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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------
AMENDMENT NO. 1 TO FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 1, 1997
SWISSRAY International, Inc.
(Exact name of registrant as specified in charter)
New York 0-26972 16-0950197
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification
Incorporation) Number)
747 Third Avenue, New York, NY 10017
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code NY 212-644-6497
Switzerland 011 41419199050
(Former name or former address, if changed since last report)
-1-
<PAGE> 2
ITEM 5. OTHER EVENTS
On April 15, 1997 the Registrant filed, with the Securities and
Exchange Commission, a Form 8-K with date of report of April 1, 1997, wherein
(in Item 2 thereof) it referred to (amongst other matters and in accordance with
various terms, conditions and obligations assumed) the fact that effective April
1, 1997 it had acquired all of the issued and outstanding securities of Empower
Inc., a Glen Cove, New York based distributor of x-ray equipment and supplies
(primarily within the tri-state New York-metropolitan area) to radiologists and
hospitals. The full contents of such 8-K are herewith incorporated by reference
as if fully set forth and repeated herein.
The financial statements of the aforesaid acquired company are expected
to be included in the audited consolidated financial statements of the
Registrant in its Form 10-KSB for fiscal year ended June 30, 1997.
Item 7(b) to such Form 8-K indicated that in accordance with Item
7(a)(4) of the general instructions to Form 8-K pro forma financial information
would be provided in an amendment to such Form 8-K. Accordingly, this first
amendment to such Form 8-K is being filed solely for the purpose indicated and
referred to in Item 7 hereof.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(b) Pro Forma Financial Information - In accordance with Item 7(a)(4)
of the general instructions to Form 8-K pro forma financial information is filed
as Exhibit A.
(c) Exhibits -
Exhibit A - Pro forma financial information.
-2-
<PAGE> 3
SIGNATURES
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.
SWISSRAY INTERNATIONAL, INC.
By /s/Josef Laupper
---------------------------
Josef Laupper, Secretary
Date: June 19, 1997
-3-
<PAGE> 1
EXHIBIT A
UNAUDITED PRO FORMA CONDENSED
COMBINED FINANCIAL STATEMENTS
The following unaudited pro forma condensed combined statements of operations
for the year ended June 30, 1996 and the nine months ended March 31, 1997, and
the unaudited pro forma condensed combined balance sheet as of March 31, 1997,
give retroactive effect to the exchange of shares resulting in Swissray
International, Inc. becoming the sole owner of all the shares of Empower, Inc.
The unaudited pro forma condensed combined statements of operations give
retroactive effect to the foregoing transactions as if they had occurred at the
beginning of each period presented and the pro forma condensed combined balance
sheet gives retroactive effect to such transaction as of March 31, 1997. The pro
forma statements do not purport to represent what the Company's results of
operations and financial condition would actually have been if the foregoing
transactions had actually been consummated on such dates, or project the
Company's results of operations or financial condition for any future period or
date.
<PAGE> 2
SWISSRAY INTERNATIONAL, INC.
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET
MARCH 31, 1997
<TABLE>
<CAPTION>
Historical
----------------------------------
Swissray
International Empower Pro Forma Pro Forma
Inc. Inc. Adjustments Combined
------------- -------------- ----------- -------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,871,230 $ 3,292 $ 1,874,522
Accounts and notes receivable 3,591,326 1,559,246 5,150,572
Provision for doubtful accounts (86,531) (65,906) (152,437)
Inventories 6,320,228 280,115 6,600,343
Prepaid expenses 1,418,615 66,599 1,485,214
----------- ---------- -----------
TOTAL CURRENT ASSETS 13,114,868 1,843,346 14,958,214
----------- ---------- -----------
PROPERTY, PLANT AND EQUIPMENT:
Cost or adjusted basis 1,541,531 901,131 2,442,662
Accumulated depreciation 353,999 735,585 1,089,584
----------- ---------- -----------
NET PROPERTY, PLANT
AND EQUIPMENT 1,187,532 165,546 1,353,078
----------- ---------- -----------
INTANGIBLE ASSETS:
Licensing agreement 4,966,575 - 4,966,575
All other 731,632 - 731,632
Accumulated amortization (857,363) - (857,363)
----------- ---------- -----------
NET INTANGIBLE ASSETS 4,840,844 - 4,840,844
----------- ---------- -----------
OTHER ASSETS:
Long-term receivables 1,955,100 - 1,955,100
All other 17,313 34,438 (1) $ 200,000 51,751
----------- ---------- -----------
(2) (200,000)
TOTAL OTHER ASSETS 1,972,413 34,438 2,006,851
----------- ---------- -----------
TOTAL ASSETS $21,115,657 $2,043,330 $23,158,987
=========== ========== ===========
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
Historical
----------------------------------
Swissray
International Empower Pro Forma Pro Forma
Inc. Inc. Adjustments Combined
------------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts and notes payable $ 4,677,144 $ 1,381,167 $ 6,058,311
Notes payable - banks 1,926,952 475,000 2,401,952
Loan payable and
convertible debenture 2,079,865 - 2,079,865
------------ ------------ ------------
TOTAL CURRENT LIABILITIES 8,683,961 1,856,167 10,540,128
------------ ------------ ------------
LONG-TERM LIABILITIES:
Notes payable - 37,770 37,770
Due to related parties - 301,838 301,838
------------ ------------ ------------
TOTAL LONG-TERM LIABILITIES - 339,608 339,608
------------ ------------ ------------
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock 177,978 7,500 (1) $ 800 178,778
(2) (7,500)
Additional paid-in capital 25,672,921 596,582 (1) 199,200 26,276,203
(2)(192,500)
Accumulated deficit (11,533,846) (756,527) (12,290,373)
Cumulative foreign currency
translation adjustment (1,885,357) - (1,885,357)
------------ ------------ ------------
TOTAL STOCKHOLDERS' EQUITY
(DEFICIT) 12,431,696 (152,445) 12,279,251
------------ ------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 21,115,657 $ 2,043,330 $23,158,987
============ ============ ===========
</TABLE>
<PAGE> 4
SWISSRAY INTERNATIONAL, INC.
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
NINE MONTHS ENDED MARCH 31, 1997
<TABLE>
<CAPTION>
Historical
--------------------------------
Swissray
International Empower Pro Forma Pro Forma
Inc. Inc. Adjustments Combined
------------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
NET SALES $ 9,117,390 $ 4,218,355 $ 13,335,745
COST OF SALES 4,901,693 3,667,499 8,569,192
------------ ----------- ------------
GROSS PROFIT 4,215,697 550,856 4,766,553
------------ ----------- ------------
EXPENSES:
Other operating 1,172,798 -- 1,172,798
Selling, general and administrative 3,867,235 682,105 4,549,340
Research and development 2,297,965 -- 2,297,965
Bad debts -- 71,113 71,113
Depreciation and amortization 556,648 26,547 583,195
------------ ----------- ------------
TOTAL EXPENSES 7,894,646 779,765 8,674,411
------------ ----------- ------------
INCOME (LOSS) BEFORE OTHER
INCOME AND INCOME TAXES (3,678,949) (228,909) (3,907,858)
OTHER INCOME 64,050 87 64,137
------------ ----------- ------------
INCOME (LOSS) BEFORE PROVISION
FOR INCOME TAXES (3,614,899) (228,822) (3,843,721)
INCOME TAX PROVISION -- 3,520 3,520
------------ ----------- ------------
NET LOSS FROM
CONTINUING OPERATIONS $ (3,614,899) $ (232,342) $ (3,847,241)
============ =========== ============
</TABLE>
<PAGE> 5
SWISSRAY INTERNATIONAL, INC.
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
YEAR ENDED JUNE 30, 1996
<TABLE>
<CAPTION>
Historical
--------------------------------
Swissray
International Empower Pro Forma Pro Forma
Inc. Inc. Adjustments Combined
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
NET SALES $ 10,899,222 $ 8,813,949 $ 19,713,171
COST OF SALES 5,793,306 7,434,396 13,227,702
------------ ----------- ------------
GROSS PROFIT 5,105,916 1,379,553 6,485,469
------------ ----------- ------------
EXPENSES:
Other operating 1,098,346 -- 1,098,346
Selling, general and administrative 4,744,206 1,269,198 6,013,404
Research and development 1,731,502 -- 1,731,502
Bad debts 491,487 -- 491,487
Depreciation and amortization 526,138 77,307 603,445
------------ ----------- ------------
TOTAL EXPENSES 8,591,679 1,346,505 9,938,184
------------ ----------- ------------
INCOME (LOSS) BEFORE OTHER
INCOME AND INCOME TAXES (3,485,763) 33,048 (3,452,715)
OTHER INCOME 810,003 420 810,423
------------ ----------- ------------
INCOME (LOSS) BEFORE PROVISION
FOR INCOME TAXES (2,675,760) 33,468 (2,642,292)
INCOME TAX PROVISION (BENEFIT) (364,648) 2,932 (361,716)
------------ ----------- ------------
NET INCOME (LOSS) FROM
CONTINUING OPERATIONS $ (2,311,112) $ 30,536 $ (2,280,576)
============ =========== ============
</TABLE>
<PAGE> 6
SWISSRAY INTERNATIONAL, INC.
UNAUDITED PRO FORMA ADJUSTMENTS
MARCH 31, 1997
<TABLE>
<S> <C> <C>
(1)
Investment in subsidiary $200,000
Common stock $ 800
Additional paid-in capital 199,200
To record the issuance of 80,000 shares of common stock
in exchange for all outstanding common stock of Empower, Inc.
(2)
Common stock 7,500
Additional paid-in capital 192,500
Investment in subsidiary 200,000
To eliminate subsidiaries capital upon consolidation.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM A) PROFORMA
COMBINED BALANCED SHEET B) PROFORMA STATEMENT OF OPERATION.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> MAR-31-1997
<CASH> 1,874,522
<SECURITIES> 0
<RECEIVABLES> 5,150,572
<ALLOWANCES> 152,437
<INVENTORY> 6,600,343
<CURRENT-ASSETS> 14,958,214
<PP&E> 2,442,662
<DEPRECIATION> 1,089,584
<TOTAL-ASSETS> 23,158,987
<CURRENT-LIABILITIES> 10,540,128
<BONDS> 339,608
0
0
<COMMON> 178,778
<OTHER-SE> 12,100,473
<TOTAL-LIABILITY-AND-EQUITY> 23,158,987
<SALES> 13,335,745
<TOTAL-REVENUES> 13,335,745
<CGS> 8,569,192
<TOTAL-COSTS> 8,569,192
<OTHER-EXPENSES> 8,603,298
<LOSS-PROVISION> 71,113
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (3,843,721)
<INCOME-TAX> 3,520
<INCOME-CONTINUING> (3,847,241)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,847,241)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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