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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K/A
AMENDMENT NO. 2
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): MARCH 26, 1996
Commission File Number: 1-9641
IDENTIX INCORPORATED
(Exact name of registrant as specified in its charter)
California 94-2842496
(State or other jurisdiction of incorporation) (IRS Employer Identification No.)
510 North Pastoria Avenue, Sunnyvale, California 94086
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 408-739-2000
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IDENTIX INCORPORATED AND FINGERSCAN PTY LIMITED
Identix Incorporated (the "Registrant") hereby amends and restates in
its entirety Item 7(b) to its Current Reports on Form 8-K and Form 8-K/A filed
with the Securities and Exchange Commission on April 10, 1996 and June 10, 1996,
respectively.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
* (a) Financial Statements of Business Acquired
(b) Pro Forma Financial Information
* (c) Exhibits
2.1 Share Purchase Agreement dated March 27, 1996
among Identix Incorporated, Caprica Pty Limited,
Permanent Trustee Australian Limited, John Lewis
Boyd Parselle, Helen Adela Parselle and Michael
Milne Home.
- ---------------
* Previously filed
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this Report to be signed on its behalf
by the undersigned hereto duly authorized.
IDENTIX INCORPORATED
Date: July 12, 1996 By: /S/ James P. Scullion
Chief Financial Officer
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IDENTIX INCORPORATED AND FINGERSCAN PTY LIMITED
PRO FORMA COMBINED BALANCE SHEET
AS OF DECEMBER 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
December 31, 1995
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Identix Fingerscan Pro Forma
Incorporated Pty Ltd Adjustments Combined
------------ ------- ----------- --------
(NOTE 1)
<S> <C> <C> <C> <C>
ASSETS
Current Assets:
Cash and cash equivalents $ 6,463,000 $ 116,000 $ - $ 6,579,000
Accounts receivable 11,354,000 326,000 (132,000)(b) 11,548,000
Inventories 3,234,000 55,000 (68,000)(b) 3,221,000
Prepaid expenses and other assets 282,000 - - 282,000
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Total current assets 21,333,000 497,000 (200,000) 21,630,000
Property and equipment, net 1,737,000 20,000 - 1,757,000
Intangible and other assets 2,015,000 917,000 (107,000)(c)(d) 2,825,000
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Total assets $ 25,085,000 $1,434,000 $ (307,000) $ 26,212,000
====================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes payable to banks $ 2,647,000 $ - $ - $ 2,647,000
Accounts payable 2,705,000 265,000 148,000(b)(c) 3,118,000
Accrued compensation 868,000 - - 868,000
Other accrued liabilities 517,000 50,000 - 567,000
Current portion of long-term note 106,000 - - 106,000
Deferred maintenance revenue 307,000 - - 307,000
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Total current liabilities 7,150,000 315,000 148,000 7,613,000
Deferred maintenance revenue 330,000 - - 330,000
Long-term debt, less current portion 180,000 - - 180,000
Other long-term liabilities 89,000 - - 89,000
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Total liabilities 7,749,000 315,000 148,000 8,212,000
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Shareholders' equity:
Common stock
Identix 43,986,000 - 5,459,000 (a) 49,445,000
Fingerscan - 1,068,000 (1,068,000)(a) -
Accumulated deficit/retained earnings
Identix (26,650,000) - (4,795,000)(a) (31,445,000)
Fingerscan - 6,000 (6,000)(a) -
Cumulative translation adjustment - 45,000 (45,000)(a) -
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Total shareholders' equity 17,336,000 1,119,000 (455,000) 18,000,000
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Total liabilities and shareholders' equity $ 25,085,000 $1,434,000 $ (307,000) $ 26,212,000
====================================================================
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IDENTIX INCORPORATED AND FINGERSCAN PTY LIMITED
PRO FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1995
(UNAUDITED)
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December 31, 1995
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Identix Fingerscan Pro Forma
Incorporated Pty Ltd Adjustments Combined
------------ ---------- ----------- --------
(NOTE 1)
<S> <C> <C> <C> <C>
Revenues:
Net Product Sales $ 6,726,000 $1,044,000 $(149,000)(b) $ 7,621,000
Services 9,627,000 9,627,000
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Total Revenues 16,353,000 1,044,000 (149,000) 17,248,000
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Costs and expenses:
Costs of products sales 3,844,000 455,000 (77,000)(b) 4,222,000
Costs of services provided 7,938,000 - - 7,938,000
Research, development and engineering 688,000 128,000 - 816,000
Marketing and sales 1,636,000 301,000 - 1,937,000
General and administrative 1,777,000 100,000 - 1,877,000
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Total costs and expenses 15,883,000 984,000 (77,000) 16,790,000
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Income from operations 470,000 60,000 (72,000) 458,000
Other income 43,000 85,000 - 128,000
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Income before income taxes 513,000 145,000 (72,000) 586,000
Income taxes - (46,000) - (46,000)
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Net income $ 513,000 $ 99,000 $ (72,000) $ 540,000
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Net income per common share $ 0.02
Average common shares outstanding 23,598,000
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IDENTIX INCORPORATED AND FINGERSCAN PTY LIMITED
PRO FORMA COMBINED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
June 30, 1995
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Identix Fingerscan Pro Forma
Incorporated Pty Ltd Adjustments Combined
------------ ---------- ----------- --------
(NOTE 1)
<S> <C> <C> <C> <C>
Revenues:
Net Product Sales $ 9,025,000 $ 2,967,000 $ (278,000)(b) $ 11,714,000
Services 17,989,000 - - 17,989,000
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Total Revenues 27,014,000 2,967,000 (278,000) 29,703,000
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Costs and expenses:
Costs of products sales 5,445,000 1,697,000 (145,000)(b) 6,997,000
Costs of services provided 15,493,000 - - 15,493,000
Research, development and engineering 1,582,000 190,000 - 1,772,000
Marketing and sales 2,465,000 300,000 - 2,765,000
General and administrative 2,677,000 142,000 - 2,819,000
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Total costs and expenses 27,662,000 2,329,000 (145,000) 29,846,000
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Income (loss) from operations (648,000) 638,000 (133,000) (143,000)
Other income (expense) (203,000) 1,041,000 - 838,000
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Income (loss) before provision for income taxes
and income tax benefit (851,000) 1,679,000 (133,000) 695,000
Provision for income taxes - (553,000) - (553,000)
Income tax benefit 136,000 - - 136,000
=========================================================================
Net income (loss) $ (715,000) $ 1,126,000 $ (133,000) $ 278,000
=========================================================================
Net income (loss) per common share $ 0.01
Average common shares outstanding 20,040,000
</TABLE>
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IDENTIX INCORPORATED AND FINGERSCAN PTY LIMITED
------------
NOTES TO PRO FORMA COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 PRO FORMA ADJUSTMENTS
(a) The pro forma combined financial statements have been prepared to
reflect the acquisition of Fingerscan by Identix for an aggregate price
of $5,459,000. Identix issued 668,976 shares of the Company's common
stock reflecting a discount for certain restrictions related to the
resale of the common stock used to purchase Fingerscan. The excess of
the purchase price over the fair market value of the net tangible
assets acquired aggregated approximately $5,280,000, of which
$4,723,000 was allocated to in-process research and development based
on an independent appraisal and $557,000 was allocated to other
intangibles including acquired technology. The pro forma combined
balance sheet includes an adjustment for the write-off of the
in-process research and development of $4,723,000 acquired in
connection with the acquisition. The pro forma combined statements of
operations do not include this adjustment for the non-recurring
write-off of the acquired in-process research and development. The net
loss per share is based on the average number of shares of common stock
of Identix outstanding during the period plus the common shares issued
by Identix to acquire Fingerscan.
(b) For all periods presented, intercompany transactions have been
eliminated in the pro forma combined financial statements.
(c) The unaudited pro forma combined balance sheet includes $280,000 of
direct expenses related to the acquisition.
(d) Intangible assets have been adjusted to reflect their fair values as of
the date of acquisition.
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