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): January 1, 1998
EFI Electronics Corporation
(Exact name of registrant as specified in its charter)
Delaware 0-15967 75-207220
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
1751 South 4800 West
Salt Lake City, UT 84104
(Address of principal executive offices, including zip code)
(801) 977-9009
(Registrant's telephone number, including area code)
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This Amendment No. 3 to the Current Report on Form 8-K dated January 1, 1998 is
being filed by EFI Electronics Corporation to adjust Goodwill reflected on the
proforma Balance Sheet.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Page
(b) Pro forma financial information:
Unaudited Pro Forma Condensed Combined Balance Sheet as of
December 31, 1997 .............................................. 11
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EFI ELECTRONICS CORPORATION
UNAUDITED PROFORMA CONDENSED COMBINED BALANCE SHEET
DECEMBER 31, 1997
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<CAPTION>
<S> <C> <C> <C> <C> <C>
EFI EFI PROFORMA PROFORMA
USA EUROPE ADJUSTMENTS COMBINED
ASSETS
Current assets:
Cash and cash equivalents $ 7,287 $ 217,095 $ (125,000) {F1} $ 99,382
Receivables 2,881,559 386,029 -0- 3,267,588
Inventories 3,894,878 100,881 (29,213) 3,966,546
Prepaid expenses 175,314 18,909 -0- 194,223
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Total current assets 6,959,038 722,914 (154,213) 7,527,739
Property - net 2,396,612 78,770 -0- 2,475,382
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Investment in EFI Europe 141,875 -0- (141,875) -0-
Due from EFI Europe 534,902 -0- (534,902) -0-
Goodwill -0- -0- 866,603 {F1} 866,603
Other assets 63,435 -0- -0- 63,435
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Total other assets 740,212 -0- 189,826 930,038
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Total assets $ 10,095,862 $ 801,684 $ 35,613 $ 10,933,159
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LIABILITIES
Current liabilities:
Revolving line of credit $ 3,395,148 $ -0- $ -0- $ 3,395,148
Current maturities of notes payable 587,414 -0- 131,682 {F1} 719,096
Current maturities of capital lease
obligations 99,912 27,925 -0- 127,837
Accounts payable 997,341 121,636 -0- 1,118,977
Due to EFI - USA -0- 530,131 (530,131) -0-
Reserve for customer warranty 246,420 -0- -0- 246,420
Accrued liabilities 792,701 7,120 -0- 799,821
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Total current liabilities 6,118,936 686,812 (398,449) 6,407,299
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Long-term liabilities:
Notes payable, less current maturities 832,551 -0- 143,318 {F1} 975,869
Capital leases, less current maturities 267,437 28,499 -0- 295,936
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Total long-term liabilities 1,099,988 28,499 143,318 1,271,805
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Total liabilities 7,218,924 715,311 (255,131) 7,679,104
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Commitments - - - -
STOCKHOLDERS' EQUITY
Common stock 528 37,099 (37,077) {F1} 550
Additional paid-in capital 2,625,962 12,782 437,116 {F1} 3,075,860
Retained earnings 460,448 60,790 (92,038) 429,200
Cumulative translation adjustment -0- (24,298) (17,257) (41,555)
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3,086,938 86,373 290,744 3,464,055
Less stock subscriptions receivable (210,000) -0- -0- (210,000)
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Total stockholders' equity 2,876,938 86,373 290,744 3,254,055
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Total liabilities and
stockholders' equity $ 10,095,862 $ 801,684 $ 35,613 $ 10,933,159
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{F1} - The Company purchased all of the outstanding common stock of EFI Spain.
The purchase price for the shares was $125,000 of cash, note payable of $275,000
(interest rate of 8.50%) and 220,000 shares of the Company's common stock
(valued at 90% of the average price of the Company's common stock for five
business days prior to the purchase of EFI Spain). Goodwill was determined as
the difference between the purchase price and the investment in EFI Spain.
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