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Previous: RF MONOLITHICS INC /DE/, S-8, 2000-04-17 |
Next: FIRST CHOICE HEALTH NETWORK INC, 10-K, 2000-04-17 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
February 9, 2000
- - -------------------------------------------------------------------------------
Date of report (Date of earliest event reported)
All Star Gas Corporation
- - -------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Missouri 1-11393 43-1494323
- - --------------- --------------------- ---------------------
(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
P.O. Box 303
119 West Commercial Street
Lebanon, Missouri 65536
- - -------------------------------------------------------------------------------
(Address of Principal Executive Offices and Zip Code)
(417) 532-3103
- - -------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
N/A
- - -------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events
Effective February 9, 2000, the Company sold its operating locations in Indiana,
Michigan and Ohio to Star Gas Propane, L.P. , a Delaware limited partnership.
The purchase price was $23.5 million plus the value of working capital items.
Effective March 31, 2000, the Company sold nine of its operating locations in
North Carolina through a combination asset/stock transaction to EnergyUnited
Propane, LLC, a North Caroline limited liability company. The purchase price was
$19.9 million plus the value of working capital items.
Item 7. Financial Statements and Exhibits.
(2) Pro Forma Financial Information
The pro forma condensed consolidated statements of operations for the year ended
June 30, 1999 and for the six months ended December 31, 1999, give effect to the
dispositions and the related transactions as if they had occurred on the first
day of the respective periods. The pro forma condensed consolidated balance
sheet as of December 31, 1999 has been prepared as if the dispositions had
occurred on that date. The pro forma financial information does not purport to
present the financial position or results of operations of the Company had the
dispositions actually been completed as of the dates indicated. In addition, the
pro forma financial information is not necessarily indicative of future results
of operations.
ALL STAR GAS CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 1999
(Dollars in Thousands)
<TABLE>
<CAPTION>
Historical
-----------------------
Divested
Retail
Service Pro Forma
Company Centers Adjustments Pro Forma
------- -------- ----------- ---------
<S> <C> <C> <C> <C>
Assets
- - ------
Current Assets
Cash $ 1,001 $ 182 $ 43,428 (A) $ 44,247
Trade receivables - Net 9,509 1,745 -- 7,764
Inventories 6,486 1,148 -- 5,338
Prepaid Expense 1,119 46 -- 1,073
Refundable Income Taxes 3,791 35 (3,756)(B) --
Deferred Income Taxes 300 -- 1,883 (B) 2,183
-------- -------- -------- --------
Total Current Assets 22,206 3,156 41,555 60,605
-------- -------- -------- --------
Property and Equipment 112,356 28,335 -- 84,021
Less Accumulated Depreciation 41,696 9,031 -- 32,665
-------- -------- -------- --------
Total Property and Equipment 70,660 19,304 -- 51,356
-------- -------- -------- --------
Other Assets
Debt Acquisition Costs - Net 3,198 -- -- 3,198
Excess of Cost Over Fair Value of Net
Assets Acquired - Net 9,168 1,084 -- 8,084
Other 2,120 -- -- 2,120
-------- -------- -------- --------
Total Other Assets 14,486 1,084 -- 13,402
-------- -------- -------- --------
Total Assets $107,352 $ 23,544 $ 41,555 $125,363
======== ======== ======== ========
</TABLE>
<PAGE>
ALL STAR GAS CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 1999
(Dollars in Thousands)
<TABLE>
<CAPTION>
Historical
-------------------------
Divested
Retail
Service Pro Forma
Company Centers Adjustments Pro Forma
------- --------- ----------- ---------
<S> <C> <C> <C> <C>
Liabilities and Stockholders'
Equity (Deficit)
- - -----------------------------
Current Liabilities
Current Maturities of Long-Term Debt
$ 2,250 $ -- $ -- $ 2,250
Accounts Payable and Accrued Expenses 26,972 2,503 4,764(B) 29,233
--------- --------- --------- ---------
Total Current Liabilities 29,222 2,503 4,764 31,483
Long-Term Debt 147,866 944 -- 146,922
Deferred Income Taxes 776 -- (776)(B) --
Accrued Self-Insurance Liability 340 -- -- 340
--------- --------- --------- --------
Total Liabilities 178,204 3,447 3,988 178,745
--------- --------- --------- --------
Stockholders' Equity (Deficit)
Common; $.001 Par Value; Authorized
20,000,000 Shares, Issued - 14,291,020
Shares 14 -- -- 14
Common Stock Purchase Warrants 1,227 -- -- 1,227
Additional Paid-In Capital 27,119 -- -- 27,119
Retained Earnings (Deficit) (11,298) 20,097 43,428 (A)
(5,861)(B) 6,172
--------- --------- --------- --------
17,062 20,097 37,567 34,532
Treasury Stock at Cost -
12,704,105 Shares (87,914) -- -- (87,914)
--------- --------- --------- --------
Total Stockholders' Equity (Deficit) (70,852) 20,097 37,567 (53,382)
--------- --------- --------- --------
Total Liabilities and Stockholders' Equity
(Deficit) $ 107,352 $ 23,544 $ 41,555 $125,363
========= ========= ========= ========
</TABLE>
The accompanying notes are an integral part of these pro forma
condensed consolidated financial statements.
<PAGE>
ALL STAR GAS CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 1999
(Dollars in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Historical
------------------------------
Divested
Retail
Service Pro Forma
Company Centers Adjustments Pro Forma
------- --------- ----------- ---------
<S> <C> <C> <C> <C>
Operating Revenue $ 39,531 $ 8,833 $ -- $ 30,698
Cost of Product Sold 20,390 4,676 -- 15,714
-------- -------- ------- --------
Gross Profit 19,141 4,157 -- 14,984
-------- -------- ------- --------
Operating Costs and Expenses
Provision for Doubtful Accounts 89 (3) -- 92
General and Administrative 15,947 2,762 (175)(C) 13,010
Depreciation and Amortization 4,933 913 -- 4,020
Gain on Sale of Assets (305) (2) -- (C) (303)
-------- -------- ------- --------
20,664 3,670 (175) (16,819)
-------- -------- ------- --------
Operating Income (Loss) (1,523) 487 175 (1,835)
-------- -------- ------- --------
Other Expense
Interest Expense, Net 9,183 47 -- 9,136
Amortization of Debt
Discount and Expense 704 -- -- 704
-------- -------- ------- --------
9,887 47 -- 9,840
-------- -------- ------- --------
Income (Loss) Before Income Taxes
and Nonrecurring Charges
(Credits) Directly Attributable
to the Transactions (11,410) 440 175 (11,675)
Credit for Income Taxes (3,867) -- -- (3,867)
-------- -------- ------- --------
Income (Loss) Before
Nonrecurring Charges (Credits)
Directly Attributable to the
Transactions $(7,543) $440 $175 $(7,808)
======== ======== ======= ========
Basic and Diluted Income (Loss) Per Common
Share (1,586,915 Shares) $(4.75) $.28 $11.12 $6.09
======== ======== ======= ========
Basic and Diluted Income (Loss)
Before Nonrecurring Charges
(Credits) Directly Attributable
to the Transactions Per Common
Share (1,586,915 Shares) $(4.75) $.28 $.11 $(4.92)
-------- -------- ------- --------
</TABLE>
The accompanying notes are an integral part of these pro forma
condensed consolidated financial statements.
<PAGE>
ALL STAR GAS CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
YEAR ENDED JUNE 30, 1999
(Dollars in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Historical
------------------------------
Divested
Retail
Service Pro Forma
Company Centers Adjustments Pro Forma
------- ------- ----------- ---------
<S> <C> <C> <C> <C>
Operating Revenue $ 79,537 $18,681 $ -- $ 60,856
Cost of Product Sold 36,583 9,024 -- 27,559
--------- ------- -------- --------
Gross Profit 42,954 9,657 -- 33,297
--------- ------- -------- --------
Operating Costs and Expenses
Provision for Doubtful Accounts 227 72 -- 155
General and Administrative 29,264 5,816 (300)(C) 23,148
Depreciation and Amortization 9,359 1,934 -- 7,425
Gain on Sale of Assets (547) (9) -- (C) (538)
--------- ------- -------- --------
38,303 7,813 (300) 30,190
--------- ------- -------- --------
Operating Income 4,651 1,844 300 3,107
--------- ------- -------- --------
Other Expense
Interest Expense, Net 11,713 85 -- 11,628
Amortization of Debt --
Discount and Expense 7,762 -- -- 7,762
--------- ------- -------- --------
19,475 85 -- 19,390
--------- ------- -------- --------
Income (Loss) Before Income Taxes
and Nonrecurring Charges
(Credits) Directly Attributable
to the Transactions (14,824) 1,759 300 (16,283)
Credit for Income Taxes (5,197) -- -- (5,197)
--------- ------- -------- --------
Income (Loss) Before
Nonrecurring Charges (Credits)
Directly Attributable to the
Transactions $ (9,627) $ 1,759 $ 300 $(11,086)
========= ======= ======== ========
Basic and Diluted Income (Loss) Per Common
Share (1,564,050 Shares) $ (6.16) $ 1.12 $ 8.56 $ 1.28
========= ======= ======== ========
Basic and Diluted Income (Loss)
Before Nonrecurring Charges
(Credits) Directly Attributable
to the Transactions Per Common
Share (1,564,050 Shares) $ (6.16) $ 1.12 $ .19 $ (7.09)
--------- ------- -------- --------
</TABLE>
The accompanying notes are an integral part of these pro forma
condensed consolidated financial statements.
<PAGE>
NOTES TO PRO FORMA FINANCIAL INFORMATION
(A) Reflects the proceeds received on the dispositions of Michigan,
Indiana, Ohio and various North Carolina retail service centers,
including amounts received for accounts receivable and inventories less
selling expenses and payoff of related mortgages.
(B) Reflects the provision for income taxes, income tax liability and
deferred tax adjustments for the above dispositions at federal and
state statutory rates.
(C) Reflects the direct general and administrative expense at the home
office level attributable to the disposed service centers.
(D) The effects of the dispositions for the six months ended December 31,
1999 would result in a $23.3 million gain on sale and a provision for
income taxes of $5.9 million. The effects of the dispositions for the
year ended June 30, 1999 would result in a $22.1 million gain on sale
and a provision for income taxes of $9.0 million. These adjustments
have not been included in the above pro forma condensed consolidated
statements of operations.
<PAGE>
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 hereunto duly authorized.
Dated: April 17, 2000
ALL STAR GAS CORPORATION
By: /s/ Valeria Schall
--------------------------------
Name: Valeria Schall
Title: Executive Vice President
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