SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q/A
Amended Quarterly Report Under Section 13 or 15 (d) of
the Securities Exchange Act of 1934
FOR QUARTER ENDED April 30, 1998
COMMISSION FILE NO. 0-8190
WILLIAMS INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
VIRGINIA 54-0899518
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
2849 MEADOW VIEW ROAD, FALLS CHURCH, VIRGINIA 22042
(Address of Principal Executive Offices) (Zip Code)
(703) 560-5196
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former names, former address and former fiscal year,
if changes 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 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
3,574,754
Number of Shares of Common Stock Outstanding at April 30, 1998
This report is being amended to correct typographical and
transcription errors in the previous submission, which affected
the Condensed Consolidated Statements of Cash Flows. This filing
includes the complete and correct Condensed Consolidated
Statements of Cash Flows.
WILLIAMS INDUSTRIES, INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
April 30, April 30,
1998 1997
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit 301,444 5,569,848
Adjustments to reconcile net cash
used in operating activities:
Depreciation and amortization 912,076 766,246
Interest expense related to
convertible debentures - 269,937
Gain on extinguishment of debt (809,000) (3,189,000)
Gain on disposal of property,
plant and equipment (777,045) (337,214)
Minority interests in earnings 24,742 38,663
Equity in loss (earnings) of
unconsolidated affiliates 770,471 (14,690)
Changes in assets and liabilities:
Increase in accounts and notes
receivable (1,329,274) (579,457)
Decrease (increase) in inventories 608,397 (380,401)
Decrease in costs and estimated
earnings related to billings
on uncompleted contracts (net) 6,209 1,041,055
Increase in prepaid expenses and
other assets (313,736) (266,700)
Decrease (increase) in deferred
income taxes 130,000 (1,800,000)
Increase (decrease) in accounts
payable 229,556 (1,119,423)
Decrease in accrued compensation,
payroll taxes, and amounts
withheld from employees (78,013) (72,527)
Decrease in other accrued expenses (277,168) (611,840)
Increase in income taxes payable 33,000 44,018
NET CASH USED IN OPERATING ACTIVITIES (568,341) (641,485)
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property,
plant and equipment (493,906) (2,512,351)
Proceeds from sale of property,
plant and equipment 1,859,159 595,846
Decrease in restricted cash 218,618 -
Minority interest dividends (7,000) (9,998)
Dividends from unconsolidated
affiliate 44,700 50,288
NET CASH PROVIDED BY (USED IN)
INVESTING ACTIVITIES 1,621,571 (1,876,215)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings 2,100,583 8,171,851
Repayments of notes payable (4,310,499) (5,297,593)
Issuance of common stock 145,028 141,275
NET CASH (USED IN) PROVIDED BY
FINANCING ACTIVITIES (2,064,888) 3,015,533
NET DECREASE IN CASH AND CASH
EQUIVALENTS (1,011,658) 497,833
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 1,867,144 1,300,867
CASH AND CASH EQUIVALENTS,
END OF PERIOD 855,486 1,798,700
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Cash paid during the period for:
Income taxes 8,400 71,982
Interest 921,682 849,778
See notes to condensed consolidated financial statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this amended report to be
signed on its behalf by the undersigned thereunto duly authorized.
WILLIAMS INDUSTRIES, INCORPORATED
June 10, 1998 /s/ Frank E. Williams, III
Frank E. Williams, III
President, Chairman of the
Board
Chief Financial Officer