-----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, TuybEjiqYux6yPtXN9GAchdeyyAT5Z6UTwD/kQxFcgZBhVk1IDwLnsl2DAhPsM0C 3h7DimS8dCR4mq1isA0oNw== 0000950131-99-001566.txt : 19990319 0000950131-99-001566.hdr.sgml : 19990319 ACCESSION NUMBER: 0000950131-99-001566 CONFORMED SUBMISSION TYPE: 10-K405/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980731 FILED AS OF DATE: 19990318 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLUE RHINO CORP CENTRAL INDEX KEY: 0001034379 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RETAIL STORES, NEC [5990] IRS NUMBER: 561870472 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-K405/A SEC ACT: SEC FILE NUMBER: 333-47669 FILM NUMBER: 99567904 BUSINESS ADDRESS: STREET 1: 104 CAMBRIDGE PLAZA DRIVE CITY: WINSTON SALEM STATE: NC ZIP: 27104 BUSINESS PHONE: 3366596900 MAIL ADDRESS: STREET 1: 104 CAMBRIDGE PLAZA DRIVE CITY: WINSTON-SALEM STATE: NC ZIP: 27104 10-K405/A 1 AMENDMENT #2 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-K/A-2 [ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended Commission File Number July 31, 1998 0-24287 BLUE RHINO CORPORATION (Exact name of registrant as specified in its charter) Delaware 56-1870472 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) ____________________________ 104 Cambridge Plaza Drive Winston-Salem, North Carolina 27104 (Address of principal executive offices) (336) 659-6900 SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: Name of each exchange Title of each class on which registered ------------------- ------------------- None None SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: Common Stock ------------ (Title of Class) 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 by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ X ] At September 30, 1998, the aggregate market value of the registrant's Common Stock held by non-affiliates of the registrant was approximately $46,572,185. The Nonrecurring charge figure for the Fiscal Year ended July 31, 1998 as reported in Item 6-Selected Consolidated Financial Data was not updated in the Registrant's Form 10-K/A-1 filed on February 10, 1999 from the 563 previously reported to conform with the 476 as set forth in the revised audited financials contained in the Form 10-K/A-1. This Form 10-K/A-2 is being filed to update the Nonrecurring charge item for the Fiscal Year ended July 31, 1998. No other amendments are being reported in connection with this report. Item 6--Selected Consolidated Financial Data The following selected consolidated income statement and balance sheet data of the Company as of and for the fiscal years ended July 31, 1994, July 31, 1995, July 28, 1996, July 31, 1997 and July 31, 1998 have been derived from the Company's audited consolidated financial statements. The financial data set forth below should be read in conjunction with ''Item 7--Management's Discussion and Analysis of Financial Condition and Results of Operations'' and ''Item 8-- Financial Statements and Supplemental Data--Consolidated Financial Statements of the Company and Related Notes Thereto'' included elsewhere herein.
Predecessor Company(1) Fiscal Year ---------------- -------------------------------------------------------------- June 30, July 31, July 31, July 28, July 31, July 31, 1994 1994 1995 1996 1997 1998 ---------------- ---------- ----------- ----------- ----------- ----------- (in thousands, except per share and selected operating data) Consolidated Statement of Operations Data: Net sales--distributors....................... $ -- $ -- $ -- $ 2,386 $ 13,060 $27,372 Net sales--direct............................. 393 56 2,728 5,830 1,151 -- ----- ------ ------- -------- -------- ------- Total net sales............................ 393 56 2,728 8,216 14,211 27,372 ----- ------ ------- -------- -------- ------- Cost of sales--distributors................... -- -- -- 1,811 9,873 20,525 Cost of sales--direct......................... 126 59 3,523 6,089 1,771 -- ----- ------ ------- -------- -------- ------- Total cost of sales........................ 126 59 3,523 7,900 11,644 20,525 ----- ------ ------- -------- -------- ------- Gross profit (loss)............................. 267 (3) (795) 316 2,567 6,847 ----- ------ ------- -------- -------- ------- Operating expenses (income): Sales and marketing........................... -- -- 532 1,112 1,950 2,392 General and administrative.................... 228 374 2,787 3,192 3,022 3,461 Lease income, net............................. -- -- -- (89) (143) (81) Depreciation and amortization................. 25 3 284 868 873 1,278 Nonrecurring charges(2)....................... -- -- -- 1,363 970 476 ----- ------ ------- -------- -------- ------- Total operating expenses................... 253 377 3,603 6,446 6,672 7,526 ----- ------ ------- -------- -------- ------- Income (loss) from operations................... 14 (380) (4,398) (6,130) (4,105) (679) Other expense (income): Interest expense.............................. 5 -- 287 1,469 1,665 1,707 Loss on investee.............................. -- -- -- -- -- 324 Other (income) expense, net................... (2) -- (25) (168) (186) (234) ----- ------ ------- -------- -------- ------- Net income (loss).......................... $ 11 $ (380) $(4,660) $ (7,431) $ (5,584) $(2,476) ===== ====== ======= ======== ======== ======= Loss applicable to common stockholders(3).......................... -- $ (380) $(5,055) $ (8,067) $ (6,271) $(3,072) ===== ====== ======= ======== ======== ======= Loss per common share: Basic and diluted............................. -- $(0.25) $(3.09) $(4.96) $(3.74) $(1.04) Pro forma diluted(4).......................... -- -- $(1.08) $(1.72) $(1.27) $(0.61) Weighted average common shares used in computing loss per common share: Basic and diluted............................. -- 1,517 1,638 1,628 1,678 2,945 Pro forma diluted(4).......................... -- -- 4,303 4,313 4,406 5,077 Selected Operating Data: Retail locations (at period end).............. -- 331 1,608 2,981 4,400 9,500 Cylinder transactions (000's)................. -- 5 306 769 1,239 2,201 July 31, July 31, July 28, July 31, July 31, --------- ---------- ---------- ---------- ---------- 1994 1995 1996 1997 1998 ------ ------- -------- -------- ------- (in thousands) Consolidated Balance Sheet Data: Cash and cash equivalents..................... $ 150 $ 209 $ 1,126 $ 325 $ 5,908 Working capital............................... 109 (3,264) 1,580 737 11,819 Total assets.................................. 631 10,424 11,897 9,974 30,470 Long-term obligations, less current maturities.................................. 518 1,361 14,174 16,110 260 Total stockholders' (deficit) equity.......... (179) (5,149) (13,217) (18,488) 24,816
- ---------------- (1) Effective June 30, 1994, the assets of American Cylinder Exchange (the ''Predecessor Company'') were contributed to the Company in exchange for approximately 98,000 shares of Common Stock which were distributed to the Predecessor Company's shareholders. (2) See Note 11 of Notes to Consolidated Financial Statements for an explanation of the nonrecurring charges. (3) Includes net loss less redeemable preferred stock dividends of $395, $636, $687 and $596 for fiscal 1995, 1996, 1997 and 1998, respectively. (4) The unaudited pro forma information assumes the conversion of Preferred Stock, Preferred Stock dividends and the exercise of warrants outstanding (other than the 1998 Warrants) were effective as of the beginning of the first year presented. The Company's cost of sales are comprised of a fixed charge per cylinder transacted which is paid to distributors based upon the type of transaction and determined on a contractual basis. Cylinder sales have the 2 SIGNATURE 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. BLUE RHINO CORPORATION (Registrant) By: /s/ Mark Castaneda ---------------------------- Chief Financial Officer DATED: March 18, 1999 -----END PRIVACY-ENHANCED MESSAGE-----