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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 15, 1997
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RIVER OAKS FURNITURE, INC.
(Exact Name of Registrant as Specified in Its Charter)
MISSISSIPPI 0-22188 64-0749510
(State or Other (Commission File (I.R.S. Employer
Jurisdiction of Number) Identification
Incorporation) Number)
3350 MCCULLOUGH BLVD.
BELDEN, MISSISSIPPI 38826
(Address of Principal Executive Offices) (Zip Code)
601-891-4550
(Registrant's Telephone Number, including Area Code)
NOT APPLICABLE
(Former Name)
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ITEM 5. OTHER EVENTS.
On March 31, 1997, the Company filed a Form 12b-25 with the Securities and
Exchange Commission indicating that the Company would not be able to file on
such date its Annual Report on Form 10-K for the fiscal year ended December 31,
1996. As indicated by the Company on March 31, 1997, the Audit Committee of
the Company's Board of Directors has recently undertaken a comprehensive
analysis of certain of the Company's accounts and its accounting reconciliation
procedures for the fiscal year ended December 31, 1996 and prior fiscal years.
This comprehensive analysis, which is likely to result in negative adjustments
to the Company's accounts and earnings of a material nature, remains ongoing.
The Company believes that this analysis will be completed within the next few
weeks. Following the conclusion of this analysis, the Company intends to file
with the Securities and Exchange Commission its Annual Report on Form 10-K for
the fiscal year ended December 31, 1996. The Company is currently in default
under the Company's credit agreements with its principal lender. Based upon
conversations with this lender, the Company believes that such defaults may be
waived following the completion of the Company's comprehensive analysis of its
accounts. No assurance can be given, however, that the Company's principal
lender, or any of its other creditors, will ultimately waive any defaults.
As previously announced by the Company, on February 3, 1997, the United
States Court of Appeals for the First Circuit affirmed the jury verdict reached
in the litigation being pursued by the Ansin Foundation against the Company and
certain of its directors and executive officers, awarding compensatory damages
against the Company in the amount of $2.54 million, including interest and
penalties, and against the Chief Executive Officer and the Secretary of the
Company. The Company's Motion for Rehearing and Rehearing en banc with the
First Circuit was denied, as was the Company's motion to stay the mandate. The
Company intends to continue the appeal process by pursuing a petition for
certiorari to the United States Supreme Court.
This Current Report on Form 8-K contains forward-looking statements.
Forward-looking statements may be significantly affected by certain risks and
uncertainties described in the Company's Quarterly and Annual Reports filed
with the Securities and Exchange Commission, which are incorporated herein by
reference (Commission File No. 0-22188).
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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.
RIVER OAKS FURNITURE, INC.
By: /s/ Johnny C. Walker
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Johnny C. Walker
Chief Operating Officer and Chief Financial
Officer
Date: April 17, 1997
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