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Previous: ARCADIA FINANCIAL LTD, 424B2, 2000-04-03 |
Next: SMITH BARNEY INVESTMENT TRUST, 497, 2000-04-03 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) March 17, 2000
--------------
BELDEN & BLAKE CORPORATION
--------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Ohio 0-20100 34-1686642
- ------------------------------ ------------------------------ ---------------------------------
(State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.)
incorporation)
</TABLE>
5200 Stoneham Road, North Canton, Ohio 44720
- ---------------------------------------- -------------------
(Address of principal executive offices) (Zip Code)
(330) 499-1660
--------------
Registrant's telephone number, including area code
<PAGE> 2
Item 7. Financial Statements and Exhibits
---------------------------------
Belden & Blake Corporation hereby amends Item 7, Financial Statements
and Exhibits, of its Current Report on Form 8-K dated March 17, 2000 and filed
with the Securities and Exchange Commission on March 20, 2000 in connection with
the sale of stock of Peake Energy, Inc. As permitted by Sections (a)(4) and (b)
of the instructions to Item 7, the report omitted the pro forma financial
information required by Item 7(b). The purpose of this amendment is to provide
such pro forma financial information.
<TABLE>
<CAPTION>
Pro Forma Financial Information (unaudited) Page
- ------------------------------- ----
<S> <C>
Pro Forma Consolidated Balance Sheets as of December 31,1999............................................ F-1
Pro Forma Consolidated Statements of Operations for the Year ended December 31, 1999.................... F-2
Notes to Unaudited Pro Forma Financial Statements....................................................... F-3
</TABLE>
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.
Date: April 3, 2000 BELDEN & BLAKE CORPORATION
------------ (Registrant)
By: /s/ Joseph M. Vitale
-----------------------------------
Joseph M. Vitale
Sr. Vice President
<PAGE> 3
BELDEN & BLAKE CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1999
(IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
HISTORICAL PRO FORMA
----------------------------------- -----------------------------------
COMPANY PEAKE ADJUSTMENTS COMBINED
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 4,536 $ 108 $ $ 4,428
Accounts receivable, net 25,301 3,669 21,632
Inventories 2,106 272 1,834
Deferred income taxes 2,006 506 1,500
Other current assets 1,154 13 1,141
---------------- ---------------- ---------------- ----------------
TOTAL CURRENT ASSETS 35,103 4,568 -- 30,535
PROPERTY AND EQUIPMENT, AT COST
Oil and gas properties (successful efforts method) 534,515 135,025 399,490
Gas gathering systems 22,193 8,752 13,441
Land, buildings, machinery and equipment 24,242 2,096 22,146
---------------- ---------------- ---------------- ----------------
580,950 145,873 -- 435,077
Less accumulated depreciation, depletion and
amortization 280,047 92,949 187,098
---------------- ---------------- ---------------- ----------------
PROPERTY AND EQUIPMENT, NET 300,903 52,924 -- 247,979
OTHER ASSETS 14,689 33 14,656
---------------- ---------------- ---------------- ----------------
$ 350,695 $ 57,525 $ -- $ 293,170
================ ================ ================ ================
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable $ 4,132 $ 102 $ $ 4,030
Accrued expenses 23,024 2,432 20,592
Current portion of long-term liabilities 50,979 (50,000)(a) 979
---------------- ---------------- ---------------- ----------------
TOTAL CURRENT LIABILITIES 78,135 2,534 (50,000) 25,601
LONG-TERM LIABILITIES
Bank and other long-term debt 78,161 (19,000)(a) 59,161
Senior subordinated notes 225,000 225,000
Other 570 570
---------------- ---------------- ---------------- ----------------
303,731 -- (19,000) 284,731
DEFERRED INCOME TAXES 20,419 1,940 18,479
SHAREHOLDERS' DEFICIT
Common stock without par value; $.10 stated value
per share; authorized 58,000,000 shares; issued
and outstanding 10,260,457 and 10,110,915 shares 1,026 1,026
Paid in capital 107,609 107,609
Belden & Blake Investment 53,051 53,051 (a) --
Deficit (160,225) 15,949 (a) (144,276)
---------------- ---------------- ---------------- ----------------
TOTAL SHAREHOLDERS' DEFICIT (51,590) 53,051 69,000 (35,641)
---------------- ---------------- ---------------- ----------------
$ 350,695 $ 57,525 $ -- $ 293,170
================ ================ ================ ================
</TABLE>
See accompanying notes.
F-1
<PAGE> 4
BELDEN & BLAKE CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
(IN THOUSANDS)
<TABLE>
<CAPTION>
HISTORICAL PRO FORMA
----------------------------------- -----------------------------------
COMPANY PEAKE ADJUSTMENTS RESULTS
--------------- ---------------- ---------------- ----------------
<S> <C> <C> <C>
REVENUES
Oil and gas sales $ 79,299 $ 14,810 $ $ 64,489
Gas gathering, marketing, and oilfield sales
and service 51,443 1,543 49,900
Other 4,996 1,186 3,810
--------------- ---------------- ---------------- ----------------
135,738 17,539 -- 118,199
EXPENSES
Production expense 21,980 3,288 217 (b) 18,909
Production taxes 3,260 1,371 1,889
Gas gathering, marketing, and oilfield sales
and service 46,954 267 46,687
Exploration expense 6,442 772 191 (b) 5,861
General and administrative expense 5,412 924 840 (b) 5,328
Franchise, property and other taxes 652 117 535
Depreciation, depletion and amortization 41,412 5,893 35,519
Interest expense 34,302 5,376 28,926
Net loss on sale of subsidiaries and other
nonrecurring expense 4,806 4,806
--------------- ---------------- ---------------- ----------------
165,220 18,008 1,248 148,460
--------------- ---------------- ---------------- ----------------
LOSS BEFORE INCOME TAXES (29,482) (469) (1,248) (30,261)
Income taxes benefit (11,179) (228) (473)(c) (11,424)
--------------- ---------------- ---------------- ----------------
NET LOSS $ (18,303) $ (241) $ (775) $ (18,837)
=============== ================ ================ ================
</TABLE>
See accompanying notes.
F-2
<PAGE> 5
BELDEN & BLAKE CORPORATION
NOTES TO UNAUDITED PRO FORMA FINANCIAL STATEMENTS
(1) BASIS OF PRESENTATION
The unaudited pro forma financial statements set forth unaudited pro
forma financial information for the Company for the year ended December 31,
1999. The unaudited pro forma condensed balance sheet assumes that Peake Energy,
Inc. ("Peake") had been sold as of December 31, 1999. The unaudited pro forma
results of operations assume that the disposition of Peake had occurred on
January 1, 1999. Unaudited pro forma results of operations cannot be considered
indicative of future operations.
(2) PRO FORMA ADJUSTMENTS
(a) Represents the reduction of debt, shareholders' deficit (gain
on sale) and Belden & Blake Investment in connection with the
net proceeds from the disposition of Peake.
(b) Represents costs which the Company allocated to Peake during
1999 which will be retained in the Company.
(c) Income taxes on pro forma adjustments.
F-3
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