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<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
PURSUANT TO SECTION 13 OR
15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: MAY 1, 1996
BANCTEC, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-9859 75-1559633
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation ) Number) Identification No.)
4435 SPRING VALLEY ROAD, DALLAS, TX 75244
(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE, 214/450-7700
<PAGE>
FORM 8-K/A
(CONTINUED)
ITEM 5. OTHER EVENTS
------------
Since the acquisition of Recognition International Inc.,
("Recognition") on October 12, 1995, BancTec, Inc., ("BancTec") has
received numerous requests for a historical combination of the
financial results of the two companies. In an effort to satisfy these
requests, BancTec has prepared the proforma financial statements
contained in Item 7 of this report. These numbers have not been
audited and are not presented with the implication that they would be
indicative of the results of operations if the two companies had been
combined during the time periods reported. The presentation of the
numbers is purely historical and does not reflect any efficiencies
which may have been realized at the times reported or which may be
realized in the future.
ITEM 7. FINANCIAL STATEMENT AND EXHIBITS
--------------------------------
The following unaudited proforma information combines the results of
operations and balance sheets for BancTec and Recognition from January
1, 1994. The pro forma information is based on the historical
financial statements of BancTec and Recognition and reflects the
issuance of 0.59 of a share of BancTec common stock for each share of
Recognition common stock. The historical results of Recognition used
to compile this information have been restated to conform its method
of accounting for field spares and expendable parts inventory to be
consistent with the BancTec method. Certain maintenance revenue and
cost of sales for Recognition have been reclassified to software
revenue and cost of sales, respectively.
The consolidated balance sheet data as of December 31, 1995, is that
of the combined company. The consolidated balance sheet data for all
other periods includes the balance sheet data for BancTec on the date
noted, combined with consolidated balance sheet data of Recognition as
of the last day of the month noted. The consolidated statement of
operations for the three months ended December 31, 1995, is that of
the combined company. The consolidated statement of operations for all
other periods includes BancTec's results for the periods noted,
combined with Recognition's results for the three month period ending
on the last day of the month noted.
Management believes that these pro forma statements are not indicative
of the results that would have occured if the combinations had been in
effect on the dates indicated or which may be obtained in the future.
Anticipated efficiencies from the consolidation of the entities are
not fully determinable, and, therefore, have been excluded from these
pro forma results of operations.
-2-
<PAGE>
BANCTEC, INC.
UNAUDITED PRO FORMA BALANCE SHEETS
(Dollars in thousands)
<TABLE>
<CAPTION>
December 31, September 24, June 25, March 26,
1995 1995 1995 1995
------------- --------------- ----------- ------------
ASSETS
<S> <C> <C> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $22,010 $34,300 $53,505 $52,233
Short-term investments 4,864 5,028 633 604
Accounts receivable, net 106,189 131,729 118,583 131,767
Inventories 76,930 88,643 84,602 76,831
Other 25,873 23,499 21,943 20,327
------------- -------------- ----------- ------------
Total current assets 235,866 283,199 279,266 281,762
------------- -------------- ----------- ------------
PROPERTY, PLANT AND EQUIPMENT-NET 75,557 81,756 80,937 80,057
EXCESS OF COST OVER NET ASSETS OF ACQUIRED BUSINESS-NET 91,503 99,785 100,421 101,497
OTHER INTANGIBLE ASSETS-NET 1,607 9,286 9,850 15,714
OTHER ASSETS 35,815 26,699 27,562 22,728
------------- -------------- ----------- ------------
TOTAL ASSETS $440,348 $500,725 $498,036 $501,758
============= ============== =========== ============
LIABILITIES
CURRENT LIABILITIES:
Revolving credit facilities $21,542 $16,871 $19,874 $19,383
Current maturities of long-term debt 13,593 16,031 17,949 22,224
Trade accounts payable 24,243 28,599 28,909 35,183
Other accrued expenses and liabilities 91,378 88,271 83,783 78,423
Deferred revenue 38,024 37,285 34,759 36,409
------------- -------------- ----------- ------------
Total current liabilities 188,780 187,057 185,274 191,622
------------- -------------- ----------- ------------
LONG-TERM DEBT, less current maturities 82,972 88,756 92,049 94,181
OTHER LIABILITIES 12,395 8,264 8,582 9,212
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST - - - -
STOCKHOLDERS' EQUITY
Common stock 199 198 198 197
Treasury stock (388) (388) (388) (388)
Additional paid-in capital 191,709 190,898 190,369 189,755
Retained earnings (deficit) (29,134) 32,685 28,027 24,349
Foreign currency translation adjustments (2,866) (3,307) (1,796) (2,734)
Unearned compensation (3,319) (3,438) (4,279) (4,436)
------------- --------------- ----------- ------------
Total stockholders' equity 156,201 216,648 212,131 206,743
------------- --------------- ----------- ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $440,348 $500,725 $498,036 $501,758
============= =============== =========== ============
</TABLE>
-3-
<PAGE>
BANCTEC, INC.
UNAUDITED PRO FORMA BALANCE SHEETS
(Dollars in thousands)
<TABLE>
<CAPTION>
December 25, September 25, June 26, March 27,
1994 1994 1994 1994
-------------- -------------- ------------- --------------
ASSETS
<S> <C> <C> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $42,481 $46,791 $45,157 $46,033
Short-term investments 532 545 529 527
Accounts receivable, net 130,277 114,467 116,145 113,711
Inventories 75,059 86,648 89,605 87,407
Other 28,178 17,328 16,046 15,227
-------------- -------------- ------------- --------------
Total current assets 276,527 265,779 267,482 262,905
-------------- -------------- ------------- --------------
PROPERTY, PLANT AND EQUIPMENT-NET 81,323 79,886 77,985 76,047
EXCESS OF COST OVER NET ASSETS OF ACQUIRED BUSINESS-NET 102,886 114,047 113,482 105,837
OTHER INTANGIBLE ASSETS-NET 11,133 11,851 12,597 13,400
OTHER ASSETS 25,564 18,608 23,470 22,689
-------------- -------------- ------------- --------------
TOTAL ASSETS $497,433 $490,171 $495,016 $480,878
============== ============== ============= ==============
LIABILITIES
CURRENT LIABILITIES:
Revolving credit facilities $18,179 $19,011 $21,174 $5,933
Current maturities of long-term debt 18,969 20,372 12,528 12,426
Trade accounts payable 26,983 30,713 30,713 29,908
Other accrued expenses and liabilities 87,498 72,103 60,050 60,597
Deferred revenue 29,736 32,215 29,525 32,864
-------------- -------------- ------------- --------------
Total current liabilities 181,365 174,414 153,990 141,728
-------------- -------------- ------------- --------------
LONG-TERM DEBT, less current maturities 99,359 100,194 105,096 104,220
OTHER LIABILITIES 10,363 12,408 12,009 12,106
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST - 766 771 1,210
STOCKHOLDERS' EQUITY
Common stock 196 196 196 195
Treasury stock (388) (427) (427) (427)
Additional paid-in capital 189,255 190,256 189,589 192,397
Retained earnings (deficit) 26,591 19,832 43,176 39,823
Foreign currency translation adjustments (4,431) (2,284) (3,868) (4,688)
Unearned compensation (4,877) (5,184) (5,516) (5,686)
-------------- -------------- ------------- --------------
Total stockholders' equity 206,346 202,389 223,150 221,614
-------------- -------------- ------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $497,433 $490,171 $495,016 $480,878
============== ============== ============= ==============
</TABLE>
-4-
<PAGE>
BANCTEC, INC.
UNAUDITED PRO FORMA RESULTS OF OPERATIONS
(Amounts in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Three Months Three Months Three Months
Ended Ended Ended Ended
December 31, 1995 September 24, 1995 June 25, 1995 March 26, 1995
---------------------- --------------------- ----------------- -------------------
<S> <C> <C> <C> <C>
REVENUE:
Equipment and software $65,028 $72,265 $63,420 $69,543
Maintenance and other services 59,975 62,057 61,239 59,013
--------------------- --------------------- ----------------- --------------------
125,003 134,322 124,659 128,556
--------------------- --------------------- ----------------- --------------------
COST OF SALES:
Equipment and software 81,200 49,597 41,820 49,927
Maintenance and other services 55,986 47,615 46,285 45,292
---------------------- --------------------- ----------------- --------------------
137,186 97,212 88,105 95,219
---------------------- --------------------- ----------------- --------------------
Gross profit (12,183) 37,110 36,554 33,337
---------------------- --------------------- ----------------- --------------------
OPERATING EXPENSES:
Product development 12,201 5,054 4,199 5,075
Selling, general and administrative 43,200 20,552 22,013 27,133
Goodwill amortization 14,598 1,779 1,854 1,501
---------------------- --------------------- ----------------- --------------------
69,999 27,385 28,066 33,709
---------------------- --------------------- ----------------- --------------------
Income (loss) from operations (82,182) 9,725 8,488 (372)
---------------------- --------------------- ----------------- --------------------
OTHER INCOME (EXPENSE):
Interest income 381 624 835 649
Interest expense (2,393) (2,374) (2,543) (2,699)
Sundry-net (759) (1,035) 518 1,533
---------------------- --------------------- ----------------- ---------------------
(2,771) (2,785) (1,190) (517)
---------------------- --------------------- ----------------- ---------------------
Income (loss) before income
taxes and minority interest (84,953) 6,940 7,298 (889)
INCOME TAX PROVISION (BENEFIT): (23,136) 2,283 3,619 843
---------------------- --------------------- ----------------- --------------------
MINORITY INTEREST 0 0 0 0
--------------------- --------------------- ----------------- --------------------
NET INCOME (LOSS) ($61,817) $4,657 $3,679 ($1,732)
===================== ===================== ================= ====================
NET INCOME (LOSS) PER SHARE ($3.02) $0.23 $0.18 ($0.09)
WEIGHTED AVERAGE SHARES 20,457 20,339 20,169 20,124
</TABLE>
-5-
<PAGE>
BANCTEC, INC.
UNAUDITED PRO FORMA RESULTS OF OPERATIONS
(Amounts in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Three Months Three Months Three Months
Ended Ended Ended Ended
December 25, 1994 September 25, 1994 June 26, 1994 March 27, 1994
-------------------- ---------------------- ----------------- ------------------
<S> <C> <C> <C> <C>
REVENUE:
Equipment and software $82,346 $61,702 $70,430 $79,917
Maintenance and other services 60,388 57,737 57,141 57,419
------------------- --------------------- ----------------- -----------------
142,734 119,439 127,571 137,336
------------------- --------------------- ----------------- -----------------
COST OF SALES:
Equipment and software 57,226 55,486 46,464 55,577
Maintenance and other services 42,294 45,494 42,764 42,158
------------------- --------------------- ----------------- -----------------
99,520 100,980 89,228 97,735
------------------- --------------------- ----------------- -----------------
Gross profit 43,214 18,459 38,343 39,601
------------------- --------------------- ----------------- -----------------
OPERATING EXPENSES:
Product development 5,125 9,227 6,546 5,784
Selling, general and administrative 23,484 22,186 22,977 23,579
Goodwill amortization 2,820 5,692 1,953 1,745
------------------- --------------------- ----------------- -----------------
31,429 37,105 31,476 31,108
------------------- --------------------- ----------------- -----------------
Income (loss) from operations 11,785 (18,646) 6,867 8,493
------------------- --------------------- ---------------- -----------------
OTHER INCOME (EXPENSE):
Interest income 613 740 723 570
Interest expense (2,652) (2,559) (2,101) (1,789)
Sundry-net (227) 382 963 1,161
-------------------- --------------------- ---------------- ------------------
(2,266) (1,437) (415) (58)
-------------------- --------------------- ----------------- ------------------
Income (loss) before income
taxes and minority interest 9,519 (20,083) 6,452 8,435
INCOME TAX PROVISION (BENEFIT): 3,256 3,192 3,537 3,022
-------------------- ---------------------- ---------------- ------------------
MINORITY INTEREST 766 5 439 1,355
-------------------- --------------------- ---------------- ------------------
NET INCOME (LOSS) $7,029 ($23,270) $3,354 $6,768
==================== ===================== ================ ==================
NET INCOME (LOSS) PER SHARE $0.35 ($1.14) $0.16 $0.26
WEIGHTED AVERAGE SHARES 20,276 20,435 20,357 20,656
</TABLE>
-6-
<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.
BANCTEC, INC.
(Registrant)
By:/s/Michael D. Kubic
-------------------------------------------
Michael D. Kubic
Vice President, Controller and
Assistant Treasurer
(Principal Accounting Officer)
Dated: May 1, 1996
-7-
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