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): January 22, 1998
(December 30, 1997)
LASERSIGHT INCORPORATED
-----------------------
Exact name of registrant as specified in its charter
Delaware
--------
State or other jurisdiction of incorporation
0-19671 65-0273162
------- ----------
Commission File Number I.R.S. Employer
Identification No.
12161 Lackland Road, St. Louis, Missouri 63146
----------------------------------------------
Address of Principal Executive Offices
Registrant's telephone number, including area code: (314) 469-3220
<PAGE>
EXPLANATORY NOTE
This filing amends certain previously-filed information contained in Item 7
(b). No other items have been amended.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(b) Pro Forma Financial Information.
The following unaudited pro forma condensed combined financial
statements are filed with this report, beginning on page 4:
1) LaserSight Incorporated Unaudited Pro Forma Condensed Consolidated
Balance Sheet as of September 30, 1997.
2) LaserSight Incorporated Unaudited Pro Forma Condensed Consolidated
Statement of Operations for the nine month period ended September
30, 1997.
3) LaserSight Incorporated Unaudited Pro Forma Condensed Consolidated
Statement of Operations for the year ended December 31, 1996.
4) LaserSight Incorporated Notes to Unaudited Pro Forma Condensed
Consolidated Financial Statements.
<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 hereunto duly authorized.
LaserSight Incorporated
Date: January 22, 1998 By: /s/ Gregory L. Wilson
-----------------------
Gregory L. Wilson
Chief Financial Officer
<PAGE>
<TABLE>
PRO FORMA FINANCIAL INFORMATION
LASERSIGHT INCORPORATED AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 1997
(UNAUDITED)
<CAPTION>
Pro Forma
Adjustments
----------------------------------------------------
Historical MEC LSIA Other Pro Forma
---------------- --------------- --------------- --------------- -------------
ASSETS
Current Assets
<S> <C> <C> <C> <C> <C>
Cash and cash equivalents $ 1,164,158 $ (497,319) (1) $ (33,756) (1) $ 3,000,000 (3) $ 3,633,083
Marketable equity securities - - - 6,200,000 (4) 6,200,000
Accounts receivable - trade, net 3,840,332 (360) (1) (577,592) (1) - 3,262,380
Notes receivable - current portion, net 3,711,675 - - - 3,711,675
Inventories 3,991,541 - - - 3,991,541
Other current assets 1,169,719 (4,843) (1) (234,974) (1) - 929,902
------------- ---------------- --------------- ---------------- -----------
Total Current Assets 13,877,425 (502,522) (846,322) 9,200,000 21,728,581
Restricted cash 3,200,000 - - - 3,200,000
Notes receivable, less current portion, net 3,538,268 - - - 3,538,268
Property and equipment, net 2,214,293 (155,857) (1) (689,906) (1) - 1,368,530
Goodwill, net 14,783,566 (6,004,459) (1) (1,570,459) (1) - 7,208,648
Patents, net 11,462,339 - - - 11,462,339
Other assets, net 5,719,558 (137,500) (1) - - 5,582,058
------------- ---------------- ---------------- ---------------- -----------
Total Assets $ 54,795,449 $(6,800,338) $(3,106,687) $ 9,200,000 $54,088,424
============= ================ ================ ================ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 2,525,677 $ (775,822) (1) $ (44,664) (1) $ - $ 1,705,191
Note payable, less discount 3,677,778 - - (3,500,000) (3) 177,778
Current portion of capital lease obligation 224,549 - (224,549) (1) - -
Accrued expenses 1,748,266 (78,478) (1) (7,188) (1) 400,000 (5) 2,062,600
Accrued commissions 1,110,529 - - - 1,110,529
Income taxes payable - - - 1,558,648 (6) 1,558,648
Other current liabilities 63,998 (18,663) (1) (22,500) (1) - 22,835
------------- ---------------- ---------------- ---------------- ------------
Total Current Liabilities 9,350,797 (872,963) (298,901) (1,541,352) 6,637,581
Refundable deposits 203,000 - - - 203,000
Accrued expenses, less current portion 590,369 - - - 590,369
Deferred income taxes 570,296 - - - 570,296
Long-term obligations 971,018 - (471,018) (1) - 500,000
Redeemable convertible preferred stock 14,374,027 - - - 14,374,027
Stockholders' Equity 28,735,942 (5,927,375) (7) (2,336,768) (7) 10,741,352 (7) 31,213,151
------------- ---------------- ---------------- ---------------- -------------
Total Liabilities and Stockholders' Equity $ 54,795,449 $(6,800,338) $(3,106,687) $ 9,200,000 $ 54,088,424
============= ================ ================ ================ =============
</TABLE>
<PAGE>
<TABLE>
PRO FORMA FINANCIAL INFORMATION
LASERSIGHT INCORPORATED AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 1997
(UNAUDITED)
<CAPTION>
Pro Forma
Adjustments
-----------------------------------------------------
Historical MEC LSIA Other Pro Forma
---------------- ---------------- ---------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
REVENUES, Net $ 18,083,073 $ (6,268,133) (2) $ (2,442,268) (2) - $ 9,372,672
COST OF SALES 2,934,001 - - - 2,934,001
PROVIDER PAYMENTS 4,450,855 (4,450,855) (2) - - -
---------------- ---------------- ---------------- -------------- -------------
GROSS PROFIT 10,698,217 (1,817,278) (2,442,268) - 6,438,671
RESEARCH, DEVELOPMENT AND
REGULATORY EXPENSES 1,729,153 - - - 1,729,153
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 13,568,380 (1,533,202) (2) (2,244,422) (2) - 9,790,756
---------------- ---------------- ---------------- -------------- -------------
LOSS FROM OPERATIONS (4,599,316) (284,076) (197,846) - (5,081,238)
OTHER INCOME AND EXPENSES:
Interest and dividend income 292,272 (33,496) (2) (24,106) (2) - 234,670
Interest expense (911,966) - 71,675 (2) (87,372) (8) (927,663)
Gain on sale of subsidiaries - - - -
Other (280,400) - - (280,400)
---------------- ---------------- ---------------- -------------- -------------
NET LOSS BEFORE INCOME TAXES (5,499,410) (317,572) (150,277) (87,372) (6,054,631)
INCOME TAX EXPENSE - - - - -
---------------- ---------------- ---------------- -------------- -------------
NET LOSS (5,499,410) (317,572) (150,277) (87,372) (6,054,631)
CONVERSION DISCOUNT ON PREFERRED
STOCK (41,573) - - - (41,573)
PREFERRED STOCK DIVIDEND
REQUIREMENTS (13,350) - - - (13,350)
---------------- ---------------- ---------------- ---------------- -------------
LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS $ (5,554,333) $ (317,572) $ (150,277) $ (87,372) $(6,109,554)
================ ================ ================ ================ =============
LOSS PER COMMON SHARE
Primary: $ (0.59) $ (0.65)
Assuming full dilution: $ (0.59) $ (0.65)
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING
Primary: 9,342,000 9,342,000
Assuming full dilution: 9,390,000 9,390,000
</TABLE>
<PAGE>
<TABLE>
PRO FORMA FINANCIAL INFORMATION
LASERSIGHT INCORPORATED AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
(UNAUDITED)
<CAPTION>
Pro Forma
Adjustments
----------------------------------
Historical MEC LSIA Pro Forma
--------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
REVENUES, Net $ 21,503,990 $ (6,179,419) (2) $ (1,703,524) (2) $ 13,621,047
COST OF SALES 3,415,276 - - 3,415,276
PROVIDER PAYMENTS 4,221,599 (4,221,599) (2) - -
--------------- ----------------- ----------------- -----------------
GROSS PROFIT 13,867,115 (1,957,820) (1,703,524) 10,205,771
RESEARCH, DEVELOPMENT AND
REGULATORY EXPENSES 1,720,246 - - 1,720,246
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 17,107,218 (1,725,096) (2) (1,562,288) (2) 13,819,834
--------------- ----------------- ----------------- -----------------
LOSS FROM OPERATIONS (4,960,349) (232,724) (141,236) (5,334,309)
OTHER INCOME AND EXPENSES:
Interest and dividend income 314,287 (35,978) (2) (15,454) (2) 262,855
Interest expense (151,634) - 55,075 (2) (96,559)
Gain on sale of subsidiaries - - - -
Other (415,681) 8,299 (2) - (407,382)
--------------- ----------------- ----------------- -----------------
NET LOSS BEFORE INCOME TAXES (5,213,377) (260,403) (101,615) (5,575,395)
INCOME TAX BENEFIT (1,139,008) - - (1,139,008)
--------------- ----------------- ----------------- -----------------
NET LOSS (4,074,369) (260,403) (101,615) (4,436,387)
CONVERSION DISCOUNT ON PREFERRED
STOCK (1,010,557) - - (1,010,557)
PREFERRED STOCK DIVIDEND
REQUIREMENTS (358,618) - - (358,618)
--------------- ----------------- ----------------- -----------------
LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS $ (5,443,544) $ (260,403) $ (101,615) $ (5,805,562)
=============== ================= ================= =================
LOSS PER COMMON SHARE
Primary: $ (0.69) $ (0.74)
Assuming full dilution: $ (0.61) $ (0.65)
WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING
Primary: 7,893,000 7,893,000
Assuming full dilution: 8,423,000 8,423,000
</TABLE>
<PAGE>
LASERSIGHT INCORPORATED AND SUBSIDIARIES
NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The unaudited pro forma condensed balance sheet as of September 30, 1997 has
been prepared assuming that the disposition had occurred as of that date. Pro
forma unaudited condensed consolidated statements of operations for the year
ended December 31, 1996 and the nine months ended September 30, 1997 have been
prepared assuming that the disposition had occurred as of the beginning of the
year ended December 31, 1996. The unaudited pro forma condensed consolidated
statements of operations are not necessarily indicative of results that would
have occurred had the disposition been consummated as of the beginning of the
year ended December 31, 1996 or that which might be attained in the future.
Pro forma adjustments are as follows:
1. To eliminate the assets and liabilities included in the balance sheet of
MEC and LSIA as of September 30, 1997.
2. To eliminate revenue and expenses related to MEC and LSIA for the entire
period.
3. To reflect cash proceeds from the transaction of $6.5 million after note
payable pay down of $2.0 million and payoff of $1.5 million in line of
credit borrowings made subsequent to September 30, 1997 that were
outstanding at December 30, 1997.
4. To reflect receipt of $6.5 million in Vision 21 shares net of estimated
purchase price adjustments of $300,000. Such adjustments consist of
estimated operating profits of MEC and LSIA for the month of December 1997
of $125,000 and a contingency for possible additional adjustments of
$175,000.
5. To reflect the accrual of estimated transaction costs of $400,000. Such
costs include estimated legal, tax, and accounting fees of $175,000,
estimated severance costs of $175,000 related to two LSIA executives and a
contingency for other sale-related costs of $50,000.
6. To reflect income tax liabilities resulting from the transaction at
statutory rates, which may differ from actual effective tax rates.
7. The pro forma gain on the sale of MEC and LSIA assumes the transaction
occurred on September 30, 1997. Such gain reflects the $13.0 million sale
price less $0.7 million in estimated post-closing adjustments ($300,000,
see Note 4 above) and estimated transaction costs ($400,000, see Note 5
above), for a net selling price of $12.3 million. Deducted from such net
selling price are the net book value at September 30, 1997 of MEC
(approximately $5.9 million) and LSIA (approximately $2.3 million), and the
pro forma income tax liabilities at statutory rates of approximately $1.5
million, resulting in a pro forma gain on the sale of MEC and LSIA of
approximately $2.5 million. Such pro forma gain will vary from the actual
gain based on the actual effective income tax rates, the change in net book
value of MEC and LSIA from September 30, 1997 to November 30, 1997 and the
actual post-closing adjustments and transaction costs. The Company
estimates its gain will approximate $1.5 million.
8. To reflect increased amortization of deferred financing costs and discount
on note payable based on the termination date of June 15, 1998 for the
restructured Foothill credit facility.
