-----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, D2pvVX0E89nX2HkXVlI4hLkhKSoO3xnvO+kFaBLr3vqytwPHPgksoxiIzjp7FSCg 7fv9LjmvTG5oitqyPwNfbA== 0000950147-02-000568.txt : 20020424 0000950147-02-000568.hdr.sgml : 20020424 ACCESSION NUMBER: 0000950147-02-000568 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020424 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POORE BROTHERS INC CENTRAL INDEX KEY: 0000944508 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FOOD PREPARATIONS & KINDRED PRODUCTS [2090] IRS NUMBER: 860786101 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14556 FILM NUMBER: 02619820 BUSINESS ADDRESS: STREET 1: 3500 S LA COMETA DR CITY: GOODYEAR STATE: AZ ZIP: 85338 BUSINESS PHONE: 6029326200 MAIL ADDRESS: STREET 1: 2664 SOUTH LITCHFIELD RD CITY: GOODYEAR STATE: AZ ZIP: 85338 8-K 1 e-8430.txt CURRENT REPORT DATED 04/24/2002 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 April 24, 2002 Date of Report (Date of earliest event reported) POORE BROTHERS, INC. (Exact name of registrant as specified in its charter) DELAWARE 1-14556 86-0786101 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 3500 South La Cometa Drive Goodyear, Arizona 85338 (Address of principal executive offices) (Zip code) (623) 932-6200 (Registrant's telephone number, including area code) ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits. 99.1 Restatement of financial information relating to EITF 01-09, "Accounting for Consideration Given by a Vendor to a Customer or a Reseller of the Vendor's Products." Effective January 1, 2002, the Company was required to adopt EITF 01-09, which addresses the accounting for certain consideration given by a vendor to a customer and provides guidance on the recognition, measurement and income statement classification for sales incentives. In general, the guidance requires that consideration from a vendor to a retailer be recorded as a reduction in revenue unless certain criteria are met. As a result of adoption, costs previously recorded as selling, general and administrative expenses have been reclassified and reflected as reductions of revenue. The exhibit shows the restated income statement by quarter for the year ended December 31, 2001. There is no impact on operating income or net income as a result of this adoption. 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 hereunto duly authorized. Date: April 24, 2002 POORE BROTHERS, INC. By: /s/ Thomas W. Freeze ------------------------------------ Thomas W. Freeze Senior Vice President & Chief Financial Officer INDEX TO EXHIBITS EXHIBIT NUMBER DESCRIPTION - -------------- ----------- 99.1 RESTATEMENT OF FINANCIAL INFORMATION RELATING TO EITF 01-09, "ACCOUNTING FOR CONSIDERATION GIVEN BY A VENDOR TO A CUSTOMER OR A RESELLER OF THE VENDOR'S PRODUCTS." EX-99.1 3 ex99-1.txt RESTATEMENT OF FINANCIAL INFO RE: EITF 01-09 Exhibit 99.1 Restatement of Financial Information relating to EITF 01-09, "Accounting for Consideration Given by a Vendor to a Customer or a Reseller of the Vendor's Products."
QUARTER ENDED YEAR ENDED ------------------------------------------------------------ ------------ MARCH 31, JUNE 30, SEPTEMBER 30, DECEMBER 31, DECEMBER 31, (unaudited) 2001 2001 2001 2001 2001 ------------ ------------ ------------ ------------ ------------ Net revenues $ 13,266,884 $ 14,482,055 $ 13,870,955 $ 12,284,922 $ 53,904,816 Cost of revenues 10,394,415 11,361,325 11,093,426 10,109,656 42,958,822 ------------ ------------ ------------ ------------ ------------ Gross profit 2,872,469 3,120,730 2,777,529 2,175,266 10,945,994 Selling, general and administrative expenses 2,204,134 2,417,573 2,355,452 1,839,468 8,816,627 ------------ ------------ ------------ ------------ ------------ Operating income 668,335 703,157 422,077 335,798 2,129,367 Other income, net 12,612 (6,873) -- (1,725) 4,014 Interest expense, net (296,205) (275,950) (252,076) (220,886) (1,045,117) ------------ ------------ ------------ ------------ ------------ Income before income tax provision 384,742 420,334 170,001 113,187 1,088,264 Income tax provision (16,000) (16,000) (9,050) (1,950) (43,000) ------------ ------------ ------------ ------------ ------------ Net income $ 368,742 $ 404,334 $ 160,951 $ 111,237 $ 1,045,264 ============ ============ ============ ============ ============ Earnings per common share: Basic $ 0.02 $ 0.03 $ 0.01 $ 0.01 $ 0.07 ============ ============ ============ ============ ============ Diluted $ 0.02 $ 0.02 $ 0.01 $ 0.01 $ 0.06 ============ ============ ============ ============ ============ Weighted average number of common shares: Basic 14,999,765 15,046,655 15,042,765 15,111,704 15,050,509 ============ ============ ============ ============ ============ Diluted 16,965,390 17,708,387 17,920,140 17,107,814 17,198,648 ============ ============ ============ ============ ============
The Company has adopted the provisions of the EITF Issue No. 01-09 effective January 1, 2002 and as a result, costs previously classified as a selling, general and administrative expense have been reclassified and reflected as reductions in Net Revenues. The Company has also reclassified amounts in prior periods in order to conform to the revised presentation of these costs.
QUARTER ENDED YEAR ENDED ------------------------------------------------------------ ------------ MARCH 31, JUNE 30, SEPTEMBER 31, DECEMBER 31, DECEMBER 31, 2001 2001 2001 2001 2001 ------------ ------------ ------------ ------------ ------------ NET REVENUES As reported $ 14,159,187 $ 15,707,746 $ 14,684,558 $ 13,114,397 $ 57,665,888 Amounts reclassified (892,303) (1,225,691) (813,603) (829,475) (3,761,072) ------------ ------------ ------------ ------------ ------------ New Basis $ 13,266,884 $ 14,482,055 $ 13,870,955 $ 12,284,922 $ 53,904,816 ============ ============ ============ ============ ============ QUARTER ENDED YEAR ENDED ------------------------------------------------------------ ------------ MARCH 31, JUNE 30, SEPTEMBER 31, DECEMBER 31, DECEMBER 31, 2001 2001 2001 2001 2001 ------------ ------------ ------------ ------------ ------------ SELLING, GENERAL AND ADMINISTRATIVE EXPENSES As reported $ 3,096,437 $ 3,643,264 $ 3,169,055 $ 2,668,943 $ 12,577,699 Amounts reclassified (892,303) (1,225,691) (813,603) (829,475) (3,761,072) ------------ ------------ ------------ ------------ ------------ New Basis $ 2,204,134 $ 2,417,573 $ 2,355,452 $ 1,839,468 $ 8,816,627 ============ ============ ============ ============ ============
-----END PRIVACY-ENHANCED MESSAGE-----