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Previous: MIDLAND REALTY ACCEPTANCE CORP, S-3, 1996-05-16 |
Next: ACME UNITED CORP, 10-K/A, 1996-05-17 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
AMENDMENT NO. 1
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 29, 1996
-------------------------------
THE TRANZONIC COMPANIES
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Ohio 1-5774 34-0664235
- ------------------- ------------------------ -----------------------
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification
incorporation) Number)
30195 Chagrin Boulevard, Pepper Pike, Ohio 44124
- ------------------------------------------- --------------
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code: (216)831-5757
-----------------------------
N/A
- --------------------------------------------------------------------------------
(Former name or former address if changed from last report)
<PAGE> 2
The undersigned hereby amends and restates in its entirety Item
7(b) and (c) of the undersigned's Current Report on Form 8-K dated March 29,
1996 as follows:
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
- ------- ---------------------------------------------------------
EXHIBITS
--------
(b) Pro Forma Financial Information Unaudited
-----------------------------------------
The following financial statements are filed herewith as a part of this
Report:
1. The Tranzonic Companies Unaudited Pro Forma Condensed
Consolidated Statement of Earnings for the year ended
February 29, 1996.
2. The Tranzonic Companies Unaudited Pro Forma Condensed
Consolidated Balance Sheet dated February 29, 1996.
(c) Exhibits
--------
10.1 Asset Purchase Agreement by and among Whitney Corr-Pak International,
Inc., The Tranzonic Companies, Design Trend, Inc. and Ever-Ready
Appliance Mfg. Co. dated February 29, 1996.
27 Financial Data Schedule(1)
- ---------------
(1) Filed only in electronic format pursuant to Item 601(b)(27) of Regulation
S-K.
-1-
<PAGE> 3
THE TRANZONIC COMPANIES
Pro Forma Financial Information
Unaudited
On February 29, 1996, The Tranzonic Companies (Registrant) signed a definitive
agreement to sell substantially all of the assets of Design Trend, Inc. and
Ever-Ready Appliance Mfg. Co. The sale was completed on March 29, 1996.
The following unaudited financial statements set forth the pro forma condensed
results of operations as if the sale had taken place as of the beginning of the
fiscal year, March 1, 1995, and the pro forma condensed balance sheet as if the
sale was completed as of the Registrant's fiscal year ended February 29, 1996.
2
<PAGE> 4
THE TRANZONIC COMPANIES
Unaudited Pro Forma Consolidated Condensed Balance Sheet
February 29, 1996
<TABLE>
<CAPTION>
Pro Forma
Consolidated Divested Pro Forma Consolidated
Assets Entity Business Adjustments Entity
------ ----------- ------------ --------------- -----------
<S> <C> <C> <C> <C>
Current assets
Cash $ 6,610,933 - 2,952,702 (1) 9,563,635
Receivables, net 18,546,237 4,793,777 - 13,752,460
Inventories 21,153,855 5,815,190 - 15,338,665
Other current assets 3,482,130 458,789 - 3,023,341
---------- ---------- --------- ----------
Total current assets 49,793,155 11,067,756 2,952,702 41,678,101
Property, plant and equipment 19,690,484 314,276 - 19,376,208
Other noncurrent assets 7,789,144 143,352 - 7,645,792
---------- ---------- --------- ----------
$ 77,272,783 11,525,384 2,952,702 68,700,101
========== ========== ========= ==========
Liabilities and Shareholders' Equity
------------------------------------
Current liabilities
Trade accounts payable $ 9,008,935 671,490 - 8,337,445
Other current liabilities 8,013,105 382,864 (518,328) (2) 7,111,913
---------- ---------- --------- ----------
Total current liabilities 17,022,040 1,054,354 (518,328) 15,449,358
Long-term debt 7,000,000 - (7,000,000) (1) -
Other noncurrent liabilities 4,096,627 - - 4,096,627
Shareholders' equity
Common shares 998,885 - - 998,885
Additional paid-in capital 5,780,774 - - 5,780,774
Retained earnings 46,471,200 - - 46,471,200
---------- ---------- --------- ----------
53,250,859 - - 53,250,859
Less cost of common shares in
treasury 4,096,743 - - 4,096,743
---------- ---------- --------- ----------
Total shareholders' equity 49,154,116 - - 49,154,116
---------- ---------- --------- ----------
$ 77,272,783 1,054,354 (7,518,328) 68,700,101
========== =========== ========= ==========
<FN>
- -----------------
(1) Reflects proceeds received of $10,471,030 less the payoff of $7,000,000 in
long-term debt less $518,378 as explained in note (2).
(2) Reflects the change in expected proceeds as a result of change in working
capital between fiscal year ended February 29, 1996 and the Closing Date of
March 29, 1996.
</TABLE>
3
<PAGE> 5
THE TRANZONIC COMPANIES
Unaudited Pro Forma Consolidated Condensed Statement of Earnings
For the year ended February 29, 1996
<TABLE>
<CAPTION>
Pro Forma
Consolidated Divested Pro Forma Consolidated
Entity Business Adjustments Entity
------------ -------- ----------- ------------
<S> <C> <C> <C> <C>
Sales $ 161,325,794 24,110,273 - 137,215,521
Cost and expenses
Cost of goods sold 113,242,410 19,070,739 - 94,171,671
Selling, general and administrative
expenses 40,093,786 4,229,502 28,544 (1) 35,892,828
----------- ---------- ------- -----------
153,336,196 23,300,241 28,544 130,064,499
----------- ---------- ------- -----------
Operating earnings 7,989,598 810,032 (28,544) 7,151,022
Interest income 91,386 - 82,345 (2) 173,731
Interest expense (685,642) - 674,201 (3) (11,441)
----------- ---------- ------- -----------
Earnings before income taxes 7,395,342 810,032 728,002 7,313,312
Income taxes 2,569,000 400,000 276,600 2,445,600
----------- ---------- ------- -----------
Net earnings $ 4,826,342 410,032 451,402 4,867,712
=========== ========== ======= ===========
Net earnings per common and
common equivalent share $ 1.37 1.38
==== ====
Average Class A and Class B
common and common equivalent
shares outstanding 3,525,457
=========
<FN>
- -----------------
(1) Represents additional commitment fees on change in outstanding debt.
(2) Represents additional interest income on proceeds invested.
(3) Represents impact on liquidation of outstanding debt at beginning of period
presented.
</TABLE>
4
<PAGE> 6
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: May 16, 1996 THE TRANZONIC COMPANIES
By: /s/ Robert S. Reitman
----------------------
Name: Robert S. Reitman
Title: President
5
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED PRO FORMA CONSOLIDATED CONDENSED BALANCE SHEET AT FEBRUARY 29, 1996
AND THE UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF EARNINGS FOR THE
YEAR ENDED FEBRUARY 29, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000001761
<NAME> TRANZONIC COMPANIES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> FEB-29-1996
<PERIOD-START> MAR-01-1995
<PERIOD-END> FEB-29-1996
<CASH> 9,563,635
<SECURITIES> 0
<RECEIVABLES> 13,752,460
<ALLOWANCES> 0
<INVENTORY> 15,338,665
<CURRENT-ASSETS> 41,678,101
<PP&E> 19,376,208
<DEPRECIATION> 0
<TOTAL-ASSETS> 68,700,101
<CURRENT-LIABILITIES> 15,449,358
<BONDS> 0
<COMMON> 998,885
0
0
<OTHER-SE> 52,251,974<F1>
<TOTAL-LIABILITY-AND-EQUITY> 68,700,101
<SALES> 137,215,521
<TOTAL-REVENUES> 137,215,521
<CGS> 94,171,671
<TOTAL-COSTS> 130,064,499
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 11,441
<INCOME-PRETAX> 7,313,312
<INCOME-TAX> 2,445,600
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,867,712
<EPS-PRIMARY> 1.38
<EPS-DILUTED> 0
<FN>
<F1>This figure includes $5,780,774 of Additional Paid
In Capital and $46,471,200 of Retained Earnings.
</FN>
</TABLE>
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