UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 1996
Commission File Number 0-19378
LIUSKI INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 11-3065217
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6585 Crescent Drive, Norcross, Georgia 30071
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (770) 447-9454
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 ___
As of September 30, 1996, the Registrant had 4,380,525 shares of Common
Stock, $.01 par value per share outstanding.
Item I. Financial Statements
LUISKI INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
September 30, December 31,
1996 1995
------------- ------------
(unaudited)
ASSETS
CURRENT
Cash $ 389,308 $ 200,989
Accounts Receivable,
net allowance for doubtful
accounts of $3,900,000 and
$1,050,000, as of 1996 and 1995,
respectively 38,257,324 33,013,943
Inventories 44,521,525 43,295,440
Prepaid Expenses and Other
Current Assets 4,712,599 3,840,889
-------------- -------------
TOTAL CURRENT ASSETS 87,880,756 80,351,261
FURNITURE, AUTOS, AND EQUIPMENT,
at cost, less Accumulated
Depreciation and
Amortization of
$3,369,374 and $2,645,806
as of 1996 and 1995, respectively 2,941,773 3,101,973
OTHER ASSETS 253,412 254,828
-------------- ---------------
TOTAL ASSETS $ 91,075,941 $ 83,708,062
============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable: Affiliate $ 14,141,121 $ 9,245,742
Accounts Payable: Trade 24,121,641 24,491,010
Accrued Expenses and Other
Current Liabilities 2,072,474 1,964,893
--------------- ----------------
TOTAL CURRENT LIABILITIES 40,335,236 35,701,645
REVOLVING CREDIT LOAN 26,392,150 20,965,263
CAPITAL LEASE OBLIGATIONS 820,628 702,114
--------------- ----------------
TOTAL LIABILITIES 67,548,014 57,369,022
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred Stock, $.01 par value;
1,000,000 shares authorized;
none issued
Common Stock, $.01 par value;
7,000,000 shares authorized;
4,380,525 issued and outstanding 43,806 43,806
Additional Paid-in Capital 18,435,164 18,435,164
Retained Earnings 5,048,957 7,860,070
--------------- --------------
TOTAL STOCKHOLDERS' EQUITY 23,527,927 26,339,040
--------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 91,075,941 $ 83,708,062
=============== ==============
See notes to condensed consolidated financial statements
2
LUISKI INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
1996 1995 1996 1995
---- ---- ---- ----
Net Sales $ 110,480,302 $96,060,729 $ 310,664,576 $293,441,679
Cost of Sales 102,903,391 88,851,108 289,071,696 271,942,535
Gross Profit 7,576,911 7,209,621 21,592,880 21,499,144
Selling, General
and Administrative
Expenses 9,432,853 6,949,836 23,505,161 21,917,754
------------- ----------- --------------- ------------
(Loss) from
Operations (1,855,942) 259,785 (1,912,281) (418,610)
Other Charges (Net) 671,561 781,066 1,648,832 1,713,540
------------- ----------- -------------- -------------
Loss before Income
Taxes (2,527,503) (521,281) (3,561,113) (2,132,150)
Income Taxes (608,000) (142,870) (750,000) (755,000)
------------- ----------- ------------- ------------
Net Loss $ (1,919,503) $ (378,411) $ (2,811,113) $ (1,377,150)
============= =========== ============= ============
(Loss) per
Common and
Common Equivalent
Shares Outstanding:
Primary and Fully
Diluted $ (0.44) $ (0.09) $ (0.64) $ (0.31)
============= ============ ============= ============
Weighted Average
number of Common
and Common
Equivalent Shares
Outstanding:
Primary and Fully
Diluted 4,380,525 4,380,525 4,380,525 4,380,525
See notes to condensed consolidated financial statements
3
LUISKI INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
Nine months ended
September 30,
-------------
1996 1995
---- ----
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Loss $ (2,811,113) $ (1,377,150)
Adjustments to reconcile
Net Loss to Net Cash
provided (used) by
operating activities
Depreciation and
Amortization 723,251 694,619
Changes in Operating Assets
Accounts Receivable (5,243,381) (8,959,845)
Inventories (1,226,085) (5,176,549)
Prepaid Expenses and Other (871,710) (1,718,239)
Other Assets 1,416 20,375
Changes in Operating Liabilities
Accounts Payable: Affiliate 4,895,379 (2,315,607)
Accounts Payable and Accrued
Expenses (261,788) 18,490,168
---------- ----------
Total Adjustments (1,982,918) 1,034,922
Net Cash provided (used)
by Operating Activities (4,794,031) (342,228)
---------- ----------
CASH FLOWS FROM INVESTING
ACTIVITIES
Capital Expenditures (563,051) (529,596)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from Revolving
Credit Loan 5,426,887 804,524
Repayment of Capital
Lease Obligations 118,514 (321,785)
--------- ---------
Net Cash provided by
Financing Activities 5,545,401 482,739
--------- ---------
INCREASE/(DECREASE) IN CASH
AND CASH EQUIVALENTS 188,319 (389,085)
CASH AND CASH
EQUIVALENTS: BEGINNING 200,989 834,355
---------- ---------
CASH AND CASH
EQUIVALENTS: ENDING $ 389,308 445,270
========== =========
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION
Cash paid during
period for Interest $1,630,259 $1,621,050
========== ==========
Cash paid during
period for Interest $ - $ -
========== ==========
See notes to condensed consolidated financial statements
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this amended report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: November 20, 1996
LIUSKI INTERNATIONAL, INC.
By: /s/Hsing-Yen Liu
------------------------
Hsing-Yen Liu
Chairman and Acting Principal
Accounting Officer
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