SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A #1
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): July 13, 1994
WILLCOX & GIBBS, INC.
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
1-5731 13-1474527
(Commission File Number) (IRS Employer Identification No.)
150 Alhambra Circle, Coral Gables, Florida 33134
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (305) 446-8000
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Item 7 of the Company's Report on Form 8-K dated July 13, 1994, is
amended and restated to read in its entirety as follows:
ITEM 7 FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(a) Not applicable.
(b) Pro forma financial information. The following pro forma
financial information is filed herewith on the pages subsequent hereto:
Willcox & Gibbs, Inc. Pro Forma Condensed
Consolidated Balance Sheet as of
June 30, 1994 and Notes thereto.
(c) Exhibits. The Index to Exhibits to this Report is incorporated
herein by reference.
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WILLCOX & GIBBS, INC.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 1994
(UNAUDITED)
(DOLLARS IN THOUSANDS)
The following unaudited pro forma condensed consolidated balance sheet has
been prepared to reflect the disposition by W&G of the assets of its apparel
parts and supplies distribution operations ("Apparel"), and has been compiled
from the unaudited balance sheet of W&G as of June 30, 1994. Pro forma
adjustments are described in the notes following such balance sheet. This
balance sheet is not necessarily indicative of the financial position of W&G as
it would have been had the transaction occurred as of such date or of future
financial position.
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<CAPTION>
ASSETS
W&G and W&G
Subsidiaries Pro Forma Pro Forma
(historical) Adjustments Consolidated
<S> <C> <C> <C>
Current assets:
Cash........................................ $ 16,981 $ 25,589(1) $ 42,570
Accounts and notes receivable - net......... 143,044 143,044
Inventories................................. 118,868 118,868
Prepaid expenses and other current assets... 7,571 7,571
Deferred income taxes....................... 626 626
-------- ---------- --------
Total current assets...................... 287,090 25,589 312,679
Investment and noncurrent receivables....... 1,276 4,594(1)(3) 5,870
Property, plant and equipment - net......... 53,500 53,500
Other assets................................ 4,608 4,608
Deferred income taxes....................... 401 401
Cost in excess of net assets of acquired
businesses - net.......................... 46,523 46,523
Net assets of discontinued operations....... 44,105 (44,105)(1)(3) -0-
-------- ---------- --------
Total..................................... $437,503 $ (13,922) $423,581
======== ========== ========
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C> <C>
Current liabilities:
Short-term debt........................... $ 11,610 (11,610)(1) $ -0-
Current installments of long-term debt.... 16,422 16,422
Accounts and notes payable - trade and
other liabilities....................... 157,675 157,675
Income taxes payable...................... 796 (540)(4) 256
-------- ---------- --------
Total current liabilities................. 186,503 (12,150) 174,353
Long-term debt and other liabilities........ 122,212 122,212
Stockholders' equity:
Common stock.............................. 24,705 24,705
Capital surplus........................... 81,354 81,354
Retained earnings......................... 27,056 (687)(1)(2)(4) 26,369
Cumulative foreign translation adjustment. (1,026) 1,026(2) -0-
Marketable equity security adjustment..... (875) -0- (875)
Treasury stock............................ (2,426) (2,111)(1) (4,537)
-------- ---------- --------
Total stockholders' equity.............. 128,788 (1,772) 127,016
-------- ---------- --------
Total................................... $437,503 $ (13,922) $423,581
======== ========== ========
- - ----------------------------------------------
See accompanying Notes to Pro Forma Condensed Consolidated Balance Sheet
</TABLE>
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<TABLE>
<CAPTION>
WILLCOX & GIBBS, INC.
NOTES TO PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 1994
(UNAUDITED)
(DOLLARS IN THOUSANDS)
<S> <C>
(1) Sale of Apparel by W&G
Cash paid............................................... $38,564
$3 million principal amount of subordinated
debt of buyer, net discount........................... 2,300
Warrants to purchase approximately 15% of buyer......... 700
324,814 shares of W&G Common Stock...................... 2,111
------
Purchase price.......................................... 43,675
Estimated costs incurred in connection with the
disposition........................................... 1,365
------
Net Proceeds........................................ 42,310
Net Assets disposed of.................................. 42,511
------
Loss on disposition................................... $ 201
======
(2) Write off of cumulative foreign translation adjustment.. $1,026
======
(3) Reclassification of assets not sold..................... $1,594
======
(4) Tax benefit on items (1) and (2) at 44%................. $ 540
======
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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.
WILLCOX & GIBBS, INC.
By /s/ Allan M. Gonopolsky
----------------------------------
Date: November 3, 1994 Allan M. Gonopolsky
Vice President and
Corporate Controller
