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SECURITIES AND EXCHANGE COMMISSION FORM 10-Q Quarterly report pursuant to sections 13 or 15(d) Filing Date: 1996-01-16 | Period of Report: 1995-11-30 SEC Accession No. 0000889812-96-000029 (HTML Version on secdatabase.com) FILER ACCLAIM ENTERTAINMENT INC Mailing Address Business Address 71 AUDREY AVE 71 AUDREY AVE CIK:804888| IRS No.: 382698904 | State of Incorp.:DE | Fiscal Year End: 0831 OYSTER BAY NY 11771 OYSTER BAY NY 11771 Type: 10-Q | Act: 34 | File No.: 000-16986 | Film No.: 96504006 5169222400 SIC: 7372 Prepackaged software Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ 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 NOVEMBER 30, 1995 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 0-16986 ACCLAIM ENTERTAINMENT, INC. (EXACT NAME OF THE REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 38-2698904 (STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER OF INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.) ONE ACCLAIM PLAZA GLEN COVE, NEW YORK 11542 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (516) 656-5000 (REGISTRANT'S TELEPHONE NUMBER) 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 [ ] As at January 12, 1996, approximately 49,950,000 shares of the common stock, par value $0.02 per share, of the registrant were outstanding. ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. ACCLAIM ENTERTAINMENT, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN 000S, EXCEPT PER SHARE DATA) <TABLE> <CAPTION> NOVEMBER 30, AUGUST 31, 1995 1995 ------------ ---------- <S> <C> <C> ASSETS Current assets: Cash............................................ $ 29,534 $ 44,749 Marketable securities........................... 26,869 26,503 Accounts receivable--net........................ 161,924 179,311 Inventories..................................... 34,086 16,015 Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Prepaid expenses................................ 42,523 41,083 Other current assets............................ 18,887 18,825 ------------ ---------- Total current assets.............................. 313,823 326,486 ------------ ---------- Other Assets: Fixed assets--net............................... 38,551 33,970 Excess of cost over net assets acquired--net of accumulated amortization of $10,006 and $9,091, respectively................................. 58,922 59,837 Other assets.................................... 24,878 33,186 ------------ ---------- Total assets...................................... $436,174 $ 453,479 ------------ ---------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade accounts payable.......................... $ 36,440 $ 49,072 Short-term borrowings........................... 2,559 4,233 Accrued expenses................................ 43,245 47,017 Income taxes payable............................ 864 180 Current portion of long-term debt............... 23,696 25,196 Obligation under capital leases--current........ 283 333 ------------ ---------- Total current liabilities......................... 107,087 126,031 ------------ ---------- Long-term liabilities: Obligation under capital leases--noncurrent..... 555 408 Other long-term liabilities..................... 12 53 ------------ ---------- Total liabilities................................. 107,654 126,492 ------------ ---------- Minority interest................................. 1,560 1,628 Commitments and Contingencies..................... -- -- Stockholders' Equity: Preferred stock, $0.01 par value; 1,000 shares authorized; None issued...................... -- -- Common stock, $0.02 par value; 100,000 and 50,000 shares authorized, respectively; 49,850 and 46,281 shares issued and outstanding, respectively.................... 997 926 Additional paid in capital........................ 172,426 168,785 Retained earnings................................. 151,321 153,141 Treasury stock.................................... (807) (807) Unrealized gain on available for sale securities...................................... 2,716 2,503 Foreign currency translation adjustment........... 307 811 ------------ ---------- Total stockholders' equity........................ 326,960 325,359 ------------ ---------- Total liabilities and stockholders' equity........ $436,174 $ 453,479 ------------ ---------- ------------ ---------- </TABLE> See note to consolidated financial statements. ACCLAIM ENTERTAINMENT, INC. AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED EARNINGS (IN 000S, EXCEPT PER SHARE DATA) <TABLE> <CAPTION> THREE MONTHS ENDED NOVEMBER 30, -------------------- 1995 1994 -------- -------- <S> <C> <C> Net revenues...................................... $134,447 $164,304 Cost of revenues.................................. 75,863 77,665 -------- -------- Gross profit...................................... 58,584 86,639 Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document -------- -------- OPERATING EXPENSES Selling, advertising, general and administrative expenses........................................ 52,583 56,719 Operating interest................................ 1,032 885 Depreciation and amortization..................... 3,497 1,599 -------- -------- Total operating expenses.......................... 57,112 59,203 -------- -------- Earnings from operations.......................... 1,472 27,436 -------- -------- OTHER INCOME (EXPENSE) Interest income................................... 831 434 Interest expense.................................. (592) (830) Other (expense) income............................ (836) 226 -------- -------- Earnings before income taxes...................... 875 27,266 Provision for income taxes........................ 350 11,308 -------- -------- Net earnings before minority Interest............. 525 15,958 -------- -------- Minority Interest................................. (70) -- -------- -------- Net Earnings...................................... $ 595 $ 15,958 -------- -------- Net earnings per common and common equivalent share........................................... $ 0.01 $ 0.34 -------- -------- Weighted average number of common and common equivalent shares outstanding................... 56,640 47,497 -------- -------- </TABLE> See note to consolidated financial statements. 2 ACCLAIM ENTERTAINMENT, INC. AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED STOCKHOLDERS' EQUITY (IN 000S, EXCEPT PER SHARE DATA) <TABLE> <CAPTION> PREFERRED STOCK (1) COMMON STOCK --------------- --------------- ISSUED ISSUED ADDITIONAL --------------- --------------- PAID-IN RETAINED TREASURY SHARES AMOUNT SHARES AMOUNT CAPITAL EARNINGS STOCK ------ ------ ------ ------ ---------- -------- -------- <S> <C> <C> <C> <C> <C> <C> <C> Balance August 31, 1993........................... -- -- 37,259 $745 $ 38,377 $ 61,516 $ (807) ------ ------ ------ ------ ---------- -------- -------- Net Earnings.................................... -- -- -- -- -- 45,055 -- Issuances....................................... -- -- 971 19 14,981 -- -- Exercise of Stock Options....................... -- -- 1,118 23 7,435 -- -- Tax Benefit from Exercise of Stock Options...... -- -- -- -- 8,453 -- -- Foreign Currency Translation Gain............... -- -- -- -- -- -- -- ------ ------ ------ ------ ---------- -------- -------- Balance August 31, 1994........................... -- -- 39,348 787 69,246 106,571 (807) ------ ------ ------ ------ ---------- -------- -------- Net Earnings.................................... -- -- -- -- -- 44,770 -- Issuances....................................... -- -- 5,182 104 83,659 -- -- Exercise of Stock Options....................... -- -- 628 13 4,170 -- -- Pooling of Interests with Lazer-Tron............ -- -- 1,123 22 10,609 1,800 -- Tax Benefit from Exercise of Stock Options...... -- -- -- -- 1,101 -- -- Foreign Currency Translation Gain............... -- -- -- -- -- -- -- Unrealized Gain on Marketable Securities........ -- -- -- -- -- -- -- ------ ------ ------ ------ ---------- -------- -------- Balance August 31, 1995........................... -- -- 46,281 926 168,785 153,141 (807) ------ ------ ------ ------ ---------- -------- -------- Net Earnings.................................... -- -- -- -- -- 595 -- Exercise of Stock Options and Warrants.......... -- -- 359 7 3,196 -- -- Pooling of Interests with Sculptured and Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Probe........................................ -- -- 3,210 64 (64) (2,415) -- Tax