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Previous: KROGER CO, SC 13G/A, 2000-01-10 |
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================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
October 27, 1999
COYOTE NETWORK SYSTEMS, INC.
-----------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 1-5486 36-2448698
- ---------------------------- ----------------------- --------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
4360 Park Terrace Drive Westlake Village, CA 91361
--------------------------------------------------
Address of principal executive offices
(818) 735-7600
------------------------------------
Registrant's Telephone Number,
Including area code
================================================================================
<PAGE>
By Current Report on Form 8-K, dated October 27, 1999 and filed with the
Securities Exchange Commission on November 12, 1999 (the "Original Form 8-K"),
Coyote Network Systems, Inc. (the "Company") reported the sale of its
approximately 80% membership interest in Coyote Gateway, LLC (d/b/a American
Gateway Telecommunications, "AGT") to AGT's remaining member, American Gateway
Telecommunications, Inc. The disclosure in the Original Form 8-K under the
caption "Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits" is hereby amended and restated in its entirety as follows:
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired: Not applicable.
(b) Pro Forma Financial Information:
The following unaudited pro forma condensed consolidated
financial information is filed with this report:
Pro Forma Condensed Consolidated Balance Sheet at June 30, 1999;
Pro Forma Condensed Consolidated Statement of Operations for the
fiscal year ended March 31, 1999 and for the three months ended
June 30, 1999.
(c) Exhibits
(2) Purchase Agreement, dated September 30, 1999, among the
Company, AGTI, AGT, PVC, PFC and Salinas.*
* Previously filed.
<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 hereunto duly authorized.
Dated: January 10, 2000 COYOTE NETWORK SYSTEMS, INC.
By: /s/ Brian A. Robson
-------------------------------------
Brian A. Robson
Executive Vice President,
Chief Financial Officer and Secretary
<PAGE>
COYOTE NETWORK SYSTEMS, INC. AND SUBSIDIARIES
PRO-FORMA FINANCIAL INFORMATION
Pro-Forma Condensed Consolidated Balance Sheet at June 30, 1999
Unaudited
(Dollars in Thousands)
<TABLE>
<CAPTION>
Pro-Forma
Assets Historical Adjustments Pro-Forma
Current assets: ---------- ----------- ---------
<S> <C> <C> <C>
Cash and cash equivalents $ 1,344 $ (4) $ 1,340
Receivables, net 17,632 833 18,465
Inventories 1,642 --- 1,642
Notes receivable - current 2,367 --- 2,367
Other current assets 4,601 (3,055) 1,546
--------- -------- ---------
Total current assets 27,586 (2,226) 25,360
Property and equipment, net 9,074 (1,972) 7,102
Capitalized software development 1,941 --- 1,941
Intangible assets, net 5,562 (118) 5,444
Other assets 3,075 --- 3,075
--------- ------- ---------
$ 47,238 $(4,316) $ 42,922
========= ======== =========
Liabilities and Shareholders' Equity
Current liabilities:
Lines of credit $ 777 $ --- $ 777
Accounts payable 8,149 (537) 7,612
Deferred revenue and customer deposits 12,164 --- 12,164
Other accrued liabilities 3,652 (139) 3,513
Current portion of long-term debt and capital lease obligations 1,147 --- 1,147
--------- ------- ---------
Total current liabilities $ 25,889 $ (676) $ 25,213
Notes payable 9,049 (9,049) ---
Other liabilities 3,671 --- 3,671
Shareholders' equity:
Preferred stock - $.01 par value: authorized 5,000,000 shares;
issued 600 shares, liquidation preference of $10,000 per share 6,000 --- 6,000
Common stock - $1 par value: authorized 30,000,000 shares,
issued 13,290,042 shares 13,290 --- 13,290
Additional paid-in capital 114,852 --- 114,852
Accumulated deficit (119,756) 5,409 (114,347)
Treasury stock at cost (5,757) --- (5,757)
--------- ------- ----------
Total shareholders' equity 8,629 5,409 14,038
--------- ------- ---------
$ 47,238 $(4,316) $ 42,922
========= ======== =========
<FN>
Explanatory Note:
The above pro-forma adjustments have been made to reflect the impact of removing
all of the assets and liabilities of Coyote Gateway, LLC as at June 30, 1999.
</FN>
</TABLE>
<PAGE>
COYOTE NETWORK SYSTEMS, INC. AND SUBSIDIARIES
PRO-FORMA FINANCIAL INFORMATION
Pro-Forma Condensed Consolidated Statements of Operations
for the Three Months Ended June 30, 1999
Unaudited
(In Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Pro-Forma
Historical Adjustments Pro-Forma
---------- ----------- ---------
<S> <C> <C> <C>
Net sales $10,405 $ (83) $10,322
Cost of goods sold 7,302 (189) 7,113
------- ------- -------
Gross profit 3,103 106 3,209
------- ------ -------
Selling and administrative expenses 4,080 (440) 3,640
Engineering, research and development 2,220 --- 2,220
------- ------- -------
Total operating expenses 6,300 (440) 5,860
------- ------- -------
Operating income (loss) (3,197) 546 (2,651)
Interest expense (352) 275 (77)
Non-operating income (expense) 105 --- 105
------- ------ -------
Income (loss) from continuing operations (3,444) 821 (2,623)
Loss from discontinued operations (310) --- (310)
-------- ------ --------
Net income (loss) $(3,754) $ 821 $(2,933)
======== ====== ========
Income (loss) per common share - basic and diluted:
Continuing operations $ (.31) $ .08 $ .23
Discontinued operations (.03) --- (.03)
-------- ------ --------
Net income (loss) per common share - basic $ (.34) $ .08 $ (.26)
======== ====== ========
Weighted average number of common shares outstanding:
Basic and diluted 11,207 11,207 11,207
<FN>
Explanatory Note:
The above pro-forma adjustments reflect the reversal of all income and expense
transactions of Coyote Gateway, LLC during the three months ended June 30, 1999.
</FN>
</TABLE>
<PAGE>
COYOTE NETWORK SYSTEMS, INC. AND SUBSIDIARIES
PRO-FORMA FINANCIAL INFORMATION
Pro-Forma Condensed Consolidated Statements of Operations
for the Fiscal Year Ended March 31, 1999
Unaudited
(In Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Pro-Forma
Historical Adjustments Pro-Forma
---------- ----------- ---------
<S> <C> <C> <C>
Net sales $ 43,318 $(2,779) $40,539
Cost of goods sold 28,748 (3,031) 25,717
-------- -------- -------
Gross profit 14,570 252 14,822
-------- ------- -------
Selling and administrative expenses 17,404 (2,880) 14,524
Engineering, research and development 9,546 --- 9,546
-------- ------- -------
Total operating expenses 26,950 (2,880) 24,070
-------- -------- -------
Operating income (loss) (12,380) 3,132 (9,248)
Interest expense (1,893) 1,480 (413)
Non-operating income (expense) 430 772 1,202
-------- ------- -------
Income (loss) from continuing operations (13,843) 5,384 (8,459)
Loss from discontinued operations (900) --- (900)
--------- ------- --------
Net income (loss) $(14,743) $ 5,384 $(9,359)
========= ======= ========
Income (loss) per common share - basic and diluted:
Continuing operations $ (1.41) $ 0.55 $ (0.86)
Discontinued operations (0.09) --- (0.09)
--------- ------- --------
Net income (loss) per common share - basic and diluted $ (1.50) $ 0.55 $ (0.95)
========= ======= ========
Weighted average number of common shares outstanding:
Basic and diluted 9,814 9,814 9,814
<FN>
Explanatory Note:
The above pro-forma adjustments reflect the reversal of all income and expense
transactions of Coyote Gateway, LLC during the fiscal year ended March 31, 1999.
</FN>
</TABLE>
<PAGE>
Index to Exhibits
-----------------
Exhibit No. Description
- ----------- -----------
*(2) Purchase Agreement, dated September 30, 1999, among the
Company, AGTI, AGT, PVC, PFC and Salinas.
* Previously filed.
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