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SECURITIES AND 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 (Date of earliest event reported) June 16, 1995
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ALOETTE COSMETICS, INC.
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(Exact name of registrant as specified in charter)
Pennsylvania 0-15414 23-2056003
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(State or other juris- (Commission File Number) (IRS Employer Identi-
diction of incorporation) fication No.)
1301 Wright's Lane East, West Chester, PA 19380
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(Address of principle executive offices) (Zip code)
Registrant's telephone number, including area code: (610) 692-0600
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(Former name or former address, if changed since last report.)
Exhibit Index appears on page 2
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The undersigned registrant hereby amends the following items, financial
statements or other portions of its Report filed on Form 8-K dated July 3, 1995
as set forth in the pages attached hereto:
Item 7. Financial Statements, Pro forma Financial Information and
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Exhibits
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b) Pro forma Financial Information required pursuant to
Article 11 of Regulation S-X:
INDEX TO PRO FORMA FINANCIAL STATEMENTS PAGE
Pro Forma Balance Sheet as of December 31, 1994 3
Pro Forma Statement of Income for the year
ended December 31, 1994 4
Notes to Pro Forma Financial Statements 5
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ALOETTE COSMETICS, INC.
PRO FORMA BALANCE SHEETS
December 31, 1994
<TABLE>
<CAPTION>
DISPOSITION
SUPERIOR ALOETTE
ALOETTE PRODUCTS ELIMINATIONS COSMETICS,
COSMETICS, INC. COMPANY AND INC. PRO FORMA
HISTORICAL HISTORICAL ADJUSTMENTS (Unaudited)
---------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
ASSETS
Current assets $ 14,490,683 $ 2,567,326 $ (192,000) $ 11,731,357
Net fixed assets 7,451,779 3,600,497 -- 3,851,282
Other assets 2,440,028 28,087 (292,000) 2,119,941
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Total assets $ 24,382,490 $ 6,195,910 $ (484,000) $ 17,702,580
============ ============ ============ ============
LIABILITIES
Current Liabilities $ 9,238,684 $ 6,531,580 $ 3,372,746 (a) $ 6,079,850
Long-term liabilities 3,617,374 591,481 -- 3,025,893
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Total liabilities 12,856,058 7,123,061 3,372,746 9,105,743
Total shareholders' equity 11,526,432 (927,151) (3,856,746)(a) 8,596,837
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Total liabilities and
shareholders' equity $ 24,382,490 $ 6,195,910 $ (484,000) $ 17,702,580
============ ============ ============ ============
</TABLE>
See Notes to Pro Forma Financial Statements
3
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ALOETTE COSMETICS, INC.
PRO FORMA INCOME STATEMENT
December 31, 1994
<TABLE>
<CAPTION>
DISPOSITION
SUPERIOR ALOETTE
ALOETTE PRODUCTS ELIMINATIONS COSMETICS,
COSMETICS, INC. COMPANY AND INC. PRO FORMA
HISTORICAL HISTORICAL ADJUSTMENTS (Unaudited)
---------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues:
Total Revenues $17,103,231 $ 6,667,237 $ 3,925,359(b) $14,361,353
Costs and expenses:
Cost of product sales 10,821,320 6,658,480 3,925,359(b) 8,088,199
Selling, general and administrative 7,997,022 1,443,058 0 6,553,964
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Operating (loss) (1,715,111) (1,434,301) 0 (280,810)
Other income (expense), net (267,533) 4,378 200,000(c) (71,911)
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Income (loss) before income taxes (1,982,644) (1,429,923) 200,000 (352,721)
Benefit from income taxes (442,000) (355,519) 68,000(d) (18,481)
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Net income (loss) $(1,540,644) $(1,074,404) $ 132,000 $ (334,240)
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(Loss) per common share $ (.71) $ (.15)
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Weighted avg. shares outstanding 2,157,253 2,157,253
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</TABLE>
See Notes to Pro Forma Financial Statements
4
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NOTES TO PRO FORMA COMBINING FINANCIAL STATEMENTS (UNAUDITED)
Introduction:
On June 16, 1995, Aloette Cosmetics, Inc. received a cash payment of
approximately $2.1 million for the sale of certain assets of its manufacturing
operations to Naterra, Inc. As a result of the sale, the Company recorded a loss
of $3,800,000.
Basis of Presentation:
The Company's unaudited pro forma financial statements are presented to
illustrate the effect of the sale of certain assets of its manufacturing
operation on the Company's financial position as of December 31, 1994, and to
demonstrate the effect upon the Company's historical results of operations for
the year ended December 31, 1994, as if the sale had occurred on January 1,
1994. The pro forma financial statements are not necessarily indicative of what
the financial position or results of operations would have been had the sale
occurred on that date, nor are they necessarily indicative of future results of
the Company.
The pro forma financial statements have been prepared from the
historical financial statements of the Company, incorporated by reference to
Form 10-KSB dated March 31, 1995, and contain certain adjustments with respect
to the transaction as explained hereafter. The pro forma financial statements
should be read in conjunction with the aforementioned historical financial
statements and related footnotes.
Adjustments to Pro Forma Financial Statements:
(a) The adjustments to the proforma balance sheet represent the inclusion
of the proceeds received from the sale as a reduction of debt, the sale of the
assets and the respective loss, the effect on deferred income taxes and the
elimination of intercompany balances.
(b) The adjustment to Revenues and Cost of product sales reflects the
elimination of intercompany sales.
(c) The adjustment to Other income (expense) reflects the benefit to
interest expense of reduced debt of $2.1 million as a result of cash received
from the sale of the manufacturing operations.
(d) The adjustment to the provision for income taxes represents the tax
effect of the proforma adjustments at the statutory income tax rate of 34%.
5
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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.
ALOETTE COSMETICS, INC.
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(registrant)
Date: August 14, 1995 /s/ Jean M. Lewis
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Jean M. Lewis
Vice President of Finance
(Principal Financial Officer)
