|
|
|
|
|
|
|
|
|
|
|
|
|
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report: August 26, 1997
IMTEC, INC.
(Exact name of Registrant as specified in charter)
Delaware 0-12661 03-0283466
(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification Number)
incorporation)
One Imtec Lane, Bellows Falls, Vermont 05101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (802) 463-9502
<PAGE>
Item 2. Acquisition of Assets:
On August 11, 1997, the Company acquired certain assets of the Markem
Corporation's Customark Division for approximately $1,900,000 in cash. The
assets acquired consist primarily of inventory, property and equipment and the
registered U.S. service mark "Customark." The Company also assumed the facility
lease obligation of Customark and intends to continue to operate as a separate
division. The cash was provided from operations and a loan from the Company's
bank, Vermont National Bank.
Customark is engaged in the preprinted label business. It's
digital-to-print, microprocessor based labeling technology should compliment the
Company's existing label business. There appears to be little or no overlap of
customers and vendors in the businesses.
Item 7: Financial Statements, ProForma Financial Statements and Exhibits:
(a) Financial Statements
Attached audited Statements of Income for years ended December
31, 1996 and 1995 and for the six-month period ended June 30,
1997
(b) Pro Forma Financial Information
(i) Unaudited pro forma condensed balance sheet of Registrant
as of June 30, 1997, giving effect to the acquisition of
Customark.
(ii) Unaudited pro forma consolidated statement of income for
the year ended June 30, 1997, giving effect to the acquisition
of Customark.
(c) Exhibits
Inapplicable
<PAGE>
<TABLE>
<CAPTION>
Customark
Statements of Income
For the Six-Month Period Ended June 30,1997 and
For the Years Ended December 31, 1996 and 1995
Six Month
Period Ended Year Ended December 31,
June 30, 1997 1996 1995
<S> <C> <C> <C>
Revenues $ 1,014,684 $ 1,861,544 $ 1,724,000
Cost of Sales 519,562 1,007,704 989,773
-------------- ------------- -------------
Gross Profit 495,122 853,840 734,227
Selling and Administrative Expenses 269,622 560,485 501,057
-------------- ------------- -------------
Operating Income 225,500 293,355 233,170
Provision for Income Taxes 87,000 113,000 90,000
-------------- ------------- -------------
Net Income $ 138,500 $ 180,355 $ 143,170
============= ============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IMTEC, INC.
Pro Forma Condensed Balance Sheet
(Unaudited)
June 30, 1997
Adjustments Pro Forma
Assets Pre Acquisition Inc./(Dec.) Balance
Current
<S> <C> <C> <C>
Cash and cash equivalents $1,352,562 $ (700,000) $ 652,562
Marketable Securities 92,999 92,999
Accounts Receivable (Net) 1,499,283 1,499,283
Inventories 1,402,318 96,599 1,498,917
Prepaid expenses &
deferred charges 45,423 45,423
Deferred income taxes 159,508 159,508
----------- ------------ -----------
Total Current Assets 4,552,093 (603,401) 3,948,692
Property & Equipment (Net) 1,234,488 134,022 1,368,490
Deposits 48,991 48,991
Computer Software (Net) 94,759 94,759
Goodwill 1,669,399 1,669,399
Other Intangiblies (Net) 222,032 222,032
----------- ----------- -----------
Total Assets $ 6,152,363 $ 1,200,000 $ 7,352,363
=========== =========== ===========
Liabilities & Shareholders Equity
Current Liabilities
Notes Payable
Current - Long term debt $ 295,438 $ 295,438
Accounts Payable $ 324,651 324,651
Income tax payable 223,935 223,935
Accrued liabilities: 638,006 638,006
----------- ----------- -----------
Total current liabilities 1,186,592 295,438 1,482,030
Long-Term Debt 904,562 904,562
----------- ----------- -----------
Stockholders Equity:
Common Stock 15,531 15,531
Additional paid-in capital 2,489,674 2,489,674
Retained earnings 2,490,566 2,490,566
----------- ----------- -----------
Total stockholders equity 4,965,771 4,965,771
----------- ----------- -----------
Total liabilities & stockholders equity $ 6,152,363 $ 1,200,000 $ 7,352,363
=========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IMTEC, INC.
Pro Forma Income Statement
(Unaudited)
June 30, 1997
Adjusted
12 months ended Pro forma 12 months ended
June 30, 1997 Adjustments June 30, 1997
<S> <C> <C> <C>
Net sales $ 8,801,389 $ 1,945,456 $ 10,746,845
Cost of sales 4,682,513 1,023,414 5,705,927
----------- ----------- -----------
Gross profit 4,118,876 922,042 5,040,918
Selling, general & administrative expenses 2,652,939 549,864 3,202,803
Research & development 591,767 591,767
----------- ----------- -----------
Operating Income 874,170 372,178 1,246,348
----------- ----------- -----------
Other income (expenses):
Interest income 42,357 (42,357)
Gain on disposal of property 4,931 4,931
Interest expense (94,283) (94,283)
----------- ----------- -----------
47,288 (136,640) (89,352)
----------- ----------- -----------
Income before taxes 921,458 235,538 1,147,996
Income tax expense 365,384 94,125 459,198
----------- ----------- -----------
Net income $ 556,074 $ 141,323 $ 688,798
=========== =========== ===========
Income per common share and common
share equivalents outstanding $ 0.34 $ 0.09 $ 0.43
=========== =========== ===========
Weighted average number of common share
and common share equivalents
outstanding 1,609,326 1,609,326 1,609,326
</TABLE>
<PAGE>
SIGNATURE
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.
IMTEC, Inc.
(Registrant)
Date: August 26,1997
By: /s/ George S. Norfleet III .
George S. Norfleet III
CFO, Corporate Secretary
|
|