1
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For The Quarter Ended Commission File
October 28, 1995 Number 1-5674
ANGELICA CORPORATION
(Exact name of Registrant as specified in its charter)
MISSOURI 43-0905260
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
424 South Woods Mill Road
CHESTERFIELD, MISSOURI 63017
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(314) 854-3800
----------------------------------------------------
Former name, former address and former fiscal year
if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports 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
------ ------
The number of shares outstanding of Registrant's Common Stock, par value
$1.00 per share, at November 28, 1995 was 9,141,508 shares.
===============================================================================
2
ANGELICA CORPORATION AND SUBSIDIARIES
INDEX TO FINANCIAL STATEMENTS AND SUPPORTING SCHEDULES
FOR OCTOBER 28, 1995 FORM 10-Q QUARTERLY REPORT
Page Number Reference
----------------------------------------
Quarterly Report
to
Form 10-Q Shareholders
--------- ----------------
PART I. FINANCIAL INFORMATION:
Consolidated Statements of Income -
Third quarter and Three Quarters Ended
October 28, 1995 and October 29, 1994 3
Consolidated Balance Sheets -
October 28, 1995 and January 28, 1995 4
Consolidated Statements of Cash Flows -
Three Quarters Ended October 28, 1995
and October 29, 1994 5
Notes to Consolidated Financial
Statements 2
Management's Discussion and Analysis
of Operations and Financial Condition 3-4
Exhibit A - Quarterly Report to
Shareholders 5
PART II. OTHER INFORMATION 6
1
3
ANGELICA CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
QUARTER ENDED OCTOBER 28, 1995
(1) The accompanying consolidated condensed financial statements are
unaudited, and it is suggested that these consolidated statements be read
in conjunction with the fiscal 1995 Annual Report, including Notes to
Financial Statements. However, it is the opinion of the Company that all
adjustments, consisting only of normal recurring adjustments, necessary
for a fair statement of the results during the interim period have been
included.
(2) See Index to Financial Statements and Supporting Schedules on page 1.
Those pages of the Angelica Corporation and Subsidiaries Quarterly Report
to Shareholders for the quarter ended October 28, 1995, listed in such
index are incorporated herein by reference. The pages of the Quarterly
Report to Shareholders which are not listed on the index and therefore not
incorporated herein by reference are furnished for the information of the
Commission but are not to be deemed "filed" as a part of this report. The
Quarterly Report to Shareholders referred to herein is located immediately
following page 4 of this report.
(3) For purposes of the Consolidated Statements of Cash Flows, the Company
considers short-term, highly liquid investments which are readily
convertible into cash, as cash equivalents.
Cash payments for income taxes were $5,060,000 and $7,902,000 in the three
quarters of fiscal 1996 and 1995, respectively; and in these periods
interest payments were $5,212,000 and $4,628,000, respectively.
2
4
MANAGEMENT'S DISCUSSION AND ANALYSIS OF OPERATIONS
AND FINANCIAL CONDITION
QUARTER ENDED OCTOBER 28, 1995
Analysis of Operations
- ----------------------
Third Quarter Ended Three Quarters Ended
-------------------------- --------------------------
October 28, October 29, October 28, October 29,
1995 1994 1995 1994
----------- ----------- ----------- -----------
Sales and Rental Service Revenues
- ---------------------------------
(Dollars in thousands)
Rental Services $ 63,525 $ 61,056 $191,942 $181,612
Manufacturing and Marketing 46,114 45,133 139,106 136,758
Retail Sales 19,542 18,958 53,764 51,387
Intersegment Sales (5,586) (5,051) (15,530) (14,414)
-------- -------- -------- --------
$123,595 $120,096 $369,282 $355,343
======== ======== ======== ========
Gross Profit
- ------------
(Dollars in thousands)
Rental Services $ 11,641 $ 13,103 $ 37,492 $ 38,990
Manufacturing and Marketing 9,995 8,897 30,543 28,564
Retail Sales 10,799 10,318 29,324 27,705
-------- -------- -------- --------
$ 32,435 $ 32,318 $ 97,359 $ 95,259
======== ======== ======== ========
In the periods ended October 28, 1995, combined sales and rental service
revenues were up 2.9 percent for the third quarter and 3.9 percent in the
three quarters of this year compared with prior year periods, in both cases
the result of acquisitions made over last year. In the Rental Services
segment, revenues rose 4.0 percent and gross profit dropped significantly.
Third quarter results of this segment were negatively affected by an
inability to lower costs sufficiently at the Las Vegas plant to compensate
for the loss of a large non-health care customer in late July, and by reduced
productivity in certain plants where extreme hot weather in August made
working conditions very difficult. Third quarter sales of the Manufacturing
and Marketing segment increased 2.2 percent compared with the same quarter
last year, and gross profit increased substantially principally due to a
shift toward higher margin products. In the domestic operations of this
segment, sales to the health care markets were about the same as last year,
but sales to hospitality markets were modestly below last year's levels.
Third quarter operating results improved slightly in both the Canada and the
United Kingdom operations of this segment. In the Life Retail Stores
segment, third quarter sales increased 3.1 percent with a slightly better
gross profit increase.
Selling, general and administrative expenses increased $1,827,000
or 7.9 percent in the third quarter and increased $3,603,000 or
5.2 percent in the first three quarters compared with the
3
5
same periods last year. Most of the dollar increase was the result of
acquisitions, additional sales representatives hired to stimulate
revenue growth and computer enhancements to better serve health care
customers. Interest expense was $384,000 higher in the quarter as a
result of the $30,000,000 private placement long-term financing
completed at the beginning of the second quarter.
Financial Condition
- -------------------
The Company had working capital of $185,467,000 and a current ratio of 4.9 to
1 at October 28, 1995, up from $150,734,000 and 3.2 to 1 at the beginning of
the year. The increase in third quarter working capital and current ratio
were principally the result of repayment of all short-term debt with funds
received from the long-term financing referred to above. The ratio of
long-term debt to debt-plus-equity was 33.7 percent at the close of the third
quarter, compared with 26.2 percent at the beginning of the year and 26.7
percent a year ago.
Operating activities provided a total cash flow of $17,704,000 in the first
three quarters compared with $21,474,000 in the first three quarter of last
year, with the primary differences being lower net income and higher working
capital requirements this year. Investing activities included $5,768,000 for
capital expenditures and $10,218,000 for acquisitions. Financing activities
reflect the issuance of long-term debt of $30,000,000 offset by the repayment
of short-term debt and the payment of dividends. No material change in the
Company's future aggregate cash requirements is foreseen at the present time.
Based on the Company's cash generation from operations, as well as its strong
working capital position, current ratio and ratio of long-term debt to
debt-plus-equity, Management believes that internal funds available from
operations plus external funds available from the issuance of additional debt
and/or equity as needed in the future, will be sufficient for all planned
operating and capital requirements, including acquisitions.
4
6
EXHIBIT A
ANGELICA
CORPORATION
November 15, 1995
Dear Shareholder:
Third quarter earnings declined compared with the same quarter last year,
marking the second consecutive quarter that earnings were below the prior year
period. Third quarter combined sales and rental service revenues were
$123,595,000, up 2.9 percent from $120,096,000 in last year's third quarter.
However, excluding acquisitions made since the third quarter of last year,
combined sales and rental service revenues actually dropped 2.5 percent in the
quarter. Pretax income of $4,608,000 compared with $6,835,000 in the third
quarter last year, and net income of $2,834,000 decreased 32.6 percent from
$4,204,000 in the comparable prior period. Net income per share was $.31 versus
$.46 in the third quarter of last year, also a decrease of 32.6 percent.
For the first three quarters of this year, combined sales and rental service
revenues were up 3.9 percent to $369,282,000. Excluding acquisitions made in the
last twelve months, combined sales and rental service revenues showed a small
1.0 percent decline. Pretax income was $14,501,000, down from the $17,126,000
reported for the first three quarters of last year. Net income of $8,918,000
compares with last year's $10,533,000, a decrease of 15.3 percent, and net
income per share was $.98 for the three quarters versus $1.16 in the same period
last year, a decrease of 15.5 percent.
For both the third quarter and the first three quarters of the year, earnings
increases by the Life Retail Store and the Manufacturing and Marketing segments
were not enough to offset a decline in earnings of the Rental Services segment
and increased interest costs due to higher borrowings to fund acquisitions.
Revenues of the Rental Services segment increased 4.0 percent in the third
quarter, with all of the increase coming from acquisitions made since this time
last year. The percentage decline in earnings for the third quarter was quite a
bit worse than the declines in the first two quarters this year, with nearly all
the deterioration coming from results at our Las Vegas facility. As we
previously reported, we lost a large non-health care customer at the Las Vegas
plant last July, and thus far we have been unable to lower our costs there
sufficiently to compensate for the lost revenue. The six underperforming plants
we referred to in the second quarter report made some progress in the third
quarter, but not as much as we planned for, and greater efforts are under way to
solve the operating or cost problems at these plants. Third quarter results were
also negatively affected by reduced productivity in certain plants where extreme
hot weather in August made working conditions very difficult, and to some extent
by increased workers' compensation costs. We have also seen an increase in our
costs due to the necessary addition of sales representatives hired to stimulate
revenue growth. As we have said in the past, health care markets continue to be
in a condition of upset and uncertainty caused by the many changes taking place
there, which is limiting our revenue growth and requiring even more emphasis on
cost control. Fourth quarter results of this business segment presently are
expected to be close to the fourth quarter of last year, but could be slightly
lower.
Last month, we announced the acquisition of HLA Services Inc., a hospital
cooperative laundry in Boston, Massachusetts, with annual revenues of about
$10,000,000. We were pleased to make this announcement, as the acquisition puts
our Rental Services business into an important, new geographic area and, more
importantly, reflects a continuation of the trend of hospitals shifting from
on-premise and cooperative laundries to lower-cost contract laundry service.
Angelica has been in the forefront of this
424 South Woods Mill Road, Chesterfield, Missouri 63017-3406
314-854-3800
7
trend in assisting hospitals to reduce their textile and laundry processing
costs, and we believe it provides significant opportunities for future growth of
this business segment.
In the Manufacturing and Marketing segment, third quarter sales increased 2.2
percent and earnings increased at a somewhat greater rate compared with the same
period last year, principally due to better gross margins. Excluding
acquisitions made in the last twelve months, sales were actually down a modest
amount. Increased sales volume in the United States and in the United Kingdom
offset a small sales decline in Canada. Third quarter operating results improved
slightly in both Canada and the United Kingdom. It was encouraging to see the
Angelica Uniform Group, this segment's largest operating division, achieve both
a third quarter sales increase, due to acquisitions made in the past twelve
months, as well as better operating results, reversing declines in sales and
earnings experienced in the second quarter. Third quarter incoming orders from
our health care markets were about even with last year, as they were in the
second quarter, but incoming orders from the hospitality markets again showed a
modest decline. In the third quarter last year, several new custom uniform
programs were installed, whereas there were no new programs of comparable size
in the third quarter this year. While we were pleased to achieve an earnings
improvement in the Manufacturing and Marketing segment for the third quarter
over last year, Management is still not satisfied with this business segment's
performance, and the increased involvement in its day-to-day operations by
Lawrence J. Young, Chairman and President of Angelica Corporation, will continue
for the foreseeable future. Fourth quarter operating results of the
Manufacturing and Marketing segment are expected to be comparable to results in
the fourth quarter of last year.
The Life Retail Stores segment had a 3.1 percent increase in sales with a
slightly better percentage increase in earnings. This is a smaller rate of sales
increase than we have seen for quite some time, and we believe that the overall
poor retail climate is causing some of this decline, combined with reduced
purchasing by health care workers caused by their concern with uncertainties
going on in the health care market. The third quarter same-store sales increase
was a modest 1.2 percent, compared with a same-store sales increase of 4.2
percent in the first six months of this year. During the first three quarters of
this year, Life Stores acquired four stores and closed two underperforming
stores, which caused this segment to end the third quarter with 267 stores in
operation versus 265 last year. While it is clear the rate of growth in sales
has slowed compared with the recent past, we still expect this segment to post
its ninth consecutive year of record earnings.
We are very disappointed that the good earnings increase of 9.3 percent in the
first quarter has been followed by earnings declines in the second and third
quarters. Both of our larger business segments have not performed as expected.
While significant actions have already been taken to improve results, it is
clear that additional actions are required in the Rental Services segment to
improve performance. Let me assure you that all appropriate actions to improve
results are being taken. At the present time, we expect results for the fourth
quarter and for fiscal 1996 to be below last year's comparable periods, but the
percentage decline in the fourth quarter is expected to be less than that
experienced in this year's third quarter. The continuing changes taking place in
the health care markets will moderate our opportunity for significant earnings
growth in the near term, but we still believe we offer cost reduction
alternatives to the health care market, and that will result in better growth in
the future. The fundamentals of all of our businesses remain encouraging, and
while near term results have not been satisfactory, we continue to see good
long-term prospects for each of our businesses.
Respectfully submitted,
/s/ Lawrence J. Young
Lawrence J. Young
Chairman of the Board and President
8
CONSOLIDATED STATEMENTS OF INCOME
Angelica Corporation and Subsidiaries
Unaudited
(Dollars in thousands, except per share amounts)
Third Quarter Ended Three Quarters Ended
-------------------------- --------------------------
October 28, October 29, October 28, October 29,
1995 1994 1995 1994
----------- ----------- ----------- -----------
Rental service revenues $ 63,525 $ 61,056 $191,942 $181,612
Net sales 60,070 59,040 177,340 173,731
-------- -------- -------- --------
123,595 120,096 369,282 355,343
-------- -------- -------- --------
Cost of rental services 51,884 47,953 154,450 142,622
Cost of goods sold 39,276 39,825 117,473 117,462
-------- -------- -------- --------
91,160 87,778 271,923 260,084
-------- -------- -------- --------
Gross profit 32,435 32,318 97,359 95,259
-------- -------- -------- --------
Selling, general and
administrative expenses 24,881 23,054 73,454 69,851
Interest expense 2,342 1,958 6,775 5,863
Other expense, net 604 471 2,629 2,419
-------- -------- -------- --------
27,827 25,483 82,858 78,133
-------- -------- -------- --------
Income before income taxes 4,608 6,835 14,501 17,126
Provision for income taxes 1,774 2,631 5,583 6,593
-------- -------- -------- --------
Net income $ 2,834 $ 4,204 $ 8,918 $ 10,533
======== ======== ======== ========
Net income per share <F*> $ .31 $ .46 $ .98 $ 1.16
======== ======== ======== ========
Dividends per common share $ .24 $ .235 $ .71 $ .705
======== ======== ======== ========
<FN>
<F*>Based upon weighted average number of common and common equivalent shares
outstanding of 9,139,774 and 9,107,383 for fiscal periods of 1996 and 1995,
respectively.
9
CONSOLIDATED BALANCE SHEETS
Angelica Corporation and Subsidiaries
Unaudited
(Dollars in thousands)
October 28, 1995 January 28, 1995
---------------- ----------------
ASSETS
- ------
Current Assets:
Cash and short-term investments $ 8,954 $ 2,211
Receivables, less reserves of $3,941 and $2,699 70,722 69,071
Inventories:
Raw material 27,271 26,222
Work in progress 7,417 6,163
Finished goods 74,153 73,442
-------- --------
108,841 105,827
Linens in service 39,847 37,609
Prepaid expenses 4,586 5,199
-------- --------
Total Current Assets 232,950 219,917
-------- --------
Property and Equipment 208,310 202,879
Less -- reserve for depreciation 112,037 105,229
-------- --------
96,273 97,650
-------- --------
Goodwill 8,511 7,261
Other Acquired Assets 11,388 13,252
Cash Surrender Value of Life Insurance 11,437 10,917
Miscellaneous 5,393 4,551
-------- --------
36,729 35,981
-------- --------
Total Assets $365,952 $353,548
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Current Liabilities:
Short-term debt $ -- $ 21,100
Current maturities of long-term debt 2,693 2,568
Accounts payable 15,156 20,043
Accrued expenses 23,996 20,189
Income taxes 5,638 5,283
-------- --------
Total Current Liabilities 47,483 69,183
-------- --------
Long-Term Debt, less current maturities 101,395 69,683
Other Long-Term Obligations 17,208 18,022
Shareholders' Equity:
Preferred Stock:
Class A, Series 1, $1 stated value,
authorized 100,000 shares, outstanding: none -- --
Class B, authorized 2,500,000 shares, outstanding: none -- --
Common stock, $1 par value, authorized 20,000,000
shares, issued: 9,471,538 and 9,470,538 shares 9,472 9,471
Capital surplus 4,188 4,179
Retained earnings 197,299 194,849
Translation adjustment (2,066) (2,290)
Common Stock in treasury, at cost: 330,024 and 351,626 (9,027) (9,549)
-------- --------
199,866 196,660
-------- --------
Total Liabilities and Shareholders' Equity $365,952 $353,548
======== ========
10
CONSOLIDATED STATEMENTS OF CASH FLOWS
Angelica Corporation and Subsidiaries
Unaudited
(Dollars in thousands)
Three Quarters Ended
----------------------------------------------
October 28, 1995 October 29, 1994
---------------- ----------------
Cash flows from operating activities:
Net income $ 8,918 $ 10,533
Non-cash items included in net income:
Depreciation 10,249 9,673
Amortization of acquisition costs 3,046 2,622
Change in working capital components,
net of businesses acquired (2,313) (263)
Other, net (2,196) (1,091)
-------- --------
Net cash provided by operating activities 17,704 21,474
-------- --------
Cash flows from investing activities:
Expenditures for property and equipment, net (5,768) (9,353)
Cost of businesses acquired (10,218) (15,651)
-------- --------
Net cash used in investing activities (15,986) (25,004)
-------- --------
Cash flows from financing activities:
Proceeds from issuance of long-term debt 30,000 --
Proceeds from issuance of short-term debt -- 11,100
Long-term and short-term debt repayments (22,393) (1,411)
Debt assumed in acquisition 3,130 --
Dividends paid (6,489) (6,417)
Other, net 777 430
-------- --------
Net cash provided by financing activities 5,025 3,702
-------- --------
Net increase in cash and
short-term investments 6,743 172
Balance at beginning of year 2,211 2,020
-------- --------
Balance at end of period $ 8,954 $ 2,192
======== ========
11
SUMMARY FINANCIAL POSITION DATA
Angelica Corporation and Subsidiaries
(Dollars in thousands, except ratios, shares and per share amounts)
(Unaudited) Year Ended January<F*>
-------------------------- ----------------------------------------------------------------
October 28, October 29,
1995 1994 1995 1994 1993 1992 1991
----------- ----------- ---- ---- ---- ---- ----
Working capital $185,467 $150,243 $150,734 $157,188 $161,129 $160,379 $134,964
Current ratio 4.9 to 1 3.2 to 1 3.2 to 1 4.0 to 1 4.7 to 1 4.2 to 1 2.9 to 1
Long-term debt $101,395 $71,752 $69,683 $72,255 $78,175 $80,506 $57,782
Shareholders' equity $199,866 $196,539 $196,660 $191,993 $189,209 $190,303 $175,684
Percent long-term debt to
debt and equity 33.7% 26.7% 26.2% 27.3% 29.2% 29.7% 24.8%
Equity per common share $21.86 $21.59 $21.57 $21.13 $20.88 $20.43 $18.92
Common shares outstanding 9,141,514 9,104,671 9,118,912 9,086,034 9,063,834 9,315,535 9,285,677
<FN>
<F*> As reported in Company's Annual Report.
12
PART II. OTHER INFORMATION
ANGELICA CORPORATION AND SUBSIDIARIES
Item 6. Exhibits and Reports on Form 8-K
- -----------------------------------------
(a) See Exhibit Index included herein on page 7.
(b) Reports on Form 8-K - There were no reports on Form 8-K filed for the
third quarter ended October 28, 1995.
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 thereunto duly authorized.
Angelica Corporation
--------------------
(Registrant)
Date: November 30, 1995 /s/ T.M. Armstrong
-------------------------------
T. M. Armstrong
Senior Vice President -
Finance and Administration
Chief Financial Officer
(Principal Financial Officer)
/s/ L. Linden Mann
-------------------------------
L. Linden Mann
Controller
(Principal Accounting Officer)
6
13
EXHIBIT INDEX
- -------------
Exhibit
Number Exhibit
- ------ -------
<F*>Asterisk indicates exhibits filed herewith.
<F**>Management contract or compensatory plan incorporated by reference
from the document listed.
4.1 Shareholder Protection Rights Plan. Filed as Registration Statement
on Form 8-A dated August 24, 1988 and incorporated herein by reference.
4.2 10.3% and 9.76% Senior Notes to insurance company due annually to
2004, together with Note Facility Agreement. Filed as and incorporated
herein by reference to Exhibit 4.2 to the Form 10-K for the fiscal year ended
1/27/90.
4.3 9.15% Senior Notes to insurance companies due December 31, 2001,
together with Note Agreements and First Amendment thereto. Filed as and
incorporated herein by reference to Exhibit 4.3 to the Form 10-K for the
fiscal year ended 2/1/92.
4.4 8.225% Senior Notes to Nationwide Life Insurance Company, American
United Life Insurance Company, Aid Association for Lutherans, and Modern
Woodmen of America due May 1, 2006, together with Note Agreement. Filed as
and incorporated herein by reference to Exhibit 4.4 to the Form 10-Q for the
fiscal quarter ended July 29, 1995.
Note: No other long-term debt instrument issued by the Registrant
exceeds 10% of the consolidated total assets of the Registrant and its
subsidiary. In accordance with Item 601(b) (4) (iii) (A) of Regulation S-K,
the Registrant will furnish to the Commission upon request copies of
long-term debt instruments and related agreements.
10.1 Angelica Corporation 1994 Performance Plan (as amended 1/31/95) -
Form 10-K for fiscal year ended 1/28/95, Exhibit 10.1.<F**>
10.2 Retirement Benefit Agreement between the Company and Alan D. Wilson
dated August 25, 1987 - Form 10-K for fiscal year ended 1/28/95, Exhibit
10.2.<F**>
7
14
Exhibit
Number Exhibit
- ------ -------
10.3 Form of Participation Agreement for the Angelica Corporation
Management Retention and Incentive Plan with attachment setting out officers
covered under such agreements and the "Benefit Multiple" listed for each -
Form 10-K for fiscal year ended 1/30/93, Exhibit 10.3.<F**>
10.4 Performance Shares Plan Agreement between the Company and T.M.
Armstrong dated February 20, 1989 - Form 10-K for fiscal year ended 1/30/93,
Exhibit 10.4.<F**>
10.5 Performance Shares Plan Agreement between the Company and G.P. Byrd
dated February 20, 1989 Form 10-K for fiscal year ended 1/30/93, Exhibit
10.5.<F**>
10.6 Performance Shares Plan Agreement between the Company and L.J. Young
dated February 20, 1989 - Form 10-K for fiscal year ended 1/30/93, Exhibit
10.7.<F**>
10.7 Angelica Corporation Stock Option Plan (As amended November 29, 1994)
- Form 10-K for fiscal year ended 1/28/95, Exhibit 10.7.<F**>
10.8 Angelica Corporation Stock Award Plan - Form 10-K for fiscal year
ended 2/1/92, Exhibit 10.<F**>
10.9 Angelica Corporation Retirement Savings Plan, as amended and restated
- Form 10-K for fiscal year ended 1/27/90, Exhibit 19.3, incorporating all
amendments thereto through the date of this filing.<F**>
10.10 Supplemental Plan - Form 10-K for fiscal year ended 1/27/90, Exhibit
19.10, incorporating all amendments thereto through the date of this
filing.<F**>
10.11 Incentive Compensation Plan (restated) - Form 10-K for fiscal year
ended 1/27/90, Exhibit 19.11.<F**>
10.12 Deferred Compensation Option Plan for Selected Management Employees -
Form 10-K for fiscal year ended 1/26/91, Exhibit 19.9, incorporating all
amendments thereto filed through the date of this filing.<F**>
8
15
Exhibit
Number Exhibit
- ------ -------
10.13 Deferred Compensation Option Plan for Directors - Form 10-K for
fiscal year ended 1/26/91, Exhibit 19.8, incorporating all amendments thereto
filed through the date of this filing.<F**>
10.14 Supplemental and Deferred Compensation Trust - Form 10-K for fiscal
year ended 2/1/92, Exhibit 19.5.<F**>
10.15 Management Retention Trust - Form 10-K for fiscal year ended 2/1/92,
Exhibit 19.4.<F**>
10.16 Performance Shares Plan for Selected Senior Management (restated) -
Form 10-K for fiscal year ended 1/26/91, Exhibit 19.3.<F**>
10.17 Management Retention and Incentive Plan (restated) - Form 10-K for
fiscal year ended 1/26/91, Exhibit 19.1.<F**>
10.18 Non-Employee Directors Stock Plan - Form 10-K for fiscal year ended
1/27/90, Exhibit 10.3, incorporating all amendments thereto through the date
of this filing.<F**>
10.19 Restated Deferred Compensation Plan for Non-Employee Directors - Form
10-K for fiscal year ended 1/28/84, Exhibit 10 (v), incorporating all
amendments thereto through the date of this filing.<F**>
10.20 Restated Angelica Corporation Stock Bonus and Incentive Plan
(Incorporating Amendments Adopted Through October 25, 1994) - Form 10-K for
fiscal year ended 1/28/95, Exhibit 10.20.<F**>
10.21 Angelica Corporation Pension Plan as Amended and Restated - Form 10-K
for fiscal year ended 1/26/91, Exhibit 19.7, incorporating all amendments
thereto through the date of this filing.<F**>
10.22 Angelica Corporation 1994 Non-Employee Directors Stock Plan,
incorporated by reference to Appendix A of the Company's Proxy Statement for
the Annual Meeting of Shareholders held on May 23, 1995.<F**>
9
16
Exhibit
Number Exhibit
- ------ -------
10.23 Twelfth Amendment to Angelica Corporation Retirement Savings Plan.-
Form 10-K for fiscal year ended 1/28/95, Exhibit 10.23.
10.24 Amendment No. 2 to Angelica Corporation Deferred Compensation Option
Plan for Directors, dated November 29, 1994 - Form 10-K for fiscal year ended
1/28/95, Exhibit 10.24.
10.25 Amendment No. 1 to Angelica Corporation Restated Deferred
Compensation Plan for Non-Employee Directors, dated November 29, 1994 - Form
10-K for fiscal year ended 1/28/95, Exhibit 10.25.
10.26 Fifth Amendment to Angelica Corporation Pension Plan (As Restated
April 1, 1989), dated December 28, 1994 - Form 10-K for fiscal year ended
1/28/95, Exhibit 10.26.
10.27 Amendment to Angelica Corporation Deferred Compensation Option Plan
for Selected Management Employees, dated October 25, 1994 - Form 10-K for
fiscal year ended 1/28/95, Exhibit 10.27.
10