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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) June 1, 1999
TAB PRODUCTS CO.
(Exact name of registrant as specified in its charter)
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Delaware 001-07736 94-1190862
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
1400 PAGE MILL ROAD
PALO ALTO, CALIFORNIA 94304
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (415) 852-2400
Not applicable.
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(Former name or former address, if changed since last report)
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ITEM 7 IS HEREBY AMENDED AND RESTATED IN ITS ENTIRETY AS FOLLOWS:
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial information.
Not Applicable.
(b) Pro forma financial information giving effect to the sale of
the Field Service Group. The pro forma statement of earnings reflects the
effects of the transaction as if the transaction had occurred at the
beginning of the nine month period ended February 28, 1999 and the pro forma
balance sheet reflects the effects of the transaction as of February 28, 1999.
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TAB PRODUCTS CO.
PRO FORMA CONSOLIDATED CONDENSED BALANCE SHEET
FEBRUARY 28, 1999
($000's omitted)
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<CAPTION>
TAB PRO FORMA PRO FORMA
HISTORICAL ADJUSTMENTS BALANCE
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<S> <C> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 5,710 $ 5,710
Short-term investments 2,977 $ 4,575 7,552
Restricted cash 6,625 6,625
Accounts receivable 28,320 28,320
Due from Buyer 3,500 3,500
Inventories 9,422 (3,780) 5,642
Prepaid income taxes and other expenses 5,725 (175) 5,550
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TOTAL CURRENT ASSETS 52,154 10,745 62,899
Property, plant and equipment, net 19,464 (100) 19,364
Goodwill, net 3,175 3,175
Other assets 958 (36) 922
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TOTAL ASSETS $ 75,751 $ 10,609 $ 86,360
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt $ 3,438 $ 3,438
Accounts payable 6,915 6,915
Compensation payable 1,759 1,759
Other accrued liabilities 10,296 (4,468) 5,828
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TOTAL CURRENT LIABILITIES 22,408 (4,468) 17,940
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Long-term debt 6,531 6,531
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Deferred taxes and other noncurrent liabilities 3,337 6,207 9,544
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STOCKHOLDERS' EQUITY:
Common stock 76 76
Additional paid-in capital 15,244 15,244
Retained earnings 63,485 8,870 72,355
Treasury stock (32,320) (32,320)
Accumulated other comprehensive income (3,010) (3,010)
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TOTAL STOCKHOLDERS' EQUITY 43,475 8,870 52,345
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 75,751 $ 10,609 $ 86,360
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TAB PRODUCTS CO.
PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF EARNINGS
NINE MONTHS ENDED FEBRUARY 28, 1999
($000's omitted except share data)
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<CAPTION>
TAB PRO FORMA PRO FORMA
HISTORICAL ADJUSTMENTS RESULTS
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<S> <C> <C> <C>
REVENUES $ 117,975 $ 10,887 $ 107,088
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COSTS AND EXPENSES:
Cost of revenues 72,788 9,859 62,929
Selling, general and administrative 43,145 43,145
Research and development 719 719
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TOTAL COSTS AND EXPENSES 116,652 9,859 106,793
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OPERATING INCOME 1,323 1,028 295
Interest, net and other (559) (559)
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Earnings before income taxes 764 1,028 (264)
Provision of income taxes 400 538 (138)
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NET EARNINGS $ 364 $ 490 $ (126)
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Basic net earnings per share $ 0.07 $ (0.03)
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Shares used in computing basic
net earnings per share 5,111,000 5,111,000
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Diluted net earnings per share $ 0.07 $ (0.02)
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Shares used in computing diluted
net earnings per share 5,158,000 5,158,000
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TAB PRODUCTS CO.
PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF EARNINGS
YEAR ENDED MAY 31, 1998
($000's omitted except share data)
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<CAPTION>
TAB PRO FORMA PRO FORMA
HISTORICAL ADJUSTMENTS RESULTS
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<S> <C> <C> <C>
REVENUES $ 165,943 $ 12,512 $ 153,431
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COSTS AND EXPENSES:
Cost of revenues 98,913 10,739 88,174
Selling, general and administrative 60,912 60,912
Research and development 889 889
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TOTAL COSTS AND EXPENSES 160,714 10,739 149,975
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OPERATING INCOME 5,229 1,773 3,456
Interest, net and other (639) (639)
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Earnings before income taxes 4,590 1,773 2,817
Provision of income taxes 2,155 832 1,323
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NET EARNINGS $ 2,435 $ 941 $ 1,494
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Basic net earnings per share $ 0.48 $ 0.29
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Shares used in computing basic
net earnings per share 5,102,000 5,102,000
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Diluted net earnings per share $ 0.46 $ 0.28
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Shares used in computing diluted
net earnings per share 5,286,000 5,286,000
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TAB PRODUCTS CO.
INCOME STATEMENT PRO FORMA ADJUSTMENTS:
Revenues and Expenses for the Field Service Group for the nine month period
ending February 28, 1999, are shown as the Pro forma Adjustments to the
Consolidated Condensed Statement of Earnings for TAB Products Co. The TAB
fiscal year is June 1 to May 31. All of the costs related to the Field
Service Group have historically been reported as Cost of revenues in the TAB
Consolidated Statement of Earnings. Taxes have been computed at the TAB
consolidated estimated effective tax rate (52.4%) for fiscal year 1999.
BALANCE SHEET PRO FORMA ADJUSTMENTS:
Assets sold and liabilities assumed in the disposition of the Field Service
Group do not include Accounts Receivable and Accounts Payable as of the sale
closing. The presented Pro forma Consolidated Condensed Balance Sheet
reflects the adjustments for the assets to be sold and liabilities to be
assumed based on the terms of the Definitive Sale Agreement. In order for TAB
to obtain consent for the sale from one of its lenders TAB chose to place a
portion of the cash payment received from Bell & Howell in a restricted bank
account and pledge the funds as collateral for the existing loan. In exchange
for the pledge of collateral the lendor modified the covenants of the loan
and approved the sale transaction. TAB now has the flexibility to use the
funds to pay off the existing loan at any time or can negotiate new covenants
for the existing loan acceptable to both TAB and the lendor in order to gain
full access to the cash collateral. TAB will receive the interest income from
the pledged account.
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(c) Exhibits.
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<CAPTION>
Exhibit No. Description
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<S> <C>
2.1* Agreement for Purchase and Sale of Assets, dated as of May 20,
1999, by and between TAB Products Co., a Delaware corporation,
and Bell & Howell Document Management Products Company, a
Delaware corporation.
99.1* Company press release dated May 21, 1999.
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* Previously filed.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
TAB PRODUCTS CO.
Date: July 30, 1999 By: /s/ David J. Davis
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David J. Davis
Chief Financial Officer
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EXHIBIT INDEX
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<CAPTION>
Exhibit No. Description
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<S> <C>
2.1* Agreement for Purchase and Sale of Assets, dated as of May 20,
1999, by and between TAB Products Co., a Delaware corporation,
and Bell & Howell Document Management Products Company, a
Delaware corporation.
99.1* Company press release dated May 21, 1999.
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* Previously filed.