UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended August 30, 1997.
Commission File Number: 1-8509
NANTUCKET INDUSTRIES, INC.
--------------------------
(Exact name of registrant as specified in its charter)
Delaware 58-0962699
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(State of other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
510 Broadhollow Road, Suite 300, Melville, New York 11747
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(Address of principal executive offices) (Zip Code)
(516) 293-3172
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(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 twelve 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 ninety days. X YES NO
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APPLICABLE ONLY TO CORPORATE ISSUERS:
As of October 6, 1997, the Registrant had outstanding 3,238,796
shares of common stock not including 3,052 shares classified as Treasury
Stock.
NANTUCKET INDUSTRIES, INC. AND SUBSIDIARIES
QUARTERLY REPORT
FOR QUARTER ENDED AUGUST 30, 1997
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I N D E X
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Part I.--FINANCIAL INFORMATION PAGE
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Consolidated balance sheets........................ 3
Consolidated statements of operations.............. 4
Consolidated statements of cash flows.............. 5
Notes to consolidated financial statements......... 6-11
Management's discussion and analysis of
financial condition and results of operations...... 12-13
Part II.- OTHER INFORMATION............................. 14-15
Signature............................................... 16
Nantucket Industries, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
AUGUST 31, MARCH 1,
1997 1997
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(UNAUDITED) (1)
ASSETS
CURRENT ASSETS
Cash.................................................................................. $ 14,775 $ 7,941
Accounts receivable, less reserves of $157,000 and $149,000, respectively............. 3,362,591 5,872,734
Inventories (Note 4).................................................................. 6,316,775 7,826,440
Other current assets.................................................................. 500,114 506,171
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Total current assets................................................................ 10,194,255 14,213,286
PROPERTY, PLANT AND EQUIPMENT--NET...................................................... 3,173,027 3,204,037
OTHER ASSETS--NET....................................................................... 536,896 645,880
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$ 13,904,178 $18,063,203
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt.................................................. $ 535,297 $ 510,864
Current portion of capital lease obligations.......................................... 49,761 --
Accounts payable...................................................................... 1,018,209 1,081,133
Accrued salaries and employee benefits................................................ 83,246 348,361
Accrued unusual charge (Note 7)....................................................... 465,000 465,000
Accrued expenses and other liabilities................................................ 660,609 530,850
Accrued royalties..................................................................... 600,989 368,860
Income taxes payable (Note 5)......................................................... 1,909 1,909
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Total current liabilities........................................................... 3,415,020 3,306,977
LONG-TERM DEBT.......................................................................... 5,756,710 8,566,011
CAPITAL LEASE OBLIGATIONS, NET OF CURRENT PORTION....................................... 147,197
ACCRUED UNUSUAL CHARGE (Note 7)......................................................... 66,863 270,868
CONVERTIBLE SUBORDINATED DEBENTURES (Note 6)............................................ 2,760,000 2,760,000
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12,145,790 14,903,856
COMMITMENTS AND CONTINGENCIES (Note8)
STOCKHOLDERS' EQUITY (Note 6)
Preferred stock, $.10 par value; 500,000 shares authorized, of which 5,000 shares have
been designated as non-voting convertible with liquidating preference of $200 per
share and are issued and outstanding................................................ 500 500
Common stock, $.10 par value; authorized 20,000,000 shares; issued 3,241,848 at August
30, 1997 and March 1, 1997.......................................................... 324,185 324,185
Additional paid-in capital............................................................ 12,364,503 12,364,503
Deferred issuance cost................................................................ (169,441) (183,772)
Accumulated deficit................................................................... (10,741,422) (9,326,132)
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1,778,325 3,179,284
Less 3,052 shares at August 30, 1997 and March 1, 1997 of common stock held in treasury,
at cost............................................................................... 19,937 19,937
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1,758,388 3,159,347
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$ 13,904,178 $18,063,203
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(1) Derived from audited financial statements.
The accompanying notes are an intergral part of these statements
3
Nantucket Industries, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
TWENTY-SIX WEEKS ENDED THIRTEEN WEEKS ENDED
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AUGUST 30, AUGUST 31, AUGUST 30, AUGUST 31,
1997 1996 1997 1996
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Net sales.............................................. $ 11,561,289 $ 14,662,655 $ 5,203,953 $ 7,974,742
Cost of sales.......................................... 8,902,519 11,880,131 4,282,920 6,168,991
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Gross profit......................................... 2,658,770 2,782,524 921,033 1,805,751
Selling, general and administrative expenses........... 3,431,841 3,723,534 1,530,817 1,958,051
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Operating loss....................................... (773,071) (941,010) (609,784) (152,300)
Interest expense....................................... 642,219 554,390 315,557 282,701
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Net loss............................................. ($ 1,415,290) ($ 1,495,400) ($ 925,341) ($ 435,001)
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Net loss per share (Note 3)............................ ($ 0.45) ($ 0.51) ($ 0.29) ($ 0.15)
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Weighted average common shares outstanding............. 3,238,796 3,010,774 3,238,796 3,032,752
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The accompanying notes are an integral part of these statements.
4
Nantucket Industries, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
TWENTY-SIX WEEKS ENDED
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AUGUST 30, AUGUST 31,
1997 1996
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Cash flows from operating activities
Net (loss) income.................................................................. ($ 1,415,290) ($ 1,495,400)
Adjustments to reconcile net (loss) income to net cash provided by (used in)
operating activities
Depreciation and amortization.................................................... 200,709 152,434
Provision for doubtful accounts.................................................. 24,000 60,000
Gain on sale of fixed assets..................................................... (5,491)
Provision for obsolete and slow moving inventory................................. 88,906 265,000
Decrease (increase) in assets
Accounts receivable............................................................. 2,486,143 (501,161)
Inventories..................................................................... 1,420,759 704,770
Other current assets............................................................ 6,057 53,486
(Decrease) increase in liabilities
Accounts payable................................................................ (62,924) (627,537)
Accrued expenses and other liabilities.......................................... 96,773 (85,663)
Income taxes payable............................................................ (1,025)
Accrued unusual charge.......................................................... (204,005) (204,004)
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Net cash provided by (used in) operating activities.............................. 2,635,637 (1,679,100)
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Cash flows from investing activities
Dispositions of property, plant and equipment...................................... 68,402 68,453
Decrease in other assets........................................................... 108,984 990
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Net cash provided by investing activities........................................ 177,386 69,443
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Cash flows from financing activities
Prepayment of short-term debt...................................................... -- (800,000)
Payments of capital lease obligations.............................................. (21,321) --
Issuance of common stock........................................................... -- 641,419
Issuance of convertible subordinated debentures.................................... -- 2,760,000
Increase in deferred finance costs................................................. -- (255,560)
Repayments of revolving credit financing, net...................................... (2,784,868) (736,202)
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Net cash provided by (used in) financing activities.............................. (2,806,189) 1,609,657
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NET INCREASE IN CASH............................................................ $ 6,834 $ 0
Cash at beginning of period......................................................... 7,941 15,085
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Cash at end of period............................................................... $ 14,775 $ 15,085
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SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION:
Cash paid during the period:
Interest.......................................................................... $ 395,873 $ 494,675
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Income taxes...................................................................... -- --
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The accompanying notes are an integral part of these statements
5
NANTUCKET INDUSTRIES, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
TWENTY-SIX WEEKS ENDED AUGUST 30, 1997 AUGUST 31, 1996
(unaudited)
NOTE 1-RESTRUCTURING AND LIQUIDITY MATTERS
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As more fully described in Note 8,
Levi Strauss & Co., the parent company of Brittania Sportswear Ltd.. a
licensor which accounted for 49% of the Company's fiscal 1997 sales,
announced their intention to sell Brittania. In light of the actions
announced by Levi's, K-Mart, the largest retailer of the Brittania brand and
the Company's largest customer accounting for approximately $11 million of
the Company's fiscal 1997 sales of Brittania product, advised the Company
that it would no longer continue its on-going commitment to the Brittania
trademark. In response, the Company filed a $37 million lawsuit against Levi
Strauss & Co. In addition, the Company has incurred significant losses which
have generally resulted in the Company using rather than providing cash from
its operations.
As a result of the Brittania matter and the continuing losses, there can be
no assurance that the Company can continue as a going concern. The financial
statements do not include any adjustments relating to the recoverability and
classification of recorded asset amounts or amounts and classifications of
liabilities that might be necessary should the Company be unable to continue
in existence. There can be no assurance that the ultimate impact or
resolution of these matters will not have a materially adverse effect on the
Company or on its financial condition.
In view of the issues described in the preceding paragraph, recoverability of
a major portion of the recorded asset amounts shown in the accompanying
balance sheet is dependent upon the continued operations of the Company,
which in turn is dependent upon the Company's ability to maintain the
financing of its working capital requirements on a continuing basis and to
improve its future operations.
The Company has funded its operating losses by refinancing its debt in fiscal
1995 and increasing its capital through (a) the sale of $1 million of
non-voting convertible preferred stock to management in fiscal 1995; (b) the
fiscal 1995 sale of treasury stock which increased equity by $2.9 million and
(c) the completion, in August, 1996, of a $3.5 million private placement
(Note 6).
The Company has been implementing a restructuring strategy to improve
operating results and enhance its financial resources which included reducing
costs, streamlining its operations and closing its Puerto Rico plant. In
addition, Management has implemented
6
additional steps to reduce its operating costs which it believes are
sufficient to provide the Company with the ability to continue in existence.
Major elements of these action plans include:
The transfer of all domestic manufacturing requirements to foreign
manufacturing contracting facilities. The final phase of this program was
completed by the middle of the 1998 fiscal year. On September 30, 1997,
the Company sold its 152,000 sq. ft. Cartersville, GA facility and
relocated to more appropriate space for its packaging and distribution
activities. (See Note 9).
Staff reductions associated with the transfer of manufacturing to
offshore contractors, efficiencies and reduced volume.
The relocation, in May, 1997, of executive offices and showrooms to more
appropriate, lower cost facilities.
Management believes these action plans will result in a $2.5 million
reduction from fiscal 1997 overhead spending levels.
NOTE 2-CONSOLIDATED FINANCIAL STATEMENTS
The consolidated balance sheet as of August 30, 1997 and the consolidated
statements of operations for the twenty-six and thirteen week periods and
statements of cash flows for the twenty-six weeks ended August 30, 1997 and
August 31, 1996 have been prepared by the Company without audit. In the
opinion of management, all adjustments (consisting of only normal recurring
accruals) necessary for a fair presentation of the financial position of the
Company and its subsidiaries at August 30, 1997 and the results of their
operations for the twenty-six and thirteen week periods and cash flows for
the twenty-six weeks ended August 30, 1997 and August 31, 1996 have been made
on a consistent basis.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. It is suggested that these
consolidated financial statements be read in conjunction with the
consolidated financial statements and notes thereto included in the Company's
1997 Annual Report on Form 10-K.
The results of operations for the periods presented are not necessarily
indicative of the operating results for the full year.
7
NOTE 3-NET LOSS PER COMMON SHARE
In February, 1997, the Financial Accounting Standards Board issued a
Financial Accounting Standard No. 128, "Earnings per Share", which is
effective for financial statements for both interim and annual periods ending
after December 15, 1997. Early adoption of the new standard is not
permitted. The new standard eliminates primary and fully diluted earnings
per share and requires presentation of basic and diluted earnings per share
together with disclosure of how the per share amounts were computed. The
adoption of this standard will not have any impact on the disclosure of per
share results in the financial statements.
Net loss per common share is computed by dividing net loss by weighted
average common shares outstanding during each year. Incremental shares from
assumed conversions relating to the Convertible Subordinated Debentures,
Stock Options and Warrants are not included since the effect would be
antidilutive.
NOTE 4-INVENTORIES
Inventories are summarized as follows:
AUGUST 30, AUGUST 31,
1997 1996
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Raw Materials....................... $ 789,597 $1,469,835
Work in Process..................... 1,699,212 4,161,763
Finished Goods...................... 3,827,966 3,555,271
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$6,316,775 $9,186,869
NOTE 5-INCOME TAXES
At August 30, 1997 the Company had a net deferred tax asset approximating
$6,000,000 which is fully reserved until it can be utilized to offset
deferred tax liabilities or realized against taxable income. The Company had
a net operating loss carryforward for book and tax purposes of approximately
$12,500,000. Accordingly, no provision for income taxes has been reflected in
the accompanying financial statements. Certain tax regulations relating to
the change in ownership may limit the Company's ability to utilize its net
operating loss carryforward if the ownership change, as computed under such
regulations, exceeds 50%. Through August 30, 1997 the change in
ownership was approximately 46%.
8
NOTE 6-PRIVATE PLACEMENT
August 15, 1996, the Company completed a $3.5 million private
placement with an investment partnership. Terms of this transaction
included the issuance of 250,000 shares and $2,760,000 12.5%
convertible subordinated debentures which are due August 15, 2001.
The convertible subordinated debentures are secured by a second
mortgage on the Company's manufacturing and distribution facility
located in Cartersville, GA. In conjunction with the sale of this
property on September 30, 1997 (Note 9), the Company prepaid
$707,000 of these debentures.
The debentures, after giving effect to the prepayment related to the sale of
the Company's facility referred to above, are convertible into the Company's
common stock over the next five years as follows:
Conversion Shares................... 305,000 176,967
Conversion Price ................... $3.83 $5.00
The agreement grants the investor certain registration rights for the shares
issued and the Conversion Shares to be issued.
The difference between the purchase price of the shares issued and their fair
market value aggregated $197,500. This was reflected as deferred issue costs
and will be amortized over the expected 5 year term of the subordinated
convertible debentures.
Costs associated with this private placement aggregated $409,000 including
$104,000 relating to the shares issued which have been charged to paid in
capital. The remaining balance of $305,000 will be amortized over the 5 year
term of the debentures.
The Company utilized $533,333 of the proceeds to prepay all of its
obligations pursuant to its Credit Agreement dated March 21, 1994 with
Chemical Bank.
NOTE 7-UNUSUAL CHARGE
In March, 1994, the Company terminated the employment contracts of its
Chairman and Vice Chairman. In accordance with the underlying agreement,
they are to be paid an aggregate of approximately $400,000 per year in
severance, as well as certain other benefits, through February 28, 1999. The
present value of these payments, $1,915,000, was accrued at February 26, 1994.
9
NOTE 8-LITIGATION
Phoenix Matter-
In September 1993, the Company filed an action against the former owners of
Phoenix Associates, Inc. ("Phoenix"). The Company is seeking compensatory
damages of approximately $4,000,000 plus declaratory and injunctive relief
for acts of alleged securities fraud, fraudulent conveyances, breach of
fiduciary trust and unfair competition in connection with the acquisition of
the common stock of Phoenix.
Additionally, the Company has filed a demand for arbitration which seeks
compensatory damages of $4,000,000, rescission of the stock purchase
agreement, rescission of an employment agreement and other matters, all on
account of alleged breaches of the stock purchase agreement, fraudulent
misrepresentation and breach of fiduciary duties.
In November 1993, the former owners of Phoenix filed counterclaims against
the Company alleging improper termination with regard to their employment
agreement and breach of the stock purchase agreement. The former owners have
filed for damages of approximately $9,000,000. The actions remain in their
preliminary stage. The Company considers the damages in the claim to be
insupportable and believes it will likely prevail on its defenses to such
counterclaims.
The Company is subject to other legal proceedings and claims which arise in
the ordinary course of its business. In the opinion of management, the
Phoenix litigation and other legal proceedings and claims will be
successfully defended or resolved without a material adverse effect on the
consolidated financial position or results of operation to the Company. No
provision has been made by the Company with respect to the aforementioned
litigation as of August 30, 1997.
Brittania Matter-
Since September, 1988, the Company has been a licensee of Brittania
Sportswear, Ltd., a wholly-owned subsidiary of Levi Strauss & Co. to
manufacture and market men's underwear and other products under the
trademarks "Brittania" and "Brittania from Levi Strauss & Co.". Sales under
this license aggregated $14.9 million in fiscal 1997, $14.6 million in fiscal
1996 and $14.2 million in fiscal 1995.
As of January 1, 1997, the license was renewed for a 5 year term, including
automatic renewals of 2 years if certain minimum sales levels are achieved.
On January 22, 1997, Levi's announced their intention to sell Brittania. In
light of the actions announced by Levi's, K-Mart, the largest retailer of the
Brittania brand and the Company's largest customer accounting for
approximately $11 million of the Company's fiscal 1997 sales of Brittania
product, advised the Company that it would no longer continue its on-going
commitment to the Brittania trademark.
The Company has filed a $37 million lawsuit against Levi Strauss & Co. and
Brittania Sportswear, Ltd. alleging that it was fraudulently induced into
entering into the new license agreement by Levi's action, in the spring of
1996, linking Brittania with Levi's
10
including the marketing of a new trademark "Brittania from Levi Strauss &
Co." In reliance on these actions and in anticipation of the continuing
support by Levi's of the Brittania brand, the Company severed its
long-standing relationship with a competing brand and developed new packaging
to reflect the new marketing effort. There can be no assurance that the
ultimate resolution of these matters will not have a materially adverse
impact on the Company or on its financial condition.
NOTE 9-SALE OF MANUFACTURING FACILITY
On September 30, 1997 the Company completed the consolidation of its
facilities and sold its 152,000 sq. foot manufacturing and distribution
facility in Cartersville, GA. to Mimms Enterprises, a Real Estate Investment
General Partnership, for cash aggregating $2,850,000. The Company will
reflect a gain on the sale in its third fiscal quarter of approximately
$615,000. The proceeds were used to repay the $525,000 financing secured by
this property and to prepay $707,000 of the convertible subordinated
debentures secured by a second mortgage on this property. The remaining net
proceeds were utilized to reduce the revolving credit financing.
The Company will be leasing 60,000 square feet of this facility through
December 31, 1997. The Company expects to relocate to appropriate space in
Georgia on January 1, 1998. This facility was sold in conjunction with the
Company's decision to transfer its manufacturing requirements to foreign
manufacturing contracting facilities. It is anticipated that the annualized
savings from this transaction, comprised of interest and occupancy costs,
will exceed $125,000 per year.
NOTE 10-NEW ACCOUNTING PRONOUNCEMENTS
In June, 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standard No. 130, "Reporting Comprehensive Income" (SFAS
130) and Statement of Financial Accounting Standard No. 131, "Disclosures
about Segments of an Enterprise and Related Information" (SFAS 131). The
Company will implement SFAS 130 and SFAS 131 as required in the fiscal year
which will end February, 1999, which require the Company to report and
display certain information related to comprehensive income and operating
segments, respectively. Adoption of SFAS 130 and SFAS 131 will not impact the
Company's financial position or results of operations.
11
NANTUCKET INDUSTRIES, INC.
AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Results of Operations
Sales
Net sales for the quarter ended August 30, 1997 decreased 35% from prior year
levels to $5,203,000. This decline, associated with lower unit volumes,
reflects a $1.3 million increase of the Company's GUESS? products and a 53%
decline from prior levels of the Company's men's fashion underwear products.
The decline in the sales of the men's products is generally related to the
phase-out of sales of Brittania product associated with the actions announced
by Levi's to dispose of the Brittania brand. The increase in the sales of
GUESS? products reflects increased sales as the Company increased the number
of department store locations carrying the product and increased sales from
the introduction of new fashion products.
Gross Margin
Gross profit margins for the quarter ended August 30, 1997 decreased to 18%
from the prior year levels of 23%. This reflects the impact of the disposal
of certain extraneous raw materials in anticipation of the consolidation
of the Company's facilities which was finalized on September 30, 1997
when the Company sold its 152,000 square foot manufacturing facility.
Gross profit margins excluding this non-recurring disposal of raw
materials would have increased to approximately 25% reflecting the benefit of
increased utilization of the lower cost off-shore manufacturing facilities.
The current fiscal year reflects reduced levels of factory overhead.
Selling, general and administrative expenses
Selling, general and administrative expenses were 29% of sales for the
quarter ended August 30, 1997 and 24% of sales for the prior year period.
This considers the impact of the lower sales volume on fixed cost levels.
Selling expenses reflect the impact of the higher variable cost elements
associated with the increase in GUESS? product sales. The Company has reduced
general and administrative expenses in the second fiscal quarter by over
$300,000 from prior year levels. Additional improvements will be reflected
for the rest of the current fiscal year as the benefits of lower occupancy
costs and reduced staffing levels are realized.
Interest Expense
Interest expense for the second fiscal quarter increased $33,000 from prior
year levels reflecting increases in the prime rate and the higher rates
associated with the $2.7 million Convertible Subordinated Debentures. This
was offset by reductions from year end levels of the outstanding
12
revolving credit facility of $2.8 million for the six months to date,
including $217,000 in the second fiscal quarter.
Liquidity and Capital Resources
The Company has incurred significant losses in recent years which have
generally resulted in the Company using rather than providing cash from its
operations.
In March, 1994 the Company was successful in refinancing its credit
agreements with (i) a three year $15,000,000 revolving credit facility with
Congress Financial; (ii) a $2,000,000 Term Loan Agreement with Chemical Bank;
and (iii) an additional $1,500,000 Term Loan with Congress replacing the
Industrial Revenue Bond financing of the Cartersville, Georgia manufacturing
plant.
Additionally, the Company has increased its equity over the past three years
through (i) a $1,000,000 investment by the Management Group in fiscal 1995;
(ii) the $2.9 million sale of 490,000 shares of common treasury stock to
GUESS?, Inc. and certain of its affiliates; and (iii) the $3.5 million
private placement which included the issuance of 250,000 shares and
$2,760,000 convertible subordinated debentures. These transactions, combined
with its stronger credit facilities, enhanced the Company's liquidity and
capital resources.
The Company utilized the proceeds of the $3.5 million private placement to
prepay existing debt. Overall, the Company has reduced its total long term
debt by $2.8 million from levels at March 1, 1997. Working capital levels
have declined $4.1 million from March 1, 1997 levels reflecting reductions in
receivables and inventories utilized to reduce debt levels. The $1.5 million
reduction in inventory levels reflects the Company's continuing strategy of
replacing domestic manufacturing with off shore contractors.
The Company believes that the amended Congress credit facility, combined with
the $3.5 million private placement, provides adequate financing flexibility
to fund its operations at current levels. However, Congress Financial Corp.
has temporarily limited $325,000 of the Company's borrowing availability
pending a review of the valuation of the Company's inventories. In the
opinion of the Company's management, this review will substantiate the
inventory values and allow the Company to borrow a substantial portion of
this temporary limitation. Until such review is completed, the Company's
financial resources will be strained.
The Company believes that the moderate rate of inflation over the past few
years has not had significant impact on sales or profitability.
Any statements contained in this report which are not historical facts are
forward-looking statements that involve risks and uncertainties. Please refer
to the business risks and uncertainties discussed elsewhere in this report
and in the Company's recent report on Form 10-K.
13
PART II
Item 1. Legal Proceedings None
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
Item 6(a) Exhibits
10(y) Filed Herewith
Purchase and Sale Agreement dated as of
July 31, 1997 by and among Mimms Investments,
a Georgia general partnership and Nantucket
Industries, Inc. regarding the sale of the
Registrant's property located at 200 Cook
Street, Cartersville, GA.
10(y)(i) Filed Herewith
Amendment dated August 14, 1997 to Purchase
and Sale Agreement dated as of July 31, 1997
by and among Mimms Investments, a Georgia
general partnership and Nantucket Industries,
Inc. regarding the sale of the Registrant's
property located at 200 Cook Street,
Cartersville, GA.
10(y)(ii) Filed Herewith
Amendment dated August 27, 1997 to Purchase
and Sale Agreement dated as of July 31, 1997
by and among Mimms Investments, a Georgia
general partnership and Nantucket Industries,
Inc. regarding the sale of the Registrant's
property located at 200 Cook Street,
Cartersville, GA.
14
10(ii)(iii) Filed Herewith
Amendment No. 4 dated March 18, 1997, to Loan
and Security Agreement dated as of March 21, 1994,
among Nantucket Industries, Inc. and Congress
Financial Corp.
10(ii)(iv) Filed Herewith
Amendment No. 5 dated March 31, 1997, to Loan
and Security Agreement dated as of March 21,
1994, among Nantucket Industries, Inc. and
Congress Financial Corp.
10(ii)(v) Filed Herewith
Amendment No. 6 dated May 4, 1997, to Loan
and Security Agreement dated as of March 21,
1994, among Nantucket Industries, Inc. and
Congress Financial Corp.
Item 27 Financial Data Schedule Filed Herewith
15
SIGNATURE
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.
NANTUCKET INDUSTRIES, INC.
(Registrant)
By:
October 14, 1997 s/Ronald S. Hoffman
-------------------------
Vice President - Finance
(Chief Accounting Officer)
16