-----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, R9zo28RHsnBB7UXhgNX7zYBZ7KpPy9pDPQdPjPbwQDBSnOZ0XrFr8+Sn/Cqtb2Kj i9dIws/6+V/InTKRmUegKA== 0000950116-96-000851.txt : 19960819 0000950116-96-000851.hdr.sgml : 19960819 ACCESSION NUMBER: 0000950116-96-000851 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960816 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SQUARE INDUSTRIES INC CENTRAL INDEX KEY: 0000093134 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AUTOMOTIVE REPAIR, SERVICES & PARKING [7500] IRS NUMBER: 132610905 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-04979 FILM NUMBER: 96616827 BUSINESS ADDRESS: STREET 1: 921 BERGEN AVE CITY: JERSEY CITY STATE: NJ ZIP: 07306 BUSINESS PHONE: 2017980090 10-Q/A 1 FORM 10Q/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------------------------------- FORM 10-Q/A |X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1996 --------------------------------- |_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition from to -------------------- -------------------- Commission file number 0-4979 --------- SQUARE INDUSTRIES, INC. - ------------------------------------------------------------------------------- (Exact name of Registrant as specified in its Charter) NEW YORK 13-2610905 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 921 Bergen Avenue, Jersey City, New Jersey 07306 - ------------------------------------------- ------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (201) 798-0090 ----------------- Not Applicable - ------------------------------------------------------------------------------- Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to filing requirements for the past 90 days. Yes X No ----- ----- Shares of Common Stock outstanding at June 30, 1996: 1,179,156 This Amendment contains the amended Consolidated Statements of Cash Flows which has been revised to include the information as to the increase in cash resulting from the change in trade and other receivables. 1 SQUARE INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For The Six Months Ended June 30, 1996 1995 ----------- ----------- Cash Flows From Operating Activities: Net earnings 1,382,000 354,000 Adjustments to reconcile net earnings to net cash provided by operating activities: Amortization of: Refinancing costs 162,000 -0- Deferred expenses 15,000 20,000 Lease acquisition costs 9,000 9,000 Interest accrual 422,000 -0- Depreciation and amortization 660,000 789,000 Deferred tax asset (400,000) -0- Equity adjustment for foreign currency translations 34,000 (2,000) Increase (decrease) in cash from changes in assets and liabilities: Trade and other receivables 287,000 386,000 Prepaid expenses and other current assets 311,000 (191,000) Prepaid and refundable income taxes 135,000 (84,000) Deferred expenses, net 81,000 (1,222,000) Security deposits and other assets (303,000) (205,000) Accounts payable, accrued expenses, accrued local rent tax and other liabilities (223,000) 279,000 Deferred rent 204,000 288,000 Security deposits - customers 4,000 23,000 --------- --------- Net cash provided by operating activities 2,780,000 444,000 --------- ---------
2 SQUARE INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For The Six Months Ended June 30, ----------------------------- 1996 1995 ----------- ----------- Cash Flows From Investing Activities: Additions to land, buildings, equipment and improvements $(1,475,000) $(780,000) ----------- ---------- Net cash used in investing activities (1,475,000) (780,000) ----------- ---------- Cash Flows From Financing Activities: Proceeds from borrowings 454,000 1,700,000 Payments and current maturities on long-term debt (64,000) (1,081,000) Proceeds from exercise of stock options and warrants 44,000 1,000 ----------- ---------- Net cash provided by financing activities 434,000 620,000 ----------- ---------- Net Increase in Cash 1,739,000 284,000 Cash, Beginning of Period 1,533,000 1,226,000 ----------- ---------- Cash, End of Period $3,272,000 $1,510.000 ========== ========== Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Interest 868,000 1,005,000 Income taxes, net of refunds received 592,000 574,000 Supplemental Schedule of Noncash Financing Activities:
In March 1995, an officer/stockholder agreed to satisfy the balance of his note receivable to the Company including accrued interest of $57,637 by transferring as of March 16, 1995, 39,196 shares of common stock to the Company. The market value of the stock at the date of the transfer was $176,382. As a result of this payment, the Company issued to the officer/stockholder 12,500 shares of common stock. See accompanying notes to financial statements 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 thereunto duly authorized. SQUARE INDUSTRIES, INC. Date: August 15, 1996 /s/ Sanford Harwood ------------------------------------ Sanford Harwood Assistant Chairman /s/ John Kowal ------------------------------------ John Kowal Chief Financial Officer 4 -----END PRIVACY-ENHANCED MESSAGE-----