SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K/A AMENDMENT NO. 3 TO CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 20, 1995 -------------- Sirco International Corp. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) New York 0-4465 13-2511270 - ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission IRS Employer of incorporation) File Number) Identification No.) 24 Richmond Hill Avenue, Stamford, Connecticut 06901 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code:(203) 359-4100 -------------- 1. Item 7, "Financial Statements, Pro Forma Financial Information and Exhibits" is hereby amended to include the following: (b) Pro Forma Financial Information Sirco International Corp. and Subsidiaries Condensed Consolidated Pro Forma Statement of Operations, Year Ended November 30, 1994 (Unaudited) Sirco International Corp. and Subsidiaries Condensed Consolidated Pro Forma Balance Sheet, November 30, 1994 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. Dated: December 13, 1995 SIRCO INTERNATIONAL CORP. By: /s/ Joel Dupre ---------------------------------- Name: Joel Dupre Title: Chairman of the Board and Chief Executive Officer SIRCO INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED PRO FORMA BALANCE SHEET NOVEMBER 30, 1994 (UNAUDITED) Consolidated Historical Proforma Proforma Amounts Adjustments As Adjusted ------------ ------------ ------------ Current assets: Cash ......................... $ 955,869 $ 86,000(1) $ 1,041,869 Accounts receivable, net ..... 1,826,400 1,826,400 Inventories .................. 5,213,120 (1,889,000)(2) 3,324,120 Prepaid expenses ............. 326,909 326,909 Other current assets ......... 344,020 344,020 ------------ ------------ Total current assets ....... 8,666,318 6,863,318 ------------ ------------ Property, plant and equipment, net .................. 1,861,556 (36,000)(1) 1,825,556 Less accumulated depreciation .... (1,088,524) 36,000(1) (1,052,524) ------------ ------------ 773,032 773,032 ------------ ------------ Other assets ..................... 211,592 211,592 Restrictive covenant ............. 240,000(3) 240,000 Investments in and advances to subsidiary ...................... 600,793 600,793 ------------ -------------- ------------ Total assets ............... $ 10,251,735 ($ 1,563,000) $ 8,688,735 ============ ============ ============ SIRCO INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED PRO FORMA BALANCE SHEET (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED) Consolidated Historical Proforma Proforma Amounts Adjustments As Adjusted ------------ ------------ ------------ Current liabilities: Loans payable to financial institutions ................ $ 2,067,764 $ 2,067,764 Short-term loan payable to related party ............... 1,743,235 ($ 1,700,000)(2) 43,235 Current maturities of long-term debt .............. 448,401 448,401 Accounts payable ............. 1,981,945 1,981,945 Accrued expenses ............. 1,062,692 100,000(5) 1,162,692 ------------ ------------ Total current liabilities .. 7,304,037 5,704,037 ------------ ------------ Long-term debt, less current maturities ...................... 49,651 49,651 ------------ ------------ Non-current accrued expenses ..... 240,000(3) 440,000 ------------ 200,000(4) Stockholders' equity: Common stock ................. 121,520 121,520 Capital in excess of par value 4,027,534 4,027,534 Accumulated deficit .......... (645,104) 86,000(1) (1,048,104) (189,000)(2) (200,000)(4) (100,000)(5) Treasury stock ............... (27,500) (27,500) Accumulated foreign currency translation adjustment ...... (578,403) (578,403) ------------ ------------ Total stockholders' equity 2,898,047 2,495,047 ------------ ------------ ------------ Total liabilities and stockholders' equity .... $ 10,251,735 ($ 1,563,000) $ 8,688,735 ============ ============ ============ Pro Forma Adjustments: (1) Reflects the proceeds ($86,000) from the sale of certain property and equipment and other assets and the write off of the related fully depreciated property and equipment. (2) Reflects the disposition of the handbag division inventory (book value $1,889,000) to Bueno of California, Inc., the repayment of related debt ($1,700,000) and a loss on the transaction of $189,000. (3) Reflects entering into a restrictive covenant payment agreement of $240,000, initial payment due March 1996. (4) Reflects an accrual of $200,000 for severance, initial payment due March 1996. (5) Reflects an accrual of $100,000 for the estimated closing costs of disposition transaction.