-----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, R9KSl5SmN6WoCCiHGZscBj9fCz2p7EHsIitsImS5nuyqGG/9yVg/TG3jIHSKp1YX xxUMPvkds+d3MostYf+l4w== 0000931731-96-000129.txt : 19960621 0000931731-96-000129.hdr.sgml : 19960621 ACCESSION NUMBER: 0000931731-96-000129 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960620 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PST VANS INC CENTRAL INDEX KEY: 0000933589 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 870411704 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-25506 FILM NUMBER: 96583285 BUSINESS ADDRESS: STREET 1: 1901 W 2100 SOUTH CITY: SALT LAKE CITY STATE: UT ZIP: 84119 BUSINESS PHONE: 8019752500 MAIL ADDRESS: STREET 1: 1901 W 2100 S CITY: SALT LAKE CITY STATE: UT ZIP: 84119 10-Q/A 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q/A AMENDMENT NO. 1 [X] QUARTERLY REPORT PURSUANT TOECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1996 Commission File No. 0-25506 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 PST VANS, INC. (Exact name of registrant as specified in its charter) Utah 87-0411704 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No). 1901 West 2100 South Salt Lake City, UT 84119 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: 801-975-2500 ii PST VANS, INC. This amendment is being filed to correct typographical errors which occurred in the conversion to the EDGAR filing system for matters in Part I, Financial Information, Item 1. INDEX PART I, FINANCIAL INFORMATION Page Number Item 1. Financial Statements Condensed Balance Sheets as of March 31, 1996 (unaudited) and December 31, 1995 1 Condensed Statements of Income (unaudited) for the Three Months Ended March 31, 1996 and 1995 2 Condensed Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 1996 and 1995 3 Notes to Condensed Financial Statements 5 1 PST VANS, INC. CONDENSED BALANCE SHEETS ASSETS
March 31, December 31, 1996 1995 (unaudited) CURRENT ASSETS: Cash $4,776,871 $4,249,981 Accounts receivable, net 15,377,528 16,235,574 Receivables from sale of equipment 939,649 - Deposits 880,012 985,952 Prepaid expenses and other 3,376,451 4,088,996 Inventories and operating supplies 636,058 642,730 ---------------- ------------ Total current assets 25,986,569 26,203,233 ---------------- ------------ PROPERTY AND EQUIPMENT, net 69,690,186 73,253,423 ---------------- ------------ GOODWILL, net 8,816,122 8,884,112 ---------------- ------------ OTHER ASSETS, net 370,897 541,362 ---------------- ------------ $104,863,774 $108,882,130 ================ ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term obligations $ 1,730,509 $ 1,109,337 Current portion of capitalized lease obligation 10,906,653 10,736,025 Accounts payable 4,629,875 4,509,834 Current portion of accrued claims payable 4,136,287 3,656,381 Accrued liabilities 3,235,813 3,256,896 ------------ ------------ Total current liabilities 24,639,137 23,268,473 ------------ ------------ LONG-TERM ACCRUED CLAIMS PAYABLE, net of current portion 2,362,139 2,321,686 ------------ ----------- LONG-TERM OBLIGATIONS, net of current portion 2,532,959 4,031,690 ------------ ----------- CAPITALIZED LEASE OBLIGATIONS, net of current portion 48,861,661 51,655,247 ------------ ----------- STOCKHOLDERS' EQUITY: Common stock 4,209 4,209 Additional paid-in capital 49,731,276 49,731,276 Accumulated deficit (23,267,607) (22,130,451) ------------ ------------ Total stockholders' equity 26,467,878 27,605,034 ------------ ------------ $104,863,774 $108,882,130 ============= ============= See accompanying notes to condensed financial statements
2 PST VANS, INC. CONDENSED STATEMENTS OF INCOME (Unaudited)
Three Months Ended March 31, 1996 1995 REVENUES $ 38,236,024 $ 36,291,779 ---------------------------------- COSTS AND EXPENSES: Salaries, wages and benefits 11,014,236 9,906,495 Purchased transportation 9,130,993 9,075,585 Fuel and fuel taxes 5,588,489 4,552,790 Revenue equipment lease expense 2,153,701 3,515,974 Maintenance 1,893,735 2,019,522 Insurance and claims 2,721,486 1,681,972 General supplies and expenses 1,312,115 1,432,291 Taxes and licenses 903,949 710,453 Communications and utilities 917,725 656,506 Depreciation and amortization 3,355,957 1,130,398 Amortization of goodwill 67,991 67,991 (Gain) loss on disposition of assets (1,009,044) 37,314 --------------------------------- 38,051,333 34,787,291 --------------------------------- OPERATING INCOME 184,691 1,504,488 OTHER INCOME (EXPENSE): Interest expense (1,364,732) (1,113,157) Other, net 42,885 52,910 ---------------------------------- (1,321,847) (1,060,247) ---------------------------------- (Loss) income before provision for income taxes (1,137,156) 444,241 PROVISION FOR INCOME TAXES - (88,848) ---------------------------------- NET (LOSS) INCOME $ (1,137,156) $ 355,393 ================================== NET (LOSS) INCOME PER SHARE $ (0.27) $ 0.12 ================================== WEIGHTED AVERAGE SHARES OUTSTANDING 4,209,409 2,904,051 ================================== See accompanying notes to condensed financial statements
3 PST VANS, INC. CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31, 1996 1995 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (1,137,156) $ 355,393 ---------------------------- Adjustments to reconcile net (loss) income to net cash provided by operating activities - Depreciation and amortization 3,423,948 1,198,389 Provision for losses on accounts receivable 239,427 236,716 (Gain) loss on sale of property and equipment (1,009,044) 37,314 (Increase) decrease in receivables (321,029) (1,303,809) Decrease in deposits 105,940 1,905,076 Decrease in prepaid expenses and other 712,545 391,430 (Increase) decrease in inventories and operating supplies 6,672 (139,200) (Increase) decrease in other assets, net 170,465 (8,002) Increase (decrease) in accounts payable 120,041 (443,417) Increase (decrease) in accrued claims payable 745,883 (260,683) Decrease in accrued liabilities (21,083) (990,476) ----------------------------- Total adjustments 4,173,765 623,338 --------------------------- Net cash flows provided by operating activities 3,036,609 978,731 --------------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of property and equipment (364,500) (108,590) Proceeds from sale of property and equipment 1,355,299 7,000 --------------------------- Net cash flows provided by (used in) investing activities 990,799 (101,590) -------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on long-term debt (877,559) (1,535,819) Principal payments on capitalized lease obligations (2,622,959) (805,641) Decrease in advances from factor - (5,336,289) Purchase of accounts receivable from factor - (9,063,711) Proceeds from issuance of common stock, net - 21,678,648 -------------------------- Net cash flows (used in) provided by financing activities (3,500,518) 4,937,188 -------------------------- NET INCREASE IN CASH 526,890 5,814,329 -------------------------- CASH AT BEGINNING OF PERIOD 4,249,981 765,200 -------------------------- CASH AT END OF PERIOD $ 4,776,871 $ 6,579,529 =========================== See accompanying notes to condensed financial statements
4 PST VANS, INC. CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31, 1996 1995 ---------------------------------- SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for - Interest $ 1,371,136 $ 1,140,479 Income taxes 62,391 670,515 SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: Equipment acquired through capitalized leases obligations - 2,860,831 Common stock issued as payment of long-term debt - 112,905 See accompanying notes to condensed financial statements
5 PST VANS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS Note 1. Financial Information: The accompanying condensed financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results of operations for interim periods are not necessarily indicative of results for a full year. These condensed financial statements and notes thereto should be read in conjunction with the Company's financial statements and notes thereto, included in the Company's Form 10-K for the year ended December 31, 1995. Note 2. Income Taxes: Income taxes for the interim periods are based upon the Company's estimated effective annual tax rates. The Company's effective tax rate (income tax expense divided by income before income taxes) decreased to zero for the three months ended March 31, 1996, compared to approximately 20% for the three months ended March 31, 1995, as a result of the Company not recording any benefit on its pre-tax loss. 6 Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned thereto duly authorized. PST Vans, Inc. Date: June 20, 1996 By: /s/ Kenneth R. Norton Kenneth R. Norton Chief Executive Officer Date: June 20, 1996 By: /s/ Jeffrey L. Theurer Jeffrey L. Theurer Chief Financial Officer and Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----