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Previous: KULICKE & SOFFA INDUSTRIES INC, 424B3, 2000-08-30 |
Next: QUENTRA NETWORKS INC, 10-Q/A, 2000-08-30 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 1 TO
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest AUGUST 30, 2000 (JUNE 30, 2000)
event reported)
LABARGE, INC.
(Exact name of Registrant as specified in its charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
001-05761 73-0574586
(Commission File Number) (IRS Employer Identification No.)
9900A CLAYTON ROAD, ST. LOUIS, MISSOURI 63124
(Address of principal executive offices) (Zip Code)
(314) 997-0800
(Registrant's telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
LABARGE, INC.
FORM 8-KA
This is an Amendment to Registrant's Current Report on Form 8-K filed
July 14, 2000 in which Registrant reported the sale of its indirect 90%
equity interest in LaBarge Clayco Wireless L.L.C. The purpose of the Amendment
is to file the following pro forma financial information.
Item 7. Financial Statements
(b) Pro forma financial information
The following unaudited pro forma condensed consolidated statements of
operations for the year ended June 27, 1999 and the nine months ended April 2,
2000 present the Company's results of operations as adjusted to give effect to
the divestiture of LCW as if it occurred on June 28, 1998. The accompanying
unaudited pro forma condensed consolidated balance sheet as of April 2, 2000
presents the Company's financial position as if the divestiture occurred on
April 2, 2000.
The unaudited pro forma financial statements should be read in conjunction with
the Company's consolidated financial statements and notes thereto previously
filed as part of the Company's most recent annual and quarterly reports on Forms
10-K and 10-Q for periods ended June 27, 1999 and April 2, 2000 respectively.
The unaudited pro forma information below is provided for information purposes
only and is not necessarily indicative of what the actual financial position or
results of operations of the Company would have been had the transaction
actually occurred on the dates indicated, nor does it purport to indicate the
future financial position or results of operations of the Company. Results of
operations for the nine months ended April 2, 2000 may not be indicative of
results of operations to be expected for a full year.
<PAGE> 3
LaBarge, Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Operations
Year Ended June 27, 1999
(Dollars in thousands, except for per share amounts)
<TABLE>
<CAPTION>
(2)
LaBarge
(1) Clayco Wireless LaBarge, Inc.
Actual Divestiture Pro Forma
------------------- --------------------- -------------------
<S> <C> <C> <C>
Net Sales $ 89,143 $ 10,566 $ 78,577
Costs and Expenses
Cost of Sales 71,416 8,724 62,692
Selling and Administrative Expense 14,269 1,291 12,978
Loss due to revaluation of impaired assets 4,573 - 4,573
Interest Expense 1,451 67 1,384
Loss from NotiCom 1,221 - 1,221
Minority interest income (loss) 165 165 -
Other income, net (361) 1 (362)
------------------- ---------------------- -------------------
Total Costs 92,734 10,248 82,486
Net loss before income taxes (3,591) 318 (3,909)
Income tax (benefit) expense (511) 118 (629)
------------------- ---------------------- -------------------
Net loss $ (3,080) $ 200 $ (3,280)
=================== ====================== ===================
Basic net (loss) earnings per common share $ (0.20) $ (0.22)
=================== ===================
Average common share outstanding 15,157 15,157
=================== ===================
Diluted net (loss) earnings per common share $ (0.20) $ (0.22)
=================== ===================
Average common shares outstanding 15,157 15,157
=================== ===================
</TABLE>
--------------
(1) The results of operations for LaBarge, Inc. for the year ended June 27,
1999 are based upon audited financial statements for LaBarge, Inc. as filed
on Form 10-K for the year ended June 27, 1999.
(2) Reflects the statement of operations of LaBarge Clayco Wireless for the
year ended July 2, 1999.
<PAGE> 4
LaBarge, Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Operations
Nine Months Ended April 2, 1999
(Dollars in thousands, except for per share amounts)
<TABLE>
<CAPTION>
(2)
LaBarge
(1) Clayco Wireless LaBarge, Inc.
Actual Divestiture Pro Forma
------------------ --------------------- -------------------
<S> <C> <C> <C>
Net Sales $ 63,764 $ 9,942 $ 53,822
Costs and Expenses:
Cost of Sales 51,160 8,375 42,785
Selling and Administrative Expense 12,387 1,147 11,240
Gain on settlement of Transmedica (2,300) - (2,300)
Interest Expense 1,572 84 1,488
Loss from NotiCom 1,615 - 1,615
Minority interest income 33 - 33
Other income, net (240) (4) (236)
------------------- --------------------- -------------------
Total Costs 64,227 9,602 54,625
Net loss before income taxes (463) 340 (803)
Income tax (benefit) expense (124) 126 (250)
------------------- --------------------- -------------------
Net loss $ (339) $ 214 $ (553)
=================== ===================== ===================
Basic net (loss) earnings per common share $ (0.02) $ (0.05)
=================== ===================
Average common share outstanding 14,748 14,748
=================== ===================
Diluted net (loss) earnings per common share $ (0.02) $ (0.05)
=================== ===================
Average common shares outstanding 14,748 14,748
=================== ===================
</TABLE>
-------------
(1) The results of operations of LaBarge, Inc. for the nine months ended April
2, 2000 are based upon the unaudited financial statements of LaBarge, Inc.
as filed on Form 10-Q for the quarter ended April 2, 2000.
(2) Reflects the unaudited statement of operations of LaBarge Clayco Wireless
for the nine months ended April 2, 2000.
<PAGE> 5
LaBarge, Inc.
Unaudited Pro Forma Condensed Consolidated Balance Sheet
April 2, 2000
(Dollars in thousands)
<TABLE>
<CAPTION>
(2)
LaBarge
(1) Clayco Wireless (3) LaBarge, Inc.
Actual Historical Divestiture Pro Forma
----------------- --------------------- ---------------- ------------------
<S> <C> <C> <C> <C>
Assets
Current Assets
Cash and Cash Equivalents $ 721 $ 112 $ 4,475 $ 5,084
Accounts and Notes Receivable 16,570 3,439 - 13,131
Inventories 21,247 603 - 20,644
Prepaid Expenses 813 - - 813
Deferred Tax Assets, net 718 - - 718
----------------- --------------------- ---------------- ------------------
Total Current Assets 40,069 4,154 4,475 40,390
Property, Plant and Equipment, net 12,863 200 - 12,663
Deferred Tax Assets 1,896 - - 1,896
Investment in NotiCom 2,113 - - 2,113
Intangible assets, net 6,331 - - 6,331
Other assets, net 4,841 41 115 4,915
----------------- --------------------- ---------------- ------------------
Total Assets $ 68,113 $ 4,395 $ 4,590 $ 68,308
================= ===================== ================ ==================
Liabilities and Stockholders' Equity
Current Liabilities
Short-term borrowings $ 9,480 $ 900 - $ 8,580
Current maturities of LTD 1,819 - - 1,819
Trade accounts payable 10,373 2,148 - 8,225
Accrued employee compensation 3,663 22 - 3,641
Other Accrued liabilities 2,569 132 405 2,842
----------------- --------------------- ---------------- ------------------
Total Current Liabilities 27,904 3,202 405 25,107
Long-term senior Debt 11,876 - - 11,876
Subordinated Debt 4,424 - - 4,424
Other long-term liabilities 117 - - 117
----------------- --------------------- ---------------- ------------------
Total Liabilities 44,321 3,202 405 41,524
Stockholders Equity
Common Stock 158 - - 158
Additional paid-in capital 13,722 1,100 1,100 13,722
Retained Earnings 13,064 93 3,085 16,056
Less cost of common stock in treasury (3,152) - - (3,152)
------------------ -------------------- ---------------- ------------------
Total Stockholders' Equity $ 23,792 $ 1,193 $ 4,185 $ 26,784
------------------ -------------------- ---------------- ------------------
------------------ --------------------- ---------------- ------------------
Total Liabilities and Stockholders Equity $ 68,113 $ 4,395 $ 4,590 $ 68,308
================== ===================== ================ ==================
</TABLE>
<PAGE> 6
LaBarge, Inc.
Unaudited Pro Forma Condensed Consolidated Balance Sheet
April 2, 2000
(Dollars in thousands)
--------------
(1) Reflects the unaudited consolidated balance sheet of LaBarge, Inc. as of
April 2, 2000 prior to giving effect to the LaBarge Clayco Wireless
divestiture.
(2) Reflects the unaudited balance sheet of LaBarge Clayco Wireless as of April
2, 2000.
(3) Reflects the divestiture of LaBarge Clayco Wireless including the
following: i) cash proceeds, net of direct expenses of the sale, of $4.3
million and cash in an escrow account of $191,000, ii) the note receivable
at estimated fair value, iii) net taxes payable on the gain after including
the reduction in the deferred tax asset valuation allowance due to the
utilization of a capital loss carry forward, and iv) the gain of
approximately $3 million.
<PAGE> 7
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 hereunto duly authorized.
LaBARGE, INC.
Date: August 30, 2000 BY:/s/ Donald H. Nonnenkamp
------------------------
Donald H. Nonnenkamp,
Vice President
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