-----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, FVFdzngBEjIgNVCsGatqDawuQXYWLrGCYl5ZFeB+TH03Un/Rv0DxFH7h9vgLQuFo jhEZQ0vE/WKZO5dkaEwThw== 0000912057-96-022413.txt : 19961011 0000912057-96-022413.hdr.sgml : 19961011 ACCESSION NUMBER: 0000912057-96-022413 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960523 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961010 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WYNNS INTERNATIONAL INC CENTRAL INDEX KEY: 0000108721 STANDARD INDUSTRIAL CLASSIFICATION: GASKETS, PACKAGING AND SEALING DEVICES & RUBBER & PLASTIC HOSE [3050] IRS NUMBER: 952854312 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-07200 FILM NUMBER: 96641458 BUSINESS ADDRESS: STREET 1: 500 NORTH STATE COLLEGE BLVD CITY: ORANGE STATE: CA ZIP: 92668 BUSINESS PHONE: 7149383700 MAIL ADDRESS: STREET 1: 500 NORTH STATE COLLEGE BLVD CITY: ORANGE STATE: CA ZIP: 92668 8-K/A 1 FORM 8-K/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 ON 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 23, 1996 Wynn's International, Inc. (Exact name of registrant as specified in its charter) Delaware 1-7200 95-2854312 (State or other jurisdiction (Commission File (I.R.S. Employer of incorporation) Number) Identification No.) 500 North State College Blvd., Suite 700, Orange, CA 92868 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (714) 938-3700 Item 7 of the Current Report on Form 8-K dated May 23, 1996 (filed June 6, 1996) of Wynn's International, Inc. is amended in its entirety as follows: "ITEM 7. Financial Statements and Exhibits (a) Not applicable. (b) Pro Forma Financial Information. 1 A description of the transaction and the entities involved is presented in Item 2 above. The accompanying unaudited pro forma consolidated condensed statements of income disclose income from continuing operations and are presented as if the sale of the WCS net assets had occurred on January 1, 1996 for the three months ended March 31, 1996 and January 1, 1995 for all other periods shown. Results of continuing operations for the years ended December 31, 1994 and 1993 are presented on a discontinued operations basis consistent with the expected presentation of the consolidated statements of income to be included in the Wynn's International, Inc. ("Wynn's") Form 10-K for the year ending December 31, 1996. The accompanying unaudited pro forma consolidated condensed balance sheet is presented as if the sale occurred on March 31, 1996. The pro forma information should be read in conjunction with the consolidated financial statements included in Wynn's Form 10-K for the year ended December 31, 1995 and with the unaudited consolidated condensed financial statements included in Wynn's quarterly reports on Form 10-Q for the quarters ended March 31, 1996 and 1995. All share and per share amounts have been adjusted retroactively to reflect the two 3 for 2 stock splits effected in 1995 and 1993. The pro forma financial statements have been prepared for informational purposes only and do not purport to be indicative of what would actually have occurred had the sale of the WCS net assets occurred on the dates noted above. WYNN'S INTERNATIONAL, INC. UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 1996 (In Thousands, Except Per Share Amounts)
March 31 March 31 1996 Pro Forma 1996 Historical Adjustments Pro Forma ---------- ----------- --------- Revenues: Net sales $ 83,085 $(11,622) $ 71,463 Interest income 274 (19) 255 -------- -------- -------- 83,359 (11,641) 71,718 -------- -------- -------- Cost and expenses: Cost of sales 52,464 (9,897) 42,567 Selling, general & administrative 23,156 (1,678) 21,478 Interest expense 52 - 52 -------- -------- -------- 75,672 (11,575) 64,097 -------- -------- -------- Income before taxes based on income 7,687 (66) 7,621 Provision for taxes based on income 2,929 (24) 2,905 -------- -------- -------- Net income $ 4,758 $ (42) $ 4,716 -------- -------- -------- -------- -------- -------- Income per share of common stock: Primary $ 0.50 $ 0.50 -------- -------- -------- -------- Fully diluted $ 0.50 $ 0.50 -------- -------- -------- -------- Average shares outstanding: Primary 9,430 9,430 -------- -------- -------- -------- Fully diluted 9,472 9,472 -------- -------- -------- --------
See accompanying notes 2 WYNN'S INTERNATIONAL, INC. UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 1995 (In Thousands, Except Per Share Amounts)
March 31 March 31 1995 Pro Forma 1995 Historical Adjustments Pro Forma ---------- ----------- --------- Revenues: Net sales $ 78,074 $(12,464) $ 65,610 Interest income 189 (10) 179 -------- -------- -------- 78,263 (12,474) 65,789 -------- -------- -------- Cost and expenses: Cost of sales 49,831 (10,619) 39,212 Selling, general & administrative 21,983 (1,671) 20,312 Interest expense 570 (15)(a) 555 -------- -------- -------- 72,384 (12,305) 60,079 -------- -------- -------- Income before taxes based on income 5,879 (169) 5,710 Provision for taxes based on income 2,234 (62) 2,172 -------- -------- -------- Net income $ 3,645 $ (107) $ 3,538 -------- -------- -------- -------- -------- -------- Income per share of common stock: Primary $ 0.42 $ 0.40 -------- -------- -------- -------- Fully diluted $ 0.40 $ 0.39 -------- -------- -------- -------- Average shares outstanding: Primary 8,769 8,769 -------- -------- -------- -------- Fully diluted 9,209 9,209 -------- -------- -------- --------
See accompanying notes 3 WYNN'S INTERNATIONAL, INC. UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1995 (In Thousands, Except Per Share Amounts)
December 31 December 31 1995 Pro Forma 1995 Historical Adjustments Pro Forma ---------- ----------- ----------- Revenues: Net sales $303,787 $(41,203) $262,584 Interest income 996 (53) 943 -------- -------- -------- 304,783 (41,256) 263,527 -------- -------- -------- Cost and expenses: Cost of sales 194,440 (37,042) 157,398 Selling, general & administrative 84,152 (5,873) 78,279 Interest expense 1,640 (82)(a) 1,558 -------- -------- -------- 280,232 (42,997) 237,235 -------- -------- -------- Income before taxes based on income 24,551 1,741 26,292 Provision for taxes based on income 9,108 644 9,752 -------- -------- -------- Net income $ 15,443 $ 1,097 $ 16,540 -------- -------- -------- -------- -------- -------- Income per share of common stock: Primary $ 1.68 $ 1.80 -------- -------- -------- -------- Fully diluted $ 1.65 $ 1.77 -------- -------- -------- -------- Average shares outstanding: Primary 9,187 9,187 -------- -------- -------- -------- Fully diluted 9,369 9,369 -------- -------- -------- --------
See accompanying notes 4 WYNN'S INTERNATIONAL, INC. UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1994 (In Thousands, Except Per Share Amounts)
December 31 December 31 1994 Pro Forma 1994 Historical Adjustments Pro Forma ----------- ----------- ----------- Revenues: Net sales $292,651 $(57,992) $234,659 Interest income 626 (42) 584 -------- -------- -------- 293,277 (58,034) 235,243 -------- -------- -------- Cost and expenses: Cost of sales 190,582 (49,474) 141,108 Selling, general & administrative 80,328 (9,401) 70,927 Interest expense 2,988 (623)(b) 2,365 -------- -------- -------- 273,898 (59,498) 214,400 -------- -------- -------- Income from continuing operations before taxes based on income 19,379 1,464 20,843 Provision for taxes based on income 7,558 903 8,461 -------- -------- -------- Income from continuing operations $ 11,821 $ 561 $ 12,382 -------- -------- -------- -------- -------- -------- Income from continuing operations per share of common stock: Primary $ 1.38 $ 1.45 -------- -------- -------- -------- Fully diluted $ 1.33 $ 1.39 -------- -------- -------- -------- Average shares outstanding: Primary 8,541 8,541 -------- -------- -------- -------- Fully diluted 9,193 9,193 -------- -------- -------- --------
See accompanying notes 5 WYNN'S INTERNATIONAL, INC. UNAUDITED PRO FORMA CONSOLIDATED CONDENSED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1993 (In Thousands, Except Per Share Amounts)
December 31 December 31 1993 Pro Forma 1993 Historical Adjustments Pro Forma ----------- ----------- ----------- Revenues: Net sales $284,957 $(83,435) $201,522 Interest income 719 (47) 672 -------- -------- -------- 285,676 (83,482) 202,194 -------- -------- -------- Cost and expenses: Cost of sales 190,026 (69,680) 120,346 Selling, general & administrative 75,977 (9,432) 66,545 Interest expense 3,862 (886)(b) 2,976 -------- -------- -------- 269,865 (79,998) 189,867 -------- -------- -------- Income from continuing operations before taxes based on income 15,811 (3,484) 12,327 Provision for taxes based on income 6,830 (1,349) 5,481 -------- -------- -------- Income from continuing operations $ 8,981 $ (2,135) $ 6,846 -------- -------- -------- -------- -------- -------- Income from continuing operations per share of common stock: Primary $ 1.08 $ 0.82 -------- -------- -------- -------- Fully diluted $ 1.04 $ 0.80 -------- -------- -------- -------- Average shares outstanding: Primary 8,321 8,321 -------- -------- -------- -------- Fully diluted 9,048 9,048 -------- -------- -------- --------
See accompanying notes 6 WYNN'S INTERNATIONAL, INC. UNAUDITED PRO FORMA CONSOLIDATED CONDENSED BALANCE SHEET (Dollars in Thousands, Except Per Share Amounts)
March 31 March 31 1996 Pro Forma 1996 Historical Adjustments Pro Forma ---------- ----------- --------- ASSETS Current assets: Cash and cash equivalents $ 18,059 $ 8,900 (c) $ 26,959 Accounts receivable, less allowance for doubtful accounts 59,631 (11,741) 47,890 Inventories 38,210 (9,881) 28,329 Prepaid expenses and other current assets 16,349 (889) 15,460 Net assets of discontinued operations - 18,539 (d) 18,539 -------- -------- -------- Total current assets 132,249 4,928 137,177 Property, plant and equipment, at cost less accumulated depreciation and amortization 49,107 (9,958) 39,149 Other assets 6,444 (121) 6,323 -------- -------- -------- $187,800 $ (5,151) $182,649 -------- -------- -------- -------- -------- -------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 21,333 $ (2,714) $ 18,619 Dividends payable 3 - 3 Taxes based on income 3,447 955 4,402 Accrued liabilities 35,803 (1,472) 34,331 Long-term debt due within one year 90 - 90 -------- -------- -------- Total current liabilities 60,676 (3,231) 57,445 Long-term debt due after one year 49 - 49 Deferred taxes based on income 6,948 (420) 6,528 Commitments and contingencies Stockholders' equity: Preferred stock, $1 par value; 500,000 shares authorized, none issued - - - Common stock, $1 par value; 20,000,000 shares authorized, 9,614,523 shares issued 9,614 - 9,614 Capital in excess of par value 13,703 - 13,703 Retained earnings 102,469 (1,500)(e) 100,969 Equity adjustment from foreign currency translation (1,807) - (1,807) Unearned compensation (271) - (271) Common stock held in treasury 520,875 shares, at cost (3,581) - (3,581) -------- -------- -------- Total stockholders' equity 120,127 (1,500) 118,627 -------- -------- -------- $187,800 $ (5,151) $182,649 -------- -------- -------- -------- -------- --------
See accompanying notes 7 WYNN'S INTERNATIONAL, INC. NOTES TO UNAUDITED PRO FORMA CONSOLIDATED CONDENSED FINANCIAL STATEMENTS 1) On May 23, 1996, the Company sold the principal operating assets of Wynn's Climate Systems, Inc. ("WCS") to Moog Automotive, Inc. ("Moog"), a wholly- owned subsidiary of Cooper Industries Inc. Under the terms of the transaction, Moog acquired the main manufacturing facility in Fort Worth, Texas, and WCS' leased facilities located elsewhere. Moog paid $8.9 million at closing, including $3.5 million with respect to inventory and assumed certain third party liabilities of WCS. Wynn's expects to receive from Moog additional cash payments over the next twelve months based on the disposition of the inventory and accounts receivable of WCS. From all sources, Wynn's expects to receive approximately $25 million in connection with the transaction. 2) The unaudited pro forma consolidated condensed financial statements represent the results of continuing operations and the balance sheet, after giving effect to certain pro forma adjustments related to the sale as if the sale had occurred (i) January 1, 1996 for the statement of income for the three months ended March 31, 1996, (ii) January 1, 1995 for the statements of income for the years ended December 31, 1995, 1994 and 1993 and the three months ended March 31, 1995, and (iii) March 31, 1996 for the balance sheet. 3) The pro forma adjustments related to the sale are: (a) Elimination of corporate interest expense for short-term borrowings reflecting the use of proceeds to pay off corporate borrowings during 1995. (b) Interest expense that is not directly attributable or related to other operations of Wynn's has been allocated to discontinued operations on the ratio of net assets of discontinued operations to the sum of consolidated net assets plus unallocated consolidated debt. (c) Cash received at closing. (d) Net assets of discontinued operations consists primarily of accounts receivable, inventory, income taxes receivable and accrued liabilities. It is anticipated that all amounts will be collected or paid during the 12-month period following the closing of the sale. (e) The pro forma adjustment to retained earnings reflects the estimated $1.5 million after tax loss (net of income tax benefit of $5.5 million) from the sale. The tax benefit includes $2.8 million related to the tax deduction for $7.2 million of goodwill, which was previously expensed with no tax benefit recognized. 8 (c) Exhibits. 2.1 Asset Purchase Agreement, dated as of May 23, 1996, by and between Moog Automotive, Inc. and Wynn's Climate Systems, Inc., Wynn's Climate Equipment Company and Wynn's (UK) Limited." 9 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. Dated: October 10, 1996 WYNN'S INTERNATIONAL, INC. By: SEYMOUR A. SCHLOSSER ----------------------------- Seymour A. Schlosser Vice President-Finance and Chief Financial Officer 10 -----END PRIVACY-ENHANCED MESSAGE-----