<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 8-K/A
AMENDMENT NO. 1 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): July 1, 1998
Northland Cranberries, Inc.
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Wisconsin 0-16130 39-1583759
------------------------------ --------------- -----------------
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
800 First Avenue South P.O. Box 8020
Wisconsin Rapids, Wisconsin 54495-8020
----------------------------------------------------------
(Address of principal executive offices including zip code)
(715) 424-4444
-------------------------------
(Registrant's telephone number)
<PAGE>
The undersigned registrant hereby amends Item 7 of its Current Report
on Form 8-K dated July 1, 1998 to provide in its entirety as follows:
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED
The Report of Independent Certified Public Accountants, the balance sheet
at June 30, 1997, the statement of income and cash flows for the year ended
June 30, 1997 and related notes thereto of Minot Food Packers, Inc., a New
Jersey corporation ("Minot"), are incorporated by reference herein from the
registrant's Registration Statement on Form S-3, (Reg. No. 333-53173),
filed on May 20, 1998.
The following financial statement information of Minot is provided herein:
Unaudited Balance Sheet at March 31, 1998
Unaudited Statements of Income for the Nine Months Ended March 31,
1998 and 1997
Unaudited Statements of Cash Flows for the Nine Months Ended March 31,
1998 and 1997
Note to Unaudited Financial Statements
(b) PRO FORMA FINANCIAL INFORMATION.
The following pro forma financial statement information of the registrant
and Minot is provided herein:
Unaudited Consolidated Pro Forma Condensed Balance Sheet at May 31,
1998
Unaudited Consolidated Pro Forma Condensed Statements of Operations
for the Nine Months Ended May 31, 1998 and 1997
Notes to Unaudited Consolidated Pro Forma Condensed Financial
Statements
2
<PAGE>
MINOT FOOD PACKERS, INC.
UNAUDITED BALANCE SHEET
AS OF MARCH 31, 1998
<TABLE>
<CAPTION>
MARCH 31,
1998
<S> <C>
Current assets:
Accounts receivable:
Trade, net of allowance for
doubtful accounts $105,612 $ 1,967,797
Related parties 70,535
Inventories 8,434,368
Prepaid expenses and other current
assets 239,956
Deferred income taxes 17,772
-----------
Total current assets 10,730,428
-----------
Property, plant and equipment, net 8,620,995
-----------
Other assets:
Deferred costs, net of accumulated
amortization of $319,800 474,814
Deferred financing costs, net of
accumulated amortization of $87,884 169,462
Cash surrender value of life insurance 17,853
-----------
Total other assets 662,129
-----------
Total assets $20,013,552
-----------
-----------
Current liabilities:
Notes payable, bank $2,868,842
Checks issued against future deposits 1,661,316
Accounts payable 3,058,605
Current maturities of long-term debt 2,297,297
Current maturities of subordinated debt 18,244
Accrued expenses 470,844
-----------
Total current liabilities 10,375,148
-----------
Other liabilities
Long-term debt, net of current
maturities 6,798,895
Subordinated debt, net of current
maturities 521,606
Deferred income taxes 106,171
-----------
Total other liabilities 7,426,672
-----------
Total liabilities 17,801,820
-----------
Stockholder's equity:
Common stock, no par value
Authorized 5,000 shares
Issued 2,440 shares 0
Additional paid-in capital 489,933
Retained earnings 5,056,222
-----------
5,546,155
Less treasury stock, at cost, 2,196.5 shares (3,334,423)
-----------
Total stockholder's equity 2,211,732
-----------
Total liabilities and
stockholder's equity $20,013,552
-----------
-----------
</TABLE>
3
<PAGE>
MINOT FOOD PACKERS, INC.
UNAUDITED STATEMENTS OF INCOME
NINE MONTHS ENDED MARCH 31, 1998 AND 1997
<TABLE>
<CAPTION>
MARCH 31, MARCH 31,
1998 1997
<S> <C> <C>
Net sales $31,035,577 $32,493,235
Cost of products sold 24,524,634 26,260,326
----------- -----------
6,510,943 6,232,909
Operating expenses:
Selling 2,475,735 1,797,602
Brokerage 630,504 723,419
General and
administrative 1,602,145 1,839,165
----------- -----------
Total operating
expense 4,708,384 4,360,186
----------- -----------
Income from operations 1,802,559 1,872,723
----------- -----------
Other income (expense):
Interest expense (855,016) (798,463)
Miscellaneous income 43,241 40,950
----------- -----------
Other (expense), net (811,775) (757,513)
----------- -----------
Net income before taxes 990,784 1,115,210
Income tax expense 88,399 0
----------- -----------
Net income $902,385 $1,115,210
----------- -----------
----------- -----------
</TABLE>
4
<PAGE>
MINOT FOOD PACKERS, INC.
UNAUDITED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED MARCH 31, 1998 AND 1997
<TABLE>
<CAPTION>
MARCH 31, MARCH 31,
1998 1997
<S> <C> <C>
Operating activities
Net income $902,385 $1,115,211
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization 669,836 715,000
Amortization of intangibles 64,550 110,000
Deferred income taxes 88,399 0
Change in operating assets and
liabilities
(Increase) decrease in accounts
receivable 352,194 (358,340)
(Increase) in inventories (1,129,034) (564,796)
(Increase) decrease in accounts
receivable, related party 49,215 (119,750)
(Increase) in prepaid expenses (150,049) (155,648)
(Increase) in deferred costs (154,122) (4,151)
(Increase) in accounts payable (270,074) (2,014,530)
(Increase) decrease in accrued
expenses (165,068) 123,991
Decrease in checks issued against
future deposits 632,962 1,358,331
----------- ----------
Net cash provided by operating activities 891,194 205,318
----------- ----------
Investing activities
Purchases of property, plant and equipment (486,707) (426,059)
Increase in cash surrender value of life
insurance 0 (2,055)
----------- ----------
Net cash provided by (used in) investing activities (486,707) (428,114)
----------- ----------
Financing activities
Advances on note payable, bank 29,080,227 30,020,432
Repayments of note payable, bank (28,721,809) (29,489,548)
Principal payments on long-term debt (750,490) (297,765)
Principal payments on subordinated debt (12,415) (10,323)
----------- ----------
Net cash provided by (used in) financing activities (404,487) 222,796
----------- ----------
Change in cash 0 0
Cash, beginning of period 0 0
----------- ----------
Cash, end of period 0 0
----------- ----------
----------- ----------
Supplemental disclosure of cash information
Cash paid during the year for interest $845,622 $789,369
----------- ----------
----------- ----------
</TABLE>
5
<PAGE>
MINOT FOOD PACKERS, INC.
NOTE TO UNAUDITED FINANCIAL STATEMENTS
The financial statements included herein have been prepared by the
Company without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. In the opinion of the Company, the
foregoing statements contain all adjustments necessary to present fairly the
financial position of the Company as of March 31, 1998, and its results of
operations and cash flows for the nine month periods ended March 31, 1998 and
1997.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been omitted pursuant to such rules and
regulations, although the Company believes that the disclosures are adequate
to make the information presented not misleading. It is suggested that these
financial statements can be read in conjunction with the financial statements
and the notes thereto included in the Company's latest audit report.
6
<PAGE>
UNAUDITED CONSOLIDATED PRO FORMA
CONDENSED FINANCIAL STATEMENTS
The following unaudited consolidated pro forma condensed balance sheet
combines the consolidated condensed balance sheet of Northland as of May 31,
1998 and the condensed balance sheet of Minot as of March 31, 1998. The
following unaudited consolidated pro forma condensed statements of operations
combine the consolidated condensed statements of operations of Northland for
the year ended August 31, 1997 and for the nine months ended May 31, 1998,
with the condensed statements of Minot for the year ended June 30, 1997 and
the nine months ended March 31, 1998, as if the transactions had occurred
beginning September 1, 1996 and September 1, 1997. The pro forma information
is based on the historical financial statements of Northland and Minot,
giving effect to the transaction under the purchase method of accounting, and
the assumptions and adjustments in the accompanying notes to the pro forma
consolidated condensed financial statements.
The unaudited pro forma consolidated condensed balance sheet and the pro
forma consolidated condensed statements of operations have been prepared by
Northland management based upon the financial statements of Northland and
Minot for the periods indicated.
The pro forma net income per common share, the pro forma consolidated
condensed operations statements and the pro forma consolidated condensed
balance sheet data are presented for informational purposes only and are not
necessarily indicative either of what the Company's actual results of
operations would have been after giving effect to the assumptions referred to
above or of the Company's future consolidated financial position or results
of operations.
7
<PAGE>
NORTHLAND CRANBERRIES, INC AND MINOT FOOD PACKERS, INC.
UNAUDITED CONSOLIDATED PRO FORMA CONDENSED BALANCE SHEET
MAY 31, 1998
ASSETS
<TABLE>
<CAPTION>
Historical
----------------------------
Northland Minot Pro Forma
May 31, 1998 March 31, 1998 Adjustments(a) Pro Forma
------------ -------------- -------------- ---------
<S> <C> <C> <C> <C>
Current assets:
Cash and cash
equivalents $ 241,650 $ 241,650
Accounts and note
receivable 10,789,197 $ 2,038,332 $ (70,535)(d) 12,756,994
Inventories 41,231,034 8,434,368 49,665,402
Prepaid expenses 2,304,301 239,956 2,544,257
Deferred income taxes 3,035,486 17,772 (17,772)(d) 3,035,486
------------ ----------- ----------- ------------
Total current assets 57,601,668 10,730,428 (88,307) 68,243,789
Property and equipment, net 139,223,842 8,620,995 (8,620,995)(b) 151,423,842
9,200,000 (b)
3,000,000 (b)
Investments and other assets 3,150,003 662,129 18,062,328 (c) 21,212,331
(662,129)(d)
------------ ----------- ----------- ------------
Total assets $199,975,513 $20,013,552 $20,890,897 $240,879,962
------------ ----------- ----------- ------------
------------ ----------- ----------- ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Note payable, bank $ 0 $ 2,868,842 $ (2,868,842)(d) $ 0
Advances against future
deposits 1,661,316 (1,661,316)(d) 0
Accounts payable 4,575,520 3,058,605 7,634,125
Accrued liabilities 5,370,645 470,844 5,841,489
Current portion of
long-term obligations 3,844,000 2,315,541 (2,315,541)(d) 3,844,000
------------ ----------- ----------- ------------
Total current liabilities 13,790,165 10,375,148 (6,845,699) 17,319,614
Long-term obligations 100,400,342 7,320,501 (7,320,501)(d) 100,400,342
Deferred income taxes 9,811,671 106,171 (106,171)(d) 9,811,671
------------ ----------- ----------- ------------
Total liabilities 124,002,178 17,801,820 (14,272,371) 127,531,627
Shareholder's equity 75,973,335 2,211,732 (2,211,732)(d) 113,348,335
2,000,000 (e)
35,375,000 (f)
------------ ----------- ----------- ------------
Total liabilities and
shareholder's equity $199,975,513 $20,013,552 $20,890,897 $240,879,962
------------ ----------- ----------- ------------
------------ ----------- ----------- ------------
</TABLE>
See notes to unaudited consolidated pro forma financial statements.
8
<PAGE>
NORTHLAND CRANBERRIES, INC. AND MINOT FOOD PACKERS, INC.
UNAUDITED CONSOLIDATED PRO FORMA CONDENSED STATEMENT OF OPERATIONS
YEAR ENDED AUGUST 31, 1997
<TABLE>
<CAPTION>
HISTORICAL
------------------------------
NORTHLAND
FISCAL MINOT FISCAL
YEAR ENDED YEAR ENDED
AUGUST 31, JUNE 30, PRO FORMA
1997 1997 ADJUSTMENTS(a) PRO FORMA
----------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
Revenues $47,374,827 $41,652,039 $89,026,866
Cost of sales 23,170,154 33,709,956 $ (902,264) (g) 57,045,328
(141,219) (h)
657,143 (i)
100,000 (j)
451,558 (k)
----------- ----------- ----------- -----------
Gross profit 24,204,673 7,942,083 (165,218) 31,981,538
Costs and expenses:
Selling, general and administrative 15,963,109 5,629,752 21,592,861
Interest 4,493,104 1,131,461 (1,131,461) (l) 4,493,104
----------- ----------- ----------- -----------
Total costs and expenses 20,456,213 6,761,213 (1,131,461) 26,085,965
----------- ----------- ----------- -----------
Income before income taxes 3,748,460 1,180,870 966,243 5,895,573
Income taxes 1,516,000 842,000 (m) 2,358,000
----------- ----------- ----------- -----------
Net income $ 2,232,460 $ 1,180,870 $ 124,243 $ 3,537,573
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Weighted average shares outstanding 13,736,906 136,986(e) 2,688,070 16,561,962
Net income per share-basic $0.16 $0.21
----------- -----------
----------- -----------
Weighted average shares outstanding
assuming dilution 14,308,845 136,986(e) 2,688,070 17,133,901
Net income per share-diluted $0.16 $0.21
----------- -----------
----------- -----------
</TABLE>
See notes to unaudited consolidated pro forma financial statements.
9
<PAGE>
NORTHLAND CRANBERRIES, INC. AND MINOT FOOD PACKERS, INC.
UNAUDITED CONSOLIDATED PRO FORMA CONDENSED STATEMENT OF OPERATIONS
NINE MONTHS ENDED MAY 31, 1998
<TABLE>
<CAPTION>
HISTORICAL
-------------------------
NORTHLAND
NINE MINOT NINE
MONTHS ENDED MONTHS ENDED PRO FORMA
MAY 31, 1998 MARCH 31, 1998 ADJUSTMENTS(a) PRO FORMA
------------ ------------- ------------- ------------
<S> <C> <C> <C> <C>
Revenues $75,144,603 $31,078,818 $106,223,421
Cost of sales 40,711,828 24,524,634 $(669,835) (g) 65,106,428
(64,550) (h)
328,572 (i)
50,000 (j)
225,779 (k)
----------- ----------- --------- ------------
Gross profit 34,432,775 6,554,184 130,034 41,116,993
Costs and expenses:
Selling, general and administrative 28,061,413 4,708,384 32,769,797
Interest 5,303,206 855,016 (855,016) (l) 5,303,206
----------- ----------- --------- ------------
Total costs and expenses 33,364,619 5,563,400 (855,016) 38,073,003
----------- ----------- --------- ------------
Income before income taxes 1,068,156 990,784 985,050 3,043,990
Income taxes 452,000 88,399 775,000 (m) 1,315,399
----------- ----------- --------- ------------
Net income $ 616,156 $ 902,385 $ 210,050 $ 1,728,591
----------- ----------- --------- ------------
----------- ----------- --------- ------------
Weighted average shares outstanding 13,860,516 136,986(e) 2,688,070 (f) 16,685,572
Net income per share-basic $0.04 $0.10
----------- ------------
----------- ------------
Weighted average shares outstanding
assuming dilution 14,320,594 136,986(e) 2,688,070 17,145,650
Net income per share-diluted $0.04 $0.10
----------- ------------
----------- ------------
</TABLE>
See notes to unaudited consolidated pro forma financial statements.
10
<PAGE>
NORTHLAND CRANBERRIES, INC. AND MINOT FOOD PACKERS, INC.
NOTES TO UNAUDITED CONSOLIDATED PRO FORMA CONDENSED
FINANCIAL STATEMENTS
(a) Reflects those adjustments necessary to record the acquisition of
substantially all of the assets and the assumption of certain
liabilities of Minot.
(b) Reflects the removal of Minot property and equipment and records the
estimated value of property and equipment as determined by Northland.
(c) Reflects the estimated portion of the purchase price of the Minot
Acquisition allocated to goodwill.
(d) Reflects the elimination of Minot assets not acquired by Northland and
Minot liabilities not assumed by Northland
(e) Reflects 136,986 shares of Northland Class A Stock to be issued at a
price of $14.60 per share issued in the Minot Acquisition.
(f) Reflects the sale of 2,688,070 shares of Class A Common Stock at an
assumed price of $14.00 per share pursuant to the Company's June 30,
1998 Follow-on Public Offering of 5,000,000 shares of its Class A
Common Stock.
(g) Reflects the reversal of depreciation expense recorded by Minot.
(h) Reflects the reversal of amortization expense recorded by Minot.
(i) Reflects the deprecation expense of Minot assets based upon the change
in valuation of property, plant and equipment. Such property, plant
and equipment is being depreciated over a 14-year period.
(j) Reflects the depreciation expense of Minot's Bridgeton freezer based
upon the change in valuation of the freezer based on appraised values.
The freezer is being depreciated over a 30-year period.
(k) Reflects the amortization of goodwill from the Minot acquisition.
Goodwill is being amortized over a 40-year period.
(l) Reflects the elimination of Minot interest expense as the long-term
debt of Minot was not assumed in the acquisition.
(m) Reflects the income taxes on the pro forma adjustments and Minot
pre-tax earnings.
11
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(c) EXHIBITS.
The exhibits listed in the accompanying Exhibit Index are filed as
part of this Current Report on Form 8-K.
12
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to the report to be signed on its
behalf by the undersigned hereunto duly authorized.
NORTHLAND CRANBERRIES, INC.
Date: September 14, 1998 By: /s/ John A. Pazurek
------------------------
John A. Pazurek
Vice President - Finance,
Treasurer, and
Chief Financial Officer
13
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NORTHLAND CRANBERRIES, INC.
EXHIBIT INDEX TO FORM 8-K
Report Dated July 1, 1998
<TABLE>
<CAPTION>
Exhibit
No. Description
- ------- -----------
<S> <C>
(2) Asset Purchase Agreement, dated as of July 1, 1998, by and among Northland
Cranberries, Inc., Minot Food Packers, Inc. and Michael A. Morello.*
[Previously filed with this Current Report on Form 8-K]
(23) Consent of BDO Seidman, LLP
</TABLE>
__________________________
*The schedules and exhibits to this document are not being filed herewith. The
registrant agrees to furnish supplementally a copy of any such schedule or
exhibit to the Securities and Exchange Commission upon request.
14
<PAGE>
EXHIBIT 23
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Minot Food Packers, Inc.
Bridgeton, New Jersey
We hereby consent to the incorporation by reference in
Registration Statement No. 33-32525 on Form S-8, Registration
Statement No. 333-08563 on Form S-4, Registration Statement No.
33-62723 on Form S-8, Registration Statement No. 333-01577 on
Form S-8 and this Current Report on Form 8-K of Northland
Cranberries Inc. of our report dated August 12, 1997 relating to
the financial statements of Minot Food Packers, Inc. for the
year ended June 30, 1997.
BDO SEIDMAN, LLP
Philadelphia, Pennsylvania
September 14, 1998
