<PAGE>
FORM 8-K/A
AMENDMENT NO. 1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): December 14, 1998
BRITE VOICE SYSTEMS, INC.
-------------------------
(Exact name of Registrant as specified in its Articles of Incorporation)
Kansas 0-17920 48-0986248
- ---------------------------- ---------------- ------------------
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
250 International Parkway, Suite 300, Heathrow, Florida 32746
- ------------------------------------------------------- ------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (407) 357-1000
Not Applicable
--------------
(Former name, or former address,
if changed since last report)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(b) PRO FORMA FINANCIAL INFORMATION.
Pursuant to Paragraph (b)(2) of Item 7 of Form 8-K, the pro forma
financial information was omitted from the disclosure contained in the
Registrant's Current Report on Form 8-K dated December 14, 1998 and filed
with the Securities and Exchange Commission on December 23, 1998. The pro
forma financial statements listed in the Index appearing at Page F-1 are
filed herewith.
(c) EXHIBITS.
Reference is made to the Exhibits previously filed with the
Securities and Exchange Commission as Exhibits to the Registrant's Current
Report on Form 8-K filed with the Securities and Exchange Commission on
December 23, 1998.
<PAGE>
SIGNATURES
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, thereunto duly authorized.
BRITE VOICE SYSTEMS, INC.
By: /s/ Glenn A. Etherington
---------------------------
Glenn A. Etherington
Chief Financial Officer
Dated: December 30, 1998
<PAGE>
INDEX TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
The following unaudited Pro Forma Consolidated Financial Statements give
effect to the disposition by Brite Voice Systems, Inc. ("Brite Voice") of its
telecommunications management services division ("TSL") (the "Disposition").
The Pro Forma Consolidated Balance Sheet as of September 30, 1998, and the
Consolidated Statements of Income for the nine-month period ended
September 30, 1998, and for the year ended December 31, 1997, are based on the
historical financial statements of Brite Voice and TSL as of September 30,
1998, the nine-month period ending September 30, 1998, and for the year ended
December 31, 1997, respectively, adjusted to give effect to the Disposition.
The Pro Forma Consolidated Financial Statements do not purport to
represent what Brite Voice's results of operations or financial condition
would have been had the Disposition actually occurred as of January 1, 1997,
or to predict Brite Voice's results of operations or financial condition in
the future. These statements are qualified in their entirety by, and should
be read in conjunction with, the historical consolidated financial statements
and the related notes thereto of Brite Voice.
The Pro Forma Consolidated Financial Statements give effect only to the
adjustments set forth in the accompanying notes and do not reflect any other
benefits anticipated by management as a result of the Disposition.
Page
-----
F-2 Pro Forma Consolidated Balance Sheet as of September 30,
1998 (Unaudited)
F-3 Notes to the Pro Forma Consolidated Balance Sheet as of
September 30, 1998
F-4 Pro Forma Consolidated Statement of Income for the nine
month period ended September 30, 1998 (Unaudited)
F-5 Notes to the Pro Forma Consolidated Statement of Income for
the nine month period ended September 30, 1998
F-6 Pro Forma Consolidated Statement of Income for the year
ended December 31, 1997 (Unaudited)
F-7 Notes to the Pro Forma Consolidated Statement of Income for
the year ended December 31,1997
F-1
<PAGE>
PRO FORMA CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 1998
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
Historical Historical Adjustments Pro Forma
Brite Voice TSL for Disposition Brite Voice (7)
-------------- ----------------- ---------------- -----------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 3,204 $ - $19,787(1) $ 22,991
Accounts receivable 57,468 4,154 213(2) 53,527
Inventories 24,036 - - 24,036
Prepaid expenses and other 6,863 29 - 6,834
----------- -------- --------- ----------
Total Current Assets 91,571 4,183 20,000 107,388
----------- -------- --------- ----------
PROPERTY AND EQUIPMENT
Land, building & improvements 3,074 - - 3,074
Furniture and equipment 26,190 2,380 - 23,810
----------- -------- --------- ----------
29,264 2,380 - 26,884
Less accumulated depreciation (10,601) (1,359) - (9,242)
----------- -------- --------- ----------
18,663 1,021 - 17,642
----------- -------- --------- ----------
OTHER ASSETS 6,044 105 2,500(3) 8,439
----------- -------- --------- ----------
TOTAL ASSETS $116,278 $5,309 $22,500 $133,469
----------- -------- --------- ----------
----------- -------- --------- ----------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 22,474 $ 672 $ - $ 21,802
Accrued salaries and wages 3,917 619 - 3,298
Other accrued expenses 1,163 - 1,300(4) 2,463
Deferred revenue 4,726 36 - 4,690
Customer deposits 5,892 16 - 5,876
Income taxes payable 2,930 - 6,894(5) 9,824
----------- -------- --------- ----------
Total Current Liabilities 41,102 1,343 8,194 47,953
----------- -------- --------- ----------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock - - - -
Common stock 44,904 - - 44,904
Retained earnings 29,849 3,966 14,306(6) 40,189
Cumulative foreign currency
translation adjustment 423 - - 423
----------- -------- --------- ----------
Total Stockholders' Equity 75,176 3,966 14,306 85,516
----------- -------- --------- ----------
TOTAL LIABILITIES $116,278 $5,309 $22,500 $133,469
----------- -------- --------- ----------
----------- -------- --------- ----------
</TABLE>
F-2
<PAGE>
NOTES TO THE PRO FORMA CONSOLIDATED BALANCE SHEET
September 30, 1998
(Amounts in Thousands)
(Unaudited)
(1) Reflects the portion of the purchase price received in cash less the amount
retained in escrow.
(2) Reflects the portion of the purchase price retained in escrow.
(3) Reflects the estimated value of preferred stock received.
(4) Reflects the estimated costs of the Disposition including investment
bankers fees and professional services.
(5) Reflects the estimated effect on taxes payable resulting from the gain on
the Disposition.
(6) Reflects the recorded gain less the tax effect:
<TABLE>
<CAPTION>
<S> <C>
Cash received $ 20,000
Estimated value of preferred stock received 2,500
Net assets disposed (3,966)
Estimated costs of the Disposition (1,300)
--------
Recorded gain, before taxes 17,234
Tax effect at 40% (6,894)
--------
Recorded gain, after taxes $ 10,340
--------
Net assets disposed 3,966
--------
Increase in retained earnings $ 14,306
--------
--------
</TABLE>
(7) Reflects Historical Brite Voice, less Historical TSL, as adjusted for the
Disposition.
F-3
<PAGE>
PRO FORMA CONSOLIDATED STATEMENT OF INCOME
FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 1998
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
Historical Historical Adjustments Pro Forma
Brite Voice TSL for Disposition Brite Voice (3)
------------ ---------- --------------- ---------------
<S> <C> <C> <C> <C>
REVENUES
Systems 70,375 - - 70,375
Services 38,779 14,073 - 24,706
------------ ---------- --------------- ---------------
109,154 14,073 95,081
------------ ---------- --------------- ---------------
COSTS AND EXPENSES
Cost of Sales:
Systems 36,545 - - 36,545
Services 22,911 9,030 - 13,881
Research and engineering 11,094 - - 11,094
Selling, general and administrative 33,754 3,565 919 (1) 31,108
------------ ---------- --------------- ---------------
104,304 12,595 919 92,628
------------ ---------- --------------- ---------------
INCOME (LOSS) FROM OPERATIONS 4,850 1,478 (919) 2,453
------------ ---------- --------------- ---------------
------------ ---------- --------------- ---------------
OTHER INCOME (EXPENSE) 558 - - 558
INCOME BEFORE INCOME TAXES 5,408 1,478 (919) 3,011
INCOME TAX PROVISION 2,179 591 (367) (2) 1,221
------------ ---------- --------------- ---------------
NET INCOME $ 3,229 $ 887 $ (552) $ 1,790
------------ ---------- --------------- ---------------
------------ ---------- --------------- ---------------
BASIC EARNINGS PER SHARE $ 0.27 $ 0.07 $ (0.05) $ 0.15
------------ ---------- --------------- ---------------
------------ ---------- --------------- ---------------
DILUTED EARNINGS PER SHARE $ 0.26 $ 0.07 $ (0.04) $ 0.14
------------ ---------- --------------- ---------------
------------ ---------- --------------- ---------------
</TABLE>
F-4
<PAGE>
NOTES TO THE PRO FORMA CONSOLIDATED STATEMENT OF INCOME
For the Nine-Month Period Ended September 30, 1998
(Amounts in Thousands)
(Unaudited)
(1) Reflects overhead costs of Brite Voice allocated to TSL, for which no
future savings would be realized.
(2) Reflects the reduction of income taxes associated with Disposition, offset
by the allocation of the management fees using the effective tax rate.
(3) Reflects Historical Brite Voice, less Historical TSL, as adjusted for the
Disposition.
F-5
<PAGE>
PRO FORMA CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1997
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
Historical Historical Adjustments Pro Forma
Brite Voice TSL for Disposition Brite Voice (3)
------------ ---------- --------------- ---------------
<S> <C> <C> <C> <C>
REVENUES
Systems 69,344 - - 69,344
Services
50,505 16,454 - 34,051
------------ ---------- --------------- ---------------
119,849 16,454 103,395
------------ ---------- --------------- ---------------
COSTS AND EXPENSES
Cost of Sales:
Systems 32,007 - - 32,007
Services 28,764 11,187 - 17,577
Research and engineering 13,036 - - 13,036
Selling, general and administrative 43,646 4,206 1,050 (1) 40,490
Restructuring, relocation and
reengineering 10,980 - - 10,980
------------ ---------- --------------- ---------------
128,433 15,393 1,050 114,090
------------ ---------- --------------- ---------------
INCOME (LOSS) FROM OPERATIONS (8,584) 1,061 (1,050) (10,695)
OTHER INCOME (EXPENSE) - -
Gain on sale of electronic
publishing assets 29,091 - - 29,091
Other, net (227) (227)
------------ ---------- --------------- ---------------
28,864 - - 28,864
------------ ---------- --------------- ---------------
INCOME BEFORE INCOME TAXES 20,280 1,061 (1,050) 18,169
INCOME TAX PROVISION 8,598 446 (441)(2) 7,711
------------ ---------- --------------- ---------------
NET INCOME $11,682 $ 615 $ (609) $10,458
------------ ---------- --------------- ---------------
------------ ---------- --------------- ---------------
BASIC EARNINGS PER SHARE $ 0.98 $0.05 $ (0.05) $ 0.88
------------ ---------- --------------- ---------------
------------ ---------- --------------- ---------------
DILUTED EARNINGS PER SHARE $ 0.97 $0.05 $ (0.05) $ 0.87
------------ ---------- --------------- ---------------
------------ ---------- --------------- ---------------
</TABLE>
F-6
<PAGE>
NOTES TO THE PRO FORMA CONSOLIDATED STATEMENT OF INCOME
For the Year Ended December 31, 1997
(Amounts in Thousands)
(Unaudited)
(1) Reflects overhead costs of Brite Voice allocated to TSL, for which no
future savings would be realized.
(2) Reflects the reduction of income taxes associated with Disposition, offset
by the allocation of the management fees using the effective tax rate.
(3) Reflects Historical Brite Voice, less Historical TSL, as adjusted for the
Disposition.
F-7
