-----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, NdcZ4GzkattkzQUFVmP3IN/Rg6BYo//uHMS29vsa7udp7WisboW+foFcy81Xp4FN B93F1r1s+WMGulRXVOvUAw== 0000085149-98-000021.txt : 19981216 0000085149-98-000021.hdr.sgml : 19981216 ACCESSION NUMBER: 0000085149-98-000021 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981031 FILED AS OF DATE: 19981215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROSES HOLDINGS INC CENTRAL INDEX KEY: 0000085149 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] IRS NUMBER: 562043000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-00631 FILM NUMBER: 98769986 BUSINESS ADDRESS: STREET 1: 150 EAST 52ND STREET 21ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2128131500 MAIL ADDRESS: STREET 1: 150 EAST 52ND ST STREET 2: 21ST FL CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: ROSES STORES INC DATE OF NAME CHANGE: 19920703 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended October 31, 1998 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Commission File Number 0-631 ROSE'S HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 56-2043000 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 150 East 52nd Street, 21st Floor New York, New York 10022 (Address and zip code of principal executive offices) 212-813-1500 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes (X) No ( ) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes (X) No ( ) Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at December 1, 1998 Common Stock, par value $.001 [4,317,856] Shares ROSE'S HOLDINGS, INC. AND SUBSIDIARIES FORM 10-Q INDEX PART 1 - FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited): Condensed Consolidated Balance Sheets October 31, 1998, January 31, 1998 and October 25, 1997 3 Condensed Consolidated Statements of Operations for the thirteen weeks and thirty nine weeks ended October 31, 1998 and October 25, 1997 4 Condensed Consolidated Statements of Cash Flow for the thirty nine weeks ended October 31, 1998 and October 25, 1997 5 Notes to Condensed Consolidated Financial Statements 7 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 11 PART II-OTHER INFORMATION Item 1. Legal Proceedings 13 Item 2. Changes in Securities 13 Item 3. Defaults Upon Senior Securities 13 Item 4. Submission of Matters to a Vote of Security Holders 13 Item 5. Other Information 13 Item 6. Exhibits and Reports on Form 8-K 13 Signatures 14 PART I. FINANCIAL INFORMATION ITEM 1. Condensed Consolidated Financial Statements (Amounts in thousands except per share amounts) ROSE'S HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) October 31, January 31, October 25, 1998 1998 1997 (Unaudited) (Audited) (Unaudited) ___________________________________ Assets Cash and cash equivalents $ 10,719 $ 13,465 $ 596 Cash restricted in escrow 2,003 1,920 - Securities available for sale I/O strip 230 - - Accounts receivable - - 21,621 Accrued interest receivable 29 - - Inventories - - 195,849 Prepaid expense 22 - 4,026 Loans receivable, net of allowance for loan losses of $0 1,103 - - Property and equipment, net 106 - 8,719 Goodwill, net 1,658 - - Other assets 221 23 504 ________ _______ ________ $ 16,091 $ 15,408 $231,315 Liabilities and Stockholders' Equity Demand deposits $ 4 $ - $ - Short-term debt - - 100,299 Bank drafts outstanding - - 4,605 Accounts payable and accrued expenses 33 6 39,337 Income taxes payable to former parent 327 - - Accrued salaries and wages - - 4,673 Pre-petition liabilities - - 1,003 Excess of net assets over reorganization value, net - - 19,247 Income taxes - - 13,033 Other liabilities - - 14,504 Total liabilities before minority interests 364 6 163,118 Minority interests 584 - - Stockholders' Equity Preferred stock, authorized 10,000 shares; none issued - - - Common stock, authorized 50,000 shares; no par value; issued 4,318, 4,316, & 4,316 at 10/31/98, 1/31/98, & 10/25/97, respectively 35,000 35,000 35,000 Paid-in capital 1,159 1,159 1,159 Accumulated deficit (21,016) (20,757) (1,545) Total stockholders' equity 15,143 15,402 34,614 $ 16,091 $ 15,408 $231,315 See accompanying notes to condensed consolidated financial statements. ROSE'S HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Amounts in Thousands Except Per Share Amounts) For the Thirteen Weeks Ended October 31, 1998 October 25, 1997 Interest income $ 162 $ - Selling, general and administrative 297 - Operating loss (135) - Loss from operation of discontinued business - (1,032) Loss before minority interests (135) - Loss attributable to minority interests 27 - Net loss $ (108) $ (1,032) Basic and diluted net loss per share $ (.03) $ (.24) Basic and diluted weighted average number of shares outstanding 4,319,694 4,316,171 For the Thirty Nine Weeks Ended October 31, 1998 October 25, 1997 Interest income $ 555 $ - Selling, general & administrative expenses 841 - Operating loss (286) - Loss from operation of discontinued business - (6,326) Loss before minority interest (286) - Loss attributable to minority interest 27 - Net loss $ (259) $ (6,326) Basic and diluted net loss per share $ (.06) $ (1.47) Basic and diluted weighted average number of shares outstanding 4,325,028 4,316,171 See accompanying notes to condensed consolidated financial statements. ROSE'S HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) (Amounts in thousands) For the Thirty Nine Weeks Ended October 31, October 25, 1998 1997 Cash flows from operating activities: Net loss $ (259) $ (6,326) Adjustments to reconcile net income to net cash used in operating activities Minority interest (27) - Depreciation 9 (1,465) Amortization of security available for sale I/O strip 10 - Amortization of premium 12 - Amortization of goodwill 18 - Amortization of deferred financing costs - 509 Settlement of pre-petition liabilities - (754) Provision for closed stores - 689 Net change in assets and liabilities: Accounts receivable - (16,520) Accrued interest receivable (8) - Inventories - (54,562) Prepaid expense (22) - Other assets (152) 483 Accounts payable and accrued expenses 19 20,107 Income taxes 37 Other liabilities - (1,306) Net cash used in operating activities (400) (59,108) Cash flows from investing activities: Purchase of subsidiary (2,848) - Minority interest 611 - Purchases of property and equipment (26) (1,296) Net cash used in investing activities (2,263) (1,296) Cash flows from financing activities: Net activity on line of credit - 56,161 Payments of unsecured priority and administrative claims - (227) Principal payments on capital leases - (241) Increase in bank drafts outstanding - 4,605 Payments of deferred financing costs - (539) Net cash provided by financing activities - 59,759 Net decrease in cash (2,663) (645) Cash and cash equivalents at beginning of period 15,385 1,241 Cash and cash equivalents at end of period $ 12,722 $ 596 See accompanying notes to condensed consolidated financial statements. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited)(continued) Supplemental disclosure of additional non-cash investing and financing activities: Retirement of net book value of assets in reserve for store closings - 14 Capital lease additions - 887 During 1998 the Company acquired 90% of the outstanding stock of WebBank Corporation (note 2). The following is a summary of the effect of this transaction in the Company's consolidated balance sheet: Assets acquired: Securities available for sale - I/O strip $ (240) Accrued interest receivable (21) Loans receivable (1,115) Property and equipment (89) Goodwill (1,676) Other assets (46) Liabilities assumed: Demand deposits 4 Accounts payable and accrued expenses 8 Income taxes payable to former parent 327 Net cash used $ (2,848) See accompanying notes to condensed consolidated financial statements. ROSE'S HOLDINGS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS: Thirty-nine Weeks Ended October 31, 1998; 53 Weeks Ended January 31, 1998 (Amounts in thousands except per share amounts) 1. DISCONTINUED OPERATIONS On August 7, 1997, pursuant to an agreement and plan of merger among Rose's Stores, Inc. ("Stores") and two newly created, wholly-owned subsidiaries of Stores, Stores became a wholly-owned subsidiary of Rose's Holdings, Inc. (the "Company"). As a result of such merger, each share of common stock, no par value ("Stores Common Stock"), of Stores was converted into common stock, no par value ("Common Stock"), of the Company and each warrant, option or other right entitling the holder thereof to purchase or receive shares of Stores Common Stock was converted into a warrant, option or other right (as the case may be) entitling the holder thereof to purchase or receive shares of Common Stock on identical terms. The powers, rights and other provisions of the Common Stock were identical to the powers, rights and other provisions of the Stores Common Stock. On December 2, 1997, the Company consummated the sale to Variety Wholesalers, Inc. ("Variety") of all the outstanding capital stock of Stores pursuant to a stock purchase agreement, dated as of October 24, 1997, between the Company and Variety (the "Sale"). The Sale constituted the disposition by the Company of substantially all of its assets and was approved by the holders of a majority of the outstanding shares of common stock of the Company at a special meeting of the stockholders of the Company on December 2, 1997. The total purchase price for the Sale was $19,200, including $1,920 which was placed in escrow. The proceeds of the Sale, net of certain transaction, closing, and other costs, were $15,331 (including the $1,920 in escrow). The loss resulting from the Sale was $22,446. 2. ACQUISITION AND FORMATION OF SUBSIDIARIES On August 31, 1998, Rose's International, Inc. ("International"), a newly formed, wholly-owned Delaware subsidiary of the Company, consummated the acquisition of 90% of the outstanding common stock ("Bank Common Stock") of WebBank Corporation, a Utah industrial loan corporation (the "Bank"), pursuant to an assignment (the "Assignment") from Praxis Investment Advisers, a Nevada limited liability company ("PIA"), of a stock purchase agreement, dated January 20, 1998 (the "Purchase Agreement"), between PIA and Block Financial Corporation ("Block"), relating to the purchase by PIA of all of the issued and outstanding shares of Bank Common Stock. Pursuant to the Assignment, the Company paid Block $4,783 for the shares of Bank Common Stock to be purchased by Block pursuant to the Purchase Agreements. In addition the Company paid $288 in acquisition costs, for a total purchase price of $5,071. The acquisition is being accounted for under purchase accounting, resulting in goodwill of $1,676. On August 31, 1998, Praxis Investment Advisers, Inc., a Delaware corporation ("Praxis") was formed by cash contribution from Rose's of $428 for a 90% ownership. Reference is made to the Purchase Agreement and the Assignment, which were filed as exhibits to the Company's Quarterly Report on Form 10-Q filed September 16, 1998 and are incorporated by reference herein. In connection with the purchase of Bank Common Stock, International entered into a subscription and stockholders agreement, dated as of August 31, 1998 (the "Stockholders Agreement") with Andrew Winokur ("AW"), the owner of the 10% of the outstanding shares of the Bank Common Stock not purchased by International. Pursuant to the Stockholders Agreement, International agreed to purchase 90%, and AW agreed to purchase 10%, of the common stock ("Praxis Common Stock") of Praxis Investment Advisors, Inc., a newly formed Delaware corporation ("Praxis"). The Stockholders Agreement also provides for certain restrictions on the disposition by AW of his Bank Common Stock and Praxis Common Stock and certain rights and obligations of International and the Company to purchase the shares of Bank Common Stock and Praxis Common Stock owned by AW. Reference is made to the Stockholders Agreement, which was filed as an exhibit to the Company's Quarterly Report on Form 10-Q filed September 16, 1998 and which is incorporated by reference herein. International, AW and Praxis have entered into a management agreement (the "Management Agreement") under which Praxis has agreed to provide certain management services to AW and International in connection with the ownership and operation of the Bank. Reference is made to the Management Agreement which, was filed as an exhibit to the Company's Quarterly Report on Form 10-Q filed September 16, 1998 and is incorporated by reference herein. The Management Agreement provides that Praxis may make recommendations to and consult with, the management and board of directors of the Bank with respect to the deployment of the Bank's capital, the development of the Bank's businesslines, the Bank's acquisition of assets and the Bank's distributions to its stockholders. Praxis and AW have also entered into an employment agreement (the "Employment Agreement"), providing for the employment of AW by Praxis. Reference is made to the Employment Agreement, which was filed as an exhibit to the Company's Quarterly Report on Form 10-Q filed September 16, 1998 and is incorporated by reference herein. Under the Employment Agreement, Mr. Winokur agrees to serve as president and chief executive officer of Praxis for a term of five years (which may be extended for one or more years with the written agreement of the parties). Under the Employment Agreement, Mr. Winokur is granted the authority to formulate the recommendations to the Bank on behalf of Praxis pursuant to the Management Agreement. 3. REORGANIZATION AND FRESH START REPORTING The Company filed a petition for reorganization under Chapter 11 of the United States Bankruptcy Code ("Chapter 11") on September 5, 1993 (the "Filing Date"). The Company's Modified and Restated First Amended Joint Plan of Reorganization (the "Plan") was consummated on April 28, 1995 (the "Effective Date"). In 1990, the American Institute of Certified Public Accountants issued Statement of Position 90-7 ("SOP 90-7") "Financial Reporting by Entities in Reorganization Under the Bankruptcy Code" (sometimes called "Fresh-Start Reporting"). The application of Fresh-Start Reporting changed the Company's basis for accounting for financial purposes. In accordance with SOP 90-7, the reorganization value of the Company was determined as of the Effective Date. The reorganization value of $35,000 was derived by an outside company using various valuation methods, including discounted cash flow analyses (utilizing the Company's projections), analyses of the market value of other publicly traded companies whose businesses are reasonably comparable, and analyses of the present value of the Company's equity. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation--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 and disclosure of contingent 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. Nature of Operations--The Company currently owns 90% of an industrial loan corporation (the "Bank")located in Utah and 90% of an investment advisory firm located in California ("Praxis"). Praxis works actively with the Bank, under a management agreement among Praxis, AW, and Rose's. Cash Equivalents--The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company also considers investments in mutual funds where the underlying investment is highly liquid to be a cash equivalent. Cash equivalents are stated at cost, which approximates market. Bank drafts outstanding have been reported as a current liability. Earnings (Loss) Per Share-- The Company adopted SFAS No. 128 "Earnings Per Share" ("SFAS No. 128") for the year ended January 31, 1998. In accordance with this statement, primary net loss per common share is replaced with basic loss per common share which is calculated by dividing net loss by the weighted-average number of common shares outstanding for the period. Fully diluted net loss per common share is replaced with diluted net loss per common share reflecting the maximum dilutive effect of common stock issuable upon exercise of stock options and stock warrants. . Diluted net earnings loss per common share is not shown, as common equivalent shares from stock options and stock warrants would have an anti-dilutive effect. Prior period per share data has been restated to reflect the adoption of SFAS No. 128. Stock Based Compensation--Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based Compensation," encourages, but does not require companies to record compensation cost for stock-based employee compensation using the intrinsic value method prescribed in Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees," and related interpretations. Accordingly, compensation cost for stock options is measured as the excess, if any, of the quoted market price of the Company's stock at the date of the grant over the amount an employee must pay to acquire the stock. Discontinued Operations--Discontinued operations are excluded from the income from continuing operations and included in net income before minority interest. Goodwill--The acquisition of the Bank was accounted for under purchase accounting resulting in goodwill of $1,676 which is being amortized over 15 years. 5. CONTINGENCIES As a result of the Sale on December 2, 1997 to Variety of all of the outstanding capital stock of the Company's wholly owned subsidiary and then sole operating entity, Stores, the Company was relieved of liability for claims against Stores except to the extent of its indemnification obligation with respect to certain claims, as set forth in the Stock Purchase Agreement. Pursuant to the Stock Purchase Agreement, ten percent ($1,920) of the purchase price for the sale of stock to Variety was placed in escrow for payment of indemnified losses to Variety. The Stock Purchase Agreement further provided that if the aggregate cumulative indemnifiable losses as of December 2, 1998 are less than such amount, the balance of the escrowed amount will be disbursed to the Company at such time and any further claims for indemnification by Variety shall be satisfied directly by the Company. Variety has asserted a number of claims as to which it believes it is entitled to indemnification by the Company under the Stock Purchase Agreement. In the opinion of management and counsel, all contingencies are either adequately covered by insurance or are without merit. 6. SUBSEQUENT EVENTS The Company filed the financial statements and proforma financial information required by Item 7 of Form 8-K on November 16, 1998. On November 4, 1998, at the Annual Meeting of Stockholders of the Company, the stockholders approved a one-for-two reverse split of its common stock (the "Reverse Split"). Pursuant to the Reverse Split, which became effective on November 20, 1998 at 7:00 p.m. eastern time (the "Effective Date"), every two shares of common stock held by stockholders owning of record 500 or more shares of common stock on the Effective Date were converted into one share of common stock, and all shares held by stockholders owning of record fewer than 500 shares of common stock on the Effective Date were converted into the right to receive a cash payment in the amount of $2.0375 per share. The net effect of the Reverse Split was to reduce the number of shares of common stock outstanding as of the Effective Date from approximately 8,635 shares to approximately 4,318 shares. All references to the number of common shares and per common share amounts have been restated to reflect the split. The Company has applied to the Internal Revenue Service to change its fiscal year end to a calendar year end. ROSE'S HOLDINGS, INC. AND SUBSIDIARIES Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Amounts in thousands) Acquisition of WebBank On August 31, 1998, Rose's International, Inc. a wholly owned subsidiary of the Company, consummated the acquisition from Block Financial Corporation of 90% of WebBank Corporation, a Utah industrial loan corporation (the "Bank"). The remaining 10% was acquired by Andrew Winokur, an individual. Mr. Winokur and Rose's agreed to spend $610 and $5,500 respectively to acquire the Bank and to form Praxis Investment Advisers, Inc., a Delaware corporation ("Praxis"), pursuant to an employment agreement between International and Praxis of which Mr. Winokur serves as president and chief executive officer. As with the Bank, International and Mr. Winokur own, respectively, 90% and 10%, of Praxis. Praxis and International are parties to a management agreement under which Praxis has agreed to provide International with management services in connection with the ownership and operation of the Bank. The Management Agreement provides that Praxis may make recommendations to, and consult with, the management and board of directors of the Bank with respect to the deployment of the Bank's capital, the development of the Bank's business lines, the Bank's acquisition of assets and the Bank's distributions to its stockholders. The Employment Agreement provides that Praxis will pay to Mr. Winokur an amount to be measured by reference to receipts by stockholders and that no compensation will be paid to Mr. Winokur until certain performance goals have been satisfied. Results of Operations Costs and Expenses--Selling, general and administrative expenses (SG&A) totaled $297 and $841 for the three and nine months ended October 31, 1998 and consisted primarily of salary and benefits, facilities rentals and professional fees. There are no comparable prior year figures for SG&A as the discontinued operation was being liquidated and the new subsidiaries were not yet acquired or formed. Revenue--The Company reported revenue for the three and nine months ended October 31, 1998 of $162 and $555, respectively, as a result of interest income on outstanding loan receivable, securities available for sale, and cash and cash equivalents. The Company had no operating revenue for 1997. Liquidity and Capital Resources The Company's cash and cash equivalents totaled $12,722 at October 31, 1998. At January 31, 1998 the Company, prior to the Bank acquisition, had cash and cash equivalents of $15,385. The Company's management believes that the Company's current cash flows are adequate to meet its liquidity needs. As of August 31, 1998 the Company purchased 90% of the Bank for $5,071 and 90% of Praxis for $428, including a total of $288 for acquisition costs. With approximately $12,000 cash available the Company is actively seeking an additional acquisition and/or merger transaction in which to employ its cash. There can be no assurance that the Company will be able to locate or purchase a business, or that such business, if located and purchased, will be profitable. In order to finance an acquisition, the Company may be required to incur or assume indebtedness or issue securities. On November 4, 1998, at the Annual Meeting of Stockholders of the Company, the stockholders voted to change the par value of the Company's common stock from no par value to $.001 par value per share. Year 2000 Issue Until recently, computer programs were written to store only two digits of date related information in order to more efficiently handle and store data. Such programs are unable to properly distinguish between the year 1900 and the year 2000. This situation is frequently referred to as the "Year 2000 problem." The Company believes that all of its significant computer software is year 2000 compliant and that it will not need to modify or replace its software so that its computer systems will function properly with respect to dates in the year 2000 and beyond. Certain Factors That May Affect Future Operating Results The following important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made in this Quarterly Report on Form 10-Q and presented elsewhere by management. All forward-looking statements included in this document are based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statements. A number of uncertainties exist that could affect the Company's future operating results, including, without limitation, general economic conditions, changes in interest rates, the Company's ability to attract deposits, and the Company's ability to control costs. Because of these and other factors, past financial performance should not be considered an indication of future performance. The Company's future quarterly operating results may vary significantly. Investors should not use historical trends to anticipate future results and should be aware that the trading price of the Company's Common Stock may be subject to wide fluctuations in response to quarterly variations in operating results and other factors, including those discussed above. ROSE'S HOLDINGS, INC. AND SUBSIDIARIES PART II. OTHER INFORMATION Item 1 Legal Proceedings. The registrant is not a party to any material legal proceedings. Item 2 Changes in Securities. Not applicable. Item 3. Defaults Upon Senior Securities. Not applicable. Item 4. Submission of Matters to a Vote of Security Holders. No matter was submitted to a vote of security holders during the period covered by this report. Item 5. Other Information None ITEM 6. Exhibits and Reports on Form 8-K. a. Exhibits: None b. Reports on Form 8-K: None ROSE'S HOLDINGS, 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. ROSE'S HOLDINGS, INC. By: /s/ Warren G. Lichtenstein Warren G. Lichtenstein President By: /s/ Jack L. Howard Jack L. Howard Vice President Date: December 15, 1998 ?? 13 EX-27 2
5 Amounts are in thousands. 0000085149 ROSE'S HOLDINGS, INC. 1000 9-MOS JAN-31-1998 OCT-31-1998 12,722 230 51 0 0 13,003 106 0 16,091 364 0 0 0 4,318 15,143 16,091 0 555 0 841 0 0 0 (259) 0 0 0 0 0 (259) (.06) (.06)
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