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
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Date of Report (Date of earliest event reported): January 15, 1999
Voxcom Holdings, Inc.
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(Exact name of registrant as specified in its charter)
Nevada 0-24273 75-27155335
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(State of incorporation) (Commission File No.) (IRS Employer
Identification No.)
8115 Preston Road, Eighth Floor East, Dallas, Texas 75225
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(Address of principal execute offices, including zip code)
(214)691-0055
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(Registrant's telephone number, including area code)
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Item 2. Acquisition or Disposition of Assets.
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Effective January 15, 1999, the Company closed its AmeraPress division
and terminated 25 employees associated with the business. AmeraPress had been
unable to generate sufficient business activity to justify its ongoing overhead
following the sale of the Home Business Group in September 1998. The Company
will instead focus its resources on the development of the MAXpc computer add-on
product and the continuation of its Voxcom Systems credit card verification
business.
The Company will return AmeraPress= leased equipment, and sell its
other assets and pay creditors to the extent of such assets. The Company will
seek to avoid a bankruptcy action of the AmeraPress subsidiary and instead work
on a voluntary resolution of the AmeraPress liabilities. The pro forma effect of
the disposition is attached.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Pro forma financial information for the sale of AmeraPress is attached.
SIGNATURES
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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.
January 29, 1999
VOXCOM HOLDINGS, INC.
/s/ Donald G. McLellan
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Donald G. McLellan, President
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Unaudited Pro Forma Condensed Financial Statements
September 30, 1998 and the three months then ended
and the year ended June 30, 1998
The following unaudited pro forma condensed financial statements give effect to
the decision, effective January 15, 1999, to close and liquidate AmeraPress,
Inc. (API) as if it had been consummated (1) on September 30, 1998 in the case
of the pro forma balance sheet and (2) at the beginning of each period presented
in the case of the pro forma statements of operations. The decision to close API
and the related adjustments are described in the accompanying notes. In the
opinion of management, all adjustments have been made that are necessary to
present fairly the pro forma data.
The unaudited pro forma financial statements are presented for illustrative
purposes only and are not necessarily indicative of future operating results or
financial position of the Company. These pro forma financial statements should
be read in conjunction with the historical financial statements of the Company.
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<TABLE>
<CAPTION>
Unaudited Pro Forma Condensed Balance Sheet
September 30, 1998
ASSETS
Voxcom Pro forma
Holdings, Inc. adjustments Pro forma
-------------- ----------- ---------
(Note B)
<S> <C> <C> <C>
Cash and cash equivalents $ 412,011 $ (194,764) (1) $ 217,247
Accounts receivable 570,530 (66,207) (1) 504,323
Inventories 798,270 (205,711) (1) 592,559
Prepaid expenses 270,551 (4,241) (1) 266,310
Property assets, net 628,836 (530,709) (1) 98,127
Other assets 1,389,423 (316,797) (1) 1,072,626
282,765 (2) 282,765
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Total assets $4,069,621 $(1,035,664) $3,033,957
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current maturities of notes payable $ 43,184 $ (43,184) (1) $ -
Accounts payable 460,117 (243,210) (1) 216,907
Accrued expenses 407,388 (205,504) (1) 201,884
Long-term debt 100,000 - 100,000
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Total liabilities 1,010,689 (491,898) 518,791
Treasury stock (212,500) - (212,500)
Stockholders' equity 3,271,432 (543,766) 2,727,666
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Total liabilities and stockholders' equity $4,069,621 $ (1,035,664) $3,033,957
========== ============ ==========
</TABLE>
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<TABLE>
<CAPTION>
Unaudited Pro Forma Condensed Statement of Operations
Three months ended September 30, 1998
Voxcom Pro forma
Holdings, Inc. adjustments Pro forma
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(Note B)
<S> <C> <C> <C>
Net sales $ 1,938,035 $(1,356,610) (3) $ 581,425
Cost of sales 917,765 (677,325) (3) 240,440
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Gross profit 1,020,270 (679,285) 340,985
Selling, general and administrative expenses 1,930,302 (1,085,176) (3) 845,126
----------- ----------- -----------
Operating loss (910,032) 405,891 (504,141)
Interest expense 47,972 3,699 (3) 51,671
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Loss from continuing operations $ (958,004) $ 402,192 $ (555,812)
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</TABLE>
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<TABLE>
<CAPTION>
Unaudited Pro Forma Condensed Statement of Operations
Year ended June 30, 1998
Voxcom Pro forma
Holdings, Inc. (1) adjustments Pro forma
------------------ ----------- -----------
(Note B)
<S> <C> <C> <C>
Net sales $ 13,080,114 $(11,456,254) (3) $ 1,623,860
Cost of sales 2,312,164 (1,841,154) (3) 471,010
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Gross profit 10,767,950 (9,615,100) 1,152,850
Selling, general and administrative expenses 10,666,698 (9,182,057) (3) 1,484,641
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Operating profit (loss) 101,252 (433,043) (331,791)
Interest expense 148,975 (8,893) 140,082
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Loss before income taxes (47,723) (424,150) (471,873)
Income tax benefit (17,000) -- (17,000)
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Net loss $ (30,723) $ (424,150) $ (454,873)
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</TABLE>
(1) Previously reported pro forma amounts reflecting the sale of Home Business
Group, Inc. on September 30, 1998.
<PAGE>
Notes to Unaudited Pro Forma Condensed Financial Statements
September 30, 1998 and the three months then ended
and the year ended June 30, 1998
NOTE A - CLOSURE OF AMERAPRESS, INC.
Effective January 15, 1999, the Voxcom Holdings, Inc. (the Company) closed
AmeraPress, Inc. (API), a wholly-owned subsidiary of the Company. API had
been unable to generate sufficient business activity to justify its ongoing
overhead following the sale of the Home Business Group, Inc. in September
1998. Management intends to liquidate the assets of API and use the proceeds
to make payments to creditors. Management does not anticipate any material
losses due to the closure of API.
NOTE B - PRO FORMA ADJUSTMENTS
The accompanying pro forma financial statements reflect the following pro
forma adjustments:
(1) To eliminate the assets and liabilities of AmeraPress, Inc.,
(2) To reflect the Company's receivable from API, and
(3) To eliminate the income and expenses of AmeraPress, Inc.
