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 September 22, 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 September 22, 1997, DCX, Inc. ("the Corporation") acquired all the
outstanding shares of PlanGraphics, Inc. ("PGI"), a Maryland corporation located
in Frankfort, Kentucky, in exchange for a total of 2,631,145 shares of the
Corporation's no par value common stock at a price of $1.52 per share as set in
the acquisition agreement which is filed as Exhibit 2.1a with this Form 8-K. The
purchase price was based upon, among other things, what the Company believes is
purchase price valuations paid for other companies in industries similar to
PlanGraphics. In addition, the Corporation provided working capital to PGI
subsequent to the executing the acquisition agreement.
The following items amend the initially filed Form 8-K, dated September 22, 1997
which was filed on October 7, 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. 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
has been derived from the statement of operations of the Company for the nine
month period ended June 30, 1997 and PlanGraphics for the nine month period
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.
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<CAPTION>
DCX, INC AND SUBSIDIARY
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
JUNE 30, 1997
DCX, Inc. PlanGraphics Pro Forma Consolidated
Actual Actual Adjustments Pro Forma
ASSETS
<S> <C> <C> <C>
Cash and cash equivalents $ 183,447 $ 10,016 $ $ 193,463
Accounts receivable 1,703,845 2,018,353 3,722,198
Inventories 1,213,121 0 1,213,121
Prepaid and other 272,828 125,945 398,773
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Total current assets $ 3,373,241 $ 2,154,314 $ $ 5,527,555
Property and equipment 1,206,419 2,802,617 4,009,036
Other assets 46,310 197,715 244,025
Goodwill 0 145,561 4,529,965 b,c 4,675,526
------------ ------------ ------------ ------------
TOTAL ASSETS $ 4,625,970 $ 5,300,207 $ 4,529,965 $ 14,456,142
LIABILITIES AND
STOCKHOLDERS' EQUITY
Notes payable $ 907,708 $ 1,109,645 $ $ 2,017,353
Accounts payable 888,445 713,500 1,601,945
Accrued expenses and other liabilities 161,961 869,067 400,000 b 1,431,028
Accrued litigation settlement 521,000 0 521,000
Deferred revenues 0 156,044 156,044
------------ ------------ ------------ ------------
Total current liabilities $ 2,479,114 $ 2,848,256 $ 400,000 $ 5,727,370
Notes payable 0 514,400 514,400
Obligations under capital leases 0 2,068,176 2,068,176
------------ ------------ ------------ ------------
Total liabilities $ 2,479,114 $ 5,430,832 $ 400,000 $ 8,309,946
Stockholders' Equity:
Preferred stock $ 0 $ 0 $ 0 $ 0
Common stock 5,545,806 434,454 3,564,886 a,d 9,545,146
Additional paid in capital 329,384 0 329,384
Subscriptions receivable (179,000) 0 (179,000)
Accumulated deficit (3,549,334) (565,079) 565,079 d,e (3,549,334)
------------ ------------ ------------ ------------
Total stockholders' equity $ 2,146,856 $ (130,625) $ 4,129,965 $ 6,146,196
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 4,625,970 $ 5,300,207 $ 4,529,965 $ 14,456,142
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 Proforma Consolidated
Actual Actual Adjustments Pro Forma
<S> <C> <C> <C>
Revenue $ 3,964,929 $ 6,764,206 $ $ 10,729,135
Cost of revenue 3,530,824 2,175,170 5,705,994
------------ ------------ ------------ ------------
Gross profit $ 434,105 $ 4,589,036 $ $ 5,023,141
General and administrative 702,705 4,280,089 224,842 e 5,207,636
------------ ------------ ------------ ------------
Income (loss)from operations $ (268,600) $ 08,947 $ (224,842) $ (184,495)
Other income (expense):
Interest expense $ (101,622) $ (314,029) $ $ (415,651)
Miscellaneous 415,562 0 415,562
------------ ------------ ------------ ------------
Total other income (loss) $ 313,940 $ (314,029) $ $ (89)
Net income (loss) before income taxes
and extraordinary item $ 45,430 $ (5,082) $ (224,842) $ (184,584)
Income taxes 0 10,130 10,130
------------ ------------ ------------ ------------
Net income (loss) before extraordinary
item $ 45,340 $ (15,212) $ (224,842) $ (194,714)
Extraordinary item: gain on
extinguishment of debt 267,050 0 267,050
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NET INCOME (LOSS) $ 312,390 $ (15,212) $ (224,842) $ 72,336
Income (loss) from extraordinary item
share of common stock .06 .04
Loss from operations per share of common stock (.03) (.05)
Net Income (loss) attributable to
common stockholdersg 146,724 (94,330)
Net income (loss) attributable to common shareholders
per share of common stock .03 (.01)
Weighted average number of shares of common
stock outstanding 4,613,600 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 eliminate PlanGraphics income tax expense which is offset by DCX, Inc.
NOL.
g. 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.
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<CAPTION>
DCX, INC. AND SUBSIDIARY
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
PlanGraphics,
DCX, Inc. Inc.
Year Ended Year Ended
Sep 30, 1996 Sep 30, 1996 Proforma Consolidated
Actual Actual Adjustments Pro Forma
<S> <C> <C> <C>
Revenue $ 4,410,592 $ 7,985,750 $ $ 12,396,342
Cost of revenue 3,530,824 2,175,170 9,333,592
------------ ------------ ------------ ------------
Gross profit $ 867,596 $ 2,195,154 $ $ 3,062,750
General and administrative 1,329,002 1,429,875 311,702 e 3,070,759
Litigation costs 446,674 446,674
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Income (loss) from operations (908,080) 765,279 (454,503)
Other income (expense):
Interest expense $ (155,757) $ (297,064) $ $ (452,821)
Miscellaneous 10,183 13,153 23,336
------------ ------------ ------------ ------------
Total other income (loss) $ (145,574) $ (283,911) $ $ (429,485)
Net income (loss) before income taxes $ (1,053,654) $ 481,368 $ $ (883,988)
Income tax expense 0 176,469 (176,489) f
------------ ------------ ------------ ------------
Net income (loss) $ (1,053,654) $ 304,899 $ (883,988)
Net income (loss) per share (.25) (.13)
Weighted average number of shares
of common stock outstanding 4,287,437 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
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November 6, 1997 (Signature)
Frederick G. Beisser
Secretary, Treasurer &
Vice President - Finance & Accounting
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