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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 11, 1997
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USA DETERGENTS, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-26568 11-2935430
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1735 Jersey Avenue
North Brunswick, New Jersey 08902
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (908) 828-1800
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
On August 11, 1997, USA Detergents, Inc. issued the press release filed
herewith as Exhibit 99.
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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 hereunto duly authorized.
USA DETERGENTS, INC.
Date: August 12, 1997 By: /s/ Frederick J. Horowitz
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Name: Frederick J. Horowitz
Title: Chief Administrative
Officer
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(BW)(USA-DETERGENTS)(USAD) USA Detergents to Restate 1996 Financial Statements
Business Editors
NORTH BRUNSWICK, N.J.--(BUSINESS WIRE)--Aug. 11, 1997--USA Detergents,
Inc. (Nasdaq National Market: USAD) announced today that it has discovered a
number of errors in its 1996 financial statements that will require these
statements to be restated to reflect adjustments which will negatively impact
its 1996 results of operations in the amount of approximately $1.3 million (net
of tax) from amounts previously reported. The Company is in the process of
conducting a review of certain additional items which may further negatively
impact 1996 results of operations. The Company expects that such additional
adjustments, if any, may be made to, among other things, its 1996 reported
revenues and expenses. The Company will be unable to report its 1997 second
quarter results until this review is completed.
The Company further reported that as a result of the findings to
date, financial debt covenants with its existing lenders will have been
violated requiring approximately $30 million of non-current debt to be
reclassified to current liabilities in the restated financial statements as
of December 31, 1996.
USA Detergents, Inc. is a leading manufacturer and marketer of
quality nationally distributed value brand laundry and household cleaning
products. The Company sells its produce to retailers throughout the United
States, including mass merchandisers, supermarkets, variety and dollar
stores, drug stores and small grocery stores.
Statements in this press release concerning the Company's business
outlook or future economic performance; anticipated profitability, revenues,
expenses or other financial items; together with other statements which are
not historical facts, are "forward-looking statements" as that term is defined
under Federal Securities Laws. Forward-looking statements, including those
relating to the restatement of the 1996 financial statements, are subject to
risks, uncertainties and other factors which could cause actual results to
differ materially from those stated in such statements. Such risks,
uncertainties and factors include, but are not limited to, changes in pricing
or other actions by competitors; difficulties associated with rapid growth and
expansion; dependence on certain customers, key products or limited sources of
supply; reliance on certain manufacturing facilities; seasonality; and general
economic conditions; as well as other risks detailed in the Company's filings
with the Securities and Exchange Commission, including its Annual Report on
Form 10-K for the year ended December 31, 1996 and first quarter results on
Form 10-Q for the quarter ended March 31, 1997. As a result of these and other
factors, the Company may experience material fluctuations in future operating
results on a quarterly or annual basis, which could materially and adversely
affect its business, financial condition, operating results, and stock price.
CONTACT: MWW/STRATEGIC COMMUNICATIONS, INC.
Public Relations - Tel. (201) 507-9500
Media: Carreen Winters - ([email protected])
