<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
AMENDMENT TO CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 18, 1997
----------------
Stevens International, Inc.
-------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-9603 75-2159407
- ---------------------------- ----------- ------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
5500 Airport Freeway, Fort Worth, Texas 76117
- ----------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (817) 831-3911
-------------------------
Page 1 of 7 pages.
Index to Exhibits appears at page 7.
<PAGE>
Reference is made to the Current Report filed by the Company on Form 8-K dated
March 18, 1997 (the "Form 8-K"). The Form 8-K is amended in its entirety by the
following:
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
SALE OF BERNAL DIVISION
In March 1997, Stevens International, Inc. (the "Company") sold
substantially all the assets of its Bernal Division including the product
technology and related intangibles to Bernal International, Inc., a new company
formed for the asset purchase. Through the Bernal Division, the Company engaged
in the business of designing, manufacturing, distributing and selling machinery
and related equipment, dies and support services for the package printing and
consumer products related industries at the Company's facility in Rochester
Hills, Michigan. The cash proceeds were approximately $15 million, and in
addition, the purchaser assumed certain liabilities of Bernal, including the
accounts payable. This transaction resulted in a $12 million permanent
reduction of the Company's senior debt. In 1996, Bernal contributed sales of
approximately $17.8 million and approximately $0.7 million income before
interest, corporate charges and taxes. The loss on the sale of Bernal assets of
approximately $3.5 million is reflected in the 1996 results of operations. This
asset sale resulted in a tax charge of $1.2 million from a taxable gain due to
the non-deductible Bernal goodwill expensed upon the sale of Bernal's
technology. The accompanying pro forma statement of operations for the 12
months ended December 31, 1996 shows the impact of the sale of the Bernal
Division on 1996 operations, assuming the transaction had occurred as of January
1, 1996.
To the best knowledge of the Company, there is no material relationship
between Purchaser and the Company or any of its affiliates, any director or
officer of the Company, or any associate of such director or officer.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) NONE.
(b) PRO FORMA FINANCIAL INFORMATION.
Pro Forma Consolidated Statements of Operations for the year ended December
31, 1996
Pro Forma Balance Sheet as of December 31, 1996.
-2-
<PAGE>
(c) EXHIBITS.
The following is a list of exhibits filed as part of this Amendment to
Current Report on Form 8-K.
EXHIBIT DESCRIPTION OF EXHIBIT
- ------- ----------------------------
NUMBER
- ------
2.1 Asset Purchase Agreement (1)
__________________
(1) Previously filed.
-3-
<PAGE>
STEVENS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
PRO FORMA
ASSUMING BERNAL DIVISION WAS SOLD JANUARY 1, 1996
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
--------------------------------------------
PRO FORMA PRO FORMA
1996 TRANSACTIONS AMOUNTS
--------------------------------------------
<S> <C> <C> <C>
Net sales......................................................... $ 65,659 $(17,839) (1) $ 47,820
Cost of sales..................................................... 74,243 (14,302) (1) 59,941
-------- -------- --------
Gross profit (loss)............................................... (8,584) (3,537) (12,121)
Selling, general and administrative expenses...................... (22,485) 2,456 (1) (20,029)
Restructuring charge.............................................. (1,300) -- (1,300)
Loss on sale of assets............................................ (3,472) 3,472 (2) --
-------- -------- --------
Operating income (loss)........................................... (35,841) 2,391 (33,450)
Other income (expense):
Interest income................................................ 63 -- 63
Interest expense............................................... (3,984) 1,189 (3) (2,795)
Lawsuit settlement expense..................................... (700) -- (700)
Other, net..................................................... (758) 374 (1) (384)
-------- -------- --------
(5,379) 1,563 (3,816)
-------- -------- --------
Income (loss) before taxes........................................ (41,220) 3,954 (37,266)
Income tax benefit (expense)...................................... 7,000 1,200 (1) 8,200
-------- -------- --------
Net income (loss).......................................... $(34,220) $ 5,154 $(29,066)
======== ======== ========
Income (loss) per common share:
Net income (loss).......................................... $ (3.62) $ 0.54 $ (3.08)
======== ======== ========
Weighted average number of shares of common and common
stock equivalents outstanding during the periods................. 9,451 9,451 9,451
======== ======== ========
</TABLE>
(1) To exclude sale and costs incurred by Bernal Division in 1996.
(2) The "loss on sale of assets" is eliminated, assuming the loss, if any,
would have been previously recognized.
(3) Decrease in interest expense for 1996, assuming the $14,412,000 in net
proceeds reduced the Company's Senior indebtedness at January 1, 1996 at an
interest rate of 8.25% for the 12 months.
-4-
<PAGE>
STEVENS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
PRO FORMA
ASSUMING BERNAL DIVISION WAS SOLD DECEMBER 31, 1996
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
DECEMBER 31,
------------------------------------
PRO FORMA PRO FORMA
--------- ---------
ASSETS 1996 TRANSACTIONS AMOUNTS
------ ------- ------------ ---------
Current assets:
<S> <C> <C> <C>
Cash...................................................... $ 3,338 $ 3,338
Trade accounts receivable, less allowance for losses of... 11,777 11,777
$4,225 and $655 in 1996 and 1995, respectively
Costs and estimated earnings in excess of billings on..... 4,263 4,263
long-term contracts
Inventory................................................. 14,169 14,169
Refundable income taxes................................... 2,464 2,464
Other current assets...................................... 2,095 (162) (1) 1,933
Assets held for sale...................................... 14,250 $(14,250) (1) --
-------- -------- --------
Total current assets.................................. 52,356 (14,412) 37,944
Property, plant and equipment, net........................... 17,957 17,957
Other assets, net............................................ 7,104 7,104
-------- -------- --------
$ 77,417 $(14,412) $ 63,005
======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Trade accounts payable.................................... $ 9,834 $ 9,834
Billings in excess of costs and estimated earnings on
long-term contracts...................................... 1,544 1,544
Other current liabilities................................. 11,697 11,697
Customer deposits......................................... 2,064 2,064
Advances from affiliates.................................. 950 950
Current portion of long-term debt......................... 37,743 (14,412) (1) 23,331
-------- -------- --------
Total current liabilities............................. 63,832 (14,412) 49,420
Long-term debt............................................... 113 113
Deferred income taxes........................................ -- --
Deferred pension costs....................................... 2,576 2,576
Commitments and contingencies
Stockholders' equity:
Series A Common Stock, $0.10 par value.................... 734 734
Series B Common Stock, $0.10 par value.................... 211 211
Additional paid-in capital................................ 39,844 39,844
Foreign currency translation adjustment................... (167) (167)
Excess pension liability adjustment....................... (1,466) (1,466)
Retained earnings (deficit)............................... (28,260) (28,260)
-------- --------
Total stockholders' equity............................ 10,896 10,896
-------- -------- --------
$ 77,417 $(14,412) $ 63,005
======== ======== ========
</TABLE>
(1) There are no pro forma transactions, other than the assumed sale on
12/31/96, as the sale of Bernal Division was reflected in the December 31,
1996 balance sheet. Proceeds from the sale were used as a direct reduction
of the current portion of long-term debt and the elimination of the deferred
expenses of the sale.
-5-
<PAGE>
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.
STEVENS INTERNATIONAL, INC.
Date: May 29, 1997 By: /s/ Paul I. Stevens
-----------------------------------
Paul I. Stevens
Chairman of the Board,
Chief Executive Officer and
Acting Chief Financial Officer
-6-
<PAGE>
INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
------- ------- ------------
2.1 Asset Purchase Agreement (1)
- -----------------------
(1) Previously filed.
-7-
