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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
FORM 8-K/A
(AMENDMENT NO. 1)
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): JUNE 10, 1999
ANACOMP, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
INDIANA 1-8328 35-1144230
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
12365 CROSTHWAITE CIRCLE, POWAY, CALIFORNIA 92064
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code: (858) 679-9797
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT.)
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<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
set forth in Anacomp, Inc.'s 8-K dated June 10, 1999 and filed June 25, 1999 is
hereby amended in its entirety to read as follows:
(b) Pro Forma Financial Information
The following Unaudited Pro Forma Condensed Consolidated Financial
Information (the "Pro Forma Financial Information") has been prepared by Anacomp
giving effect to the disposition of the Division as if it had occurred as of the
balance sheet date and at the beginning of the applicable statement of
operations periods.
The Pro Forma Financial Information does not purport to be
indicative of the results that would have been obtained had the Disposition in
fact been completed as of the date and for the periods presented or the results
that may be obtained by Anacomp in the future.
<TABLE>
ANACOMP, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 1999
<CAPTION>
Adjustments
For the
(in thousands) Historical Disposition Pro Forma
---------- ----------- ---------
<S> <C> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents..................... $ 13,621 $ 37,000 (1) $ 50,621
Restricted cash............................... 902 -- 902
Accounts and notes receivable, net............ 63,411 3,000 (1) 66,411
Current portion of long-term receivables,
net........................................ 5,860 -- 5,860
Inventories................................... 16,943 -- 16,943
Net assets of discontinued operations......... 28,612 (28,612)(2) --
Prepaid expenses and other.................... 9,420 -- 9,420
-------- -------- --------
Total current assets............................. 138,769 11,388 150,157
Property and equipment, net...................... 43,271 -- 43,271
Long-term receivables, net of current
portion....................................... 7,540 -- 7,540
Excess of purchase price over net assets of
businesses acquired and other
intangibles, net.............................. 118,664 -- 118,664
Reorganization value in excess of
identifiable assets, net...................... 44,819 (2,055)(3) 42,764
Other assets..................................... 15,076 -- 15,076
-------- -------- --------
$368,139 $ 9,333 $377,472
======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of long-term debt............. $ 1,089 $ -- $ 1,089
Accounts payable.............................. 18,526 -- 18,526
Accrued compensation, benefits and
withholdings................................ 17,117 -- 17,117
Accrued income taxes.......................... 15,281 (232)(4) 15,049
Accrued interest.............................. 21,193 -- 21,193
Other accrued liabilities..................... 37,018 7,046 (5) 44,064
-------- -------- --------
Total current liabilities........................ 110,224 6,814 117,038
-------- -------- --------
Long-term debt, net of current portion........... 338,530 -- 338,530
-------- -------- --------
Stockholders' equity (deficit):
Preferred stock............................... -- -- --
Common stock.................................. 142 -- 142
Capital in excess of par value................ 108,463 -- 108,463
Cumulative translation adjustment (from
May 31, 1996)............................... (2,261) -- (2,261)
Accumulated deficit (from May 31, 1996)....... (186,959) 2,519 (6) (184,440)
-------- -------- --------
Total stockholders' deficit...................... (80,615) 2,519 (78,096)
======== ======== ========
$368,139 $ 9,333 $377,472
======== ======== ========
</TABLE>
NOTES TO UNAUDITED PRO FORMA
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 1999
(1) Reflects consideration received of $37 million in cash and $3 million note
receivable from the sale of the Division.
(2) Reflects elimination of net assets of discontinued operations associated
with the Division.
(3) Reflects net operating loss carryovers that offset U.S. income tax on the
gain from the sale of the Division at an effective tax rate of 42%. This
benefit is accounted for as a reduction of the "Reorganization Asset".
(4) Reflects an international tax benefit from the sale of the Division at an
effective tax rate of 42%.
(5) Reflects accrued expenses related to the sale of the Division.
(6) Reflects the gain on the sale of the Division.
<PAGE>
<TABLE>
ANACOMP, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1999
<CAPTION>
Adjustments
for the
(in thousands, except per share amounts) Historical Disposition Pro Forma
---------- ----------- ---------
<S> <C> <C> <C>
Revenues:
Services provided............................. $149,323 $ -- $149,323
Equipment and supply sales.................... 77,584 -- 77,584
-------- -------- --------
226,907 -- 226,907
-------- -------- --------
Operating costs and expenses:
Costs of services provided.................... 90,826 -- 90,826
Costs of equipment and supplies sold.......... 48,977 -- 48,977
Selling, general and administrative
expenses................................... 47,827 -- 47,827
Amortization of reorganization asset.......... 35,891 -- 35,891
Amortization of intangible assets............. 9,634 -- 9,634
-------- -------- --------
233,155 -- 233,155
-------- -------- --------
Operating loss from continuing operations........ (6,248) -- (6,248)
-------- -------- --------
Other income (expense):
Interest income............................... 1,079 $ 866 (1) 1,945
Interest expense and fee amortization......... (20,278) 171 (2) (20,107)
Other......................................... (631) -- (631)
-------- -------- --------
(19,830) 1,037 (18,793)
-------- -------- --------
Loss before income taxes from continuing
operations.................................... (26,078) 1,037 (25,041)
Provision for income taxes....................... 4,122 436 (3) 4,558
-------- -------- ---------
Loss from continuing operations................. (30,200) 601 (29,599)
Income from discontinued operations, net of
income taxes.................................. 809 (809)(4) --
======== ======== ========
Net loss......................................... $(29,391) $ (208) $(29,599)
======== ======== ========
Basic loss per share from continuing
operations.................................... $ (2.12) $ .04 $ (2.08)
Basic income per share from discontinued
operations.................................... .06 (.06) --
======== ======== ========
Basic net loss per share......................... $ (2.06) $ (.02) $ (2.08)
======== ======== ========
Shares used to compute basic income (loss)
per share..................................... 14,250 14,250 14,250
======== ======== ========
</TABLE>
NOTES TO THE UNAUDITED PRO FORMA
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1999
(1) Reflects an increase in interest income based upon additional cash from the
sale of the Division available for investment at an assumed interest rate
of 4.5% and interest from note receivable at a rate of 10%.
(2) Reflects the elimination of interest expense based upon the use of the sale
proceeds for payment of outstanding borrowings under the revolving credit
facility at an interest rate of 6.6%.
(3) Reflects the income tax provision impact of the above pro forma adjustments
at an effective tax rate of 42%.
(4) Reflects the elimination of income from discontinued operations, net of
tax, associated with the Division.
<PAGE>
<TABLE>
ANACOMP, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1998
<CAPTION>
Adjustments
For the
(in thousands, except per share amounts) Historical Disposition Pro Forma
---------- ----------- ---------
<S> <C> <C> <C>
Revenues:
Services provided............................ $227,851 $ -- $227,851
Equipment and supply sales................... 271,166 (104,079)(1) 167,087
-------- -------- --------
499,017 (104,079) 394,938
-------- -------- --------
Operating costs and expenses:
Costs of services provided................... 134,000 -- 134,000
Costs of equipment and supplies sold......... 198,627 (87,092)(1) 111,535
Selling, general and administrative
expenses................................... 97,335 (6,567)(1) 90,768
Amortization of reorganization asset......... 75,626 (3,782)(1) 71,844
Amortization of intangible assets............ 12,294 (168)(1) 12,126
Restructuring charges........................ 8,494 -- 8,494
-------- -------- --------
526,376 (97,609) 428,767
-------- -------- --------
Income (loss) from operations................... (27,359) (6,470) (33,829)
-------- -------- --------
Other income (expense):
Interest income.............................. 2,339 1,550 (2) 3,889
Interest expense and fee amortization........ (34,598) 609 (3) (33,989)
Other........................................ (517) -- (517)
-------- -------- --------
(32,776) 2,159 (30,617)
-------- -------- --------
Income (loss) before reorganization items,
income taxes and extraordinary items......... (60,135) (4,311) (64,446)
Reorganization items............................ -- -- --
-------- -------- --------
Income (loss) before income taxes and
extraordinary items.......................... (60,135) (4,311) (64,446)
Provision for income taxes...................... 6,500 (3,400)(4) 3,100
-------- -------- --------
Income (loss) before extraordinary items........ (66,635) (911) (67,546)
Extraordinary items:
Loss on extinguishment of debt, net of)
income tax benefits....................... (1,114) -- (1,114)
-------- -------- --------
Net income (loss)............................... (67,749) (911) (68,660)
Preferred stock dividends and discount
accretion.................................... -- -- --
======== ======== ========
Net income (loss) available to common
stockholders................................. $(67,749) $ (911) $(68,660)
======== ======== ========
Basic net loss per share before
extraordinary items.......................... $ (4.77) $ (.07) $ (4.84)
Extraordinary loss on extinguishment of
debt......................................... (0.08) -- (0.08)
======== ======== ========
Basic net loss per share........................ $ (4.85) $ (.07) $ (4.92)
======== ======== ========
Shares used in computing basic net loss per
share........................................ 13,963 13,963 13,963
======== ======== ========
</TABLE>
NOTES TO UNAUDITED PRO FORMA
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1998
(1) Reflects the elimination of revenues and expenses for the year ended
September 30, 1998, associated with the Division.
(2) Reflects an increase in interest income based upon additional cash from the
sale of the Division available for investment at an assumed interest rate
of 4.5% and interest from note receivable at a rate of 10%.
(3) Reflects the elimination of interest expense based upon the use of the sale
proceeds for payment of outstanding borrowings under the revolving credit
facility at an interest rate of 6.6%.
(4) Reflects the income tax provision impact of the above pro forma adjustments
at an effective tax rate of 42%.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
ANACOMP, INC.
By: /s/ George C. Gaskin
----------------------------
George C. Gaskin
Senior Vice President
Date: July 2, 1999
