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UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K/A
Amendment No. 1
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: April 13, 1996
PHOTOCOMM, INC.
Incorporated in the State of Arizona IRS No. 86-0411983
Commission File Number 0-12807
7681 East Gray Road
Scottsdale, Arizona 85260
(602) 948-8003
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Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired.
Audited financial statements are not available for Jadco Manufacturing,
Inc. Accordingly, pursuant to Item 310(c)(3)(ii) of Regulation S-B,
Photocomm will not be filing financial statements for Jadco.
(b) Pro Forma Financial Information.
Page
-----------
Pro Forma Financial Information F-1 - F-3
(c) Exhibits.
None.
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.
PHOTOCOMM, INC.
Dated: April 13, 1996 By: /s/ Thomas C. LaVoy
----------------------
Thomas C. LaVoy
Chief Financial Officer
(Duly Authorized Officer and
Principal Financial Officer)
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PHOTOCOMM, INC. AND JADCO MANUFACTURING, INC.
PROFORMA CONSOLIDATED FINANCIAL STATEMENTS
AUGUST 31, 1995
1. Basis of Presentation
Effective February 2, 1996, Photocomm acquired all of the assets and
assumed certain related liabilities of Jadco Manufacturing, Inc. ("Jadco"),
a manufacturer of solar electric water pumps located in Safford, Arizona
(the "Acquisition").
The aggregate consideration paid by Photocomm in connection with the
Acquisition was approximately $1,700,000. The Company issued 560,000 shares
of Photocomm's Common Stock, $.10 par value, valued at $1,400,000 and paid
Jadco $300,000 in cash.
The assets purchased principally consisted of certain inventories,
equipment and other assets valued by the parties at approximately
$700,000; and goodwill and intangible assets valued by the parties at
$1,000,000.
The proforma results present a proforma condensed balance sheet as of the
end of August 31, 1995, and a proforma condensed statement of operations
for August 31, 1995. The financial statements include Jadco's most recent
adjusted operating statement for calendar year ended December 31, 1995 and
Balance Sheet as of December 31, 1995.
F-1
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PHOTOCOMM, INC. AND JADCO MANUFACTURING, INC.
PROFORMA CONSOLIDATED BALANCE SHEETS
August 31, 1995
<TABLE>
<CAPTION>
Photocomm Pro Forma Pro Forma
1995 Adjustments Results
---------- ----------- ----------
<S> <C> <C> <C>
Assets
- ------
Cash $ 520,269 (300,000) 220,269
Accounts Receivable 2,352,548 -- 2,352,548
Inventories 3,327,625 224,255 3,551,880
Other Current Assets 252,462 1,163 253,625
Property & Equipment 2,063,957 441,578 2,505,535
Other Assets 308,325 1,033,004 1,341,329
---------- ---------- ----------
Total Assets $8,825,186 1,400,000 10,225,186
========== ========== ==========
Liabilities
- -----------
Accounts Payable 1,129,156 -- 1,129,156
Notes Payable 200,000 -- 200,000
Other Current Liabilities 378,727 -- 378,727
Long-Term Debt 720,163 -- 720,163
Stockholders' Equity 6,397,140 1,400,000 7,797,140
---------- ---------- ----------
Total Liabilities and
Stockholders' Equity $8,825,186 1,400,000 10,225,186
========== ========== ==========
</TABLE>
F-2
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PHOTOCOMM, INC. AND JADCO MANUFACTURING, INC.
PROFORMA CONSOLIDATED STATEMENT OF OPERATIONS
Year ended August 31, 1995
<TABLE>
<CAPTION>
Photocomm Pro Forma Pro Forma
1995 Adjustments Results
------------ ----------- -----------
<S> <C> <C> <C>
Sales $ 20,540,840 1,444,465 21,985,305
Cost of Sales 15,539,814 792,052 16,331,866
------------ --------- -----------
Gross Profit 5,001,026 652,413 5,653,439
Selling, General
and Administrative
Expenses 4,077,936 506,173 4,584,109
Other Income (Expense) (19,116) 17,150 (1,966)
------------ --------- -----------
Net Income 903,974 163,390 1,067,364
============ ========= ===========
Primary Earnings
per Share .06 .01 .07
Fully Diluted Earnings
per Share .06 .01 .07
Weighted Average
Number of Shares 14,004,004 560,000 14,564,004
</TABLE>
F-3
