SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
MARCH 24, 1998
Date of Report (Date of earliest event reported)
LASER ACQUISITION CORP.
(Exact name of Registrant as specified in its charter)
DELAWARE 333-29123 65-0752460
(State of Incorporation (Commission File No.) (IRS Employer
Identification No.)
2111 E. 37TH STREET NORTH
WICHITA, KANSAS 67219
(Address of principal executive offices, including zip code)
(316) 832-2700
(Registrant's telephone number, including area code)
CLN HOLDINGS INC.
5900 North Andrews Avenue, Suite 700, Fort Lauderdale, FL 33309
(Former Name or Former Address, if Changed Since Last Report)
Laser Acquisition Corp. (formerly known as CLN Holdings Inc.)
(the "Registrant") hereby amends its Current Report on Form 8-K dated
March 24, 1998, filed with the Securities and Exchange Commission on
April 9, 1998, to include the following pro forma financial information
regarding the sale of all of the outstanding shares of capital stock of
Coleman Safety & Security Products, Inc. by The Coleman Company, Inc.,
an indirect subsidiary of the Registrant, as required by Item 7(b).
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(b) Pro Forma Financial Information
The following pro forma financial statements are filed
as part of this report:
Pro Forma Balance Sheet as of December 31, 1997
(unaudited)
Pro Forma Statement of Operations for the year ended
December 31, 1997 (unaudited)
SIGNATURE
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.
LASER ACQUISITION CORP.
By: /s/ David C. Fannin
____________________________
Name: David C. Fannin
Title: Executive Vice President,
General Counsel and
Secretary
Date: April 9, 1998
<TABLE>
<CAPTION>
CLN HOLDINGS INC. AND SUBSIDIARIES
PRO FORMA BALANCE SHEET
AS OF DECEMBER 31, 1997
(In Thousands)
(unaudited)
Pro Forma Adjustments
1997 --------------------- 1997
Reported $ Reference Pro Forma
-------- --- --------- ---------
<S> <C> <C> <C> <C>
ASSETS
Cash and cash equivalents $ 13,031 $ - $ 13,031
Short term investments in escrow 6,331 - 6,331
Receivables, net 179,756 (16,335) (1) 163,421
Inventories 236,327 (17,624) (1) 218,703
Prepaid expenses and other current assets 47,815 (1,655) (1), (2) 46,160
------------- ----------- ------------
Total current assets 483,260 (35,614) 447,646
Property, plant and equipment, net 175,494 (10,746) (1) 164,748
Intangible assets related to businesses acquired, net 338,989 (37,874) (3) 301,115
Deferred tax assets and other 100,126 469 (2) 100,595
------------ ----------- ------------
$1,097,869 $ (83,765) $ 1,014,104
============= =========== ============
LIABILITIES AND STOCKHOLDER'S DEFICIT
Short-term debt and current portion of long-term debt $ 67,233 $ (80) (1) $ 67,153
Other current liabilities 189,529 (8,588) (1) 180,941
------------- ----------- ------------
Total current liabilities 256,762 (8,668) 248,094
Long-term debt 980,447 (89,037) (4) 891,410
Other liabilities 73,923 (422) (1) 73,501
Minority interest 43,386 2,585 (5) 45,971
Stockholder's deficit (256,649) 11,777 (6) (244,872)
------------ ------------ ------------
$1,097,869 $ (83,765) $1,014,104
============ ============ ============
</TABLE>
(1) Coleman Safety & Security assets and liabilities sold.
(2) Write-off deferred tax assets related to assets and liabilities sold.
(3) Write-off of goodwill associated with Coleman Safety & Security.
(4) Apply net cash proceeds to pay down debt.
(5) Minority interest in pro forma after-tax gain from sale of Coleman
Safety & Security.
(6) After-tax gain from sale of Coleman Safety & Security.
CLN HOLDINGS INC. AND SUBSIDIARIES
PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
(In Thousands)
(unaudited)
<TABLE>
<CAPTION>
Pro Forma Adjustments
1997 --------------------- 1997
Reported $ Reference Pro Forma
-------- --- --------- ---------
<S> <C> <C> <C> <C>
Net revenues $1,154,294 $(88,413) (1) $1,065,881
Cost of sales 840,331 (59,886) (1) 780,445
----------- ---------- -----------
Gross profit 313,963 (28,527) 285,436
Selling, general and administrative expenses 266,635 (19,608) (1) 247,027
Interest expense, net 90,886 (4,396) (2) 86,490
Amortization of goodwill and deferred charges 14,704 (992) (1) 13,712
Other expense, net 1,867 52 (1) 1,919
----------- ---------- -----------
(Loss)/income before income taxes
and minority interest (60,129) (3,583) (63,712)
Income tax (benefit)/expense (24,162) (1,362) (3) (25,524)
Minority interest 940 (400) (4) 540
----------- ---------- -----------
Net (loss)/earnings before extraordinary item (36,907) (1,821) (38,728)
Extraordinary loss on early extinguishment of debt (15,239) -- (15,239)
----------- ---------- -----------
Net (loss)/earnings $ (52,146) $ (1,821) $ (53,967)
=========== ========== ===========
</TABLE>
(1) Adjustment to reflect removal of Coleman Safety & Security operating
results for 1997.
(2) Adjustment to reflect the pro forma effect of the application of
proceeds to reduce debt.
(3) Pro forma adjustment to income taxes based on the incremental tax
rate of 38%.
(4) Minority interest in pro forma results of Coleman Safety & Security
for 1997.
