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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
May 19, 1999
PIXTECH, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-26380 04-3214691
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
Avenue Olivier Perroy, 13790 Rousset, France
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code:
011-33-4-42-29-10-00
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The undersigned Registrant hereby amends Item 7 of its Current Report on
Form 8-K filed with the Securities and Exchange Commission on May 27, 1999 as
set forth in the pages attached hereto:
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(b) Pro Forma Financial Information.
1. Unaudited Pro Forma Condensed Consolidated Balance Sheets
2. Unaudited Pro Forma Condensed Consolidated Statements of Operations Year
ended December 31, 1998
3. Unaudited Pro Forma Condensed Consolidated Statements of Operations Three
Months ended March 31, 1999
4. Notes to Unaudited Pro Forma Consolidated Financial Statements.
2
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PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
<TABLE>
<CAPTION>
PixTech Acquisition Proforma
March 31, May 20, March 31,
1999 1999 1999
--------- -------- ---------
(Note B)
--------
<S> <C> <C> <C>
ASSETS
Current assets:
Cash available............................................ $ 4,155 $ 4,350 (i) $ 8,505
Restricted cash - short term.............................. 3,397 3,397
Accounts receivable:
Trade.................................................. 235 235
Other.................................................. 347 347
Inventory................................................. 1,098 266 (i) 1,364
Other..................................................... 1,374 1,374
-------- -------- --------
Total current assets................................. 10,606 4,616 15,222
Restricted cash - long term................................... 6,667 6,667
Property, plant and equipment, net............................ 16,553 13,316 (i) 29,869
Goodwill, net................................................. 132 132
Deferred tax assets........................................... 4,275 4,275
Other assets - long term...................................... 201 201
Deferred offering costs...................................... 397 397
-------- -------- --------
Total assets........................................ $ 38,831 $ 17,932 $ 56,763
======== ======== ========
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Current portion of long term debt......................... $ 3,143 $ 1,694 (i) $ 4,849
Current portion of capital lease obligations.............. 2,353 2,353
Accounts payable.......................................... 6,930 95 (i) 7,013
Accrued expenses.......................................... 2,094 2,094
-------- -------- --------
Total current liabilities............................ 14,520 1,789 16,309
Deferred revenue.............................................. 82 82
Long term debt, less current portion.......................... 8,499 1,169 (i) 9,668
Capital lease obligation, less current portion................ 8,296 (i) 8,296
Other long term liabilities, less current portion............. 32 32
-------- -------- --------
Total liabilities.................................... 31,429 2,958 34,387
======== ======== ========
Stockholders equity
Convertible preferred stock Series E, $0.01 par value.... 4 4
Common stock, $0.01 par value............................ 151 71 (ii) 222
Additional paid-in capital............................... 69,190 14,903 (ii) 84,093
Cumulative translation adjustment........................ (2,411) (2,411)
Deficit accumulated during development stage............. (59,532) (59,532)
-------- -------- --------
Total stockholders equity.......................... 7,402 14,974 22,376
-------- -------- --------
Total liabilities and stockholders equity.......... $ 38,831 $ 17,932 $ 56,763
======== ======== ========
</TABLE>
See accompanying notes.
3
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PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1998
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
Pro Forma
PixTech PixTech
Year Pro Forma Year
Ended Adjustments Ended
------------ ------------- ------------
December 31, December 31,
1998 (Note C) 1998
------------ ------------- ------------
<S> <C> <C> <C>
Revenues
Cooperation and license revenues............................. $ 1,239 $ -- $ 1,239
Product sales................................................ 445 -- 445
Other revenues............................................... 1,968 -- 1,968
-------- ------- --------
Total revenues.......................................... 3,652 -- 3,652
-------- ------- --------
Cost of revenues
License fees and royalties................................... 24 -- 24
-------- ------- --------
Gross margin..................................................... 3,676 -- 3,676
-------- ------- --------
Operating expenses
Research and development..................................... (19,414) (8,256) (27,670)
Marketing and sales.......................................... (1,433) (431) (1,864)
Administrative and general expenses.......................... (2,515) (431) (2,946)
-------- ------- --------
(23,362) (9,117) (32,479)
-------- ------- --------
Loss from operations............................................. (19,686) (9,117) (28,803)
Other income / (expense)
Interest income (expense) net................................ (708) (6) (714)
Foreign exchange gains / (losses)............................ 372 -- 372
-------- ------- --------
(336) (6) (342)
Loss before income tax benefit................................... (20,022) (9,123) (29,145)
Income tax benefit............................................... 2,159 -- 2,159
-------- ------- --------
Net loss......................................................... $(17,863) $(9,123) $(26,986)
======== ======= ========
Dividend accrued to holders of Preferred Stock................... (12) -- (12)
-------- ------- --------
Net loss to holders of Common Stock.............................. $(17,875) $(9,123) $(26,998)
Net loss per share of Common Stock........................... $ (1.23) $ (1.25)
Shares of Common Stock used in computing net loss per share.. 14,548 21,681
</TABLE>
See accompanying notes.
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PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 1999
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
Pro Forma
PixTech PixTech
Year Pro Forma Year
Ended Adjustments Ended
----------- ------------ ------------
March 31, March 31,
1998 (Note C) 1998
----------- ------------ ------------
<S> <C> <C> <C>
Revenues
Cooperation and license revenues ............................ $ -- $ -- $ --
Product sales ............................................... 161 -- 161
Other revenues .............................................. 2,000 -- 2,000
-------- -------- --------
Total revenues ......................................... 2,161 -- 2,161
-------- -------- --------
Cost of revenues
License fees and royalties .................................. (87) -- (87)
-------- -------- --------
Gross margin .................................................... 2,074 -- 2,074
-------- -------- --------
Operating expenses
Research and development .................................... (5,587) (2,194) (7,781)
Marketing and sales ......................................... (351) (98) (449)
Administrative and general expenses ......................... (730) (98) (828)
-------- -------- --------
(6,668) (2,390) (9,058)
-------- -------- --------
Loss from operations ............................................ (4,594) (2,390) (6,984)
Other income / (expense)
Interest income (expense) net ............................... (266) 9 (257)
Foreign exchange gains / (losses) ........................... (516) -- (516)
-------- -------- --------
(782) 9 (773)
Loss before income tax benefit .................................. (5,376) (2,381) (7,757)
Income tax benefit .............................................. -- -- --
-------- -------- --------
Net loss ........................................................ $ (5,376) $ (2,381) $ (7,757)
======== ======== ========
Dividend accrued to holders of Preferred Stock .................. (134) -- (134)
-------- -------- --------
Net loss to holders of Common Stock ............................. $ (5,510) $ (2,381) $ (7,891)
Net loss per share of Common Stock .......................... $ (0.35) $ (0.35)
Shares of Common Stock used in computing net loss per share . 15,143 22,277
</TABLE>
See accompanying notes.
5
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Notes to Pro Forma Condensed Consolidated Financial Statements
(all amounts in thousands except share amounts)
(unaudited)
Note A - Basis of presentation
The accompanying unaudited pro forma condensed financial statements reflect the
acquisition of certain assets of Micron Technology, Inc. ("Micron") relating to
field emission displays including equipment and other tangible assets, certain
contract rights and cash (the "Micron Transaction"). The Micron Transaction was
closed on May 19, 1999 between the Company and Micron.
These unaudited pro forma condensed financial statements were derived from
PixTech's audited and unaudited financial statements for the year ended December
31, 1998 and for the three-month period ended March 31, 1999, respectively. The
unaudited pro forma condensed consolidated statements of operations for the year
ended December 31, 1998 and for the three-month period ended March 31, 1999 give
effect to the Micron Transaction as if it had occurred at the beginning of the
period. The unaudited pro forma condensed consolidated balance sheets as of
March 31, 1999 has been prepared as if the Micron Transaction had occurred on
March 31, 1999.
The pro forma adjustments for the Micron Transaction are based upon estimates,
available information and certain assumptions that the management of PixTech
deems appropriate. The unaudited pro forma condensed consolidated financial
information does not purpose to represent the results of operations or the
financial position of PixTech that actually would have resulted had the Micron
Transaction occurred as of the dates indicated, nor should it be taken as
indicative of the future results of operations or future financial position of
PixTech (See "Note B - Pro Forma Condensed Consolidated Balance Sheets" and
"Note C - Pro Forma Condensed Consolidated Statements of Operations").
It is suggested that these pro forma condensed consolidated financial statements
be read in conjunction with the consolidated financial statements and footnotes
thereto for the year ended December 31, 1998, included in the Company's Annual
Report on Form 10-K for the year ended December 31, 1998.
Note B - Pro Forma Condensed Consolidated Balance Sheets
The pro forma consolidated balance sheets reflect the acquisition of Micron's
assets and the assumption of certain liabilities, as of May 20, as if such
acquisition had occurred on March 31, 1999.
(i) Net Assets Acquired
The estimated fair value of net assets acquired in the Micron Transaction is
approximately $9,157 in excess of the cost of net assets acquired. The estimated
fair value of property, plant and equipment of $22,473 has been proportionally
reduced to the extent that the fair value of net assets acquired exceeded cost
resulting in property plant and equipment of $13,316.
(ii) Stockholders' equity
In consideration of the Micron Transaction, the Company issued 7,133,562 shares
of the Company's Common Stock, representing a total amount of $14,717, and a
warrant to purchase 310,000 shares of the Company's Common Stock at an exercise
price of approximately $2.25 per share. The fair value of the 310,000 warrants
was computed using the Black-Scholes model and was estimated at $257.
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Note C - Pro Forma Condensed Consolidated Statements of Operations - Pro Forma
Adjustments
The unaudited pro forma condensed consolidated statements of operations for the
year ended December 31, 1998 and for the three months ended March 31, 1999
reflect the Company's best estimate of the additional ongoing expenses
associated with the acquisition of assets, as if such acquisition had occurred
at the beginning of the periods presented.
These estimated expenses primarily relate to additional research and development
personnel costs in the amount of $2,797 and $741, and additional depreciation
expense of the acquired assets of $3,342 and $941, respectively for the year
ended December 31, 1998 and for the three months ended March 31, 1999. These
estimated expenses also relate to additional marketing and sales and
administrative and general personnel costs totaling $539 and $101, respectively
for the year ended December 31, 1998 and for the three months ended March 31,
1999.
The Company believes that these unaudited pro forma condensed statements of
operations may not be indicative of the results that would have occurred if the
transaction had been completed at the beginning of the periods indicated and
that they may not be indicative of the future results. Future results depend on
a variety of factors, including the rate of growth of the Company's research and
development expenses and the rate of growth of the costs related to the transfer
and adaptation of the Company's manufacturing process to its Taiwanese partner,
Unipac.
7
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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 hereunto duly authorized.
August 9, 1999 PIXTECH, INC.
By: /S/ Yves Morel
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Yves Morel
Chief Financial Officer
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