-----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, SgNuSPjY2xuU041jol8tdP2IvrKpsZO3PD0zvN08scwh2aQMUbTFYyFDMiJsR2Tn nEV3T5jPX8MvVaz61hT/YQ== 0000950152-96-002834.txt : 19960613 0000950152-96-002834.hdr.sgml : 19960613 ACCESSION NUMBER: 0000950152-96-002834 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960427 FILED AS OF DATE: 19960610 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICHAEL ANTHONY JEWELERS INC CENTRAL INDEX KEY: 0000799515 STANDARD INDUSTRIAL CLASSIFICATION: JEWELRY, PRECIOUS METAL [3911] IRS NUMBER: 132910285 STATE OF INCORPORATION: DE FISCAL YEAR END: 0128 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10645 FILM NUMBER: 96578758 BUSINESS ADDRESS: STREET 1: 115 SO MACQUESTEN PKWY CITY: MOUNT VERNON STATE: NY ZIP: 10550 BUSINESS PHONE: 9146990000 MAIL ADDRESS: STREET 1: 115 SOUTH MACQUESTEN PKWY STREET 2: 115 SOUTH MACQUESTEN PKWY CITY: MOUNT VERNON STATE: NY ZIP: 10550 10-Q 1 MICHAEL ANTHONY JEWELERS, INC. 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter ended April 27, 1996 Commission file number: 0-15230 MICHAEL ANTHONY JEWELERS, INC. (Exact name of registrant as specified in its charter) Delaware No. 13-2910285 (State of Incorporation) (I.R.S. Employer Identification No.) 115 South MacQuesten Parkway Mount Vernon, New York 10550-1724 (Address of principal executive offices) Registrant's telephone number, including area code: (914) 699-0000 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 . ------ ------ CLASS ----- Number of Shares Common Stock, Par Value $.001 Outstanding as of June 3, 1996 ------------ 8,253,909 2 MICHAEL ANTHONY JEWELERS, INC. AND SUBSIDIARIES INDEX -----
PAGE ---- PART I - FINANCIAL INFORMATION: ITEM 1. FINANCIAL STATEMENTS Consolidated Condensed Balance Sheets, April 27, 1996 (Unaudited) and January 27, 1996................................................................................. 3 Consolidated Condensed Statements of Operations Three-Month Period Ended April 27, 1996 and April 29, 1995 (Unaudited) .................................................... 4 Consolidated Condensed Statement of Changes in Stockholders' Equity, Three-Month Period Ended April 27, 1996 (Unaudited)....................................................................... 5 Consolidated Condensed Statements of Cash Flows, Three-Month Period Ended April 27, 1996 and April 29, 1995 (Unaudited).................................................... 6 Notes to Consolidated Condensed Financial Statements....................................................................................... 7-9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.................................................................................... 10-13 PART II - OTHER INFORMATION: Items 1 Through Item 6 ............................................................................. 14 Signature Page.............................................................................................. 15
-ii- 3 MICHAEL ANTHONY JEWELERS, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA)
(Unaudited) ASSETS April 27, January 27, 1996 1996 ------------ ------- CURRENT ASSETS: Cash and equivalents $12,715 $ 6,673 Accounts receivable: Trade (less allowances of $1,281 and $1,575, respectively) 20,258 30,062 Other 79 47 Inventories 18,802 19,698 Prepaid expenses and other current assets 1,742 1,169 Deferred taxes 855 855 --------- --------- Total current assets 54,451 58,504 PROPERTY, PLANT AND EQUIPMENT - net 18,325 18,441 INTANGIBLES - net 1,046 998 OTHER ASSETS 954 703 --------- --------- $74,776 $78,646 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ CURRENT LIABILITIES: Accounts payable - trade $2,990 $4,575 Current portion of long-term debt and lease liability 3,278 3,272 Accrued expenses 3,438 3,980 Taxes payable 545 541 --------- --------- Total current liabilities 10,251 12,368 --------- --------- LONG-TERM DEBT 16,776 18,401 --------- --------- CAPITAL LEASE LIABILITY 672 791 --------- --------- DEFERRED TAXES 1,038 1,038 --------- --------- COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock - par value $1.00 per share; 1,000,000 shares authorized; none issued - - Common stock - par value $.001 per share; 20,000,000 shares authorized; 9,239,000 shares issued and outstanding as of April 27, 1996, and January 27, 1996, respectively 9 9 Additional paid-in capital 35,170 35,170 Retained earnings 14,314 14,306 Treasury stock, 965,200 shares as of April 27, 1996 and January 27, 1996, respectively (3,454) (3,437) --------- --------- Total stockholders' equity 46,039 46,048 --------- --------- $74,776 $78,646 ========= =========
The accompanying notes are an integral part of these consolidated condensed financial statements. - 3 - 4 MICHAEL ANTHONY JEWELERS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
Three Months Ended April 27, April 29, 1996 1995 -------- --------- NET SALES $29,203 $27,260 COST OF GOODS SOLD 24,250 22,048 -------- --------- GROSS PROFIT ON SALES 4,953 5,212 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 4,335 4,493 -------- --------- OPERATING INCOME 618 719 OTHER INCOME (EXPENSES): Gold consignment fee, net (351) (414) Interest expense (429) (456) Interest income 160 124 Other income 14 5 ---------- --------- Total Other Income (Expense) (606) (741) ---------- --------- INCOME/(LOSS) BEFORE INCOME TAXES 12 (22) INCOME TAX PROVISION/(BENEFIT) 4 (9) ---------- ---------- NET INCOME/(LOSS) $ 8 $ (13) ========== ========== EARNINGS/(LOSS) PER SHARE $ .00 $ (.00) ========== ========== WEIGHTED AVERAGE NUMBER OF SHARES 8,274 8,657
The accompanying notes are an integral part of these consolidated condensed financial statements. - 4 - 5 MICHAEL ANTHONY JEWELERS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (IN THOUSANDS)
Common Stock Additional Treasury Stock ------------------ Paid-In Retained ------------------ Shares Dollars Capital Earnings Shares Dollars Total ------ -------- ------- -------- ------ ------- ----- Balance - January 27, 1996 9,239 $ 9 $35,170 $14,306 (965) $(3,437) $46,048 Purchase of treasury stock (a) - - - - - (17) (17) Net income - - - 8 - - 8 -------- ------- ---------- -------- ------ --------- ------- Balance - April 27, 1996 9,239 $ 9 $35,170 $14,314 (965) $(3,454) $46,039 ----- ------ ------- -------- ----- -------- ------- (a) Adjustment for commissions paid on prior purchases of treasury stock.
The accompanying notes are an integral part of these consolidated condensed financial statements. - 5 - 6 MICHAEL ANTHONY JEWELERS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (IN THOUSANDS)
Three Months Ended April 27, April 29, 1996 1995 ----------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income/(loss) $ 8 $ (13) Adjustments to reconcile net income/(loss) to net cash provided by operating activities: Depreciation and amortization 989 1,014 Provision for accounts receivable 30 90 Provision for sales returns (187) (280) Other (17) - (Increase)/decrease in operating assets: Accounts receivable 9,929 3,358 Inventories 896 (1,698) Prepaid expenses and other current assets (573) (28) Other assets (301) (184) Intangibles (100) (500) Increase/(decrease) in operating liabilities: Accounts payable (1,585) 522 Accrued expenses (542) 637 Taxes payable 4 (27) -------- -------- Net cash provided by operating activities 8,551 2,891 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment - net (771) (1,866) -------- -------- Net cash used in investing activities (771) (1,866) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments of long-term debt and capital lease liabilities (1,738) (1,520) Proceeds from long term debt - 6,000 Purchase of treasury stock - (246) -------- -------- Net cash (used in)/provided by financing activities (1,738) 4,234 -------- -------- NET INCREASE IN CASH AND EQUIVALENTS 6,042 5,259 CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 6,673 5,815 -------- -------- CASH AND EQUIVALENTS AT END OF PERIOD $ 12,715 $ 11,074 ======== ======== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest and gold consignment fees $ 1,109 $ 765 Taxes $ 0 $ 0
The accompanying notes are an integral part of these consolidated condensed financial statements. - 6 - 7 MICHAEL ANTHONY JEWELERS, INC. AND SUBSIDIARIES FORM 10-Q FOR QUARTER ENDED APRIL 27, 1996 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (INFORMATION SUBSEQUENT TO JANUARY 27, 1996 IS UNAUDITED) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ------------------------------------------ The unaudited interim consolidated condensed balance sheet as of April 27, 1996 and the consolidated condensed statements of operations for the three months ended April 27, 1996 and April 29, 1995, and the consolidated condensed statements of cash flows for the three months ended April 27, 1996 and April 29, 1995, and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The accompanying unaudited interim consolidated condensed financial statements and related notes should be read in conjunction with the financial statements and related notes included in the 1996 Annual Report to Stockholders of Michael Anthony Jewelers, Inc. (the "Company"). The information furnished reflects, in the opinion of the management of the Company, all adjustments, consisting of normal recurring accruals, which are necessary to present a fair statement of the results for the interim periods presented. The interim figures are not necessarily indicative of the results to be expected for the fiscal year due to the seasonal nature of the business. Earnings Per Share ------------------ Earnings per share for all periods presented were computed on a primary basis using the weighted average number of shares of common stock outstanding. Options and warrants outstanding were not materially dilutive. Reclassifications ----------------- Certain reclassifications were made to the prior year's financial statements to conform to the current year's presentation. 2. PRODUCT PRICING --------------- The Company's products, the principal component of which is gold, are generally sold at prices which are based on the market price of gold on the date merchandise is shipped to the customer. - 7 - 8 MICHAEL ANTHONY JEWELERS, INC. AND SUBSIDIARIES FORM 10-Q FOR QUARTER ENDED APRIL 27, 1996 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (INFORMATION SUBSEQUENT TO JANUARY 27, 1996 IS UNAUDITED) 2. PRODUCT PRICING (Continued) --------------- Therefore, the Company's sales volume is significantly influenced by the market price of gold. The selling prices for certain customers may be fixed for a specific period of time. In such cases, the Company is able to shift a substantial portion of the risks of gold price fluctuation by hedging against changes in the price of gold by entering into forward contracts or purchasing futures or options on futures. The Company's consigned gold inventory is hedged against the effects of price fluctuations. The Company has entered into arrangements with certain gold lenders (the "Gold Lenders") pursuant to which the Company does not purchase gold from the Gold Lenders until receipt of a purchase order from, or shipment of jewelry to, its customers. These arrangements permit the Company to match the sales price of the product with the price the Company pays for the gold. The average price of gold in the current quarter was $394 per ounce as compared to $386 per ounce for the quarter ended April 29, 1995. 3. INVENTORIES ----------- Inventories consist of:
April 27, January 27, 1996 1996 ---------- ----------- (Unaudited) (In thousands) Finished goods $50,654 $56,621 Work in process 21,646 15,240 Raw materials 7,071 8,537 -------- -------- 79,371 80,398 Less: Consigned gold 60,569 60,700 -------- ------- $18,802 $19,698 ======== =======
Inventories as of April 27, 1996 and January 27, 1996 excluded 154,600 and 149,300 ounces of gold on consignment, respectively. - 8 - 9 MICHAEL ANTHONY JEWELERS, INC. AND SUBSIDIARIES FORM 10-Q FOR QUARTER ENDED APRIL 27, 1996 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (INFORMATION SUBSEQUENT TO JANUARY 27, 1996 IS UNAUDITED) 4. STOCK REPURCHASE PROGRAM ------------------------ In December 1995, the Company announced a Common Stock repurchase program pursuant to which the Company may repurchase up to 750,000 shares of Common Stock. As of June 3, 1996, the Company had repurchased a total of 80,000 shares on the open market for an aggregate price of approximately $220,000. 5. NEW ACCOUNTING STANDARD ----------------------- Effective January 28, 1996, the Company adopted Statement of Financial Accounting Standards No. 121 "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of." The adoption of the new standard did not have any effect on the Company's financial position or results of operations for the quarter ended April 27, 1996. 6. SUBSEQUENT EVENT ---------------- On May 24, 1996, the Board of Directors authorized the Company to retire 965,200 shares of Common Stock. The retirement will be effective as of May 24, 1996. - 9 - 10 ITEM 2 MICHAEL ANTHONY JEWELERS, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (INFORMATION SUBSEQUENT TO JANUARY 27, 1996 IS UNAUDITED) RESULTS OF OPERATIONS FOR THE THREE MONTHS - ------------------------------------------ ENDED APRIL 27, 1996 AND APRIL 29, 1995 - --------------------------------------- Net sales for the three months ended April 27, 1996 were approximately $29,203,000, an increase of 7% from net sales of approximately $27,260,000 for the comparable period of the prior year. The increase in net sales was primarily related to increased shipments to both the retail and wholesale segments of the Company's customer base. Gross profit margin decreased to approximately 17.0% of net sales for the three months ended April 27, 1996 compared to approximately 19.1% of net sales for the comparable period of the prior year. The decrease in gross margin was primarily attributable to the liquidation of discontinued inventory and other inventory adjustments and a change in the Company's product mix. Selling, general and administrative expenses for the three months ended April 27, 1996 were approximately $4,335,000, a decrease of $158,000 or 4% from approximately $4,493,000 for the comparable period of the prior year. The decrease is primarily attributable to reductions in advertising expenses, payroll and payroll related expenses, and bad debt expenses. These decreases were partly offset by increases in royalty and licensing related fees and showroom supplies. As a percentage of sales, selling, general and administrative expenses decreased to 14.8% for the three months ended April 27, 1996, compared to 16.5% in the comparable period of the prior year. Other expenses and income for the three months ended April 27, 1996 were approximately $606,000, a decrease of $135,000 or 18%, compared to approximately $741,000 for the comparable period last year. Gold consignment fees decreased $63,000 due to the Company's lower level of consignment inventory as compared to last year. Interest expense decreased $27,000 due to the Company's principal payments on its long term debt in May 1995 and January 1996. Other income increased $45,000 primarily due to the Company's higher cash position as compared to last year. As a result of the above factors, the Company had net income of approximately $8,000 for the three months ended April 27, 1996, compared to a net loss of approximately $13,000 for the comparable period of the prior year. - 10 - 11 ITEM 2 MICHAEL ANTHONY JEWELERS, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (INFORMATION SUBSEQUENT TO JANUARY 27, 1996 IS UNAUDITED) Liquidity and Capital Resources - ------------------------------- The Company relies on a gold consignment program, short-term and long-term borrowings and internally generated funds to finance its operations. The Company fills most of its gold supply needs through gold consignment arrangements with the Gold Lenders. Under the terms of those arrangements, the Company is entitled to lease the lesser of (i) an aggregate of 250,000 ounces of fine gold or (ii) consigned gold with an aggregate value equal to $106,899,000. The consigned gold is secured by certain property of the Company including inventory and machinery and equipment. The Company pays the Gold Lenders a consignment fee based on the dollar value of ounces of gold outstanding under their respective agreements, which value is based on the daily Second London Gold Fix. The Company believes that its financing rate under the consignment arrangements is substantially similar to the financing rates charged to gold consignees similarly situated to the Company. As of April 27, 1996, the Company held 154,553 ounces of gold on consignment with a market value of $60,569,000. The consignment agreements contain certain restrictive covenants relating to maximum usage, net worth, working capital and other financial ratios and each of the agreements requires the Company to own a specific amount of gold at all times. At April 27, 1996, the Company was in compliance with the covenants in its consignment agreements and the Company's owned gold inventory was valued at approximately $5,403,000. Management believes that the supply of gold available through the Company's gold consignment arrangements, in conjunction with the Company's owned gold, is sufficient to meet the Company's requirements. The consignment agreements are terminable by the Company or the respective Gold Lenders upon 30 days notice. If any Gold Lender were to terminate its existing gold consignment arrangement, the Company does not believe it would experience an interruption of its gold supply that would materially adversely affect its business. The Company believes that other consignors would be willing to enter into similar arrangements if any Gold Lender terminates its relationship with the Company. Consigned gold is not included in the Company's inventory, and there is no related liability recorded. As a result of these consignment arrangements, the Company is able to shift a substantial portion of the risk of market fluctuations in the price of gold to the Gold Lenders, since the Company does not purchase gold from the Gold Lenders until receipt of a purchase order from, or shipment of jewelry to, its customers. The Company then either locks in the selling price of the jewelry to its customers concurrently with the required purchase of gold from the Gold Lenders or hedges against changes in the price of gold by entering into forward contracts or purchasing futures or options on futures that are listed on the COMEX. - 11 - 12 ITEM 2 MICHAEL ANTHONY JEWELERS, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (INFORMATION SUBSEQUENT TO JANUARY 27, 1996 IS UNAUDITED) Liquidity and Capital Resources (Continued) - ------------------------------- While the Company believes its supply of gold is relatively secure, significant increases or rapid fluctuations in the cost of gold may result in reduced demand for the Company's products. From January 28, 1996 until April 27, 1996, the closing price of gold according to the Second London Gold Fix ranged from a low of $391 per ounce to a high of nearly $415 per ounce. There can be no assurances that fluctuations in the precious metals markets and credit would not result in an interruption of the Company's gold supply or the credit arrangements necessary to allow the Company to support its accounts receivable and continue the use of consigned gold. In each of 1987 and 1992, the Company issued $10,000,000 principal amount of senior secured notes with various insurance companies, which accrue interest at 10.5% and 8.61% per annum, respectively. In February 1995, the Company issued an additional $6,000,000 principal amount of senior secured notes with various insurance companies, which currently accrue interest at 6.75% per annum. These notes are secured by the Company's accounts receivable, machinery and equipment, inventory (secondary lien to the Gold Lenders) and proceeds. In addition, the note purchase agreements contain certain restrictive financial covenants and restrict the payment of dividends. At April 27, 1996, the Company was in compliance with the covenants and $17,028,000 of principal remained outstanding under the notes issued in 1987, 1992 and 1995. On October 6, 1995, the Company obtained a loan from a bank in the amount of $2,500,000. As collateral for the loan, the Company granted the bank a first mortgage on the Company's corporate headquarters. The mortgage has a ten-year term and interest on the mortgage will accrue at 8% per annum. In addition, the mortgage contains certain restrictive financial covenants. At April 27, 1996, the Company was in compliance with the covenants. As of April 27, 1996, $2,455,000 of principal remained outstanding under the mortgage. In September 1994, the Company entered into a line of credit arrangement with a commercial bank (the "Line of Credit"), under which the Company may borrow up to $15,000,000. The Line of Credit is secured by certain assets of the Company, including accounts receivable and inventory. As of April 27, 1996, there was no amount outstanding under the Line of Credit. The Line of Credit has been renewed and currently expires on July 31, 1996, subject to annual renewal. Management believes that the Line of Credit will be renewed; however, if the current lender decides not to renew the Line of Credit, the Company believes that other lenders would be willing to enter into a similar arrangement. - 12 - 13 ITEM 2 MICHAEL ANTHONY JEWELERS, INC. AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (INFORMATION SUBSEQUENT TO JANUARY 27, 1996 IS UNAUDITED) Liquidity and Capital Resources (Continued) - ------------------------------- Cash and marketable securities increased from $6,673,000 at January 27, 1996 to $12,715,000 at April 27, 1996. This increase was primarily due to the Company's decrease in accounts receivable. Cash flows from operations was $8,551,000 for the three months ended April 27, 1996. During the quarter accounts receivable decreased $9,929,000, due to seasonal factors and aggressive collections. Additionally, inventory decreased $896,000 due to the Company's increased effort to reduce its inventory levels. These cash inflows were reduced in part by a reduction of $2,127,000 in accrued gold purchases, trade payables and accrued expenses. In total, cash flows from operations increased $5,660,000 from the comparable period in the prior year. Cash flows from investing activities represented $771,000 for equipment purchases as compared to $1,866,000 of equipment purchases from the comparable period in the prior period. Cash outflows from financing was $1,738,000 for the period, representing scheduled payments of long-term debt. As part of its long-term strategic planning, the Company is reviewing a plan to expand its manufacturing and distribution facilities and to acquire certain properties it is currently leasing from MacQuesten Realty Company ("MRC") (the "Leased Properties"). In the event the Company were to acquire any of such properties, the Company may incur or assume additional long-term indebtedness in order to finance their purchase. For the balance of fiscal 1997, the Company projects capital expenditures of approximately $2,100,000, which includes certain improvements on its leased and owned properties, but does not include any other expenses related to the possible acquisition of the Leased Properties. Except with respect to financing for the possible acquisition of its Leased Properties as discussed above, the Company believes that its long-term debt and existing lines of credit provide sufficient funding for the Company's operations. In the event that the Company requires additional financing during fiscal 1997, it will be necessary to fund this requirement through expanded credit facilities with its existing or other lenders. The Company believes that such additional financing can be arranged. - 13 - 14 MICHAEL ANTHONY JEWELERS, INC. AND SUBSIDIARIES PART II - OTHER INFORMATION Item 1 through Item 5 Not applicable. Item 6. (a) Exhibits -------- 27 Financial Data Schedule (b) Reports on Form 8-K ------------------- Not applicable. - 14 - 15 MICHAEL ANTHONY JEWELERS, INC. AND SUBSIDIARIES 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. MICHAEL ANTHONY JEWELERS, INC. Dated: June 10, 1996 By:/s/Allan Corn --------------------- Allan Corn Senior Vice President and Chief Financial Officer - 15 - EX-27 2 EXHIBIT 27
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS FOR MICHAEL ANTHONY JEWELERS, INC. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS JAN-25-1997 JAN-28-1996 APR-27-1996 12,715 0 21,539 (1,281) 18,802 54,451 35,984 17,659 74,776 10,251 17,448 9 0 0 46,030 74,776 29,203 0 24,250 4,953 (174) 30 780 12 4 0 0 0 0 8 .00 0
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