-----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, Ocqd2W9F2u3g/e95GAbbRQW5BibrkQGgO3E3Vg6lC3tK84JgdrzGP9D3RdxMM9we KsZrB3GxBVgLUyMRIMvSyQ== 0000950134-96-004098.txt : 19960813 0000950134-96-004098.hdr.sgml : 19960813 ACCESSION NUMBER: 0000950134-96-004098 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960528 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960812 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMRE INC CENTRAL INDEX KEY: 0000809572 STANDARD INDUSTRIAL CLASSIFICATION: CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700] IRS NUMBER: 752041737 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-09632 FILM NUMBER: 96608841 BUSINESS ADDRESS: STREET 1: 8585 N STEMMONS FRWY STREET 2: SOUTH TOWER CITY: DALLAS STATE: TX ZIP: 75247 BUSINESS PHONE: 2148197000 8-K/A 1 AMENDMENT NO. 1 TO FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ---------------------- FORM 8-K/A-1 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) MAY 28, 1996 ----------------------------- AMRE, INC. - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Delaware 1-9632 75-2041737 - -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 8585 N. Stemmons Freeway, South Tower, Dallas, TX 75247 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (214) 658-6300 ---------------------------- N/A - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) 2 All references herein to the Information Statement/Prospectus refer to the Information Statement/Prospectus dated April 24, 1996 (the "Information Statement Prospectus") of AMRE, Inc., a Delaware corporation ("AMRE"), and Congressional Construction Corporation, a Virginia corporation ("Congressional") which is incorporated herein by reference to Exhibit 99.1. With respect to each contract, agreement or other document referred to herein, and filed with the Securities and Exchange Commission as an exhibit to this report, reference is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed qualified in its entirety by such reference. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (A) FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED (1) The financial statements referenced under "Index to Financial Statements -- Congressional Construction Corporation" in the Information Statement/Prospectus is incorporated herein by reference and the financial statements of Congressional Construction Corporation for the required interim periods are filed as part of this report. (2) The manually signed accountant's report referenced under "Index to Financial Statements -- Congressional Construction Corporation" in the Information Statement/Prospectus is incorporated herein by reference. (B) PRO FORMA FINANCIAL INFORMATION (1) Not applicable. (C) EXHIBITS **2.1 Agreement and Plan of Merger dated as of December 30, 1995, among AMRE, Inc., AMRE-Congressional Acquisition, Inc., a Delaware corporation, Congressional Construction, a Virginia corporation, together with all exhibits thereto (incorporated by reference to the Information Statement/Prospectus filed herewith as an exhibit is incorporated herein by reference). *23.1 Consent of Deloitte & Touche LLP **99.1 Information Statement/Prospectus of AMRE and Congressional incorporated by reference to AMRE's Registration Statement on Form S-4, as amended (registration number 333-02627), of which the Information Statement/Prospectus is a part. **99.2 Press Release issued by AMRE on May 28, 1996. * Filed herewith. ** Previously filed. 2 3 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 hereunto. AMRE, INC. Date: August 12, 1996 By: /s/ John H. Karnes, Jr. ----------------------- John H. Karnes, Jr. Vice President, General Counsel and Corporate Secretary 3 4 INDEX TO CONGRESSIONAL CONSTRUCTION CORPORATION FINANCIAL STATEMENTS
PAGE ---- Balance Sheet at March 31, 1996 (Unaudited) and December 31, 1995 (Unaudited) ............................................................ 5 Statement of Operations for the Three Months Ended March 31, 1996 and 1995 (Unaudited)..................................... 6 Statement of Cash Flows for the Three Months Ended March 31, 1996 and 1995 (Unaudited)..................................... 7 Statement of Stockholders' Equity (Deficit) for the Three Months Ended March 31, 1996 (Unaudited)........................... 8 Notes to Financial Statements (Unaudited)................................... 9
4 5 CONGRESSIONAL CONSTRUCTION CORPORATION BALANCE SHEET (Unaudited) ASSETS
MARCH 31, DECEMBER 31, 1996 1995 ----------- ----------- Current assets: Cash and cash equivalents .................................................... $ 67,696 $ 306,601 Contract receivables (net of allowance for doubtful accounts of $63,507) ..... 544,660 590,370 Costs incurred on uncompleted contracts ...................................... 104,604 161,818 Prepaid expenses and other current assets .................................... 87,590 98,293 ----------- ----------- Total current assets ................................................... 804,550 1,157,082 ----------- ----------- Property and equipment: Autos ........................................................................ 15,131 15,131 Furniture and fixtures ....................................................... 464,044 369,791 Leasehold improvements ....................................................... 9,054 6,214 ----------- ----------- 488,229 391,136 Less: Accumulated depreciation and amortization ............................. (139,642) (121,940) ----------- ----------- 348,587 269,196 Other assets ................................................................... 19,657 -- ----------- ----------- $ 1,172,794 $ 1,426,278 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Current portion of notes payable ............................................. $ 683,392 $ 624,320 Current portion of capital lease obligation .................................. 49,420 37,587 Accounts payable ............................................................. 549,256 590,739 Customer deposits ............................................................ 167,411 290,043 Accrued liabilities .......................................................... 751,631 422,104 ----------- ----------- Total current liabilities .............................................. 2,201,110 1,964,793 Notes payable .................................................................. 4,660,289 4,788,145 Capital lease obligation ....................................................... 74,427 20,100 Stockholders' equity (deficit): Convertible preferred stock, no par value; 700 shares authorized, issued, and outstanding (aggregate liquidation value of $7,746,900, at March 31, 1996) ..................................................... 500 500 Common stock, $1 par value, 1,000 shares authorized and issued; 499 shares outstanding ............................................. 1,000 1,000 Retained deficit ............................................................. (562,833) (27,556) Unearned ESOP compensation ................................................... (5,201,199) (5,320,204) Less: 501 shares of common stock in treasury ................................ (500) (500) ----------- ----------- Total stockholders' equity ............................................. (5,763,032) (5,346,760) ----------- ----------- $ 1,172,794 $ 1,426,278 =========== ===========
See Notes to Financial Statements. 5 6 CONGRESSIONAL CONSTRUCTION CORPORATION STATEMENT OF OPERATIONS (Unaudited)
THREE MONTHS ENDED ------------------------------ MARCH 31, 1996 MARCH 31, 1995 -------------- -------------- Contract revenues ................................. $ 2,639,566 $ 3,278,687 Cost of contracts completed: Materials and labor ............................. 1,038,367 1,236,439 Selling costs ................................... 411,074 526,655 License fees .................................... 282,242 443,188 ----------- ----------- Gross profit ...................................... 907,883 1,072,405 ----------- ----------- Operating expenses: Advertising ..................................... 218,847 334,945 Compensation costs .............................. 692,405 712,121 Other general and administrative ................ 405,732 327,983 Rent ............................................ 50,495 34,392 Depreciation and amortization ................... 17,702 11,993 ----------- ----------- 1,385,181 1,421,434 ----------- ----------- Operating loss .................................... (477,298) (349,029) ----------- ----------- Other income (expense): Interest income ................................. 3,219 12,294 Other income .................................... 39,586 (7,179) Interest expense ................................ (100,784) (112,452) ----------- ----------- (57,979) (107,337) ----------- ----------- Loss before income taxes .......................... (535,277) (456,366) Income tax expense (benefit) ...................... -- 41 ----------- ----------- Net loss .......................................... $ (535,277) $ (456,407) =========== =========== Weighted average number of shares ................. 634 585 =========== =========== Loss per common share and common equivalent share.. $ (844) $ (780) =========== ===========
See Notes to Financial Statements. 6 7 CONGRESSIONAL CONSTRUCTION CORPORATION STATEMENT OF CASH FLOWS (Unaudited)
THREE MONTHS ENDED ------------------------------ MARCH 31, 1996 MARCH 31, 1995 -------------- -------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss ................................................ $ (535,277) $ (456,407) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization ......................... 17,702 11,993 Compensation expense for ESOP shares released ......... 119,005 145,616 Changes in operating assets and liabilities: Contract receivables ................................ 45,710 (1,778,078) Costs incurred on uncompleted contracts ............. 57,214 (16,966) Prepaid expenses and other current assets ........... 10,703 (17,392) Other assets ........................................ (19,657) -- Accounts payable .................................... (41,482) (71,788) Accrued liabilities ................................. 205,842 1,805,907 Income taxes payable ................................ 1,052 (25,639) ----------- ----------- Net cash used in operating activities ................... (139,188) (402,754) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment ................... (14,353) (55,257) Purchases of leasehold improvements ................... (2,840) -- ----------- ----------- Net cash used in investing activities ................... (17,193) (55,257) ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of capital lease obligation ................ (13,740) (5,183) Repayments of notes payable ........................... (68,784) (147,356) ----------- ----------- Net cash used in financing activities ................... (82,524) (152,539) ----------- ----------- Net decrease in cash and cash equivalents ............... (238,905) (610,550) Cash and cash equivalents, beginning of period .......... 350,493 961,043 ----------- ----------- Cash and cash equivalents, end of period ................ $ 111,588 $ 350,493 =========== =========== SUPPLEMENTAL CASH FLOW INFORMATION: Non-cash investing and financing activities: Capital lease obligation for purchase of equipment.. $ 79,900 $ -- =========== =========== Interest paid ........................................ $ 68,411 $ 112,464 =========== =========== Income taxes paid .................................... $ 1,052 $ 25,680 =========== ===========
See Notes to Financial Statements. 7 8 CONGRESSIONAL CONSTRUCTION CORPORATION STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited)
CONVERTIBLE UNEARNED PREFERRED COMMON RETAINED ESOP TREASURY STOCK STOCK EARNINGS Compensation STOCK TOTAL ----------- ----------- ----------- ------------ ----------- ----------- Balance, December 31, 1995... 500 1,000 $ (27,556) $(5,320,204) (500) $(5,346,760) Compensation expense for ESOP shares released -- -- -- 119,005 -- 119,005 Net loss .................. -- -- (535,277) -- -- (535,277) Balance, March 31, 1996 ..... 500 1,000 $ (562,833) $(5,201,199) (500) $(5,763,032) =========== =========== =========== =========== =========== ===========
See Notes to Financial Statements. 8 9 CONGRESSIONAL CONSTRUCTION CORPORATION NOTES TO FINANCIAL STATEMENTS MARCH 31, 1996 (Unaudited) NOTE 1 - UNAUDITED INTERIM FINANCIAL STATEMENTS Basis of presentation - The accompanying interim financial statements of Congressional Construction Corporation ("Congressional") as of March 31, 1996 and for the quarterly periods ended March 31, 1996 and March 31, 1995 are unaudited. The balance sheet as of December 31, 1995 (unaudited) has been derived from Congressional's December 31, 1995 financial statements. In the opinion of management, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial position, results of operations and cash flows. These financial statements should be read in conjunction with the Congressional December 31, 1995 financial statements and related notes which were included in AMRE's registration on Form S-4 (No. 333- 02627) filed with the Commission on April 8, 1996 as amended by Amendment No. 1 thereto filed with the Commission on April 24, 1996. On December 30, 1995, Congressional and AMRE, Inc. signed an Agreement and Plan of Merger which would result in Congressional becoming a wholly-owned subsidiary of AMRE, Inc. On May 28, 1996, Congressional consummated the merger and the Congressional stockholders received 899,998 shares of AMRE Common Stock in exchange for all of the Congressional common and convertible preferred stock. NOTE 2 - EMPLOYEE STOCK OWNERSHIP PLAN Effective June 30, 1993, Congressional established an Employee Stock Ownership Plan (ESOP) covering its employees. Congressional borrowed $7 million from a bank ("ESOP Bank Loan") and then lent that sum to the ESOP ("ESOP Loan"). The ESOP used the proceeds of the ESOP Loan to purchase 700 shares of convertible preferred stock from one of Congressional's stockholders. The stock held by the ESOP is released for allocation to participant's accounts as principal is paid on the ESOP Loan. During the periods ended March 31, 1996 and March 31, 1995, Congressional made contributions to the ESOP of $67,937 and $145,616 respectively, that was used to pay principal on the ESOP Bank Loan. Gross compensation expense was approximately $119,000 and $146,000 for the periods ended March 31, 1996 and March 31, 1995. 9 10 EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION - ------------------------------------------------------------------------------- **2.1 Agreement and Plan of Merger dated as of December 30, 1995, among AMRE, Inc., AMRE-Congressional Acquisition, Inc., a Delaware corporation, Congressional Construction, a Virginia corporation, together with all exhibits thereto (incorporated by reference to the Information Statement/Prospectus filed herewith as an exhibit is incorporated herein by reference). *23.1 Consent of Deloitte & Touche LLP **99.1 Information Statement/Prospectus of AMRE and Congressional incorporated by reference to AMRE's Registration Statement on Form S-4, as amended (registration number 333-02627), of which the Information Statement/Prospectus is a part. **99.2 Press Release issued by AMRE on May 28, 1996.
* Filed herewith. ** Previously filed. 10 EX-23.1 2 CONSENT OF DELOITTE & TOUCHE, L.L.P. 1 EXHIBIT 23.1 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in this Form 8-K/A-1 of AMRE, Inc. of our report dated March 4, 1996 (relating to the financial statements of Congressional Construction Corporation not presented separately herein) appearing in Registration Statement No. 333-02627 on Form S-4 filed by AMRE, Inc. on April 18, 1996. /s/ Deloitte & Touche LLP DELOITTE & TOUCHE LLP Washington, D.C. August 9, 1996 11 -----END PRIVACY-ENHANCED MESSAGE-----