-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, rRVsBw3bVwmjDX5DnIlziOUmUuD4wsSwKpaIqKXTydhkg7yqbZ6ZTkS0q56+EwO6 jXfMP1ePpHhNBMl+768Shw== 0000071525-94-000008.txt : 19940511 0000071525-94-000008.hdr.sgml : 19940511 ACCESSION NUMBER: 0000071525-94-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940331 FILED AS OF DATE: 19940510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLAIR CORP CENTRAL INDEX KEY: 0000071525 STANDARD INDUSTRIAL CLASSIFICATION: 5961 IRS NUMBER: 250691670 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-00878 FILM NUMBER: 94526895 BUSINESS ADDRESS: STREET 1: 220 HICKORY ST CITY: WARREN STATE: PA ZIP: 16366 BUSINESS PHONE: 8147233600 FORMER COMPANY: FORMER CONFORMED NAME: NEW PROCESS CO DATE OF NAME CHANGE: 19890507 10-Q 1 FIRST QUARTER 1994 10-Q United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q --------- QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the period Ended March 31, 1994 Commission File Number 1-878 -------------- --------------- BLAIR CORPORATION - --------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 25-0691670 - --------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 220 HICKORY STREET, WARREN, PENNSYLVANIA 16366-0001 - --------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (814) 723-3600 - --------------------------------------------------------------------------- (Registrant's telephone number, including area code) Not applicable - --------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) 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 periods 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 10, 1994 the registrant had outstanding 9,231,032 shares of its common stock without nominal or par value. PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS (UNAUDITED) BLAIR CORPORATION AND SUBSIDIARY March 31, 1994 CONSOLIDATED BALANCE SHEETS BLAIR CORPORATION AND SUBSIDIARY March 31 December 31 1994 1993 ------------ ----------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,047,912 $ 2,937,432 Customer accounts receivable, less allowances for doubtful accounts and returns of $35,537,512 in 1994 and $34,255,648 in 1993 108,157,206 112,452,666 Inventories - Note F Merchandise 51,187,780 47,419,661 Advertising and shipping supplies 15,029,245 14,652,580 ------------ ------------ 66,217,025 62,072,241 Deferred income taxes 16,560,000 15,807,000 Prepaid expenses 674,426 409,562 ------------ ------------ TOTAL CURRENT ASSETS 193,656,569 193,678,901 PROPERTY, PLANT AND EQUIPMENT - at cost Land 1,169,791 719,791 Buildings 55,267,905 54,816,920 Equipment 30,148,902 29,721,911 Construction in progress 505,522 522,692 ------------ ------------ 87,092,120 85,781,314 Less allowances for depreciation 34,977,445 33,855,151 ------------ ------------ 52,114,675 51,926,163 ------------ ------------ TOTAL ASSETS $245,771,244 $245,605,064 ============= ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Note payable to bank $ 17,000,000 $ 11,600,000 Trade accounts payable 34,396,641 34,579,040 Advance payments from customers 3,114,940 1,886,186 Accrued expenses - Note D 7,485,720 9,651,354 Federal and state income taxes 3,005,684 4,758,684 ------------ ------------ TOTAL CURRENT LIABILITIES 65,002,985 62,475,264 DEFERRED INCOME TAXES 1,910,000 1,926,000 STOCKHOLDERS' EQUITY Common Stock without par value: Authorized 12,000,000 shares; issued 10,075,440 shares (including shares held in treasury) - stated value 419,810 419,810 Additional paid-in capital 9,595,875 9,595,875 Retained earnings 187,906,481 188,957,972 ------------ ------------ 197,922,166 198,973,657 Less 844,408 shares in 1994 and 809,408 shares in 1993 of Common Stock in treasury - at cost 17,526,017 16,056,017 Less receivable from Employee Stock Purchase Plan 1,537,890 1,713,840 ------------ ------------ 178,858,259 181,203,800 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $245,771,244 $245,605,064 ============ ============ See accompanying notes. CONSOLIDATED STATEMENTS OF INCOME BLAIR CORPORATION AND SUBSIDIARY Three Months Ended March 31 1994 1993 ------------ ------------ Net sales $118,440,298 $119,501,351 Other income - Note G 6,035,556 5,205,886 ------------ ------------ 124,475,854 124,707,237 Costs and expenses: Cost of goods sold 56,550,194 58,063,207 Selling 27,501,365 31,711,327 General and administrative 21,242,945 20,110,560 Provision for doubtful accounts 5,538,809 4,676,859 ------------ ------------ 110,833,313 114,561,953 ------------ ------------ INCOME BEFORE INCOME TAXES 13,642,541 10,145,284 Income taxes - Note E 5,463,000 4,119,000 ------------ ------------ NET INCOME $ 8,179,541 $ 6,026,284 ============ ============ Net income per share based on average shares outstanding - Note C $.88 $.65 ==== ==== See accompanying notes. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY BLAIR CORPORATION AND SUBSIDIARY Three Months Ended March 31 1994 1993 ------------ ------------ Common Stock $ 419,810 $ 419,810 Additional paid-in capital 9,595,875 7,775,814 Retained Earnings: Balance at beginning of period 188,957,972 182,111,957 Net income 8,179,541 6,026,284 Cash dividend declared - Note B (9,231,032) (14,293,297) ------------ ------------ Balance at end of period 187,906,481 173,844,944 Treasury Stock: Balance at beginning of period (16,056,017) (16,418,906) Purchase of common stock for treasury (1,470,000) -0- ------------ ------------ Balance at end of period (17,526,017) (16,418,906) Receivable from Employee Stock Purchase Plan: Balance at beginning of period (1,713,840) (1,454,490) Payments 175,950 284,295 ------------ ------------ Balance at end of period (1,537,890) (1,170,195) ------------ ------------ TOTAL STOCKHOLDERS' EQUITY $178,858,259 $164,451,467 ============ ============ See accompanying notes. CONSOLIDATED STATEMENTS OF CASH FLOWS BLAIR CORPORATION AND SUBSIDIARY Three Months Ended March 31 1994 1993 ------------ ------------ OPERATING ACTIVITIES Net income $ 8,179,541 $ 6,026,284 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 1,123,018 1,138,554 Provision for doubtful accounts 5,538,809 4,676,859 Provision for deferred income taxes (769,000) (1,240,000) Changes in operating assets and liabilities (using) providing cash: Customer accounts receivable (1,243,349) (4,907,745) Inventories (4,144,784) (2,448,178) Prepaid expenses (264,864) (107,034) Trade accounts payable (182,399) 787,501 Advance payments from customers 1,228,754 439,314 Accrued expenses (2,165,634) (3,654,818) Federal and state income taxes (1,753,000) (671,000) ------------ ------------ NET CASH PROVIDED BY OPERATING ACTIVITIES 5,547,092 39,737 INVESTING ACTIVITIES Purchases of property, plant and equipment (1,311,530) (3,601,153) Proceeds from sale of short-term investments -0- 902,576 ------------ ------------ NET CASH USED BY INVESTING ACTIVITIES (1,311,530) (2,698,577) FINANCING ACTIVITIES Proceeds from line of credit 40,900,000 16,200,000 Repayments on line of credit (35,500,000) (6,900,000) Dividend paid (9,231,032) (14,293,297) Purchase of common stock for treasury (1,470,000) -0- Payments on receivable from Employee Stock Purchase Plan 175,950 284,295 ------------ ------------ NET CASH USED BY FINANCING ACTIVITIES (5,125,082) (4,709,002) ------------ ------------ DECREASE IN CASH AND CASH EQUIVALENTS (889,520) (7,367,842) Cash and cash equivalents at beginning of year 2,937,432 9,118,850 ------------ ------------ CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,047,912 $ 1,751,008 ============ ============ See accompanying notes. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS BLAIR CORPORATION AND SUBSIDIARY March 31, 1994 NOTE A - BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Blair Corporation and its wholly-owned subsidiary have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 1994 are not necessarily indicative of the results that may be expected for the year ending December 31, 1994. For further information refer to the financial statements and footnotes included in the company's annual report on Form 10-K for the year ended December 31, 1993. On September 2, 1993, Blair formed a new wholly-owned subsidiary, Blair Holdings, Inc., a Delaware Corporation. The consolidated financial statements include the accounts of Blair Corporation and its subsidiary. All significant intercompany accounts are eliminated upon consolidation. NOTE B - DIVIDENDS DECLARED 2-10-93 $1.55 per share 2-09-94 $1.00 per share 5-12-93 .35 8-10-93 .35 11-10-93 .35 NOTE C - NET INCOME PER COMMON SHARE Three Months Ended March 31 1994 1993 ----------- ----------- Net income $ 8,179,541 $ 6,026,284 Average shares outstanding 9,248,532 9,221,482 Net income per common share $.88 $.65 NOTE D - ACCRUED EXPENSES Accrued expenses consist of: March 31 December 31 1994 1993 ----------- ----------- Employee compensation $ 4,948,450 $ 5,081,753 Contribution to profit sharing and retirement plan 874,021 3,294,397 Taxes, other than taxes on income 376,434 199,687 Other accrued items 1,286,815 1,075,517 ----------- ----------- $ 7,485,720 $ 9,651,354 =========== =========== NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued BLAIR CORPORATION AND SUBSIDIARY March 31, 1994 NOTE E - INCOME TAXES The components of income tax expense are as follows: Three Months Ended March 31 1994 1993 ----------- ----------- Currently payable: Federal $ 5,107,000 $ 3,807,000 State 1,125,000 1,552,000 ----------- ----------- 6,232,000 5,359,000 Deferred (credit) (769,000) (1,240,000) ----------- ----------- $ 5,463,000 $ 4,119,000 =========== =========== The currently payable state income tax provision for the three months ended March 31, 1994 reflects a reduction in the company's effective state tax rate as compared to the three months ended March 31, 1993. The differences between total tax expense and the amount computed by applying the statutory federal income tax rate, 35% in 1994 and 34% in 1993, to income before income taxes are as follows: Three Months Ended March 31 1994 1993 ----------- ----------- Statutory rate applied to pre-tax income $ 4,774,889 $ 3,449,397 State income taxes, net of federal tax benefit 625,300 826,320 Other items 62,811 (156,717) ----------- ----------- $ 5,463,000 $ 4,119,000 =========== =========== The increase in the statutory federal income tax rate from 34% to 35% was enacted into law in August 1993, effective January 1, 1993. Components of the provision for deferred income tax credit are as follows: Three Months Ended March 31 1994 1993 ----------- ----------- Provision for estimated returns $ 1,009,000 $ 435,000 Provision for doubtful accounts 330,000 470,000 Cumulative effect adjustment as of January 1, 1993 of change in method of accounting for income taxes -0- 207,000 Advertising costs (619,000) -0- Other items - net 49,000 128,000 ----------- ----------- $ 769,000 $ 1,240,000 =========== =========== NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued BLAIR CORPORATION AND SUBSIDIARY March 31, 1994 NOTE E - INCOME TAXES - Continued In the first quarter of 1993, the company adopted Financial Accounting Standards Board Statement No. 109 on accounting for income taxes. Prior to the adoption of Statement No. 109, income tax expense was determined using the deferred method. This accounting change did not have a material impact on the company - financial position increased by $207,000, $.02 per share. Significant components of the company's deferred tax assets and liability as of March 31, 1994 and December 31, 1993 are as follows: March 31 December 31 1994 1993 ----------- ----------- Current deferred tax assets - net: Allowance for doubtful accounts $11,835,000 $11,505,000 Allowance for returns 2,742,000 1,733,000 Allowance for inventory obsolescence 1,705,000 1,705,000 Accrued vacation pay 1,070,000 1,061,000 Inventory costs 1,043,000 1,019,000 Advertising costs (2,229,000) (1,610,000) Other items 394,000 394,000 ----------- ----------- $16,560,000 $15,807,000 =========== =========== Long-term deferred tax liability: Tax over book depreciation $ 1,910,000 $ 1,926,000 =========== =========== NOTE F - INVENTORIES Inventories are valued at the lower of cost or market. Cost of merchandise inventories is determined principally on the last-in, first-out (LIFO) method. Cost of advertising and shipping supplies is determined on the first-in, first-out (FIFO) method. If the FIFO method had been used for all merchandise inventories, the total amount would have increased by approximately $8,433,000 at March 31, 1994 and $8,358,000 at December 31, 1993, respectively. NOTE G - OTHER INCOME Other income consists of: Three Months Ended March 31 1994 1993 ----------- ----------- Finance charges on time payment accounts $ 5,456,544 $ 4,416,916 Other items 579,012 788,970 ----------- ----------- $ 6,035,556 $ 5,205,886 =========== =========== Finance charges on time payment accounts are recognized on an accrual basis of accounting based upon principal balances outstanding. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS BLAIR CORPORATION AND SUBSIDIARY March 31, 1994 Results of Operations - --------------------- First quarter 1994 net sales nearly matched the record first quarter 1993 net sales. First quarter 1994 net income increased 35.7% over 1993. The increased first quarter earnings (second highest in company history) were primarily attributable to an increased response rate from the existing customer file more than offsetting a decreased advertising program. Both customer and prospect advertising mailings were decreased resulting in lower selling expenses in 1994. The gross margin improved due to the change in sales mix (fewer prospect orders in 1994). Net sales for the first quarter of 1994 were .9% lower than the 1993 record net sales. The response to customer advertising mailings increased 10.3% in 1994 nearly offsetting the reduction in advertising. Advertising dollars spent in 1994 returned 14.3% more in gross sales than in 1993. The number of orders filled in 1994 decreased 9.8% from 1993 but the average order size increased 9.6%. Returns as a percentage of adjusted gross sales improved, decreasing to 15.3% in 1994 from 15.7% in 1993, due to the change in sales mix. Other income increased 15.9% in the first quarter of 1994 as compared to the first quarter of 1993. The increase was due to finance charges assessed on increased Easy Payment Plan accounts receivable. The direct mail multi-product prospect advertising program offers the Easy Payment Plan to first-time buyers. The program was greatly responsible for a 20.5% increase in Easy Payment Plan accounts receivable at March 31, 1994 as compared to March 31, 1993. Gross Easy Payment Plan sales were 5.0% higher in the first quarter of 1994 as compared to 1993. Cost of goods sold as a percentage of net sales decreased to 47.7% in 1994 from 48.6% in 1993. The improvement in cost of goods was attributable to the change in sales mix in 1994. Fewer prospects (first-time buyers) resulted in fewer orders at incentive pricing and lower returns (15.3% in 1994, 15.7% in 1993). Selling expenses in the first quarter of 1994 decreased 13.3% from 1993. The decrease was attributable to the reduction in advertising mailings. The total number of advertising mailings released in the first quarter of 1994 was 21.4% less than in 1993. A 12.8% decrease in multi-product (31) customer mailings and a 44.7% decrease in multi- product (16) prospect mailings resulted in a direct mail advertising cost reduction of approximately $4,970,000. Total volume of the media and co-op advertising programs increased 11.0% in the first quarter of 1994 as compared to 1993. The increased volume and a 5.4% reduction in average production and placement costs resulted in a net cost increase of approximately $130,000. Home furnishings catalogs, offering over 300 products, were mailed in February (test) and March (full list) of 1994. Results continue to be favorable and three full list releases have been scheduled for the balance of 1994. The catalog mailings increased selling expenses in the first quarter of 1994 by approximately $590,000. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued BLAIR CORPORATION AND SUBSIDIARY March 31, 1994 Results of Operations - Continued - --------------------- General and administrative expenses increased 5.6% in the first quarter of 1994 over first quarter 1993. The higher expenses for 1994 resulted from an 8.9% increase in wage and benefit costs. Wages and benefits were higher due to normal pay increases and increased health insurance and profit sharing. The provision for doubtful accounts as a percentage of credit sales increased 17.0% in the first quarter of 1994 as compared to 1993. Credit sales increased 1.2% in 1994. First-time buyers (prospects) were approximately 8% of total credit sales in the first quarter of 1994 and 12% in the first quarter of 1993. In 1994, bad debts have been provided for using rates based on 1993 experience. Had similar rates been applied to the first quarter of 1993, the 1993 provision for doubtful accounts would have been approximately $1,000,000 higher and, as a percentage of credit sales, would have been 3.5% higher than the provision for the first quarter of 1994. Income taxes as a percentage of income before income taxes were 40.0% in 1994 and 40.6% in 1993. An increase in the federal income tax rate from 34% to 35% was enacted into law in August 1993, retroactive to January 1, 1993. The federal increase was more than offset by a downward adjustment of the company's effective state income tax rate. First quarter 1993 income taxes do not reflect the federal and state changes as they did not come into effect until the third quarter of 1993. The company adopted Financial Accounting Standards Board Statement No. 109 on accounting for income taxes in the first quarter of 1993. Due to the relative insignificance of the adoption of this change in accounting, it was reported as a reduction in the company's first quarter 1993 income tax expense in the amount of $207,000. On August 30, 1993, the company opened a new retail store in Wilmington, Delaware. The Delaware site was chosen due to the population density of Delaware and the surrounding states and the favorable business climate. In addition, on September 2, 1993, Blair formed a new wholly-owned subsidiary, Blair Holdings, Inc., a Delaware corporation. Liquidity and Sources of Capital - -------------------------------- The company continued to be in a positive cash position during 1994. All working capital needs were met and suppliers' invoices were timely paid in order to maximize dixcounts. The company has $30,000,000 available in lines of credit, $10,000,000 with no specified expiration date and $20,000,000 expiring May 31, 1994. Management anticipates renewing the lines upon their expiration. The company incurred a total of $40,900,000 in short-term borrowings during the first quarter of 1994, $17,000,000 of which was outstanding at March 31, 1994. There were no long-term borrowings and excess funds when available were invested in federal government obligations, commercial paper and tax free securities. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued BLAIR CORPORATION AND SUBSIDIARY March 31, 1994 Liquidity and Sources of Capital - Continued - -------------------------------- The ratio of current assets to current liabilities was 2.98 at March 31, 1994 and 3.10 at December 31, 1993. Working capital decreased $2,550,053. The decrease was reflected in decreased customer accounts receivable and increased note payable to bank and advance payments from customers offsetting increased inventories and decreased accrued expenses and federal and state income taxes. Primarily, the first quarter of 1994 decline in working capital was attributable to the $9,231,032 dividend declared and paid in the first quarter. Merchandise inventory turnover was 3.7 at March 31, 1994, 3.8 at December 31, 1993 and 3.5 at March 31, 1993. The turnover rate improved primarily due to better-than-expected customer response during the fourth quarter of 1993 and first quarter of 1994. Merchandise inventory increased 6.0% from March 31, 1993 to March 31, 1994 primarily due to the home furnishings catalogs offering a wider product line than the traditional multi-product customer mailings. The company has added new facilities, modernized its existing facilities and acquired new cost saving equipment during the last several years. Capital expenditures for property, plant and equipment totaled $1,311,530 during the first quarter of 1994 and $3,601,153 during the first quarter of 1993. The company has completed over 90% of the renovation of its headquarters facility in Warren. Renovation of the first two levels was completed in Feburary 1993. The remaining two levels should be completed by mid-1994. Total cost of the renovation is estimated at $13,600,000 (including office furniture). Total cost incurred as of March 31, 1994 was approximately $13,000,000. The new Delaware retail store which opened August 30, 1993 and the new wholly-owned subsidiary, Blair Holdings, Inc., formed September 2, 1993, are both in leased facilities and required little in the way of capital expenditure. In December 1993, the company acquired a new site for the Erie, Pennsylvania outlet store. The new store, estimated to open in May 1994 at the Millcreek Mall, will contain approximately 36,000 square feet (old store - 15,000 square feet). The total cost of the new store will be approximately $2.1 million - $1.7 million incurred as of March 31, 1994. The company has undertaken a study of the distribution center. The study will focus on operational and customer service improvements. The project enlists consultants who have worked with the company on previous projects. Future capital expenditures for the distribution center will depend on the results of the study, which aren't anticipated until Fall 1994. It is anticipated that planned capital expenditures for the years ahead will be financed by cash flow from operations and short-term borrowings. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued BLAIR CORPORATION AND SUBSIDIARY March 31, 1994 Impact of Inflation and Changing Prices - --------------------------------------- Although inflation has moderated in our economy, the company is continually seeking ways to cope with its impact. To the extent permitted by competition, increased costs are passed on to customers by selectively increasing selling prices over a period of time. During the past several years, selling prices have been raised sufficiently to offset increased merchandise costs, thereby realizing profit margins that continue to build fiscal strength. The company principally uses the LIFO method of accounting for its merchandise inventories. Under this method, the cost of products sold reported in the financial statements approximates current costs and thus reduces distortion in reported income due to increasing costs. The charges to operations for depreciation represent the allocation of historical costs incurred over past years and are significantly less than if they were based on the current cost of productive capacity being used. Property, plant and equipment are continuously being expanded and updated. Recent major projects are discussed under Liquidity and Sources of Capital. Assets acquired in prior years will, of course, be replaced at higher costs but this will take place over many years. New assets, when acquired, will result in higher depreciation charges, but in many cases, due to technological improvements, savings in operating costs should result. The company considers these matters in setting pricing policies. Present tax laws do not allow deductions for the impact of inflation. Thus, taxes are levied on the company at rates which, in real terms, exceed established statutory rates. In general, during periods of inflation, this tax policy results in a tax on stockholders' investment in the company. PART II. OTHER INFORMATION BLAIR CORPORATION AND SUBSIDIARY March 31, 1994 Item 6. Exhibits and Reports on Form 8-K -------------------------------- (a) Exhibits -------- None (b) Reports on Form 8-K ------------------- No reports on Form 8-K were filed during the quarter ended March 31, 1994. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant had duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BLAIR CORPORATION ------------------------------- (Registrant) Date May 10, 1994 By Giles W. Schutte - ------------------- ------------------------------- Giles W. Schutte Executive Vice President and Treasurer (Principal Financial Officer) -----END PRIVACY-ENHANCED MESSAGE-----