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Previous: COMPOSITE CASH MANAGEMENT CO INC, 485BPOS, 1997-04-24 |
Next: EMPIRE OF CAROLINA INC, 8-K, 1997-04-24 |
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): April 7, 1997
Golden Pharmaceuticals, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Colorado 0-9065 84-0645174
---------------------------- ----------- -------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
710 Fourteenth Street
Golden, Colorado 80401
---------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 279-9375
Not Applicable
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 7. Financial Statements and Exhibits.
(a) Not applicable.
(b) Pro Forma Financial Information
a. Unaudited Pro Forma Condensed Balance Sheet as of February
28, 1997
b. Unaudited Pro forma Condensed Statement of Operations for
the six months ended February 28, 1997
c. Unaudited Pro Forma Condensed Statement of Operations for
the year ended August 31, 1996
(c) Exhibits
10 Asset Purchase Agreement dated April 7 , 1997 by and
between Golden Pharmaceuticals, Inc. and Syncor Pharma-
ceuticals, Inc.*
20 Press Release dated April 11, 1997*
- --------------
*previously filed
<PAGE>
GOLDEN PHARMACEUTICALS, INC.
INTRODUCTION TO PRO FORMA FINANCIAL INFORMATION
The following pro forma condensed balance sheet as of February 28, 1997,
reflects the sale of the radiopharmaceutical assets of Golden Pharmaceuticals,
Inc., accounted for as sale of assets.
The following pro forma condensed statement of operations are presented to
reflect the sale of the radiopharmaceutical assets of Golden Pharmaceuticals,
Inc., accounted for as sale of assets.
Assumptions underlying the pro forma adjustments are described in the
accompanying notes which should be read in conjunction with the statements. The
pro forma statements do not purport to be indicative of the future results of
operations which may result from the sale of the assets.
<PAGE>
<TABLE>
GOLDEN PHARMACEUTICALS, INC.
CONSOLIDATED PROFORMA STATEMENT OF OPERATIONS
<CAPTION>
Historical Proforma
For Six Months Ended Pro Forma For Year Ended
February 28, 1997 Adjustments February 28, 1997
--------------------- --------------------------- --------------------
<S> <C> <C> <C> <C>
Revenues:
Net Sales .................................. $ 7,658,722 1,924,772 $ 5,733,950
Cost of sales .............................. 5,111,893 939,430 4,172,463
----------- -----------
Gross Margin ............................ 2,546,829 1,561,487
Percentage of Sales .................... 33.25% 27.23%
Selling, General and Administration ........ 2,561,906 610,805 1,951,101
----------- -----------
Operating Income ........................ (15,077) (389,614)
Percentage of Sales .................... -0.20% -6.79%
Other Income/(Expense)
Interest ................................... (552,290) 450,676 (a) (101,614)
Other Income ............................... 276,421 4,267 272,154
Subsidiary Income(Loss) .................... (37,079) (37,079)
Gain (loss) Sale of Assets ................. 2,363 2,363
----------- -----------
Total Other Income/(Expense) ............ (310,585) 135,824
Net Income From Continuing Operations ... (325,662) (253,790)
Discontinued Operations
Loss from operations of
Radiopharmaceuticals Division............. 0 71,872 (71,872)
Gain on Sale of Division ................... 0 5,456,376 (b) 5,456,376
----------- -----------
Total Discontinued Operations Income/(Loss) 0 5,384,504
Net Income Before Tax Expense ........... (325,662) 5,130,714
Income Tax Expense/(Benefit) ................. 800 800
----------- -----------
Net Income Before Minority Interest ..... (326,462) 5,129,914
Minority Interest ............................ (67,139) (67,139)
-----------
Net Income .................................. ($ 393,601) $ 5,062,775
=========== ===========
Percentage of Sales ......................... -5.14% 88.29%
<FN>
(a) Interest expense is reduced as a result of the pay off of the
loans with moneys received from the sale of the assets.
(b) Sale of radiopharmaceutical assets:
Cash 6,550,000
Note Receivable 150,000
----------
Selling Price 6,700,000
Book Value of Assets Sold 344,339
Inventory Given 135,817
Prepaid Expenses Given 14,679
Costs Associated with Sale of
the Assets 3,888
Interest Expense 1,045,558
Less: Accrued Interest (300,657)
==========
$5,456,376
==========
</FN>
</TABLE>
<PAGE>
<TABLE>
GOLDEN PHARMACEUTICALS, INC.
CONSOLIDATED PROFORMA STATEMENT OF OPERATIONS
<CAPTION>
Historical Proforma
For Year Ended Pro Forma For Year Ended
August 31, 1996 Adjustments August 31, 1996
---------------- -------------------------------- ----------------
<S> <C> <C> <C> <C>
Revenues:
Net Sales ...................................... $ 10,156,647 3,887,340 $ 6,269,307
Cost of sales .................................. 6,538,660 1,894,986 4,643,674
------------ ------------
Gross Margin ................................ 3,617,987 1,625,633
Percentage of Sales ........................ 35.62% 25.93%
Selling, General and Administration ............ 3,671,613 1,503,410 2,168,203
------------ ------------
Operating Income ............................ (53,626) (542,570)
Percentage of Sales ........................ -0.53% -8.65%
Other Income/(Expense)
Interest ....................................... (807,198) 675,443 (a) (131,755)
Other Income ................................... 68,180 12,080 56,100
Subsidiary Income(Loss) ........................ (66,776) (66,776)
Gain (loss) Sale of Assets ..................... (3,217) 1,698 (1,519)
------------ ------------
Total Other Income/(Expense) ................ (809,011) (143,950)
Net Income From Continuing Operations ....... (862,637) (686,520)
Discontinued Operations
Loss from operations of Radiopharmaceuticals
Division.................................... 0 176,117 (176,117)
Gain on Sale of Division ....................... 0 5,648,286 (b) 5,648,286
------------ ------------
Total Discontinued Operations Income/(Loss) .. 0 5,472,169
Net Income Before Tax Expense ............... (862,637) 4,785,649
Income Tax Expense/(Benefit) ..................... 0 0
------------ ------------
Net Income Before Minority Interest ......... (862,637) 4,785,649
Minority Interest ................................ 70,705 70,705
------------
Net Income ...................................... ($ 791,932) $ 4,856,354
============ ============
Percentage of Sales ............................. -7.80% 77.46%
<FN>
(a) Interest expense is reduced as a result of the pay off of the
loans with moneys received from the sale of the assets.
(b) Sale of radiopharmaceutical assets:
Cash 6,550,000
Note Receivable 150,000
----------
Selling Price 6,700,000
Book Value of Assets Sold 397,478
Inventory Given 135,817
Prepaid Expenses Given 18,679
Costs Associated with Sale of
the Assets 3,888
Interest Expense 640,000
Less: Accrued Interest (144,148)
===========
$5,648,286
===========
</FN>
</TABLE>
<PAGE>
<TABLE>
GOLDEN PHARMACEUTICALS, INC.
CONSOLIDATED PROFORMA BALANCE SHEET
(Unaudited)
<CAPTION>
Historical Proforma
February 28, February 28,
1997 Proforma Adjustments 1997
-------------- ----------- ------------ --------------
<S> <C> <C> <C> <C>
Assets
Current Assets:
Cash and Cash Equivalents ........... $ 30,625 6,550,000 6,550,000 $ 30,625
Accounts Receivable, Net of Allowance
For Doubtful Accounts of $55,029 . 3,002,589 3,002,589
Inventory ........................... 1,614,985 135,817 1,479,168
Deferred Taxes ...................... 380,000 380,000
Note Receivable ..................... 362,663 150,000 512,663
Prepaid Expenses .................... 269,694 14,679 255,015
------------ ------------ ------------ ------------
Total Current Assets ................ 7,376,569 6,700,000 6,700,496 5,660,060
------------ ------------ ------------ ------------
Property, Plant and Equipment
Land ................................ 148,000 74,000 74,000
Computers ........................... 193,930 34,378 159,552
Plant Licensing ..................... 75,462 75,462
Construction in Progress ............ 90,177 90,177
Machinery and Equipment ............. 2,611,059 795,827 1,815,232
Office Furniture and Equipment ...... 508,989 6,494 502,495
Vehicles ............................ 20,396 20,396
Building ............................ 1,070,768 607,480 463,288
------------ ------------ ------------ ------------
4,718,781 0 1,518,179 3,200,602
Less: Accumulated Depreciation
and Amortization ................ (2,015,892) 1,173,840 (842,052)
------------ ------------ ------------ ------------
Total PP&E .......................... 2,702,889 1,173,840 0 2,358,550
------------ ------------ ------------ ------------
Goodwill - net of amortization ...... 3,879,481 3,879,481
Deferred Taxes - Long Term .......... 220,000 220,000
Non-Compete Agreement ............... 378,338 378,338
Intangibles, net of amortization .... 36,835 36,835
------------ ------------
Total Assets ........................ $ 15,869,135 $ 7,873,840 $ 6,700,496 $ 12,533,264
============ ============ ============ ============
</TABLE>
<PAGE>
<TABLE>
GOLDEN PHARMACEUTICALS, INC.
CONSOLIDATED PROFORMA BALANCE SHEET
(Unaudited)
<CAPTION>
Consolidated
February 28, Pro Forma February 28,
1997 Adjustments 1997
--------------- ---------------------------- ------------
<S> <C> <C> <C> <C>
Liabilities and Stockholders' Equity
Current Portion of Lease Payable ..................... $ 95,246 $ 95,246
Note Payable - Related Party ......................... 75,000 75,000
Current Portion of Long Term Debt .................... 727,412 580,000 147,412
Credit Line .......................................... 1,760,757 1,458,894 301,863
Accounts Payable ..................................... 1,752,651 1,752,651
Accrued Expenses:
Interest .......................................... 341,737 300,657 41,080
Other ............................................. 162,750 162,750
------------ ------------ ------------ ------------
Total Current Liabilities ............................ 6,756,566 2,339,551 0 2,576,002
------------ ------------ ------------ ------------
Long Term Obligations, less current maturities ............. 3,548,842 3,461,660 87,182
Capitalized Lease Obligations, less current maturities ..... 584,178 584,178
Excess Loss on Investment in Subsidiary .................... 5,855 5,855
Minority Interest .......................................... 919,511 919,511
Stockholders' Equity
Common Stock - No Par Value: 200,000,000
shares authorized and 122,813,347
Outstanding at April 30, 1996 ........................... 23,927,384 23,927,384
Paid in Capital ............................................ 0 0
Treasury Stock ............................................. (94,132) (94,132)
Preferred Stock - No Par Value; 10,000,000 Shares Authorized
15%/30% Convertible 29,656 Shares Issued and
Outstanding April 30, 1996 .............................. 292,558 292,558
Accumulated Deficit ........................................ (21,221,650) 1,049,446 6,505,822 (15,765,274)
------------ ------------ ------------ ------------
Total Stockholders' Equity (Deficiency) .............. 5,000,694 1,049,446 6,505,822 8,360,536
------------ ------------ ------------ ------------
Total Liabilities & Stockholders' Equity ............. $ 15,869,135 $ 6,850,657 $ 6,505,822 $ 12,533,264
============ ============ ============ ============
</TABLE>
<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 thereunto duly authorized.
GOLDEN PHARMACEUTICALS, INC.
Date: April 23, 1997 By: /s/ Glen H. Weaver
---------------------------------------
Glen H. Weaver, Chief Financial Officer
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