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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K/A
(AMENDMENT NO. 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) October 1, 2000
GSI Lumonics Inc.
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(Exact Name of Registrant as Specified in Charter)
New Brunswick, Canada 333-71449 N/A
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(State or Other Juris- (Commission File (IRS Employer Identification
diction of Incorporation) Number) Number)
105 Schneider Road, Kanata, Ontario, Canada K2K1Y3
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code # (613) 592-1460
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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Item 2. Acquisition or Disposition of Assets.
On October 16, 2000, GSI Lumonics Inc. filed a Current Report on Form 8-K
to report under Item 2 the sale of the assets of its Life Sciences business to
Packard BioScience Company on October 2, 2000. This amendment is being filed to
provide the required pro forma financial information under Item 7 of Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(b) Pro Forma Financial Information:
The unaudited pro forma condensed consolidated financial information of GSI
Lumonics Inc. was prepared to illustrate the estimated effects of the sale of
GSI Lumonics Inc.'s Life Sciences Business to Packard BioScience Company for
balance sheet purposes as at June 30, 2000 and for purposes of the results of
operations for the six months ended June 30, 2000 and for the year ended
December 31, 1999.
Based upon the terms of the Asset Purchase Agreement dated August 19, 2000 (the
"Agreement"), and the resulting attributes of the sale, the unaudited pro forma
consolidated balance sheet as at June 30, 2000 gives effect to the sale of net
assets related to the Life Sciences Business of GSI Lumonics Inc. as though such
sale had occurred on June 30, 2000. The unaudited pro forma condensed
consolidated statements of operations for the six months ended June 30, 2000 and
the year ended December 31, 1999 give effect to the sale as if it had occurred
on January 1, 1999.
The following GSI Lumonics Inc. pro forma financial statements have been
prepared in accordance with accounting principles generally accepted in the
United States based on the historical financial statements of GSI Lumonics Inc.
and GSI Lumonics Inc.'s Life Sciences Business.
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<TABLE>
<CAPTION>
GSI LUMONICS INC.
Unaudited Pro Forma Condensed Consolidated Balance Sheet
As of June 30, 2000
Consolidated
GSI Pro Forma Pro Forma
Notes Lumonics Adjustments Consolidated
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(Thousands of U.S. dollars)
<S> <C> <C> <C> <C>
ASSETS
Current assets
Cash and cash equivalents 2.1 71,675 40,000 111,675
Short-term investments 2.1 21,297 60,000 81,297
Accounts receivable 2.2 83,937 (4,469) 79,468
Due from related party 2,340 2,340
Inventories 2.2 93,923 (2,396) 91,527
Deferred tax assets 22,479 22,479
Other assets 4,313 4,313
Current portion of swap contracts 649 649
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Total current assets 300,613 93,135 393,748
Capital assets 2.2 43,583 (413) 43,170
Other assets 5,083 5,083
Goodwill and other intangible assets 2.2 19,266 (827) 18,439
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368,545 91,895 460,440
===========================================================================================================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Bank indebtedness 16,647 16,647
Accounts payable 2.2 28,107 (568) 27,539
Accrued compensation and benefits 2.2 13,211 (523) 12,688
Other accrued expenses 2.2 47,333 (837) 82,496
2.2 36,000
Current portion of deferred compensation 127 127
Current portion of long-term debt 1,895 1,895
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Total current liabilities 107,320 34,072 141,392
Deferred income tax liability 2,742 2,742
Deferred compensation 2,180 2,180
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Total liabilities 112,242 34,072 146,314
Stockholders' equity
Capital stock 298,026 298,026
Retained earnings (deficit) 2.1 (33,631) 100,000 24,192
2.2 (6,177)
2.2 (36,000)
Accumulated other comprehensive income (8,092) (8,092)
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Total stockholders' equity 256,303 57,823 314,126
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368,545 91,895 460,440
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</TABLE>
See accompanying notes
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<TABLE>
<CAPTION>
GSI LUMONICS INC.
Unaudited Pro Forma Condensed Consolidated Statement of Operations
For the Six Months Ended June 30, 2000
Consolidated
GSI Pro Forma Pro Forma
Lumonics Adjustments Consolidated
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(Thousands of U.S. dollars, except share amounts)
<S> <C> <C> <C>
Sales 180,737 (7,769) 172,968
Cost of goods sold 106,766 (3,814) 102,952
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Gross profit 73,971 (3,955) 70,016
Operating expenses:
Selling, general & administrative 40,227 (2,312) 37,915
Research & development 17,283 (2,379) 14,904
Amortization of intangibles 2,381 (83) 2,298
Restructuring and other (2,670) (2,670)
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Income (loss) from operations 16,750 819 17,569
Gain on sale of assets 708 708
Interest income (expense), net 584 584
Foreign exchange transaction gains (losses) (1,774) (1,774)
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Income (loss) before income taxes 16,268 819 17,087
Income tax provision (benefit) 5,674 300 5,974
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Net income (loss) for the period 10,594 519 11,113
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Net income per share:
- Basic $0.29 $0.31
- Diluted $0.28 $0.29
Weighted average common shares outstanding (000's)
- Basic 36,416 36,416
- Diluted 38,511 38,511
</TABLE>
See accompanying notes
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<TABLE>
<CAPTION>
GSI LUMONICS INC.
Unaudited Pro Forma Condensed Consolidated Statement of Operations
For the Year Ended December 31, 1999
Consolidated
GSI Pro Forma Pro Forma
Lumonics Adjustments Consolidated
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(Thousands of U.S. dollars, except share amounts)
<S> <C> <C> <C>
Sales 274,550 (13,790) 260,760
Cost of goods sold 178,773 (6,091) 172,682
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Gross profit 95,777 (7,699) 88,078
Operating expenses:
Selling, general & administrative 64,653 (3,021) 61,632
Research & development 28,700 (2,973) 25,727
Amortization of intangibles 4,070 (124) 3,946
Acquired in-process research and development 14,830 (4,100) 10,730
Restructuring and other 19,631 19,631
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Income (loss) from operations (36,107) 2,519 (33,588)
Gain on sale of assets 1,599 1,599
Interest income (expense), net 89 89
Foreign exchange transaction gains (losses) (2,911) (2,911)
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Income (loss) before income taxes (37,330) 2,519 34,811
Income tax provision (benefit) (2,556) 900 (1,656)
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Net income (loss) for the period (34,774) 1,619 (33,155)
===========================================================================================================================
Net income per share:
- Basic $(1.14) $(1.09)
- Diluted $(1.14) $(1.09)
Weighted average common shares outstanding (000's)
- Basic 30,442 30,442
- Diluted 30,442 30,442
</TABLE>
See accompanying notes
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GSI LUMONICS INC.
Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements
(in U.S. dollars)
1. BASIS OF PRESENTATION
The unaudited pro forma condensed consolidated financial statements were
prepared to illustrate the estimated effects of the sale of net assets of the
Life Sciences Business ("Life Sciences") of GSI Lumonics Inc. ("GSI Lumonics")
pursuant to the Asset Purchase Agreement (the "Agreement") entered into as of
August 19, 2000 and consummated as of October 2, 2000 between GSI Lumonics and
Packard BioScience Company ("Packard"). Pursuant to the Agreement, GSI Lumonics
sold certain assets including accounts receivable, inventories, property, plant
and equipment and intangible assets for proceeds of $40,000,000 cash and
4,571,429 shares of Packard common stock. Packard also assumed certain
liabilities pursuant to the Agreement.
Life Sciences was a separately managed product line in the GSI Lumonics'
Billerica, Massachusetts, facility. Life Sciences manufactures laser-based
microarray scanners and related analytical software used to read and interpret
gene expression experiments. Major customers for these products include
universities, research laboratories, and Government agencies. The business'
principal markets are in the United States, Japan and Germany.
The accompanying unaudited pro forma condensed consolidated financial statements
have been prepared by management of GSI Lumonics based on the unaudited and
audited consolidated financial statements of GSI Lumonics, prepared in
accordance with accounting principles generally accepted in the United States
("US GAAP"), as at and for the six months ended June 30, 2000 and for the year
ended December 31, 1999, respectively, and the unaudited and audited statements
of net assets of Life Sciences prepared in accordance with US GAAP, as at and
for the six months ended June 30, 2000 and for the year ended December 31, 1999,
respectively. The accounting policies used in the preparation of the pro forma
condensed consolidated financial statements are those disclosed in GSI Lumonics'
1999 Annual Report on Form 10-K filed with the SEC.
In the opinion of the management of GSI Lumonics, these pro forma condensed
consolidated financial statements include all adjustments necessary for a fair
presentation of pro forma financial statements.
The pro forma condensed consolidated financial statements are not necessarily
indicative of the results that actually would have been achieved if the
transactions reflected therein had been completed on the dates indicated or the
results which may be obtained in the future. In preparing these pro forma
condensed consolidated financial statements, no adjustments have been made to
reflect transactions which have occurred since the dates indicated or to reflect
the operating benefits and general and administrative cost savings expected to
result from selling Life Sciences.
The pro forma condensed consolidated financial statements should be read in
conjunction with the description of the sale as filed with the SEC on Form 8-K
on October 16, 2000, the unaudited and audited consolidated financial statements
of GSI Lumonics as at and for the six months ended June 30, 2000 and for the
year ended December 31, 1999, respectively, and notes thereto, and the unaudited
and audited statements for Life Sciences as at and for the six month period
ended June 30, 2000 and as at and for the year ended December 31, 1999,
respectively, and notes thereto.
2. TRANSACTIONS GIVING EFFECT TO THE SALE
2.1 Consideration received
To record the purchase price received for the sale of Life Sciences
of $40 million in cash and 4,571,429 shares of Packard common stock. The value
assigned to the shares is based on management's estimate and subject to
adjustment when management's valuation is finalized.
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2.2 Gain on sale
To calculate the estimated gain on sale of Life Sciences as follows:
<TABLE>
<CAPTION>
$ (000's)
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<S> <C>
Sale proceeds - Cash (2.1) 40,000
Shares (2.1) 60,000
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100,000
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Net assets sold:
Current assets (6,865)
Capital assets (413)
Goodwill and other intangible assets (827)
Current liabilities 1,928
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(6,177)
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Gain on sale 93,823
Income taxes payable (36,000)
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Gain on sale, net of taxes 57,823
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</TABLE>
The allocation of the sale proceeds is preliminary and based on management's
initial estimate of the value of Packard common stock received on the sale and
on the net book value of Life Sciences as at June 30, 2000. The final sale
proceeds valuation and allocation and the determination of gain on sale on the
closing date may differ significantly from the preliminary numbers.
The income statements do not reflect the gain on sale.
2.3 Interest earned on sale proceeds
<TABLE>
<CAPTION>
Six months ended Year ended
June 30, 2000 December 31, 1999
$000`s $000`s
<S> <C> <C>
To give effect to interest earned on cash sale proceeds
of $40 million 1,000 2,000
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To give effect to income taxes on the above adjustment 350 700
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</TABLE>
The income statements do not reflect such amounts.
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SIGNATURES
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.
GSI LUMONICS INC.
Date: November 13, 2000 By: /s/ THOMAS R. SWAIN
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Name: Thomas R. Swain
Title: Chief Financial Officer
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