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Previous: QUAKER CHEMICAL CORP, 8-A12B, 1996-08-02 |
Next: SEARS ROEBUCK ACCEPTANCE CORP, 424B2, 1996-08-02 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT AMENDMENT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 17, 1996
The Reynolds and Reynolds Company
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Ohio 0-132 31-0421120
- -------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
115 South Ludlow Street, Dayton, Ohio 45402
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 513-443-2000
N.A.
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(Former name or former address, if changed since last report.)
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<PAGE> 2
Item 7. Financial Statements and Exhibits.
---------------------------------
(b) Pro forma financial information.
Delaware Acquisition Co. ("Delaware"), a wholly-owned subsidiary of The
Reynolds and Reynolds Company (the "Company"), completed a cash tender offer
for all outstanding shares of the common stock of Duplex Products Inc.
("Duplex") at the price of $12 per share. The tender offer expired at midnight,
New York City time, on Friday, May 17, 1996. The shares tendered constituted
approximately 97.8% of the 7,481,278 shares of Duplex common stock issued and
outstanding. The remaining Duplex shares were converted into the right to
receive $12 in cash in a subsequent transaction in which Delaware was merged
with and into Duplex on May 20, 1996.
The following unaudited pro forma condensed combined balance sheet (as
of March 31, 1996 for the Company, which balance sheet includes certain assets
purchased from, and certain liabilities assumed from, Jordan Graphics, Inc.
("Jordan") on January 23, 1996, and as of April 27, 1996 for Duplex) gives
effect to the acquisition of Duplex by the Company as if such acquistion had
occurred on March 31, 1996. The unaudited pro forma condensed combined
statements of income for the fiscal year ended September 30, 1995 (which
combines the fiscal year ended September 30, 1995 (which combines the fiscal
year ended September 30, 1995 as to the Company and Jordan and the fiscal year
ended October 28, 1995 as to Duplex) and for the six months ended March 31,
1996 (which combines the six months ended March 31, 1996 as to the Company and
Jordan and the six months ended April 27, 1996 as to Duplex), assume the
acquistion had been consummated as of October 1, 1994. These pro forma
condensed combined financial statements may not be indicative of the financial
position and results of operations that actually would have been obtained if
the acquisition had been in effect or that may be obtained in the future. Such
statements should be read in conjunction with the Company's audited financial
statements. The assumptions and adjustments used are described in the
accompanying notes to the pro forma financial statements.
Pro Forma Condensed Combined Balance Sheet (Unaudited)
March 31, 1996
(which combines as of March 31, 1996 for the Company and Jordan
and as of April 27, 1996 for Duplex)
(In thousands)
<TABLE>
<CAPTION>
Pro Forma
The Company Adjustments Pro Forma
and Jordan Duplex Add (Deduct) Combined
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
INFORMATION SYSTEMS ASSETS
Current Assets
Cash and equivalents $6,557 $25,655 $32,212
Accounts receivable 119,900 36,741 156,641
Inventories 40,962 18,770 $10,000 (a) 69,732
Assets held for sale 14,000 (a) 14,000
Other current assets 21,020 8,745 29,765
---------------- --------------- ---------------- ----------------
Total current assets 188,439 89,911 24,000 302,350
Property, Plant and Equipment
less accumulated depreciation of $165,250 for
the Company and Jordan and $69,321 for Duplex 139,221 37,473 (24,641) (a) 152,053
Goodwill 97,492 97,492
Other Intangible Assets 27,708 27,708
Other Assets 51,799 5,455 57,254
---------------- --------------- ---------------- ----------------
Total Information Systems Assets 504,659 132,839 (641) 636,857
---------------- --------------- ---------------- ----------------
FINANCIAL SERVICES ASSETS
Finance Receivables 283,358 283,358
Cash and Other Assets 390 390
---------------- ----------------
Total Financial Services Assets 283,748 283,748
---------------- ----------------
TOTAL ASSETS $788,407 $132,839 ($641) $920,605
================ =============== ================ ================
INFORMATION SYSTEMS LIABILITIES
Current Liabilities $124,862 $22,882 $9,000 (a) $156,744
Long-Term Debt 40,941 4,384 89,775 (b) 135,100
Other Liabilities 55,903 6,157 62,060
---------------- --------------- ---------------- ----------------
Total Information Systems Liabilities 221,706 33,423 98,775 353,904
---------------- --------------- ---------------- ----------------
FINANCIAL SERVICES LIABILITIES
Notes Payable 142,562 142,562
Other Liabilities 72,816 72,816
---------------- ----------------
Total Financial Services Liabilities 215,378 215,378
---------------- ----------------
SHAREHOLDERS' EQUITY
Capital Stock 25,724 5,666 (5,666) (a) 25,724
Additional Paid-In Capital 16,743 16,743
Other Adjustments (3,591) (3,591)
Retained Earnings 312,447 93,750 (93,750) (a) 312,447
---------------- --------------- ---------------- ----------------
Total Shareholders' Equity 351,323 99,416 (99,416) 351,323
---------------- --------------- ---------------- ----------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $788,407 $132,839 ($641) $920,605
================ =============== ================ ================
</TABLE>
See notes to pro forma condensed combined financial statements.
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<PAGE> 3
Pro Forma Condensed Combined Statement of Income (Unaudited)
For the Year Ended September 30, 1995
(which combines the fiscal year ended September 30, 1995 for the Company
and Jordan and the fiscal year ended October 28, 1995 for Duplex)
(In thousands except per share data)
<TABLE>
<CAPTION>
Pro Forma
Adjustments Pro Forma
The Company Jordan Duplex Add (Deduct) Combined
---------------- ---------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
Net Sales and Revenues
Information systems
Products $621,909 $60,990 $275,728 $958,627
Services 266,671 266,671
---------------- ---------------- --------------- ---------------
Total information systems 888,580 60,990 275,728 1,225,298
Financial services 22,311 22,311
---------------- ---------------- --------------- ---------------
Total net sales and revenues 910,891 60,990 275,728 1,247,609
---------------- ---------------- --------------- ---------------
Costs and Expenses
Costs of sales
Products 363,303 46,740 210,931 ($2,000) (c) 618,974
Services 107,342 107,342
---------------- ---------------- --------------- --------------- ---------------
Total costs of sales 470,645 46,740 210,931 (2,000) 726,316
Selling, general and
administrative expenses 294,081 14,762 68,733 (1,000) (c) 376,576
Financial services 9,150 9,150
---------------- ---------------- --------------- --------------- ---------------
Total costs and expenses 773,876 61,502 279,664 (3,000) 1,112,042
---------------- ---------------- --------------- --------------- ---------------
Operating Income 137,015 (512) (3,936) 3,000 135,567
---------------- ---------------- --------------- --------------- ---------------
Other Charges (Income)
Interest expense 3,779 7 517 5,835 (d) 10,138
Interest income (1,674) (20) (796) (2,490)
Other (1,845) (615) (2,460)
---------------- ---------------- --------------- --------------- ---------------
Total other charges 260 (13) (894) 5,835 5,188
---------------- ---------------- --------------- --------------- ---------------
Income (Loss) Before Income Taxes 136,755 (499) (3,042) (2,835) 130,379
Income Tax Provision (Benefit) 58,161 (284) (1,170) (1,134) (e) 55,573
---------------- ---------------- --------------- --------------- ---------------
Net Income $78,594 ($215) ($1,872) ($1,701) $74,806
================ ================ =============== =============== ===============
Earnings Per Common Share $1.85 $1.76
Average Number of Common Shares
Outstanding 42,516 42,516
</TABLE>
See notes to pro forma condensed combined financial statements.
3
<PAGE> 4
Pro Forma Condensed Combined Statement of Income (Unaudited)
For the Six Months Ended March 31, 1996
(which combines the six months ended March 31, 1996 for the Company and
Jordan and the six months ended April 27, 1996 for Duplex)
(In thousands except per share data)
<TABLE>
<CAPTION>
The Company Jordan Pro Forma
& Jordan since pre-acquisition Adjustments Pro Forma
acquisition 10/1/95-1/23/96 Duplex Add (Deduct) Combined
------------------ ----------------- ---------------- ------------------ -------------
<S> <C> <C> <C> <C> <C>
Net Sales and Revenues
Information systems
Products $324,725 $17,012 $121,539 $463,276
Services 152,946 152,946
----------------- -------------- --------------- ------------
Total information systems 477,671 17,012 121,539 616,222
Financial services 12,700 12,700
----------------- -------------- --------------- ------------
Total net sales and revenues 490,371 17,012 121,539 628,922
----------------- -------------- --------------- ------------
Costs and Expenses
Costs of sales
Products 185,803 12,406 88,144 ($1,000) (c) 285,353
Services 60,553 60,553
----------------- -------------- --------------- -------------- ------------
Total costs of sales 246,356 12,406 88,144 (1,000) 345,906
Selling, general and
administrative expenses 160,926 4,611 30,889 (500) (c) 195,926
Financial services 5,734 5,734
----------------- -------------- --------------- -------------- ------------
Total costs and expenses 413,016 17,017 119,033 (1,500) 547,566
----------------- -------------- --------------- -------------- ------------
Operating Income 77,355 (5) 2,506 1,500 81,356
----------------- -------------- --------------- -------------- ------------
Other Charges (Income)
Interest expense 1,959 8 216 2,918 (d) 5,101
Interest income (986) (54) (1,040)
Other (738) (600) (1,338)
----------------- -------------- --------------- -------------- ------------
Total other charges 235 (46) (384) 2,918 2,723
----------------- --------------- --------------- -------------- ------------
Income (Loss) Before Income Taxes 77,120 41 2,890 (1,418) 78,633
Income Tax Provision (Benefit) 32,776 158 1,127 (567) (e) 33,494
----------------- -------------- --------------- -------------- ------------
Net Income $44,344 ($117) $1,763 ($851) $45,139
================= ============== =============== ============== ============
Earnings Per Common Share $1.04 $1.06
Average Number of Common Shares
Outstanding 42,435 42,435
</TABLE>
See notes to pro forma condensed combined financial statements.
4
<PAGE> 5
Notes to Pro Forma Condensed Combined Financial Statements
(a) Adjust the net assets of Duplex to their estimated fair values at the date
of acquisition (including an accrual for the costs to close duplicate
facilities), record the excess of such fair values over the purchase price as a
reduction of property, plant and equipment and eliminate the equity accounts of
Duplex.
(b) Record the borrowing of the purchase price by the Company.
(c) Reduce the amount of depreciation recorded to reflect the purchase price
reduction of property, plant and equipment.
(d) Record interest expense on new borrowings at a 6.5% annual
interest rate.
(e) Adjust the provision for income taxes for the net effect of
pro forma adjustments.
SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on behalf of the
undersigned hereunto duly authorized.
The Reynolds and Reynolds Company
Date: August 2, 1996 By: /s/ David R. Holmes
------------------------------
David R. Holmes
Chairman of the Board,
President and
Chief Executive Officer
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