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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------------
FORM 8-K/A/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 9, 1998
HOSPITALITY WORLDWIDE SERVICES, INC.
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
NEW YORK 0-23054 11-3096379
- --------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
450 PARK AVENUE, SUITE 2603, NEW YORK, NEW YORK 10022
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 223-0699
N/A
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS.
*(a) Financial Statements of Bekins Distributions Services
Co., Inc. ("Bekins").
Independent Auditors' Report.
Balance Sheets as of September 30, 1997 and 1996.
Statements of Operations for the years ended September
30, 1997 and 1996.
Consolidated Statement of Stockholders' Deficit for the years
ended September 30, 1997 and 1996.
Statements of Cash Flows for the years ended September 30,
1997 and 1996.
Notes to Financial Statements.
(b) Pro Forma Financial Information.
Balance Sheet as of September 30, 1997.
Income Statement for the nine months ended September 30, 1997.
Income Statement for the year ended December 31, 1996.
(c) Exhibits.
**2.1 Agreement and Plan of Merger, dated as of January 1,
1998, by and among Hospitality Worldwide Services,
Inc., a New York corporation, HWS Acquisition Corp.,
a Delaware corporation, Bekins and the Sellers named
therein.
27 Financial Data Schedule.
- ----------------------------
* Previously filed with Current Report on Form 8-K/A filed March 24, 1998.
** Previously filed with Current Report on Form 8-K filed January 23, 1998.
-2-
<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.
HOSPITALITY WORLDWIDE SERVICES, INC.
Dated: April 15, 1998 By: /S/ HOWARD G. ANDERS
-------------------------------
Name: Howard G. Anders
Title: Executive Vice President
-3-
<PAGE>
HOSPITALITY WORLDWIDE SERVICES, INC.
Pro Forma Balance Sheet
September 30, 1997
Unaudited
(in thousands)
<TABLE>
<CAPTION>
Pro Forma
HWS Bekins(a) Adjustments Combined
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Current Assets:
Cash 30,395 -- 30,395
Accounts receivable, net 10,955 3,262 14,217
Costs in excess of billings 3,192 -- 3,192
Prepaids and other 5,092 121 5,213
----------------- ------------------ ------------------ -----------------
49,634 3,383 53,017
Property and equipment, net 2,480 2,789 5,269
Goodwill 18,567 -- 7,483(b) 26,050
Other assets 1,035 12 1,047
----------------- ------------------ ------------------ -----------------
Total Assets 71,716 6,184 7,483(b) 85,383
Current Liabilities:
Loan payable - bank -- -- --
Current portion of long-term 141 810 951
debt
Accounts payable 3,389 1,723 5,112
Accrued liabilities 2,853 835 3,688
Billing in excess of costs 104 -- 104
Income taxes payable 813 -- -- 813
Customer deposits 11,042 -- 11,042
----------------- ------------------ ------------------ -----------------
18,342 3,368 -- 21,710
Long-term debt 142 4,128 -- 4,270
Equity:
Preferred stock 5,000 -- 5,000
Common stock 123 -- 5(c) 128
Paid-in-capital 46,550 -- 6,166(c) 52,716
Treasury stock -- -- --
Retained earnings 1552 -- -- 1,552
Foreign currency adjustment 7 -- 7
----------------- ------------------ ------------------ -----------------
53,232 -- 6,171 59,403
Total liabilities and equity 71,716 7,496 6,171 85,303
</TABLE>
(a) Preliminary estimate of fair values of assets and liabilities acquired.
(b) Preliminary estimate of goodwill related to acquisition.
(c) Common Stock issued related to acquisition.
-1-
<PAGE>
Hospitality Worldwide Services, Inc.
Pro-Forma Income Statement
Nine Months Ended
September 30, 1997
Unaudited
(in thousands)
HWS Bekins(a) Adjustments Combined
--- ------ ----------- --------
Revenues 54,240 15,028 69,268
Cost of revenues 41,570 11,620 53,190
Gross profit 12,670 3,408 16,078
Selling, general and
administrative 9,608 2,436 179(b)(c) 12,223
Income from operations 3,062 972 (179) 3,855
Interest income 289 4 293
Interest expense (420) (464) (884)
Income before income taxes 2,931 512 (179) 3,264
Provision for taxes 1,390 - 234(d) 1,624
Income from continuing
operations 1,541 512 (413) 1,640
Earnings per share .14 .15
Weighted average shares
outstanding 9,166,000 514,117 9,680,117
(a) Actual results for Bekins for the period.
(b) To delete amortization of prior goodwill recorded by Bekins ($7)
(c) To record amortization of goodwill related to HWS acquisition of Bekins
($186).
(d) To record income tax provision related to Bekins results of operations for
the period.
-2-
<PAGE>
HOSPITALITY WORLDWIDE SERVICES, INC.
Pro Forma Income Statement
Year Ended December 31, 1996
Unaudited
(in thousands)
<TABLE>
<CAPTION>
HWS Bekins(a) Adjustments Combined
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Revenues 24,367 19,439 43,806
Cost of revenues 18,290 14,871 33,161
Gross profit 6,077 4,568 10,645
Selling, general and 3,219 3,348 122(b)(c) 6,689
administrative expenses
Income from operations 2,858 1,220 (122) 3,956
Interest income 1 2 3
Interest expense (26) (363) (389)
Income before income taxes 2,833 859 (122) 3,570
Provision for taxes 926 2 443(d) 1,371
Income from continuing 1,907 857 (565) 2,199
operations
Earnings per share .27 .29
Weighted average shares 7,192,361 -- 514,117 7,706,478
outstanding
</TABLE>
(a) Actual results for Bekins for the period.
(b) To delete amortization of prior goodwill recorded by Bekins ($126).
(c) To record amortization of goodwill related to HWS acquisition of Bekins
($248).
(d) To record income tax provision related to Bekins results of operations for
the period.
-3-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BEKINS'
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS AND NOTES
THERETO.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<CASH> 863
<SECURITIES> 0
<RECEIVABLES> 3,450
<ALLOWANCES> 107
<INVENTORY> 0
<CURRENT-ASSETS> 4,340
<PP&E> 3,348
<DEPRECIATION> 517
<TOTAL-ASSETS> 7,682
<CURRENT-LIABILITIES> 3,326
<BONDS> 0
0
0
<COMMON> 1
<OTHER-SE> (581)
<TOTAL-LIABILITY-AND-EQUITY> 7,682
<SALES> 19,916
<TOTAL-REVENUES> 19,916
<CGS> 15,408
<TOTAL-COSTS> 18,709
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 556
<INCOME-PRETAX> 651
<INCOME-TAX> 0
<INCOME-CONTINUING> 651
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 651
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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