SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q/A
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[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE QUARTER ENDED SEPTEMBER 30, 2000
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD
FROM _______________ TO __________
Commission File Number 333-43195
Commission File Number 333-43195-01
SCOVILL FASTENERS INC.
SCOVILL HOLDINGS INC.
(Exact name of registrants as specified in their respective charters)
Delaware 95-3959561
Delaware 58-2365743
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
Scovill Fasteners Inc.
Scovill Holdings Inc.
1802 Scovill Drive
Clarkesville, Georgia 30523
706-754-4181
(Name, address, including zip code, and telephone number, including area code,
of registrants' principal executive offices)
___________________
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 [ ]
Number of shares of Common Stock outstanding as of September 30, 2000 were
9,311,000.
Note 4. Inventories
Inventories consisted of the following at:
September 30, 2000 December 31, 1999
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Raw materials $ 1,829 $ 1,555
Work in process 4,340 4,416
Attaching machine spare parts 7,720 7,822
Finished goods 5,891 4,700
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$ 19,780 $ 18,493
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Note 5. Business Segments
The Company's businesses are organized and internally reported as three
segments: Apparel, Industrial, and European operations. The European operations
include some of the same products as both apparel and industrial. However, the
European operations are managed separately and thus reported as a separate
segment. Sales are reported and classified based on the customers' location.
Business Segment Nine months ended European Total
Information September 30, Apparel Industrial (1) Operations (2) Company
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Net Sales 2000 $42,825 $19,715 $5,784 $68,324
1999 $40,197 $21,014 $7,799 $69,010
Operating Income (3) 2000 $11,487 $ 6,066 $ 522 $18,075
1999 $10,467 $ 3,445 $ 427 $14,339
(1) Includes all Canadian operations.
(2) Represents Scovill-Europe operations.
(3) Operating Income (i) includes allocations of general and administrative
expenses based on sales and (ii) excludes depreciation, amortization and
management fees.
The following is a reconciliation of operating income from reportable
segments above to operating income on the financial statements:
Nine Months Ended September 30,
2000 1999
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Operating income from reportable segments $ 18,075 $ 14,339
Less:
Depreciation 7,090 7,551
Amortization 2,193 2,505
Other Corporate Charges 3,337 1,088
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Total operating income $ 5,455 $ 3,195
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Note 6. Other Income
In the three month period ended June 30, 2000, the Company reached an
agreement to settle a trademark dispute. The Company has recorded the proceeds
of this settlement, net of related legal fees and other expenses, as Other
Income in the period.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.
Date: November 15, 2000 Scovill Holdings Inc.
Scovill Fasteners Inc.
Date: November 15, 2000 /s/ John H. Champagne
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John H. Champagne,
President
Chief Executive Officer
Date: November 15, 2000 /s/ Vincent H. Catrini
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Vincent H. Catrini,
Executive Vice President,
Chief Financial Officer and
Principal Accounting Officer
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