UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K/A
Amendment No. 12
| (X) | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| For the fiscal year ended December 31, 2007 | ||||||
| OR | ||||||
| ( ) | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| For the transition period from | to | . | ||||
Commission File Number 0-255
| GRAYBAR ELECTRIC COMPANY, INC. |
| (Exact name of registrant as specified in its charter) |
| NEW YORK | 13-0794380 | ||
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | ||
| 34 North Meramec Avenue, St. Louis, Missouri | 63105 | ||
| (Address of principal executive offices) | (Zip Code) | ||
| Registrant's telephone number, including area code: | (314)573-9200 |
| Securities registered pursuant to Section 12(b) of the Act: | None | |||
| Securities registered pursuant to Section 12(g) of the Act: | ||
| Common Stock - Par Value $1.00 Per Share with a Stated Value of $20.00 | ||
| Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | ||
| Yes | ||
| Indicate by check mark whether the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. | ||
| Yes | ||
| 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 | ||
| Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Paragraph 229.405 of this chapter) is | ||
| 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. | ||
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. | ||
| Large Accelerated Filer | Accelerated Filer | Non-Accelerated filer ( |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2) of the Exchange Act. | ||
| Yes | ||
The aggregate stated value of the Common Stock beneficially owned with respect to rights of disposition by persons who are not affiliates (as defined in Rule 405 under the Securities Act of 1933) of the registrant on June 30, 2007, was approximately $130,549,220. Pursuant to a Voting Trust Agreement, dated as of March 16, 2007, approximately 79% of the outstanding shares of Common Stock are held of record by five Voting Trustees who are each directors or officers of the registrant and who collectively exercise the voting rights with respect to such shares. The registrant is 100% owned by its active and retired employees, and there is no public trading market for the registrant's Common Stock. See Item 5 of this Annual Report on Form 10-K.
The number of shares of Common Stock outstanding at March 12, 2008 was 8,052,373.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the documents listed below have been incorporated by reference into the indicated Part of this Annual Report on Form 10-K:
Information Statement relating to the 2008 Annual Meeting of Shareholders-Part III, Items 10-14.
EXPLANATORY NOTE
This Amendment No. 12 on Form 10-K/A amends the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, filed with the Securities and Exchange Commission (SEC) on March 12, 2008 (the “Original Filing”)., which was amended by Amendment No. 1 filed with the SEC on August 7, 2008. This Amendment revises management’s conclusion as to the disclosureseffectiveness of the Company’s disclosure controls and procedures at December 31, 2007 in Item 9A(T), Controls and Procedures,in response to include “Management’s Report on Internal Control Over Financial Reporting”, as required by Item 229.308T of Regulation S-K. an SEC Staff comment letter dated August 13, 2008.We are also re-filing Exhibit 31.1, Section 302 Certification – Principal Executive Officer and Exhibit 31.2, Section 302 Certification – Principal FinancialFi nancial Officer, required by the filing of the Amendment. As permitted by, and in accordance with Staff guidance, because the Company is not including financial statements in this Amendment, paragraph 3 of each of these certifications has been removed.
There have been no changes from the original Form 10-KOriginal Filing, as so amended, other than as described above. This Amendment No. 12 does not reflect events occurring after the original filing of the Form 10-K,Original Filing, or modify or update in any way disclosures made in the Form 10-K.Original Filing, as so amended.
| TABLE OF CONTENTS | ||
| Page(s) | ||
| PART II | ||
| Item 9A(T). | Controls and Procedures | 3 |
| PART IV | ||
| Item 15. | Exhibits, Financial Statement Schedules | 4 |
| Signatures | 5 | |
| Certifications | ||
| Exhibit (31.1) – Section 302 Certification – Principal Executive Officer | ||
| Exhibit (31.2) – Section 302 Certification – Principal Financial Officer | ||
Item 9A(T). Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The Company’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) are designed to ensure that information required to be disclosed in the reports that the Company files and submits under the Exchange Act is accumulated and communicated to Company management, including the Company’s Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
An evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2007 was performed under the supervision and with the participation of the Company’s management. Based on that evaluation, and solely because of the inadvertent omission of the required management’s report on internal control over financial reporting in its Form 10-K when it was originally filed on March 12, 2008, the Company's management, including the Principal Executive Officer and Principal Financial Officer, concluded that the Company's disclosure controls and procedures were not effective as of December 31, 2007 to ensure that information required to be disclosed in the reports filed or submitted by the Company under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. The Company has imple mented additional controls and procedures designed to ensure that the disclosure provided by the Company meets the then-current requirements of the applicable filing made under the Securities Exchange Act of 1934, as amended.
Management of the Company, including its Principal Executive Officer and Principal Financial Officer, does not expect that its disclosure controls will prevent or detect all errors. A control system, no matter how well designed and operated, can provide only reasonable, and not absolute, assurance that the control system’s objective will be met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, have been detected. These inherent limitations include the realities that disclosure requirements may be misinterpreted and judgments in decision-making may be inexact.
Management’s Report on Internal Control Over Financial Reporting
Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
Management of the Company conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting based on the framework inInternal Control – Integrated Framework,issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on that evaluation, management of the Company concluded that the Company's internal control over financial reporting was effective as of December 31, 2007.
This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this annual report.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company's internal control over financial reporting that have occurred during the Company's last fiscal quarter that have materially affected, or are likely to materially affect, the Company's internal control over financial reporting.
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PART IV
| Item 15. Exhibits, Financial Statement Schedules | ||
| (31.1 | ||
| Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Principal Executive | ||
| (31.2 | ||
| Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Principal Financial | ||
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment No. 12 to the Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, as of the 7th16th day of August,September, 2008.
| GRAYBAR ELECTRIC COMPANY, INC. | |||||
| By | / | ||||
| R. A. Reynolds, Jr., Chairman of the Board, | |||||
| President, and Chief Executive Officer | |||||
| (Principal Executive Officer) | |||||
| By | /S/ D. B. D’ALESSANDRO | ||||
| D. B. D’Alessandro, Senior Vice President | |||||
| and Chief Financial Officer | |||||
| (Principal Financial Officer) | |||||
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