<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 1 TO
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM APRIL 1, 1995 TO JANUARY 31, 1996
COMMISSION FILE NUMBER 0-22232
THE MAXIM GROUP, INC.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 58-2060334
- ------------------------------- -----------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
210 Town Park Drive, Kennesaw, Georgia 30144
- ---------------------------------------- ---------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (770) 590-9369
---------------------
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name on each exchange on which registered
None None
- ----------------------------- -----------------------------------------
Securities registered pursuant to Section 12(g) of the Act:
Common Stock $.001 par value
- -------------------------------------------------------------------------------
(Title of class)
<PAGE> 2
The undersigned Registrant hereby amends the following terms, financial
statements, exhibits, or other portions of its Transition Report on Form 10-K
for the ten months transition period ended January 31, 1996, as set forth
below:
Part IV, Item 13(a) of the above-referenced Form 10-K is amended to
include as Exhibit 99 the information required by Form 11-K with respect
to The Maxim Group 401(k) Plan (the "Plan"), which exhibit is filed
as part of the above-referenced Form 10-K in lieu of a separate filing of
an Annual Report on Form 11-K for the Plan for the fiscal year ended
March 31, 1996, in accordance with Rule 15d-21.
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.
THE MAXIM GROUP, INC.
By: /s/ A. J. Nassar
-------------------------------------
A.J. Nassar
President and Chief Executive Officer
Date: October 9, 1996
<PAGE> 1
EXHIBIT 99
Information required by Form 11-K with respect to The Maxim Group 401(k)
Plan for the fiscal year ended March 31, 1996:
1. The following financial statements are furnished for
the above-referenced Plan:
a. Reports of Independent Public Accountants
b. Statements of Net Assets Available for Benefits, With
Fund Information--March 31, 1996 and 1995
c. Statement of Changes in Net Assets Available for
Benefits, With Fund Information, for the Year Ended March 31,
1996
d. Notes to Financial Statements and Schedules
e. Schedule I--Schedule of Assets Held for Investment
Purposes
f. Schedule II--Schedule of Reportable Transactions
2. Exhibits
a. Consent of Independent Public Accountants--Arthur
Andersen LLP
b. Consent of Independent Public Accountants--KPMG Peat
Marwick LLP
<PAGE> 2
THE MAXIM GROUP 401(K) PLAN
FINANCIAL STATEMENTS AND SCHEDULES
AS OF MARCH 31, 1996 AND 1995
TOGETHER WITH
AUDITORS' REPORT
<PAGE> 3
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
The Maxim Group, Inc.:
We have audited the accompanying statement of net assets available for benefits
of THE MAXIM GROUP 401(K) PLAN as of March 31, 1996 and the related statement
of changes in net assets available for benefits for the year ended March 31,
1996. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our audit. The accompanying statement of net assets
available for benefits of The Maxim Group 401(k) Plan as of March 31, 1995 was
audited by other auditors whose report thereon dated September 15, 1995
expressed an unqualified opinion on that statement.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of The Maxim Group
401(k) Plan as of March 31, 1996 and the changes in net assets available for
benefits for the year ended in conformity with generally accepted accounting
principles.
Our audit was performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes and reportable transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The fund information in
the statement of net assets available for benefits and the statement of changes
in net assets available for benefits is presented for the purpose of additional
analysis rather than to present the net assets available for benefits and
changes in net assets available for benefits of each fund. The supplemental
schedules and the fund information have been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Atlanta, Georgia
October 2, 1996
<PAGE> 4
INDEPENDENT AUDITORS' REPORT
To the Board Of Directors
The Maxim Group, Inc.:
We have audited the accompanying statement of net assets available for benefits
with investment fund information of The Maxim Group 401 (k) Plan as of March
31, 1995 and the related statement of changes in net assets available for
benefits with investment fund information for the year then ended. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of The Maxim Group
401(k) Plan as of March 31, 1995 and the changes in net assets available for
benefits for the year then ended, in conformity with generally accepted
accounting principles.
Our audit was performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes and reportable transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements, but are supplementary information required by the
Department of Labor Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The fund information in
the statement of net assets available for benefits and the statement of changes
in net assets available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for benefits and
changes in net assets available for benefits of each fund. The supplemental
schedules and the fund information have been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
KPMG Peat Marwick LLP
Atlanta, Georgia
September 15, 1995
<PAGE> 5
THE MAXIM GROUP 401(K) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
MARCH 31, 1996
<TABLE>
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------------
FEDERAL
THE MAXIM GLOBAL SECURITIES
GROUP, INC. GROWTH ALLOCATION TRUST CAPITAL
STOCK FUND FUND FUND FUND FUND
----------- ---------- ------------ ------------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value (Notes 1 and 3):
Securities of participating employer $1,567,274 $ 0 $ 0 $ 0 $ 0
Mutual funds 0 671,602 588,130 91,653 629,770
Money market fund 0 0 0 0 0
Loans to participants 0 0 0 0 0
Investment, at contract value:
Fixed income collective trust 0 0 0 0 0
---------- -------- -------- ------- --------
Total investments 1,567,274 671,602 588,130 91,653 629,770
Cash 0 0 0 0 0
Accrued interest 0 0 0 0 0
Contributions receivable from participants 0 0 0 0 0
Contributions receivable from employer 0 0 0 0 0
---------- -------- -------- ------- --------
Total assets 1,567,274 671,602 588,130 91,653 629,770
---------- -------- -------- ------- --------
LIABILITIES:
Due to broker for securities purchased (131) 22,409 14,139 3,558 14,198
---------- -------- -------- ------- --------
NET ASSETS AVAILABLE FOR BENEFITS $1,567,405 $649,193 $573,991 $88,095 $615,572
========== ======== ======== ======= ========
</TABLE>
<TABLE>
FUND INFORMATION
-----------------------------
RETIREMENT
PRESERVATION
TRUST PARTICIPANTS'
FUND LOANS OTHER TOTAL
------------ ------------- ---------- ---------
<C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value (Notes 1 and 3):
Securities of participating employer $ 0 $ 0 $ 0 $1,567,274
Mutual funds 0 0 0 1,981,155
Money market fund 0 0 494,967 494,967
Loans to participants 0 94,645 0 94,645
Investment, at contract value:
Fixed income collective trust 362,513 0 0 362,513
-------- ------- -------- ----------
Total investments 362,513 94,645 494,967 4,500,554
Cash 0 0 85,625 85,625
Accrued interest 0 0 351 351
Contributions receivable from participants 0 0 92,500 92,500
Contributions receivable from employer 0 0 18,750 18,750
-------- ------- -------- ----------
Total assets 362,513 94,645 692,193 4,697,780
-------- ------- -------- ----------
LIABILITIES:
Due to broker for securities purchased 3,218 0 0 57,391
-------- ------- -------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $359,295 $94,645 $692,193 $4,640,389
======== ======= ======== ==========
</TABLE>
The accompanying notes are an integral part of this statement.
<PAGE> 6
THE MAXIM GROUP 401(K) PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
MARCH 31, 1995
<TABLE>
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------------------------------
FEDERAL RETIREMENT
THE MAXIM GLOBAL SECURITIES PRESERVATION
GROUP, INC. GROWTH ALLOCATION TRUST CAPITAL TRUST
STOCK FUND FUND FUND FUND FUND FUND
----------- --------- ------------ -------------- ----------- --------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments (Notes 1 and 3):
Securities of participating employer $1,576,145 $ 0 $ 0 $ 0 $ 0 $ 0
Mutual funds 0 403,213 426,815 43,355 370,872 0
Money market funds 0 0 0 0 0 0
Loans to participants 0 0 0 0 0 0
Investment, at contract value:
Fixed income collective trust 0 0 0 0 0 349,282
---------- -------- -------- ------- -------- --------
Total investments 1,576,145 403,213 426,815 43,355 370,872 349,282
Cash 0 0 0 0 0 0
Accrued interest 0 0 0 0 0 0
Contributions receivable from participants 0 0 0 0 0 0
Contributions receivable from employer 0 0 0 0 0 0
---------- -------- -------- ------- -------- --------
Total assets 1,576,145 403,213 426,815 43,355 370,872 349,282
---------- -------- -------- ------- -------- --------
LIABILITIES:
Due to broker for securities purchased 0 0 0 0 0 0
Excess contributions due to participants 0 0 0 0 0 0
---------- -------- -------- ------- -------- --------
Total liabilities 0 0 0 0 0 0
---------- -------- -------- ------- -------- --------
NET ASSETS AVAILABLE FOR BENEFITS $1,576,145 $403,213 $426,815 $43,355 $370,872 $349,282
========== ======== ======== ======= ======== ========
</TABLE>
<TABLE>
FUND
INFORMATION
---------------
PARTICIPANTS'
LOANS OTHER TOTAL
------------- ---------- ----------
<C> <C> <C> <C>
ASSETS:
Investments (Notes 1 and 3):
Securities of participating employer $ 0 $ 0 $1,576,145
Mutual funds 0 0 1,244,255
Money market funds 0 196,486 196,486
Loans to participants 90,417 0 90,417
Investment, at contract value:
Fixed income collective trust 0 0 349,282
------- -------- ----------
Total investments 90,417 196,486 3,456,585
Cash 0 33 33
Accrued interest 0 91 91
Contributions receivable from participants 0 68,105 68,105
Contributions receivable from employer 0 5,536 5,536
------- -------- ----------
Total assets 90,417 270,251 3,530,350
------- -------- ----------
LIABILITIES:
Due to broker for securities purchased 0 39,789 39,789
Excess contributions due to participants 0 14,137 14,137
------- -------- ----------
Total liabilities 0 53,926 53,926
------- -------- ----------
NET ASSETS AVAILABLE FOR BENEFITS $90,417 $216,325 $3,476,424
======= ======== ==========
</TABLE>
The accompanying notes are an integral part of this statement.
<PAGE> 7
THE MAXIM GROUP 401(K) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
FOR THE YEAR ENDED MARCH 31, 1996
<TABLE>
<CAPTION>
FUND INFORMATION
------------------------------------------------------------------------------------------
FEDERAL RETIREMENT
THE MAXIM GLOBAL SECURITIES PRESERVATION
GROUP, INC. GROWTH ALLOCATION TRUST CAPITAL TRUST PARTICIPANTS'
STOCK FUND FUND FUND FUND FUND FUND LOANS
------------ -------- ---------- ------------ ------- ------------ ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Net (depreciation) appreciation
in fair value of investments $ (65,699) $ 60,273 $ 64,851 $ 646 $ 44,123 $ 0 $ 0
Interest and dividend income 0 49,317 36,231 3,760 56,675 31,918 0
---------- -------- -------- ------- -------- -------- -------
Total investment income (65,699) 109,590 101,082 4,406 100,798 31,918 0
---------- -------- -------- ------- -------- -------- -------
CONTRIBUTIONS:
Contributions by employer 48,095 39,014 25,973 7,812 27,332 8,160 0
Contributions by employees 112,485 173,578 109,128 32,887 113,425 10,900 0
---------- -------- -------- ------- -------- -------- -------
Total contributions 160,580 212,592 135,101 40,699 140,757 19,060 0
---------- -------- -------- ------- -------- -------- -------
LOAN REPAYMENTS 2,232 975 1,043 0 522 0 (4,772)
---------- -------- -------- ------- -------- -------- -------
BENEFITS PAID TO PARTICIPANTS (182,508) (27,274) (20,301) (1,982) (20,478) (50,244) 0
---------- -------- -------- ------- -------- -------- -------
LOAN DISTRIBUTIONS (9,000) 0 0 0 0 0 9,000
---------- -------- -------- ------- -------- -------- -------
INTERFUND TRANSFERS 85,655 (49,903) (69,749) 1,617 23,101 9,279 0
---------- -------- -------- ------- -------- -------- -------
Net (decrease) increase (8,740) 245,980 147,176 44,740 244,700 10,013 4,228
---------- -------- -------- ------- -------- -------- -------
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 1,576,145 403,213 426,815 43,355 370,872 349,282 90,417
---------- -------- -------- ------- -------- -------- -------
End of year $1,567,405 $649,193 $573,991 $88,095 $615,572 $359,295 $94,645
========== ======== ======== ======= ======== ======== =======
</TABLE>
<TABLE>
OTHER TOTAL
--------- ----------
<C> <C> <C>
INVESTMENT INCOME:
Net (depreciation) appreciation
in fair value of investments $ 0 $ 104,194
Interest and dividend income 0 177,901
-------- ----------
Total investment income 0 282,095
-------- ----------
CONTRIBUTIONS:
Contributions by employer 13,214 169,600
Contributions by employees 462,654 1,015,057
-------- ----------
Total contributions 475,868 1,184,657
-------- ----------
LOAN REPAYMENTS 0 0
-------- ----------
BENEFITS PAID TO PARTICIPANTS 0 (302,787)
-------- ----------
LOAN DISTRIBUTIONS 0 0
-------- ----------
INTERFUND TRANSFERS 0 0
-------- ----------
Net (decrease) increase 475,868 1,163,965
-------- ----------
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 216,325 3,476,424
-------- ----------
End of year $692,193 $4,640,389
======== ==========
</TABLE>
The accompanying notes are an integral part of this statement.
<PAGE> 8
THE MAXIM GROUP 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS AND SCHEDULES
MARCH 31, 1996 AND 1995
1. DESCRIPTION OF PLAN
The following description of The Maxim Group 401(k) Plan (the "Plan") is
provided for general information purposes only. Participants should refer
to the plan document for more complete information.
GENERAL
The Plan is a defined contribution plan covering substantially all eligible
employees of The Maxim Group, Inc. and its wholly owned subsidiaries (the
"Company") after one year of employment. The Plan was adopted effective
April 1, 1994 and is subject to certain provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA"), as amended.
CONTRIBUTIONS
Participants can elect to contribute up to 20% of their pretax salary to
the Plan subject to certain limitations of the Internal Revenue Code. The
Company provides matching contributions equal to 25% of the first 6% of
compensation a participant defers as a pretax contribution.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's contribution,
the Company's matching contribution, and an allocation of investment
earnings. Investment earnings are allocated to participants based on
proportionate account balances in individual investment funds.
VESTING
Participants are at all times 100% vested in their own pretax
contributions. After one year of employment, participants vest ratably
over five years in the Company's matching contribution, such that they
become fully vested after six years of service.
FORFEITURES
Terminated participants' nonvested balances are forfeited and reduce future
matching contributions of the Company. Such forfeitures amounted to
$14,265 in 1996.
PAYMENT OF BENEFITS
Participants receive a lump-sum distribution equal to the value of his/her
vested account upon retirement, disability, death, termination of
employment, or termination of the Plan. Withdrawals may also be made in
the event of hardship, as defined in the plan document.
<PAGE> 9
INVESTMENT OPTIONS
Each participant in the Plan may elect to have contributions invested in
any one or combination of the following investment options:
THE MAXIM GROUP, INC. STOCK FUND
This fund invests exclusively in the common stock of the Company.
GROWTH FUND
The Growth Fund invests in the Merrill Lynch Growth Fund for
Investment and Retirement, which invests in the common stock of
companies that feature above-average long-term growth prospects.
GLOBAL ALLOCATION FUND
The Global Allocation Fund invests in the Merrill Lynch Global
Allocation Fund, which invests in stocks and bonds of multinational
companies in order to take advantage of investment opportunities
around the world without taking inordinate amounts of risk.
FEDERAL SECURITIES TRUST FUND
The Federal Securities Trust Fund invests in the Merrill Lynch
Federal Securities Trust Fund, which invests primarily in U.S.
government obligations.
CAPITAL FUND
The Capital Fund invests in the Merrill Lynch Capital Fund, which
invests in stocks and bonds of companies that feature above-average
returns without taking inordinate amounts of risk.
MERRILL LYNCH RETIREMENT PRESERVATION TRUST
This fund invests primarily in guaranteed investment contracts
("GICs") and U.S. government agency securities. The objective of
this fund is to provide preservation of capital, liquidity, and
current income.
OTHER
Unallocated participant funds are held in a money fund account until it can
be invested or dispensed accordingly.
LOANS
Participants may borrow funds from their accounts subject to certain
limitations under ERISA. Repayment of loans must be made at least
quarterly and must be completed within five years, unless the loan was for
the purchase of a residence.
<PAGE> 10
PLAN TERMINATION
Although the Company has not expressed any intent to do so, it has the
right to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event the Plan terminates,
each participant shall become fully vested in the benefits earned as of the
termination date.
ADMINISTRATIVE EXPENSES
Administrative expenses of the Plan are paid by the Company.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying financial statements have been prepared on the accrual
basis of accounting and present the Plan's net assets available for
benefits and changes in those net assets.
INVESTMENTS
Investments are recorded primarily at fair value as determined by
quotations of national securities exchanges. Purchases and sales of
investment securities are recorded on a trade date basis. The average cost
method is used in determining the cost of investments sold.
American Institute of Certified Public Accountants Statement of Position
("SOP") 94-4, "Reporting of Investment Contracts Held by Health and Welfare
Benefit Plans and Defined Contribution Pension Plans," requires reporting
of investment contracts that are fully benefit-responsive at contract
value. The Plan adopted this SOP effective January 1, 1995. The Plan's
investments in the Merrill Lynch Retirement Preservation Trust Fund are
fully benefit-responsive and are presented at contract value on the
accompanying statement of net assets available for benefits, with fund
information.
The contract value approximates fair value as of December 31, 1995. The
crediting interest rate was 6.57% at December 31, 1995 and the yield was
6.40% for the year ended December 31, 1995.
<PAGE> 11
3. INVESTMENTS
The following investments represent 5% or more of the Plan's net assets as
of March 31, 1996 and 1995:
<TABLE>
<CAPTION>
1996 1995
---------- ----------
<S> <C> <C>
The Maxim Group, Inc. common stock $1,567,274 $1,576,145
Mutual funds administered by Merrill Lynch:
Growth Fund 671,602 403,213
Global Allocation Fund 588,130 426,815
Capital Fund 629,770 370,872
Other funds administered by Merrill Lynch:
Retirement Preservation Trust Fund 362,513 349,282
CMA Money Fund 494,967 196,486
</TABLE>
4. FEDERAL INCOME TAXES
The plan administrator believes that the Plan is currently designed and
operated in compliance with the applicable requirements of the Internal
Revenue Code and, therefore, qualifies for a tax-exempt status for federal
income tax purposes. The Plan received a favorable determination letter
from the Internal Revenue Service on November 1, 1995. Accordingly, no
provision for federal income taxes has been made in the accompanying
financial statements. Under the applicable provisions of the Internal
Revenue Code, a participant will not be subject to federal income tax on
either employer contributions or earnings of the Plan until such time as
distributions are made to the participant.
<PAGE> 12
SCHEDULE I
THE MAXIM GROUP 401(K) PLAN
ITEM 27A--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER
OF
INVESTMENT SHARES COST MARKET
------------------------------------------------------ ------- ---------- ----------
<S> <C> <C> <C> <C>
COMMON STOCKS:
* The Maxim Group, Inc. 131,981 $1,804,471 $1,567,274
MUTUAL FUNDS:
* Merrill Lynch Growth Fund 31,874 606,903 671,602
* Merrill Lynch Global Allocation Fund 41,418 542,174 588,130
* Merrill Lynch Federal Securities Trust Fund 9,576 90,153 91,653
* Merrill Lynch Capital Fund 20,785 578,131 629,770
* Merrill Lynch Retirement Preservation Trust Fund
362,513 362,513 362,513
* CMA Money Fund 494,967 494,967 494,967
OTHER:
* Loans to participants, with interest rates
ranging from 9% to 9.5% 94,645 94,645
---------- ----------
$4,573,957 $4,500,554
========== ==========
</TABLE>
*Represents parties in interest.
The accompanying notes are an integral part of this schedule.
<PAGE> 13
SCHEDULE I
THE MAXIM GROUP 401(K) PLAN
ITEM 27D--SCHEDULE OF REPORTABLE TRANSACTIONS (A)
FOR THE YEAR ENDED MARCH 31, 1996
<TABLE>
<CAPTION>
PURCHASES SALES
----------------------- --------------------------------------------------
NUMBER OF NUMBER OF SELLING GAIN
DESCRIPTION OF ASSETS TRANSACTIONS COST TRANSACTIONS COST PRICE (LOSS)
-------------------------------------- ------------ ----------- ------------ ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
SECURITIES OF PARTICIPATING
EMPLOYER:
* The Maxim Group, Inc. common stock 126 $ 495,171 63 $ 636,591 $ 595,510 $(41,081)
MUTUAL FUNDS:
* Merrill Lynch Growth Fund 121 327,780 55 131,128 151,376 20,248
* Merrill Lynch Global Allocation Fund 119 246,152 59 151,703 157,078 5,375
* Merrill Lynch Capital Fund 114 267,197 52 69,769 76,314 6,545
MONEY MARKET FUND:
* CMA Money Fund 111 1,479,119 133 1,180,638 1,180,638 0
</TABLE>
*Represents parties in interest to the Plan.
(a) Represents a transaction or a series of transactions in
excess of 5% of the current value of plan assets as of the
beginning of the year.
The accompanying notes are an integral part of this schedule.
<PAGE> 14
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
The Maxim Group, Inc.:
As independent public accounts, we hereby consent to the incorporation by
reference of our report dated October 2, 1996 which appears in this Form 11-K,
Amendment No. 1 to the Transition Report on Form 10-K/A for the ten-month
period ended January 31, 1996 of The Maxim Group, Inc. into the Company's
previously filed registration statement on Form S-8.
ARTHUR ANDERSEN LLP
Atlanta, Georgia
October 9, 1996
<PAGE> 15
INDEPENDENT AUDITORS' CONSENT
To the Board Of Directors
The Maxim Group, Inc.:
We consent to incorporation by reference in the registration statement on Form
S-8 for The Maxim Group 401(k) Plan of our report dated September 15, 1995,
relating to the statement of net assets available for benefits, with fund
information of The Maxim Group 401(k) Plan as of March 31, 1995, which report
appears in the Form 11-K, Amendment No. 1 to the Transition Report on Form
10-K/A for the 10-month period ended January 31, 1996 of The Maxim Group, Inc.
KPMG Peat Marwick LLP
Atlanta, Georgia
October 9, 1996
<PAGE> 16
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Plan has caused this annual report to be signed on the 9th day of October 1996,
by the undersigned thereunto duly authorized.
THE MAXIM GROUP 401(k) PLAN
By: /s/ Thomas P. Leahey
---------------------------------
Thomas P. Leahey
Executive Vice President, Finance
(Plan Administrator)
