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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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) MARCH 15, 1996
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CANTEL INDUSTRIES, INC.
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(Exact name of registrant as specified in its character)
DELAWARE 0-6132 22-1760285
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1135 BROAD STREET, CLIFTON, NEW JERSEY 07013
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 201-470-8700
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(Former name or former address, if changed since last report.)
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ITEM 7. FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) FINANCIAL STATEMENTS. The following financial statements of
MediVators are filed as part of this Current Report on Form 8-K:
(1) The Consolidated Financial Statements of MediVators, Inc.
("MediVators") for the fiscal years ended December 31,
1994 and December 31, 1993. Incorporated herein by
reference to Item 7 of the Annual Report on Form 10-KSB
of MediVators for the fiscal year ended December 31, 1994.
(2) The Consolidated Financial Statements of MediVators for
the nine months ended September 30, 1995. Incorporated
herein by reference to Part I of the Quarterly Report
on Form 10-QSB of MediVators for the quarterly period
ended September 30, 1995.
(3) Audited Consolidated Financial Statements of MediVators
for the fiscal years ended July 31, 1995 and July 31,
1994 will be included herein by amendment to be filed
within 60 days of the date this report was required to
be filed.
(b) PRO FORMA FINANCIAL INFORMATION. The following pro forma
statements of the Company are filed as part of this Current Report on Form 8-K:
(1) The unaudited pro forma combined condensed statements of
operations of the Company for the fiscal years ended July
31, 1995, 1994, and 1993 and the three month periods ended
October 31, 1995 and 1994, and the unaudited pro forma
combined condensed balance sheet of the Company as at
October 31, 1995. Incorporated herein by reference to the
Joint Proxy Statement/Prospectus included in the
Registration Statement on Form S-4 (No. 33-64727)
effective February 8, 1996.
(2) Annexed hereto and filed herewith are the unaudited pro
forma combined condensed statements of operations of the
Company for the six month periods ended January 31, 1996
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and 1995, and the unaudited pro forma combined condensed
balance sheet of the Company as at January 31, 1996.
(c) EXHIBITS. The following exhibits are filed herewith:
(1) The Merger Agreement. Incorporated herein by reference to
Annex I to the Proxy Statement/Prospectus included in the
S-4. combined condensed balance sheet of the Company as at
January 31, 1996.
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CANTEL INDUSTRIES, INC.
UNAUDITED PRO FORMA COMBINED CONDENSED BALANCE SHEET
JANUARY 31, 1996
ASSETS
<TABLE>
<CAPTION>
PRO FORMA
HISTORICAL ADJUSTMENTS
-------------------- GIVING EFFECT TO PRO FORMA
CANTEL MEDIVATORS THE MERGER COMBINED (G)
-------- ---------- ----------------- ------------
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
<S> <C> <C> <C> <C>
Current Assets:
Cash and cash equivalents. . . . . . . . . . . . $ 236 $ 244 $ 480
Accounts receivable, net . . . . . . . . . . . . 4,692 504 $ (102)(C) 5,094
Inventories. . . . . . . . . . . . . . . . . . . 7,377 1,422 8,799
Prepaid expenses and other current assets. . . . 658 49 707
------- ------- ------- -------
Total current assets . . . . . . . . . . . . . . . 12,963 2,219 (102) 15,080
Property and equipment, net. . . . . . . . . . . . 437 388 825
Other assets . . . . . . . . . . . . . . . . . . . 941 43 984
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$14,341 $ 2,650 $ (102) $16,889
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------- ------- ------- -------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable . . . . . . . . . . . . . . . . $ 2,109 $ 493 $ 98 (B)(C) $ 2,700
Compensation payable . . . . . . . . . . . . . . 697 111 808
Other accrued expenses . . . . . . . . . . . . . 425 78 503
------- ------- ------- -------
Total current liabilities. . . . . . . . . . . . . 3,231 682 98 4,011
Long-term debt . . . . . . . . . . . . . . . . . . 4,441 4,441
Other long-term liabilities. . . . . . . . . . . . 98 98
Stockholders' equity:
Preferred Stock, $1.00 par value . . . . . . . . -- --
Common Stock, $.10 par value . . . . . . . . . . 277 100 (A) 377
Series A Common Stock, $.01 par value. . . . . . 39 (39)(A) --
Series B Common Stock, $.01 par value. . . . . . -- --
Additional capital . . . . . . . . . . . . . . . 8,546 7,957 (61)(A) 16,442
Deferred compensation. . . . . . . . . . . . . . (5) (5)
Accumulated deficit. . . . . . . . . . . . . . . (933) (6,023) (200)(B) (7,156)
Cumulative foreign currency translation
adjustment. . . . . . . . . . . . . . . . . . . (1,319) (1,319)
------- ------- ------- -------
Total stockholders' equity . . . . . . . . . . . . 6,571 1,968 (200) 8,339
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$14,341 $ 2,650 $ (102) $16,889
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------- ------- ------- -------
</TABLE>
<PAGE>
CANTEL INDUSTRIES, INC.
UNAUDITED PRO FORMA COMBINED CONDENSED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 1996
<TABLE>
<CAPTION>
PRO FORMA
HISTORICAL ADJUSTMENTS
-------------------- GIVING EFFECT TO PRO FORMA
CANTEL MEDIVATORS THE MERGER(D) COMBINED (G)
-------- ---------- ----------------- ------------
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
<S> <C> <C> <C> <C>
Net sales. . . . . . . . . . . . . . . . . . . . . $12,205 $ 1,897 $ (150)(F) $13,952
Cost of sales. . . . . . . . . . . . . . . . . . . 8,280 1,195 (150)(F) 9,325
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Gross profit . . . . . . . . . . . . . . . . . . . 3,925 702 -- 4,627
Expenses:
Shipping and warehouse . . . . . . . . . . . . . 379 379
Selling. . . . . . . . . . . . . . . . . . . . . 1,967 315 2,282
General and administrative . . . . . . . . . . . 1,204 458 1,662
Research and development . . . . . . . . . . . . 150 150
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Total operating expenses . . . . . . . . . . . . . 3,550 923 -- 4,473
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Income (loss) from continuing operations before
other (income) expense and income taxes . . . . . 375 (221) -- 154
Other (income) expense:
Interest (income) expense. . . . . . . . . . . . 120 (1) 119
Other. . . . . . . . . . . . . . . . . . . . . . 1 1
------- ------- ------- -------
120 -- -- 120
------- ------- ------- -------
Income (loss) from continuing operations before
income taxes. . . . . . . . . . . . . . . . . . . 255 (221) -- 34
Income taxes . . . . . . . . . . . . . . . . . . . 1 1
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Net income (loss) from continuing operations . . . $ 254 $ (221) $ -- $ 33
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Earnings per common share from
continuing operations:
Primary. . . . . . . . . . . . . . . . . . . . . $ .08 $ .01
------- -------
------- -------
Fully diluted. . . . . . . . . . . . . . . . . . $ .08 $ .01
------- -------
------- -------
Weighted average number of common and
common equivalent shares outstanding:
Primary. . . . . . . . . . . . . . . . . . . . . 3,283 1,024(H) 4,307 (E)
Fully diluted. . . . . . . . . . . . . . . . . . 3,303 1,024(H) 4,327 (E)
</TABLE>
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CANTEL INDUSTRIES, INC.
UNAUDITED PRO FORMA COMBINED CONDENSED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 1995
<TABLE>
<CAPTION>
PRO FORMA
HISTORICAL ADJUSTMENTS
-------------------- GIVING EFFECT TO PRO FORMA
CANTEL MEDIVATORS THE MERGER(D) COMBINED (G)
-------- ---------- ----------------- ------------
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
<S> <C> <C> <C> <C>
Net sales. . . . . . . . . . . . . . . . . . . . . $14,751 $ 1,855 $ (307)(F) $16,299
Cost of sales. . . . . . . . . . . . . . . . . . . 10,086 1,233 (307)(F) 11,012
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Gross profit . . . . . . . . . . . . . . . . . . . 4,665 622 -- 5,287
Expenses:
Shipping and warehouse . . . . . . . . . . . . . 390 390
Selling. . . . . . . . . . . . . . . . . . . . . 2,092 302 2,394
General and administrative . . . . . . . . . . . 1,188 580 1,768
Research and development . . . . . . . . . . . . 153 153
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Total operating expenses . . . . . . . . . . . . . 3,670 1,035 -- 4,705
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Income (loss) from continuing operations before
other (income) expense and income taxes . . . . . 995 (413) -- 582
Other (income) expense:
Interest (income) expense. . . . . . . . . . . . 213 (5) 208
Other. . . . . . . . . . . . . . . . . . . . . . 1 1
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213 (4) -- 209
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Income (loss) from continuing operations before
income taxes. . . . . . . . . . . . . . . . . . . 782 (409) -- 373
Income taxes . . . . . . . . . . . . . . . . . . . 417 417
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Net income (loss) from continuing operations . . . $ 365 $ (409) $ -- $ (44)
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Earnings (loss) per common share from
continuing operations:
Primary. . . . . . . . . . . . . . . . . . . . . $ .12 $ (.01)
------- -------
------- -------
Fully diluted. . . . . . . . . . . . . . . . . . $ .12 $ (.01)
------- -------
------- -------
Weighted average number of common and
common equivalent shares outstanding:
Primary. . . . . . . . . . . . . . . . . . . . . 3,118 608(H)(I) 3,726 (E)
Fully diluted. . . . . . . . . . . . . . . . . . 3,118 608(H)(I) 3,726 (E)
</TABLE>
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CANTEL INDUSTRIES, INC.
NOTES TO UNAUDITED PRO FORMA COMBINED CONDENSED FINANCIAL STATEMENTS
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(A) To record 997,158 shares of Cantel Stock issued to MediVators stockholders.
(B) To record anticipated direct costs associated with the Merger.
(C) To eliminate intercompany accounts and note receivable and accounts and
note payable between Cantel and MediVators.
(D) The Unaudited Pro Forma Combined Condensed Statements of Operations do not
include the anticipated direct costs associated with the Merger since they
are non-recurring items.
(E) Weighted average number of shares for the combined company consists of the
outstanding shares of Cantel, and outstanding shares of MediVators
converted into Cantel shares at the rate of .2571 shares of Cantel Stock
for each outstanding share of MediVators Series A Stock and .7713 shares of
Cantel Stock for each outstanding share of MediVators Series B Stock. The
outstanding MediVators Convertible Securities which are considered common
stock equivalents are not included in the computation of primary or fully
diluted earnings per share for the six months ended January 31, 1995 since
they would be antidilutive upon conversion into Cantel Convertible
Securities.
(F) To eliminate intercompany sales between Cantel and MediVators.
(G) In order to effect the Unaudited Pro Forma Combined Condensed Balance Sheet
as of January 31, 1996 (Cantel quarter-end), the balance sheets of Cantel
and MediVators were combined as of January 31, 1996. In order to effect
the Unaudited Pro Forma Combined Condensed Statements of Operations for the
six month periods ended January 31, 1996 and 1995 (Cantel quarter-end),
the operating results for Cantel and MediVators were combined for the six
month periods ended January 31.
(H) To reflect weighted average new Cantel shares and dilutive Convertible
Securities issued in exchange for the MediVators shares.
(I) To eliminate Cantel Convertible Securities from the calculation of weighted
average shares outstanding for the six months ended January 31, 1996 since
they are antidilutive due to the combined net loss from continuing
operations.
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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 thereunto duly authorized.
CANTEL INDUSTRIES, INC.
By:/s/ James P. Reilly
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James P. Reilly,
President
Dated: April 15, 1996
