-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AEcTSEevfSYp8bkLhC/j/tVWZJarleJJQ9LAD6tgO7RzKJlFfcKevE2Q3dZCuPs5 S20FK4pfePFte/fIgF1VmQ== 0000950116-97-000925.txt : 19970515 0000950116-97-000925.hdr.sgml : 19970515 ACCESSION NUMBER: 0000950116-97-000925 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: OAKHILL SPORTSWEAR CORP /NY/ CENTRAL INDEX KEY: 0000012203 STANDARD INDUSTRIAL CLASSIFICATION: WOMEN'S, MISSES', AND JUNIORS OUTERWEAR [2330] IRS NUMBER: 132625545 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-05613 FILM NUMBER: 97603734 BUSINESS ADDRESS: STREET 1: 1411 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 2127898900 MAIL ADDRESS: STREET 1: 1411 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10018 FORMER COMPANY: FORMER CONFORMED NAME: BIO MEDICAL SCIENCES INC DATE OF NAME CHANGE: 19830725 FORMER COMPANY: FORMER CONFORMED NAME: COMPUTRONIC SCIENCES INC DATE OF NAME CHANGE: 19690415 10-Q 1 FORM 10Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended March 31, 1997 Commission File Number 0-5613 -------------- ------- OAK HILL SPORTSWEAR CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) NEW YORK 13-2625545 - -------------------------------------------------------------------------------- (State or other jurisdiction (I.R.S Employer of incorporation) Identification Number) 1411 BROADWAY, NEW YORK, NEW YORK 10018 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (212) 789-8900 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) - -------------------------------------------------------------------------------- (Former name, former address, and former fiscal year, if changed since last report) Indicate by checkmark 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 May 12, 1996, the registrant had 2,057,576 shares of common stock outstanding. Page 1 OAK HILL SPORTSWEAR CORPORATION INDEX PART I - Financial Information PAGE Unaudited financial statements: Consolidated balance sheets - March 31, 1997 and December 31, 1996 3 Consolidated statements of operations - three months ended March 31, 1997 and 1996 4 Consolidated statements of cash flows - three months ended March 31, 1997 and 1996 5 Notes to consolidated financial statements 6 Management's discussion and analysis of financial condition and results of operations 7 PART II - Other Information Item 6. Exhibits and Reports on Form 8-K 8 Signatures 9 The accompanying financial statements have been prepared without audit and do not include all footnotes and disclosures required under generally accepted accounting principles. Management believes that the results herein reflect all adjustments which are, in the opinion of management, necessary to fairly state the results and current financial condition of the Company for the respective periods. All such adjustments reflected herein are of a normal, recurring nature. It is recommended that this Report be read in conjunction with the Company's Annual Report on Form 10-K for its year ended December 31, 1996. Page 2 OAK HILL SPORTSWEAR CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands except share amounts) (Unaudited) March 31, December 31, 1997 1996 Assets Current assets: Cash and cash equivalents $ 4,171 $ 5,314 Accounts receivable - net 57 41 Assets held for sale 1,417 1,428 Other current assets 110 97 -------- -------- Total current assets 5,755 6,880 -------- -------- $ 5,755 $ 6,880 ======== ======== Liabilities and stockholders' equity Current liabilities: Current portion of long-term debt $ 500 $ 500 Accounts payable 71 71 Accrued expenses 407 1,072 Accrued income taxes 148 501 -------- -------- Total current liabilities 1,126 2,144 -------- -------- Stockholders' equity: Preferred stock, $1.00 par value, authorized 1,000,000 shares; -0- shares issued Common stock, $.02 par value, authorized 12,000,000 shares; 4,869,828 shares issued 97 97 Capital in excess of par value 27,363 27,363 Accumulated deficit (5,823) (5,716) Common stock held in treasury, at cost (2,812,252 shares) (17,008) (17,008) -------- -------- Total stockholders' equity 4,629 4,736 -------- -------- $ 5,755 $ 6,880 ======== ======== Page 3 OAK HILL SPORTSWEAR CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share amounts) (Unaudited) Three months ended March 31, 1997 1996 Revenues $ 68 $ 85 General and administrative expenses 170 136 ------- ------- Loss from continuing operations before provision for taxes (102) (51) Provision for taxes 5 -- ------- ------- Loss from continuing operations (107) (51) ------- ------- Discontinued operations: Loss, net -- -- Loss on disposal, net -- -- ------- ------- -- -- ------- ------- Net loss ($ 107) ($ 51) ======= ======= Per share data: Loss from continuing operations ($ .05) ($ .02) Discontinued operations: Loss, net -- -- Loss on disposal, net -- -- ------- ------- -- -- ------- ------- Net loss, primary and fully diluted ($ .05) ($ .02) ======= ======= Weighted average number of shares outstanding: Primary and fully diluted 2,058 2,058 Page 4 OAK HILL SPORTSWEAR CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, 1997 1996 Cash flows used in operating activities: Net loss ($ 107) ($ 51) Adjustments to reconcile net loss to net cash used in operating activities: Loss on disposal of discontinued operations 0 0 Depreciation and amortization 0 0 ------- ------- (107) (51) Changes in assets and liabilities (1,047) 128 ------- ------- Net cash (used in) provided by operating activities (1,154) 77 ------- ------- Cash flows from investing activities: Capital expenditures 0 0 Decrease (increase) in assets held for sale 11 (401) ------- ------- Net cash provided by (used in) investing activities 11 (401) ------- ------- Cash flows from financing activities: Net short-term borrowings 0 0 Principal payment of long-term debt 0 0 ------- ------- Net cash provided by financing activities 0 0 ------- ------- Net decrease in cash (1,143) (324) Cash at beginning of period 5,314 5,823 ------- ------- Cash at end of period $ 4,171 $ 5,499 ======= ======= Supplemental disclosures of cash flow information: Changes in assets and liabilities: Accounts receivable ($ 16) $ 389 Inventories 0 0 Other current assets (13) (22) Other assets 0 0 Accounts payable and accrued expenses (665) (239) Accrued income taxes (353) (0) ------- ------- ($1,047) $ 128 ======= ======= Cash paid - net during the period for: Interest $ 4 $ 31 Income taxes (including interest thereon) 557 5 Page 5 OAK HILL SPORTSWEAR CORPORATION Notes to Consolidated Financial Statements (Unaudited) Note 1 - Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, which was inactive. Note 2 - Discontinued Operations The sales for divisions representing discontinued operations for the three months ended March 31, 1997 and 1996 were $42,000 and $1,164,000, respectively. Page 6 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Liquidity and capital resources: Working capital at March 31, 1997 amounted to $4,629,000 compared to $4,736,000 at December 31, 1996, a decrease of $107,000 due to the net loss for the period. Management believes that the Company's cash and cash equivalents at March 31, 1997 will be adequate to pay its payables and accrued expenses, to cover its general and administrative expenses and to cover the potential continuing losses, if any were not previously provided for, from discontinued operations. Results of operations: Revenues were lower in the first quarter of 1997 compared to the first quarter of 1996 as a result of lower consulting revenues pursuant to the Company's agreement with a purchaser of its Sportswear division and lower interest income as a result of the Company's lower average cash balance during the first quarter of 1997 versus 1996. General and administrative expenses rose in the first quarter of 1997 compared to 1996 principally as a result of increased corporate expenses which were no longer allocable to discontinued operations. Page 7 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (b) Reports on Form 8-K No report on Form 8-K was filed during the quarter ended March 31, 1997. Page 8 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. OAK HILL SPORTSWEAR CORPORATION (Registrant) Date: May 13, 1997 By: /s/ Arthur L. Asch ------------------------------------- Arthur L. Asch, Chairman of the Board Date: May 13, 1997 By: /s/ Michael A. Asch ---------------------------------------- Michael A. Asch, President and Treasurer Page 9 EX-27 2
5 3-MOS DEC-31-1996 MAR-31-1997 4,171 0 57 0 0 5,755 0 0 5,755 1,126 0 0 0 4,629 0 5,755 0 68 0 170 0 0 0 (102) 5 (107) 0 0 0 (107) (.05) (.05)
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