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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 1 TO
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) APRIL 3, 1996
TRANSMATION, INC.
(Exact Name of Registrant as Specified in Charter)
Ohio 0-3905 16-0874418
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
10 Vantage Point Drive, Rochester, New York 14624
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (716) 352-7777
(Former Name or Former Address, if Changed Since Last Report)
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(b) Pro Forma Financial Information.
INDEX TO PRO FORMA FINANCIAL STATEMENTS OF TRANSMATION, INC.
Unaudited Pro Forma Combined Balance Sheet - March 31, 1996
Unaudited Pro Forma Combined Statement of Income for Year Ended
March 31, 1996
Notes to Unaudited Pro Forma Combined Financial Statements
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<TABLE>
TRANSMATION, INC. AND ALTEK INDUSTRIES CORP.
UNAUDITED PRO-FORMA COMBINED BALANCE SHEET
MARCH 31, 1996
<CAPTION>
TRANS-
MATION ALTEK
3/31/96 12/31/95 PRO FORMA
ADJUST- PRO FORMA
HISTORICAL HISTORICAL MENTS COMBINED
========================================================
<S> <C> <C> <C> <C>
ASSETS:
CURRENT ASSETS:
CASH 204,046 159,869 363,915
ACCOUNTS RECEIVABLE 5,320,996 610,382 5,931,378
INVENTORIES 6,491,127 722,654 7,213,781
PREPAID EXPENSES 947,209 434 947,643
DEFERRED TAX ASSETS 310,294 310,294
--------------------------------------------------------
CURRENT ASSETS 13,273,672 1,493,339 14,767,011
--------------------------------------------------------
PROPERTY, PLANT & EQUIPMENT 1,976,679 332,167 2,308,846
DEFERRED CHARGES 172,713 172,713
DEFERRED INCOME TAXES 54,366 54,366
OTHER ASSETS 224,297 27,015 254,312
GOODWILL 6,205,736 6,205,736
--------------------------------------------------------
15,701,727 1,852,521 6,205,736 23,759,984
========================================================
LIABILITIES AND STOCKHOLDERS' EQUITY:
CURRENT LIABILITIES:
CURRENT PORTION MORTGAGES &
NOTES PAYABLE 748,000 748,000
ACCOUNTS PAYABLE 3,049,880 331,294 3,381,174
ACCRUED LIABILITIES 1,345,499 267,957 1,613,456
INCOME TAXES PAYABLE 410,566 410,566
STOCK PAYABLE FORMER OWNERS 612,500 612,500
CURRENT PORTION LOANS PAYABLE
FORMER OWNERS 1,700,000 1,700,000
--------------------------------------------------------
CURRENT LIABILITIES 4,805,945 1,347,251 2,312,500 8,465,696
--------------------------------------------------------
STOCK PAYABLE FORMER OWNERS 612,500 612,500
LOAN PAYABLE FORMER OWNERS 1,000,000 1,000,000
LONG-TERM DEBT 2,050,800 73,506 2,100,000 4,224,306
DEFERRED COMPENSATION 682,593 682,593
--------------------------------------------------------
7,539,338 1,420,757 6,025,000 14,985,095
--------------------------------------------------------
STOCKHOLDERS' EQUITY:
COMMON STOCK 1,225,973 30,000 20,000 1,275,973
CAPITAL IN EXCESS OF PAR 1,124,583 562,500 1,687,083
ACCUMULATED TRANSLATION ADJUST (93,819) (93,819)
RETAINED EARNINGS 5,905,652 401,764 (401,764) 5,905,652
--------------------------------------------------------
8,162,389 431,764 180,736 8,774,889
--------------------------------------------------------
15,701,727 1,852,521 6,205,736 23,759,984
========================================================
</TABLE>
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<TABLE>
TRANSMATION, INC. AND ALTEK INDUSTRIES CORP.
UNAUDITED PRO-FORMA COMBINED STATEMENT OF INCOME
YEAR ENDED MARCH 31, 1996
<CAPTION>
TRANS-
MATION ALTEK
YEAR END YEAR END PRO FORMA
3/31/96 12/31/95 ADJUST- PRO FORMA
HISTORICAL HISTORICAL MENTS COMBINED
=========================================================
<S> <C> <C> <C> <C>
NET SALES 38,449,758 4,936,900 (899,658) 42,487,000
---------------------------------------------------------
COSTS & EXPENSES:
COST OF PRODUCT SOLD 24,358,437 2,013,345 (899,635) 25,472,147
OPERATING COSTS, INCLUDING INT'ST. 12,259,698 2,995,655 15,255,353
---------------------------------------------------------
36,618,135 5,009,100 (899,635) 40,727,500
---------------------------------------------------------
INCOME(LOSS) BEFORE TAXES 1,831,623 (72,100) (23) 1,759,500
INCOME TAX 596,900 18,700 (100) 615,500
---------------------------------------------------------
NET INCOME 1,234,723 (90,800) 77 1,144,000
=========================================================
<CAPTION>
TRANS-
MATION PRO FORMA
HISTORICAL COMBINED
============ ===========
<S> <C> <C>
EARNINGS PER SHARE:
NET INCOME 1,234,723 1,144,000
============ ===========
AVERAGE COMMON SHARES
OUTSTANDING 2,534,674 2,834,674
============ ===========
INCOME PER SHARE $.49 $.40
============ ===========
</TABLE>
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TRANSMATION, INC.
NOTES TO UNAUDITED PRO-FORMA COMBINED FINANCIAL STATEMENTS
NOTE 1: BASIS OF PRESENTATION
- ------------------------------
The unaudited pro-forma combined statements of income and balance sheet
reflect the acquisition of Altek Industries Corp which is to be accounted
for under the purchase method of accounting, as of the end of the most
recent fiscal year.
Transmation's management believes the assumptions used in preparing the
unaudited proforma combined financial statements provide a reasonable basis
for presenting all of the significant effects of its transactions, that the
proforma adjustments give appropriate effect to those adjustments and that
the proforma adjustments are properly applied in the unaudited proforma
financial statements.
NOTE 2: PROFORMA ADJUSTMENTS
- ------------------------------
Unaudited Proforma Adjustments consist of the following:
Transmation, Inc. will exchange 300,000 shares of stock, payable in 3
installments, $1,700,000 of cash and $3,100,000 of notes for 100% of the
outstanding stock of Altek Industries Corp. This transaction will be
accounted for using the purchase method of Accounting.
The purchase price is allocated to the net assets acquired using the
assumption that the net book basis of the long-term assets is reflective of
their fair value. Goodwill is calculated as the difference between the
purchase price and the fair value of the net assets acquired and is
amortized over 20 years.
Sales and Costs of Products Sold are reduced by approximately $900,000 in
the year ended March 31, 1996 which represents the approximate intercompany
sales between Altek and Transmation during those periods.
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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.
TRANSMATION, INC.
September 3, 1996 By: /s/ Robert G. Klimasewski
----------------------------
Robert G. Klimasewski
President
September 3, 1996 By: /s/ John A. Misiaszek
----------------------------
John A. Misiaszek
Vice President-Finance
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