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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)
April 15, 1998
GENUS, INC.
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(Exact name of registrant as specified in its charter)
CALIFORNIA
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(State or other jurisdiction of incorporation or organization)
0-17139 94-2790804
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Commission File Number (I.R.S. Employer Identification Number)
1139 KARLSTAD DRIVE
SUNNYVALE, CA 94089
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(Address of principal executive offices)
(408) 747-7120
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(Registrant's telephone number, including area code)
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The Registrant hereby amends Item 7 of its Current Report on Form 8-K
filed April 24, 1998 in its entirety to read as follows:
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(b) Pro Forma Financial Information
UNAUDITED PRO-FORMA FINANCIAL DATA
The following unaudited pro forma condensed balance sheet of March 31,
1998, and unaudited pro forma condensed statement of operations for the year
ended December 31, 1997 and the three months ended March 31, 1998 give
pro forma effect to the estimated financial effects of the Asset Purchase
Agreement (the "Agreement") with Varian. The pro forma condensed balance
sheet as of March 31, 1998 gives pro forma effect to the Agreement as if
such transaction was consummated on that date. The pro forma condensed
statements of operations for the year ended December 31, 1997 and the
three months ended March 31, 1998, present the results of operations of
the Company as if the transaction contemplated by the Agreement occurred on
January 1, 1997 and January 1, 1998, respectively. The pro forma
information is based on the historical financial statements of the Company
giving effect to the assumptions and adjustments set forth in the
accompanying notes.
GENUS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
MARCH 31, 1998
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PRO FORMA
PRO FORMA PRO FORMA AFTER SALE OF
GENUS, INC. ADJUSTMENTS NOTE BUSINESS
----------- ----------- --------- -------------
<S> <C> <C> <C> <C>
Assets
Cash and cash equivalents........................ $ 3,683 $ 21,200 (1) $24,883
Accounts receivable, net......................... 11,858 11,858
Inventories...................................... 9,709 9,709
Net Assets held for sale......................... 30,500 (25,000) (2) 5,500
Other current assets............................. 1,001 1,001
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Total current assets........................... 56,751 (3,800) 52,951
Property and equipment, net...................... 6,406 6,406
Other assets, net................................ 2,025 2,025
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Total assets................................... $65,182 $ (3,800) $61,382
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Liabilities and shareholders' equity
Total current liabilities........................ $19,073 $ (2,800) (1) $16,273
Long-term debt................................... 74 74
Shareholders' equity............................. 46,035 (1,000) (1) 45,035
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Total liabilities and shareholders' equity..... $65,182 $ (3,800) $61,382
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</TABLE>
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GENUS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31, 1998
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PRO FORMA
AFTER SALE OF
GENUS, INC. BUSINESS BUSINESS
----------- -------- -------------
<S> <C> <C> <C>
Net sales......................................... $ 7,238 $ (5,823) $ 1,415
Cost and expenses:
Cost of goods sold.............................. 6,941 (4,986) 1,955
Research and Development........................ 3,332 (1,744) 1,588
Selling, general and administrative............. 4,223 (2,750) 1,473
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Income (loss) from operations................. (7,258) (3,657) (3,601)
Other, net........................................ (156) (80) (76)
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Loss before income taxes........................ (7,414) (3,737) (3,677)
Provision for (benefit from) income taxes
Net loss........................................ (7,414) (3,737) $ (3,677)
Deemed dividend on preferred stock.............. $ 1,829 -- $ 1,829
Net loss available to common shareholders....... $ (9,243) (3,737) $ (5,506)
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Pro forma net loss per share--basic and diluted... $ (0.32)
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Shares used in per share calculations............. 17,125
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</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1997
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PRO FORMA
AFTER SALE OF
GENUS, INC. BUSINESS BUSINESS
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<S> <C> <C> <C>
Net sales......................................... $ 84,286 $(57,102) $ 27,184
Cost and expenses:
Cost of goods sold.............................. 54,762 (38,022) $ 16,740
Research and Development........................ 12,327 (6,599) $ 5,728
Selling, general and administrative............. 20,326 (12,808) $ 7,518
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Income (loss) from operations................. (3,129) (327) (2,802)
Other, net........................................ (1,363) (829) (534)
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Income (loss) before income taxes............... (4,492) (1,156) (3,336)
Provision for (benefit from) income taxes......... 14,844 -- 14,844
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Net income (loss)............................... $(19,336) $ (1,156) $(18,180)
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Pro forma net income (loss) per share--basic
and diluted...................................... $ (1.08)
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Shares used in per share calculations............. 16,860
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</TABLE>
PRO FORMA NOTES:
(1) Reflects proceeds of $25 million from Varian, the repayment of
$2.8 million of short-term bank borrowings, and the repayment of transaction
expenses estimated to be $1 million. Since transaction expenses represent
non-recurring charges resulting directly from the Proposed Transaction that
will be included in the operating results of the Company within the 12 months
succeeding the Proposed Transaction, these transaction expenses were not
considered in the pro forma condensed statements of operations for the year
ended December 31, 1997 and the three months ended March 31, 1998.
(2) Transfer of $25 million of net assets held for sale to Varian. After
giving effect to the sale of the Business, pro forma net assets held for sale
of $5.5 million represent planned sales of inventory and scheduled repayments
of capital lease obligations of the Business prior to the Closing.
The unaudited pro forma condensed financial data have been prepared by
company management and are not necessarily indicative of how the Company's
balance sheet and results of operations would have been presented had the
transaction with Varian actually been consummated at the assumed dates, nor
are they necessarily indicative of the presentation of the Company's balance
sheet and results of operations for any future period. The unaudited pro
forma condensed financial data should be read in conjunction with the
financial statements and related notes thereto and Management's Discussion
and Analysis of Financial Condition and Results of Operations incorporated
herein by reference.
(c) EXHIBITS (in accordance with Item 601 of Regulation S-K)
2.1 Asset Purchase Agreement, dated April 15, 1998, by and
between Varian Associates, Inc. and Registrant and exhibits
thereto.
Certain exhibits and schedules to the Asset Purchase
Agreement are listed on page (iv) thereto and the Registrant
agrees to furnish them supplementally to the Securities and
Exchange Commission upon request; provided, however, that
the Registrant reserves the right to seek confidential
treatment for those exhibits and schedules which it deems
confidential.
99.1 Press Release dated April 16, 1998
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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 hereunder duly authorized.
GENUS, INC.
Date: May 6, 1998 /s/ Mary F. Bobel
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Mary F. Bobel
Executive Vice President and
Chief Financial Officer
