SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): September 20, 1996
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EFI ELECTRONICS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-15967 75-2072203
(State or other jurisdiction (Commission File No. ) (IRS Employer
of incorporation ) Identification No.)
2415 South 2300 West
Salt Lake City, Utah 84119
(Address of principal executive offices, including zip code)
(801) 977-9009
(Registrant's telephone number, including area code)
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TABLE OF CONTENTS
Item 5. Other Items...................................................1
Item 7. Financial Statements and Exhibits
Balance Sheet........................................................2
Statement of Operations..............................................3
SIGNATURES............................................................4
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Item 5.Other Events
In its Form 10-Q as of June 30, 1996, EFI Electronics Corporation, Inc. ("EFI"
or "Company") disclosed Total Stockholders' Equity of $821,340. On July 24,
1996, NASDAQ notified the Company that the Company was not in compliance with
NASDAQ's requirement that Small Cap Market companies maintain capi tal and
surplus of at least $1,000,000.
The Company's common stock remains listed on the NASDAQ Small Cap Market on the
condition that the Company effect this filing accompanied by a July 31, 1996
statement of operations and a corresponding balance sheet, with pro forma
adjustments to reflect transactions necessary to meet NASDAQ require ments.
The Company was able to satisfy the minimum capital requirement primarily
through the sale of equity and conversion of outstanding debt to equity. These
transactions occurred as follows:
Resolution Date Shares Issued Transaction Desc Amount
July 26, 1996 195,686 Cash $201,000
July 26, 1996 5,400 Converted A/P 7,500
September 13, 1996 216,667 Converted debt & interest 216,500
September 20, 1996 166,667 Cash 150,000
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575,000
The attached interim financial statement as of July 31, 1996, including the pro
forma balance sheet, were prepared solely to comply with the conditions imposed
by NASDAQ. Results of operations for the interim period are not necessarily
indicative of results for the quarter or the fiscal year.
Item 7.Financial Statements and Exhibits
See attached.
1
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BALANCE SHEETS
July 31, 1996 July 31, 1996
(Unaudited) (Pro Forma)
ASSETS
Current assets:
Cash and cash equivalents $ 1,539 $ 547,539
Receivables 2,495,620 2,495,620
Inventories 2,557,296 2,557,296
Prepaid expenses 120,548 120,548
Total current assets 5,175,003 5,721,003
Property - net 1,782,921 1,782,921
Investment in joint venture 140,205 140,205
Other assets 265,720 265,720
Total assets $ 7,363,849 $ 7,909,849
LIABILITIES
Current liabilities:
Current installments of notes payable $ 236,100 $ 236,100
Accounts payable 1,625,897 1,618,397
Reserve for customer warranty 362,723 362,723
Revolving line of credit 2,999,399 2,999,399
Accrued liabilities 536,829 515,329
Total current liabilities 5,760,948 5,731,948
Notes Payable, less current installments 976,000 976,000
Total liabilities 6,736,948 6,707,948
STOCKHOLDERS' EQUITY
Common stock 363 417
Additional paid-in capital 365,839 940,785
Retained earnings 410,699 410,699
Total 776,901 1,351,901
Less:
Stock subscriptions and note receivable
from management and employees (150,000) (150,000)
Total stockholders' equity 626,901 1,201,901
Total liabilities and
stockholders' equity $ 7,363,849 $ 7,909,849
2
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STATEMENT OF OPERATIONS
For the four months ended July 31, 1996 (Unaudited)
Sales $ 4,055,904
Cost of sales 2,651,668
Gross profit 1,404,236
Operating expenses:
Selling, general and
administrative expenses 1,481,543
Research and development 174,002
Total operating expenses 1,655,545
Operating loss (251,309)
Other income (expense):
Equity in earnings of joint venture 22,500
Interest expense (152,265)
Total other income (expense) (129,765)
Loss before income taxes (381,074)
Benefit from (provision for) income taxes -0-
Net loss $ (381,074)
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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 thereunto duly authorized.
EFI ELECTRONICS CORPORATION
/s/_________________________________
Richard D. Clasen, President and Chief Executive Officer
Date:September 20, 1996
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FOR IMMEDIATE RELEASE: Monday, September 23, 1996
CONTACT: Richard D. Clayson, President/CEO Madeleine Franco
David G. Bevan, Executive Vice President or Bryce Benson
of Operations/CFO Jordan Richard Assoc.
EFI Electronics Corporation 801-595-8611
801-977-9009
EFI COMPLIES WITH NASDAQ REQUIREMENTS
TO CONTINUE SMALLCAP LISTING
SALT LAKE CITY, UTAH EFI Electronics Corporation has complied with Nasdaq's
required actions to increase capital and surplus requirements to continue EFI's
Nasdaq SmallCap listing. While EFI Electronics Corporation failed to meet this
requirement as of June 30, 1996, the company was granted a temporary exception
from this standard subject to EFI Electronics Corporation meeting certain
conditions.
These conditions were met in a filing with the SEC on September 20, 1996, which
met the minimal capital requirements by sale of equity and conversion of
outstanding debt to equity. Effective September 24, 1996 the company's Nasdaq
symbol will revert back to EFIC.
EFI is a leading supplier of consumer, business and industrial power protection
products, including plug-in surge protectors, industrial hardwired products and
power monitoring software. For more information on EFI products, contact EFI at
800-877-1174 and ask for inside sales.
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