<PAGE> 1
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):
MARCH 10, 2000 (DECEMBER 30, 1999)
PLANET POLYMER TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
CALIFORNIA
(State or other jurisdiction of incorporation)
0-26804 33-0502606
(Commission File No.) (IRS Employer Identification No.)
9985 BUSINESSPARK AVENUE, SUITE A
SAN DIEGO, CALIFORNIA 92131
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (858) 549-5130
<PAGE> 2
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
As previously disclosed on Form 8-K Item 2, filed with the Commission on
January 14, 2000, Planet Polymer Technologies, Inc. (the "Company") and
its wholly-owned subsidiary Deltco of Wisconsin, Inc. ("Deltco") entered
into a Stock Purchase Agreement (the "Purchase Agreement"), dated as of
December 30, 1999, with Daniel B. Mettler and Randy J. Larson (together,
the "Buyers") whereby the Company sold and the Buyers purchased all of
the outstanding shares of stock of Deltco. In accordance with the
Purchase Agreement, the Buyers paid the Company $900,000 in cash and
$100,000 in a promissory note in consideration of the sale of Deltco's
common stock.
2
<PAGE> 3
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED
Not Applicable
(b) PRO FORMA FINANCIAL INFORMATION
The following unaudited pro forma financial statements are filed
with this report:
Pro Forma Balance Sheet at September 30, 1999.........Page F-1
Pro Forma Statements of Operations for the nine
months ended September 30, 1999 and 1998..............Page F-2
Pro Forma Statements of Operations for the years
ended December 31, 1998 and 1997......................Page F-3
The unaudited pro forma balance sheet of Planet Polymer
Technologies, Inc. (the "Company") as of September 30, 1999
reflects the financial position of the Company assuming the
disposition took place on September 30, 1999. The unaudited pro
forma statements of operations for the nine months ended
September 30, 1999 and 1998 and for the years ended December 31,
1998 and 1997 give effect to the disposition as if such
disposition occurred on January 1, 1997 and are based on the
operations of the Company for the nine months ended September
30, 1999 and 1998 and for the years ended December 31, 1998 and
1997.
The unaudited pro forma financial statements have been prepared
by the Company based upon assumptions it deemed proper. The
unaudited pro forma financial statements presented herein are
shown for illustrative purposes only and are not necessarily
indicative of the future financial position or future results of
operations of the Company, or of the financial position or
results of operations of the Company that would have actually
occurred had the transaction been in effect as of the date or
for the periods presented. In addition, it should be noted that
the Company's financial statements will reflect the disposition
on January 7, 2000, the effective date.
The unaudited pro forma financial statements should be read in
conjunction with the historical financial statements and related
notes of the Company.
(c) EXHIBITS
The Company previously filed the Purchase Agreement and the
contents of the news release announcing the signing of the
Purchase Agreement filed as Exhibits 2.1 and 99.1, respectively,
with the Commission on January 14, 2000.
3
<PAGE> 4
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.
PLANET POLYMER TECHNOLOGIES, INC.
Dated: March 10, 2000 By: /s/ Robert J. Petcavich
-------------------------------------
Robert J. Petcavich, Ph.D.
Chairman, Chief Executive Officer
and President
4
<PAGE> 5
PLANET POLYMER TECHNOLOGIES, INC.
PRO FORMA BALANCE SHEET
SEPTEMBER 30, 1999
(UNAUDITED)
---------------
<TABLE>
<CAPTION>
PRO FORMA ADJUSTMENTS
----------------------------------
ASSETS AS REPORTED DELTCO(F1) OTHER PRO FORMA
----------- ---------- ----- ---------
<S> <C> <C> <C> <C>
Current assets:
Cash and cash equivalents $ 375,206 $ (168,106) $ 900,000(F2) $ 1,107,100
Accounts receivable 332,515 (314,575) - 17,940
Note receivable - - 6,851(F3) 6,851
Inventories, net 200,518 (149,904) - 50,614
Prepaid expenses 60,582 (760) - 59,822
------------ ------------ -------------- ------------
Total current assets 968,821 (633,345) 906,851 1,242,327
Property and equipment, net 721,289 (502,985) - 218,304
Goodwill, net 520,018 (520,018) - -
Patents and trademarks, net 321,058 (210) - 320,848
Note receivable, less current portion - - 93,149(F3) 93,149
Other assets 39,906 (32,498) - 7,408
------------ ------------ -------------- ------------
Total assets $ 2,571,092 $ (1,689,056) $ 1,000,000 $ 1,882,036
============ ============ ============== ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 76,312 $ (51,631) $ - $ 24,681
Advances from related party 115,749 - - 115,749
Accrued expenses 68,164 (39,369) - 28,795
Current portion of capital lease obligations 12,860 (6,124) - 6,736
------------ ------------ -------------- ------------
Total current liabilities 273,085 (97,124) - 175,961
Capital lease obligations, less current portion 21,359 (3,705) - 17,654
Other liabilities 152,886 - - 152,886
------------ ------------ -------------- ------------
Total liabilities 447,330 (100,829) - 346,501
------------ ------------ -------------- ------------
Shareholders' equity:
Preferred Stock, no par value
4,250,000 shares authorized
No shares issued or outstanding - - - -
Series A Convertible Preferred Stock, no par value
750,000 shares authorized
500,000 shares issued and outstanding
Liquidation preference $1,000,000 804,435 - - 804,435
Common Stock, no par value
20,000,000 shares authorized
6,370,522 shares issued and outstanding 11,911,143 - - 11,911,143
Accumulated deficit (10,591,816) - (588,227)(F4) (11,180,043)
------------ ------------ -------------- ------------
Total shareholders' equity 2,123,762 - (588,227) 1,535,535
------------ ------------ -------------- ------------
Total liabilities and shareholders' equity $ 2,571,092 $ (100,829) $ (588,227) $ 1,882,036
============ ============ ============== ============
</TABLE>
(F1) To eliminate the assets and liabilities included in the balance sheet of
Planet Polymer Technologies, Inc. as of September 30, 1999.
(F2) To reflect the $900,000 cash proceeds from the sale of Deltco of
Wisconsin, Inc.
(F3) To reflect the $100,000 promissory note from the sale of Deltco of
Wisconsin, Inc.
(F4) To reflect the loss on the sale of Deltco of Wisconsin, Inc. as of
September 30, 1999.
F-1
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PLANET POLYMER TECHNOLOGIES, INC.
PRO FORMA STATEMENTS OF OPERATIONS
(UNAUDITED)
---------------
<TABLE>
<CAPTION>
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998
-------------------------------------------- --------------------------------------------
AS REPORTED DELTCO (F1) PRO FORMA AS REPORTED DELTCO (F1) PRO FORMA
----------- ----------- --------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Sales $ 1,440,779 $(1,440,779) $ - $ 1,256,551 $(1,256,551) $ -
Cost of sales 1,241,395 (1,241,395) - 1,210,930 (1,210,930) -
----------- ----------- ----------- ----------- ----------- -----------
Gross profit 199,384 (199,384) - 45,621 (45,621) -
----------- ----------- ----------- ----------- ----------- -----------
Operating expenses:
General and administrative 694,242 (80,491) 613,751 629,877 (83,954) 545,923
Marketing 157,550 (37,382) 120,168 184,887 (46,995) 137,892
Research and development, net 159,442 (28,795) 130,647 410,627 (28,795) 381,832
----------- ----------- ----------- ----------- ----------- -----------
Total operating expenses 1,011,234 (146,668) 864,566 1,225,391 (159,744) 1,065,647
----------- ----------- ----------- ----------- ----------- -----------
Loss from operations (811,850) (52,716) (864,566) (1,179,770) 114,123 (1,065,647)
Other income, net 121,353 (8,242) 113,111 27,458 (4,792) 22,666
----------- ----------- ----------- ----------- ----------- -----------
Loss before income taxes (690,497) (60,958) (751,455) (1,152,312) 109,331 (1,042,981)
Income tax expense (9,407) 8,607 (800) (1,915) 1,115 (800)
----------- ----------- ----------- ----------- ----------- -----------
Net loss $ (699,904) $ (52,351) $ (752,255) $(1,154,227) $ 110,446 $(1,043,781)
=========== =========== =========== =========== =========== ===========
Loss per share (basic and diluted) $ (0.11) $ (0.12) $ (0.22) $ (0.20)
=========== =========== =========== ===========
Shares used in per share computations 6,315,267 6,315,267 5,311,705 5,311,705
=========== =========== =========== ===========
</TABLE>
(F1) To eliminate the results of operations of Deltco of Wisconsin, Inc. for
the entire period.
F-2
<PAGE> 7
PLANET POLYMER TECHNOLOGIES, INC.
PRO FORMA STATEMENTS OF OPERATIONS
(UNAUDITED)
---------------
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31, 1998 FOR THE YEAR ENDED DECEMBER 31, 1997
--------------------------------------- -----------------------------------------
AS REPORTED DELTCO (F1) PRO FORMA AS REPORTED DELTCO (F1) PRO FORMA
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Sales $ 1,615,124 $(1,615,124) $ - $ 3,020,081 $(3,020,081) $ -
Cost of sales 1,734,230 (1,734,230) - 2,258,760 (2,258,760) -
----------- ----------- ----------- ----------- ----------- -----------
Gross profit (loss) (119,106) 119,106 - 761,321 (761,321) -
----------- ----------- ----------- ----------- ----------- -----------
Operating expenses:
General and administrative 816,296 (110,046) 706,250 962,361 (152,974) 809,387
Marketing 237,599 (59,115) 178,484 433,658 (127,463) 306,195
Research and development, net 511,804 (38,393) 473,411 346,823 (38,393) 308,430
----------- ----------- ----------- ----------- ----------- -----------
Total operating expenses 1,565,699 (207,554) 1,358,145 1,742,842 (318,830) 1,424,012
----------- ----------- ----------- ----------- ----------- -----------
Loss from operations (1,684,805) 326,660 (1,358,145) (981,521) (442,491) (1,424,012)
Other income, net 33,224 (9,390) 23,834 36,803 (19,710) 17,093
----------- ----------- ----------- ----------- ----------- -----------
Loss before income taxes (1,651,581) 317,270 (1,334,311) (944,718) (462,201) (1,406,919)
Income tax benefit (expense) 23,038 1,104 24,142 (30,286) 2,847 (27,439)
----------- ----------- ----------- ----------- ----------- -----------
Net loss $(1,628,543) $ 318,374 $(1,310,169) $ (975,004) $ (459,354) $(1,434,358)
=========== =========== =========== =========== =========== ===========
Loss per share (basic and diluted) $ (0.31) $ (0.25) $ (0.18) $ (0.27)
=========== =========== =========== ===========
Shares used in per share computations 5,317,297 5,317,297 5,271,635 5,271,635
=========== =========== =========== ===========
</TABLE>
(F1) To eliminate the results of operations of Deltco of Wisconsin, Inc. for
the entire period.
F-3
