SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No. 1-13710
AID AUTO STORES, INC.
-----------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 11-2254654
------------------------ -----------------------------------
(State of Incorporation) (IRS Employer Identification Number)
275 Grand Boulevard, Westbury, New York 11590
- ------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (516) 338-7889
Indicate by check mark if 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 the number of shares outstanding of the issuer's classes of common
stock, as of the latest practical date.
Common Stock (par value $.001 per share) 3,957,596 shares outstanding as of
October 1, 1997.
<PAGE>
AID AUTO STORES, INC.
CONTENTS
--------
PART I FINANCIAL INFORMATION PAGE
Item 1 Consolidated Condensed Financial Statements:
- ------- -------------------------------------------
Balance Sheets as of September 30, 1997 and
December 31, 1996 .......................... 3 - 4
Statements of Operations for the Nine Months
Ended September 30, 1997 and 1996 ......... 5
Statements of Operations for the Three Months
Ended September 30, 1997 and 1996 ......... 6
Statements of Cash Flows for the Nine Months
Ended September 30, 1997 and 1996 .......... 7 - 8
Notes to Financial Statements .............. 9
Item 2 Management's Discussion and Analysis of Financial
- ------ Condition and Results of Operations ........ 10- 14
PART II OTHER INFORMATION
Item 4 Submission of Matters to a Vote of Security Holders 15
- ------ ---------------------------------------------------
Item 6 Exhibits and Reports on Form 8-K ................. 15
- ------ --------------------------------
SIGNATURES ................................................. 17
<PAGE>
Aid Auto Stores, Inc. and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
ASSETS Sept. 30, 1997 Dec. 31, 1996
-------------- --------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 602,814 $ 331,019
Accounts receivable - trade,
net of allowances 1,082,532 1,755,904
Notes receivable, net of allwances 340,273 305,424
Inventories 12,790,653 13,348,534
Prepaid expenses and
other current assets 2,531,477 1,971,150
Deferred income taxes 275,000 275,000
------------ ------------
Total current assets 17,622,749 17,987,031
FIXED ASSETS - AT COST, net 3,459,251 3,266,855
COSTS IN EXCESS OF NET ASSETS
ACQUIRED, net 3,487,192 3,690,214
DEFERRED INCOME TAXES 175,000 175,000
OTHER ASSETS 516,478 406,028
----------- -----------
$ 25,260,670 $ 25,525,128
=========== ===========
See Notes to Consolidated Condensed Financial Statements
<PAGE>
Aid Auto Stores, Inc. and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
<CAPTION>
LIABILITIES AND SHAREHOLDER'S EQUITY Sept. 30, 1997 Dec. 31, 1996
-------------- --------------
<S> <C> <C>
CURRENT LIABILITIES
Revolving credit line $ 7,588,865 $ 7,649,951
Accounts payable 3,602,524 3,599,561
Accrued expenses 240,021 448,331
Current portion of long-term debt 412,355 428,647
Term loan 175,000
Note payable - officer 1,250,000 781,250
------------- ------------
Total current liabilities 13,268,765 12,907,740
LONG-TERM DEBT 1,592,500 1,899,445
DEFERRED OCCUPANCY COSTS 341,484 242,628
NOTE PAYABLE - OFFICER 937,500 1,406,250
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $.001 par value;
authorized 2,000,000 shares; none issued
Common stock, $.001 par value;
authorized, 15,000,000 shares;
3,957,596 shares issued and outstanding 3,958 3,958
Additional paid-in capital 9,006,809 9,006,809
Retained earnings 109,654 58,298
------------ -----------
9,120,421 9,069,065
------------ -----------
$ 25,260,670 $ 25,525,128
============ ===========
See Notes to Consolidated Condensed Financial Statements
<PAGE>
Aid Auto Stores, Inc. and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION> Nine Months Ended September 30,
1997 1996
-------------- --------------
<S> <C> <C>
Revenues
Net sales $ 19,060,624 $ 20,545,292
Costs and expenses
Cost of sales 10,824,117 12,233,099
Selling and shipping 5,237,883 5,450,132
General and administrative 2,117,792 2,322,432
------------ ------------
$ 18,179,792 $ 20,005,663
------------ ------------
Income from operations 880,832 539,629
Interest expense (837,152) (603,712)
Interest and other income 7,676 196,870
------------ ------------
Income from continuing operations
before income taxes 51,356 132,787
Provision for income taxes 33,079
------------ ------------
NET INCOME $ 51,356 $ 99,708
Income per common share
Income from continuing operations $ .01 $ .03
===== =====
Net Income per common share $ .01 $ .03
===== =====
Weighted average common shares
outstanding 3,957,596 3,957,596
========= =========
See Notes to Consolidated Condensed Financial Statements
<PAGE>
Aid Auto Stores, Inc. and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION> Three Months Ended September 30,
1997 1996
-------------- --------------
<S> <C> <C>
Revenues
Net sales $ 6,763,659 $ 6,935,611
Costs and expenses
Cost of sales 3,969,682 4,139,947
Selling and shipping 1,483,482 1,691,897
General and administrative 977,881 909,253
------------ ------------
$ 6,431,045 $ 6,741,097
------------ ------------
Income from operations 332,614 194,514
Interest expense (285,530) (207,766)
Interest and other income (6,057) 21,837
----------- -----------
Income from continuing operations
before income taxes 41,027 8,585
Provision for income taxes 1,464
----------- -----------
NET INCOME $ 41,027 $ 7,121
----------- -----------
Income per common share
Income from continuing operations $ .01 $ -
==== ====
Net Income per common share $ .01 $ -
==== ====
Weighted average common shares
outstanding 3,957,596 3,957,596
========== ==========
See Notes to Consolidated Condensed Financial Statements
<PAGE>
Aid Auto Stores, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION> Nine Months Ended September 30,
1997 1996
------------- ------------
<S> <C> <C>
Cash flows from operating activities
Net income $ 51,356 $ 99,708
Adjustments to reconcile net income to
net cash used in operating activities
Depreciation and amortization 1,089,020 537,645
Provision for losses on accounts
receivable 50,000
Deferred occupancy costs 98,856 (31,831)
(Increase) decrease in operating assets
Accounts receivable 673,372 1,293,962
Notes receivable 25,284 49,052
Inventories 557,881 (2,555,156)
Prepaid expenses and other
current assets (918,677) (378,087)
Other assets (261,817)
Security deposits (6,270) (15,788)
Increase(decrease) in operating libilities
Accounts payable 2,963 (726,533)
Accrued expenses (208,310) (257,246)
---------- ----------
Net cash provided by (used in)
operating activities 1,103,658 (1,934,274)
Cash flows from investing activities
Purchases of fixed assets (622,540) (1,256,243)
----------- -----------
Net cash used in investing activities (622,540) (1,256,243)
----------- -----------
<PAGE>
Aid Auto Stores, Inc. and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (continued)
(Unaudited)
<CAPTION> Nine Months Ended September 30,
1997 1996
------------- ------------
<S> <C> <C>
Cash flows from financing activities
Net borrowings under revolving credit line $ (61,086) $ 845,551
Principal repayment of long-term debt (323,237) (1,698,440)
Notes payable short term 175,000
Repayment of officers' loans - (312,500)
------------ -----------
Net cash used in financing activities (209,323) (1,165,389)
------------ -----------
Net increase (decrease) in cash
and cash equivalents 271,795 (4,355,906)
Cash and cash equivalents, at beginning
of year 331,019 4,766,893
---------- ----------
Cash and cash equivalents, at end of period $ 602,814 $ 410,987
========== ==========
Supplemental disclosures of cash flow information:
Cash paid during the year for
Interest $ 790,068 $ 572,775
Income taxes $ 126,956
</TABLE>
<PAGE>
AID AUTO STORES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
A. CONSOLIDATED FINANCIAL STATEMENTS:
The consolidated balance sheet as of September 30, 1997 and the
consolidated statement of operations for the three and nine month periods
ended September 30, 1997 and the consolidated statement of cash flows for
the nine month period ended September 30, 1997 have been prepared by the
company without audit. In the opinion of management, all adjustments (which
include only recurring adjustments) necessary to present fairly the
financial position at September 30, 1997, and the results of operations
and cash flows for the periods presented, have been made. Results of
operations for the three and nine month periods ended September 30, 1997
are not necessarily indicative of the operating results to be expected
for the full year.
For information concerning the Company's significant accounting policies,
reference is made to the Company's audited financial statements for the
year ended December 31, 1996 contained in the Company's Annual Report on
Form 10-K filed with the Securities and Exchange Commission. While the
Company believes that the disclosures presented are adequate to make the
information contained herein not misleading, it is suggested that these
statements be read in conjunction with the consolidated financial
statements and the notes included in the Form 10-K.
B. INVENTORIES
Inventories consists primarily of merchandise purchased for resale.
C. NEW PRONOUNCEMENTS
The Financial Accounting Standards Board also released Statement of
Financial Accounting Standards No. 130, "Reporting Comprehensive Income"
(SFAS No. 130), governing the reporting and display of comprehensive
income and its components, and Statement of Financial Accounting
Standards No. 131, "Disclosures About Segments of an Enterprise and
Related Information"(SFAS No. 131), requiring that all public businesses
report financial and descriptive information about their reportable
operating segments. Both Statements are applicable to reporting periods
beginning after December 15, 1997.
The Company believes that the adoption of these new standards is not likely
to have a material impact on the Company's financial position or results of
operations.
D. RECLASSIFICATIONS
Certain reclassifications have been made to the 1996 presentation to
conform to the 1997 presentation.
<PAGE>
AID AUTO STORES, INC.
Management's Discussion and Analysis of
Financial Condition and Results of Operations
General
Aid Auto Stores, Inc. (the "Company"), formed in 1953, is a retailer,
wholesaler and franchiser of automotive parts and accessories. As of
September 30, 1997, the Company supplied products to 49 Aid Auto Stores,
including 22 Company-owned stores and 27 franchised stores, and, through its
wholly-owned subsidiary, Ames Automotive Warehouse, Inc. ("Ames"), to hundreds
of non-automotive chain stores and independent jobbers and installers in New
York, New Jersey and Connecticut. The Aid Auto Stores sell an extensive variety
of name-brand automotive parts, accessories and chemicals, as well as an
assortment of products marketed under the "Aid" and "Perfect Choice" brands,
to both do-it-yourself and commercial customers. Pursuant to a growth strategy
initiated in 1995, the Company commenced the opening of Company-owned
Superstores and deemphasized its franchise operations. As of September 30, 1997,
the Company opened eight new Superstores and had acquired (in December 1995)
ten franchised Aid Auto Stores in Long Island, New York, of which seven of these
stores had been converted and reopened as Superstores and two of the three
remaining stores will be converted to Superstores. Through termination and
non-renewal of franchise agreements, the number of franchised stores has
decreased since the end of the third quarter of 1996 from 42 to 27. The Company
intends to open additional Superstores, which may be accomplished in part by
acquisition. In addition, consistent with its retail Superstore growth strategy,
the Company further deemphasized its wholesale operations by reducing the number
of its Ames customers by 32% from September 30, 1996 to September 30, 1997. The
number of stores to be opened is subject to substantial variation depending
upon, among other factors, the availability of adequate financing to fund the
cost of adding the additional stores, the level of success of the initial
Superstores, the availability of suitable store sites or acquisition candidates,
and the timely development and construction of new stores. The anticipated
favorable financial performance of the Company is tied, to a large extent,
to the transition of the Company to the Superstore program and the future
potential of that program. The Company's operating expenses are expected to
continue to increase in connection with the Superstore growth program and,
accordingly, the Company's future profitability will depend upon increases in
revenues from its Superstore operations, of which there can be no assurance.
Results of Operations
Nine Months Ended September 30, 1997 Compared to the Nine Months Ended
September 30, 1996. Three Months Ended September 30, 1997 Compared to Three
Months Ended September 30, 1996.
The Company's operating revenues are primarily derived from net sales
consisting of both retail and wholesale sales. Retail sales are made from the
Company-owned Aid Auto Stores of which 22 existed at September 30, 1997 and 18
at September 30, 1996. Wholesale sales include sales to the Company's franchised
Aid Auto Stores, of which 27 existed at September 30, 1997 and 42 at September
30, 1996, and through Ames, to hundreds of other customers. Revenues decreased
by $1,484,668 (or 7.2%) from $20,545,292 for the nine months ended September 30,
1996 to $19,060,624 for the nine months ended September 30, 1997 and by $171,952
(or 2.5%) from $6,935,611 for the three months ended September 30, 1996 to
$6,763,659 for the three months ended September 30, 1997. The decrease in
revenues in 1997 was due primarily to the decrease of $2,336,509 in wholesale
sales to franchisees and through Ames from $7,941,952 to $5,605,443 for the
nine months ended September 30, 1996 and 1997, respectively, and of $197,034
from $2,110,296 to $1,913,262 for the three months ended September 30, 1996 and
1997, respectively. The decreases were partially offset by an increase in
retail sales of $1,159,189 (or 9.6%) from $12,112,784 to $13,271,973 for the
nine months ended September 30, 1996 and 1997, respectively and $305,405 (or
7.1%) from $4,334,759 to $4,640,164 for the three months ended September 30,
1996 and 1997, respectively. This reduction in net sales for the three and nine
month periods ended September 30, 1997 is consistent with the Company's strategy
to deemphasize its wholesale business and continue the growth of its retail
business. The exceptionally mild, auto-friendly winter weather in the first
quarter of 1997 resulted in a decrease in the sale of certain items (e.g.,
antifreeze and other winter chemicals) and the decreased need for other winter
maintenance items (especially when compared to the seasonally cold and wet
winter of 1995-1996 which resulted in an increase in the sale of winter items).
In addition, the unseasonably cool spring in the second quarter of 1997
resulted in the reduced sales of car care and car maintenance products. For
the nine months ended September 30, 1997, retail sales represented 70% of
total net sales as compared to 59% for the comparable prior year period.
Cost of sales decreased by $1,408,982 (11.5%) and $170,265 (4.1%), from
$12,233,099 to $10,824,117 for the nine months ended September 30, 1996 and
1997, respectively, and from $4,139,947 to $3,969,682 for the three months
ended September 30, 1996 and 1997, respectively. As a percentage of net sales,
cost of sales decreased from 59.5% to 56.8% for the nine month period ended
September 30, 1996 and 1997, respectively, and decreased from 59.7% to 58.7%
the three month period ended September 30, 1996 and 1997, respectively,
reflecting the significantly higher margins on retail sales (as compared
to wholesale sales).
Selling and shipping expenses decreased by $212,249 (or 3.9%) from
$5,450,132 (26.5% of net sales) for the nine months ended September 30, 1996
to $5,237,883 (27.5% of net sales) for the nine months ended September 30, 1997.
Selling and shipping expenses decreased by $208,415 (or 12.3%) from $1,691,897
(24.4% of net sales) for the three months ended September 30, 1996 to $1,483,482
(21.9% of net sales) for the three months ended September 30, 1997. Selling and
shipping expense as a percentage of sales increased in 1997 reflecting a
greater infrastructure due to the increase in retail operations. Selling
expenses is higher for a retail operation than for a wholesale operation,
reflecting the nature of the operations. However, in the third quarter of 1997,
selling and shipping expense as a percentage of sales decreased due to the
Company's concentration in controlling its costs.
General and administrative expenses decreased by $204,640 (or 8.8%) from
$2,322,432 (11.3% of net sales) for the nine months ended September 30, 1996
to $2,117,792 (11.1% of net sales) for the nine months ended September 30, 1997.
General and administrative expenses increased by $68,628 (or 7.5%) from $909,253
(13.1% of net sales) for the three months ended September 30, 1996 to $977,881
(14.5% of net sales) for the three months ended September 30, 1997. The
decrease in absolute dollars and as a percentage of net sales for the nine
month period was due to the Company's concentration on controlling costs.
Interest expense increased by $233,440 from $603,712 for the nine months
ended September 30, 1996 to $837,152 for the nine months ended September 30,
1997. Interest expense increased $77,764 from $207,766 for the three months
ended September 30, 1996 to $285,530 for the three months ended September 30,
1997. These increases were due to an increase in the average outstanding bank
debt balance during the first nine months of 1997 as compared to the same period
in the prior year.
For the foregoing reasons, the net income for nine and three month
period ending September 30, 1997 was approximately $51,356 and $41,027,
respectively, as compared to a net income of approximately $99,708 and
$7,121 for the nine and three month period ended September 30, 1996,
respectively.
Liquidity and Capital Resources
The Company had working capital of $4,353,984 at September 30, 1997, as
compared to $5,079,291 at December 31, 1996. The decrease of $725,307 was
primarily caused by an increase in the current portion of the note payable to
officer, since no payments have been made in 1997, and was partially offset
by decreases in accounts receivable-trade and inventory.
Net cash provided by operating activities was $1,103,658 for the nine
months ended September 30, 1997 as compared to net cash used in operating
activities of $1,934,274 for the nine months ended September 30, 1996 . The
increase in 1997 was attributable primarily to increases in depreciation and
amortization due to the capital expenditures made in connection with the
Superstore growth program and decreases in accounts receivable and inventory
offset in part by an increase in other current assets compared to the prior
comparable period. Net cash utilized in investing activities was $622,540 and
$1,256,243 for the nine month period ending September 30, 1997 and 1996,
respectively. The decrease reflects decreases in capital expenditures
due to a decrease in the funds available to fund the Superstore growth strategy.
Net cash used by financing activities was $209,323 for the nine months of 1997
compared to $1,165,389 for the nine months ended September 30, 1996. The
difference was primarily attributed to the repayment in the first quarter of
1996 of debt in connection with the acquisition of the ten franchised Aid
Auto Stores locations.
The Company receives volume purchasing discounts and cooperative
advertising and development funds from certain of its suppliers. The amounts
of these incentives generally range from 5% to 10% of the listed purchase
prices.
On September 29, 1997, the Company entered into a $10,000,000 revolving
credit facility with Foothill Capital Corporation ("Foothill"), which at the
Company's option, can be increased to $15,000,000. This facility replaced the
existing facility which provided for maximum borrowings of $10,000,000. This
new facility allows the Company to borrow at the prime rate plus 1%. At
September 30, 1997 the prime rate was 8.50%. Maximum borrowings under the
revolving credit facility are based upon eligible inventory and of accounts
receivable. In connection with this new facility, the Company was required
to pay an early termination fee of $175,000 to its previous lender. The fee
was paid from the proceeds of a loan to the Company by Foothill in the form
of a one year term loan with principal and interest payable monthly. The term
loan interest rate is at the prime rate plus 1%.
Substantially all of the Company's assets are pledged under this new
facility as collateral, and the Company is prohibited from granting a security
interest to any party other than Foothill, which could limit the Company's
ability to obtain debt financing to implement its proposed expansion. In
addition, the Company's agreement with Foothill limits or prohibits the Company,
subject to certain exceptions, from merging or consolidating with another
corporation or selling all or substantially all of its assets.
At September 30, 1997, the Company was indebted to the Chief Executive
Officer, President and majority shareholder in the form of a promissory note
aggregating $2,187,500. The note bears interest monthly at the same rate as
the revolving credit facility with principal payable in quarterly installments
through February 1, 2000. The new revolving credit facility allows the Company
to make quarterly principal payments and scheduled monthly interest payments
so long as prior to and after giving affect to such payments no default has
occurred and is continuing or would occur on the Foothill indebtedness as a
result thereof. The holder of the note has waived payment on the due date of
the last four quarterly payments, which amounts are shown in "Current
Liabilities". The note provides for immediate payment thereof upon, among other
things, a change in a majority of the continuing directors of the Company (as
defined in the note) or a demand by Foothill of payment in full of outstanding
Foothill indebtedness.
At September 30, 1997, the Company had deferred tax assets of
$450,000. The Company, after considering its previous pattern of profitability
and its anticipated future taxable income, believes that it is more likely than
not that the deferred tax assets will be realized. In this respect, the Company
estimates that $1,100,000 of future taxable income will be required to realize
the deferred tax assets, with the majority of such assets anticipated to be
recovered over the next five years.
As of the date hereof, other than in connection with the implementation
of the Superstore growth program, the Company has no material commitments for
capital expenditures.
The Company has used net proceeds ($7,300,000) of its 1995 Initial Public
Offering as well as funds from borrowings, to finance the implementation of
its Superstore growth program. The Company will need to seek additional debt or
equity financing, as the Company does not anticipate that its current resources
and cash flow from operations are likely to be sufficient to fund the continuing
cost of its growth program. To the extent that the Company seeks financing
through the issuance of equity securities, any such issuance of equity
securities would result in dilution to the interests of the Company's
stockholders. Additionally, to the extent that the Company incurs indebtedness
to fund increased levels of inventory or to finance the acquisition of capital
equipment or issues debt securities to fund the Superstore growth program, the
Company will be subject to risks associated with incurring substantial
indebtedness, including the risks that interest rates may fluctuate and cash
flow may be insufficient to pay principal and interest on any such indebtedness.
Other than the Company's existing line of credit with Foothill, the Company has
no current arrangements with respect to, or sources of, additional financing
and it is not anticipated that the existing majority stockholder will provide
any portion of the Company's future financing requirements or additional
personal guarantees. There can be no assurance that additional financing will
be available to the Company on acceptable terms, or at all.
In September 1997, the Company engaged Josephthal Lyon & Ross, Inc., an
investment banking and securities brokerage firm, to work closely with the
Company to develop and implement its strategic plan including evaluating
appropriate sources of capital and assisting with selected strategic
acquisitions and other corporate and financial matters.
Seasonality
The Company's business is seasonal to some extent primarily as a result of
the impact of weather conditions on store sales. Store sales and profits have
historically been higher in the second and third quarters (April through
September) of each year than in the first and fourth quarters, for which the
Company generally achieves only nominal profits or incurs net losses.
Weather extremes tend to enhance sales by causing a higher incidence of parts
failure and increasing sales of seasonal products. However, extremely severe
winter weather or rainy conditions tend to reduce sales by causing deferral of
elective maintenance.
Impact of Inflation
Inflation has not had a material effect on the Company's operations.
<PAGE>
AID AUTO STORES, INC.
Part II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
On August 4, 1997 the Company held its Annual Meeting of Stockholders.
The Stockholders voted on and approved the following:
1. The election of the following individuals to serve as Directors
until the next annual meeting and until their successors are
duly elected and qualified:
Philip L. Stephen
Greg M. Stephen
Leonard Genovese
Lewis R. Cowan
Ira Scott Greenspan
Werner Neuburger
2. The ratification of the selection by the Board of Directors of
Grant Thornton LLP to serve as Independent Auditors for the year
ended December 31, 1997. In this connection 3,916,412 shares
were voted for ratification, 4,000 shares were voted against
ratification, and 4,200 shares abstained.
Item 6. Exhibits and Reports on Form 8-K
NONE
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
AID AUTO STORES, INC.
-----------------------------
(Registrant)
November 14, 1997 By: /s/ Philip L. Stephen
---------------------------------
Philip L. Stephen
Chairman, Chief Executive Officer,
And President (Principal Executive Officer)
November 14, 1997 By: /s/ Frank Mangano
--------------------------------
Frank Mangano
Chief Financial Officer,
(Principal Financial and Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 602,814
<SECURITIES> 0
<RECEIVABLES> 1,082,532
<ALLOWANCES> 0
<INVENTORY> 12,790,653
<CURRENT-ASSETS> 17,622,749
<PP&E> 3,459,251
<DEPRECIATION> 0
<TOTAL-ASSETS> 25,260,670
<CURRENT-LIABILITIES> 13,268,765
<BONDS> 0
0
0
<COMMON> 3,958
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 25,260,670
<SALES> 19,060,624
<TOTAL-REVENUES> 19,060,624
<CGS> 10,824,117
<TOTAL-COSTS> 18,179,792
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 837,152
<INCOME-PRETAX> 51,356
<INCOME-TAX> 0
<INCOME-CONTINUING> 51,356
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 51,356
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
