SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
[X] QUARTERLY REPORT PURSUANT TOECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
Commission File No. 0-25506
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
PST VANS, INC.
(Exact name of registrant as specified in its charter)
Utah 87-0411704
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No).
1901 West 2100 South
Salt Lake City, UT 84119
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: 801-975-2500
<PAGE> ii
PST VANS, INC.
This amendment is being filed to correct typographical errors which occurred
in the conversion to the EDGAR filing system for matters in Part I, Financial
Information, Item 1.
INDEX
PART I, FINANCIAL INFORMATION
Page
Number
Item 1. Financial Statements
Condensed Balance Sheets as of March 31, 1996 (unaudited)
and December 31, 1995 1
Condensed Statements of Income (unaudited) for the Three Months
Ended March 31, 1996 and 1995 2
Condensed Statements of Cash Flows (unaudited) for the
Three Months Ended March 31, 1996 and 1995 3
Notes to Condensed Financial Statements 5
<PAGE> 1
<TABLE>
PST VANS, INC.
CONDENSED BALANCE SHEETS
ASSETS
<CAPTION>
March 31, December 31,
1996 1995
(unaudited)
<S> <C> <C>
CURRENT ASSETS:
Cash $4,776,871 $4,249,981
Accounts receivable, net 15,377,528 16,235,574
Receivables from sale of equipment 939,649 -
Deposits 880,012 985,952
Prepaid expenses and other 3,376,451 4,088,996
Inventories and operating supplies 636,058 642,730
---------------- ------------
Total current assets 25,986,569 26,203,233
---------------- ------------
PROPERTY AND EQUIPMENT, net 69,690,186 73,253,423
---------------- ------------
GOODWILL, net 8,816,122 8,884,112
---------------- ------------
OTHER ASSETS, net 370,897 541,362
---------------- ------------
$104,863,774 $108,882,130
================ =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term obligations $ 1,730,509 $ 1,109,337
Current portion of capitalized lease obligation 10,906,653 10,736,025
Accounts payable 4,629,875 4,509,834
Current portion of accrued claims payable 4,136,287 3,656,381
Accrued liabilities 3,235,813 3,256,896
------------ ------------
Total current liabilities 24,639,137 23,268,473
------------ ------------
LONG-TERM ACCRUED CLAIMS PAYABLE,
net of current portion 2,362,139 2,321,686
------------ -----------
LONG-TERM OBLIGATIONS, net of current portion 2,532,959 4,031,690
------------ -----------
CAPITALIZED LEASE OBLIGATIONS,
net of current portion 48,861,661 51,655,247
------------ -----------
STOCKHOLDERS' EQUITY:
Common stock 4,209 4,209
Additional paid-in capital 49,731,276 49,731,276
Accumulated deficit (23,267,607) (22,130,451)
------------ ------------
Total stockholders' equity 26,467,878 27,605,034
------------ ------------
$104,863,774 $108,882,130
============= =============
See accompanying notes to condensed financial statements
</TABLE>
<PAGE> 2
<TABLE>
PST VANS, INC.
CONDENSED STATEMENTS OF INCOME
(Unaudited)
<CAPTION>
Three Months Ended March 31,
1996 1995
<S> <C> <C>
REVENUES $ 38,236,024 $ 36,291,779
----------------------------------
COSTS AND EXPENSES:
Salaries, wages and benefits 11,014,236 9,906,495
Purchased transportation 9,130,993 9,075,585
Fuel and fuel taxes 5,588,489 4,552,790
Revenue equipment lease expense 2,153,701 3,515,974
Maintenance 1,893,735 2,019,522
Insurance and claims 2,721,486 1,681,972
General supplies and expenses 1,312,115 1,432,291
Taxes and licenses 903,949 710,453
Communications and utilities 917,725 656,506
Depreciation and amortization 3,355,957 1,130,398
Amortization of goodwill 67,991 67,991
(Gain) loss on disposition of assets (1,009,044) 37,314
---------------------------------
38,051,333 34,787,291
---------------------------------
OPERATING INCOME 184,691 1,504,488
OTHER INCOME (EXPENSE):
Interest expense (1,364,732) (1,113,157)
Other, net 42,885 52,910
----------------------------------
(1,321,847) (1,060,247)
----------------------------------
(Loss) income before provision for
income taxes (1,137,156) 444,241
PROVISION FOR INCOME TAXES - (88,848)
----------------------------------
NET (LOSS) INCOME $ (1,137,156) $ 355,393
==================================
NET (LOSS) INCOME PER SHARE $ (0.27) $ 0.12
==================================
WEIGHTED AVERAGE SHARES OUTSTANDING 4,209,409 2,904,051
==================================
See accompanying notes to condensed financial statements
</TABLE>
<PAGE> 3
<TABLE>
PST VANS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Three Months Ended March 31,
1996 1995
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income $ (1,137,156) $ 355,393
----------------------------
Adjustments to reconcile net (loss) income to net
cash provided by operating activities -
Depreciation and amortization 3,423,948 1,198,389
Provision for losses on accounts receivable 239,427 236,716
(Gain) loss on sale of property and equipment (1,009,044) 37,314
(Increase) decrease in receivables (321,029) (1,303,809)
Decrease in deposits 105,940 1,905,076
Decrease in prepaid expenses and other 712,545 391,430
(Increase) decrease in inventories and
operating supplies 6,672 (139,200)
(Increase) decrease in other assets, net 170,465 (8,002)
Increase (decrease) in accounts payable 120,041 (443,417)
Increase (decrease) in accrued claims payable 745,883 (260,683)
Decrease in accrued liabilities (21,083) (990,476)
-----------------------------
Total adjustments 4,173,765 623,338
---------------------------
Net cash flows provided by operating activities 3,036,609 978,731
---------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment (364,500) (108,590)
Proceeds from sale of property and equipment 1,355,299 7,000
---------------------------
Net cash flows provided by (used in) investing
activities 990,799 (101,590)
--------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt (877,559) (1,535,819)
Principal payments on capitalized lease obligations (2,622,959) (805,641)
Decrease in advances from factor - (5,336,289)
Purchase of accounts receivable from factor - (9,063,711)
Proceeds from issuance of common stock, net - 21,678,648
--------------------------
Net cash flows (used in) provided by
financing activities (3,500,518) 4,937,188
--------------------------
NET INCREASE IN CASH 526,890 5,814,329
--------------------------
CASH AT BEGINNING OF PERIOD 4,249,981 765,200
--------------------------
CASH AT END OF PERIOD $ 4,776,871 $ 6,579,529
===========================
See accompanying notes to condensed financial statements
</TABLE>
<PAGE> 4
<TABLE>
PST VANS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Three Months Ended March 31,
1996 1995
----------------------------------
<S> <C> <C>
SUPPLEMENTAL DISCLOSURES OF CASH
FLOW INFORMATION:
Cash paid for -
Interest $ 1,371,136 $ 1,140,479
Income taxes 62,391 670,515
SUPPLEMENTAL SCHEDULE OF NONCASH
INVESTING AND FINANCING ACTIVITIES:
Equipment acquired through capitalized
leases obligations - 2,860,831
Common stock issued as payment of
long-term debt - 112,905
See accompanying notes to condensed financial statements
</TABLE>
<PAGE> 5
PST VANS, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
Note 1. Financial Information:
The accompanying condensed financial statements included herein have been
prepared by the Company, without audit, pursuant to the rules and regulations
of the Securities and Exchange Commission. Certain information and disclosures
normally included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant to such
rules and regulations, although the Company believes the following disclosures
are adequate to make the information presented not misleading. In the opinion
of management, all adjustments (consisting of normal recurring adjustments)
considered necessary for a fair presentation have been included. Results of
operations for interim periods are not necessarily indicative of results for
a full year. These condensed financial statements and notes thereto should
be read in conjunction with the Company's financial statements and notes
thereto, included in the Company's Form 10-K for the year ended December 31,
1995.
Note 2. Income Taxes:
Income taxes for the interim periods are based upon the Company's estimated
effective annual tax rates. The Company's effective tax rate (income tax
expense divided by income before income taxes) decreased to zero for the
three months ended March 31, 1996, compared to approximately 20% for the
three months ended March 31, 1995, as a result of the Company not recording
any benefit on its pre-tax loss.
<PAGE> 6
Signatures
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 thereto duly authorized.
PST Vans, Inc.
Date: June 20, 1996 By: /s/ Kenneth R. Norton
Kenneth R. Norton
Chief Executive Officer
Date: June 20, 1996 By: /s/ Jeffrey L. Theurer
Jeffrey L. Theurer
Chief Financial Officer and
Principal Financial Officer
