Liquidity and Capital Resources. Business," "Shares Eligible for Future Sale," "Management-_____," "Management-_____" ["__________"], ["__________"] and "Certain Transactions," insofar as such statements constitute a summary of documents referred to therein or matters of law, are fair summaries in all material respects and accurately present the information called for with respect to such documents and matters. All contracts and other documents required to be filed as exhibits to, or described in, the Registration Statement have been so filed with the Commission or are fairly described in the Registration Statement, as the case may be.
Liquidity and Capital Resources herein and Note 4 to the unaudited condensed consolidated financial statements for additional information on capital expenditures.
Liquidity and Capital Resources. The Company has historically met its operating and cash requirements through funds generated from operations, the sale of customer accounts receivable, and the issuance of debt and common stock. Total customer receivables sold were $1,220,330 at July 4, 1998, $1,292,713 at January 3, 1998 and $1,313,996 at June 28, 1997. Net cash used in operating activities was $68,186 and $124,152 for the twenty-six weeks ended July 4, 1998 and June 28, 1997, respectively. In addition to improved operating results, the primary factors contributing to the net $55,966 improvement included lower investment in merchandise inventory and a decrease in cash used for payables. Spiegel Catalog continues to manage its inventories effectively, offsetting increases in inventory at Exxxx Bxxxx and Newport News to support growth. Cash provided by receivables, net of receivables sold, declined in the 1998 period to $68,230 compared to $104,441 in the 1997 period primarily due to a lower number of active credit accounts. Net additions to property and equipment for the twenty-six weeks ended July 4, 1998 and June 28, 1997 were $8,146 compared to $18,899, respectively. The capital spending in 1998 and 1997 was primarily related to Exxxx Bxxxx retail store expansion and remodeling. The Company plans a net of approximately 50 new stores in 1998, a majority of which will be opened in the second half. On March 26, 1998, the Company issued 13,526,571 shares of Class B voting common stock to its majority shareholder, Spiegel Holdings, Inc. The net proceeds of approximately $70 million are being used primarily to fund working capital and investing needs. In March 1994 and December 1995, Newport News issued shares of redeemable preferred stock to certain directors and executive officers of the Company, its subsidiaries and Oxxx Versand. All shares were redeemed in April 1998 for $12,236. The excess of the redemption price over the carrying value of the preferred stock reduced earnings available to common shareholders by $8,535 and the related earnings per share by $0.06. The Company believes that its cash on hand, together with cash flows anticipated to be generated from operations, borrowings under its existing credit facilities, sales of customer receivables and other available sources, will be adequate to fund the Company's capital and operating requirements for the foreseeable future.
Examples of Liquidity and Capital Resources in a sentence
Please update your disclosure in Liquidity and Capital Resources, and elsewhere, to provide updated information about the company s financial position and further risks to the business operations and liquidity in light of these circumstances.
Liquidity and Capital Resources The Company is seeking to raise up to $75,000,000 of capital in this Offering by selling Series A Preferred Stock to Investors.
SECURITY FEDERAL CORPORATION AND SUBSIDIARIESManagement's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources Liquidity refers to the ability to generate sufficient cash flows to fund current loan demand, repay maturing borrowings, fund maturing deposit withdrawals, and meet operating expenses.
Calculation of such terms is described under the "Liquidity and Capital Resources" section of this MD&A.
See Liquidity and Capital Resources below.Discussed below is a summary of the current research and development stage of each of L-DOS47 and Topical Interferon Alpha-2b, and the next steps the Company currently plans to undertake for each drug candidate.
More Definitions of Liquidity and Capital Resources
Liquidity and Capital Resources are forward-looking. In addition, from time to time, the Company may publish forward-looking statements relating to such matters as anticipated financial performance, business prospects, technological developments, new products, research and development activities and similar matters. While the Company believes that these statements are and will be accurate, a variety of factors could cause the Company's actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company's statements. The Company's business is dependent upon general economic conditions and upon various conditions specific to its industry, and future trends cannot be predicted with certainty. Particular risks and uncertainties that may effect the Company's business including the following: . The presence of competitors with greater financial resources and their strategic response to the Company's new services. . The potential obsolescence of the Company's services due to the introduction of new technologies. . The response of customers to the Company's marketing strategies and services. . Changes in activity levels in the Company's core markets.
Liquidity and Capital Resources. The Company has historically met its operating and cash requirements through funds generated from operations, the issuance of debt and the sale of customer accounts receivable. Total customer receivables sold were $830,000 at September 30, 1995 and $480,000 at December 31, 1994. Net cash provided by operating activities was $10,427 for the nine month period ended September 30,1995 as compared to net cash used of $191,255 for the nine month period ended October 1, 1994. The net cash proceeds from the sales of $350,000 and $150,000 of accounts receivable were reported as operating cash flows in the nine months ended September 30, 1995 and October 1, 1994, respectively. During the first nine months of 1995, significant uses of cash for operating activities were funding seasonal increases in inventory and receivables, and decreases in accounts payable and other accrued liabilities as well as the Company's net loss. Net additions to property and equipment for the nine months ended September 30, 1995 were $101,868 consisting primarily of capital spending related to the new retail distribution facility in Columbus, OH, continued Exxxx Bxxxx retail store expansion, and the construction of a corporate headquarters addition at Exxxx Bxxxx. The Company purchased and retired 500,000 shares of Class A Non-Voting Common Stock at a total cost of $4,742 during the first nine months of 1995. The shares were purchased at market value, and they represent less than one percent of the Company's total shares outstanding. No additional shares are currently approved for repurchase. During the nine months ended September 30, 1995, the Company incurred approximately $7,700 of expenditures related to the $39,000 nonrecurring charge taken in 1993. The charge provided for the estimated impact of closing certain of the Company's existing catalog distribution facilities. Expenditures incurred during the first nine months of 1995 were primarily for certain employee termination benefits as well as inventory transfers from Spiegel warehouse operations in Chicago to the new facility in Groveport, Ohio. The remaining balance of the reserve at September 30, 1995, was $8,200. The Company believes that its cash on hand, together with cash flows anticipated to be generated from operations, borrowings under its existing credit facilities and other available sources of credit, will be adequate to fund the Company's capital and operating requirements for the foreseeable future. In March, 1995, SFAS...
Liquidity and Capital Resources. The Company has historically met its operating and cash requirements through funds generated from operations, the sale of customer accounts receivable, and the issuance of debt and common stock. Total customer receivables sold were $1,195,730 at October 3, 1998, $1,292,713 at January 3, 1998 and $1,253,773 at September 27, 1997. Net cash used in operating activities for the thirty-nine week period ended October 3, 1998 was $224,860 compared to $222,204 for the thirty-nine week period ended September 27, 1997. The Company benefited from a significant improvement in operating results in the 1998 period. However, improvements in operating results were offset by lower cash provided by receivables, net of receivables sold, which declined in the 1998 period to $49,978 compared to $127,530 in the 1997 period primarily due to a lower number of active credit accounts. Net additions to property and equipment for the thirty-nine weeks ended October 3, 1998 and September 27, 1997 were $8,529 and $25,911, respectively. The capital spending in 1998 and 1997 was primarily related to Exxxx Bxxxx retail store expansion and remodeling. The change in net additions is due to a difference in timing of net capital expenditures between quarters in the 1998 period compared to the 1997 period. On March 26, 1998, the Company issued 13,526,571 shares of Class B voting common stock to its majority shareholder, Spiegel Holdings, Inc. The net proceeds of approximately $70 million were used primarily to fund working capital and investing needs. In March 1994 and December 1995, Newport News issued shares of redeemable preferred stock to certain directors and executive officers of the Company, its subsidiaries and Oxxx Versand. All shares were redeemed in April 1998 for $12,236. The excess of the redemption price over the carrying value of the preferred stock reduced earnings available to common shareholders by $8,535 and the related earnings per share by $0.06. The Company believes that its cash on hand, together with cash flows anticipated to be generated from operations, borrowings under its existing credit facilities, sales of customer receivables and other available sources, will be adequate to fund the Company's capital and operating requirements for the foreseeable future.
Liquidity and Capital Resources. Risk Factors - Shares Eligible for Future Sales" and "Shares Eligible for Future Sale,"] insofar as such statements constitute a summary of documents referred to therein or matters of law, are fair summaries in all material respects and accurately present the information called for with respect to such documents and matters. To such counsel's knowledge, all contracts and other documents required to be filed as exhibits to, or described in, the Registration Statement or any Incorporated Document have been so filed with the Commission or are fairly described in the Registration Statement, as the case may be.
Liquidity and Capital Resources. The Company has historically met its operating and cash requirements through funds generated from operations, the sale of customer accounts receivable, and the issuance of debt and common stock. Total customer receivables sold were $1,313,996 at June 28, 1997, $1,463,730 at December 28, 1996 and $1,210,000 at June 29, 1996. Net cash used by operating activities was $124,152 for the six month period ended June 28, 1997 compared to net cash provided by operations of $105,003 for the six month period ended June 29, 1996. This net $229,155 increase in cash used for operations over the comparable period last year is attributable to several factors. Net cash provided by receivables was lower by $51,414 in the 1997 period due primarily to a decrease in sold customer receivables. The net $61,234 increase in inventories in the 1997 period compared to 1996 represents an increase in inventories at Exxxx Bxxxx to support its growth. Other significant uses of cash in the 1997 period include an additional decrease in accounts payable and accrued liabilities of $58,136 compared to last year and the funding of the $44,692 net loss. Net additions to property and equipment for the six months ended June 28, 1997 and June 29, 1996 were $18,899 and $18,352, respectively. The capital spending in 1997 was primarily related to continued Exxxx Bxxxx retail store expansion. On March 7, 1997, the Company issued 10,341,644 shares of Class B voting common stock its majority shareholder, Spiegel Holdings, Inc. The net proceeds of $69,972 are being used primarily to fund capital needs, including continued expansion of Exxxx Bxxxx. In February 1997, the FASB issued SFAS No. 128, "Earnings per Share," effective for both interim and annual periods ending after December 15, 1997. The Company will adopt the new standard, as required, in the fourth quarter of 1997. For the three and six months ended June 28, 1997, SFAS No. 128 would not have had a material impact on the Company's loss per share calculation. SFAS No. 130, "Reporting Comprehensive Income", effective for fiscal years beginning after December 15, 1997, establishes standards for the reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. The Company is evaluating the Statement's provisions to conclude how it will present comprehensive income in its financial statements, and has not yet determined the amounts to be disclosed. The Company will adopt the new standard, as...
Liquidity and Capital Resources under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Prospectus, were issued in accordance with all applicable federal and state securities laws . The Company has the authorized and outstanding capitalization as set forth in the Prospectus under the heading "Capitalization" and none of the outstanding shares of capital stock of the Company were issued in violation of any preemptive or similar right pursuant to the Company's charter, by-laws or any agreement or other instrument known to such counsel to which the Company is a party or by which the Company is bound. The Securities to be issued and sold by the Company hereunder have been duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement, will have been validly issued and will be fully paid and nonassessable, and none of the Securities will be issued in violation of any preemptive or similar right pursuant to the Company's charter, by-laws or any agreement or other instrument known to such counsel to which the Company is a party or by which the Company is bound . Except as otherwise stated in the Registration Statement and Prospectus, there are no preemptive rights or other rights to subscribe for or to purchase, or any restriction upon the voting or transfer of, any shares of Common Stock pursuant to the Company's charter, by-laws or any agreement or other instrument known to such counsel to which the Company is a party or by which the Company is bound. To the best of such counsel's knowledge, neither the filing of the Registration Statement nor the offering or sale of the Securities as contemplated by this Agreement gives rise to any rights for or relating to the registration of any shares of Common Stock or other securities of the Company, except those rights which have been waived.
Liquidity and Capital Resources. The Company has historically met its operating and cash requirements through funds generated from operations, the sale of customer accounts receivable, and the issuance of debt and common stock. Total customer receivables sold were $1,267,816 at April 4, 1998, $1,292,713 at January 3, 1998 and $1,350,158 at March 29, 1997. Net cash used in operating activities was $67,743 for the thirteen weeks ended April 4, 1998 as compared to $166,569 used for the thirteen weeks ended March 29, 1997. All categories contributed to the net $98,826 improvement, most notably accounts receivable. Net additions to property and equipment for the thirteen weeks ended April 4, 1998 were $6,147 compared to $7,356 for the comparable period of 1997. The capital spending in 1998 and 1997 was primarily related to Exxxx Bxxxx retail store expansion and remodeling. On March 26, 1998, the Company issued 13,526,571 shares of Class B voting common stock to its majority shareholder, Spiegel Holdings, Inc. The net proceeds of $70 million are being used primarily to fund working capital and investing needs, including continued expansion of Exxxx Bxxxx. In March 1994 and December 1995, Newport News issued shares of redeemable preferred stock to certain directors and executive officers of the Company, its subsidiaries and Oxxx Versand. The redemption price of the preferred stock prior to December 31, 1997 was at face value. Subsequent to December 31, 1997, the redemption price was fair market value, as determined by an independent valuation consultant. All shares were redeemed in April 1998 for $12,236. The excess of the redemption price over the carrying value of the preferred stock of $8,535 represents a return to the preferred stockholders. In the second quarter, this excess consideration will be treated as a dividend to the preferred stockholders and, in accordance with SFAS No. 128, will reduce earnings available to common shareholders and the related earnings per share. The Company believes that its cash on hand, together with cash flows anticipated to be generated from operations, borrowings under its existing credit facilities, sales of customer receivables and other available sources of funds, will be adequate to fund the Company's capital and operating requirements for the foreseeable future.