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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 17, 1995
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WATSON GENERAL CORPORATION
(Exact name of registrant as specified in its charter)
California 0-16011 95-2873758
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(State or other jurisdiction (Commission (IRS Employer
of incorporation or organization) File Number) Identification No.)
32-B Mauchly, Irvine, California 92718
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (714) 727-4020
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n/a
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(Former name or former address, if changed since last report.)
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Item 5. Other Events.
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Subsequent to September 30, 1995, the Registrant completed four private
placement offerings in which a total of 868,572 restricted shares of common
stock were issued to investors and finders in exchange for $1,420,000 net of
finders fees.
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.
Watson General Corporation
Date 1/9/96 /s/ JOSEPH L. CHRISTOFFEL
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Joseph L. Christoffel, Chief Financial Officer
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WATSON GENERAL CORPORATION
AND SUBSIDIARIES
Proforma Consolidated Balance Sheet
(Unaudited)
<TABLE>
<CAPTION>
September Subsequent
30, 1995 Event (1) Proforma
---------- ---------- -----------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and equivalents 466,000 1,420,000 1,886,000
Accounts receivable 723,000 - 723,000
Prepaid expenses and
other current assets 129,000 - 129,000
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1,318,000 1,420,000 2,738,000
FURNITURE AND EQUIPMENT 309,000 - 309,000
PROPERTY HELD FOR SALE 303,000 - 303,000
DEPOSITS 5,000 - 5,000
INTANGIBLE ASSETS 386,000 - 386,000
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2,321,000 1,420,000 3,741,000
========== ========= ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable 329,000 - 329,000
Accrued expenses 192,000 - 192,000
Current portion of
Long-term debt 66,000 - 66,000
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587,000 - 587,000
LONG-TERM DEBT 351,000 - 351,000
OTHER LONG-TERM LIABILITIES 8,000 - 8,000
DEFERRED EMPLOYEE BENEFITS 435,000 - 435,000
SHAREHOLDERS' EQUITY
Common Stock 6,737,000 1,420,000 8,157,000
Additional paid-in capital 153,000 - 153,000
(Accumulated deficit) (5,950,000) - (5,950,000)
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1,734,000 1,420,000 3,154,000
2,321,000 1,420,000 3,741,000
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</TABLE>
(1) Completion of private placement offerings
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