration Statement;
provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act
that are incorporated by reference in the Registration Statement.
(2) That, for the purpose of determining any liability under
the Securities Act, each such post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed to be a
new Registration Statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the provisions described in Item 15 of this
Registration Statement, or otherwise, the Registrant has been advised that in
the opinion of the Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
II-3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
the requirements for filing on Form S-3 and has duly caused this Amendment No. 1
to Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in The City of New York, State of New York on this
12th day of May, 1997.
SIRCO INTERNATIONAL CORP.
By: /s/ Joel Dupre
----------------------------
Joel Dupre
Chairman of the Board and
Chief Executive Officer
<PAGE>
Pursuant to the requirements of the Securities Act of 1933, this
Amendment No. 1 to Registration Statement has been signed by the following
persons in the capacities and on the dates indicated.
Dated: May 12, 1997 /s/ Joel Dupre
--------------
(Joel Dupre)
Chairman of the Board and
Chief Executive Officer
Dated: May 12, 1997 /s/ Paul H. Riss*
-----------------
(Paul H. Riss)
Chief Financial Officer and Director
Dated: May 12, 1997 /s/ Eric M. Hellige*
--------------------
(Eric M. Hellige)
Director
Dated: May 12, 1997 /s/ Eric Smith*
---------------
(Eric Smith)
Director
Dated: _______, 1997 ---------------------
(Barrie Sommerfield)
Director
*By: /s/ Joel Dupre
------------------
(Joel Dupre
as Attorney-in-fact)
EXHIBIT 23.2
CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the caption "Experts" in
Amendment No. 1 to the Registration Statement (Form S-3) and related prospectus
of Sirco International Corp. for the registration of 220,000 shares of its
common stock and to the incorporation by reference therein of our report dated
February 7, 1997, with respect to the consolidated financial statements and
schedules of Sirco International Corp. and subsidiaries included in its Annual
Report (Form 10-K) for the year ended November 30, 1996, filed with the
Securities and Exchange Commission.
/s/ Nussbaum Yates & Wolpow, P.C.
-----------------------------
NUSSBAUM YATES & WOLPOW, P.C.
Melville, New York
May 13, 1997
EXHIBIT 23.3
CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the caption "Experts" in
Amendment No. 1 to the Registration Statement (Form S-3) (No. 333-25971) and
related prospectus of Sirco International Corp. for the registration of 220,000
shares of its common stock and to the incorporation by reference therein of our
report dated February 17, 1995, with respect to the consolidated financial
statements and schedule of Sirco International Corp. and Subsidiaries for the
year ended November 30, 1994 included in its Annual Report (Form 10-K) for the
year ended November 30, 1996, filed with the Securities and Exchange Commission.
/s/Ernst & Young LLP
--------------------
ERNST & YOUNG LLP
New York, New York
May 13, 1997
EXHIBIT 23.4
CONSENT OF INDEPENDENT ACCOUNTANTS
We have issued our report dated December 18, 1996 on the balance sheets
of Sirco International (Canada) Limited as at November 30, 1996 and November 30,
1995 and the statements of operations and retained earnings and changes in
financial position for each of the years in the three year period ended November
30, 1996, accompanying the consolidated financial statements and schedules
included in the Annual Report of Sirco International Corp. and subsidiaries on
Form 10-K for the year ended November 30, 1996. We hereby consent to the
incorporation by reference of said report in Amendment No. 1 to the Registration
Statement of Sirco International Corp. on Form S-3 for the registration of
220,000 shares of its common stock.
/s/DELOITTE & TOUCHE
Chartered Accountants
May 13, 1997
