UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report June 19, 1998
DATAMARINE INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
0-8936
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(Commission File Number)
Massachusetts 04-2454559
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(State of Incorporation) (I.R.S. Employer Identification Number)
7030 220th SW, Mountlake Terrace, Washington 98043
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(Address of principal executive offices)
(425)771-2182
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(Registrant's telephone number, including area code)
Item 5. Other Events
Datamarine International, Inc. announced that it has engaged the investment
banking firm of Wedbush Morgan Securities in connection with the private
placement of not less than $5,000,000 in equity. Proceeds of the placement will
be used to retire the Company's subordinated debentures and increase working
capital. The transaction is scheduled to close during July 1998.
The following pro forma balance sheet and related pro forma adjustments are
presented to show the assumed issuance of approximately $5,000,000 in common
stock at a price of $5.50 per share, less approximately $250,000 in placement
related expenses.
DATAMARINE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED PRO FORMA BALANCE SHEET (UNAUDITED)
<TABLE>
<CAPTION>
(Unaudited) Pro forma
May 30, Pro forma May 30,
1998 Adjustments 1998
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<S> <C> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 314,312 $ 4,750,000 $ 5,064,312
Accounts receivable, net of allowance of $90,945 1,747,762 1,747,762
Inventories 5,155,420 5,155,420
Prepaid expenses and other current assets 134,840 134,840
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Total current assets 7,352,334 12,102,334
Property, plant and equipment 5,069,989 5,069,989
Less accumulated depreciation 3,321,559 3,321,559
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Property, plant and equipment, net 1,748,430 1,748,430
Other assets, net 514,113 514,113
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Total assets $ 9,614,877 $ 4,750,000 $ 14,364,877
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LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Notes payable to bank $ 1,424,561 $ 1,424,561
Notes payable to related parties and others 994,697 994,697
Accounts payable 1,134,974 1,134,974
Accrued expenses 1,721,408 1,721,408
Current maturities of long-term debt and capital lease obligations 1,816,823 1,816,823
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Total current liabilities 7,092,463 7,092,463
Long-term debt and capital lease obligations, less current maturities 152,254 152,254
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Total liabilities 7,244,717 7,244,717
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Redeemable preferred stock, $1 par value; none issued -- --
Stockholders' equity:
Convertible preferred stock, $1 par value, Authorized 1,000,000
shares; including redeemable preferred stock; none issued -- --
Common stock, $.01 par value, Authorized 3,000,000 shares; 1,330,516
and2,239,607 shares issued and outstanding, respectively 13,305 9,091 22,396
Capital in excess of par value 3,930,131 4,740,909 8,671,040
Unearned compensation (36,468) (36,468)
Retained earnings (accumulated deficit) (1,536,808) (1,536,808)
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Total stockholders' equity 2,370,160 4,750,000 7,120,160
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Total liabilities and stockholders' equity $ 9,614,877 $ 4,750,000 $ 14,364,877
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SIGNATURES
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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.
Datamarine International, Inc.
(Registrant)
Date: June 19, 1998 /s/ JAN KALLSHIAN
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Jan Kallshian
Chief Financial Officer
