-----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, RhvL40vHBFSth9kkzgEjHqbcKoQq8TNFVzlGR4fsIt1OtA3WSVnwwliw9hqtIOCl Sh4eXiQW91SeYQ1KLe8HdQ== 0000950152-96-002855.txt : 19960613 0000950152-96-002855.hdr.sgml : 19960613 ACCESSION NUMBER: 0000950152-96-002855 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960329 FILED AS OF DATE: 19960611 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN PRECISION INDUSTRIES INC CENTRAL INDEX KEY: 0000005657 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COILS, TRANSFORMERS & OTHER INDUCTORS [3677] IRS NUMBER: 161284388 STATE OF INCORPORATION: DE FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-05601 FILM NUMBER: 96579305 BUSINESS ADDRESS: STREET 1: 2777 WALDEN AVE CITY: BUFFALO STATE: NY ZIP: 14225 BUSINESS PHONE: 7166849700 MAIL ADDRESS: STREET 1: 2777 WALDEN AVENUE CITY: BUFFALO STATE: NY ZIP: 14225 10-Q/A 1 AMERICAN PRECISION INDUSTRIES 10-Q/A 1 FORM 10-Q/A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDED REPORT (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 29, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from __________ to __________ Commission file number 1-5601 AMERICAN PRECISION INDUSTRIES INC. ---------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 16-1284388 -------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2777 WALDEN AVENUE, BUFFALO, NEW YORK 14225 - -------------------------------------- --------- (Address of principal executives offices) (Zip Code) (716) 684-9700 -------------- (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 filing requirements for the past 90 days. Yes X No . --- --- Number of shares of outstanding stock on May 3, 1996 7,176,704 2 AMERICAN PRECISION INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF EARNINGS ---------------------------------- (Unaudited)
First Quarter Ended -------------------------------------------------- 1996 1995 March March --------------------- --------------------- Net Sales $ 21,948,000 $ 19,222,000 Investment Income 74,000 67,000 --------------------- --------------------- Revenues 22,022,000 19,289,000 --------------------- --------------------- Costs and Expenses Cost of products sold 14,568,000 12,968,000 Selling and administrative 4,859,000 4,307,000 Research and product development 314,000 303,000 Interest and debt expense 140,000 58,000 --------------------- --------------------- 19,881,000 17,636,000 --------------------- --------------------- Earnings Before Income Taxes 2,141,000 1,653,000 Federal and State Income Taxes 742,000 611,000 --------------------- --------------------- Net Earnings $ 1,399,000 $ 1,042,000 ===================== ===================== Net Earnings per Share $0.20 $0.15 ===================== ===================== Dividends Declared per Share $0.0650 $0.0625 ===================== ===================== Average Shares Outstanding 7,142,000 7,064,000 ===================== =====================
3 AMERICAN PRECISION INDUSTRIES AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET - -------------------------- (Unaudited)
1996 1995 March December --------------------- -------------------- Assets Current Assets Cash and cash equivalents $ 1,363,000 $ 2,486,000 Accounts receivable less allowance for doubtful accounts of $283,000 and $264,000 14,158,000 12,691,000 Marketable securities 2,021,000 3,493,000 Inventories 12,115,000 10,589,000 Prepaid expenses 921,000 967,000 Deferred income tax benefit 1,394,000 1,389,000 --------------------- -------------------- Total Current Assets 31,972,000 31,615,000 --------------------- -------------------- Investments 6,105,000 6,277,000 Other Assets Cost in excess of net assets acquired 2,119,000 2,153,000 Prepaid pension cost 2,140,000 2,140,000 Net cash value of life insurance 2,226,000 2,222,000 Other 1,208,000 1,115,000 --------------------- -------------------- Total Other Assets 7,693,000 7,630,000 --------------------- -------------------- Property, Plant and Equipment Land 211,000 211,000 Building and improvements 6,232,000 6,183,000 Machinery, equipment and furniture 22,492,000 22,265,000 Construction in process 2,173,000 1,450,000 --------------------- -------------------- 31,108,000 30,109,000 Less accumulated depreciation 18,345,000 17,840,000 --------------------- -------------------- Net Property, Plant and Equipment 12,763,000 12,269,000 --------------------- -------------------- $ 58,533,000 $ 57,791,000 ===================== ====================
4 AMERICAN PRECISION INDUSTRIES AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET - -------------------------- (Unaudited)
1996 1995 March December --------------------- ------------------- Liabilities and Shareholders' Equity Current Liabilities Short-term borrowings $ 770,000 $ 2,602,000 Accounts payable 6,759,000 5,136,000 Accrued compensation and payroll taxes 2,701,000 3,566,000 Other accrued expenses 871,000 757,000 Dividends payable 465,000 463,000 Current portion of long-term obligations 655,000 628,000 Federal and state income taxes 662,000 -- --------------------- -------------------- Total Current Liabilities 12,883,000 13,152,000 --------------------- -------------------- Deferred Income Taxes 1,251,000 1,251,000 Other Noncurrent Liabilities 378,000 413,000 Long-Term Obligations, less current portion 8,476,000 8,628,000 Shareholders' Equity Common stock, par value $.66-2/3 per share: Authorized - 10,000,000 shares Issued - 7,529,689 and 7,502,000 shares 5,020,000 5,001,000 Additional paid-in capital 9,718,000 9,532,000 Retained earnings 23,630,000 22,629,000 Net unrealized gain on marketable securities and investments 15,000 23,000 --------------------- -------------------- 38,383,000 37,185,000 Less cost of 374,262 treasury shares 2,838,000 2,838,000 --------------------- -------------------- Total Shareholders' Equity 35,545,000 34,347,000 --------------------- -------------------- $ 58,533,000 $ 57,791,000 ===================== ====================
5 AMERICAN PRECISION INDUSTRIES AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS - ------------------------------------ (Unaudited)
THREE MONTHS ENDED --------------------------------------------- 1996 1995 MARCH MARCH -------------------- -------------------- Cash Flows from Operating Activities Net Income $ 1,399,000 $ 1,041,000 Adjustments to reconcile net income to cash and and cash equivalents provided by operating activities: Depreciation and amortization 781,000 675,000 Gain on sale of investments and fixed assets 10,000 -- Increase in supplemental benefit program 32,000 34,000 Recognition of pension income under FASB #87 -- (78,000) Stock compensation programs 298,000 -- Change in various allowance accounts 2,000 (16,000) (Increase) Decrease in: Accounts receivable (1,486,000) (757,000) Inventories (1,459,000) (55,000) Prepaid expenses 60,000 (90,000) Deferred income taxes (25,000) -- Other assets, net (130,000) (119,000) Increase (Decrease) in: Accounts payable 1,669,000 (462,000) Accrued expenses (751,000) (143,000) Federal and state income taxes 662,000 598,000 Other noncurrent liabilities (333,000) (96,000) -------------------- -------------------- Net cash provided by Operating Activities 729,000 532,000 -------------------- -------------------- Cash Flows from Investing Activities Purchases of investments and marketable securities (20,000) -- Additions to property, plant and equipment (1,228,000) (731,000) Proceeds from investments and sale of fixed assets 1,641,000 1,079,000 -------------------- -------------------- Net cash provided by Investing Activities 393,000 348,000 -------------------- -------------------- Cash Flows from Financing Activities Exercise of stock options 205,000 3,000 Payment of long-term obligations, including current maturities (155,000) (92,000) Dividends paid (463,000) (441,000) Short-term borrowings (1,832,000) (1,700,000) -------------------- -------------------- Net cash (used) by Financing Activities (2,245,000) (2,230,000) -------------------- -------------------- Net Decrease in Cash and Cash Equivalents (1,123,000) (1,350,000) Cash and Cash Equivalents at Beginning of Year 2,486,000 2,135,000 -------------------- -------------------- Cash and Cash Equivalents at End of Period $ 1,363,000 $ 785,000 ==================== ====================
6 AMERICAN PRECISION INDUSTRIES AND SUBSIDIARIES Notes to Consolidated Financial Statements First Quarter Ended March 29, 1996 ---------------------------------- Note A Consolidated Financial Statements - ------ --------------------------------- The Consolidated Balance Sheet as of March 29, 1996, and the Consolidated Statement of Earnings, and the Consolidated Statement of Cash Flows for the periods ended March 29, 1996 and March 31, 1995 have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and changes in cash flow at March 29, 1996 and for all periods presented have been made. 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 these condensed consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's December 29, 1995 Annual Report to Shareholders. NOTE B Cash, Cash Equivalents, and Marketable Securities - ------ ------------------------------------------------- Cash, cash equivalents, and marketable securities includes $2,175,000 of restricted funds held in an escrow account as part of the Management Agreement between the Company and Gettys Corporation. These funds will be applied to the purchase price of the net assets of Gettys Corporation at the time the Company acquires those net assets pursuant to the exercise of the put or call option provision of the Management Agreement. Note C Inventories - ------ ----------- It is not practical to determine raw material, work in process, and finished goods inventories during interim periods. 7 Note D Long-Term Obligations - ------ ---------------------
March 29, 1996 ------------------------------------ Outstanding Current Long-Term ----------- ------- --------- Industrial Revenue Bonds $7,999,000 $ 475,000 $7,524,000 Supplemental Benefit Program 1,132,000 180,000 952,000 ---------- ---------- ---------- $9,131,000 $ 655,000 $8,476,000 ========== ========== ==========
Note E Earnings Per Share - ------ ------------------ Earnings per share are based on the weighted average number of shares outstanding. Note F Subsequent Events - ------ ----------------- On April 1, 1996 and April 19, 1996, the Company completed the purchase of certain assets of Ketema, Inc. ("Ketema") and Gettys Corporation and Gettys Property Corporation ("Gettys"), respectively. These acquisitions were primarily financed through a $20,000,000 credit agreement between the Company and Marine Midland Bank. Both transactions will be accounted for under the purchase method of accounting. 8 AMERICAN PRECISION INDUSTRIES AND SUBSIDIARIES 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. AMERICAN PRECISION INDUSTRIES INC. /s/ John M. Murray ------------------------------------------- John M. Murray Vice President Finance and Treasurer /s/ Thomas M. Huebsch ------------------------------------------- Thomas M. Huebsch Chief Accounting Officer June 7, 1996 -----END PRIVACY-ENHANCED MESSAGE-----