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Previous: SEATTLE FILMWORKS INC, 10-Q, 2000-02-08 |
Next: GE CAPITAL MORTGAGE SERVICES INC, 8-K, 2000-02-08 |
<PAGE>
- -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K /A
AMENDMENT NO. 1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): FEBRUARY 8, 2000
(DECEMBER 1, 1999)
UNICOMP, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER: 0-15671
COLORADO 84-1023666
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
1850 PARKWAY PLACE, SUITE 925
MARIETTA, GEORGIA 30067
(Address of principal executive offices including zip code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (770) 424-3684
- -------------------------------------------------------------------------------
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable.
(b) Pro Forma Financial Information
On December 1, 1999, UniComp, Inc. (the "Company") completed the sale of certain
assets (the "Assets") of the Company's Northern Ireland subsidiary, ICS UniComp
Limited, to ZEC Limited (the "Sale"). ICS UniComp Limited is an information
technology service provider. The Assets disposed of include, but are not limited
to, the following: plant machinery and motor vehicles, computer and office
equipment, furniture, premises, tradename, and intellectual property rights.
Accounts receivable,, accounts payable, and all other liabilities as of December
1, 1999 were retained by ICS UniComp Limited. The Sale was consummated in
accordance with the terms of that certain Agreement for the Sale and Purchase of
the Goodwill Business and Assets of ICS UniComp Limited between ICS UniComp
Limited, UniComp Holdings (UK) Limited, ICS Computing Group Limited, UniComp,
Inc., and ZEC Limited, dated December 1, 1999 (the "Sale Agreement").
The consideration paid to the Company in connection with the Sale was as
follows: approximately 4.9 million pounds sterling (approximately $7.8 million
U.S.), of which 0.2 million pounds sterling (approximately $.3 million U.S.) is
being withheld pending final calculation of certain completion accounts set
forth in detail in the Sale Agreement.
The total consideration paid in the Sale was determined through arm's length
negotiations between the parties. Neither the Company nor ICS UniComp Limited,
nor any of their affiliates had, or to the knowledge of the Company or ICS
UniComp Limited, did any director or officer or any associate of any such
director or officer of the Company nor ICS UniComp Limited, have any material
relationship with ZEC Limited prior to the Sale.
The unaudited pro forma condensed combined financial statements are based on the
historical presentation of the consolidated financial statements of UniComp,
Inc. ("UniComp" or the "Company"). The unaudited pro forma balance sheet as of
November 30, 1999 gives effect to the Sale as if it occurred on November 30,
1999. The unaudited pro forma statements of operations for the year ended
February 28, 1999 and nine months ended November 30, 1999 give effect to the
Sale as if it had occurred on March 1, 1998.
The unaudited pro forma financial information is presented for informational
purposes only and it is not necessarily indicative of the financial position and
results of operations that would have been achieved had the Sale been completed
as of the dates indicated and is not necessarily indicative of the Company's
future financial position or results of operations.
The unadudited pro forma combined financial statements should be read in
conjunction with the historical consolidated financial statements and notes
thereto of the Company.
2
<PAGE>
UNAUDITED
PRO FORMA COMBINED BALANCE SHEET
As of November30,1999
(inThousands)
<TABLE>
<CAPTION>
UniComp ICS Pro Forma Pro Forma
Consolidated UniComp (1) Adjustments Combined
<S> <C> <C> <C> <C>
CURRENT ASSETS:
(2)
Cash and cash equivalents 134 7,840 7,974
Accounts and other receivables:
Trade accounts receivable 8,119 8,119
Other receivables 572 572
Inventories 4,028 471 3,557
Prepaid expenses and other 2,428 2,428
-------------- ------------- ------------ ------------
Total current assets 15,281 471 7,840 22,650
Property and equipment, net 5,615 1,506 4,109
OTHER ASSETS:
Acquired and developed software, net 6,711 1,436 5,275
Goodwill and other intangibles, net 4,016 4,016
Deferred income taxes 626 626
Prepaid pension 1,202 600 602
Receivables from related parties 525 525
Other 585 585
-------------- ------------- ------------ ------------
Total other assets 13,665 2,036 0 11,629
Total assets 34,561 4,013 7,840 38,388
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CURRENT LIABILITIES:
Accounts payable 3,982 3,982
Accrued expenses 1,742 1,742
Deferred revenue 1,343 475 868
Taxes payable 747 747
Lines of credit 4,502 4,502
Current portion of notes payable 1,701 1,701
-------------- ------------- ------------ ------------
Total current 14,017 475 0 13,542
liabilities
LONG-TERM LIABILITIES:
Notes payable 2,423 2,423
Deferred income taxes 1,031 1,031
Other 285 285
------------ ------------- ------------ -------------
Total long-term 3,739 0 0 3,739
liabilities
Total liabilities 17,756 475 0 17,281
STOCKHOLDER'S EQUITY:
Preferred stock 2,800 2,800
Common stock 81 81
Additional contributed capital 16,387 16,387
Retained earnings (deficit) 586 4,302 (3) 4,888
19,854 0 4,302 24,156
Less treasury stock -2,785 -2,785
Accumulated other comprehensive income -264 -264
------------ ------------- ------------ -------------
Total stockholders' 16,805 0 4,302 21,107
equity
Total liabilities and 34,561 475 4,302 38,388
stockholders' equity
</TABLE>
4
<PAGE>
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
For the Twelve Months Ended February 28, 1999
(in thousands, except per share information)
<TABLE>
<CAPTION>
(1)
UNICOMP ICS PRO FORMA PROFORMA
CONSOLIDATED UNICOMP ADJUSTMENTS COMBINED
--------------- -------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Revenue:
Equipment 9,275 1,854 7,421
Services 11,778 4,137 7,641
Software 8,526 3,795 4,731
--------------- -------------- ---------------- ---------------
Total revenue 29,579 9,786 0 19,793
Cost of sales
Equipment 7,065 1,181 5,884
Services 1,740 185 1,555
Software 3,816 1,453 2,363
--------------- -------------- ---------------- ---------------
Total cost of sales 12,621 2,819 0 9,802
Gross Profit 16,958 6,967 0 9,991
Selling, General, and Administrative 17,639 5,149 12,490
--------------- -------------- ---------------- ---------------
Operating Income (Loss) (681) 1,818 0 (2,499)
Other (Income) Expense:
Other, net 375 (2) 377
Interest, net 636 93 543
--------------- -------------- ---------------- ---------------
Other expense, net 1,011 91 0 920
Income (Loss) from continuing (1,692) 1,727 0 (3,419)
operations
before provision for income taxes
Provision for income taxes 199 518 (319)
--------------- -------------- ---------------- ---------------
Income (loss) from continuing (1,891) 1,209 0 (3,100)
operations
--------------- -------------- ---------------- ---------------
Preferred stock dividends and 443 443
accretion
--------------- -------------- ---------------- ---------------
Income (loss) available to common (2,334) (3,543)
shareholders
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Basic and diluted earnings per share (0.30) 0.15 0.00 (0.45)
=============== ============== ================ ===============
Weighted average shares-basic and 7,802 7,802 7,802 7,802
diluted
=============== ============== ================ ===============
</TABLE>
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<PAGE>
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
For the Nine Months Ended November 30, 1999
(in thousands, except per share information)
<TABLE>
<CAPTION>
(1)
UNICOMP ICS PRO FORMA PROFORMA
CONSOLIDATED UNICOMP ADJUSTMENTS COMBINED
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Revenue:
Equipment 9,717 949 8,768
Services 8,945 3,718 5,227
Software 10,177 3,312 6,865
--------------- -------------- --------------- --------------
Total revenue 28,839 7,979 0 20,860
Cost of sales
Equipment 6,393 766 5,627
Services 1,088 233 855
Software 2,983 1,019 1,964
--------------- -------------- --------------- --------------
Total cost of sales 10,464 2,018 0 8,446
Gross Profit 18,375 5,961 0 12,414
Selling, General, and Administrative 16,690 4,965 11,725
--------------- -------------- --------------- --------------
Operating Income (Loss) 1,685 996 0 689
Other (Income) Expense:
Other, net (24) 0 (24)
Interest, net 441 75 366
--------------- -------------- --------------- --------------
Other expense, net 417 75 0 342
Income (Loss) from continuing 1,268 921 0 347
operations
before provision for income taxes
Provision for income taxes (120) 320 (440)
--------------- -------------- --------------- --------------
Income (loss) from continuing 1,388 601 787
operations
Preferred stock dividends 105 105
Income (loss) available to common 1,283 601 0 682
shareholders
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
=============== ============== =============== ==============
Basic earnings per common share 0.17 0.08 0.00 0.09
=============== ============== =============== ==============
=============== ============== =============== ==============
Diluted earnings per common share 0.14 0.07 0.00 0.08
=============== ============== =============== ==============
Weighted Average Shares 7,485 7,485 7,485 7,485
=============== ============== =============== ==============
Weighted Average Shares Assuming 8,940 8,940 8,940 8,940
Dilution
=============== ============== =============== ==============
</TABLE>
8
<PAGE>
NOTES TO UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTS
(1) Derived from the historical stand alone financial statements of ICS UniComp
Limited.
(2) Cash proceeds from the Sale.
(3) Pretax gain on the Sale.
(c) Exhibits
Exhibit No. Description
----------- -----------
Exhibit 2.1 Agreement for the Sale and Purchase of the
Goodwill Business and Assets of ICS UniComp
Limited, dated December 1, 1999 (Previously
filed with form 8K filed on December 15, 1999).
9
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) 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.
UNICOMP, INC.
/S/ HUGH MOORE FEBRUARY 8, 2000
- ---------------------------- --------------------------
Hugh Moore Date
Vice President of Finance
Principal Accounting Officer
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