-----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, T1P3oEHzFWl+O+pvF8AyLFhiR3zFykr9Vg6irqpccz5c+72LDkNziStw4JU9Sxg6 I0evxyv9wpYeaJUt9bWgOQ== 0000897069-96-000371.txt : 19961113 0000897069-96-000371.hdr.sgml : 19961113 ACCESSION NUMBER: 0000897069-96-000371 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960928 FILED AS OF DATE: 19961112 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: LACROSSE FOOTWEAR INC CENTRAL INDEX KEY: 0000919443 STANDARD INDUSTRIAL CLASSIFICATION: RUBBER & PLASTICS FOOTWEAR [3021] IRS NUMBER: 391446816 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-23800 FILM NUMBER: 96659259 BUSINESS ADDRESS: STREET 1: 1319 ST ANDREW ST CITY: LACROSSE STATE: WI ZIP: 54603 BUSINESS PHONE: 6087823020 MAIL ADDRESS: STREET 1: 1319 ST ANDREW ST CITY: LA CROSSE STATE: WI ZIP: 54603 10-Q 1 LACROSSE FOOTWEAR, INC. FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 28, 1996 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 0-238001 LaCrosse Footwear, Inc. (Exact name of Registrant as specified in its charter) Wisconsin 39-1446816 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1319 St. Andrew Street, La Crosse, Wisconsin 54603 (Address of principal executive offices) (Zip Code) (608) 782-3020 (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 the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, $.01 par value, outstanding as of November 1, 1996: 6,667,627 shares LaCrosse Footwear, Inc. Form 10-Q Index For Quarter Ended September 28, 1996 Page PART I. Financial Information Item 1. Condensed Consolidated Balance Sheets 3-4 Condensed Consolidated Statements of Income 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7-9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10-14 PART II. Other Information Item 6. Exhibits and Reports on Form 8-K 15 Signatures 16 Exhibit Index 17 PART I - FINANCIAL INFORMATION ITEM 1. Financial Statements LACROSSE FOOTWEAR, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 28, December 31, 1996 1995 (unaudited) ------------ ----------- CURRENT ASSETS Cash and cash equivalents $971,291 $3,035,777 Accounts receivable, less allowances of $2,126,627 and $813,260 36,668,021 15,562,585 respectively Inventories (3) 36,651,926 26,006,620 Prepaid expenses 2,742,169 1,660,763 Deferred tax assets 1,933,000 1,621,000 ----------- ---------- Total current assets 78,966,407 47,886,745 PROPERTY AND EQUIPMENT, net of depreciation and amortization 12,546,784 11,848,366 INTANGIBLES (2) 15,480,978 13,761,938 OTHER ASSETS 1,172,770 1,364,970 ----------- ---------- Total assets $108,166,939 $74,862,019 ============ =========== The accompanying notes are an integral part of the financial statements. LACROSSE FOOTWEAR, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (cont'd) September 28, December 31, 1996 1995 (unaudited) ------------ ----------- CURRENT LIABILITIES Current maturities of long-term obligations $1,760,300 $1,760,300 Borrowings under credit agreement 19,505,000 0 Accounts payable 5,050,735 4,812,107 Accrued expenses 6,763,511 5,644,358 Dividends payable 0 629,448 Income taxes payable 932,212 503,548 ----------- ---------- Total current liabilities 34,011,758 13,349,761 ACCRUED POSTRETIREMENT BENEFIT COST 1,868,382 1,297,400 LONG-TERM OBLIGATIONS 15,673,172 4,893,912 DEFERRED COMPENSATION 1,487,264 2,042,277 ----------- ---------- Total liabilities 53,040,576 21,583,350 ----------- ---------- MINORITY INTEREST (2) 1,146,263 0 ----------- ---------- REDEEMABLE PREFERRED STOCK 0 1,957,400 ----------- ---------- COMMON SHAREHOLDERS' EQUITY Common stock, par value $.01 per share 67,176 67,176 Additional paid-in capital 27,579,128 27,579,128 Retained earnings 26,777,546 24,118,715 Treasury stock (443,750) (443,750) ----------- ---------- Total common shareholders' equity 53,980,100 51,321,269 ----------- ---------- Total liabilities and shareholders' equity $108,166,939 $74,862,019 ============ =========== The accompanying notes are an integral part of the financial statements. LACROSSE FOOTWEAR, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, 1996 1995 1996 1995 ----------- ----------- ----------- ----------- Net sales(2) $35,713,687 $31,091,950 $80,898,915 $71,253,838 Cost of goods sold 25,398,449 22,237,400 58,669,554 52,252,595 ---------- ---------- ---------- ---------- Gross profit 10,315,238 8,854,550 22,229,361 19,001,243 Selling and administrative expenses 6,350,308 5,259,589 17,058,711 14,983,263 ---------- ---------- ---------- ---------- Operating income 3,964,930 3,594,961 5,170,650 4,017,980 Non-operating income (expense) Interest expense (552,904) (440,535) (1,140,502) (1,035,921) Miscellaneous 43,717 50,353 247,503 311,008 ---------- ---------- ---------- ---------- (509,187) (390,182) (892,999) (724,913) Income before income taxes 3,455,743 3,204,779 4,277,651 3,293,067 Provision for income taxes 1,361,564 1,246,648 1,683,537 1,280,909 ---------- ---------- ---------- ---------- Net income before minority interest $2,094,179 $1,958,131 $2,594,114 $2,012,158 ---------- ---------- ---------- ---------- Minority interest in net income (loss) of subsidiary (30,244) 0 (103,737) 0 ---------- ---------- ---------- ---------- Net Income $2,124,423 $1,958,131 $2,697,851 $2,012,158 ========== ========== ========== ========= Net income available to common shareholders $2,124,423 $1,928,770 $2,658,837 $1,924,075 ========== ========== ========== ========= Earnings per common and common equivalent share $0.32 $0.29 $0.40 $0.29 ========== ========== ========== ========= Weighted average number of common and common equivalent shares outstanding 6,677,277 6,668,110 6,672,843 6,683,873 ========== ========== ========== ========= Dividends declared per preferred share $0.00 $1.50 $1.99 $4.50 ========== ========== ========== ========= The accompanying notes are an integral part of the financial statements. LACROSSE FOOTWEAR, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended September 28, September 30, 1996 1995 ------------- ------------ Net cash used in operating activities $(16,305,446) ($17,867,388) ------------ ----------- Cash flows from investing activities Purchase of property and equipment (2,190,263) (3,167,831) Purchase of treasury stock 0 (443,750) Purchase of intangibles (1,630,314) 0 Purchase of Rainfair, Inc., net of cash acquired (10,846,861) 0 ------------ ----------- Net cash used in investing activities (14,667,438) (3,611,581) Cash flows from financing activities Cash dividends paid (668,462) (722,027) Proceeds from long-term borrowing 12,497,849 0 Principal payments on long-term borrowings (1,718,589) (2,400,000) Proceeds from short-term borrowings 19,505,000 19,883,000 Purchase of redeemable preferred stock (1,957,400) 0 Contribution from minority interest 1,250,000 0 ------------ ----------- Net cash provided by financing activities 28,908,398 16,760,973 Decrease in cash and cash equivalents (2,064,486) (4,717,996) Cash and cash equivalents: Beginning 3,035,777 4,742,763 ------------ ----------- Ending $971,291 $24,767 ========== ========== Supplemental information---cash payments for: Interest $887,009 $849,683 ========== ========== Income Taxes $1,408,545 $1,133,486 ========== ========== The accompanying notes are an integral part of the financial statements. LaCrosse Footwear, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements 1. INTERIM FINANCIAL REPORTING The Company reports its quarterly interim financial information based on 13 week periods. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations and cash flows in accordance with generally accepted accounting principles. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and the applicable notes thereto that are included in the Company's Annual Report on Form 10- K for the year ended December 31, 1995. 2. ACQUISITIONS RED BALL INC. On May 20, 1996, the Company acquired trade accounts receivable, inventories, certain machinery and equipment and trademarks of Red Ball, Inc. for a cash purchase price of approximately $5.0 million which included $.3 million for equipment leased from a third party. The Company anticipates spending an additional $.5 million in relocating and staging the inventory and installing the equipment. The total purchase price will be allocated to the accounts receivable, inventory, fixed assets and trademarks. The Company used short-term borrowings under its credit agreement to finance the acquisition, which borrowings were subsequently replaced in part by long-term debt. The Company's condensed consolidated statements of income for the three months ended September 28, 1996 include interest expense of approximately $90,000 and approximately $170,000 of operating expenses related to Red Ball. Shipments of RED BALL/R/ products commenced during the third quarter of 1996 and were approximately $660,000 for the quarter. In 1995, Red Ball had net sales of approximately $23.0 million which included $3 to $4 million of closeouts. In February 1996, Red Ball, Inc. filed for protection under Chapter 11 of the Bankruptcy Code. The assets were purchased from Red Ball with the approval of the Bankruptcy court. Financial statements were not available for Red Ball for 1995 because it was operated as a division of its parent until the middle of 1995. LaCrosse management does not believe the historical statements of Red Ball, Inc. are relevant to the future performance of this brand for the following reasons: - LaCrosse is not operating either of the under-utilized manufacturing facilities of Red Ball, Inc. - LaCrosse is utilizing office space in their La Crosse, Wisconsin facility for sales, marketing and administrative personnel versus expensive leased space in Louisville, Kentucky. - LaCrosse is utilizing its existing distribution organization versus utilizing the Red Ball distribution organization. - One management and a limited number of hourly production personnel from the Red Ball organization are employed by LaCrosse. The assets of Red Ball were purchased to give the Company a brand name product to distribute at lower price points than the current LACROSSE/R/ and DANNER/R/ brands and to distribute through channels of distribution generally not utilized by LaCrosse or Danner. It is currently anticipated that sales of RED BALL/R/ products will be less than 4% of LaCrosse's net sales for 1996 with a minimal impact on net income. It is anticipated that $.5 million to $1.0 million of additional working capital, primarily for inventory, will be required to support the brand during 1996. In future years, as sales grow, additional working capital will be needed if annual sales of the brand exceed approximately $7 million. Major capital expenditures are not anticipated. It is not anticipated this acquisition will have any material impact on the liquidity of the Company. RAINFAIR, INC. In May, 1996, Craig Leipold, the former principal owner of Rainfair, Inc. and the Company established a new corporation and each purchased one-half of the new corporation's common stock, in each case for $1,250,000, and LaCrosse also purchased all of the new corporation's outstanding preferred stock for $500,000. On May 31, 1996, this 50% owned subsidiary of the Company purchased substantially all of the assets of Rainfair, Inc. for approximately $10.8 million in cash and approximately $1.5 million in liabilities for an aggregate purchase price of approximately $12.3 million. The name of the subsidiary was changed to Rainfair, Inc. in June 1996 after completing the asset purchase. The Company loaned the 50% owned subsidiary approximately $8.0 million to fund the purchase price of the net assets of Rainfair, Inc. which was not funded by the initial capital contributions. The Company used long-term borrowings of approximately $9.5 million as the source of funds to make its initial capital contribution and the loan to the subsidiary. The acquisition has been accounted for as a purchase. Accordingly, the purchase price is being allocated to assets and liabilities based on their estimated fair values as of the date of acquisition. The approximately $.5 million of the purchase price in excess of the estimated fair value of the net assets is being amortized on a straight-line basis over a 15-year term. The Company's condensed consolidated statements of income for the three months ended and nine months ended September 28, 1996 includes Rainfair's results of operations since May 1, 1996. The following unaudited pro forma summary represents the consolidated results of operations as if the acquisition of Rainfair, Inc. had occurred at the beginning of the periods presented and does not purport to be indicative of what would have occurred had the acquisition been made as of those dates or of results which may occur in the future: Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, 1996 1995 1996 1995 ------------ ------------ ------------ ------------ (in thousands, except per share amounts) Net Sales $35,714 $34,677 $87,049 $83,180 Net Income 2,124 1,954 2,777 2,038 Net Income Per Common Share $.32 $.29 $.41 $.30 3. INVENTORIES Inventories are comprised of the following: September 28, 1996 December 31, 1995 ------------------ ----------------- Raw Materials $ 7,573,825 $ 6,550,337 Work-in Process 2,920,525 2,199,777 Finished Goods 30,435,673 21,355,603 LIFO Reserve (4,278,097) (4,099,097) ----------- ---------- Total $36,651,926 $26,006,620 =========== =========== ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations The following table sets forth, for the periods indicated, selected financial information derived from the Company's condensed consolidated financial statements, expressed as a percentage of net sales. The discussion that follows the table should be read in conjunction with the condensed consolidated financial statements. Percentage of Net Sales Three Months Ended Nine Months Ended September 28, September 30, September 28, September 30, 1996 1995 1996 1995 ------------ ------------ ------------ ------------ Net Sales 100.0% 100.0% 100.0% 100.0% Cost of Goods Sold 71.1 71.5 72.5 73.4 ------ ----- ----- ----- Gross Profit 28.9 28.5 27.5 26.6 Selling and Administrative Expenses 17.8 16.9 21.1 21.0 Operating Income 11.1 11.6 6.4 5.6 The Company's business is seasonal with lower revenues historically being generated during the first six months of the year. As a result, revenue for the nine-month period ending September 28, 1996 should not be considered to be indicative of results to be reported for the balance of the fiscal year. Three Months Ended September 28, 1996 Compared to Three Months Ended September 30, 1995 Net Sales Net sales for the three months ended September 28, 1996 increased $4,621,737, or 14.9%, to $35,713,687 from $31,091,950 for the three months ended September 30, 1995. The growth in net sales was primarily due to consolidating $3.7 million of net sales of Rainfair, Inc. which was acquired in May 1996 and a $.8 million increase in shipments of DANNER/R/ products, primarily as a result of shipments of the new Dri-Foot/TM/ series. The initial shipments of the RED BALL/R/ product line, which was acquired in May 1996, increased shipments $.7 million and was offset by reduced shipments of LACROSSE/R/ products to two mail order catalog customers. Gross Profit Gross profit for the three months ended September 28, 1996 increased 16% to $10,315,238, or 28.9% of net sales, from $8,854,550 or 28.5% of net sales in the third quarter of 1995. The increase in gross profit as a percentage of net sales was due to more favorable pricing on key raw materials and productivity increases and cost reductions at the La Crosse, Wisconsin factory. Selling and Administrative Expense Selling and administrative expenses in the third quarter of 1996 increased 20.7%, to $6,350,308, or 17.8% of net sales, from $5,259,589, or 16.9% of net sales in the third quarter of 1995. The primary reason for the increase in operating expenses was the addition of $796,269 of operating expenses for the Rainfair business. A planned increase in spending for marketing/advertising support for LACROSSE/R/ products and also the addition of Red Ball resulted in additional operating expenses during the third quarter of 1996 compared to the third quarter of 1995. Interest Expense Interest expense for the three months ended September 28, 1996 increased 25% to $552,904 or 1.5% of net sales, from $440,535 or 1.4% of net sales for the three months ended September 30, 1995. The increased long-term debt of $12.5 million added during the second quarter of 1996 to finance the Red Ball and Rainfair purchases accounted for the increase. Income Tax Expense The Company's effective income tax rate was 39.4% in the third quarter of 1996 compared to 38.9% in the third quarter of 1995. Nine months Ended September 28, 1996 Compared to Nine Months Ended September 30, 1995 Net Sales Net sales for the nine months ended September 28, 1996 increased $9,645,077, or 14%, to $80,898,915 from $71,253,838 for the first nine months of 1995. The inclusion of the shipments for the Rainfair joint venture and the RED BALL/R/ product line, both of which were acquired in May 1996, contributed $5.9 million and $.7 million to net sales, respectively. DANNER/R/ shipments were up approximately $.6 million primarily as a result of initial shipments of the DANNER/R/ Dri-Foot/TM/ series during the third quarter. A $1.3 million increase in shipments under a government contract received in the second half of 1995 coupled with an increase in LACROSSE/R/ net sales to retailers, reflecting an improvement in at-once orders in the first quarter and an increase in industrial shipments of cold weather boots during the first quarter, accounted for the balance of the increase. Gross Profit Gross profit for the nine months ended September 28, 1996 increased 17% to $22,229,361, or 27.5% of net sales, from $19,001,243 or 26.6% of net sales in the first nine months of 1995. The increase in gross profit was due to the increase in net sales and the increase in the gross profit percentage. The increase in gross profit as a percentage of net sales was primarily due to more favorable pricing on key raw materials and productivity increases and cost reductions at the La Crosse, Wisconsin factory. Partially offsetting these improvements was the $5.9 million of RAINFAIR/R/ sales, which commenced during the second quarter, at a slightly lower gross profit percentage. Selling and Administrative Expenses Selling and administrative expenses in the first nine months of 1996 increased 14%, to $17,058,711, or 21.1% of net sales, from $14,983,263, or 21.0% of net sales the first nine months of 1995. The acquisition of the Rainfair business in May 1996 accounted for $1,352,544 of the increase in operating expenses. In addition, planned increases in marketing expenses for LACROSSE/R/ products and volume related increases in selling expenses were the primary reasons for the remaining increase in expenses. Interest Expense Interest expense in the first nine months of 1996 increased 10% to $1,140,502 or 1.4% of net sales, from $1,035,921 or 1.5% of net sales for the first nine months of 1995. A reduction in interest expense in the first quarter of 1996, primarily as a result of reduced levels of inventory, was offset by the interest expense on $12.5 million of long- term debt borrowed during the second quarter of 1996 to finance the Red Ball and Rainfair acquisitions. Miscellaneous Miscellaneous income for the first nine months of 1996 decreased $63,505 to $247,503 from $311,008 in the first nine months of 1995. A gain on an asset sale in the first half of 1995, which did not recur in 1996, was the reason for the decrease. Income Tax Expense The Company's effective income tax rate was 39.3% in the first nine months of 1996 compared to 38.9% in the first nine months of 1995. Liquidity and Capital Resources The Company has historically financed its operations with cash generated from operations, long-term lending arrangements and short-term borrowings under an unsecured credit agreement. The Company requires working capital primarily to support fluctuating accounts receivable and inventory levels caused by the Company's seasonal business cycle. The Company invests excess cash balances in short-term investment grade securities or money market investments. On May 20, 1996, the Company purchased the trade accounts receivable, inventories, certain machinery and equipment (including $.3 million of equipment leased from a third party) and trademarks of Red Ball, Inc. for approximately $5.0 million in cash. On May 31, 1996, the Company invested $1.75 million in a 50% owned subsidiary. This subsidiary then purchased substantially all of the assets of Rainfair, Inc. for approximately $10.8 million in cash and the assumption of approximately $1.5 million in liabilities. The Company loaned the subsidiary approximately $8.0 million to fund the balance of the purchase price. In April 1996, the Company repurchased all of the outstanding redeemable preferred stock of the Company for its face value of $1,957,400. The Company's line of credit was utilized to fund this purchase. On May 31, 1996, the Company renegotiated its unsecured credit agreement with Firstar Bank Milwaukee, N.A. as the lead bank. Under the terms of the revised agreement, the line of credit was increased to $62.5 million, including a $12.5 million term loan, from the present maximum level of $30.0 million. The term loan, which the Company took out in May, is due December 31, 2001 and calls for quarterly payments of $.4 million commencing in March 1998. At the Company's option, the interest rate on the revolving portion of the loan is either the bank's prime rate or LIBOR (for the applicable loan period) plus either .75% or 1.0% depending upon the Company's leverage ratio. The Company currently qualifies for LIBOR plus .75%. The rate for the term loan is .25% higher than for the revolving loans. Under the revised agreement, the Company also has the option to sell unrated commercial paper through Firstar Bank Milwaukee, N.A. The credit agreement expires on May 31, 1999. As of September 28, 1996, the Company had working capital of $45.0 million compared to $34.5 million at December 31, 1995. The increase in working capital is primarily the result of the working capital acquired in the Red Ball and Rainfair transactions in May 1996 which were financed with long- term debt. This increase in working capital was partially offset by the repurchase of the redeemable preferred stock and the repayment of $1.7 million of long-term debt. Accounts receivable increased $21.1 million from December 31, 1995 to September 28, 1996 due to approximately $3.0 million of receivables resulting from sales of RED BALL/R/ and RAINFAIR/R/ products (which product lines were acquired in May 1996) and the normal seasonal increase in receivables. Inventories increased $10.6 million from December 31, 1995 to September 28, 1996 due to the addition of approximately $10.0 million of inventories to support the Red Ball and Rainfair businesses. Short-term borrowings under the credit agreement increased $19.5 million from December 31, 1995 to September 28, 1996 due to usage of these borrowings to fund the seasonal increase in accounts receivable, to fund the repurchase of all of the Company's outstanding redeemable preferred stock for $1.9 million and to fund the repayment of $1.7 million of long-term debt on a scheduled payment date. The $10.8 million increase in long-term obligations was primarily due to the $12.5 million term loan entered into during the second quarter, the proceeds of which were used to fund the Red Ball and Rainfair purchases. This increase was partially offset by a $1.7 million repayment of long- term debt on a scheduled payment date. Intangibles increased $1.7 million from December 31, 1995 to September 28, 1996 primarily due to the value assigned to the trademarks acquired in the Red Ball acquisition and the excess of the purchase price over the estimated fair value of the net assets acquired in connection with the Rainfair acquisition. Accrued postretirement benefit cost increased $.6 million from December 31, 1995 to September 28, 1996 primarily due to $.4 million of benefit obligations assumed in the Rainfair acquisition. The $555,013 decrease in long-term deferred compensation was primarily a result of a $600,000 payment to the Company's vice chairman (former president) in January 1996 in accordance with the payment terms of his phantom stock agreement. Payments in increments of $600,000 are required each January until the obligation is paid in full. As of the end of the third quarter of 1996, the Company had approximately $27.0 million available under its credit agreement. The Company anticipates that its current credit availability will be adequate to meet the Company's cash flow requirements through 1997. PART II - Other Information ITEM 6 Exhibits and Reports on Form 8-K (a) Exhibit Number Description (27) Financial Data Schedule (EDGAR version only) (b) Reports on Form 8-K There were no reports on Form 8-K filed during the quarter ending September 28, 1996. However, on August 5, 1996, the Company filed an amendment on Form 8-K/A to the Company's Current Report on Form 8-K dated May 31, 1996 regarding the Rainfair acquisition. See Item 6(b) of Part II of the Company's Quarterly Report on Form 10-Q for the quarter ended June 29, 1996 for more information. 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. LACROSSE FOOTWEAR, INC. (Registrant) Date: November 11, 1996 By: /s/ Patrick K. Gantert Patrick K. Gantert President and Chief Executive Officer Date: November 11, 1996 By: /s/ Robert J. Sullivan Robert J. Sullivan Vice President-Finance and Administration (Principal Financial Officer) LACROSSE FOOTWEAR, INC. EXHIBIT INDEX TO QUARTERLY REPORT ON FORM 10-Q for the Quarterly Period ended September 28, 1996 Exhibit (27) Financial Data Schedule (EDGAR version only) EX-27 2 LACROSSE FOOTWEAR, INC. FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF LACROSSE FOOTWEAR, INC. AS OF AND FOR THE PERIOD ENDED SEPTEMBER 28, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1 9-MOS DEC-31-1996 JAN-01-1996 SEP-28-1996 971,291 0 38,794,648 550,661 36,651,926 78,966,407 29,310,985 16,764,201 108,166,939 34,011,758 15,673,172 0 0 67,176 53,912,924 108,166,939 80,792,561 80,898,915 58,669,554 16,860,264 0 198,447 1,140,502 4,277,651 1,683,527 2,697,851 0 0 0 2,697,851 $0.40 $0.40
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