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Previous: AMBI INC, 10-K405/A, 1997-11-06 |
Next: AMBI INC, S-3/A, 1997-11-06 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 12, 1996
AMBI Inc.
(Exact Name of Registrant as Specified in its Charter)
New York 1-12106 11-2653613
(State or other jurisdiction (Commission File (I.R.S.Employer
of incorporation or organization) Number) Identification Number)
771 Old Saw Mill River Road, Tarrytown, New York 10591
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number including Area Code: (914) 347-5767
<PAGE>
Item 7. Financial Statements and Exhibits
This amendment to AMBI Inc.'s current report on Form 8-K filed December 27, 1996
is being filed to amend the following pro forma financial information as
indicated hereafter.
(b) Pro Forma Financial Information
Number Description
------ -----------
P-2 Pro Forma Condensed Consolidated Balance
Sheet as of September 30, 1996
P-4 Pro Forma Condensed Consolidated Statement
of Operations for the Three Months Ended
September 30, 1996
P-5 Pro Forma Condensed Consolidated Statement
of Operations for the Year Ended June 30, 1996
P-6 Notes to Pro Forma Financial Information
<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 thereunto duly authorized.
AMBI Inc.
Date: November 6, 1997 By: /s/ Fredric D. Price
----------------------
Fredric D. Price
President and Chief Executive Officer
<PAGE>
AMBI INC.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 1996
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION> Aplin & Pro Forma
Reported Barrett Adjustments Pro Forma
-------- ------- ----------- ---------
<S> <C> <C> <C> <C>
ASSETS
Current Assets
Cash and cash equivalents $ 4,606 (1,133) 8,546 (A) 12,019
Trade accounts receivable less allowance
for doubtful accounts of $81,000 5,098 (3,491) 1,607
Due to AMBI - 1,760 (1,760)(B) -
Inventories 2,861 (2,593) 627 (C) 895
Prepayments and other current assets 1,033 (812) 5,500 (D) 5,721
-------- ------ ------ ------
Total Current Assets 13,598 (6,269) 12,913 20,242
Property and equipment at cost less
accumulated depreciation 4,068 (3,363) 705
Patent costs and licensed technology at
cost less accumulated amortization 1,609 1,609
Other assets 113 113
-------- ------ ------ ------
TOTAL ASSETS $ 19,388 (9,632) 12,913 22,669
</TABLE>
P-2
<PAGE>
AMBI INC.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 1996
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Aplin & Pro Forma
Reported Barrett Adjustments Pro Forma
-------- ------- ----------- ---------
<S> <C> <C> <C> <C>
LIABILITIES, REDEEMABLE PREFERRED
STOCK AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion of notes payable and lease obligation $ 175 (94) (E) 81
Accounts payable and accrued expenses 2,222 (952) 1,270
Other liabilities 83 (67) 3,047 (F) 3,063
Dividends payable 326 326
Taxes payable 299 (307) - (8)
--- -------- ------- ---
Total current liabilities 3,105 (1,326) 2,953 4,732
Notes payable and lease obligation 894 (493) (E) 401
Long term loan 2,000 2,000
Deferred taxes payable 353 (353) - -
------- ------ ------ ------
TOTAL LIABILITIES 6,352 (1,679) 2,460 7,133
REDEEMABLE PREFERRED STOCK 1,500 - - (G) 1,500
------- ------ ------ ------
STOCKHOLDERS' EQUITY
Preferred stock
Common stock 104 - 104
Treasury stock (6,353) (H) (6,353)
Additional paid-in capital 51,674 (8,158) 8,158 (I) 51,674
Accumulated deficit (39,658) (379) 8,648 (J) (31,389)
Currency translation adjustment (584) 584 -
------- ------
TOTAL STOCKHOLDERS' EQUITY 11,536 (7,953) 10,453 14,036
------- ------ ------ ------
TOTAL LIABILITIES, REDEEMABLE
PREFERRED
STOCK AND STOCKHOLDERS' EQUITY $19,388 (9,632) 12,913 22,669
------- ------ ------ ------
------- ------ ------ ------
</TABLE>
P-3
<PAGE>
AMBI INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996
(Dollars in thousands except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Aplin & Pro Forma
Reported Barrett Adjustments Pro Forma
-------- ------- ----------- ---------
<S> <C> <C> <C> <C>
Net Sales $ 4,235 (2,717) 1,518
Other Operating Revenues 131 (11) 120
---------- ------ -------
TOTAL REVENUES 4,366 (2,728) - 1,638
Cost of Sales (2,489) 1,491 - (998)
---------- ------ ----- -------
Gross Profit 1,877 (1,237) - 640
Selling, General & Administrative Expenses (4,605) 533 (4,072)
Research Costs (1,400) 220 (1,180)
Depreciation and Amortization (242) 117 (125)
---------- ------ ----- -------
OPERATING LOSS (4,370) (367) - (4,737)
Interest Income 67 (8) 59
Interest Expense (37) 17 (20)
Gain on sale of Aplin & Barrett - - 8,648 (K) 8,648
---------- ------ ----- -------
(LOSS)/INCOME BEFORE TAX EXPENSE (4,340) (358) 8,648 (3,950)
Tax Expense (45) 43 - (L) (2)
---------- ------ ----- -------
NET (LOSS)/INCOME $ (4,385) (315) 8,648 3,948
Preferred stock dividends (94) (94)
Net (Loss)/Income attributable to common stock (4,479) 3,854
(Loss)/Earnings per share $ (0.21) (M) $ 0.21
</TABLE>
P-4
<PAGE>
AMBI INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 1996
(Dollars in thousands except per share amounts)
<TABLE>
<CAPTION>
Aplin & Pro Forma
Reported Barrett Adjustments Pro Forma
-------- ------- ----------- ---------
<S> <C> <C> <C> <C>
Net Sales $ 14,157 (12,614) 1,543
Other Operating Revenues 1,865 (77) 1,788
--------- ------- ------
TOTAL REVENUES 16,022 (12,691) - 3,331
Cost of Sales (6,353) 5,114 - (1,239)
-------- ------- ------- -------
Gross Profit 9,669 (7,577) - 2,092
Selling, General & Administrative Expenses (11,177) 2,878 (8,299)
Research Costs (2,294) 716 (1,578)
Depreciation and Amortization (819) 396 (423)
--------- ------- ------
OPERATING LOSS (4,621) (3,587) - (8,208)
Foreign exchange gain/loss 3 (3) -
Interest Income 317 (26) 291
Interest Expense (133) 65 - (68)
Gain on sale of Aplin & Barrett - - 8,898 (N) 8,898
--------- ------- ----- ------
(LOSS)/INCOME BEFORE TAX EXPENSE (4,434) (3,551) 8,898 913
Tax Expense (285) 267 - (L) (18)
--------- ------- ----- ------
NET LOSS/(INCOME) $ (4,719) (3,284) 8,898 895
Preferred stock dividends (502) 251 (O) (251)
Conversion discount on preferred stock (1,343) (1,343)
--------- ------
Net loss/income attributable to common stock (6,564) (3,284) 9,149 (699)
Loss per share $(0.34) (P) (0.04)
</TABLE>
P-5
<PAGE>
AMBI INC.
NOTES TO PRO FORMA FINANCIAL INFORMATION
A $8 million in cash received upon completion of sale, as well as A&B
remaining cash balance transferred through the intercompany account, less
amounts used to pay off equipment lease (see note E).
B Elimination of intercompany balance through the transfer of cash of $1,133
thousand, and inventories of $627 thousand.
C Nisin pharmaceutical inventory transferred through intercompany account.
D $5.5 million receivable from BP for remainder of purchase price.
E Reflects AMBI's pay off of lease on A&B equipment.
F Reflects reserve accrual for expenses related to divestiture of A&B.
G Preferred stock is to be redeemed on the Second Closing Date for $1.5
million.
H Treasury Stock received. 2.42 million shares valued at $2.625 per share
(price as of the Effective Date).
I To properly state the legal capital of AMBI.
J Reflects gain on sale.
K Gain on sale of A&B which equals cash and receivables on the transaction of
$13,500 thousand plus the common shares redeemed valued at $6,353 thousand,
less the net book value of the subsidiary sold of $8,158 thousand and
anticipated expenses reserved for of $3,047 thousand.
L No tax expense is being accrued because gain on sale is expected to be
offset by operating losses and net operating loss carryforwards.
M Pro Forma net income per share calculated on the basis of a weighted
average of 20.6 million shares outstanding less 2.42 million shares of
treasury stock.
N Gain on sale of A&B which equals cash and receivables on the transaction of
$13,500 thousand plus the common shares redeemed valued at $6,353 thousand,
less the net book value of the subsidiary sold of $7,908 thousand, and
anticipated expenses reserved for of $3,047 thousand.
O Assumes preferred stock redeemed mid-year.
P Pro Forma net loss per share calculated on the basis of a weighted average
of 19.1 million shares outstanding less 2.42 million shares of treasury
stock.
P-6
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