<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------------------------
FORM 10-Q/A
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
---------------------------------
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition from to
-------------------- --------------------
Commission file number 0-4979
---------
SQUARE INDUSTRIES, INC.
- -------------------------------------------------------------------------------
(Exact name of Registrant as specified in its Charter)
NEW YORK 13-2610905
- ------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
921 Bergen Avenue, Jersey City, New Jersey 07306
- ------------------------------------------- ------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (201) 798-0090
-----------------
Not Applicable
- -------------------------------------------------------------------------------
Former name, former address and former fiscal year,
if changed since last report
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 issuer was
required to file such reports), and (2) has been subject to filing requirements
for the past 90 days.
Yes X No
----- -----
Shares of Common Stock outstanding at June 30, 1996: 1,179,156
<PAGE>
This Amendment contains the amended Consolidated Statements of Cash Flows which
has been revised to include the information as to the increase in cash resulting
from the change in trade and other receivables.
1
<PAGE>
SQUARE INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
For The Six Months Ended
June 30,
1996 1995
----------- -----------
<S> <C> <C>
Cash Flows From Operating Activities:
Net earnings 1,382,000 354,000
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Amortization of:
Refinancing costs 162,000 -0-
Deferred expenses 15,000 20,000
Lease acquisition costs 9,000 9,000
Interest accrual 422,000 -0-
Depreciation and amortization 660,000 789,000
Deferred tax asset (400,000) -0-
Equity adjustment for foreign currency translations 34,000 (2,000)
Increase (decrease) in cash from
changes in assets and liabilities:
Trade and other receivables 287,000 386,000
Prepaid expenses and other current assets 311,000 (191,000)
Prepaid and refundable income taxes 135,000 (84,000)
Deferred expenses, net 81,000 (1,222,000)
Security deposits and other assets (303,000) (205,000)
Accounts payable, accrued expenses,
accrued local rent tax and other liabilities (223,000) 279,000
Deferred rent 204,000 288,000
Security deposits - customers 4,000 23,000
--------- ---------
Net cash provided by operating activities 2,780,000 444,000
--------- ---------
</TABLE>
2
<PAGE>
SQUARE INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
For The Six Months Ended
June 30,
-----------------------------
1996 1995
----------- -----------
<S> <C> <C>
Cash Flows From Investing Activities:
Additions to land, buildings, equipment
and improvements $(1,475,000) $(780,000)
----------- ----------
Net cash used in investing activities (1,475,000) (780,000)
----------- ----------
Cash Flows From Financing Activities:
Proceeds from borrowings 454,000 1,700,000
Payments and current maturities on long-term debt (64,000) (1,081,000)
Proceeds from exercise of stock options and warrants 44,000 1,000
----------- ----------
Net cash provided by financing activities 434,000 620,000
----------- ----------
Net Increase in Cash 1,739,000 284,000
Cash, Beginning of Period 1,533,000 1,226,000
----------- ----------
Cash, End of Period $3,272,000 $1,510.000
========== ==========
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest 868,000 1,005,000
Income taxes, net of refunds received 592,000 574,000
Supplemental Schedule of Noncash Financing Activities:
</TABLE>
In March 1995, an officer/stockholder agreed to satisfy the balance of his note
receivable to the Company including accrued interest of $57,637 by transferring
as of March 16, 1995, 39,196 shares of common stock to the Company. The market
value of the stock at the date of the transfer was $176,382. As a result of this
payment, the Company issued to the officer/stockholder 12,500 shares of common
stock.
See accompanying notes to financial statements
3
<PAGE>
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.
SQUARE INDUSTRIES, INC.
Date: August 15, 1996 /s/ Sanford Harwood
------------------------------------
Sanford Harwood
Assistant Chairman
/s/ John Kowal
------------------------------------
John Kowal
Chief Financial Officer
4
