SCHEDULE 14A INFORMATION
(Amendment No. 1)
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by the Registrant (x)
Filed by a party other than the Registrant ( )
Check the appropriate box:
(X) Preliminary Proxy Statement
( ) Definitive Proxy Statement
( ) Definitive Additional Materials
( ) Soliciting Material Pursuant to 240.14a-11(c) or 240.14a-12
HOLLY PRODUCTS, INC.
(Name of Registrant as Specified in its Charter)
HOLLY PRODUCTS, INC.
(Name of Person(s) Filing Proxy Statement)
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(x) No filing fee required.
( ) $125 per Exchange Act Rule 0-11(c)(1)(ii), 14a-6(i) or 14a-6(j)(2).
( ) $500 per each party to the controversy pursuant to Exchange Act Rule
14a-6(i)(3).
( ) Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
1. Title of each class of securities to which transaction applies:
_____________________________________________________________________
2. Aggregate number of securities to which transaction applies:
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3. Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11:
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( ) Check box if any part of the fee is offset as provided by Exchange Rule
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The following material was not prepared at the time of the initial Preliminary
Schedule 14A. Accordingly, Exhibit C to the Preliminay Proxy Statement is
filed with this Amendment.
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Preliminary
Ratio of Earnings to Fixed Charges:
Six Months Ended Year Ended
September 30, March 31,
1996 1995 1996 1995
Earnings are inadequate to
cover fixed charges:
The coverage deficiency is $ 1,581,380 $ 1,671,667 $ 6,337,029 $ 57,122
As of As of
September 30, 1996 March 31, 1996
Book Value per Share $ .07 $ .22
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Exhibit C
Preliminary
Calculations of the ratio of earnings to fixed charges
Six months ended Year ended
September 30, March 31,
1996 1995 1996 1995
Fixed Charges:
Interest
Expensed $ 221,784 $ 150,650 $ 468,483 $ 265,272
Capitalized 569,588 -- 1,116,840 --
Interest Portion
of Rental Expense 3,056 27,838 6,120 56,000
Total Fixed Charges $ 794,426 $ 178,488 $ 1,291,443 $ 321,272
Pre-Tax Loss from
Continuing Operations ($1,806,220) ($1,850,155) ($6,511,632) ($ 378,394)
Add Fixed Charges:
Interest Expenses $ 221,784 150,650 168,483 265,272
Interest Portion
of Rental Expense 3,056 27,838 6,120 56,000
$ 224,840 $ 178,488 $ 174,603 $ 321,272
Coverage (Deficiency) $ 1,581,380 $ 1,671,667 $6,337,029 $ 57,122
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Exhibit C
Preliminary
Calculation of Book Value for
Common Shares:
As of As of
September 30, 1996 March 31, 1996
Total Stockholders' Equity $ 2,963,215 $ 2,301,353
Total Common Shares Outstanding 40,481,570 10,350,460
Book Value per Common Share $ .07 $ .22
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