SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A3
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 7, 1995
DIMON Incorporated
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Virginia 0-25734; 1-13684 54-1746567
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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512 Bridge Street, Danville, Virginia 24541
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (804) 792-7511
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Explanatory Note: This Form 8-K/A3 amends the financial statements indicated
below which were included as Item 7 in the Company's Form 8-K/A2 filed on April
3, 1996. The remaining Items have not been amended and have not been restated in
this Form 8-K/A3.
Item 7. Financial Statements, Pro Forma Financial Statements and
Exhibits
a. Financial Statements of Business Acquired
The audited historical financial statements of the business
units acquired from Austro-Hellenique S.A. DeTabac Ht De
Batiment (the "Business Unit") and Austro-Turk Tutun A.S. were
included in the Form 8-K-A filed August 21, 1995.
b. Amended Pro Forma Financial Information
Pro forma financial information for the year ended June 30,
1994 reflecting the acquisition of the Business Unit is
included as Exhibits 99.2-99.4.
c. Exhibits
99.1 - Audited Historical Financial Statements of the
Business Unit of Austro-Hellenique S.A. DeTabac Ht
De Batiment and Austro-Turk Tutun A.S. (previously
filed)
99.2 - Pro Forma Condensed Consolidated Balance Sheet of
Registrant as of June 30, 1994.
99.3 - Pro Forma Condensed Consolidated Statement of
Operations of Registrant for year ended June 30,
1994
99.4 - Notes to Pro Forma Condensed Consolidated
Financial Statements of Registrant
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to be signed on its behalf by the
undersigned thereunto duly authorized.
DIMON INCORPORATED
(REGISTRANT)
Date: May 8, 1996 By: /s/ JERRY L. PARKER
Jerry L. Parker
Vice President and Controller
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DIMON Incorporated
EXHIBIT INDEX
Description Page
99.1 - Audited Historical Financial Statements of the Business -
Unit of Austro-Hellenique S.A. DeTabac Ht De Batiment
and Austro-Turk Tutun A.S. (previously filed)
99.2 - Pro Forma Condensed Consolidated Balance Sheet of 5
Registrant as of June 30, 1994.
99.3 - Pro Forma Condensed Consolidated Statement of Operations 6
of Registrant for year ended June 30, 1994
99.4 - Notes to Pro Forma Condensed Consolidated Financial 7
Statements of Registrant
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DIMON Incorporated
PRO FORMA CONDENSED OF CONSOLIDATED BALANCE SHEET as of JUNE 30, 1994
(IN THOUSANDS)
(UNAUDITED)
COMBINED
DIMON AUSTRO AUSTRO PROFORMA PROFORMA
INCORPORATED HELLENIQUE TURK ADJUSTMENT ADJUSTED
---------------- ------------ --------- ------------ -----------
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ASSETS
Current Assets
Cash and cash equivalents $12,471 $3,154 $665 $0 $16,290
Trade and other account receivables, net 180,845 6,302 2,431 189,578
Tobacco inventories 403,211 19,425 11,334 433,970
Recoverable income taxes 6,151 6,151
Prepaid expenses and other assets 82,765 1,833 237 84,835
----------- ----------- -------------- --------- -----------
Total current assets 685,443 30,714 14,667 0 730,824
Investments and other assets 77,399 50 77,449
Intangible Assets 57,492 17,193 (1) 74,685
Property, Plant and Equipment, net 209,739 1,031 3,706 214,476
Deferred taxes and other deferred charges 13,743 8 13,751
----------- ----------- ----------------- --------- -----------
Total Assets $1,043,816 $31,745 $18,431 $17,193 $1,111,185
=========== =========== ================= ========= ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Notes payable to banks $255,607 $19,881 $15,566 $13,372 (1) $304,426
Accounts payable and accrued expenses 144,168 6,987 1,058 152,213
Accrued taxes on income 4,846 1,119 5,965
Advances from customers 48,929 9,386 58,315
Current portion of long-term debt 14,226 14,226
----------- ----------- ----------------- --------- -----------
Total current liabilities 467,776 37,373 16,624 13,372 535,145
----------- ----------- ----------------- --------- -----------
Long Term Debt 188,825 188,825
----------- ----------- ----------------- --------- -----------
Convertible Subordinated Debentures 56,475 56,475
----------- ----------- ----------------- --------- -----------
Deferred income taxes, compensation and
other benefits 41,199 41,199
----------- ----------- ----------------- --------- -----------
Minority Interests 1,227 1,227
----------- ----------- ----------------- --------- -----------
Shareholder's Equity
Common Stock 79,861 967 (967)(1) 79,861
Retained Earnings 203,615 (5,628) 840 4,788 (1) 203,615
Cumulative translation adjustment 6,471 6,471
Minimum pension liability (1,374) (1,374)
Unrealized gain (loss) on investments (259) (259)
----------- ----------- ----------------- --------- -----------
Total shareholder's equity 288,314 (5,628) 1,807 3,821 288,314
----------- ----------- ----------------- --------- -----------
Total Liabilities and Shareholders' Equity $1,043,816 $31,745 $18,431 $17,193 $1,111,185
=========== =========== ================= ========= ===========
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See accompanying notes to unaudited pro forma financial information
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DIMON Incorporated
PRO FORMA COMBINED CONDENSED STATEMENT OF OPERATIONS FOR THE YEAR ENDED JUNE 30, 1994
(IN THOUSANDS)
(UNAUDITED)
COMBINED
DIMON AUSTRO AUSTRO PROFORMA PROFORMA
INCORPORATED HELLENIQUE TURK ADJUSTMENT ADJUSTED
-------------- ---------- --------- ----------- ---------
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Net sales of goods and services $1,449,078 $14,963 $22,725 $0 $1,486,766
Cost of goods and services sold 1,317,286 13,515 11,916 1,342,717
------------- --------- --------- --------- ------------
131,792 1,448 10,809 0 144,049
Selling, administrative and general expenses 117,311 3,016 2,216 1,719 (2) 124,262
------------- --------- --------- --------- ------------
Operating income (loss) 14,481 (1,568) 8,593 (1,719) 19,787
Other income:
Interest 7,025 850 99 7,974
Sundry 8,675 2,491 571 11,737
------------- --------- --------- --------- ------------
15,700 3,341 670 0 19,711
Other deductions:
Interest 35,117 6,936 1,094 862 44,009
Sundry 419 280 7,538 8,237
------------- --------- --------- --------- ------------
35,536 7,216 8,632 862 52,246
Income (loss) before income taxes, minority interest
and equity in net income of investee companies (5,355) (5,443) 631 (2,581) (12,748)
Income taxes 2,767 (981) 1,786
------------- --------- --------- --------- ------------
Income (loss) before minority interest and equity
in net income of investee companies (8,122) (5,443) 631 (1,600) (14,534)
Income applicable to minority interest 466 466
------------- --------- --------- --------- ------------
Income (loss) before equity in net income of
investee companies (8,588) (5,443) 631 (1,600) (15,000)
Equity in net income (loss) of investee companies
(net of U.S. tax expense of $589) 98 98
------------- --------- --------- --------- ------------
Net income (loss) (8,490) (5,443) 631 (1,600) (14,902)
============= ========= ========= ========= ============
Net income (loss) per share, primary * (.22) (.39)
Weighted average number of shares outstanding 38,091 38,091
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* Computation of fully diluted earnings per share is anti-dilutive
See accompanying notes to unaudited pro forma financial information
Exhibit 99.4
NOTES TO PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The registrant acquired the businesses of Austro-Hellenique De Tabac S.A.
(Hellas) and Austro-Turk Tutan A.S. (Austro-Turk). Hellas and Austro-Turk
have buying, processing and selling operations in Greece and Turkey,
respectively.
These pro forma financial statements reflect a year end of December 31,
1994 for each of the businesses acquired by the registrant and a year end
of June 30, 1994 for the registrant. It is impracticable to present these
financial statements in the manner required by Rule 11-02(c)(3) of
Regulation S-X. The registrant believes that the presentation of the
financial statements in the manner required by Rule 11- 02(c)(3) of
Regulation S-X would not have a material effect on these pro forma
financial statements.
1. The purchase price of Hellas and Austro-Turk was $13,372,000 for net
liabilities of $3,821,000 resulting in an excess of cost over
businesses acquired of $17,193,000.
2. The excess of cost over businesses acquired from the purchase of Hellas
and Austro-Turk will be amortized over 10 years, resulting in
amortization expense of $1,719,000. Interest expense relating to the
notes payable for the purchase was $862,000. The tax benefit resulting
from amortization of the excess of cost over businesses acquired and
interest expenses on notes payable was $981,000.
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