-----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, JrrSRHcPPO1gVstYK2yJDQTrYhhO2QMp4/1Sz2zQmBK/nOm5zOWtE0SNHf/GiMNb /lOpFg/XAwYVm7NIX2Ivmg== 0000731947-97-000013.txt : 19971117 0000731947-97-000013.hdr.sgml : 19971117 ACCESSION NUMBER: 0000731947-97-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SWISS ARMY BRANDS INC CENTRAL INDEX KEY: 0000731947 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-JEWELRY, WATCHES, PRECIOUS STONES & METALS [5094] IRS NUMBER: 132797726 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-12823 FILM NUMBER: 97719995 BUSINESS ADDRESS: STREET 1: ONE RESEARCH DRIVE CITY: SHELTON STATE: CT ZIP: 06484-6226 BUSINESS PHONE: 2039296391 MAIL ADDRESS: STREET 1: ONE RESEARCH DRIVE CITY: SHELTON STATE: CT ZIP: 06484-6226 FORMER COMPANY: FORMER CONFORMED NAME: FORSCHNER GROUP INC DATE OF NAME CHANGE: 19920703 10-Q 1 3RD QUARTER REPORT FOR SWISS ARMY BRANDS, INC. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 1997 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 0-1282-3 Swiss Army Brands, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2797726 (State of incorporation) (I.R.S. Employer Identification No.) One Research Drive, Shelton, Connecticut 06484 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (203) 929-6391 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 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 The number of shares of Issuer's Common Stock, $.10 par value, outstanding on November 10, 1997, was 8,209,610 shares. SWISS ARMY BRANDS, INC. AND SUBSIDIARIES INDEX
PART I: FINANCIAL INFORMATION Page No. Item 1. FINANCIAL STATEMENTS Consolidated Balance Sheets as of September 30, 1997 and December 31, 1996. 3 - 4 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 1997 and 1996. 5 Consolidated Statements of Stockholders= Equity for the Nine Months Ended September 30, 1997 and 1996. 6 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 1997 and 1996. 7 Notes to Consolidated Financial Statements 8 - 9 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 10 - 12 Part II: OTHER INFORMATION Item 6. EXHIBITS AND REPORTS ON FORM 8-K 13 Signatures 13 The Exhibit Index appears on page 13.
2 SWISS ARMY BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands) Assets
September 30, December 31, 1997 1996 (unaudited) Current assets: Cash and cash equivalents ................. $ 861 $2,067 Accounts receivable, less allowance for doubtful accounts of $994 and $1,032 respectively........... 22,944 32,992 Inventories................................ 35,779 29,657 Deferred income taxes...................... 3,295 3,295 Prepaid and other.......................... 4,712 2,922 --------- ----------- Total current assets....................... 67,591 70,933 Deferred income taxes......................... 1,597 1,597 Property, plant and equipment, net............ 3,791 3,969 Investment in preferred units, at cost........ 8,850 9,003 Investment in unconsolidated affiliate........ 150 150 Foreign distribution rights, net of accumulated amortization of $3,022 and $2,518 respectively.................... 3,720 4,226 Other assets, net of accumulated amortization of $1,068 and $496 respectively.......................... 9,399 8,765 --------- ---------- Total Assets $95,098 $98,643 ========= ==========
3 SWISS ARMY BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands) Liabilities and Stockholders' Equity
September 30, December 31, 1997 1996 (unaudited) Current liabilities: Accounts payable....................... $ 8,548 $10,952 Accrued liabilities.................... 7,880 7,835 Line of credit......................... 1,630 -- --------- --------- Total current liabilities.............. 18,058 18,787 Commitments and contingencies Stockholders' equity: Preferred stock, par value $.10 per share: shares authorized 2,000,000; no shares issued -- -- Common stock, par value $.10 per share: shares authorized - 18,000,000; shares issued - 8,823,718 and 8,822,968, respectively..... 882 882 Additional paid-in capital................ 46,186 46,182 Foreign currency translation adjustment... (144) (113) Retained earnings......................... 35,229 38,018 -------- -------- 82,153 84,969 Less-cost of common stock in treasury; 614,108 shares.................. (5,113) (5,113) -------- -------- Total stockholders' equity................ 77,040 79,856 -------- -------- Total Liabilities and Stockholders' Equity $95,098 $98,643 ========= =========
4 SWISS ARMY BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) (unaudited)
Three Months Ended Nine Months Ended September 30, September 30, 1997 1996 1997 1996 Net sales..................... $27,866 $34,616 $80,943 $89,372 Cost of sales................. 17,270 22,620 51,019 63,394 --------- --------- --------- --------- Gross profit.................. 10,596 11,996 29,924 25,978 Selling, general and administrative expenses...................... 12,160 10,828 35,095 29,537 Special charges............... -- -- -- 2,073 --------- --------- --------- --------- Operating income (loss)....... (1,564) 1,168 (5,171) (5,632) Interest income (expense), net 24 (56) 136 3 Gain (loss) on sale (write-down) of investments................... 285 -- 395 (789) Other income (expense), net... 5 28 4 145 --------- ---------- --------- -------- Total interest and other income,net.................... 314 (28) 535 (641) --------- ---------- --------- -------- Income (loss) before income taxes......................... (1,250) 1,140 (4,636) (6,273) Income tax provision (benefit) (475) 498 (1,847) (2,613) --------- ---------- --------- --------- Net income (loss)............. ($775) $642 ($2,789) ($3,660) ========= ========== ========= ========= Net income (loss) per share... ($0.09) $0.08 ($0.34) ($0.45) ========= ========== ========= ========= Weighted average number of shares outstanding......... 8,209,610 8,334,166 8,209,431 8,199,194 ========== =========== ========== ==========
5 SWISS ARMY BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996 (in thousands, except for share data)
Foreign Unrealized Common Stock Additional Currency Gain on Par Value $.10 Paid-In Translation Marketable Retained Treasury Shares Amount Capital Adjustment Securities Earnings Stock BALANCE December 31, 1995 8,800,718 $880 $45,898 ($9) $ -- $43,284 ($5,113) Net loss for nine months ended September 30, 1996 (unaudited) -- -- -- -- -- (3,660) -- Stock options exercised 19,750 2 239 -- -- -- -- Unrealized gain on marketable securities -- -- -- -- 169 -- -- Foreign currency translation adjustment -- -- -- 7 -- -- -- ---------- --------- ---------- --------- --------- ---------- -------- BALANCE, September 30, 1996 (unaudited) 8,820,468 $882 $46,137 ($2) $169 $39,624 ($5,113) ========== ========= ========== ========= ========= ========== ======== BALANCE December 31, 1996 8,822,968 $882 $46,182 ($113) $ -- $38,018 ($5,113) Net loss for nine months ended September 30, 1997 (unaudited) -- -- -- -- -- (2,789) -- Stock options exercised 750 -- 4 -- -- -- -- Foreign currency translation adjustment -- -- -- (31) -- -- -- ----------- -------- --------- --------- --------- ----------- --------- BALANCE, September 30, 1997 (unaudited) 8,823,718 $882 $46,186 ($144) $ -- $35,229 ($5,113) =========== ======== ========= ========= ========= =========== =========
6 SWISS ARMY BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
Nine months ended September 30, 1997 1996 Cash flows from operating activities: Net loss Adjustments to reconcile net loss to cash ($2,789) ($3,660) provided from (used for) operating activities: Depreciation and amortization 2,068 4,054 (Gain) loss on (sale) write-down of investments (285) 789 Gain on sale of fixed assets -- (24) -------- ------- (1,006) 1,159 Changes in other current assets and liabilities: Accounts receivable 10,041 4,318 Inventories (6,118) (2,037) Prepaid and other (1,791) (3,178) Accounts payable (2,389) 4,527 Accrued liabilities 67 (2,676) --------- --------- Net cash provided from (used for) operating activities (1,196) 6,187 Cash flows from investing activities: Capital expenditures (881) (1,221) Proceeds from sales of property, plant and equipment - 43 Additions to other assets (1,149) (2,498) Investment in preferred units - (2,000) Proceeds from sale of investment 438 60 --------- --------- Net cash (used for) investing activities (1,592) (5,616) --------- --------- Cash flows from financing activities: Net borowings under line of credit agreement 1,630 675 Proceeds from exercise of stock options 4 241 --------- --------- Net cash provided from financing activities 1,634 916 --------- --------- Effect of exchange rate changes on cash (52) 8 Net increase (decrease) in cash and cash equivalents (1,206) 1,495 Cash and cash equivalents, beginning of period 2,667 609 --------- --------- Cash and cash equivalents, end of period 861 2,104 ========= ========= Cash paid during the period: Interest $15 $104 ========= ========= Income taxes $ 453 $1,692 ========= =========
7 SWISS ARMY BRANDS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 1997 and 1996 (unaudited) CONSOLIDATED FINANCIAL STATEMENTS - --------------------------------- The consolidated financial statements included in this Form 10-Q have been prepared by Swiss Army Brands, Inc. ("Swiss Army", the "Company") without audit. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's report on Form 10-K for the year ended December 31, 1996. In the opinion of management of the Company, the interim financial statements included herein reflect all adjustments, consisting only of normal recurring adjustments ( except for the special charges discussed below) , necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Due to the seasonal nature of the Company's business, the results of operations for the interim periods presented are not necessarily indicative of the operating results for the full year. INVENTORIES - ----------- Domestic inventories are stated at the lower of cost (determined by the last-in, first-out (LIFO) method) or market. Foreign inventories are valued at the lower of cost or market determined by the FIFO method. Inventories principally consist of finished goods. SPECIAL CHARGES - --------------- In the second quarter of 1996, the Company recorded special charges of approximately $7,394,000 related to an extensive analysis of the Company's operations and non-strategic assets. The special charges consisted of : Write-off of inventory ....................... $4,521,000 (a) Selling, general and administrative charges... 2,073,000 (b) Write-down of investments .................... 800,000 (c) ---------- $7,394,000 ========== Represents the write-off of discontinued inventory, including certain cutlery products sold by Cuisine de France Limited ("CDF"). Substantially all of the assets of CDF were sold by the Company in January 1997. Consists of an $870,000 write-off of goodwill related to CDF, a $850,000 write-off for obsolete displays and a $353,000 write-off of other assets. Consists of a $800,000 write-off of the Company's investment in a privately held affiliated start-up entity. In the second quarter of 1997, the Company recovered $110,000 related to this investment which is included in the gain (loss) on sale (write-down) of investments. 8 INVESTMENTS - ----------- During the third quarter of 1997, the Company received a $438,000 distribution from its investment in Victory Ventures LLC, which resulted in a gain of $285,000. This amount has been included in gain (loss) on sale (write-down) of investments. INCOME TAXES - ------------ Income taxes are provided at the projected annual effective tax rate. The income tax provisions (benefits) for the interim 1997 and 1996 periods exceed the federal statutory rate of 34% due primarily to state income taxes (net of federal benefit). EARNINGS PER SHARE - ------------------ For the periods ended September 30, 1997 and 1996, the weighted average number of shares of common stock outstanding do not include the dilutive effect of stock options as they would have an anti-dilutive effect. In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128 (ASFAS No. 128" or the AStatement@), Earnings Per Share (AEPS@). SFAS No. 128 establishes standards for computing and presenting EPS and is effective for both interim and annual periods ending after December 15, 1997. The Statement does not permit early application of its provisions. The Statement replaces the presentation of primary EPS with a presentation of basic EPS, as defined. It also requires dual presentation of basic and diluted EPS on the face of the Statement of Operations for entities with a complex capital structure. The Company does not anticipate the effect on EPS to be material. 9 SWISS ARMY BRANDS, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (unaudited) FORWARD LOOKING STATEMENTS -------------------------- The following discussion contains, in addition, to historical information, forward looking statements. The forward looking statements were prepared on the basis of certain assumptions which relate, among other things, to the demand for and cost of purchasing and marketing the Company's products; the prices at which such products may be sold; new product development; seasonal selling trends; the Swiss franc- U.S. dollar exchange rates; the extent to which the Company is able to successfully hedge against foreign currency fluctuations; and the Company's anticipated credit needs and ability to obtain such credit. Even if the assumptions upon which the projections are based prove accurate and appropriate, the actual results of the Company's operations in the future may vary widely from financial projections due to increased competition, changes in consumer tastes and other factors not yet known or anticipated. Accordingly, the actual results of the Company's operations in the future may vary widely from the forward-looking statements included herein. RESULTS OF OPERATIONS --------------------- Comparison for the Three Months Ended September 30, 1997 and 1996 - ------------------------------------------------------------------ Sales for the three months ended September 30, 1997 were $27.9 million compared with $34.6 million for the same period in 1996, representing a decrease of $6.7 million or 19.5%. Approximately $1.1 million of the $6.7 million sales decrease was due to the sale of substantially all of the assets of Cuisine de France Limited ("CDF") in January 1997, with the remaining sales decrease due primarily to a decrease in sales of Victorinox Original SwissArmy Knives, watches and to a lesser extent cutlery. Gross profit of $10.6 million for the three months ended September 30, 1997 decreased $1.4 million or 11.7% from 1996. This decrease is primarily due a reduction in sales offset in part by a higher gross profit margin percentage. The gross profit margin percentage for the third quarter of 1997 of 38.0% was higher than the gross profit margin percentage of 34.7%, reported for the same period in 1996 primarily due to the increase in the value of the U.S. dollar versus the Swiss franc. The Company's gross profit margin is a function of both product mix and Swiss franc exchange rates. Since the Company imports virtually all of its products from Switzerland, its costs are affected by both the spot rate of exchange and by its foreign currency-hedging program. The Company enters into foreign currency contracts and options to hedge the exposure associated with foreign currency fluctuations. Based upon current Swiss franc requirements the Company believes it is hedged through the remainder of 1997. However, such hedging activity cannot eliminate the long-term adverse impact on the Company's competitive position and results of operations that would result from a sustained decrease in the value of the dollar versus the Swiss franc. These hedging transactions, which are meant to reduce foreign currency risk, also reduce the beneficial effects to the Company if the dollar increases relative to the Swiss franc. The Company plans to continue to engage in hedging transactions; however, it is uncertain as to what extent to which such hedging transactions will reduce the effect of adverse currency fluctuations. Selling, general and administrative expenses for the three months ended September 30, 1997 of $12.2 million were $1.3 million or 12.3% higher than the amount for the comparable period in 1996. Approximately $0.8 million of the $1.3 million increase is due to expenses related to the introduction of a new brand and a brand extension; Swiss Watches marketed under the name Allenby and Swiss Army Brand Sunglasses, with the remaining increase due primarily to increased expenditures for advertising and marketing related activities, offset in part by expenses related to CDF. As a percentage of net sales, total selling general and administrative expenses increased from 31.2% in 1996 to 43.6% in 1997. Interest income (expense), net was income of $24,000 for the three months ended September 30, 1997 versus expense of $56,000 for the comparable period in 1996 primarily due to increased invested cash balances during 1997 as compared to 1996. 10 Gain (loss) on sale (write-down) of investments was a gain of $285,000 in 1997, due to a gain on a distribution from the Company's investment in Victory Ventures LLC. As a result of these changes, income (loss) before income taxes for the three months ended September 30, 1997 was a loss of $1,250,000 in 1997 versus income of $1,140,000 for the same period in 1996, a decrease of $2,390,000. Income tax expense (benefit) was provided at an effective rate of 38.0% and 43.7% in 1997 and 1996, respectively. As a result, net income (loss) for the three months ended September 30, 1997 was a loss of $775,000 ($0.09 per share) versus income of $642,000 ($0.08 per share) for the same period in 1996, a decrease of $1,417,000. Comparison for the Nine Months Ended September 30, 1997 and 1996 - ----------------------------------------------------------------- Sales for the nine months ended September 30, 1997 were $80.9 million compared with $89.4 million for the same period in 1996, representing a decrease of $8.4 million or 9.4%. Approximately $2.6 million of the $8.4 million sales decrease was due to the sale of substantially all of the assets of CDF in January 1997, with the remaining sales decrease due primarily to a decrease in sales of Victorinox Original Swiss Army Knives, watches and cutlery, offset in part by sales of Swiss Army Brand Sunglasses. Gross profit of $29.9 million for the nine months ended September 30, 1997 increased $3.9 million or 15.2% from 1996. This increase is primarily due to the $4.5 million inventory write-off in 1996, increased gross profit margin percentage offset in part by lower sales. The gross profit margin percentage for the nine months ended September 30, 1997 of 37.0% was higher than the gross profit margin percentage of 34.1%, excluding the $4.5 million inventory write-off, reported for the same period in 1996. The gross profit percentage increase is primarily due to the increase in the value of the U.S. dollar versus the Swiss franc. The Company's gross profit margin is a function of both product mix and Swiss franc exchange rates. Since the Company imports virtually all of its products from Switzerland, its costs are affected by both the spot rate of exchange and by its foreign currency-hedging program. The Company enters into foreign currency contracts and options to hedge the exposure associated with foreign currency fluctuations. Based upon current Swiss franc requirements the Company believes it is hedged through the remainder of 1997. However, such hedging activity cannot eliminate the long-term adverse impact on the Company's competitive position and results of operations that would result from a sustained decrease in the value of the dollar versus the Swiss franc. These hedging transactions, which are meant to reduce foreign currency risk, also reduce the beneficial effects to the Company if the dollar increases relative to the Swiss franc. The Company plans to continue to engage in hedging transactions; however, it is uncertain as to what extent to which such hedging transactions will reduce the effect of adverse currency fluctuations. Selling, general and administrative expenses for the nine months ended September 30, 1997 of $35.1 million were $5.6 million or 18.8% higher than the amount for the comparable period in 1996. Approximately $3.9 million of the $5.6 million increase is due to expenses related to the introduction of a new brand and a brand extension; Swiss Watches marketed under the name Allenby and Swiss Army Brand Sunglasses, with the remaining increase due primarily to increased expenditures for advertising and marketing related activities, $0.3 million in costs related to continuing restructuring, offset in part by expenses related to CDF. The Company recorded special selling, general and administrative charges of $2.1 in 1996 related to the write-off of obsolete displays, goodwill and other assets. The goodwill write-off related to CDF, and was written-off due to the lack of recoverability of the asset. Substantially of the assets of CDF were sold by the Company in 1997 with no significant gain or loss. There were no special charges recorded in 1997. As a percentage of net sales, total selling general and administrative expenses increased from 35.4% in 1996 to 43.4% in 1997. 11 Interest income (expense), net was income of $136,000 for the nine months ended September 30, 1997 versus income of $3,000 for the comparable period in 1996 primarily due to increased invested cash balances during 1997 as compared to 1996. Gain (loss) on sale ( write-down) of investments was a gain of $395,000 in 1997, verse a loss of $789,000 in 1996. The gain in 1997 comprised of a $285,000 gain from a distribution of the Company's investment in Victory Ventures LLC and $110,000 gain related to a privately held start-up entity. The Company had previously written off $800,000 related to this privately held startup entity investment in 1996. Other income (expense), net of $4,000 for the nine months ended September 30, 1997 versus $145,000 in the same period for the prior year, is due to the favorable settlement of a legal matter in 1996. As a result of these changes, loss before income taxes for the nine months ended September 30, 1997 was $4,636,000 versus $6,273,000 for the same period in 1996, a decrease of $1,637,000. Income tax expense (benefit) was provided at an effective rate of 39.8% and 41.7% in 1997 and 1996, respectively. As a result, net loss for the nine months ended September 30, 1997 was $2,789,000 ($0.34 per share) versus $3,660,000 ($0.45 per share) for the same period in 1996, a decrease of $871,000. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- As of September 30, 1997, the Company had working capital of $49.5 million compared with $52.1 million as of December 31, 1996, a decrease of $2.6 million. Significant uses of working capital included a $1.1 million increase in other assets and capital expenditures of $0.9 million. The Company currently has no material commitments for capital expenditures. Cash used for operating activities was approximately $1.2 million in the nine months ended September 30, 1997 compared with cash provided from operating activities of $6.2 million in the comparable period in 1996. The change resulted primarily from an increase in inventory in 1997 verse a decrease in 1996 and a decrease in accounts payable in 1997 verse an increase in 1996. The Company meets its short-term liquidity needs with cash generated from operations, and, when necessary, bank borrowings under its revolving credit agreement. As of September 30, 1997, the Company had a $5.0 million line of credit, of which $1.6 million was outstanding with the remaining line of $3.4 million available for borrowing. The Company had a separate $15.0 million revolving credit agreement, which expired in January 1997. The Company is currently reviewing its options to establish a new revolving credit agreement. The Company's short-term liquidity is affected by seasonal changes in inventory levels, payment terms and seasonality of sales. The Company believes its current liquidity levels and financial resources will be sufficient to meet its operating needs in the near-term. 12 Item 6. Exhibits and Reports on Form 8-K -------------------------------- A.) Exhibits (2) Not Applicable (3) Not Applicable (4) Not Applicable (10) Not Applicable (11) Statement regarding computation of per share earnings is not required because the relevant computation can be clearly determined from the material contained in the Financial Statements included herein. (15) Not Applicable (18) Not Applicable (19) Not Applicable (22) Not Applicable (23) Not Applicable (24) Not Applicable (27) Financial Data Schedule (99) Not Applicable B.) There were no reports or exhibits on Form 8-K filed for the three months ended September 30, 1997. Pursuant to the requirements to 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. SWISS ARMY BRANDS, INC. Registrant Date: November 11, 1997 By /s/ Thomas M. Lupinski Name: Thomas M. Lupinski Title: Senior Vice President & Chief Financial Officer, Secretary and Treasurer 13 EX-27 2 FDS --
5 0000731947 Swiss Army Brands, Inc. 1,000 US Dollars 9-MOS DEC-31-1997 JUL-01-1997 SEP-30-1997 1.000 861 0 23,938 994 35,779 67,591 10,791 (7,000) 95,098 18,058 0 0 0 882 76,158 95,098 80,943 80,943 51,019 35,095 399 0 136 (4,636) (1,847) (2,789) 0 0 0 (2,789) (0.34) (0.34)
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