<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES ACT OF 1934
NOVEMBER 26, 1997
(Date of Report, date of earliest event reported)
BOLLINGER INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 75-2502577
(State or other jurisdiction (I.R.S. Employer
of incorporation or Identification No.)
organization)
0-22716
(Commission File Number)
602 FOUNTAIN PARKWAY, GRAND PRAIRIE, TEXAS 75050
(Address of principal executive offices) (Zip Code)
(972) 343-1000
(Registrant's telephone number, including area code)
Former address: 222 W. Airport Freeway, Irving, Texas 75062
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On November 13, 1997, Bollinger Industries, Inc. and its wholly owned
subsidiary NBF, Inc. entered into an asset purchase agreement for the sale of
its trampoline division to Hedstrom Corporation. Refer to Form 8-K dated
November 26, 1997 and to Form 10Q for the quarter and September 30, 1997.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(b) Pro Forma financial information (Unaudited)
Pro forma condensed consolidated financial statements of the
Registrant, which present the pro forma effects of the transactions,
described by reference to Item 2 in the 8-K filed November 26, 1997,
assuming such transactions had occurred as of the dates set forth in
the accompanying notes, are included herein as Exhibit 99.1.
(c) Exhibits.
Item No. Exhibit Index
99.1 Pro forma financial information of the Registrant.
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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 thereunto duly authorized.
BOLLINGER INDUSTRIES, INC.
Date: January 26, 1998 /s/ Rose Turner
----------------
--------------------------
Rose Turner
Executive Vice President
- Finance, Chief
Financial Officer,
Treasurer and Secretary
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EXHIBIT INDEX
Exhibit Description
- ------- -----------
99.1 Pro forma financial information of the Registrant.
<PAGE> 1
EXHIBIT 99.1
BOLLINGER INDUSTRIES, INC. AND SUBSIDIARIES
INDEX TO PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
<TABLE>
<CAPTION>
Page
<S> <C>
Pro Forma Condensed Consolidated Balance Sheet as of September 30, 1997 5
Notes to Pro Forma Condensed Consolidated Balance Sheet 6
Pro Forma Condensed Consolidated Statement of Earnings for the Six Months Ended September 30,
1997 7
Notes to Pro Forma Condensed Consolidated Statement of Earnings for the Six Months Ended
September 30, 1997 8
Pro Forma Condensed Consolidated Statement of Earnings for the Year Ended March 31, 1997
9
Notes to Pro Forma Condensed Consolidated Statement of Earnings for the Year Ended March 31,
1997 10
</TABLE>
These pro forma condensed consolidated financial statements should be read in
conjunction with the historical consolidated financial statements of Bollinger
Industries, Inc. The pro forma condensed consolidated financial statements are
not necessarily indicative of Bollinger's consolidated financial position or
results of continuing operations as they may be in the future.
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PRO FORMA INFORMATION
BOLLINGER INDUSTRIES, INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NOTE 2
Pro Forma
ASSETS Adjustments
-------------------------------------------
Historical (a) (b) (c) Pro Forma
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash $ 56,453 $ 13,250,000 -- $(13,250,000) $ 56,453
Accounts Receivable
Trade-Net 12,861,072 298,628 -- -- 13,159,700
Escrow Receivable -- 1,000,000 -- 1,000,000
Other 48,617 -- -- -- 48,617
Inventories-Net 12,699,735 (1,798,628) -- -- 10,901,107
Prepaid Expenses 726,821 -- -- -- 726,821
------------ ------------ ------------ ------------ ------------
Total Current Assets 26,392,698 12,750,000 -- (13,250,000) 25,892,698
PROPERTY PLANT AND
EQUIPMENT-NET 1,594,051 (210,794) (142,263) -- 1,240,994
OTHER ASSETS
Goodwill and Other
Intangibles-Net 1,104,854 -- (1,093,588) -- 11,266
Notes Receivable and Other
assets 686,198 (268,802) (900) -- 416,496
Deferred Financing Fees-Net
of Amortization 525,399 -- -- -- 525,399
------------ ------------ ------------ ------------ ------------
Total Other Assets 2,316,451 (268,802) (1,094,488) -- 953,161
------------ ------------ ------------ ------------ ------------
TOTAL ASSETS $ 30,303,200 $ 12,270,404 (1,236,751) $(13,250,000) $ 28,086,853
============ ============ ============ ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITES
Current Portion of Long
Term Debt and Other Debt $ 1,863,799 -- -- -- $ 1,863,799
Accounts Payable-Trade 12,564,760 -- 27,809 (3,398,000) 9,194,569
Income Tax Payable -- 711,713 (83,373) -- 628,340
Other Accrued Liabilities 858,545 408,518 125,000 -- 1,392,063
Provisions for
Restructuring of
Operations 550,805 -- -- -- 550,805
------------ ------------ ------------ ------------ ------------
Total Current
Liabilities 15,837,909 1,120,231 69,436 (3,398,000) 13,629,576
LONG-TERM LIABILITIES
Long Term Debt, Net of
Current Portion 10,556,383 -- -- (9,852,000) 704,383
------------ ------------ ------------ ------------ ------------
Total Liabilities 26,394,292 1,120,231 69,436 (13,250,000) 14,333,959
------------ ------------ ------------ ------------ ------------
COMMITMENTS AND CONTINGENCIES -- -- -- -- --
STOCKHOLDERS EQUITY
Preferred Stock $.01 Par
Value; 1,000,000 shares
authorized; none issued -- -- -- -- --
Common Stock $.01 Par
Value; 8,000,000 shares
authorized; issued and
outstanding 4,000,210 at
September 30, 1997 and
March 31, 1997 40,002 -- -- -- 40,002
Capital in Excess of Par 15,323,058 -- -- -- 15,323,058
Retained Earnings
(accumulated deficit) (11,454,152) 11,150,173 (1,306,187) -- (1,610,166)
------------ ------------ ------------ ------------ ------------
Total Stockholders
Equity 3,908,908 11,150,173 (1,306,187) -- 13,752,894
------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 30,303,200 $ 12,270,404 $ (1,236,751) $(13,250,000) $ 28,086,853
============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
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BOLLINGER INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
Note 1 - Basis of presentation:
The Pro Forma Condensed Consolidated Balance Sheet Statement assumes the
following transaction, more fully described in Item 2 on Form 8-K dated
November 26, 1997 occurred on September 30, 1997:
On November 13, 1997, Bollinger Industries, Inc. and its wholly owned
subsidiary NBF, Inc. (the Company) entered into an asset purchase agreement for
the sale of its trampoline division to Hedstrom Corporation (Hedstrom) and
consummated the transaction on November 21, 1997.
Note 2 - Pro forma adjustments:
Reflects the Pro Forma recording of the sale and abandonment of certain assets
of NBF, Inc. as follows:
(a) Reflects the recording of the sale of certain NBF, Inc., assets to Hedstrom
Corporation.
ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
Cash Received $ 13,250,000
Accounts Receivable 298,628
Escrow Receivable 1,000,000
Inventories Sold (1,798,628)
Net Book Value of Certain Fixed Assets Sold (210,794)
Net Book Value of Patents Sold $ (131,047)
Net Book Value of Non Compete Agreement (137,755)
--------------
Sub total (268,802)
-------------
Total Assets $ 12,270,404
=============
LIABILITIES AND STOCKHOLDERS' EQUITY
Income Tax Payable $ 711,713
Other Accrued Liabilities 408,518
Gain on Sale of Fixed Assets 11,150,173
--------------
Total Liabilities and Stockholders' Equity $ 12,270,404
==============
</TABLE>
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(b) Reflects the additional costs associated with the sale of certain NBF, Inc.,
assets to Hedstrom.
ASSETS
<TABLE>
<CAPTION>
<S> <C>
Net Book Value of Abandoned Fixed Assets $ (142,263)
Goodwill and Other Intangibles-Net (1,093,588)
Other assets (900)
------------
Total Assets $ (1,236,751)
============
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable-Trade $ 27,809
Income Tax Payable (83,373)
Other Accrued Liabilities 125,000
Loss on Sale of Fixed Assets (1,306,187)
------------
Total Liabilities and Stockholders' Equity $ (1,236,751)
============
(c) Reflects the expected use of the proceeds had the sale occurred on September
30, 1997
ASSETS
Cash Received From Hedstrom $(13,250,000)
------------
Total Assets $(13,250,000)
============
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable-Trade $ (3,398,000)
Long Term Debt, Net of Current Portion (9,852,000)
------------
Total Liabilities and Stockholders' Equity $(13,250,000)
============
</TABLE>
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PRO FORMA FINANCIAL INFORMATION
BOLLINGER INDUSTRIES, INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NOTE 2
Pro Forma
Adjustments
--------------------------
Historical NBF (a) Other (b) ProForma
------------ ------------ ----------- ------------
<S> <C>
Net Sales $ 35,623,961 $ 18,278,812 $ -- $ 17,345,149
Cost of Sales 28,858,157 14,722,333 -- 14,135,824
------------ ------------ ----------- ------------
Gross Profit 6,765,804 3,556,479 -- 3,209,325
Selling Expenses 2,528,818 584,607 -- 1,944,211
Distribution, General, and
Administrative Expenses 5,068,475 902,922 -- 4,165,553
------------ ------------ ----------- ------------
7,597,293 1,487,529 -- 6,109,764
------------ ------------ ----------- ------------
Operating Profit (Loss) (831,489) 2,068,950 -- (2,900,439)
Other Expense (Income):
Interest Expense 1,156,203 426,404 -- 729,799
Interest Income (7,282) -- -- (7,282)
Gain on Sale of Assets (869,245) 1,816 -- (871,061)
------------ ------------ ----------- ------------
Total Other (Income) Expense 279,676 428,220 -- (148,544)
------------ ------------ ----------- ------------
Earnings (Loss) Before Income Taxes (1,111,165) 1,640,730 -- (2,751,895)
Income Tax (expense) Beneift 1,060 300 -- 760
------------ ------------ ----------- ------------
Net Earnings (Loss) $ (1,112,225) $ 1,640,430 $ -- $ (2,752,655)
============ ============ =========== ============
Per Share Data:
Net Earnings (Loss) $ (0.28) $ 0.41 $ -- $ (0.69)
============ ============ =========== ============
Weighted Average Common and Common
Equivelant shares Outstanding 4,000,210 4,000,210 4,000,210 4,000,210
============ ============ =========== ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
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BOLLINGER INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF EARNINGS FOR THE
SIX MONTHS ENDED SEPTEMBER 30, 1997
(Unaudited)
Note 1 - Basis of presentation:
The Pro Forma Condensed Consolidated Statement of Earnings assumes the
following transaction, more fully described in Item 2 on Form 8-K dated November
26, 1997 occurred on April 1, 1997:
Note 2 - Pro forma adjustments:
(a) Reflects the elimination of the trampoline divisions historical results of
operations included in the Company's consolidated statement of income. In
future filings, the Company will report the trampoline division sale as a
gain on sale of assets.
(b) There were no material costs of the trampoline division that will continue
after the sale.
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PRO FORMA FINANCIAL INFORMAITON
BOLLINGER INDUSTRIES, INC. AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
FOR THE YEAR ENDED MARCH 31, 1997
(Unaudited)
<TABLE>
<CAPTION>
NOTE 2
Pro Forma
Adjustments
-------------------------
Historical NBF (a) Other (b) ProForma
------------ ------------ --------- ------------
<S> <C> <C> <C> <C>
Net Sales $ 82,598,593 $ 33,395,262 $ -- $ 49,203,331
Cost of Sales 69,723,015 28,403,805 -- 41,319,210
------------ ------------ ------------
Gross Profit 12,875,578 4,991,457 -- 7,884,121
Selling Expenses 6,878,803 1,430,332 -- 5,448,471
Distribution, General, and
Administrative Expenses 11,505,641 2,642,897 -- 8,862,744
------------ ------------ --------- ------------
18,384,444 4,073,229 -- 14,311,215
------------ ------------ --------- ------------
Operating Profit (Loss) (5,508,866) 918,228 -- (6,427,094)
Other Expense (Income):
Interest Expense 2,551,703 1,040,699 -- 1,511,004
Other (50,243) -- -- (50,243)
------------ ------------ --------- ------------
Total Other (Income) Expense 2,501,460 1,040,699 -- 1,460,761
------------ ------------ --------- ------------
Earnings (Loss) Before Income Taxes (8,010,326) (122,471) -- (7,887,855)
Federal and State Income Taxes
Federal Income Tax (108,378) -- -- (108,378)
Income Tax (expense) Beneift 16,414 121 -- 16,293
------------ ------------ --------- ------------
Earnings (Loss) From Continuing
Operations $ (7,918,362) $ (122,592) -- $ (7,795,770)
Discontinued Operations
Gain on Disposal of Discontinued
Healthcare Operation Net of 476,967 -- -- 476,967
------------ ------------ --------- ------------
Earnings (Loss) From
Discontinued Operations 476,967 -- -- 476,967
Net Earnings (Loss) $ (7,441,395) $ (122,592) $ -- $ (7,318,803)
============ ============ ========= ============
Per Share Data:
Earnings (Loss) From Continuing
Operations $ (1.98) $ (0.03) $ -- $ (1.95)
============ ============ ========= ============
Net Earnings (Loss) $ (1.86) $ (.03) $ -- $ (1.83)
============ ============ ========= ============
Weighted Average Common and Common
Equivelant shares Outstanding 4,000,210 4,000,210 4,000,210 4,000,210
============ ============ ========= ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
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BOLLINGER INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
FOR THE YEAR ENDED MARCH 31, 1997
(UNAUDITED)
Note 1 - Basis of presentation:
The Pro Forma Condensed Consolidated Statement of Earnings assumes the
following transaction, more fully described in Item 2 on Form 8-K dated November
26, 1997 occurred on April 1, 1996:
Note 2 - Pro forma adjustments:
(a) Reflects the elimination of the trampoline divisions historical results of
operations included in the Company's consolidated statement of income. In
future filings, the Company will report the trampoline division sale as a
gain on sale of assets.
(b) There were no material costs of the trampoline division that will after the
sale.
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