<PAGE>
- ----------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------
FORM 10-K/A
AMENDMENT NO. 1
to
(MARK ONE)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year 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 Numbers 0-676 and 0-16626
----------------------
THE SOUTHLAND CORPORATION
(Exact name of registrant as specified in its charter)
TEXAS 75-1085131
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2711 NORTH HASKELL AVE., DALLAS, TEXAS 75204-2906
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code, 214-828-7011
-----------------------
Securities registered pursuant to Section 12(b) of the Act:
NAME OF EACH EXCHANGE
TITLE OF EACH CLASS ON WHICH REGISTERED
------------------- ---------------------
NONE N/A
Securities Registered pursuant to Section 12(g) of the Act:
COMMON STOCK, $.0001 PAR VALUE
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 [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K. []
The aggregate market value of the voting stock held by non-affiliates
of the registrant was approximately $283,865,109 at March 6, 1998, based
upon 138,680,497 shares held by persons other than officers, directors and
5% owners.
APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Section 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities
under a plan confirmed by a court. Yes [ ] No [ ]
409,922,935 shares of Common Stock, $.0001 par value (the registrant's
only class of Common Stock), were outstanding as of March 6, 1998.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the following documents are incorporated by reference into
the listed Parts and Items of Form 10-K: Definitive Proxy Statement for
April 22, 1998 Annual Meeting of Shareholders: Part III, a portion of Item
10 and Items 11, 12 and 13.
===========================================================================
<PAGE>
EXPLANATORY STATEMENT
THE SOUTHLAND CORPORATION'S ANNUAL REPORT ON FORM 10-K FOR THE PERIOD ENDED
DECEMBER 31, 1997, IS BEING AMENDED IN ORDER TO INCLUDE AS EXHIBITS RESTATED
FINANCIAL DATA SCHEDULES FOR THE PERIODS AS REQUIRED IN REGULATION S-K, ITEM
601(c)(2)(iii). THE RESTATEMENT IS DUE TO A CHANGE IN ACCOUNTING
PRINCIPLES, SPECIFICALLY, STATEMENT OF FINANCIAL ACCOUNTING STANDARDS
NO. 128, "EARNINGS PER SHARE." IN ADDITION, THE RESTATED FINANCIAL DATA
SCHEDULES ARE ALSO BEING AMENDED, WHERE APPROPRIATE, TO REFLECT RESTATEMENT
OF CERTAIN NUMBERS THAT APPEARED IN THE SCHEDULES AS ORIGINALLY FILED.
PURSUANT TO ITEM 601(c)(1)(iv) OF REGULATION S-K, THE FINANCIAL DATA
SCHEDULE IS NOT DEEMED TO BE "FILED" FOR PURPOSES OF SECTION 11 OF THE
SECURITIES ACT OF 1933, AS AMENDED, OR SECTION 18 OF THE SECURITIES EXCHANGE
ACT OF 1934, AS AMENDED.
THE FOLLOWING ITEMS OR PARTS OF THE FORM 10-K FOR THE YEAR ENDED
DECEMBER 31, 1997, ARE HEREBY AMENDED AS FOLLOWS:
ITEM 14(a)(3), EXHIBIT 27
is amended by adding Exhibits 27.1 and 27.2, restating the Financial Data
Schedules for the year ended December 31, 1997 and the periods ended
March 31, June 30, and September 30, 1997 (Exhibit 27.1) and for the years
ended December 31, 1996 and 1995 and the periods ended March 31, June 30,
and September 30, 1996 (Exhibit 27.2).
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) 3. The following is a list of the Exhibits required to be filed by
Item 601 of Regulation S-K.
27.1 Restated Financial Data Schedule for December 31, 1997
and for the periods ended March 31, June 30, and
September 30, 1997
27.2 Restated Financial Data Schedule for the years ended
December 31, 1996 and 1995 and for the periods ended
March 31, June 30, and September 30, 1996
EXHIBITS 27.1 and 27.2 ARE FILED ELECTRONICALLY ONLY,
AND ARE NOT ATTACHED TO PRINTED REPORTS
<PAGE>
SIGNATURES
SIGNATURE
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 SOUTHLAND CORPORATION
Dated: May 4, 1998 /s/ Donald E. Thomas
--------------------------
(Donald E. Thomas)
Vice President and Controller
<PAGE>
INDEX TO EXHIBITS
27.1 Restated Financial Data Schedule for December 31, 1997
and for the periods ended March 31, June 30, and
September 30, 1997
27.2 Restated Financial Data Schedule for the years ended
December 31, 1996 and 1995 and for the periods ended
March 31, June 30, and September 30, 1996
EXHIBITS 27.1 and 27.2 ARE FILED ELECTRONICALLY ONLY,
AND ARE NOT ATTACHED TO PRINTED REPORTS
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 03-MOS 06-MOS 09-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-END> MAR-31-1997 JUN-30-1997 SEP-30-1997 DEC-31-1997
<CASH> 50,571 47,023 46,012 38,605
<SECURITIES> 0 0 0 0
<RECEIVABLES> 108,569 110,134 102,417 133,291
<ALLOWANCES> 5,582 5,682 5,926 6,796
<INVENTORY> 101,684 107,745 111,794 125,396
<CURRENT-ASSETS> 355,362 366,478 369,021 386,641
<PP&E> 2,608,511 2,646,273 2,694,245 2,768,174
<DEPRECIATION> 1,264,097 1,293,351 1,327,373 1,351,487
<TOTAL-ASSETS> 2,018,486 2,015,697 2,031,785 2,090,081
<CURRENT-LIABILITIES> 647,481 657,440 655,737 729,649
<BONDS> 1,963,152 1,927,381 1,901,977 1,894,545
<COMMON> 41 41 41 41
0 0 0 0
0 0 0 0
<OTHER-SE> (786,356) (759,530) (724,493) (721,568)
<TOTAL-LIABILITY-AND-EQUITY> 2,018,486 2,015,697 2,031,785 2,090,081
<SALES> 1,604,400 3,386,383 5,260,319 6,971,145
<TOTAL-REVENUES> 1,626,023 3,430,111 5,326,897 7,060,557
<CGS> 1,154,633 2,414,283 3,736,076 4,958,926
<TOTAL-COSTS> 1,154,633 2,414,283 3,736,076 4,958,926
<OTHER-EXPENSES> 438,288 918,418 1,415,620 1,896,206
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 23,899 45,714 67,872 90,130
<INCOME-PRETAX> 9,203 51,696 107,329 115,295
<INCOME-TAX> 3,681 20,544 42,706 45,253
<INCOME-CONTINUING> 5,522 31,152 64,623 70,042
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 5,522 31,152 64,623 70,042
<EPS-PRIMARY> 0.01 0.08 0.16 0.17
<EPS-DILUTED> 0.01 0.07 0.15 0.16
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C> <C>
<PERIOD-TYPE> 12-MOS 03-MOS 06-MOS 09-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1996 DEC-31-1996 DEC-31-1996 DEC-31-1996
<PERIOD-END> DEC-31-1995 MAR-31-1996 JUN-30-1996 SEP-30-1996 DEC-31-1996
<CASH> 43,047 84,331 69,457 46,431 36,494
<SECURITIES> 0 0 0 0 0
<RECEIVABLES> 112,082 108,831 109,953 100,442 114,422
<ALLOWANCES> 4,858 4,724 4,691 4,605 5,009
<INVENTORY> 102,020 105,279 106,241 101,419 109,050
<CURRENT-ASSETS> 356,107 400,264 387,647 351,623 350,900
<PP&E> 2,466,634 2,496,483 2,524,790 2,553,822 2,587,492
<DEPRECIATION> 1,130,851 1,158,641 1,182,333 1,214,248 1,237,653
<TOTAL-ASSETS> 2,081,117 2,119,678 2,094,455 2,036,935 2,039,148
<CURRENT-LIABILITIES> 720,127 788,841 778,934 729,387 674,932
<BONDS> 2,005,237 1,975,080 1,935,549 1,905,070 1,938,828
<COMMON> 41 41 41 41 41
0 0 0 0 0
0 0 0 0 0
<OTHER-SE> (880,833) (874,779) (843,405) (804,778) (788,996)
<TOTAL-LIABILITY-AND-EQUITY> 2,081,117 2,119,678 2,094,455 2,036,935 2,039,148
<SALES> 6,745,820 1,562,614 3,354,350 5,194,220 6,868,912
<TOTAL-REVENUES> 6,824,278 1,581,651 3,395,569 5,258,260 6,955,263
<CGS> 4,762,707 1,120,568 2,387,008 3,685,445 4,893,061
<TOTAL-COSTS> 4,762,707 1,120,568 2,387,008 3,685,445 4,893,061
<OTHER-EXPENSES> 1,874,460 428,867 902,572 1,381,886 1,841,174
<LOSS-PROVISION> 0 0 0 0 0
<INTEREST-EXPENSE> 85,582 23,068 46,196 68,326 90,204
<INCOME-PRETAX> 101,529 9,148 59,793 122,603 130,824
<INCOME-TAX> (66,065) 3,659 23,917 49,041 41,348
<INCOME-CONTINUING> 167,594 5,489 35,876 73,562 89,476
<DISCONTINUED> 0 0 0 0 0
<EXTRAORDINARY> 103,169 0 0 0 0
<CHANGES> 0 0 0 0 0
<NET-INCOME> 270,763 5,489 35,876 73,562 89,476
<EPS-PRIMARY> 0.66 <F1> 0.01 0.09 0.18 0.22
<EPS-DILUTED> 0.65 <F2> 0.01 0.08 0.17 0.20
<FN>
<F1> BASIC EPS FROM CONTINUING OPERATIONS (BEFORE EXTRAORDINARY ITEM) IS 0.41.
<F2> DILUTED EPS FROM CONTINUING OPERATIONS (BEFORE EXTRAORDINARY ITEM) IS 0.40.
</FN>
</TABLE>
