1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-22702
ROBERDS, INC.
(Exact name of registrant as specified in its charter)
Ohio 31-0801335
(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
1100 East Central Avenue
Dayton, Ohio 45449-1888
(Address of principal executive offices)
(937) 859-5127
(Registrant's telephone number, including area code)
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 requirements
for the past 90 days.
Yes X No
----- -----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. On April 28, 1998, 6,043,615
common shares, without par value, were outstanding.
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ROBERDS, INC. AND SUBSIDIARY
INDEX
PAGE
NUMBER
------
PART 1. FINANCIAL INFORMATION:
ITEM 1. Financial Statements:
Condensed Consolidated Balance Sheets -
March 31, 1998 and December 31, 1997 3
Condensed Consolidated Statements Of
Earnings - Three Months Ended
March 31, 1998 and 1997 4
Condensed Consolidated Statements
of Cash Flows - Three Months Ended
March 31, 1998 and 1997 5
Notes to Condensed Consolidated
Financial Statements 6
ITEM 2. Management's Discussion
and Analysis of Financial
Condition and Results
of Operations 8
ITEM 3. Quantitative and Qualitative
Disclosures About Market Risk 12
PART II. OTHER INFORMATION:
ITEMS 1-5. Inapplicable 13
ITEM 6. Exhibits and Reports
on Form 8-K 13
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ROBERDS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
MARCH 31 DECEMBER 31
1998 1997
ASSETS
- ------
CURRENT ASSETS:
Cash and cash equivalents $ 2,358 $ 2,494
Receivables:
Customers 1,227 1,311
Vendors and other 1,624 2,693
Merchandise inventories 48,512 51,173
Refundable income taxes 2,933 2,025
Prepaid expenses and other 1,511 1,792
Deferred tax assets 3,569 3,375
-------- --------
Total current assets 61,734 64,863
Property and equipment, net 97,570 99,364
Deferred tax assets 4,245 4,381
Certificates of deposit, restricted 2,903 2,541
Other assets 1,634 1,542
-------- --------
$168,086 $172,691
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 16,856 $ 16,871
Accrued expenses 8,414 8,885
Customer deposits 10,542 11,686
Litigation 3,263 2,992
Current maturities of long-term debt 2,784 2,731
-------- --------
Total current liabilities 41,859 43,165
Long-term debt including capital leases 72,793 73,309
Deferred warranty revenue and other 9,548 10,448
SHAREHOLDERS' EQUITY:
Common stock 604 601
Additional paid-in capital 32,177 32,091
Retained earnings 11,105 13,077
-------- --------
Total shareholders' equity 43,886 45,769
======== ========
$168,086 $172,691
======== ========
See notes to condensed consolidated financial statements.
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ROBERDS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
THREE MONTHS ENDED
MARCH 31
1998 1997
NET SALES AND SERVICE REVENUES $ 78,512 $ 83,152
COST OF SALES 53,831 56,511
-------- --------
Gross profit 24,681 26,641
SELLING, DELIVERY AND ADMINISTRATIVE EXPENSES 27,688 26,426
INTEREST EXPENSE, NET 1,685 1,873
FINANCE PARTICIPATION INCOME (800) (592)
OTHER INCOME, NET (860) (851)
-------- --------
LOSS BEFORE TAX BENEFIT (3,032) (215)
INCOME TAX BENEFIT (1,060) (70)
-------- --------
NET (LOSS) ($ 1,972) ($ 145)
======== ========
BASIC AND DILUTED NET (LOSS) PER COMMON SHARE ($ 0.33) ($ 0.02)
======== ========
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC 6,031 5,959
======== ========
DILUTED 6,031 5,959
======== ========
See notes to condensed consolidated financial statements.
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ROBERDS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
THREE MONTHS ENDED
MARCH 31
1998 1997
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) ($1,972) ($ 145)
Adjustments to reconcile net (loss) to net
cash provided by operating activities:
Depreciation and amortization 2,208 2,247
Gain on sales of fixed assets (10) (2)
Changes in assets and liabilities, net 870 5,379
------- -------
Net cash provided by operating activities 1,096 7,479
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (390) (1,745)
Proceeds from sales of fixed assets 14 25
Other (451) (152)
------- -------
Net cash (used in) investing activities (827) (1,872)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt (3,463) (6,830)
Proceeds from long-term debt 3,000
Net proceeds from issuance of common shares 89 131
Debt issuance costs (31)
------- -------
Net cash (used in) financing activities (405) (6,699)
------- -------
NET DECREASE IN CASH AND CASH EQUIVALENTS (136) (1,092)
CASH AND CASH EQUIVALENTS - Beginning of period 2,494 2,794
------- -------
CASH AND CASH EQUIVALENTS - End of period $ 2,358 $ 1,702
======= =======
CASH PAID (REFUNDED)FOR:
Interest, net of capitalized amounts of $38 in 1997 $ 1,680 $ 2,054
======= =======
Income taxes $ (119) $ 623
======= =======
See notes to the condensed consolidated financial statements
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ROBERDS, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS EXCEPT SHARE DATA)
A. BASIS OF PRESENTATION
The consolidated balance sheet at December 31, 1997 is condensed from the
audited financial statements. The accompanying unaudited condensed consolidated
balance sheet at March 31, 1998, the condensed consolidated statements of
operations for the three months ended March 31, 1998 and 1997, and the condensed
consolidated statements of cash flows for the three months ended March 31, 1998
and 1997, have been prepared by the Company in accordance with generally
accepted accounting principles and in the opinion of management include all
adjustments (which consist only of normal recurring adjustments) necessary for a
fair presentation of results of operations for the periods presented.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been omitted or condensed. These financial statements should be read in
conjunction with the financial statements and the notes thereto for the year
ended December 31, 1997 included in Form 10-K. The results of operations for the
three months ended March 31, 1998 may not be indicative of the results for the
year ending December 31, 1998.
B. DEBT
MARCH 31 DECEMBER 31
1998 1997
Mortgage notes payable $45,779 $46,308
Revolving line of credit 18,000 15,000
Term loan agreement 2,800
Capital lease obligations 11,798 11,932
----------- -----------
75,577 76,040
Less current maturities 2,784 2,731
----------- -----------
$72,793 $73,309
=========== ===========
In February 1998, the Company utilized the revolving line of credit to repay the
balance outstanding under the term loan prior to its maturity.
The revolving bank line of credit expires in January 2000. The amount available
under the line is limited to the lesser of: (a) $35,000 or (b) an amount based
upon a percentage of eligible accounts receivable and inventory and certain
previously incurred leasehold improvements. The agreement also provides that an
additional amount is available for any expenditures for leasehold improvements
and store expansion for which the Company has commitments for permanent
financing. At March 31, 1998, $32,545 was available under the line of which
$18,000 was outstanding. The interest rate under the line of credit is set
monthly at the option of the Company at either the prime rate (8.50% at March
31, 1998) or one of various LIBOR rates plus 1.55% (7.23% at March 31, 1998).
The line of credit includes certain restrictive covenants including, among
others, limitations on capital expenditures and the payment of dividends,
maintenance of minimum current, fixed-charge-coverage, funded-debt-to-earnings,
and debt-to-tangible-net-worth ratios. Certain of the covenants contained in the
revolving credit agreement become increasingly restrictive over time.
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C. INCOME TAXES
Deferred tax assets relate principally to the deferral of extended warranty
revenues over the lives of the contracts for financial reporting purposes versus
recognizing the revenues in the year of sale for income tax purposes.
Income tax benefit consists of the following:
THREE MONTHS ENDED
MARCH 31
1998 1997
Currently payable (refundable):
Federal $(987) $62
State and local (15) 41
------- ----
(1,002) 103
Deferred (58) (173)
------- ----
($1,060) ($70)
======= ====
The disproportionate provision for income taxes reflects minimum taxes imposed
by certain jurisdictions and a valuation reserve for certain state operating
loss carryforwards that the Company has determined it is more likely than not
that they will not yield a benefit to the Company in the future.
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ROBERDS, INC. AND SUBSIDIARY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(DOLLAR AMOUNTS IN THOUSANDS)
RESULTS OF OPERATIONS
The first three months of 1998 resulted in a net loss of $(1,972) as compared to
net loss of $(145) for the first three months of 1997. Sales for the three
months ended March 1998 declined to $78,512 from $83,152 for the three months
ended March 1997, a 5.6 percent decrease. The decline in total sales includes
the effect of closing the Decatur, Georgia store in December 1997 and, to a much
lesser extent, the withdrawal from the personal computer business in Dayton and
Cincinnati. These factors will continue to have an unfavorable effect on total
store sales throughout 1998.
Comparable store sales decreased 3.7 percent for the first three months of 1998.
While comparable store sales decreased, the rate of decline slowed considerably
during the first three months of 1998 as compared to the results in previous
quarters. For the first three months of 1998, the percentage increases
(decreases) in sales by market area were as follows:
TOTAL COMPARABLE
STORES STORES
-------- ------------
Dayton 2% 2%
Cincinnati (18) (18)
Atlanta (4) 3
Tampa (7) (7)
Comparable store sales for the Cincinnati market experienced the most
significant decline due to the continued comparison against the very successful
period following the market entry in July 1996. Overall, the Company believes
that a highly competitive retail environment for big ticket goods, combined with
an industry wide softness in consumer electronics and high consumer debt, also
contributed to the decrease in comparable store sales.
Sales by major product category as a percentage of total sales for the three
months ended March 31 were as follows:
1998 1997
---- ----
Furniture.................................. 40% 39%
Bedding.................................... 13 13
Major appliances........................... 23 24
Consumer electronics....................... 18 20
Extended warranty contracts and other...... 6 4
--- ---
100% 100%
=== ===
Sales of consumer electronics products continued to decline as a percentage of
total Company sales due to rapidly declining retail prices in that product
category, continued industry softness, a highly competitive retailing
environment, continuing technological advances, and the lack of new products, at
higher prices, to offset the effect of mature products with declining prices.
The Company expects retail price declines in the electronics category to
continue for the foreseeable future.
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In late March 1997, the Company entered into an agreement to sell third-party
extended warranty contracts. Revenues and the related costs of the contracts
entered into after the effective date of the agreement are being recognized at
the time the third-party contracts are sold. Revenues and selling costs related
to contracts sold prior to the effective date of the agreement will be
recognized over the remaining lives of the contracts, and the expenses related
to service costs will be recognized as incurred. Total sales were positively
affected by this agreement by approximately 2.0 percent during the first three
months of 1998. As a result of the change in the extended warranty arrangement,
extended warranty contract revenue increased as a percentage of total sales
during the first three months of 1998. The effect of the sale of third-party
warranty contracts will become comparable beginning in the second quarter of
1998.
For the three months ended March 1998, gross profit was $24,681, or 31.4 percent
of sales, as compared to $26,641, or 32.0 percent of sales, for the three months
ended March 1997. The decrease in gross profit margin percentage for the three
months ended March 1998 reflects the liquidation at reduced selling prices of
certain aged inventories and inventories from certain vendors that are being
de-emphasized or discontinued. Offsetting the decline in gross margin percentage
were the above-mentioned sales of third-party extended warranty contracts which
favorably affected gross margins as a percentage of sales by approximately 0.9
percent in the first three months of 1998.
Gross margin percentages for the first three months of 1998 by category were
approximately 36 percent for furniture, 44 percent for bedding, 20 percent for
major appliances and 17 percent for consumer electronics. The gross margin
percentages for the first quarter of 1998, as compared to the first quarter of
1997, remained steady for bedding, while furniture, major appliances and
consumer electronics gross margins declined considerably. Contributing to the
decline in gross margin percentage for furniture and consumer electronics was
the above mentioned liquidation of certain aged and de-emphasized merchandise.
The Company expects that these lower margins will continue through the second
quarter of 1998 as it continues to focus on the liquidation of aged and
de-emphasized merchandise. Additionally, product prices and margins in consumer
electronics and appliances continued to be under pressure during the first three
months of 1998, as a result of intense competitive conditions in these
categories.
For the three months ended March 1998, selling, delivery, and administrative
expenses, which include occupancy costs, were $27,688, or 35.3 percent of sales,
as compared to $26,426, or 31.8 percent of sales, for the comparable period in
1997. The increase is primarily attributed to: (a) increased finance charges for
extended financing programs offered to customers, (b) increased sales
commissions as a result of a higher percentage of revenue associated with the
sale of extended warranty contracts and sales incentives to liquidate the above
mentioned aged merchandise (c) increased wages, professional and other fees, and
recruiting costs related to the initial implementation of certain customer
service and merchandising improvement initiatives. These increases were offset
in part by a decrease in advertising and promotion expenses.
Interest expense, net of interest income, decreased to $1,685 for the three
months ended March 1998 compared to $1,873 for the comparable period in 1997.
The decrease in 1998 resulted primarily from a reduction in merchandise
inventories, which resulted in a decrease in the related indebtedness incurred
to carry such inventories. No interest expense was capitalized in the first
three months of 1998, while net expense was partially offset by the
capitalization of $38 of interest during 1997.
Finance participation income, which consists of income from participation in the
Company's private label credit card program, was $800, or 1.0 percent of sales,
for the three months ended March 1998, as compared to $592, or 0.7 percent of
sales, for the comparable period in 1997. The increase in participation resulted
from the Company's decision to reduce its use of core financing programs offered
to customers in all market areas during the first three months of 1998 as
compared to 1997. This shift in financing programs reduced the amount of
balances that do not yield income during the initial grace period, which
increased the Company's participation for the first three months of 1998.
Other income increased to $860 for the three months ended March 1998 as compared
to $851 for the comparable period in 1997. The majority of other income consists
of cash discounts and rental income from tenants.
Loss before income taxes was ($3,032) in the first three months of 1998,
compared to a loss of ($215) in 1997. Income tax benefit for 1997 was $1,060, or
approximately 35% of the loss before taxes, as compared to $70, or 33% of the
loss before taxes, in 1997. The disproportionate provisions for income taxes
reflect minimum taxes imposed by certain jurisdictions and a valuation
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reserve for certain state operating loss carryforwards that the Company has
determined it is more likely than not that they will not yield a benefit to the
Company in the future.
LIQUIDITY AND CAPITAL RESOURCES
The Company generated $1,096 of cash from operating activities during the first
three months of 1998. Cash of $2,661 was provided from a reduction in
merchandise inventories, primarily in the appliance and consumer electronics
product categories, as the Company continued to review its assortment and
stocking requirements in these categories to better match consumer demand.
Additionally, vendor receivables were reduced by $1,069, primarily as a result
of fewer outstanding balances for incentives. Funds generated from the reduction
of merchandises inventories and receivables were offset in part by a decline in
customer deposits, a reduction in deferred warranty revenue, and an increase in
refundable income taxes.
During the first three months of 1998, capital expenditures totaled $390. These
expenditures primarily represented normal replacement and upgrade projects. The
Company has no significant expansion or capital expenditure plans for 1998 other
than normal replacement, repair, and upgrade projects, and existing store
refurbishment.
In order to extend the maturity and to reduce the rate of interest, the Company
refinanced the mortgage on its Vandalia, Ohio store in February 1998. The
refinanced amount requires monthly principal and interest payments of $29 over a
15 year period, and bears interest at 7.64%.
The Company's revolving bank line of credit agreement expires in January 2000.
The amount available under the line is limited to the lesser of: (a) $35,000, or
(b) an amount based upon a percentage of eligible accounts receivable and
inventory and certain previously incurred leasehold improvements. The agreement
also provides that an additional amount is available for any expenditures for
leasehold improvements and store expansion for which the Company has commitments
for permanent financing. At March 31, 1998, $32,545 was available under the
line, of which $18,000 was outstanding.
The line of credit includes certain restrictive covenants including, among
others, limitations on capital expenditures and the payment of dividends,
maintenance of minimum current, fixed-charge-coverage, funded-debt-to-earnings,
and debt-to-tangible-net-worth ratios. Certain of the covenants contained in the
Company's revolving credit agreement become increasingly restrictive over time.
In order to remain in compliance with those covenants, the Company's operations
and cash flow will have to significantly improve during the second quarter of
1998 and remaining portion of 1998 over the actual results experienced during
the comparable periods in 1997. Based on the operating results for the first
three months of 1998, it is likely that the covenants will have to be
renegotiated prior to the end of the second quarter of 1998 in order to remain
in compliance. Based on its past working relationship with its primary lender,
the Company expects that such approvals will be obtained if they are necessary;
however, the Company has no assurance that such approvals will be granted.
SEASONALITY
- -----------
The Company typically experiences an increase in overall sales in the fourth
quarter. This increase is driven by an increase in the sales of consumer
electronics and furniture products associated with the holiday season. At the
same time, major appliance sales typically decline in the fourth quarter. As a
result, operating results for the full year are highly dependent upon the
success of the Company's operations in the fourth quarter.
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OUTLOOK
- -------
In the fall of 1997, the Company engaged one of the national management
consulting firms to review its operations and identify opportunities for
performance improvement. The firm delivered its report in November 1997. Since
then, the Company has devoted considerable time and attention to the
recommendations put forth in the report.
Since there are no expansion plans for 1998, the Company will continue to focus
on improving business operations. Areas of focus include improving the
management of inventory, improving warehouse operations and reducing expenses,
improving asset utilization, reducing store operating expenses, and turning
around comparable store sales. At the same time, several initiatives are under
way to improve customer service. Many of these efforts have required operating
expenditures that adversely affected the Company's financial results for the
first three months of 1998 and will continue to affect them through the second
and third quarters of 1998. Thus, the Company expects to sustain a loss in the
second quarter of 1998. The Company believes these initiatives will eventually
yield significant improvement in the Company's operations and profitability.
They will, however, take time to implement and may require capital and operating
expenditures to implement.
The Company's financial performance is influenced by consumer confidence,
interest rates, consumer debt, the general level of housing activity, and the
general level of economic activity in the United States. Consumer demand for
big-ticket goods has continued to be sluggish, and retailers have continued the
use of price, same-as-cash, and other promotions, in an effort to generate sales
volume. This competitive situation is expected to continue to put pressure on
comparable store sales, product prices and margins, and operating results.
FORWARD-LOOKING STATEMENTS
- --------------------------
In the interest of providing the Company's shareholders and potential investors
with information concerning management's assessment of the outlook for the
Company, this report contains certain "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Readers should bear in
mind that statements relating to the Company's business prospects, as distinct
from historical facts, are forward-looking statements which, by their very
nature, involve numerous risks and uncertainties. Factors that could cause the
Company's actual results to differ materially from management's expectations
include, but are not limited to:
A. Changes in economic conditions in the United States, including but not
limited to the general level of economic activity, levels of housing activity,
interest rates, the availability of consumer credit, consumer confidence, and
inflation.
B. Changes in the economic conditions in the market areas in which the Company
operates, such as a strike or shutdown of a major employer or industry.
C. Unusual weather patterns, such as unusually hot or cool summers, which can
affect the sale of refrigeration products, or unusually cold winters, which can
affect consumers' desire and ability to shop for the Company's products. Acts of
God, such as floods, hurricanes, or tornadoes, that interrupt the Company's
ability to sell or deliver merchandise, interrupt consumers' ability to shop, or
destroy a major Company facility, in particular a warehouse or computer
facility.
D. Changes in the competitive environment in the Company's market areas,
including the bankruptcy or liquidation of existing competitors.
E. The entry into the Company's lines of business and market areas by new,
larger, well-financed competitors, which may have the ability to withstand
intense price competition over extended periods of time.
F. The availability and cost of adequate, appropriate newspaper, television, and
pre-printed advertising. A strike or work stoppage affecting the Company's media
outlets.
G. Adverse results in litigation matters.
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H. Difficulties in hiring, training, and retaining a capable work force at
reasonable levels of compensation, in both existing market areas and in
expansion locations. Difficulties in hiring and retaining an effective senior
management group, particularly as the Company expands. An attempt to organize a
significant portion of the Company's work force.
I. The availability of appropriate sites for expansion, on favorable terms, and
the long-term receptivity of consumers to new store formats and locations.
J. Access to bank lines of credit and real estate mortgage financing sources at
favorable rates of interest, terms, and conditions.
K. Access to additional equity capital to fund the Company's long-term
expansion.
L. Access to extended-payment financing sources (e.g., "twelve months same as
cash") at a favorable cost to the Company and with favorable rates of approval
by the financing source. Access to private-label financing sources (e.g.,
"Roberds charge card") that provide favorable rates of interest to the customer,
favorable rates of return to the Company, and favorable rates of approval by the
financing source.
M. Rapid changes in products, particularly electronics products, such that the
Company bears the risk of obsolescence or the consumer withdraws from the market
until such time as the product category has stabilized.
N. Shifts in the mix of the Company's sales between its higher-margin products
(bedding and furniture) and its lower-margin products (electronics and
appliances), which may result from changes in consumer priorities, competitive
factors, or other factors.
O. The absence of new products in the Company's product categories that would
drive additional consumer interest and purchases.
P. Adverse changes in the cost or availability of the products the Company
sells. Rapid increases in the price of the Company's products, which cannot be
passed on to consumers as the result of competitive pressures.
Q. The loss, or significant reduction in the availability, of certain key
name-brand products. Decisions by vendors to curtail the availability of certain
product presently sold by the Company, or to make products that are presently
sold by the Company available to certain competitors that do not presently have
access to such products. Changes in import duties or restrictions affecting the
Company's ability to import certain products.
R. Changes in income tax rates or structures that may affect the Company's tax
burden or consumers' ability to purchase or finance big-ticket goods or new
housing. Significant increases in real estate tax rates affecting the Company's
properties.
S. Changes in government regulations affecting the Company, its products, its
advertising, or its work force, including changes in the minimum wage. Changes
in government regulations affecting the Company's employee benefit plans or
workers' compensation arrangements.
T. New competition from alternative sales media and channels of distribution,
such as catalog mail order, telemarketing, television shopping services, and
online media.
U. Changes in highway or street configurations such that the Company's stores
become less accessible to consumers. Changes in consumer use or ownership of
"second homes," particularly in the Tampa, Florida market.
V. Changes in the cost or availability of liability, property, and health
insurance.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. Not
applicable.
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PART II-OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS Not applicable.
ITEM 2. CHANGES IN SECURITIES None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None
ITEM 5. OTHER INFORMATION None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
There were no reports filed by the Company on Form 8-K during the quarter ended
March 31, 1998.
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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.
Roberds, Inc.
(Registrant)
Date May 1, 1998 /s/ Robert M. Wilson
----------------------- ---------------------
Robert M. Wilson
Executive Vice President
Chief Financial Officer
Date May 1, 1998 /s/ Michael A. Bruns
----------------------- ---------------------
Michael A. Bruns
Vice President
Controller
Chief Accounting Officer
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