SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange of 1934
Date of Report October 8, 1997
DCX, Inc.
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(Exact name of registrant as specified in its charter)
Colorado 0-14273 84-0868815
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(State of (Commission (IRS Employer
incorporation) File Number) Identification No.)
1597 Cole Boulevard, Suite 300B CO 80401
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 274-8708
Not Applicable
Former address: 3002 North State Highway 83, Franktown, CO 80116-0569
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Item 2, Acquisition or Disposition of Assets .
On October 8, 1997, DCX, inc. (the "Company") sold certain of its assets as
previously reported in Form 8-K dated October 8, 1997 and filed on October 23,
1997.
The following items amend the initially filed Form 8-K, dated October 8, 1997
filed on October 23, 1997.
(b) Pro Forma Financial Information.
DCX, INC. and Subsidiary
Pro Forma Consolidated Financial Statements (Unaudited)
The accompanying unaudited pro forma consolidated financial statements give
effect to the acquisition by DCX, Inc. (the "Company" or "DCX") of 100% of the
outstanding common stock of PlanGraphics, Inc. ("PlanGraphics") pursuant to the
agreement between the parties; to reflect the issuance of 2,631,145 at $1.52 per
share of the Company's common stock and are based on the estimates and
assumptions set forth herein under the purchase method of accounting. Goodwill
resulting from the transaction consists of the purchase price, net liabilities
assumed over the net assets acquired plus transaction costs. In addition, these
pro form financial statements give effect to the sale of the Company's
manufacturing assets pursuant to the agreement between DCX and Chol Enterprises
executed on October 8, 1997 and effective as of September 30, 1997. The
unaudited pro forma information has been prepared utilizing the historical
financial statements and notes thereto, which are incorporated by reference
herein. The unaudited pro forma financial data does not purport to be indicative
of the results which actually would have been obtained had the purchase been
effected on the date indicated or of the results which may be obtained in the
future. The unaudited pro forma financial statements should be read in
conjunction with the financial statements.
The pro forma consolidated balance sheet assumes the acquisition was consummated
at June 30, 1997. The accompanying unaudited pro forma statements of operations
have been derived from the statements of operations of the Company and
PlanGraphics, Inc. for the nine month periods ended June 30, 1997 and for the
respective fiscal years of both companies ended September 30, 1996 and such
information adjusted to give effect to the proposed acquisition as if the
proposed acquisition had occurred as of the beginning of the periods presented.
The pro forma consolidated balance sheet assumes the acquisition and the
disposal of assets were both consummated at June 30, 1997. The accompanying
unaudited pro forma statements of income have been derived from the statements
of operations of the Company and of PlanGraphics for the nine month period ended
June 30, 1997, and for the fiscal year ended September 30, 1996; such
information has been adjusted to give effect to the acquisition and the sale of
the manufacturing assets as if these transactions had occurred as of the
beginning of the period presented.
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<CAPTION>
DCX, INC AND SUBSIDIARY
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
JUNE 30, 1997
DCX, Inc. PlanGraphics Pro Forma Consolidated Asset Sale Post-Sale
Actual Actual Adjustments Pro Forma Adjustments Pro Forma
ASSETS
<S> <C> <C> <C> <C> <C>
Cash and cash equivalents $ 183,447 $ 10,016 $ $ 193,463 $ 784,077 f,k,l $ 977,540
Accounts receivable 630,826 2,018,353 2,649,179 2,649,179
Accounts receivable--unearned (WIP) 1,073,019 1,073,019 (1,073,019) g 0
Inventories 1,213,121 0 1,213,121 (1,213,121) g 0
Prepaid and other 272,828 125,945 398,773 398,773
------------ ---------- ------------- ------------ ---------- -----------
Total current assets $ 3,373,241 $ 2,154,314 $ $ 5,527,555 ($1,502,063) $ 4,025,492
Property and equipment 1,206,419 2,802,617 4,009,036 (164,209) h 3,844,827
Other assets 46,310 197,715 244,025 244,025
Goodwill 0 145,561 4,529,965 b,c 4,675,526 4,675,526
------------ ----------- ----------- ------------ ----------- -----------
TOTAL ASSETS $ 4,625,970 $ 5,300,207 $ 4,529,965 $ 14,456,142 ($1,666,272) $12,789,870
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<CAPTION>
LIABILITIES AND
STOCKHOLDERS' EQUITY
DCX, Inc. PlanGraphics Pro Forma Consolidated Asset Sale Post-Sale
Actual Actual Adjustments Pro Forma Adjustments Pro Forma
<S> <C> <C> <C> <C>
Notes payable $ 907,708 $ 1,109,645 $ $ 2,017,353 $2,017,353
Accounts payable 888,445 713,500 1,601,945 (464,423) k 1,137,522
Accrued expenses and
other liabilities 161,961 869,067 400,000 b 1,431,028 105,000 i 1,536,028
Accrued litigation settlement 521,000 0 521,000 521,000
Deferred revenues 0 156,044 156,044 156,044
------------ ------------ ----------- ------------ ---------- ------------
Total current liabilities $ 2,479,114 $ 2,848,256 $ 400,000 $ 5,727,370 $ (359,423) $ 5,367,947
Notes payable 0 514,400 514,400 514,400
Obligations under capital leases 0 2,068,176 2,068,176 2,068,176
------------ ------------ ----------- ------------ ---------- ------------
Total liabilities $ 2,479,114 $ 5,430,832 $ 400,000 $ 8,309,946 $ (359,423) $ 7,950,523
Stockholders' Equity:
Preferred stock $ 0 $ 0 $ 0 $ 0 0 0
Common stock 5,545,806 434,454 3,564,886 a,d 9,545,146 0 9,545,146
Additional paid in capital 329,384 0 329,384 0 329,384
Subscriptions receivable (179,000) 0 (179,000) 0 (179,000)
Accumulated deficit (3,549,334) (565,079) 565,079 d,e (3,549,334) (1,306,849) m (4,856,183)
----------- ----------- ----------- ------------ ----------- ------------
Total stockholders' equity $ 2,146,856 $ (130,625) $ 4,129,965 $ 6,146,196 ($1,339,970) $ 4,839,347
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 4,625,970 $ 5,300,207 $ 4,529,965 $14,456,142 ($1,666,272) $12,789,870
See the accompanying Headnote and Notes to Pro Forma Consolidated Financial Statements
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<CAPTION>
DCX, INC. AND SUBSIDIARY
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
PlanGraphics,
DCX, Inc. Inc.
Nine Months Nine Months
June 30, 1997 June 30, 1997 Pro Forma Consolidated Asset Sale Post-Sale
Actual Actual Adjustments Pro Forma Adjustments Pro forma
<S> <C> <C> <C> <C> <C>
Revenue $3,964,929 $6,764,206 $ $10,729,135 $(3,964,929) o $ 6,764,206
Cost of revenue 3,530,824 2,175,170 5,705,994 3,530,824) o 2,175,170
---------- ---------- ---------- ----------- ----------- -----------
Gross profit $ 434,105 $4,589,036 $ $ 5,023,141 $ (434,105) $ 4,589,036
General and administrative 702,705 4,280,089 224,842 e 5,207,636 (246,176) p 4,961,460
---------- ---------- ---------- ------------ ----------- -----------
Income (loss)from operations $ (268,600) $ 308,947 $ (224,842) $ (184,495) $ (187,929) $ (372,424)
Other income (expense):
Interest expense $ (101,622) $ (314,029) $ $ (415,651) 0 (415,651)
Facility lease income 0 0 0 148,500 j 148,500
Miscellaneous 415,562 0 415,562 0 415,562
---------- ---------- ---------- ----------- ----------- -----------
Total other income (loss) $ 313,940 $ (314,029) $ 0 $ (89) $ 148,500 $ 148,411
---------- ---------- ---------- ----------- ----------- -----------
Income (loss) from
continuing operations $ 45,340 $ (5,082) $ (224,842) $ (184,564) $ (39,429) $ ( 224,013)
Income (loss) from
discontinued operations 0 0 0 0 187,929 187,929
Loss on sale of
manufacturing assets 0 0 0 0 (1,455,349) (1,455,349)
---------- ---------- ---------- ----------- ----------- -----------
Net income (loss)
before income taxes
and extraordinary item $ 45,430 $ (5,082) $ (224,842) $ (184,584) $(1,306,849) $(1,491,433)
Income taxes 0 10,130 10,130 0 10,130
---------- ---------- ---------- ----------- ----------- -----------
Net income (loss) before
extraordinary item $ 45,340 $ (15,212) $ (224,842) $ (194,714) $(1,306,849) $(1,501,563)
Extraordinary item: gain on
extinguishment of debt 267,050 0 267,050 0 267,050
---------- ---------- ---------- ---------- ----------- -----------
NET INCOME (LOSS) $ 312,390 $ (15,212) $ (224,842) $ 72,336 $(1,306,849) $(1,234,513)
Income per share from
extraordinary item .06 .04 .04
Loss per share from operations (.03) (.05) (.23)
Net income (loss) attributable to
common stock shareholders (q) $ 146,724 $( 94,330) $(1,401,179)
Net income (loss) attributable
to common Shareholders per
share of common stock .03 (.01) (.19)
Weighted average number of
shares of common
stock outstanding 4,613,600 7,244,745 7,244,745
See the accompanying Headnote and Notes to Pro forma consolidated Financial Statements
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DCX, Inc. and Subsidiary
Notes to Pro Forma Consolidated Financial Statements
a. To record the issuance of 2,631,145 shares of DCX, Inc. common stock at the
agreed upon rate of $1.52 per share.
b. To record the liability for transaction costs.
c. To record the purchase of PlanGraphics and the related goodwill.
d. To eliminate the capital accounts of PlanGraphics upon consolidation with
DCX, Inc.
e. To record the amortization of goodwill over a 15 year period.
f. To record sale price of assets of $1.1 million.
g. To record the sale of all inventory and raw materials.
h. To record the value of fixed assets, which were sold to Chol.
i. To record transaction costs of approximately $105,000.
j. To record pro forma rental income of $16,500 per month for facility lease.
k. To record the agreed paydown of vendor payables by DCX, Inc. in the amount
of $464,423.
l. Not used.
m. To record the loss on the disposition of manufacturing assets sold to Chol.
n. Not used.
o. To eliminate revenue and cost of sales for discontinued operations.
p. To adjust general and administrative expenses for the portion related to
discontinued operations.
q. To give effect to the deemed dividend on preferred stock convertible into
common stock at a 25% discount to the five day average market price
immediately preceding first possible date of conversion which was lower
than the five day average market price at date of placement. The imputed
discount of $166,666 is deemed a dividend which reduces income available to
shareholders and was reduced from net income to arrive at net income
attributable to common shareholders.
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<CAPTION>
DCX, INC. AND SUBSIDIARY
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
PlanGraphics,
DCX, Inc. Inc. Inc.
Year Ended Year Ended
Sep 30, 1996 Sep 30, 1996 Proforma Consolidated Asset Sale Post-Sale
Actual Actual Adjustments Pro Forma Adjustments Pro forma
<S> <C> <C> <C> <C> <C>
Revenue $ 4,410,592 $ 7,985,750 $ $12,396,342 $4,410,592 $7,985,750
Cost of revenue 3,530,824 2,175,170 9,333,592 3,542,996 5,790,596
------------- ----------- --------- ----------- ---------- ----------
Gross profit $ 867,596 $ 2,195,154 $ $ 3,062,750 $ 867,596 $2,195,154
General and administrative 1,329,002 1,429,875 311,702 e 3,070,759 979,002 2,091,577
Litigation costs 446,674 446,674 446,674
------------ ------------ --------- ----------- ---------- ----------
Income (loss) from operations (908,080) 765,279 (454,503) (111,406) (343,097)
Other income (expense):
Rental income 198,000 198,000
Interest expense $ (155,757) $ (297,064) $ $ (452,821) (452,821)
Miscellaneous 10,183 13,153 23,336 23,336
------------ ------------ --------- ----------- ---------- ----------
Total other income (loss) $ (145,574) $ (283,911) $ $ (429,485) $ 84,594 $ (231,485)
Discontinued operations 111,406 111,406
Loss on sale of
manufacturing assets (1,455,349) (1,455,349)
------------- ------------ --------- ----------- ---------- ----------
Net income (loss) before
income taxes $ (1,053,654) $ 481,368 $ $ (883,988) (2,141,337)
Income tax expense 0 176,469 (176,489)
------------ ------------ --------- ------------ ---------- ----------
Net income (loss) $ (1,053,654) $ 304,899 $ (883,988) (1,257,349) $(2,141,337)
Net income (loss) per share (.25) (.13) (.31)
Weighted average number of shares
of common stock outstanding 4,287,437 6,918,582 6,918,582
See the accompanying Headnote and Notes to Pro forma consolidated Financial Statements
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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.
DCX, Inc.
(Registrant)
/S/ Fred Beisser
November 6, 1997 ----------------------------------------------
(Signature)
Frederick G. Beisser
Secretary, Treasurer &
Vice President - Finance & Accounting
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