U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 1997
[ ] TRANSITION REPORT PURSUANT SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 0-23332
EFTC CORPORATION
(Exact name of registrant as specified in its charter)
Colorado 84-0854616
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
9351 Grant Street
Denver, Colorado 80229
(Address of principal executive offices)
(303) 451-8200
(Issuer's telephone number)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports) and (2) has been subject to such filing requirements
for the past 90 days.
YES X NO
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date.
Class of Common Stock Outstanding at August 8, 1997
Common Stock, par value $0.01 5,937,410 shares
EFTC CORPORATION
FORM 10-Q
INDEX
PAGE NUMBER
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Condensed Consolidated Balance Sheets -- 3
June 30, 1997 and December 31, 1996
Condensed Consolidated Statements of Income -- 4
Three months and six months ended June 30,
1997 and 1996
Condensed Consolidated Statements of Cash 5
Flows -- Six months ended June 30, 1997
and 1996
Notes to Condensed Consolidated Financial 6
Statements -- June 30, 1997
Item 2. Management's Discussion and Analysis of Results of 8
Operations and Financial Condition
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders 13
Item 6. Exhibits and Reports on Form 8-K/A 14
SIGNATURES 15
<TABLE>
EFTC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
<CAPTION>
June 30, December 31,
1997 1996
<S> <C> <C>
ASSETS
Current assets
Cash and cash equivalents $897,579 $123,882
Accounts receivable, net of allowances of $105,000 7,032,934 3,866,991
Inventories (note 2) 17,859,385 9,146,505
Income taxes receivable 469,774 616,411
Prepaid expenses and other current assets 1,110,661 496,255
Total current assets 27,370,333 14,250,044
Property, plant and equipment, at cost 16,974,712 12,392,267
Less accumulated depreciation 6,315,350 3,872,443
Net property, plant and equipment 10,659,362 8,519,824
Other assets 114,943 99,773
Amortization of Goodwill 7,974,933 -
$46,119,571 $22,869,641
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Line of credit with bank $5,800,000 $1,800,000
Current portion of long-term debt 468,655 170,000
Accounts payable 7,893,819 2,320,871
Notes payable to customers 653,014 -
Accrued expenses and other liabilities 1,837,001 1,450,684
Total current liabilities 16,652,489 5,741,555
Long-term debt, net of current portion 9,140,117 2,890,000
Deferred income taxes 328,482 315,859
Shareholders' equity
Preferred stock, $.01 par value. Authorized
5,000,000 shares; none issued or outstanding - -
Common stock, $.01 par value. Authorized
45,000,000 shares; issued 5,937,410 shares
and 3,942,660 shares 59,374 39,427
Additional paid-in capital 15,661,350 10,187,180
Retained earnings 4,277,759 3,695,620
Total shareholders' equity 19,998,483 13,922,227
$46,119,571 $22,869,641
See notes to condensed consolidated financial statements.
</TABLE>
<TABLE>
EFTC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
<CAPTION>
Three months ended Six months ended
June 30, June 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Net sales $22,745,473 $15,941,411 $36,782,349 $30,944,370
Cost of goods sold 19,756,471 15,176,895 32,285,782 29,580,032
Gross profit 2,989,002 764,516 4,496,567 1,364,338
Selling, general, and administrative
expense 1,883,680 844,920 2,986,655 1,656,540
Amortization of Goodwill 66,793 - 89,601 -
Operating income (loss) 1,038,529 (80,404) 1,420,311 (292,202)
Other income (expense):
Interest expense (351,788) (147,087) (537,143) (242,613)
Other, net 21,411 23,615 37,538 16,471
(330,377) (123,472) (499,605) (226,142)
Income (loss) before income taxes 708,152 (203,876) 920,706 (518,344)
Income tax expense (benefit) 265,448 (74,716) 338,567 (201,577)
Net income (loss) $442,704 ($129,160) 582,139 (316,767)
Income (loss) per common and common
equivalent share $0.07 ($0.03) $0.10 ($0.08)
Weighted average shares outstanding 6,120,897 3,954,660 6,120,897 3,956,836
See notes to condensed consolidated financial statements.
</TABLE>
<TABLE>
EFTC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
<CAPTION>
Six months ended June 30,
1997 1996
<S> <C> <C>
Cash Flows From Operating Activities:
Net income (loss) $582,139 $(316,767)
Adjustments to reconcile net income (loss) to net
cash used by operating activities:
Depreciation 857,571 661,461
Deferred income taxes 67,061 (18,383)
(Gain) loss on sale and impairment of fixed assets 2,566 (9,479)
Changes in operating assets and liabilities:
Accounts receivable (1,176,636) (2,181,724)
Inventories (4,252,730) (956,787)
Prepaid expenses and other current assets (509,822) 188,276
Accounts payable and accrued expenses 3,018,521 (777,322)
Income taxes 146,637 (176,119)
Other assets (10,726) (24,711)
Net cash provided by (used in) operating activities (1,275,419) (3,611,555)
Cash flows from investing activities
Proceeds from sale of equipment 239,806 96,402
Purchase of CE Companies (7,398,728) -
Purchase of property, plant and equipment (1,292,053) (1,061,879)
Net cash (used in) investing activities (8,450,975) (965,477)
Cash flows from financing activities
Proceed from long-term borrowings 6,700,000 -
Common stock issued 49,117 5,994
Principal payments on long-term debt (151,228) (85,000)
Borrowings (payments) on notes payable, net 3,902,202 4,200,000
Net cash provided by financing activities 10,500,091 4,120,994
Increase (decrease) in cash and
cash equivalents 773,697 (456,038)
Cash and cash equivalents:
Beginning of period 123,882 481,086
End of period $897,579 $25,048
See notes to condensed consolidated financial statements.
</TABLE>
EFTC CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1--Basis of Presentation
The accompanying unaudited consolidated condensed financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and Article
10 of Regulation S-X. Accordingly they do not include all of the information
and footnotes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. Operating results for the three month
period and six month period ending June 30, 1997 are not necessarily
indicative of the results that may be expected for the year ended December
31, 1997. The unaudited condensed consolidated financial statements should be
read in conjunction with the financial statements and footnotes thereto
included in the Company's annual report and Form 10-K for the year ended
December 31, 1996.
Note 2-- Acquisitions
On February 24, 1997, the Company acquired two affiliated entities,
Current Electronics, Inc., an Oregon Corporation, and Current Electronics
(Washington), Inc., a Washington Corporation (the "CE Companies"), for total
consideration of approximately $10.3 million, consisting of 1,980,000 shares
of Company common stock and approximately $4.9 million in cash. The Company
recorded goodwill of approximately $8 million in connection with the
acquisition, which will be amoritzed over 30 years. The combined revenues
of the CE Companies for the fiscal year ended September 30, 1996 was
approximately $32.5 million.
This acquisition was accounted for as a purchase with the results of
operations from the acquired business included in the Company's results of
operations from the acquisition date forward.
The proforma information shown below reflects revenues, net income and
earnings per share for the first quarter of 1997 and 1996 as if the business
combination had been completed at the beginning of each period.
1997 1996
Net sales $18,477,030 $23,133,068
Net income $ 349,084 $ 264,011
Earnings per share $ 0.07 $ 0.04
On July 10, 1997, the Company signed a merger/acquisition agreement with
the Circuit Test Inc. companies, a group specializing in repair and warranty
services to major original equipment manufacturers. The transaction will
require stockholder approval and is expected to close by October 30, 1997.
The transaction involves the issuance of approximately 1.85 million shares of
EFTC stock to CTI shareholders, $19.5 million in cash, the assumption of certain
liabilities, and an amount based on future earnings.
On July 16, 1997, the Company signed an agreement to purchase certain
assets and to supply circuit board assembly services to AlliedSignal Inc.'s
Aerospace operations. EFTC agreed to purchase the assets of AlliedSignal's
Ft. Lauderdale Circuit Assembly Operation and Tucson Circuit Assembly
Operation. EFTC has agreed to offer employment to all AlliedSignal employees
associated with those operations. On August 4, 1997, the asset purchase
relating to the Tucson facility was closed and on August 11, 1997 the asset
purchase relating to the Ft. Lauderdale facility was closed. The total
amount for the two facilities' inventory and personal property and equipment
was approximately $12 million of which about half was funded at closing and
the remainder will be paid over the next six months.
Note 3--Inventories
The components of inventory consist of the following:
June 30, December 31,
1997 1996
Purchased parts
and completed
subassemblies $14,134,290 $7,640,712
Work-in-process 3,249,787 1,256,570
Finished Goods 475,308 249,223
$17,859,385 $9,146,505
Note 4--Supplemental Disclosure of Cash Flow Information
Six months ended June 30,
1997 1996
Cash paid during the period for:
Interest $490,095 $232,757
Income taxes $127,500 $6,000
Common stock issued in exchange of
stock in Current Electronics, Inc. $5,445,000
Note 5--Notes Payable
The Company has incurred significant borrowings since December 31, 1996.
(See Management's Discussion and Analysis Liquidity and Capital section for
details.)
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
THREE MONTHS ENDED JUNE 30, 1997
This information set forth below contains "forward looking statements"
within the meaning of the federal securities laws and other statements of
expectations, beliefs, plans, and similar expressions concerning matters that
are not historical facts. These statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
expressed in the statements.
RESULTS OF OPERATIONS
Net sales. Net sales are net of discounts and are recognized upon
shipment to a customer. The Company's net sales increased by 42.7% to
$22,745,473 for the second quarter of fiscal 1997, from $15,941,411 during
the same period in fiscal 1996. The increase in net sales is due primarily
to the inclusion of the operations from Current Electronics, Inc. (CE
Company's) which was acquired on February 24, 1997.
The Company's net sales increased by 18.9% to $36,782,349 during the six
months of fiscal 1997, from $30,944,370 during the same period of fiscal 1996.
The increase in net sales is due primarily to the acquisition of Current
Electronics as noted above.
Gross profit. Gross profit equals net sales less cost of goods sold (such
as salaries, leasing costs, and depreciation charges related to production
operations); and non-direct, variable manufacturing costs (such as supplies
and employee benefits). In the second quarter of fiscal 1997 gross profit
increased 291.0% to $2,989,002 compared to $764,516 for the same period in
1996. The gross profit margin for the second quarter of fiscal 1997 was
13.1% compared to 4.8% for the same period of fiscal 1996. The primary
reason for the increase in gross profit percentage is related to the
operations of the CE Company's, which have a higher gross profit percentage.
Another reason for the increase in gross profit is the adoption of the
Asynchronous Process Manufacturing (APM) in the later part of 1996 in the
Rocky Mountain facility. APM standardizes processes and sets them up in a
parallel pattern on the manufacturing floor. Product can flow to any
process, i.e., any board to any line. This unique arrangement combined
with powerful proprietary information technologies allows for the
manufacture of high-mix product in a high speed mode. The key to making APM
work is to increase throughput by decreasing setup time, standardizing work
centers and processing smaller lot sizes. EFTC has done this by designating
teams to set up off-line feeders and standardizing loading methods regardless
of product complexity. APM has allowed EFTC to increase productivity by
producing product with less people which ultimately reduces costs and
increases gross profit.
In the first six months of 1997 gross profit increased by 229.6% to
$4,496,567 compared to $1,364,338 for the first six months of fiscal 1996.
The gross profit margin for the first six months of fiscal 1997 was 12.2%
compared to 4.4% for the first six months of 1996. The reasons for these
increases are explained above.
Selling, General and Administrative Expenses. Selling, general and
administrative expenses (SGA expense) consist primarily of non-manufacturing
salaries, sales commissions, and other general expenses. SGA expense
increased by 109.9% to $1,883,680 in the second quarter of 1997, compared
with $844,920 a year earlier. As a percentage of net sales SGA expenses
increased from 5.3% of net sales in the second quarter of fiscal 1996 to 8.3%
of net sales in fiscal 1997. The primary reason for the increase in SGA
expense is the inclusion of the CE Companies SGA expenses in 1997 of
approximately $867,000 whereas their were none in 1996.
Selling, general and administrative expenses increased by 98.1% to
$2,986,655 for the six months of fiscal 1997 compared with $1,656,540 a year
earlier. As a percentage of net sales, SGA increased to 8.1% in the first
six months of 1997 from 5.4% in the same period of fiscal 1996. The increase
is primarily due to the inclusion of the CE Companies SGA expenses in 1997
from February 24 to June 30 in the amount of approximately $1,132,000.
Operating income. Operating income for the second quarter of fiscal 1997
increased 1391.6% to $1,038,529 from a loss of $80,404 for the second quarter
of fiscal 1996. Operating income as a percentage of net sales increased to
4.6% in the second quarter of fiscal 1997 from (0.5%) in the same period last
year. The increase in operating income is attributable to increased
efficiencies associated with APM and the acquisition of the CE Companies as
explained above.
Operating income for the first six months of fiscal 1997 increased
586.1% to $1,420,311 from a loss of $292,202 for the first six months of fiscal
1996. Operating income as a percentage of net sales increased to 3.9% in the
first six months of fiscal 1997 from (0.9%) in the same period last year. The
increase in operating income is attributable to increased efficiencies
associated with APM and the acquisition of the CE Companies as explained above.
Interest expense. Interest expense for the second quarter of 1997 was
$351,788 compared to $147,087 for the same period in fiscal 1996. The
increase in interest is primarily the result of the acquisition debt associated
with the merger and acquisition of the CE Companies and increased operating
debt used to finance both inventories and receivables for EFTC and the CE
Companies in the second quarter of 1997.
Interest expense for the first six months of 1997 was $537,143 compared
to $242,613 for the same period in fiscal 1996. The increase in interest is
primarily the result of the acquisition debt associated with the merger and
acquisition of the CE Companies and increased operating debt used to finance
both inventories and receivables for EFTC and the CE Companies in the first
six months of fiscal 1997.
Income tax expense. The estimate of the Company's effective income tax
rate for the second quarter of fiscal 1997 and 1996 was 37.5% and 36.7%
respectively. This percentage fluctuates substantially because relatively
small dollar amounts tend to move the rate significantly as estimates change.
The Company expects that the rate will normalize in future quarters and be
around the 37% range.
The effective income tax rate for the first six months of fiscal 1997
was 36.8% compared to 38.9% from the same period a year earlier.
LIQUIDITY AND CAPITAL RESOURCES
During the first six months of fiscal 1997 cash used in operations was
$1,275,419 compared to cash used in operations of $3,611,555 in the same
period last year. Increased profitability and an increase in working capital
components are the primary reasons for the decrease in the cash used in
operations in 1997 when compared to 1996.
As of June 30, 1997, working capital totaled $10,717,844 compared to
$8,508,489 at December 31, 1996. The increase is attributable to the
working capital acquired related to the acquisition of the CE Companies
that occurred on February 24, 1997.
Accounts receivable decreased 1.8% to $7,032,934 at June 30, 1997 from
$7,164,174 at June 30, 1996. A comparison of receivable turns (i.e.
annualized sales divided by current accounts receivable) for the first
six months of fiscal 1997 and the first six months of fiscal 1996 is 10.5
and 8.7 turns, respectively. The 1997 receivable turn is distorted because
the sales for the first six months includes only four months and four days
of the CE Companies revenues. Based on historical annual revenues of the
CE Companies and EFTC combined, the receivable turns would be 11.9 times.
Inventories increased 65.1% to $17,859,385 at June 30, 1997 from
$10,816,201 at June 30, 1996. A comparison of inventory turns
(i.e. annualized cost of sales divided by current inventory) for the first
six months of fiscal 1997 and 1996 shows a decrease to 3.6 from 5.5,
respectively. The 1997 inventory turn is distorted because the cost of
sales for the first quarter includes only one month and four days of the
CE Companies costs. Based on historical annual cost of sales of the
CE Companies and EFTC combined, the inventory turns would be 4.2 times.
The Company used cash to purchase capital equipment totaling $1,292,053
in the first six months of 1997, compared with $1,061,879 in the same period
last year. The Company also used cash to purchase the CE Companies, as
explained earlier in the amount of $7,398,728. Proceeds from debt of
$6,700,000 were used to help fund the purchase of the CE Companies.
On February 24, 1997, the Company renegotiated its revolving line of
credit, negotiated a 90 day bridge loan and incurred additional equipment
debt in conjunction with the merger and acquisition of the CE Companies.
The revolving line of credit was increased to $15,000,000 and has a maturity
date of June 5,1998. This note was subsequently extended while new financing
is being put into place ( see below). Interest on this credit facility
accrues at the Bank One Prime rate plus .25% (8.75% on June 30, 1997). The
credit facility is collateralized by substantially all of the Company's assets,
other than real estate. The loan agreement from this facility contains
restrictive covenants relating to capital expenditures, borrowings
and payment of dividends, and certain financial statement ratios. The credit
facility may be withdrawn/cancelled at the banks option under certain
conditions such as default or in the event the Company experiences a material
negative change in financial condition. The short term bridge facility was
for $4,900,000 and has a maturity date of May 24, 1997. This note
was extended as new financing is being negotiated (see below). The interest
rate accrues at the Bank One Prime rate plus .25% (8.75% on June 30, 1997).
The proceeds from this loan were used to pay the cash portion of the
consideration paid in the merger and acquisition noted above. The Company
has engaged in discussions for issuance of convertible debt or preferred
stock, the proceeds of which would be used to repay the bridge facility.
The bridge facility was conditioned on the Company's receipt of a third
party commitment for the purchase of the convertible debt or preferred
stock which has been obtained. The Company also issued a $1,800,000 five
year note with a maturity date of April 5, 2002. The interest rate will
be 8.95% per annum. The Company will pay this loan in 60 regular monthly
payments of $36,983 and one final payment of $41,983. These payments
include both principal and interest. The proceeds of this loan were used to
pay off equipment debt of the CE Companies as per the merger agreement.
In connection with the Merger and Acquisition and the Asset purchase
(as explained in footnote 2), the Company has negotiated a commitment letter
with Bank One comprised of a $30 million revolving line of credit, maturing on
September 30, 2000 and a $15 million term loan maturing on September 30, 2002.
The proceeds of the Bank One Loan may be used for (i) funding the Merger and
Acquisition; (ii) funding the Asset Purchase; (iii) funding the Real Property
Purchase; (iv) repayment of the existing Bank One line of credit and bridge
facility; and (v) working capital requirements. The Bank One Loan will bear
interest at a rate based on either the Bank One prime rate or the LIBOR plus
applicable margins ranging form 3.25% to 0.50% for the term facility and 2.75%
to 0.00% for the revolving facility. Borrowings on the revolving facility
are subject to limitation based on the value of the available collateral.
The Bank One Loan is collateralized by substantially all of the Company's
assets, including real estate, whether now owned or hereinafter acquired.
The loan agreement for the Bank One Loan is expected to contain restrictive
covenants relating to capital expenditures, limitations of investments,
borrowings, payment of dividends, mergers and acquisitions. In addition,
the loan agreement is expected to contain financial covenants relating to
the following ratios: (i) maximum senior debt to EBIDTA to interest;
(ii) maximum total debt to EBIDTA; (iii) minimum fixed charge coverage;
(iv) minimum EBIDTA to interest (v) minimum tangible net worth requirement
with periodic step-up; (vi) maximum annual capital expenditures; and
(vii) excess cash flow recapture. The Bank One Loan is subject to the
negotiation of definitive loan documents, and there can be no assurance
that the Company will be able to obtain the Bank One Loan on terms
satisfactory to the Company.
In addition to the Bank One Loan, the Company has agreed upon the terms
for the issuance of $15 million in Subordinated Notes, with a maturity date
of June 24, 2002 and bearing a fixed coupon of LIBOR plus 2.00%. The
Subordinated Notes are amortized yearly with payments of $50,000 and one
final payment of $14,800,000 and may be prepaid in whole or in part at any
time, with any prepayment subordinated to the Bank One Loan. The Subordinated
Notes will be accompanied by warrants for 500,000 shares of the Company's
Common Stock at an exercise price of $8.00. The holder of the Subordinated
Notes will be Richard L. Monfort, a director of the Company.
The Company has committed to construct a new manufacturing facility in
Oregon to replace the present location in Oregon at an approximate cost of
$5,000,000. The Company has agreed upon the terms for the financing of this
new facility and has started construction.
New accounting standard. In February 1997, the Financial Accounting
Standards Board issued Statement No. 128, "Earnings Per Share" ("SFAS 128")
which revised the calculation and presentation provisions of Accounting
Principles Board Opinion 15 and related interpretations. SFAS 128 is
effective for the Company's fiscal year ending December 31, 1997 and
retroactive application is required. The Company believes the adoption
of SFAS 128 will not have a material efect on its reported income per share.
The Company may require additional capital to finance enhancements to,
or expansions of, its manufacturing capacity in accordance with its business
strategy. Management believes that the need for working capital will continue
to grow at a rate generally consistent with the growth of the Company's
operations. Although no assurance can be given that financing will be
available on terms acceptable to the Company, the Company may seek additional
funds, from time to time, through public or private debt or equity offerings,
bank borrowing, or leasing arrangements.
QUARTERLY RESULTS
Although management does not believe that the Company's business is
affected by seasonal factors, the Company's sales and earnings may vary
from quarter to quarter, depending primarily upon the timing of customer
orders and product mix. Therefore, the Company's operating results for
any particular quarter may not be indicative of the results for any future
quarter of the year.
PART II. OTHER INFORMATION
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The registrant held its annual meeting of shareholders on May 28, 1997,
for the purpose of electing a board of directors, approving the appointment
of auditors, and voting on the proposals described below. Proxies for the
meeting were solicited pursuant to Section 14(a) of the Securities Exchange
Act of 1934 and there was no solicitation in opposition to management's
solicitations.
All of management's nominees for directors as listed in the proxy
statement were elected with the following vote:
Shares Voted Shares
"For" "Withheld"
Gerald J. Reid 5,757,307 3,199
Gregory C. Hewitson 5,757,307 3,199
Jack Calderon 5,756,307 4,199
Matthew J. Hewitson 5,757,307 3,199
Stuart W. Fuhlendorf 5,756,307 4,199
Robert F. McNamara 5,756,307 4,199
Charles E. Hewitson 5,757,307 3,199
Masoud S. Shirazi 5,757,307 3,199
The proposal to amend the Company's Articles of Incorporation to change
the Company's name to "EFTC Corporation":
Shares Voted Shares Not
"For" "Against" "Abstain" Voted
5,744,767 1,400 14,339 169,654
The appointment of KPMG Peat Marwick LLP as independent auditor was
approved by the following vote:
Shares Voted Shares Not
"For" "Against" "Abstain" Voted
5,731,990 9,717 18,799 169,654
Item 6 (A). EXHIBITS
EXHIBIT
NUMBER
27 Financial Data Schedule.
ITEM 6 (B). REPORTS ON FORM 8-K/A
The Company filed a Current Report on Form 8-K/A with the Securities and
Exchange Commission on May 2, 1997. The following items were reported in the
Form 8-K/A dated May 2, 1997:
Item 7. Financial Statements and Exhibits-The following statements of Current
Electronics, Inc. and Current Electronics (Washington), Inc. were
included in said report:
(i) Current Electronics, Inc. and Current Electronics Washington,
Inc., Combined Balance Sheets as of September 30, 1996 and
1995 and Combined Statement of Income and Retained Earnings
and Combined Statement of Cash Flows for the three years
ended September 30, 1994.
(ii) Unaudited Pro Forma Condensed Balance Sheet as of December 31,
1996
(iii) Unaudited Pro Forma Condensed Statement of Operations for the
Year Ended December 31, 1996.
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.
EFTC CORPORATION
(Registrant)
Date: August 14, 1997 \s\ Jack Calderon
Jack Calderon
President and Chief Executive Officer
Date: August 14, 1997 \s\ Stuart W. Fuhlendorf
Stuart W. Fuhlendorf
Treasurer and Chief Financial Officer
Date: August 14, 1997 \s\ Brent L. Hofmeister
Brent L. Hofmeister
Controller
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<EPS-DILUTED> .07
</TABLE>
