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 September 30, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 1-11803
AMERICAN PAD & PAPER COMPANY
(Exact name of registrant as specified in its charter)
Delaware 04-3164298
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
17304 Preston Road, Suite 700, Dallas, TX
75252-5613
(Address of principal executive offices)
(Zip Code)
(972) 733-6200
(Registrant's telephone number, including area code)
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
As of November 13 , 1998, American Pad & Paper Company had 27,724,045
shares of Common Stock outstanding.
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PART 1 - FINANCIAL INFORMATION
AMERICAN PAD & PAPER COMPANY
CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except per share amounts)
September 30, December 31,
1998 1997
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............ ..........
ASSETS
Current assets:
Cash ............................................$ 33,228 $ 4,855
Accounts receivable, net ........................ 49,001 74,203
Inventories, net ................................ 129,607 154,359
Refundable income taxes ......................... 751 4,059
Prepaid expenses and other current assets ....... 1,704 1,402
Deferred income taxes ........................... 2,000 11,992
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Total current assets .......................... 216,291 250,870
Property, plant and equipment, net ................ 152,181 151,390
Intangible assets, net ............................ 187,080 233,698
Other ............................................. 2,729 2,443
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Total assets ................................. $ 558,281 $ 638,401
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt ............... $ 1,021 $ 1,538
Accounts payable ................................ 42,674 56,356
Accrued expenses ................................ 53,329 40,157
Restructuring reserve ........................... 5,741 --
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Total current liabilities .................... 102,765 98,051
Long-term debt .................................... 412,348 398,577
Deferred income taxes ............................. 12,337 39,477
Other ............................................. 1,568 1,630
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Total liabilities .............................. 529,018 537,735
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Commitments and contingencies Stockholders' equity:
Preferred stock, 150 shares authorized,
no shares issued and outstanding, respectively
-- --
Common stock, voting, $.01 par value, 75,000
shares authorized, 27,724 and
27,436 shares issued
and outstanding, respectively ................. 277 274
Additional paid-in capital ...................... 301,287 301,279
Accumulated deficit ............................. (272,301) (200,887)
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Total stockholders' equity .................... 29,263 100,666
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Total liabilities and stockholders' equity .... $ 558,281 $ 638,401
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See accompanying notes to consolidated financial statements
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, American
Pad & Paper Company has duly caused this report to be signed on November 13,
1998 on their behalf by the undersigned thereunto duly authorized.
/s/ James W. Swent, III /s/ David N. Pilotte
- ---------------------------- ----------------------------------------
James W. Swent, III David N. Pilotte
Chief Executive Officer and Vice President and Corporate Controller
Chief Financial Officer Principal Accounting Officer
Principal Financial Officer
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