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
MARCH 24, 1998
Date of Report (Date of earliest event reported)
COLEMAN WORLDWIDE CORPORATION
(Exact name of Registrant as specified in its charter)
DELAWARE 11-11962 13-3704484
(State of Incorporation (Commission File No.) (IRS Employer
Identification No.)
2111 E. 37TH STREET NORTH
WICHITA, KANSAS 67219
(Address of principal executive offices, including zip code)
(316) 832-2700
(Registrant's telephone number, including area code)
5900 North Andrews Avenue, Suite 700, Fort Lauderdale, FL 33309
(Former Name or Former Address, if Changed Since Last Report)
Coleman Worldwide Corporation (the "Registrant") hereby amends
its Current Report on Form 8-K dated March 24, 1998, filed with the
Securities and Exchange Commission on April 3, 1998, to include the
following pro forma financial information regarding the sale of all of the
outstanding shares of capital stock of Coleman Safety & Security Products,
Inc. by The Coleman Company, Inc., a subsidiary of the Registrant, as
required by Item 7(b).
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(b) Pro Forma Financial Information
The following pro forma financial statements are filed as part
of this report:
Pro Forma Balance Sheet as of December 31, 1997 (unaudited)
Pro Forma Statement of Operations for the year ended
December 31, 1997 (unaudited)
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.
COLEMAN WORLDWIDE CORPORATION
By: /s/ David C. Fannin
____________________________
Name: David C. Fannin
Title: Executive Vice President,
General Counsel and
Secretary
Date: April 9, 1998
COLEMAN WORLDWIDE CORPORATION AND SUBSIDIARIES
PRO FORMA BALANCE SHEET
AS OF DECEMBER 31, 1997
(In Thousands)
(unaudited)
<TABLE>
<CAPTION>
Pro Forma Adjustments
1997 ---------------------- 1997
Reported $ Reference Pro Forma
-------- --- --------- ---------
<S> <C> <C> <C> <C>
ASSETS
Cash and cash equivalents $ 13,031 $ -- $ 13,031
Receivables, net 179,756 (16,335) (1) 163,421
Inventories 236,327 (17,624) (1) 218,703
Prepaid expenses and other current assets 47,784 (1,655) (1), (2) 46,129
---------- --------- --------
Total current assets 476,898 (35,614) 441,284
Property, plant and equipment, net 175,494 (10,746) (1) 164,748
Intangible assets related to businesses acquired, net 338,989 (37,874) (3) 301,115
Deferred tax assets and other 87,681 469 (2) 88,150
---------- -------- --------
$1,079,062 $(83,765) $995,297
========== ======== ========
LIABILITIES AND STOCKHOLDER'S EQUITY
Short-term debt and current portion of long-term debt $ 67,233 $ (80) (1) $ 67,153
Other current liabilities 188,509 (8,588) (1) 179,921
---------- -------- --------
Total current liabilities 255,742 (8,668) 247,074
Long-term debt 477,276 (89,037) (4) 388,239
Other liabilities 73,923 (422) (1) 73,501
Minority interest 43,386 2,585 (5) 45,971
Stockholder's equity 228,735 11,777 (6) 240,512
---------- -------- --------
$1,079,062 $(83,765) $995,297
========== ======== ========
</TABLE>
(1) Coleman Safety & Security assets and liabilities sold.
(2) Write-off deferred tax assets related to assets and liabilities sold.
(3) Write-off of goodwill associated with Coleman Safety & Security.
(4) Apply net cash proceeds to pay down debt.
(5) Minority interest in pro forma after-tax gain from sale of Coleman
Safety & Security.
(6) After-tax gain from sale of Coleman Safety & Security.
COLEMAN WORLDWIDE CORPORATION AND SUBSIDIARIES
PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
(In Thousands)
(unaudited)
<TABLE>
<CAPTION>
Pro Forma Adjustments
1997 --------------------- 1997
Reported $ Reference Pro Forma
-------- --- --------- ---------
<S> <C> <C> <C> <C>
Net revenues $1,154,294 $(88,413) (1) $1,065,881
Cost of sales 840,331 (59,886) (1) 780,445
---------- -------- ----------
Gross profit 313,963 (28,527) 285,436
Selling, general and administrative expenses 266,501 (19,608) (1) 246,893
Interest expense, net 46,989 (4,396) (2) 42,593
Amortization of goodwill and deferred charges 11,723 (992) (1) 10,731
Other expense, net 1,867 52 (1) 1,919
---------- -------- ----------
(Loss)/income before income taxes
and minority interest (13,117) (3,583) (16,700)
Income tax (benefit)/expense (7,708) (1,362) (3) (9,070)
Minority interest 940 (400) (4) 540
---------- -------- ----------
Net (loss)/earnings before extraordinary item (6,349) (1,821) (8,170)
Extraordinary loss on early extinguishment of debt (10,939) -- (10,939)
---------- --------- -----------
Net (loss)/earnings $ (17,288) $ (1,821) $ (19,109)
========== ======== ==========
</TABLE>
(1) Adjustment to reflect removal of Coleman Safety & Security operating
results for 1997.
(2) Adjustment to reflect the pro forma effect of the application of
proceeds to reduce debt.
(3) Pro forma adjustment to income taxes based on the incremental tax
rate of 38%.
(4) Minority interest in pro forma results of Coleman Safety & Security
for 1997.
