<PAGE>
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
Date of Report (Date of earliest event reported) August 6, 1998
--------------------------------
Data Processing Resources Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 0-27612 95-3931443
- --------------------------------------------------------------------------------
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
4400 MacArthur Boulevard, Suite 600, Newport Beach, California 92660
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (949) 553-1102
-----------------------------
Not Applicable
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(Former name or former address, if changed since last report.)
<PAGE>
ITEM 5. OTHER EVENTS
Certain unaudited financial statements of two of the Registrant's
subsidiaries, Leardata Info-Services, Inc., a Texas corporation, and Computec
International Strategic Resources, Inc., a California corporation, are attached
hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and incorporated herein
by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS
99.1 Unaudited condensed financial statements of Leardata Info-Services,
Inc., including the balance sheet of Leardata Info-Services, Inc. as
of September 30, 1996 and the related statements of income and cash
flows for the nine months ended September 30, 1996.
99.2 Unaudited condensed financial statements of Computec International
Strategic Resources, Inc., including the balance sheet of Computec
International Strategic Resources, Inc. as of April 29, 1997 and the
related statements of income and cash flows for the four months ended
April 29, 1997.
2.
<PAGE>
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.
DATA PROCESSING RESOURCES CORPORATION
(Registrant)
Date: August 6, 1998 By: /s/ MICHAEL A. PIRAINO
-------------------------------------
Michael A. Piraino
Executive Vice President
3.
<PAGE>
DATA PROCESSING RESOURCES CORPORATION
INDEX TO EXHIBITS
Number Description of Exhibit
99.1 Unaudited condensed financial statements of Leardata Info-Services,
Inc., including the balance sheet of Leardata Info-Services, Inc.
as of September 30, 1996 and the related statements of income and
cash flows for the nine months ended September 30, 1996.
99.2 Unaudited consolidated financial statements of Computec
International Strategic Resources, Inc., including the balance
sheet of Computec International Strategic Resources, Inc. as of
April 29, 1997 and the related statements of income and cash flows
for the four months ended April 29, 1997.
4.
<PAGE>
EXHIBIT 99.1
LEARDATA INFO-SERVICES, INC.
CONDENSED BALANCE SHEET
(UNAUDITED)
ASSETS
<TABLE>
<CAPTION>
SEPTEMBER 30,
1996
-------------
<S> <C>
Current assets:
Cash and cash equivalents....................................... $2,286,000
Accounts receivable ............................................ 2,772,000
Prepaid expenses and other current assets....................... 71,000
Income tax receivable........................................... 91,000
----------
Total current assets........................................... 5,220,000
Property:
Furniture and fixtures.......................................... 251,000
Equipment....................................................... 441,000
----------
692,000
Less accumulated depreciation .................................. (471,000)
----------
Property, net.................................................. 221,000
----------
$5,441,000
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities........................ $ 283,000
Income taxes payable............................................ 31,000
----------
Total current liabilities...................................... 314,000
Deferred income taxes ........................................... 20,000
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.10 par value; 5,000,000 shares authorized;
3,864,480 shares issued and outstanding (liquidation value is
equal to par value, plus accumulated undistributed dividends,
some of which have been declared).............................. 387,000
Common stock, $.01 par value; 1,000,000 shares authorized;
300,574 shares issued and outstanding.......................... 3,000
Additional paid-in capital...................................... 173,000
Retained earnings............................................... 4,651,000
Due from stockholders .......................................... (107,000)
----------
Total stockholders' equity..................................... 5,107,000
----------
$5,441,000
==========
</TABLE>
See accompanying notes to unaudited condensed financial statements.
<PAGE>
LEARDATA INFO-SERVICES, INC.
CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
NINE MONTHS ENDED
SEPTEMBER 30,
-----------------------
1995 1996
----------- -----------
<S> <C> <C>
Revenues............................................... $10,205,000 $12,019,000
Cost of professional services.......................... 6,828,000 8,267,000
----------- -----------
Gross margin........................................... 3,377,000 3,752,000
Selling, general and administrative expenses........... 2,019,000 2,246,000
----------- -----------
Operating income....................................... 1,358,000 1,506,000
Interest and other income.............................. 43,000 58,000
----------- -----------
Income before provision for income taxes............... 1,401,000 1,564,000
Provision for income taxes ............................ 476,000 531,000
----------- -----------
Net income............................................. $ 925,000 $ 1,033,000
=========== ===========
</TABLE>
See accompanying notes to unaudited condensed financial statements.
<PAGE>
LEARDATA INFO-SERVICES, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
NINE MONTHS ENDED
SEPTEMBER 30,
----------------------
1995 1996
---------- ----------
<S> <C> <C>
Cash flows from operating activities:
Net income............................................ $ 925,000 $1,033,000
Adjustments to reconcile net income to net cash
provided by operating activities--
Depreciation expense............................... 43,000 34,000
Deferred income taxes.............................. (36,000) --
Changes in operating assets and liabilities:
Accounts receivable................................ (500,000) (569,000)
Prepaid expenses and other current assets.......... 8,000 (46,000)
Accounts payable and accrued liabilities........... 66,000 162,000
Income taxes payable............................... (99,000) (23,000)
Unearned income.................................... 9,000 --
---------- ----------
Net cash provided by operating activities........ 416,000 591,000
Cash flows from investing activities:
Purchase of furniture, fixtures and equipment......... (78,000) (168,000)
---------- ----------
Cash flows from financing activities:
Due from stockholders................................. (85,000) 8,000
---------- ----------
Net increase (decrease) in cash........................ 253,000 431,000
Cash and cash equivalents, beginning of period......... 1,194,000 1,855,000
---------- ----------
Cash and cash equivalents, end of period............... $1,447,000 $2,286,000
========== ==========
Supplemental information--
Cash paid for income taxes............................ $ 511,000 $ 503,000
========== ==========
</TABLE>
See accompanying notes to unaudited condensed financial statements.
<PAGE>
LEARDATA INFO-SERVICES, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1996 (UNAUDITED)
NOTE 1. BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements of Leardata Info-
Services, Inc. (the "Company") have been prepared in accordance with generally
accepted accounting principles for interim financial information. Accordingly,
they do not include all of the information and footnotes required by generally
accepted accounting principles for a complete set of financial statements. In
the opinion of management, all adjustments considered necessary, consisting
only of normal recurring adjustments are included for fair presentation.
Operating results for the nine months ended September 30, 1995 and 1996, are
not necessarily indicative of results that may be expected for the full year.
The unaudited condensed financial statements for the nine months ended
September 30, 1995 and 1996 should be read in conjunction with the audited
financial statements of the Company for the years ended December 31, 1994 and
1995.
NOTE 2. SUBSEQUENT EVENT
The Company has signed a Stock Purchase Agreement to sell the Company. The
sale closed on January 6, 1997.
<PAGE>
EXHIBIT 99.2
COMPUTEC INTERNATIONAL STRATEGIC RESOURCES, INC
CONDENSED BALANCE SHEETS
(unaudited)
<TABLE>
<CAPTION>
April 29,
1997
ASSETS ----------
<S> <C>
Current assets:
Cash and cash equivalents......................... $ 576,000
Accounts receivable............................... 2,782,000
Prepaid expenses and other current assets......... 332,000
----------
Total current assets............................. 3,690,000
Property:
Furniture and fixtures......................... 74,000
Equipment...................................... 182,000
----------
256,000
Less accumulated depreciation (126,000)
----------
Property, net..................................... 130,000
Other assets...................................... 27,000
----------
$3,847,000
==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities.......... $ 946,000
Income taxes payable.............................. 257,000
Deferred income taxes............................. 182,000
----------
Total current liabilities........................ 1,385,000
Deferred income taxes - long-term.................. 125,000
Commitments and contingencies
Shareholders' equity:
Common stock; 50,000 shares authorized;
50,000 shares issued and outstanding............. 50,000
Retained earnings................................. 2,287,000
----------
Total shareholders' equity....................... 2,337,000
----------
$3,847,000
==========
</TABLE>
See accompanying notes to unaudited condensed financial statements.
<PAGE>
COMPUTEC INTERNATIONAL STRATEGIC RESOURCES, INC
CONDENSED STATEMENTS OF INCOME
(unaudited)
<TABLE>
<CAPTION>
Four Months Ended
April 29,
------------------------
1996 1997
---------- ----------
<S> <C> <C>
Revenues........................................ $5,942,000 $6,471,000
Cost of professional services................... 3,573,000 4,111,000
---------- ----------
Gross margin.................................... 2,369,000 2,360,000
Selling, general and administrative expenses.... 1,134,000 1,282,000
---------- ----------
Income before provision for income taxes........ 1,235,000 1,078,000
Provision for income taxes...................... 34,000 170,000
---------- ----------
Net income...................................... $1,201,000 $ 908,000
========== ==========
</TABLE>
See accompanying notes to unaudited condensed financial statements.
<PAGE>
COMPUTEC INTERNATIONAL STRATEGIC RESOURCES, INC
CONDENSED STATEMENTS OF CASH FLOWS
(unaudited)
<TABLE>
<CAPTION>
Four Months Ended
April 29,
------------------------
1996 1997
---------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net income......................................... $1,201,000 $ 908,000
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation expense........................... 9,000 15,000
Deferred income taxes.......................... 40,000 (16,000)
Changes in operating assets and liabilities:
Accounts receivable.......................... (186,000) 87,000
Prepaid expenses and other assets............ (608,000) (9,000)
Accounts payable and accrued liabilities..... (315,000) 171,000
Income taxes payable......................... -- 257,000
---------- -----------
Net cash provided by operating activities... 141,000 1,413,000
Cash flows from investing activities:
Purchase of furniture, fixtures and equipment..... (44,000) (5,000)
Cash flows from financing activities:
Distribution to shareholders....................... -- (1,302,000)
Note payable to shareholders....................... (48,000) --
---------- -----------
Net cash used in financing activities........... (48,000) (1,302,000)
---------- -----------
Net increase in cash................................ 49,000 106,000
Cash and cash equivalents, beginning of period...... 622,000 470,000
---------- -----------
Cash and cash equivalents, end of period............ $ 671,000 $ 576,000
========== ===========
Supplemental information:
Cash paid for income taxes......................... $ 470,000 $ 31,000
========== ===========
</TABLE>
Noncash information:
During January 1997, the Company distributed $1,403,000 of cash and certain
assets to shareholders. The assets were distributed at their net book value of
$101,000 and no gain/loss was recognized upon distribution.
See accompanying notes to unaudited condensed financial statements.
<PAGE>
COMPUTEC INTERNATIONAL STRATEGIC RESOURCES, INC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Four Months Ended April 29, 1997 and 1996
Note 1. Basis of Presentation
The accompanying unaudited condensed financial statements of Computec
International Strategic Resources, Inc. (the "Company") have been prepared in
accordance with generally accepted accounting principles for interim financial
information. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for a complete
set of financial statements. In the opinion of management, all adjustments
considered necessary, consisting only of normal recurring adjustments is
included for fair presentation. Operating results for the four months ended
April 29, 1996 and 1997, are not necessarily indicative of results that may be
expected for the full year. The unaudited condensed financial statements for the
four months ended April 29, 1996 and 1997 should be read in conjunction with the
audited financial statements of the Company for the years ended December 31,
1995 and 1996.
Note 2. Subsequent Event
The Company has signed a Stock Purchase Agreement to sell the Company. The
sale closed on April 29, 1997.
