Form 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[ X ]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1997
OR
[ ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _________________
Commission file number: 1-12754
O'SULLIVAN INDUSTRIES HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware 43-1659062
(State or other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.)
1900 Gulf Street, Lamar, Missouri 64759-1899
(Address of principal executive offices) (ZIP Code)
(417) 682-3322
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [ X ] No [ ]
As of May 6, 1998, 16,045,850 shares of Common Stock of
O'Sullivan Industries Holdings, Inc., par value $1.00 per share,
and associated preferred stock purchase rights were outstanding.
PART II
-------
O'Sullivan Industries Holdings, Inc. (the "Company") or the ("registrant")
hereby amends its Quarterly Report on Form 10-Q for the quarter ended
December 31, 1997 by (i) amending Item 6 of Part II of such report to read
as stated below and (ii) adding Exhibits 27.1 through 27.5 in the respective
forms thereof attached hereto. The restated financial data schedules attached
as Exhibits 27.1 through 27.5 reflect the Company's adoption of Statement of
Financial Accounting Standards No. 128, Earnings per Share.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits:
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
<S> <C>
3.1 & 4.1 Certificate of Incorporation of the Company
(incorporated by reference from Exhibit 3.1 to
Registration Statement on Form S-1 (File No. 33-72120))
3.2 & 4.2 Bylaws of the Company (incorporated by reference
from Exhibit 3.2 to Registration Statement on
Form S-1 (File No. 33-72120))
4.3 Specimen Stock Certificate of the Company
(incorporated by reference from Exhibit 4.1 to
Amendment No. 3 to Registration Statement on
Form S-1 (File No. 33-72120))
4.4 Rights Agreement dated as of February 1, 1994
between the Company and the First National Bank
of Boston, as Rights Agent (incorporated by
reference from Exhibit 4.4 to Quarterly Report
on Form 10-Q for the quarter ended March 31,
1994 (File No. 1-12754))
27 Financial Data Schedule (incorporated by reference from
Exhibit 27 to Quarterly Report on Form 10-Q for the
quarter ended December 31, 1997 (File No. 1-12754))
27.1 Restated Data Schedule for the three months ended
September 30, 1996
27.2 Restated Data Schedule for the six months ended
December 31, 1996
27.3 Restated Data Schedule for the nine months ended
March 31, 1997
27.4 Restated Data Schedule for the fiscal year ended
June 30, 1997
27.5 Restated Data Schedule for the three months ended
September 30, 1997
(b) Reports on Form 8-K:
None
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, thereunto duly authorized.
O'SULLIVAN INDUSTRIES HOLDINGS, INC.
Date: May 8, 1998 By: /s/ Richard D. Davidson
President and
Chief Operating Officer
Date: May 8, 1998 By: /s/ Terry L. Crump
Executive Vice President
and Chief Financial Officer
(Principal Financial and
Accounting Officer)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
EXHIBIT 27.1
THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FINANCIAL STATEMENTS OF O'SULLIVAN INDUSTRIES HOLDINGS, INC. FOR THE PERIOD
ENDED SEPTEMBER 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 1,966
<SECURITIES> 0
<RECEIVABLES> 64,650
<ALLOWANCES> 2,162
<INVENTORY> 38,002
<CURRENT-ASSETS> 104,716
<PP&E> 114,603
<DEPRECIATION> 46,162
<TOTAL-ASSETS> 219,163
<CURRENT-LIABILITIES> 30,454
<BONDS> 30,000
0
0
<COMMON> 16,820
<OTHER-SE> 127,955
<TOTAL-LIABILITY-AND-EQUITY> 219,163
<SALES> 83,126
<TOTAL-REVENUES> 83,126
<CGS> 60,574
<TOTAL-COSTS> 60,574
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 718
<INCOME-PRETAX> 5,634
<INCOME-TAX> 2,158
<INCOME-CONTINUING> 3,476
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,476
<EPS-PRIMARY> 0.21
<EPS-DILUTED> 0.21
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
EXHIBIT 27.2
THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FINANCIAL STATEMENTS OF O'SULLIVAN INDUSTRIES HOLDINGS, INC. FOR THE PERIOD
ENDED DECEMBER 31, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 10,378
<SECURITIES> 0
<RECEIVABLES> 58,935
<ALLOWANCES> 2,006
<INVENTORY> 43,761
<CURRENT-ASSETS> 113,377
<PP&E> 113,611
<DEPRECIATION> 44,996
<TOTAL-ASSETS> 227,582
<CURRENT-LIABILITIES> 34,444
<BONDS> 30,000
0
0
<COMMON> 16,820
<OTHER-SE> 132,384
<TOTAL-LIABILITY-AND-EQUITY> 227,582
<SALES> 163,719
<TOTAL-REVENUES> 163,719
<CGS> 117,541
<TOTAL-COSTS> 117,541
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,315
<INCOME-PRETAX> 13,047
<INCOME-TAX> 4,997
<INCOME-CONTINUING> 8,050
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,050
<EPS-PRIMARY> 0.48
<EPS-DILUTED> 0.47
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
EXHIBIT 27.3
THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FINANCIAL STATEMENTS OF O'SULLIVAN INDUSTRIES HOLDINGS, INC. FOR THE PERIOD
ENDED MARCH 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> MAR-31-1997
<CASH> 10,260
<SECURITIES> 0
<RECEIVABLES> 58,244
<ALLOWANCES> 1,850
<INVENTORY> 40,110
<CURRENT-ASSETS> 109,714
<PP&E> 118,512
<DEPRECIATION> 46,823
<TOTAL-ASSETS> 226,576
<CURRENT-LIABILITIES> 29,556
<BONDS> 30,000
0
0
<COMMON> 16,820
<OTHER-SE> 136,266
<TOTAL-LIABILITY-AND-EQUITY> 226,576
<SALES> 241,224
<TOTAL-REVENUES> 241,224
<CGS> 172,724
<TOTAL-COSTS> 172,724
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,834
<INCOME-PRETAX> 19,330
<INCOME-TAX> 7,385
<INCOME-CONTINUING> 11,945
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,945
<EPS-PRIMARY> 0.71
<EPS-DILUTED> 0.70
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
EXHIBIT 27.4
THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FINANCIAL STATEMENTS OF O'SULLIVAN INDUSTRIES HOLDINGS, INC. FOR THE PERIOD
ENDED JUNE 30, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<CASH> 6,975
<SECURITIES> 0
<RECEIVABLES> 61,819
<ALLOWANCES> 3,158
<INVENTORY> 44,158
<CURRENT-ASSETS> 112,928
<PP&E> 119,566
<DEPRECIATION> 44,643
<TOTAL-ASSETS> 232,607
<CURRENT-LIABILITIES> 30,883
<BONDS> 30,000
0
0
<COMMON> 16,820
<OTHER-SE> 139,970
<TOTAL-LIABILITY-AND-EQUITY> 232,607
<SALES> 321,490
<TOTAL-REVENUES> 321,490
<CGS> 230,578
<TOTAL-COSTS> 230,578
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,327
<INCOME-PRETAX> 26,448
<INCOME-TAX> 10,050
<INCOME-CONTINUING> 16,398
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 16,398
<EPS-PRIMARY> 0.98
<EPS-DILUTED> 0.96
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
EXHIBIT 27.5
THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FINANCIAL STATEMENTS OF O'SULLIVAN INDUSTRIES HOLDINGS, INC. FOR THE PERIOD
ENDED SEPTEMBER 30, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 2,077
<SECURITIES> 0
<RECEIVABLES> 66,060
<ALLOWANCES> 3,535
<INVENTORY> 45,739
<CURRENT-ASSETS> 113,225
<PP&E> 128,852
<DEPRECIATION> 46,224
<TOTAL-ASSETS> 240,192
<CURRENT-LIABILITIES> 34,914
<BONDS> 32,500
0
0
<COMMON> 16,820
<OTHER-SE> 141,024
<TOTAL-LIABILITY-AND-EQUITY> 240,192
<SALES> 77,141
<TOTAL-REVENUES> 77,141
<CGS> 54,403
<TOTAL-COSTS> 54,403
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 473
<INCOME-PRETAX> 5,724
<INCOME-TAX> 2,121
<INCOME-CONTINUING> 3,603
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,603
<EPS-PRIMARY> 0.22
<EPS-DILUTED> 0.21
</TABLE>
