FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 17, 1995
(Exact name of registrant as specified in charter)
DDL Electronics, Inc.
(State or other jurisdiction of incorporation) Delaware
(Commission file number) 1-8101
(IRS employer Identification No.) 33-0213512
(Address of principal executive offices)
7320 SW Hunziker Road #300, Tigard, Oregon 97223-2302
Registrant's telephone number, including area code (503)
620-1789
<PAGE>
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND
EXHIBITS
Pursuant to Article 11 of Regulation S-X the following is pro
forma
financial information of DDL Electronics, Inc. adjusted to
reflect
its sale of substantially all of the assets of its subsiduaries,
Aeroscientific Corp., an Oregon corporation to Yamamoto
Manufacturing (USA), Inc. and A. J. Electronics, Inc., a
California
corporation, to Raven Industries, Inc.
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.
DDL ELECTRONICS, INC.
By: /s/ M. Charles Van Rossen
Vice President, Finance
(Principal Financial Officer)
Dated: April 11, 1995
</PAGE>
<TABLE>
DDL ELECTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
December 31, 1994
(Unaudited)
December 31,
1994
ASSETS
<S> <C>
CURRENT ASSETS
Cash and cash equivalents $ 2,046,000
Accounts receivable 5,333,000
Inventories 1,156,000
Prepaid expenses 325,000
Total current assets 8,860,000
PROPERTY, EQUIPMENT AND
IMPROVEMENTS, AT COST
Land -
Buildings and improvements 5,110,000
Plant equipment 9,040,000
Office and other equipment 1,181,000
20,642,000
Less: accumulated depreciation
and amortization (11,935,000)
Property, equipment and
improvements, net 3,396,000
OTHER ASSETS 448,000
$12,704,000
<FN>
See accompanying Notes to Consolidated Financial Statements
Associated with the Company's 10-Q and 10-K Filings.
</FN>
</TABLE>
<PAGE>
<TABLE>
DDL ELECTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
December 31, 1994
(Continued)
(Unaudited)
December 31,
1994
LIABILITIES AND STOCKHOLDERS' DEFICIT
<S> <C>
CURRENT LIABILITIES
Current portion of long-term debt $ 1,102,000
Accounts payable 5,034,000
Accrued payroll and employee benefits 685,000
Other accrued liabilities 1,544,000
Total current liabilities 8,365,000
LONG-TERM DEBT
7% Convertible Subordinated Debentures,
less current portion 729,000
8-1/2% Convertible Subordinated Debentures 1,580,000
Notes payable, capitalized lease
obligations and other long-term
debt, less current portion 4,128,000
Total long-term debt 6,437,000
STOCKHOLDERS' DEFICIT
Preferred stock -
Common stock 153,000
Additional paid-in capital 20,647,000
Accumulated deficit (21,949,000)
Foreign currency translation adjustment (949,000)
Total stockholders' deficit (2,098,000)
$12,704,000
<FN>
See accompanying Notes to Consolidated Financial Statements
Associated with the Company's 10-Q and 10-K Filings.
</FN>
</TABLE>
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<TABLE>
DDL ELECTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1994
(Unaudited)
Historical Adjustments Pro
Forma
<S> <C> <C> <C>
SALES $16,594,000 $(8,765,000) $
7,829,000
COSTS AND EXPENSES
Cost of goods sold 15,713,000 (8,545,000)
7,168,000
Administrative and
selling expenses 3,233,000 (1,406,000)
1,827,000
Restructuring charges 1,173,000 (1,173,000) -
20,119,000 (11,124,000)
8,995,000
OPERATING LOSS (3,525,000) 2,359,000
(1,166,000)
NONOPERATING INCOME (EXPENSE)
Investment income 57,000 -
57,000
Interest expense (656,000) 176,000
(480,000)
Gain on sale of assets 3,374,000 (3,374,000) -
Other income 33,000 -
33,000
2,808,000 (3,198,000)
(390,000)
LOSS BEFORE INCOME TAXES (717,000) (839,000)
(1,556,000)
INCOME TAXES - - -
LOSS BEFORE EXTRAORDINARY
ITEM (717,000) (2,731,545)
(3,448,545)
EXTRAORDINARY ITEM
Gain on debt extinguishment 2,441,000 -
2,441,000
NET INCOME $ 1,724,000 $(839,000) $
885,000
PRIMARY EARNINGS (LOSS) PER SHARE:
Loss before extraordinary
item ($0.05) ($0.05)
($0.10)
Extraordinary item 0.16 -
0.16
$0.11 ($0.05)
$0.06
AVERAGE NUMBER OF COMMON AND
COMMON SHARE EQUIVALENTS 15,673,270 15,673,270
15,673,270
<FN>
See accompanying Notes to Consolidated Financial Statements
Associated with the Company's 10-Q and 10-K Filings.
</FN>
</TABLE>
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<TABLE>
DDL ELECTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 1994
(Unaudited)
Historical Adjustments Pro
Forma
<S> <C> <C> <C>
SALES $48,529,000 $(27,571,000)
$20,958,000
COSTS AND EXPENSES
Cost of goods sold 48,360,000 (28,686,000)
19,674,000
Administrative and
selling expenses 7,617,000 (3,403,000)
4,214,000
55,977,000 (32,089,000)
23,888,000
OPERATING LOSS (7,448,000) 4,518,000
(2,930,000)
NONOPERATING INCOME (EXPENSE)
Investment income 168,000 -
168,000
Interest expense (1,110,000) 267,000
(843,000)
Gain on sale of assets 2,000 (2,000) -
Other income 34,000 -
34,000
(906,000) 265,000
(641,000)
LOSS BEFORE INCOME TAXES (8,354,000) 4,783,000
(3,571,000)
INCOME TAXES - - -
NET LOSS $(8,354,000) $ 2,262,000
$(6,092,000)
PRIMARY LOSS PER SHARE: ($0.55) $0.31
($0.24)
AVERAGE NUMBER OF COMMON AND
COMMON SHARE EQUIVALENTS 15,097,175 15,097,175
15,097,175
<FN>
See accompanying Notes to Consolidated Financial Statements
Associated with the Company's 10-Q and 10-K Filings.
</FN>
</TABLE>
