SEC Info - Memorex Telex NV - ‘10-Q’ for 9/30/96

SEC Info℠

Home

Help

Please Sign In

Memorex Telex NV – ‘10-Q’ for 9/30/96

As of: Wednesday, 11/20/96 · For: 9/30/96 · Accession #: 912057-96-27150 · File #: 0-19862

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

11/20/96  Memorex Telex NV                  10-Q        9/30/96    2:24K                                    Merrill Corp/FA

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      12     50K 
 2: EX-27       Financial Data Schedule (Pre-XBRL)                     2      7K

10-Q — Quarterly Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Exhibits and Reports Other Information Submission of Matters to A Vote of Security-Holders
1	1st Page - Filing Submission
11	Item 4:. Submission of Matters to A Vote of Security-Holders
"	Item 5:. Other Information
"	Item 6:. Exhibits and Reports

10-Q 1st Page of 12 TOC ↑Top Previous Next ↓Bottom Just 1st
 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
 UNITED STATES
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 FISCAL QUARTER ENDED SEPTEMBER 30, 1996

OR

/ /  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES        
EXCHANGE ACT OF 1934                                                  

COMMISSION FILE NUMBER 0-19862

 -----------------------------------------
MEMOREX TELEX N.V.
 (Exact name of registrant as specified in their respective charter)

THE NETHERLANDS                               NOT APPLICABLE
(Jurisdiction of incorporation of              (I.R.S. Employer Identification
      Memorex Telex N.V.)                      Number of Memorex Telex N.V.)

 545 EAST JOHN CARPENTER FREEWAY
IRVING,  TEXAS  75062-3931
TELEPHONE NO.:  (972) 444-3500
 (Address, including Zip Code, and telephone number, including
area code, of authorized representative in United States.)

 -----------------------------------------

SECURITIES REGISTERED PURSUANT TO SECTION 12 (b) OF THE ACT: NONE     
SECURITIES REGISTERED PURSUANT TO SECTION 12 (g) OF THE ACT:          

  AMERICAN DEPOSITORY RECEIPTS EVIDENCING AMERICAN DEPOSITORY SHARES WHICH
REPRESENT COMMON STOCK, 0.10 DFL. NOMINAL VALUE                                 

  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      
filing requirements for the past 90 days.  Yes  X  No                           
                        ---    ---

  Indicate by checkmark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities       
Exchange Act of 1934 subsequent to the distribution of securities under a plan  
confirmed by a Court. Yes  X   No.                                              
---                         

  The number of shares of the registrant's Common Stock, 0.10 DFL. Nominal
Value, outstanding as of October 31, 1996, was 25,076,665.                      

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

10-Q 2nd Page of 12 TOC 1st Previous Next ↓Bottom Just 2nd
PART I:  FINANCIAL INFORMATION                                                  
ITEM 1:  FINANCIAL STATEMENTS                                                   
MEMOREX TELEX N.V.
 (A Netherlands Corporation)
 CONSOLIDATED BALANCE SHEETS
(In thousands)

                                                        [Enlarge/Download Table]

                                                           SEPT. 30, 1996   MAR. 31, 1996
                                                           --------------   -------------
                                                                      (UNAUDITED)        
                                                                                         
                        ASSETS                                                           
Current Assets:                                                                          
  Cash and cash equivalents including restricted deposits                                
    and guarantees of  $7,253 at September 30, 1996 and                                  
    $7,592 at March 31, 1996.                                $   18,261      $   26,838  
  Accounts receivable, net                                       72,302         108,021  
  Inventories, primarily finished goods                          39,470          34,891  
  Service parts                                                  26,997          31,697  
  Other current assets                                            5,692           4,104  
                                                             ----------      ----------  

Total current assets                                            162,722         205,551  

Property, plant and equipment, net                               23,984          28,622  
Other assets                                                     13,804          33,995  
                                                             ----------      ----------  

                                                             $  200,510      $  268,168  
                                                             ----------      ----------  
                                                             ----------      ----------  

                  LIABILITIES AND STOCKHOLDERS' DEFICIT                                  

Current Liabilities:                                                                     
  Current debt obligations                                   $  103,554      $  114,578  
  Accounts payable                                              117,404         119,197  
  Accrued liabilities                                           149,227         169,098  
                                                             ----------      ----------  

Total current liabilities                                       370,185         402,873  

Debt obligations                                                  4,286           4,903  
Other long-term liabilities                                     123,609         137,743  

Stockholders' Deficit:                                                                   
  Common stock                                                    1,338           1,338  
  Additional paid-in capital                                     73,726          73,726  
  Accumulated deficit                                          (373,370)       (354,749) 
  Foreign currency translation adjustment                           736           2,334  
                                                             ----------      ----------  

Total stockholders' deficit                                    (297,570)       (277,351) 
                                                             ----------      ----------  

                                                             $  200,510      $  268,168  
                                                             ----------      ----------  
                                                             ----------      ----------  

See accompanying note.

10-Q 3rd Page of 12 TOC 1st Previous Next ↓Bottom Just 3rd
MEMOREX TELEX N.V.
( A Netherlands Corporation)
 CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)

                                                        [Enlarge/Download Table]

                                                  FOR SIX MONTHS        FOR SIX MONTHS   
                                               ENDED SEPT. 30, 1996  ENDED SEPT. 30, 1995
                                               --------------------  --------------------
                                                               (UNAUDITED)               
                                                                                         
Revenues                                            $  360,777            $  428,421     
Cost of revenues                                       285,029               317,360     
                                                    ----------            ----------     

Gross margin                                            75,748               111,061     
Selling, general, and administrative expenses           82,823                99,720     
Other (income) expenses, net                             1,391                (4,137)    
Amortization of intangibles                                  0                62,561     
                                                    ----------            ----------     

Operating loss                                          (8,466)              (47,083)    

Interest income                                            373                   702     
Interest expense                                       (10,529)               (9,616)    
Accretion of debt forgiveness discount                       0                (3,254)    
                                                    ----------            ----------     

Loss before income taxes                               (18,622)              (59,251)    

Provision for income taxes                                   0                     0     
                                                    ----------            ----------     

Net loss                                            $  (18,622)           $  (59,251)    
                                                    ----------            ----------     
                                                    ----------            ----------     

Net loss per common share of 0.10 DFL               $    (0.74)           $    (2.36)    
                                                    ----------            ----------     
                                                    ----------            ----------     

Weighted average number of common shares                                                 
    used in the computation of                                                           
    net loss per common share                       25,076,665            25,061,225     

See accompanying note.

10-Q 4th Page of 12 TOC 1st Previous Next ↓Bottom Just 4th
MEMOREX TELEX N.V.
 (A Netherlands Corporation)
 CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)

                                                        [Enlarge/Download Table]

                                                 FOR THREE MONTHS      FOR THREE MONTHS  
                                               ENDED SEPT. 30, 1996  ENDED SEPT. 30, 1995
                                               --------------------  --------------------
                                                               (UNAUDITED)               
                                                                                         
Revenues                                            $  158,985            $  207,870     
Cost of revenues                                       128,672               156,132     
                                                    ----------            ----------     

Gross margin                                            30,313                51,738     
Selling, general, and administrative expenses           39,535                47,898     
Other (income) expenses, net                               291                (3,434)    
Amortization of intangibles                                  0                31,280     
                                                    ----------            ----------     

Operating loss                                          (9,513)              (24,006)    

Interest income                                            184                   418     
Interest expense                                        (5,653)               (4,680)    
Accretion of debt forgiveness discount                       0                (3,254)    
                                                    ----------            ----------     

Loss before income taxes                               (14,982)              (31,522)    

Provision for income taxes                                   0                     0     
                                                    ----------            ----------     

Net loss                                            $  (14,982)           $  (31,522)    
                                                    ----------            ----------     
                                                    ----------            ----------     

Net loss per common share of 0.10 DFL               $    (0.60)           $    (1.26)    
                                                    ----------            ----------     
                                                    ----------            ----------     

Weighted average number of common shares                                                 
    used in the computation of                                                           
    net loss per common share                       25,076,665            25,066,922     

See accompanying note.

10-Q 5th Page of 12 TOC 1st Previous Next ↓Bottom Just 5th
MEMOREX TELEX N.V.
 (A Netherlands Corporation)
 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)

                                                        [Enlarge/Download Table]

                                                      FOR SIX MONTHS        FOR SIX MONTHS   
                                                   ENDED SEPT. 30, 1996  ENDED SEPT. 30, 1995
                                                   --------------------  --------------------
                                                                   (UNAUDITED)               
                                                                                             
Cash flows from operating activities:                                                        
   Net loss                                             $  (18,622)           $  (59,251)    

   Adjustments to reconcile loss to net cash                                                 
       provided (used) by operating activities:                                              
           Depreciation and amortization                     4,452                67,774     
           Accretion of debt forgiveness discount                0                 3,254     
           Changes in components of working capital                                          
               excluding short-term debt                     3,361               (19,537)    
           Other long-term liabilities                     (13,267)               (6,795)    
           Other assets                                      4,374                 5,444     
           Other                                              (717)               (4,295)    
                                                        ----------            ----------     

Net cash used by operating activities                      (20,419)              (13,406)    
                                                        ----------            ----------     

Cash flows from investing activities:                                                        
   Proceeds from asset sales                                25,000                 4,813     
   Capital expenditures                                     (1,517)               (2,454)    
                                                        ----------            ----------     

Net cash provided (used) by investment activities           23,483                 2,359     
                                                        ----------            ----------     

Cash flows from financing activities:                                                        
   Issuance of common stock                                      0                    20     
   Issuance of debt                                          2,351                 8,661     
   Redemption of debt                                      (13,992)               (8,855)    
                                                        ----------            ----------     

Net cash provided (used) by financing activities           (11,641)                 (174)    
                                                        ----------            ----------     

Net decrease in cash and cash equivalents                   (8,577)              (11,221)    

Cash and cash equivalents at beginning of period            26,838                36,886     
                                                        ----------            ----------     

Cash and cash equivalents at end of period              $   18,261            $   25,665     
                                                        ----------            ----------     
                                                        ----------            ----------     

See accompanying note.

10-Q 6th Page of 12 TOC 1st Previous Next ↓Bottom Just 6th
MEMOREX TELEX N.V.
 (A Netherlands Corporation)
 NOTE TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands)

NOTE 1:                                                                         

    Interim information is unaudited; however, in the opinion of the Company's
management, all adjustments necessary for a fair presentation of interim results
have been included.  All such adjustments are of a normal recurring nature.  The
results for the six months ended September 30, 1996 are not necessarily         
indicative of results to be expected for the entire year.  These financial      
statements and notes should be read in conjunction with the Company's           
consolidated financial statements contained in the Company's Annual Report on   
Form 10-K for the fiscal year ended March 31, 1996.                             

During the quarter the Company concluded the sale of its Asia/Pacific 
operations.  See Management's Discussion and Analysis of Financial Condition and
Results of Operations in the Liquidity section for a discussion of the use of   
proceeds from the sale.                                                         

    The financial statements have been prepared assuming that the Company will
continue as a going concern which contemplates the realization of assets and the
liquidation of liabilities in the normal course of business.  On October 15, the
Company announced that the U.S. operations filed for protection under Chapter 11
of the U.S. Bankruptcy code with the intent to sell the U.S. operations.  As of 
November 1, the Bankruptcy court had approved sales agreements for substantially
all of its U.S. operations.                                                     

  The bankruptcy filing by the U.S. operation is an event of default under
the Company's $100 million Restructured Credit Facility ("Restructured Credit   
Facility") and the $12 million Term Loan Credit and Guaranty Agreement ("Term   
Loan") (the Restructured Credit Facility and the Term Loan are collectively     
referred to as "the Credit Facilities").  In addition, the Company is in        
default of certain other convenants and debt repayment obligations under the    
Credit Facilities.  The proceeds from the sale of the U.S. operations will      
not be sufficient to cure the events of default.  The obligations under the     
Credit Facilities are secured on a first priority basis to substantially all    
assets of the Company including the securities of the remaining subsidiaries.   

10-Q 7th Page of 12 TOC 1st Previous Next ↓Bottom Just 7th
ITEM 2:              MANAGEMENT'S DISCUSSION AND ANALYSIS OF                    
 FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 FOR THE SIX AND THREE MONTHS ENDED SEPTEMBER 30, 1996

RESULTS OF OPERATIONS:                                                          

     The Company is a provider of information technology solutions including the
distribution and integration of data network and storage products and the       
provision of related services.                                                  

     The following table sets forth the Company's revenues and gross margins for
its product groups for the six and three months ended September 30, 1996 and the
six and three months ended September 30, 1995 ("the comparable periods").  The  
table includes results from the U.S. operations which declared bankruptcy       
subsequent to September 30, 1996.  See Note 1.  The revenues and gross margins  
associated with the Asia/Pacific operations for the three months ended June 30, 
1996 and six months ended September 30, 1995 have been included as a separate   
line for presentation purposes.                                                 

                                                        [Enlarge/Download Table]

                   Six                Six               Three              Three           
                  Months             Months             Months             Months          
                  Ended              Ended              Ended              Ended           
($ in millions)  September          September          September          September        
                 30, 1996           30, 1995           30, 1996           30, 1995         
                 ---------          ---------          ---------          ---------        
                                                                                           
Revenues                                                                                   
-------------                                                                              
Networks          $  150.8           $  190.0           $   68.8           $   93.7        
Storage               34.1               30.2               11.8               10.5        
Service              147.2              159.6               73.7               80.4        
Other                 10.0               11.7                4.7                5.5        
                  --------           --------           --------           --------        
  Subtotal           342.1              391.5              159.0              190.1        
Asia/Pacific          18.7               36.9                0.0               17.7        
                  --------           --------           --------           --------        
Total             $  360.8           $  428.4           $  159.0           $  207.8        
                  --------           --------           --------           --------        
                  --------           --------           --------           --------        

                            Gross              Gross              Gross              Gross 
                            Margin             Margin             Margin             Margin
                              %                  %                  %                  %   
                              -                  -                  -                  -   
                                                                                           
Gross Margins                                                                              
-------------                                                                              
Networks          $   27.6   18.3%   $   48.9   25.7%   $   11.9   17.3%   $   22.1   23.6%
Storage               11.3   33.1%        8.6   28.5%        3.8   32.2%        2.6   24.8%
Service               28.2   19.2%       39.9   25.0%       12.6   17.1%       19.9   24.8%
Other                  4.4   44.0%        4.5   38.5%        2.1   44.7%        2.6   47.3%
                  --------           --------           --------           --------        
  Subtotal            71.5   20.9%      101.9   26.0%       30.4   19.1%       47.2   24.8%
Asia/Pacific           4.2   22.5%   $    9.2   25.0%   $    0.0    0.0%   $    4.5   25.4%
                  --------           --------           --------           --------        
Total             $   75.9   21.0%      106.4   25.9%       32.5   19.1%       49.8   24.9%
                  --------           --------           --------           --------        
                  --------           --------           --------           --------        

    Networks revenue and gross margin declined against the comparable periods.
Sales of network connectivity products for the six months ended September 30,   
1996 increased slightly when compared to the comparable period while the upward 
trend was reduced by the 13.6% decline in sales for the three months ended      
September 30, 1996 when compared against the comparable period.  Networks gross 
margin as a percentage of sales continued to decline from the prior year due to 
the continued shift in sales mix away from higher margin fixed function display 
and mainframe network products and to a higher volume of sales of lower margin  
business partner products during the current year.                              

10-Q 8th Page of 12 TOC 1st Previous Next ↓Bottom Just 8th
 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
 FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 FOR THE SIX AND THREE MONTHS ENDED SEPTEMBER 30, 1996

Storage revenue for the six and three months ended September 30, 1996 
increased 12.9% and 12.4%, respectively, when compared to their comparable      
periods.  The increases are mainly attributed to increased sales of tape        
products offsetting the lower than expected revenues from the Company's other   
midrange storage products.  Storage margins as a percentage of revenues         
increased in the current year primarily due to the stronger margins achieved on 
the sales of tape products.                                                     

    Service revenue declined 7.8% and 8.3% for the six months and three months
ended September 30, 1996, respectively.  In the current year, growth in revenues
from advanced services was offset by the continued decline in revenues from     
traditional maintenance.  Service gross margin as a percentage of revenues      
declined against the level achieved in the prior year as a result of the decline
in revenues from higher margin traditional maintenance contracts which have     
largely been replaced with lower margin subcontracted services for cabling and  
third party maintenance contracts.  Additionally, price competition and product 
mix changes have adversely impacted service margins.                            

     Other revenue declined against the prior year due to a decline in lease and
brokerage revenues.                                                             

    The Company estimates that the stronger U.S. dollar when compared with the
comparable periods unfavorably affected revenues, $7.6 million and $2.9 million,
and margins, $1.5 million and $.1 million for the six and three months ended    
September 30, 1996, respectively.                                               

   Selling, general and administrative expenses for the six and three months
ended September 30, 1996, decreased $16.9 million and $8.4 million,             
respectively, against the comparable periods.  The reductions reflect the       
continued effect of the Company's cost reduction programs.  The stronger U.S.   
dollar, when compared against the comparable period, favorably affected selling,
general and administrative expenses for the six and three months ended          
September 30, 1996 by approximately $1.1 million and $.4 million, respectively. 

Other income for the six and three months ended September 30, 1996    
decreased approximately $5.5 million and $3.7 million, respectively, against the
prior comparable periods.  In the prior year, gains realized from the sale of   
assets of $2.7 million and $.5 million and foreign currency gains of $3.1       
million and $3.4 million primarily account for the decrease between the         
comparable periods.                                                             

  No tax provision was recorded in the current year due to tax credits and
current year losses which are expected to result in no taxable income.          

  The Company does not believe that inflation has had a material impact on
its results of operations.                                                      

10-Q 9th Page of 12 TOC 1st Previous Next ↓Bottom Just 9th
 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
 FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 FOR THE SIX AND THREE MONTHS ENDED SEPTEMBER 30, 1996

    The following unaudited condensed financial information presents a summary
of the consolidated results of non-U.S. operations for the six months ending    
September 30, 1996 and 1995.                                                    

($ in millions)          Six Months          Six Months     
                   Ended               Ended
                    Sept. 30, 1996      Sept. 30, 1995
                    --------------      --------------

Revenues                  $  187.6            $  186.2      

Gross Margin                  38.6                48.2      

Operating Expense             36.8                42.6      

EBITDA                         6.9                11.7      

LIQUIDITY:                                                                      

During the six months ended September 30, 1996, the Company's net loss
excluding the noncash charges for depreciation used cash of  $14.2 million. Cash
was provided from the sale of the Asia Pacific operations ($25 million), from   
decreased  receivables ($24.1 million) and an increase in accounts payable ($1.5
million).  These cash sources and existing cash balances were used to purchase  
inventory ($5.9 million), pay for workforce reductions, closure costs and       
unfavorable contractual obligations ($8.7 million), pay accrued interest ($2    
million), reduce deferred tax assessments ($2.8 million), reduce debt           
obligations ($11.6 million) and pay for capital additions ($1.5 million).       
Additionally, the deferred revenues on contract maintenance which are generally 
billed at the beginning of the calendar year and warranty obligations declined  
$12.5 million during the period.  As a result of the above, cash and cash       
equivalents, including restricted cash deposits, declined $8.6 million.         

During the quarter the Company completed the sale of its Asia/Pacific 
operations for $25 million with which the Company used $9 million of the        
proceeds to reduce debt and the remaining $16 million to meet working capital   
requirements including accrued interest payments as agreed with the lenders to  
its Credit Facilities.                                                          

  Subsequent to the quarter end, the Company announced that on October 15,
1996, the U.S. operations filed for protection under Chapter 11 of the U.S.     
Bankruptcy code with the intent to sell the U.S. operations.  On November 1,    
1996, the U.S. Bankruptcy Court approved the sale of substantially all of its   
U.S. operations.  The Company believes that the proceeds from such sales of the 
U.S. operations will not be sufficient to pay all amounts due to the secured    
lenders.  The U.S. operations has secured debtor in possession financing to     
assure continued operations during the completion of the sales and for the wind 
down of the U.S. activities.                                                    

  The bankruptcy filing by the U.S. operation is an event of default under
the Company's $100 million Restructured Credit Facility ("Restructured Credit   
Facility") and the $12 million Term Loan Credit and Guaranty Agreement ("Term   
Loan") (the Restructured Credit Facility and the Term Loan are collectively     
referred to as "the Credit Facilities").  In addition, the Company is           

10-Q 10th Page of 12 TOC 1st Previous Next ↓Bottom Just 10th
 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
 FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 FOR THE SIX AND THREE MONTHS ENDED SEPTEMBER 30, 1996

in default of certain other covenants and debt repayment obligations under      
the Credit Facilities.  The proceeds from the sale of the U.S. operations       
will not cure the events of default under the Credit Facilities.  Discussions   
are ongoing with the lenders to its Credit Facilities concerning the amounts    
owing under the Credit Facilities and alternatives for the curing of            
events of default.                                                              

In addition, the Company continues to emphasize working capital   
management in its remaining operations, particularly accounts receivable and    
inventory as potential sources of cash.  The Company expects to also pursue     
other non-operating sources of funds such as increased factoring of accounts    
receivable, increased subsidiary lines of credit or, if necessary, undertake    
further asset dispositions to attempt to satisfy the obligations of the lenders.

The Company believes that any solution to curing the events of default
would likely result in a substantial dilution of ownership of existing          
shareholders of the Company.  The ability of the Company to cure the events of  
default is unknown at this time.  Therefore, no assurances can be given that the
Company will be able to do so or what other actions might be necessary.         

10-Q 11th Page of 12 TOC 1st Previous Next ↓Bottom Just 11th
ITEM 4:  SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS                    

At the annual meeting of stockholders held in Amsterdam on Monday,    
September 30, 1996, the stockholders of Memorex Telex N.V. voted (i) 2,361,083  
for, 100 against, and 116,790 abstaining to elect Peter H. Dailey to the        
Management Board of the Company, (ii) 2,362,183 for, 0 against, and 116,790     
abstained to elect Gregory S. Wood to the Management Board of the Company,      
(iii)2,361,183 for, 0 against, and 116,790 abstaining to elect Brad Sowers to   
the Management Board of the Company, (iv) 2,362,183 for, 0 against, and 116,790 
abstaining to elect Anthony J. Barbieri to the Management Board of the Company, 
(v)2,361.183 for, 0 against, and 116,790 abstaining to adopt the annual         
financial statements contained in the Statutory Annual Report of Memorex Telex  
N.V. for the fiscal year ended March 31, 1996, which also contains the Report of
the Management Board; and (vi) 2,361,83 for, 0 against, and 116,790 abstaining  
to appoint Ernst & Young LLP as United States auditors for the Company and Moret
Ernst & Young LLP as Netherlands auditors for Memorex Telex N.V. for the fiscal 
year ending March 31, 1997.                                                     

ITEM 5:  OTHER INFORMATION                                                      

Effective October 1, 1996, Messrs. Joshua Harris and Michael Gross    
resigned as members of the Supervisory Board of Directors of the Company.       

ITEM 6:  EXHIBITS AND REPORTS                                                   

Exhibit 27.1 FDS                                                      

10-Q Last Page of 12 TOC 1st Previous Next ↓Bottom Just 12th
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(d) 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.                           

                  MEMOREX TELEX N.V.

            By: /s/Peter H. Dailey
                                  ------------------------------------
                     (Peter H. Dailey)

November 20, 1996                 Chief Executive Officer             

              By: /s/David J. Faulkner
                                  ------------------------------------
                       (David J. Faulkner)

               Managing Director
November 20, 1996                 and Chief Financial Officer         

      By: /s/Greg Wood
                                  ------------------------------------
               (Greg Wood)

                   Senior Vice President
November 20, 1996                 and Chief Accounting Officer

10-Q	1st Page of 12	TOC	↑Top	Previous	Next	↓Bottom	Just 1st

10-Q	2nd Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 2nd

10-Q	3rd Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 3rd

10-Q	4th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 4th

10-Q	5th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 5th

10-Q	6th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 6th

10-Q	7th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 7th

10-Q	8th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 8th

10-Q	9th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 9th

10-Q	10th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 10th

10-Q	11th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 11th

10-Q	Last Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 12th

Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-Q’ Filing	Date	First	Last	Other Filings

	3/31/97	11
Filed on:	11/20/96	12
	11/1/96	9
	10/31/96	1
	10/15/96	9
	10/1/96	11
For Period End:	9/30/96	1	11	DEF 14A, NT 10-Q, PRE 14A
	6/30/96	7		10-Q
	3/31/96	2	11	10-K, NT 10-K
	9/30/95	3	9
				List all Filings

↑Top

Filing Submission 0000912057-96-027150 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Memorex Telex NV – ‘10-Q’ for 9/30/96

As of: Wednesday, 11/20/96 · For: 9/30/96 · Accession #: 912057-96-27150 · File #: 0-19862

Previous ‘10-Q’: ‘10-Q’ on 8/14/96 for 6/30/96 · Latest ‘10-Q’: This Filing

Quarterly Report — Form 10-QFiling Table of Contents

10-Q — Quarterly ReportDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q
Filing Table of Contents

10-Q — Quarterly Report
Document Table of Contents