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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
May 17, 2000
Date of Report (Date of earliest event reported)
InaCom Corp.
(Exact name of registrant as specified in its charter)
Delaware 0-16114 47-0681813
(State or other (Commission (IRS Employer
jurisdiction of File Number Identification No.)
incorporation)
2001 Westside Parkway, Suite 260, Alpharetta, GA 30004
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(800) 843-2762
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Item 5. OTHER EVENTS.
On May 17, 2000, InaCom Corp. issued a press release announcing, among
other things, that it would be restating its financial results for prior periods
and exploring strategic alternatives. A copy of the press release is attached as
an exhibit and is incorporated herein by reference.
ITEM 7: FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
The following exhibit is filed with this Form 8-K:
99.1 Press Release dated May 17, 2000.
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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.
INACOM CORP.
May 18, 2000 /s/ Thomas J. Fitzpatrick
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Thomas J. Fitzpatrick
Executive Vice President and
Chief Finance Officer
Exhibit 99.1
Wednesday May 17
Company Press Release
Inacom Confirms Restatement Periods; Announces Exploration of Strategic
Alternatives ATLANTA, May 17 /PRNewswire/ -- Inacom Corp. (NYSE) announced today
that it will be restating its financial results for the first three fiscal
quarters of 1999 and for each of its 1998 fiscal quarters. The restatements are
principally to recognize in those periods a portion of the previously announced
special charge to increase accounts receivable reserves. As previously
announced, the accounts receivable at issue primarily relate to the Company's
former product customization and logistics operations that were sold to Compaq
Computer Corporation on February 16, 2000.
The Company anticipates that it will record charges in addition to those
previously announced of at least $25 million to further increase accounts
receivable reserves and to properly record liabilities. The Company believes it
is likely that certain of these additional charges will relate to prior fiscal
quarters. The Company is currently working with its auditors to complete the
restatements of previously reported financial results.
The Company will report its restated financial results upon the final
determination of those amounts by the Company and its auditors. Thereafter, the
Company will file its 1999 Annual Report on Form 10-K, its amended Forms 8-K
(originally filed March 4, 1999 and March 2, 2000), and the applicable amended
Form 10-Qs. At this time the Company cannot determine with certainty when such
filings will be completed; however, such filings are not expected to be
completed before June 30, 2000. Until all 1998 and 1999 financial results have
been finalized, the Company will be unable to prepare the financial results for
the first quarter ended March 25, 2000. The Company also announced that
operating results have been below expectations; as a result, it has been
experiencing cash flow shortages. The Company is continuing its efforts to
reduce operating expenses and seek alternative financing sources, and has
decided to explore possible strategic alternatives, including a sale of certain
assets and/or a potential sale of the Company. The Company has retained The
Blackstone Group L.P. to act as advisors in this process. No assurance can be
given as to whether any of the various options being considered will be
successfully implemented.
About Inacom
Inacom Corp. is an e-Business infrastructure solutions company. The Company
offers desktop outsourcing services to support the information technology (IT)
infrastructure utility and services to enable business-to- business e-solutions.
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Forward Looking Statement
This press release contains certain forward-looking statements based on certain
assumptions and information currently available to management. Such statements
are subject to various risks and uncertainties, including those described in the
Company's 1998 Annual Report on Form 10K that could cause actual results to
differ materially from the results discussed herein.
