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Previous: TAX EXEMPT SECURITIES TRUST NATIONAL TRUST 240, 497, 2000-03-02 |
Next: BARR ROSENBERG VARIABLE INSURANCE TRUST, N-30D, 2000-03-02 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Under Section 13 or 15 (d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 17, 1999
NEFF CORP.
Exact Name of registrant as specified in its charter)
Delaware
--------------------------
(State of Incorporation)
001-14145 65-0626400
- --------------------------- ------------------------------
(Commission File No.) (IRS Employer Identification No.)
3750 N.W. 87th AVENUE, Suite 400, MIAMI, FLORIDA 33178
------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (305) 513-3350
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(b) Unaudited Pro Forma Consolidated Financial Statements of Neff Corporation
at, or for periods ended September 30, 1999.
The historical consolidated financial statements of Neff Corporation
(the "Registrant") include the results of operations and financial position of
Neff Machinery Inc. ("Machinery"). On December 17, 1999, the Registrant sold
Machinery to a third party for $90.5 million (as reported in the Registrant's
Form 8-K dated December 29, 1999 and as amended on December 30, 1999).
The pro forma condensed consolidated statement of earnings for the nine months
ended September 30, 1999 is prepared assuming that the sale of Machinery
occurred as of January 1, 1999. The pro forma consolidated balance sheet as of
September 30, 1999 is prepared assuming that the sale occurred as of that date.
Value of net assets of Machinery at the sale date differ from those used at
September 30, 1999. The Registrant will record a gain on sale in its fourth
quarter of fiscal year 1999. Such gain is not expected to differ materially
from the after- tax gain of $2.23 million based on the September 30, 1999 net
assets of Machinery. The pro forma financial statements include the operations
of Sullair Argentina S.A., a subsidiary of the Registrant, which was also sold
during the fourth quarter of fiscal year 1999 (as reported in the Registrant's
8-K dated December 2, 1999).
The pro forma condensed financial statements are presented for information
purposes only and are not intended to reflect the Registrant's expected future
financial position or results of operations. The pro forma financial statements
should be read in conjunction with the Registrant's Annual Report on Form 10-K
for the fiscal year ended December 31, 1998, and the Registrant's Quarterly
Report on Form 10-Q for the 9 months ended September 30, 1999.
<PAGE>
<TABLE>
<CAPTION>
NEFF CORPORATION
PRO FORMA CONDENSED CONSOLIDATED
STATEMENT OF EARNINGS
($ in millions except per share data)
Nine Months Ended September 30, 1999
As Reported Pro Forma Pro Forma
Adjustments
----------- ----------- ----------
<S> <C> <C> <C>
Revenues:
Rental Revenue $165,954 $(12,412) [a] $153,542
Equipment Sales 96,085 (43,403) [a] 52,682
Parts and Service 36,494 (21,449) [a] 15,045
Total Revenues 298,533 (77,264) 221,269
-------- -------- --------
Cost of Revenues:
Cost of Equipment sold 78,544 (35,580) [a] 42,964
Depreciation of Rental Equipment 41,615 (6,138) [a] 35,477
Maintenance of Rental Equipment 49,221 (861) [a] 48,360
Cost of parts and service 23,477 (14,434) [a] 9,043
-------- -------- --------
Total Cost of revenues 192,857 (57,013) 135,844
-------- -------- --------
Gross Profit 105,676 (20,251) 85,425
-------- -------- --------
Other Operating Expenses:
Selling, general, and administrative expenses 54,729 (8,413) [a] 46,316
Other depreciation and amortization 8,016 (1,112) [a,d] 6,904
Writedown of Assets held for sale 1,444 - 1,444
-------- -------- --------
Total other operating expenses 64,189 (9,525) 54,664
-------- -------- --------
Income (loss) from operations 41,487 (10,726) 30,761
-------- -------- --------
Other Expense:
Interest Expense 29,782 (5,369) [a,b] 24,413
Amortization of debt issue costs 871 (36) [a] 835
-------- -------- --------
Total Other Expense 30,653 (5,405) 25,248
-------- -------- --------
Income (loss) before income taxes and
minority interest 10,834 (5,321) 5,513
Provision for Income Taxes 4,104 (2,176) [c] 1,928
-------- -------- --------
Income (loss) before income taxes and
Minority interest 6,730 (3,145) 3,585
Minority Interest (1,468) - (1,468)
-------- -------- --------
Net Income (loss) $5,262 $(3,145) $2,117
-------- -------- --------
-------- -------- --------
Earnings per Share:
Basic $.25 $.10
-------- --------
Diluted $.24 $.10
-------- --------
Footnotes:
[a] To eliminate results of Neff Machinery Inc.
[b] To reflect reduction of interest expense at an average rate of 7.01%
assuming debt repayment of $90.5 by the Company from the proceeds of
the sale.
[c] To reflect the income tax effect of pro forma adjustments
[d] To eliminate items related to Machinery recorded on Neff Corp.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NEFF CORPORATION
PRO FORMA CONSOLIDATED BALANCE SHEET
($ in millions)
September 30, 1999
As Reported Pro Forma Pro Forma
Adjustments
------------- ------------- -------------
<S> <C> <C> <C>
Assets :
Cash and Cash Equivalents $5,506,900 $(590,880) [1] $4,916,020
Rental Equipment, net 393,352,354 (47,874,822) [1] 345,477,532
Goodwill, net 108,274,560 (520,009) [1] 107,754,551
Other Assets 158,480,652 (40,748,356) 117,732,296
------------- ------------- -------------
Total Assets $665,614,466 $(89,734,067) $575,880,399
------------- ------------- -------------
------------- ------------- -------------
Liabilities and Stockholders' Equity
Liabilities :
Senior Credit Facility $259,400,771 $(92,642,020) [1,2] $166,758,751
10 1/4% Sub Notes 198,633,170 - 198,633,170
Other Liabilities 88,445,774 682,111 [1] 89,127,885
------------- ------------- -------------
Total Liabilities 546,479,715 (91,959,909) 454,519,806
------------- ------------- -------------
Minority Interest 14,501,880 - 14,501,880
------------- ------------- -------------
Stockholders' Equity 104,632,871 2,225,842 106,858,713
------------- ------------ -------------
Total Liabilities and Stockholders' Equity $665,614,466 $(89,734,067) $575,880,399
------------- ------------- -------------
------------- ------------- -------------
Footnotes:
[1] To eliminate the assets and liabilities of Neff Machinery, Inc.
[2] To reflect the payment of $90.5 debt by the company from the
proceeds of the sale. The actual proceeds available for debt
repayment may differ.
</TABLE>
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