-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KqJdjfCxSBxyxi9oP3NzW5aATjgJyrMt2qoWuRWLiIiGU3Ul2tUzdR45yWRvfF4Z q4APSlRpranqUS0g2WZrFg== /in/edgar/work/0000927016-00-003923/0000927016-00-003923.txt : 20001114 0000927016-00-003923.hdr.sgml : 20001114 ACCESSION NUMBER: 0000927016-00-003923 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001001 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20001113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GSI LUMONICS INC CENTRAL INDEX KEY: 0001076930 STANDARD INDUSTRIAL CLASSIFICATION: [3559 ] IRS NUMBER: 381859358 STATE OF INCORPORATION: A3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 000-25705 FILM NUMBER: 761701 BUSINESS ADDRESS: STREET 1: 105 SCHNEIDER RD KANATA STREET 2: ONTARIO CANADA CITY: K2K 1Y3 MAIL ADDRESS: STREET 1: 105 SCHNEIDER RD KANATA STREET 2: ONTARIO CANADA CITY: K2K 1Y3 FORMER COMPANY: FORMER CONFORMED NAME: GSI LUMONICS DATE OF NAME CHANGE: 19990331 FORMER COMPANY: FORMER CONFORMED NAME: LUMONICS INC DATE OF NAME CHANGE: 19990115 8-K/A 1 0001.txt AMENDMENT #1 TO FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K/A (AMENDMENT NO. 1) CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) October 1, 2000 GSI Lumonics Inc. ----------------- (Exact Name of Registrant as Specified in Charter) New Brunswick, Canada 333-71449 N/A - -------------------------- ---------------- --------------------------- (State or Other Juris- (Commission File (IRS Employer Identification diction of Incorporation) Number) Number) 105 Schneider Road, Kanata, Ontario, Canada K2K1Y3 - ------------------------------------------- --------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code # (613) 592-1460 N/A - ------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) 1 Item 2. Acquisition or Disposition of Assets. On October 16, 2000, GSI Lumonics Inc. filed a Current Report on Form 8-K to report under Item 2 the sale of the assets of its Life Sciences business to Packard BioScience Company on October 2, 2000. This amendment is being filed to provide the required pro forma financial information under Item 7 of Form 8-K. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (b) Pro Forma Financial Information: The unaudited pro forma condensed consolidated financial information of GSI Lumonics Inc. was prepared to illustrate the estimated effects of the sale of GSI Lumonics Inc.'s Life Sciences Business to Packard BioScience Company for balance sheet purposes as at June 30, 2000 and for purposes of the results of operations for the six months ended June 30, 2000 and for the year ended December 31, 1999. Based upon the terms of the Asset Purchase Agreement dated August 19, 2000 (the "Agreement"), and the resulting attributes of the sale, the unaudited pro forma consolidated balance sheet as at June 30, 2000 gives effect to the sale of net assets related to the Life Sciences Business of GSI Lumonics Inc. as though such sale had occurred on June 30, 2000. The unaudited pro forma condensed consolidated statements of operations for the six months ended June 30, 2000 and the year ended December 31, 1999 give effect to the sale as if it had occurred on January 1, 1999. The following GSI Lumonics Inc. pro forma financial statements have been prepared in accordance with accounting principles generally accepted in the United States based on the historical financial statements of GSI Lumonics Inc. and GSI Lumonics Inc.'s Life Sciences Business. 2
GSI LUMONICS INC. Unaudited Pro Forma Condensed Consolidated Balance Sheet As of June 30, 2000 Consolidated GSI Pro Forma Pro Forma Notes Lumonics Adjustments Consolidated ------------------------------------------------------------------ (Thousands of U.S. dollars) ASSETS Current assets Cash and cash equivalents 2.1 71,675 40,000 111,675 Short-term investments 2.1 21,297 60,000 81,297 Accounts receivable 2.2 83,937 (4,469) 79,468 Due from related party 2,340 2,340 Inventories 2.2 93,923 (2,396) 91,527 Deferred tax assets 22,479 22,479 Other assets 4,313 4,313 Current portion of swap contracts 649 649 - --------------------------------------------------------------------------------------------------------------------------- Total current assets 300,613 93,135 393,748 Capital assets 2.2 43,583 (413) 43,170 Other assets 5,083 5,083 Goodwill and other intangible assets 2.2 19,266 (827) 18,439 - --------------------------------------------------------------------------------------------------------------------------- 368,545 91,895 460,440 =========================================================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Bank indebtedness 16,647 16,647 Accounts payable 2.2 28,107 (568) 27,539 Accrued compensation and benefits 2.2 13,211 (523) 12,688 Other accrued expenses 2.2 47,333 (837) 82,496 2.2 36,000 Current portion of deferred compensation 127 127 Current portion of long-term debt 1,895 1,895 - --------------------------------------------------------------------------------------------------------------------------- Total current liabilities 107,320 34,072 141,392 Deferred income tax liability 2,742 2,742 Deferred compensation 2,180 2,180 - --------------------------------------------------------------------------------------------------------------------------- Total liabilities 112,242 34,072 146,314 Stockholders' equity Capital stock 298,026 298,026 Retained earnings (deficit) 2.1 (33,631) 100,000 24,192 2.2 (6,177) 2.2 (36,000) Accumulated other comprehensive income (8,092) (8,092) - --------------------------------------------------------------------------------------------------------------------------- Total stockholders' equity 256,303 57,823 314,126 - --------------------------------------------------------------------------------------------------------------------------- 368,545 91,895 460,440 ===========================================================================================================================
See accompanying notes 3
GSI LUMONICS INC. Unaudited Pro Forma Condensed Consolidated Statement of Operations For the Six Months Ended June 30, 2000 Consolidated GSI Pro Forma Pro Forma Lumonics Adjustments Consolidated ------------------------------------------------------- (Thousands of U.S. dollars, except share amounts) Sales 180,737 (7,769) 172,968 Cost of goods sold 106,766 (3,814) 102,952 - --------------------------------------------------------------------------------------------------------------------------- Gross profit 73,971 (3,955) 70,016 Operating expenses: Selling, general & administrative 40,227 (2,312) 37,915 Research & development 17,283 (2,379) 14,904 Amortization of intangibles 2,381 (83) 2,298 Restructuring and other (2,670) (2,670) - --------------------------------------------------------------------------------------------------------------------------- Income (loss) from operations 16,750 819 17,569 Gain on sale of assets 708 708 Interest income (expense), net 584 584 Foreign exchange transaction gains (losses) (1,774) (1,774) - --------------------------------------------------------------------------------------------------------------------------- Income (loss) before income taxes 16,268 819 17,087 Income tax provision (benefit) 5,674 300 5,974 - --------------------------------------------------------------------------------------------------------------------------- Net income (loss) for the period 10,594 519 11,113 =========================================================================================================================== Net income per share: - Basic $0.29 $0.31 - Diluted $0.28 $0.29 Weighted average common shares outstanding (000's) - Basic 36,416 36,416 - Diluted 38,511 38,511
See accompanying notes 4
GSI LUMONICS INC. Unaudited Pro Forma Condensed Consolidated Statement of Operations For the Year Ended December 31, 1999 Consolidated GSI Pro Forma Pro Forma Lumonics Adjustments Consolidated ------------------------------------------------------- (Thousands of U.S. dollars, except share amounts) Sales 274,550 (13,790) 260,760 Cost of goods sold 178,773 (6,091) 172,682 - --------------------------------------------------------------------------------------------------------------------------- Gross profit 95,777 (7,699) 88,078 Operating expenses: Selling, general & administrative 64,653 (3,021) 61,632 Research & development 28,700 (2,973) 25,727 Amortization of intangibles 4,070 (124) 3,946 Acquired in-process research and development 14,830 (4,100) 10,730 Restructuring and other 19,631 19,631 - --------------------------------------------------------------------------------------------------------------------------- Income (loss) from operations (36,107) 2,519 (33,588) Gain on sale of assets 1,599 1,599 Interest income (expense), net 89 89 Foreign exchange transaction gains (losses) (2,911) (2,911) - --------------------------------------------------------------------------------------------------------------------------- Income (loss) before income taxes (37,330) 2,519 34,811 Income tax provision (benefit) (2,556) 900 (1,656) - --------------------------------------------------------------------------------------------------------------------------- Net income (loss) for the period (34,774) 1,619 (33,155) =========================================================================================================================== Net income per share: - Basic $(1.14) $(1.09) - Diluted $(1.14) $(1.09) Weighted average common shares outstanding (000's) - Basic 30,442 30,442 - Diluted 30,442 30,442
See accompanying notes 5 GSI LUMONICS INC. Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements (in U.S. dollars) 1. BASIS OF PRESENTATION The unaudited pro forma condensed consolidated financial statements were prepared to illustrate the estimated effects of the sale of net assets of the Life Sciences Business ("Life Sciences") of GSI Lumonics Inc. ("GSI Lumonics") pursuant to the Asset Purchase Agreement (the "Agreement") entered into as of August 19, 2000 and consummated as of October 2, 2000 between GSI Lumonics and Packard BioScience Company ("Packard"). Pursuant to the Agreement, GSI Lumonics sold certain assets including accounts receivable, inventories, property, plant and equipment and intangible assets for proceeds of $40,000,000 cash and 4,571,429 shares of Packard common stock. Packard also assumed certain liabilities pursuant to the Agreement. Life Sciences was a separately managed product line in the GSI Lumonics' Billerica, Massachusetts, facility. Life Sciences manufactures laser-based microarray scanners and related analytical software used to read and interpret gene expression experiments. Major customers for these products include universities, research laboratories, and Government agencies. The business' principal markets are in the United States, Japan and Germany. The accompanying unaudited pro forma condensed consolidated financial statements have been prepared by management of GSI Lumonics based on the unaudited and audited consolidated financial statements of GSI Lumonics, prepared in accordance with accounting principles generally accepted in the United States ("US GAAP"), as at and for the six months ended June 30, 2000 and for the year ended December 31, 1999, respectively, and the unaudited and audited statements of net assets of Life Sciences prepared in accordance with US GAAP, as at and for the six months ended June 30, 2000 and for the year ended December 31, 1999, respectively. The accounting policies used in the preparation of the pro forma condensed consolidated financial statements are those disclosed in GSI Lumonics' 1999 Annual Report on Form 10-K filed with the SEC. In the opinion of the management of GSI Lumonics, these pro forma condensed consolidated financial statements include all adjustments necessary for a fair presentation of pro forma financial statements. The pro forma condensed consolidated financial statements are not necessarily indicative of the results that actually would have been achieved if the transactions reflected therein had been completed on the dates indicated or the results which may be obtained in the future. In preparing these pro forma condensed consolidated financial statements, no adjustments have been made to reflect transactions which have occurred since the dates indicated or to reflect the operating benefits and general and administrative cost savings expected to result from selling Life Sciences. The pro forma condensed consolidated financial statements should be read in conjunction with the description of the sale as filed with the SEC on Form 8-K on October 16, 2000, the unaudited and audited consolidated financial statements of GSI Lumonics as at and for the six months ended June 30, 2000 and for the year ended December 31, 1999, respectively, and notes thereto, and the unaudited and audited statements for Life Sciences as at and for the six month period ended June 30, 2000 and as at and for the year ended December 31, 1999, respectively, and notes thereto. 2. TRANSACTIONS GIVING EFFECT TO THE SALE 2.1 Consideration received To record the purchase price received for the sale of Life Sciences of $40 million in cash and 4,571,429 shares of Packard common stock. The value assigned to the shares is based on management's estimate and subject to adjustment when management's valuation is finalized. 6 2.2 Gain on sale To calculate the estimated gain on sale of Life Sciences as follows:
$ (000's) --------- Sale proceeds - Cash (2.1) 40,000 Shares (2.1) 60,000 -------- 100,000 -------- Net assets sold: Current assets (6,865) Capital assets (413) Goodwill and other intangible assets (827) Current liabilities 1,928 -------- (6,177) -------- Gain on sale 93,823 Income taxes payable (36,000) -------- Gain on sale, net of taxes 57,823 --------
The allocation of the sale proceeds is preliminary and based on management's initial estimate of the value of Packard common stock received on the sale and on the net book value of Life Sciences as at June 30, 2000. The final sale proceeds valuation and allocation and the determination of gain on sale on the closing date may differ significantly from the preliminary numbers. The income statements do not reflect the gain on sale. 2.3 Interest earned on sale proceeds
Six months ended Year ended June 30, 2000 December 31, 1999 $000`s $000`s To give effect to interest earned on cash sale proceeds of $40 million 1,000 2,000 ================ ================= To give effect to income taxes on the above adjustment 350 700 ================ =================
The income statements do not reflect such amounts. 7 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. GSI LUMONICS INC. Date: November 13, 2000 By: /s/ THOMAS R. SWAIN ---------------------- Name: Thomas R. Swain Title: Chief Financial Officer 8 -----END PRIVACY-ENHANCED MESSAGE-----