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Previous: WYMAN GORDON CO, 10-Q, 1996-10-10 |
Next: ZALE CORP, SC 13G/A, 1996-10-10 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1
ON
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
May 23, 1996
Wynn's International, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-7200 95-2854312
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
500 North State College Blvd., Suite 700, Orange, CA 92868
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (714) 938-3700
<PAGE>
Item 7 of the Current Report on Form 8-K dated May 23, 1996 (filed June 6,
1996) of Wynn's International, Inc. is amended in its entirety as follows:
"ITEM 7. Financial Statements and Exhibits
(a) Not applicable.
(b) Pro Forma Financial Information.
1
<PAGE>
A description of the transaction and the entities involved is presented in
Item 2 above. The accompanying unaudited pro forma consolidated condensed
statements of income disclose income from continuing operations and are
presented as if the sale of the WCS net assets had occurred on January 1,
1996 for the three months ended March 31, 1996 and January 1, 1995 for all
other periods shown. Results of continuing operations for the years ended
December 31, 1994 and 1993 are presented on a discontinued operations basis
consistent with the expected presentation of the consolidated statements of
income to be included in the Wynn's International, Inc. ("Wynn's") Form 10-K
for the year ending December 31, 1996. The accompanying unaudited pro forma
consolidated condensed balance sheet is presented as if the sale occurred on
March 31, 1996. The pro forma information should be read in conjunction with
the consolidated financial statements included in Wynn's Form 10-K for
the year ended December 31, 1995 and with the unaudited consolidated
condensed financial statements included in Wynn's quarterly reports on Form
10-Q for the quarters ended March 31, 1996 and 1995. All share and per share
amounts have been adjusted retroactively to reflect the two 3 for 2 stock
splits effected in 1995 and 1993. The pro forma financial statements have
been prepared for informational purposes only and do not purport to be
indicative of what would actually have occurred had the sale of the WCS net
assets occurred on the dates noted above.
WYNN'S INTERNATIONAL, INC.
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 1996
(In Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
March 31 March 31
1996 Pro Forma 1996
Historical Adjustments Pro Forma
---------- ----------- ---------
<S> <C> <C> <C>
Revenues:
Net sales $ 83,085 $(11,622) $ 71,463
Interest income 274 (19) 255
-------- -------- --------
83,359 (11,641) 71,718
-------- -------- --------
Cost and expenses:
Cost of sales 52,464 (9,897) 42,567
Selling, general & administrative 23,156 (1,678) 21,478
Interest expense 52 - 52
-------- -------- --------
75,672 (11,575) 64,097
-------- -------- --------
Income before taxes based on income 7,687 (66) 7,621
Provision for taxes based on income 2,929 (24) 2,905
-------- -------- --------
Net income $ 4,758 $ (42) $ 4,716
-------- -------- --------
-------- -------- --------
Income per share of common stock:
Primary $ 0.50 $ 0.50
-------- --------
-------- --------
Fully diluted $ 0.50 $ 0.50
-------- --------
-------- --------
Average shares outstanding:
Primary 9,430 9,430
-------- --------
-------- --------
Fully diluted 9,472 9,472
-------- --------
-------- --------
</TABLE>
See accompanying notes
2
<PAGE>
WYNN'S INTERNATIONAL, INC.
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 1995
(In Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
March 31 March 31
1995 Pro Forma 1995
Historical Adjustments Pro Forma
---------- ----------- ---------
<S> <C> <C> <C>
Revenues:
Net sales $ 78,074 $(12,464) $ 65,610
Interest income 189 (10) 179
-------- -------- --------
78,263 (12,474) 65,789
-------- -------- --------
Cost and expenses:
Cost of sales 49,831 (10,619) 39,212
Selling, general & administrative 21,983 (1,671) 20,312
Interest expense 570 (15)(a) 555
-------- -------- --------
72,384 (12,305) 60,079
-------- -------- --------
Income before taxes based on income 5,879 (169) 5,710
Provision for taxes based on income 2,234 (62) 2,172
-------- -------- --------
Net income $ 3,645 $ (107) $ 3,538
-------- -------- --------
-------- -------- --------
Income per share of common stock:
Primary $ 0.42 $ 0.40
-------- --------
-------- --------
Fully diluted $ 0.40 $ 0.39
-------- --------
-------- --------
Average shares outstanding:
Primary 8,769 8,769
-------- --------
-------- --------
Fully diluted 9,209 9,209
-------- --------
-------- --------
</TABLE>
See accompanying notes
3
<PAGE>
WYNN'S INTERNATIONAL, INC.
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1995
(In Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
December 31 December 31
1995 Pro Forma 1995
Historical Adjustments Pro Forma
---------- ----------- -----------
<S> <C> <C> <C>
Revenues:
Net sales $303,787 $(41,203) $262,584
Interest income 996 (53) 943
-------- -------- --------
304,783 (41,256) 263,527
-------- -------- --------
Cost and expenses:
Cost of sales 194,440 (37,042) 157,398
Selling, general & administrative 84,152 (5,873) 78,279
Interest expense 1,640 (82)(a) 1,558
-------- -------- --------
280,232 (42,997) 237,235
-------- -------- --------
Income before taxes based on income 24,551 1,741 26,292
Provision for taxes based on income 9,108 644 9,752
-------- -------- --------
Net income $ 15,443 $ 1,097 $ 16,540
-------- -------- --------
-------- -------- --------
Income per share of common stock:
Primary $ 1.68 $ 1.80
-------- --------
-------- --------
Fully diluted $ 1.65 $ 1.77
-------- --------
-------- --------
Average shares outstanding:
Primary 9,187 9,187
-------- --------
-------- --------
Fully diluted 9,369 9,369
-------- --------
-------- --------
</TABLE>
See accompanying notes
4
<PAGE>
WYNN'S INTERNATIONAL, INC.
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1994
(In Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
December 31 December 31
1994 Pro Forma 1994
Historical Adjustments Pro Forma
----------- ----------- -----------
<S> <C> <C> <C>
Revenues:
Net sales $292,651 $(57,992) $234,659
Interest income 626 (42) 584
-------- -------- --------
293,277 (58,034) 235,243
-------- -------- --------
Cost and expenses:
Cost of sales 190,582 (49,474) 141,108
Selling, general & administrative 80,328 (9,401) 70,927
Interest expense 2,988 (623)(b) 2,365
-------- -------- --------
273,898 (59,498) 214,400
-------- -------- --------
Income from continuing operations
before taxes based on income 19,379 1,464 20,843
Provision for taxes based on income 7,558 903 8,461
-------- -------- --------
Income from continuing operations $ 11,821 $ 561 $ 12,382
-------- -------- --------
-------- -------- --------
Income from continuing operations
per share of common stock:
Primary $ 1.38 $ 1.45
-------- --------
-------- --------
Fully diluted $ 1.33 $ 1.39
-------- --------
-------- --------
Average shares outstanding:
Primary 8,541 8,541
-------- --------
-------- --------
Fully diluted 9,193 9,193
-------- --------
-------- --------
</TABLE>
See accompanying notes
5
<PAGE>
WYNN'S INTERNATIONAL, INC.
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1993
(In Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
December 31 December 31
1993 Pro Forma 1993
Historical Adjustments Pro Forma
----------- ----------- -----------
<S> <C> <C> <C>
Revenues:
Net sales $284,957 $(83,435) $201,522
Interest income 719 (47) 672
-------- -------- --------
285,676 (83,482) 202,194
-------- -------- --------
Cost and expenses:
Cost of sales 190,026 (69,680) 120,346
Selling, general & administrative 75,977 (9,432) 66,545
Interest expense 3,862 (886)(b) 2,976
-------- -------- --------
269,865 (79,998) 189,867
-------- -------- --------
Income from continuing operations
before taxes based on income 15,811 (3,484) 12,327
Provision for taxes based on income 6,830 (1,349) 5,481
-------- -------- --------
Income from continuing operations $ 8,981 $ (2,135) $ 6,846
-------- -------- --------
-------- -------- --------
Income from continuing operations
per share of common stock:
Primary $ 1.08 $ 0.82
-------- --------
-------- --------
Fully diluted $ 1.04 $ 0.80
-------- --------
-------- --------
Average shares outstanding:
Primary 8,321 8,321
-------- --------
-------- --------
Fully diluted 9,048 9,048
-------- --------
-------- --------
</TABLE>
See accompanying notes
6
<PAGE>
WYNN'S INTERNATIONAL, INC.
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED BALANCE SHEET
(Dollars in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
March 31 March 31
1996 Pro Forma 1996
Historical Adjustments Pro Forma
---------- ----------- ---------
<S> <C> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 18,059 $ 8,900 (c) $ 26,959
Accounts receivable, less allowance
for doubtful accounts 59,631 (11,741) 47,890
Inventories 38,210 (9,881) 28,329
Prepaid expenses and other current assets 16,349 (889) 15,460
Net assets of discontinued operations - 18,539 (d) 18,539
-------- -------- --------
Total current assets 132,249 4,928 137,177
Property, plant and equipment, at cost less
accumulated depreciation and amortization 49,107 (9,958) 39,149
Other assets 6,444 (121) 6,323
-------- -------- --------
$187,800 $ (5,151) $182,649
-------- -------- --------
-------- -------- --------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 21,333 $ (2,714) $ 18,619
Dividends payable 3 - 3
Taxes based on income 3,447 955 4,402
Accrued liabilities 35,803 (1,472) 34,331
Long-term debt due within one year 90 - 90
-------- -------- --------
Total current liabilities 60,676 (3,231) 57,445
Long-term debt due after one year 49 - 49
Deferred taxes based on income 6,948 (420) 6,528
Commitments and contingencies
Stockholders' equity:
Preferred stock, $1 par value;
500,000 shares authorized, none issued - - -
Common stock, $1 par value;
20,000,000 shares authorized,
9,614,523 shares issued 9,614 - 9,614
Capital in excess of par value 13,703 - 13,703
Retained earnings 102,469 (1,500)(e) 100,969
Equity adjustment from foreign
currency translation (1,807) - (1,807)
Unearned compensation (271) - (271)
Common stock held in treasury
520,875 shares, at cost (3,581) - (3,581)
-------- -------- --------
Total stockholders' equity 120,127 (1,500) 118,627
-------- -------- --------
$187,800 $ (5,151) $182,649
-------- -------- --------
-------- -------- --------
</TABLE>
See accompanying notes
7
<PAGE>
WYNN'S INTERNATIONAL, INC.
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1) On May 23, 1996, the Company sold the principal operating assets of Wynn's
Climate Systems, Inc. ("WCS") to Moog Automotive, Inc. ("Moog"), a wholly-
owned subsidiary of Cooper Industries Inc. Under the terms of the
transaction, Moog acquired the main manufacturing facility in Fort Worth,
Texas, and WCS' leased facilities located elsewhere. Moog paid $8.9
million at closing, including $3.5 million with respect to inventory and
assumed certain third party liabilities of WCS. Wynn's expects to receive
from Moog additional cash payments over the next twelve months based on the
disposition of the inventory and accounts receivable of WCS. From all
sources, Wynn's expects to receive approximately $25 million in connection
with the transaction.
2) The unaudited pro forma consolidated condensed financial statements
represent the results of continuing operations and the balance sheet, after
giving effect to certain pro forma adjustments related to the sale as if
the sale had occurred (i) January 1, 1996 for the statement of income for
the three months ended March 31, 1996, (ii) January 1, 1995 for the
statements of income for the years ended December 31, 1995, 1994 and 1993
and the three months ended March 31, 1995, and (iii) March 31, 1996 for the
balance sheet.
3) The pro forma adjustments related to the sale are:
(a) Elimination of corporate interest expense for short-term
borrowings reflecting the use of proceeds to pay off corporate
borrowings during 1995.
(b) Interest expense that is not directly attributable or related to
other operations of Wynn's has been allocated to discontinued
operations on the ratio of net assets of discontinued operations
to the sum of consolidated net assets plus unallocated
consolidated debt.
(c) Cash received at closing.
(d) Net assets of discontinued operations consists primarily of
accounts receivable, inventory, income taxes receivable and
accrued liabilities. It is anticipated that all amounts will be
collected or paid during the 12-month period following the
closing of the sale.
(e) The pro forma adjustment to retained earnings reflects the
estimated $1.5 million after tax loss (net of income tax benefit
of $5.5 million) from the sale. The tax benefit includes $2.8
million related to the tax deduction for $7.2 million of
goodwill, which was previously expensed with no tax benefit
recognized.
8
<PAGE>
(c) Exhibits.
2.1 Asset Purchase Agreement, dated as of May 23, 1996, by and
between Moog Automotive, Inc. and Wynn's Climate Systems, Inc.,
Wynn's Climate Equipment Company and Wynn's (UK) Limited."
9
<PAGE>
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.
Dated: October 10, 1996 WYNN'S INTERNATIONAL, INC.
By: SEYMOUR A. SCHLOSSER
-----------------------------
Seymour A. Schlosser
Vice President-Finance
and Chief Financial Officer
10
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