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UNITED STATES | |||||||||
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SECURITIES AND EXCHANGE COMMISSION | |||||||||
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WASHINGTON, D.C. 20549 | |||||||||
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FORM 10-Q/A | |||||||||
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AMENDMENT NO. 1 |
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(Mark One) |
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[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | ||||||||
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SECURITIES EXCHANGE ACT OF 1934 | ||||||||
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For the Quarterly period ended |
September 30, 2001 | ||||||||
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OR | |||||||||
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE | ||||||||
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SECURITIES EXCHANGE ACT OF 1934 | ||||||||
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For the transition period from |
to | ||||||||
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Commission File Number |
1-804 | ||||||||
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SEQUA CORPORATION | |||||||||
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(Exact name of registrant as specified in its charter) | |||||||||
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Delaware |
13-1885030 | ||||||||
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer | ||||||||
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200 Park Avenue, New York, New York 10166 | |||||||||
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(Address of principal executive offices) |
(Zip Code) | ||||||||
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Registrant's telephone number, including area code. |
(212)986-5500 | ||||||||
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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. | |||||||||
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Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. | |||||||||
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Class |
Outstanding at October 31, 2001 | ||||||||
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Class A Common Stock, no par value |
7,056,593 | ||||||||
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Class B Common Stock, no par value |
3,329,780 | ||||||||
SEQUA CORPORATION
FORM 10-Q/A
AMENDMENT No.
1
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001
The undersigned registrant hereby amends, as
set forth below, its Quarterly Report on Form 10-Q for the period ended
September 30, 2001.
The last paragraph in
"Liquidity and Capital Resources" in Item 2. Management's Discussion and
Analysis of Results of Operations and Financial Condition is hereby revised to
correct the amount available at November 9, 2001 under the Receivables Purchase
Agreement. The amount previously reported ($80 million) was the amount
outstanding under the $120 million Receivables Purchase Agreement rather than
the amount available.
ITEM 2. MANAGEMENT'S DISCUSSION AND
ANALYSIS OF RESULTS
OF
OPERATIONS AND
FINANCIAL CONDITION
Liquidity and Capital
Resources
Management currently
anticipates that cash flow from operations; the $40 million available at
November 9, 2001 under the Receivables Purchase Agreement; and the $139.1
million of cash and cash equivalents on hand at September 30, 2001 will be
sufficient to fund Sequa's operations for the next year. In addition to the
available resources discussed above, Sequa also has a $75 million revolving line
of credit, of which no amounts are currently outstanding and no usage is
anticipated in the fourth quarter of 2001. Based on the outlook for earnings in
the fourth quarter of 2001 as a result of deteriorating economic conditions
exacerbated by the September 11, 2001 terrorist attacks, management does not
believe Sequa will be in compliance with certain financial covenants of the
revolving credit agreement as of year end 2001. Management is in discussion with
the bank group regarding a waiver or amendment.
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November 29, 2001
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