UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1 TO
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the period ended March 31, 1996
Commission File Number: 0-10666
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NBTY, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 11-2228617
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
90 Orville Drive, Bohemia, NY 11716
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (516) 567-9500
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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 and
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registration was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
YES [X] NO [ ]
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Shares of Common Stock as of March 31, 1996: 18,595,119
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NBTY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months
ended March 31,
1996 1995
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Net income $ 4,325,173 $ 3,490,361
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation and amortization 2,641,608 2,368,664
Provision (recovery) for allowance for
doubtful accounts 82,943 (69,460)
Increase in deferred taxes 100,000
Changes in assets and liabilities,
net of acquistions:
Increase in accounts receivable (347,025) (704,813)
(Increase) decrease in inventories (1,231,858) 5,014,332
Decrease in income
tax receivable 574,950
Increase in prepaid catalog
costs and other current assets (2,530,162) (1,246,096)
Decrease in other assets 1,858,906 424,915
Increase (decrease) in accounts payable (105,686) 858,717
Increase in accrued expenses 70,770 281,498
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Net cash provided by
operating activities 4,764,669 11,093,068
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Cash flow from investing activities:
(Increase) decrease in intangible assets 1,202,691 (970,561)
Purchase of property, plant and equipment (10,979,874) (6,754,006)
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Net cash used in investing activities (9,777,183) (7,724,567)
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Cash flows from financing activities:
Net payments under line of credit agreement (5,000,000)
Borrowings under long term debt agreement 2,268,770 2,400,000
Principal payments under long-term
debt agreements (227,395) (669,609)
Purchase of treasury stock (172,118) (848,287)
Proceeds from stock options exercised 24,000
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Net cash provided by (used in)
financing activities 1,869,257 (4,093,896)
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Net decrease in cash and cash equivalents (3,143,257) (725,395)
Cash and cash equivalents at beginning of year 10,378,476 5,900,594
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Cash and cash equivalents at end of quarter $ 7,235,219 $ 5,175,199
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Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest $ 633,642 $ 528,790
Cash paid during the period for taxes $ 68,131 $ 467,000
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NBTY, INC. and SUBSIDIARIES
SIGNATURE
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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 there unto duly authorized.
NBTY, INC.
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Date June 6, 1996
/s/ Harvey Kamil
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Harvey Kamil, Executive Vice President,
Secretary (Principal Financial and
Accounting Officer)