|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: AES CORPORATION, S-4/A, EX-25.6, 2000-10-06 |
Next: SPECIAL DEVICES INC /DE, 8-K, EX-99.1, 2000-10-06 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported: September 21, 2000
Special Devices, Incorporated
(Exact name of registrant as specified in charter)
Delaware 0-19330 95-3008754
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
14370 White Sage Road, Moorpark, California 93021
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (805) 553-1200
<PAGE>
Item 2. Acquisition or Disposition of Assets.
On September 21, 2000, the Company completed the sale of its wholly owned
subsidiary Scot, Incorporated, for gross cash proceeds of $55.4 million, as
disclosed in the Company's press release dated September 22, 2000. Copies of the
press release and sale agreement have been filed as exhibits to this report.
<PAGE>
Item 7. Financial Statements and Exhibits
(b) FINANCIAL STATEMENTS
Pro forma Balance Sheet and Income Statement
<TABLE>
<CAPTION>
SPECIAL DEVICES INCORPORATED AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (condensed)
(Dollars in thousands)
(Unaudited)
As of July 30, 2000
Pro forma
Historical Adjustments Pro forma
<S> <C> <C> <C>
Current Assets:
Cash $ 1,529 $ 4 1,525
Accounts Receivable 27,483 4,978 22,505
Inventories 21,933 3,015 18,918
Other Current Assets 7,706 14 7,692
------------ -------------- ----------
Total current assets 58,651 8,011 50,640
------------ -------------- ----------
Property, plant and equipment, at cost: 139,904 4,270 135,634
Less accumulated depreciation and
amortization (50,869) (1,428) (49,441)
---------- ----------- ---------
Net property, plant, and equipment 89,035 2,842 86,193
Other assets 9,404 1,043 8,361
------------ -------------- ----------
Total assets $157,090 $ 11,896 $145,194
=========== ============ ========
Current Liabilities:
Accounts payable 22,532 3,769 18,763
Accrued liabilities 7,375 675 6,700
Other current liabilities 20,626 (2,801) 23,427
--------- ----------- ---------
Total current liabilities 50,533 1,643 48,890
Deferred income taxes 2,881 - 2,881
Long-term debt, net of current portion 168,250 38,000 130,250
Other long-term liability 553 250 303
----------- ----------- -----------
Total liabilities 222,217 39,893 182,324
-------- ----------- --- --------
Redeemable common stock 29,875 29,875
Total stockholders equity (deficit) (95,002) (27,997) (67,005)
------------ -------------- ----------
Total liabilities and stockholders
equity (deficit) $157,090 $ 11,896 $145,194
======== ========= ========
</TABLE>
<PAGE>
The following pro forma financial statements reflect the sale by the Company of
its wholly owned subsidiary, Scot, Incorporated to affiliates of Wind Point
Partners IV, L.P. for a gross purchase price of $55.4 million. The following pro
forma financial statements reflect fiscal year 2000 historical results through
July 30, 2000 adjusted for the Scot, Incorporated divestiture.
<TABLE>
<CAPTION>
SPECIAL DEVICES INCORPORATED AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands)
(Unaudited)
Nine months ended July 30, 2000
Pro forma (a,b)
Historical Adjustments Pro forma
<S> <C> <C> <C>
Net sales $129,003 $ 11,142 $ 117,861
Cost of sales 104,853 5,601 99,252
--------- ---------- ----------
Gross Profit 24,150 5,541 18,609
Operating Expenses 12,696 2,576 10,120
---------- ---------- ---------
Earnings from operations 11,454 2,965 8,489
---------- ---------- ---------
Other (expense) income:
Interest expense (15,339) (2,904) (12,435)
Other expense, net (835) (65) (770)
----------- ------------ ---------
Total other (expense) income (16,174) (2,969) (13,205)
--------- ------------ -------
Income (loss) before income taxes (4,720) (4) (4,716)
Income tax provision (benefit) (1,905) 173 (2,078)
---------- ----------- -------
Net income (loss) $ (2,815) $ (177) $ (2,638)
========= ========= =======
</TABLE>
<PAGE>
The following pro forma financial statements reflect the sale by the Company of
its wholly owned subsidiary, Scot, Incorporated to affiliates of Wind Point
Partners IV, L.P. for a gross purchase price of $55.4 million. The following pro
forma financial statements reflect fiscal year 1999 historical results adjusted
for the Scot, Incorporated divestiture.
<TABLE>
<CAPTION>
SPECIAL DEVICES INCORPORATED AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands)
(Unaudited)
Fiscal Year Ended October 31, 1999
Pro forma (a,b)
Historical Adjustments Pro forma
<S> <C> <C> <C>
Net sales $166,499 $ 23,722 $142,777
Cost of sales 135,724 11,884 123,840
--------- --------- ---------
Gross Profit 30,775 11,838 18,937
Operating Expenses 28,079 4,754 23,325
---------- ---------- ---------
Earnings from operations 2,696 7,085 (4,388)
---------- ---------- ----------
Other (expense) income:
Interest expense (16,605) (3,876) (12,729)
Other expense, net (16,965) (45) (16,921)
--------- ----------- -------
Total other (expense) income (33,570) (3,921) (29,650)
--------- ----------- --------
Income (loss) before income taxes (30,874) 3,164 (34,038)
Income tax provision (benefit) (10,608) (1,100) (9,508)
--------- ----------- --------
Net income (loss) $(20,266) $ 4,264 $(24,530)
======== ========= =======
</TABLE>
SPECIAL DEVICES INCORPORATED AND SUBSIDIARY
NOTES TO UNAUDITED PRO FORMA FINANCIAL INFORMATION
(a) Adjustments to reflect the proceeds collected from the sale of Scot,
Incorporated, the pay down of $38 million in long term debt, the pay-down of
current bank debt in the amount of $11.5 million, the recording of the gain on
the sale and the estimated taxes on the sale of Scot, Incorporated and to
eliminate the net assets of Scot, Incorporated.
(b) Adjustments to reflect the reduction in interest expense related to the
repayment of debt related to continuing operations as if the debt was paid at
the beginning of the period and the elimination of Scot, Incorporated operating
results.
(c) EXHIBITS
Exhibit No. Description
99.1 Special Devices, Incorporated Press Release dated September 22,
2000.
99.2 Agreement and Plan of Merger among the Company, Scot,
Incorporated, J.F. Lehman Equity Investors I, L.P., SMS
Acquisition Corp., Scot Acquisition Corp., and Wind Point
Partners IV, L.P., dated as of August 18, 2000.
<PAGE>
SIGNATURE
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.
Date: October 6, 2000
SPECIAL DEVICES, INCORPORATED
By:
-------------------------------------
Joseph A. Stroud
Executive Vice President
|
|