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Previous: PALM HARBOR HOMES INC /FL/, DEF 14A, 2000-06-09 |
Next: TECHNICAL CHEMICALS & PRODUCTS INC, S-2, 2000-06-09 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO 3
TO
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES ACT OF 1934
FOR THE TRANSITION PERIOD FROM _______________ TO ___________
COMMISSION FILE NUMBER 0-25406
-------
TECHNICAL CHEMICALS AND PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
Florida 65-0308922
------- ----------
(State or jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3341 S.W. 15th Street, Pompano Beach, Florida 33069
--------------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (954) 979-0400
Securities Registered Pursuant to Section 12(b) of the Act:
Name of exchange
Title of each class on which registered
------------------- -------------------
None None
Securities registered pursuant to 12(g) of the Act: Common Stock, $.001 par
value
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 twelve months (or 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 ___
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]
The aggregate market value of Common Stock held by non-affiliates as of
March 27, 2000 was approximately $39,411,432 (based upon the closing sale price
of $1.59375 per share on the Nasdaq National Market on March 27, 2000).
As of March 27, 2000, 29,541,258 shares of the Registrant's $.001 par
value Common Stock were outstanding.
Documents Incorporated By Reference
-----------------------------------
The Registrant's Definitive Proxy Statement related to the 2000
Annual Shareholder's Meeting is incorporated by reference in Part
III to the extent provided in Items 10, 11, 12 and 13 hereof.
<PAGE>
<TABLE>
<CAPTION>
Technical Chemicals and Products, Inc. and Subsidiaries
Consolidated Balance Sheets
(Amounts in thousands, except share data)
December 31
1999 1998
-------- --------
<S> <C> <C>
Assets
Current assets:
Cash and cash equivalents $ 1,447 $ 5,207
Investments 2,540 5,048
Accounts receivable, net 1,163 1,605
Inventory 2,036 2,550
Due from related parties 686 836
Other 486 210
-------- --------
Total current assets 8,358 15,456
Property and equipment, net 2,096 2,503
Patents and trademarks, net 11,256 12,190
Goodwill, net 1,807 1,979
Deferred tax asset, net - 4,140
Other assets 71 101
-------- --------
Total assets $ 23,588 $ 36,369
======== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 988 $ 390
Accrued expenses 1,360 323
-------- ---------
Total current liabilities 2,348 713
Deferred revenue 812 -
Other liabilities - 169
Stockholders' equity:
Preferred stock, $.001 par value:
authorized shares--25,000,000;
11,350 and 14,700 shares of Series A 6%
cumulative convertible issued and outstanding
in 1999 and 1998, respectively 12,457 13,131
Common stock, $.001 par value:
authorized shares--100,000,000;
Issued and outstanding shares--14,541,544 in
1999 and 10,006,316 in 1998 15 10
Additional paid-in capital 41,638 40,697
Accumulated deficit (33,682) (18,351)
-------- ---------
Total stockholders' equity 20,428 35,487
-------- ---------
Total liabilities and stockholders' equity $ 23,588 $ 36,369
======== =========
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Technical Chemicals and Products, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Amounts in Thousands)
Year ended December 31
1999 1998 1997
------------------------------------------------------
<S> <C> <C> <C>
Operating activities
Net loss $(15,339) $ (9,827) $(4,489)
Adjustments to reconcile net loss to net cash used by
operating activities:
Income tax expense (benefit) 4,140 - (2,637)
Depreciation 476 484 399
Amortization 1,451 1,376 1,343
Changes in operating assets and liabilities:
Accounts receivable 442 450 123
Inventory 514 (698) (812)
Other current assets (14) 16 264
Change in other assets and liabilities (139) (9) (4)
Accounts payable and accrued expenses 1,635 (1,356) 409
Deferred revenue 812 - -
------------------------------------------------------
Net cash used by operating activities (6,022) (9,564) (5,404)
Investing activities
Purchases of property and equipment (328) (344) (697)
Due from related party 150 (836) -
Purchases of investments (6,747) (5,080) (2,000)
Proceeds from sales of investments 9,263 3,988 9,626
Investment in patents and intangible assets (86) (294) (15)
------------------------------------------------------
Net cash provided by (used in) investing activities 2,252 (2,566) 6,914
Financing activities
Net proceeds from issuance of common stock 10 - -
Net proceeds from issuance of preferred stock - 14,360 -
Proceeds from stock options or warrants exercised - - 199
Purchase of common stock - (339) -
------------------------------------------------------
Net cash provided by financing activities 10 14,021 199
------------------------------------------------------
Net (decrease) increase in cash and cash equivalents (3,760) 1,891 1,709
Cash and cash equivalents at beginning of year 5,207 3,316 1,607
------------------------------------------------------
Cash and cash equivalents at end of year $ 1,447 $ 5,207 $ 3,316
======================================================
Supplemental information
Cash paid during the year for interest $ 15 $ 16 $ 14
======================================================
Significant non-cash transactions
Issuance of warrants for future services $ 262 $ - $ -
======================================================
</TABLE>
See accompanying notes.
<PAGE>
Technical Chemicals and Products, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
6. Income Taxes (continued)
The reconciliation of the expected income tax expense (benefit) with the actual
income tax expense (benefit) reported for the years ended December 31 computed
on loss before income taxes at federal statutory rates is as follows:
<TABLE>
<CAPTION>
1999 1998 1997
------------------------------------------------------
<S> <C> <C> <C>
Tax at federal statutory rate (34.0)% (34.0)% (34.0)%
State and local income taxes, net of
federal tax benefit (4.2) (4.2) (4.1)
Nondeductible items .5 .2 .1
Change in valuation allowance 74.3 38.4 -
Other .4 (.4) 1.0
------------------------------------------------------
Total 37.0% - % (37.0)%
======================================================
</TABLE>
<PAGE>
Technical Chemicals and Products, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Continued)
10. Stockholders' Equity (continued)
For purposes of pro forma disclosures, the estimated fair value of the options
is amortized to expense over the options' vesting period. The Company's pro
forma information follows (amounts in thousands, except per share amounts):
<TABLE>
<CAPTION>
1999 1998 1997
------------------------------------------------------
<S> <C> <C> <C>
Pro forma net loss $(16,191) $(10,606) $(4,876)
Accrued dividends on and accretion to
redemption value of convertible
preferred stock (2,917) (1,030) -
------------------------------------------------------
Pro forma net loss attributable to common
stockholders $(19,108) $(11,636) $(4,876)
======================================================
Pro forma net loss per
common share $ (1.72) $ (1.16) $ (.49)
======================================================
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
TECHNICAL CHEMICALS AND PRODUCTS, INC.
By: /s/ Walter V. Usinowicz, Jr.
-----------------------------
Walter V. Usinowicz, Jr.
Vice President, Chief Financial
Officer (Principal Financial Officer
and Principal Accounting Officer)
Date: June 8, 2000
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