UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K-A
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 6, 1998
Lanxide Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-16293 51-0270253
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(State or other jurisdiction (Commission (IRS employer
of incorporation) File number) Identification No.)
1300 Marrows Road, Newark, DE 19714-6077
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 302-456-6200
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Not applicable
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(Former name or former address, if changed since last report)
<PAGE>
Item 7. Financial Statements and Exhibits.
Pro Forma Consolidated Lanxide Financial Statements
Introduction to the unaudited proforma financial statements 3
Unaudited proforma Statement of operations for the year
ended September 30, 1997 5
Unaudited proforma Balance Sheet as of December 31, 1997 6
Unaudited proforma Statement of operations for the
three months ended December 31, 1997 7
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<PAGE>
UNAUDITED PRO FORMA FINANCIAL STATEMENTS
INTRODUCTION
The unaudited pro forma data presented in the unaudited pro forma
financial statements are included in order to illustrate the effect on the
Company's financial statements of the transactions described below. The pro
forma information is based on the historic financial statements of the companies
which have been sold.
The unaudited pro forma balance sheet data as of December 31, 1997
gives effect to the disposition of Lanxide Electronic Components, Inc. and
Lanxide Armor Products, Inc. The adjustments are presented as if, at such date,
the Company had sold Lanxide Electronic Components, Inc. and Lanxide Armor
Products, Inc. (which was finalized during the first quarter of 1998).
The unaudited pro forma statement of operations for the year ended
September 30, 1997 and the three months ended December 31, 1997 present
adjustments for the disposition of the two companies. All adjustments are
presented as if, these transactions were consummated on October 1, 1996.
In the opinion of management, all adjustments have been made that are
necessary to present fairly the pro forma data.
The unaudited pro forma financial statements should be read in
conjunction with the Company's consolidated financial statements and the Notes
thereto. The pro forma statements of income (loss) are not necessarily
indicative of the results that would have been reported had such events actually
occurred on the date specified, nor are they indicative of the Company's future
results.
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<PAGE>
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.
Lanxide Corporation
Registrant
Date: /s/Marc Newkirk
April 22, 1998 ---------------
Marc Newkirk
Chairman & CEO
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<PAGE>
<TABLE>
<CAPTION>
(Amounts in $'000 except per share data)
(Unaudited)
LANXIDE CORPORATION
UNAUDITED PROFORMA FINANCIAL STATEMENTS
STATEMENT OF OPERATIONS FOR YEAR ENDED SEPTEMBER 30, 1997
Lanxide
Lanxide Less: Less: Corporation
======= =========
Corporation Lanxide Lanxide 9/30/97
9/30/97 Armor Electronic Proforma
As originally Products, Products, Income
filed Inc. Inc. Adjustment statement
----- ---- ---- ---------- ---------
<S> <C> <C> <C> <C> <C>
Revenue:
Sales .................................................. 7,485 1,169 3,391 2,925
Licensing and other related revenues ................... 13,754 216 13,538
Research and development contract revenue .............. 5,190 5,190
------- ------- ------- ------- -------
26,429 1,385 3,391 0 21,653
Operating costs:
Cost of sales .......................................... 6,688 1,854 2,864 1,970
Product development .................................... 8,449 1,235 959 6,255
Research and development contract costs ................ 4,534 191 4,343
Selling,general and administration ..................... 7,680 433 958 954 7,243
------- ------- ------- ------- -------
27,351 3,713 4,781 954 19,811
Income (loss) from operations before minority allocation (922) (2,328) (1,390) (954) 1,842
Minority allocation of operating income ................ (817) (817)
------- ------- ------- ------- -------
Income (loss) from operations .......................... (1,739) (2,328) (1,390) (954) 1,025
Interest expense ....................................... (1,829) (6) (1,823)
Other income ........................................... 443 76 4 363
------- ------- ------- ------- -------
Income (loss) before income taxes ...................... (3,125) (2,252) (1,392) (954) (435)
Income tax ............................................. (120) (120)
------- ------- ------- ------- -------
Net (loss) ............................................. (3,245) (2,252) (1,392) (954) (555)
Dividends on mandatorily redeemable preferred stock .... (30) (30)
Gain on redemption of preferred stock .................. 680 680
======= ======= ======= ======= =======
Net income (loss) applicable to common shares .......... (2,595) (2,252) (1,392) (954) 95
======= ======= ======= ======= =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
(Amounts in $'000 except per share data)
(Unaudited)
LANXIDE CORPORATION
UNAUDITED PROFORMA FINANCIAL STATEMENTS
STATEMENT OF OPERATIONS FOR YEAR ENDED SEPTEMBER 30, 1997
(continued)
Lanxide
Lanxide Less: Less: Corporation
======= ==========
Corporation Lanxide Lanxide 9/30/97
9/30/97 Armor Electronic Proforma
As originally Products, Products, Income
filed Inc. Inc. Adjustment statement
----- ---- ---- ---------- ---------
<S> <C> <C> <C> <C> <C>
Income (Loss) per Share
Basic ................................................ (1.96) 0.07
Diluted .............................................. (1.96) 0.05
Average Common shares outstanding
Basic ............................................... 1,326 1,326
Diluted ............................................. 2,003 2,003
</TABLE>
The adjustment reflects the loss on the disposition of Lanxide Electronic
Components, Inc. and Lanxide Armor Products, Inc.
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<PAGE>
<TABLE>
<CAPTION>
(Amounts in $'000 except per share data)
(Unaudited)
LANXIDE CORPORATION
UNAUDITED PROFORMA FINANCIAL STATEMENTS
BALANCE SHEET AS OF DECEMBER 31, 1997
Lanxide
Lanxide Less: Less: Corporation
======= ==========
Corporation Lanxide Lanxide 12/31/97
12/31/97 Armor Electronic Proforma
As originally Products, Products, Income
filed Inc. Inc. Adjustment statement
----- ---- ---- ---------- ---------
<S> <C> <C> <C> <C> <C>
Cash and cash equivalents, including amounts .................... 1,816 152 255 1,409
restricted for use by majority owned affiliate ..................
Accounts receivable ............................................. 2,578 136 707 818 2,553
Inventories ..................................................... 2,925 925 596 1,404
Other current assets ............................................ 693 37 656
-------- -------- -------- -------- --------
Total current assets .......................................... 8,012 1,213 1,595 818 6,022
Property and equipment .......................................... 9,777 4,681 1,826 3,270
Investment in affiliates ........................................ 377 377
Other assets .................................................... 323 323
======== ======== ======== ======== ========
18,489 5,894 3,421 818 9,992
======== ======== ======== ======== ========
Current portion of long term debt ............................... 16,906 67 (2,373) 14,466
Accounts payable and accrued expenses ........................... 3,944 449 1,232 778 3,041
Deferred compensation ........................................... 1,396 21 1,375
Deferred revenue ................................................ 589 589
-------- -------- -------- -------- --------
Total current liabilities ..................................... 22,835 470 1,299 (1,595) 19,471
Long term debt .................................................. 3,982 326 (3,327) 329
Deferred credit ................................................. 1,051 1,051
Deferred compensation ........................................... 21 21
-------- -------- -------- -------- --------
27,889 470 1,625 (4,922) 20,872
Minority interest in consolidated affiliates .................... 1,830 463 (63) 1,304
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
(Amounts in $'000 except per share data)
(Unaudited)
LANXIDE CORPORATION
UNAUDITED PROFORMA FINANCIAL STATEMENTS
BALANCE SHEET AS OF DECEMBER 31, 1997
(continued)
Lanxide
Lanxide Less: Less: Corporation
======= ==========
Corporation Lanxide Lanxide 12/31/97
12/31/97 Armor Electronic Proforma
As originally Products, Products, Income
filed Inc. Inc. Adjustment statement
----- ---- ---- ---------- ---------
<S> <C> <C> <C> <C> <C>
Redeemable Series E preferred stock(aggregate
liquidation value $261) 26,100 shares issued and outstanding .... 228 228
Shareholders' deficit
Preferred stock 15,000,000 shares authorized
Series A preferred stock(aggregate liquidation value $88,135)
$.01 par value,1,101,683 shares issued and outstanding ...... 11 11
Series G preferred stock(aggregate liquidation value, $2,000)
$.01 par value, 20,000 shares issued and outstanding
Common stock,$.01 par value, 25,000,000 shares authorized:
1,325,598 issued and outstanding ............................ 13 13
Additional paid in capital ...................................... 191,006 191,006
Accumulated (deficit) equity .................................... (203,251) 5,424 1,333 5,803 (204,205)
Cumulative translation adjustment ............................... 763 763
-------- -------- -------- -------- --------
Shareholders' (deficit) equity ................................. (11,458) 5,424 1,333 5,803 (12,412)
======== ======== ======== ======== ========
18,489 5,894 3,421 818 9,992
======== ======== ======== ======== ========
</TABLE>
The adjustment reflects the cancellation of debt to PNC Bank on the disposition
of Lanxide Electronic Components, Inc. and Lanxide Armor Products, Inc. In
addition accounts receivable and payable between Lanxide KK and the two sold
companies are accounted for.
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<PAGE>
<TABLE>
<CAPTION>
(Amounts in $'000 except per share data)
(Unaudited)
LANXIDE CORPORATION
UNAUDITED PROFORMA FINANCIAL STATEMENTS
STATEMENT OF OPERATIONS FOR THREE MONTHS ENDED DECEMBER 31, 1997
Lanxide
Lanxide Less: Less: Corporation
======== ==========
Corporation Lanxide Lanxide 12/31/97
12/31/97 Armor Electronic Proforma
As originally Products, Products, Income
filed Inc. Inc. statement
----- ---- ---- ---------
<S> <C> <C> <C> <C>
Revenue:
Sales ............................................. 3,248 734 911 1,603
Licensing and other related revenues .............. 1,877 1,877
Research and development contract revenue ......... 1,068 3 1,065
------ ------ ------ ------
6,193 737 911 4,545
Cost of sales ..................................... 2,391 719 604 1,068
Product development and engineering ............... 2,848 247 310 2,291
Research and development contract costs ........... 1,032 8 1,024
Selling,general and administration ................ 1,755 117 258 1,380
------ ------ ------ ------
8,026 1,083 1,180 5,763
Loss from operations before minority allocation ... (1,833) (346) (269) (1,218)
Minority allocation of operating loss ............. 92 92
------ ------ ------ ------
Loss from operations .............................. (1,741) (346) (269) (1,126)
Interest expense .................................. (492) (23) (469)
Other income ...................................... 18 17 1 0
------ ------ ------ ------
Loss before income taxes .......................... (2,215) (329) (291) (1,595)
Income tax ........................................ (150) (150)
------ ------ ------ ------
Net loss .......................................... (2,365) (329) (291) (1,745)
Dividends on mandatorily redeemable preferred stock (7) (7)
====== ====== ====== ======
Net loss applicable to common shares .............. (2,372) (329) (291) (1,752)
====== ====== ====== ======
(Loss) per Share
Basic ........................................... (1.79) (1.32)
Diluted ......................................... (1.79) (1.32)
Average Common shares outstanding
Basic .......................................... 1,326 1,326
Diluted ........................................ 1,326 1,326
</TABLE>
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