-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, aE5oxhMry/p7+C7MNstWGJmg0rOTxyJp8vSL5GhxKlSW7suB/xMnoBujuNChEzSx FiP4rY7GZsfyYz26/B4sog== 0000014827-95-000007.txt : 19950609 0000014827-95-000007.hdr.sgml : 19950609 ACCESSION NUMBER: 0000014827-95-000007 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950124 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 19950303 SROS: AMEX SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BROWNING FERRIS INDUSTRIES INC CENTRAL INDEX KEY: 0000014827 STANDARD INDUSTRIAL CLASSIFICATION: REFUSE SYSTEMS [4953] IRS NUMBER: 741673682 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-06805 FILM NUMBER: 95518174 BUSINESS ADDRESS: STREET 1: 757 N ELDRIDGE CITY: HOUSTON STATE: TX ZIP: 77079 BUSINESS PHONE: 7138708100 8-K/A 1 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report: January 24, 1995 (Date of earliest event reported) BROWNING-FERRIS INDUSTRIES, INC. (Exact name of registrant as specified in charter) Commission file number 1-6805 Delaware 74-1673862 (State of Incorporation) (I.R.S. Employer Identification No.) 757 N. Eldridge Houston, Texas 77079 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (713) 870-8100 - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its Form 8-K dated January 24, 1995 reporting the Registrant's acquisition of Attwoods plc, a public limited company incorporated in England. Item 7. Financial Statements and Exhibits. (a) Financial Statements of Business Acquired. None (b) Pro Forma Financial Statements. BROWNING-FERRIS INDUSTRIES, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS The following unaudited pro forma combined statement of operations gives effect to (i) the completion of the acquisition of 100% of Attwoods plc ("Attwoods") under the purchase method of accounting, (ii) the borrowing by Browning-Ferris Industries, Inc. (the "Company") of $600 million under a Multicurrency Revolving Credit Agreement to finance the Attwoods acquisition and (iii) the acquisi- tion of 22 solid waste businesses during the first quarter of fiscal 1995. On December 2, 1994, the Company acquired majority control of Attwoods. The Company increased its ownership from 56.6% of the outstanding ordinary shares and 80.8% of the convertible preference shares at December 2, 1994 to 94.4% of the outstanding ordinary shares and 83.2% of the convertible preference shares as of December 31, 1994. The Company has initiated procedures to acquire the remaining ordinary shares and redeem the convertible preference shares which it does not own. In addition to Attwoods, the Company paid approximately $62.9 million to acquire 21 solid waste businesses, accounted for as purchases, during the first quarter of fiscal 1995, including the acquisition of the remaining 50% ownership interest outstanding of Servizi Industriali S.r.l., its 50% owned joint venture in Italy, and also exchanged 397,221 shares of its common stock in connection with one acquisition accounted for as a pooling-of-interests. (As the effect of this business combination was not significant, prior period financial statements were not restated.) These acquisitions are reflected, in all material respects, in the consolidated balance sheet of the Company as of December 31, 1994 included in the Quarterly Report on Form 10-Q for the quarter ended December 31, 1994. The unaudited pro forma combined statement of operations for the year ended September 30, 1994 was prepared assuming that the transactions described above were consummated as of October 1, 1993. The pro forma financial results are not necessarily indicative of the actual results of operations that would have occurred had these busi- nesses been acquired on October 1, 1993, nor are they indicative of future results. Although the Company has initiated the integration of its operations with those of Attwoods, most of the anticipated reductions in operating and other expenses associated with efficiencies resulting from the integration process have not been considered in the pro forma financial results. In allocating the purchase price the assets acquired and liabilities assumed in connection with these acquisitions have been initially assigned and recorded based on preliminary estimates of fair value and may be revised prospectively as additional information becomes available. As a result, actual adjustments may differ from the pro forma adjustments presented herein as subsequent revisions in estimates of fair value, if any, are necessary. The unaudited pro forma combined statement of operations should be read in conjunction with the Company's historical consolidated financial statements and related notes thereto included in its Annual Report on Form 10-K for fiscal year 1994 and its Quarterly Report on Form 10-Q for the quarter ended December 31, 1994, and the separate historical financial statements and related notes thereto of Attwoods included in the Form 8-K dated January 24, 1995. BROWNING-FERRIS INDUSTRIES, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS FOR THE YEAR ENDED SEPTEMBER 30, 1994 (IN THOUSANDS EXCEPT FOR PER SHARE AMOUNTS) ----------------------------------------------------------- Pro Other Forma Company Businesses Adjust- Pro Company Attwoods(A) Acquired(A) ments Forma ------------------------------------------------------------ Revenues $4,314,541 $539,762 $115,064 $(115,947)(B) $4,853,420 Cost of operations 3,123,375 412,368 92,597 (88,391)(B) 3,539,949 ---------- -------- -------- --------- ---------- Gross profit 1,191,166 127,394 22,467 (27,556) 1,313,471 Selling, general and administra- tive expense 647,256 103,247 17,137 (21,988)(B) 742,366 (1,590)(C) (1,696)(D) Special charge -- 13,920 -- (3,636)(B) 10,284(I) --------- -------- -------- --------- ---------- Income from operations 543,910 10,227 5,330 1,354 560,821 Interest expense, net 81,871 14,008 3,439 (6,405)(B) 128,837 (7,643)(E) 43,567 (F) Equity in earnings of unconsolidated affiliates (37,084) (526) -- 215 (G) (37,395) --------- -------- -------- --------- ---------- Income (loss) before income taxes, minority interest and extraordinary item 499,123 (3,255) 1,891 (28,380) 469,379 Income taxes 199,649 6,494 (1,872) (419)(B) 189,640 (14,212)(H) Minority interest in income of consolidated subsidiaries 15,501 904 73 -- 16,478 --------- -------- -------- --------- ---------- Income (loss) before extra- ordinary item $ 283,973 $(10,653) $ 3,690 $ (13,749) $ 263,261 ========= ======== ======== ========= ========== Number of common and common equivalent shares used in computing earnings per share 187,621 188,161 ======= ======= Earnings per common and common equiva- lent share (before extra- ordinary item) $1.52 $1.40 ===== ===== The accompanying notes are an integral part of this pro forma financial statement. NOTES TO UNAUDITED PRO FORMA COMBINED STATEMENT OF OPERATIONS A. The historical statement of operations of Attwoods presented herein was derived from the audited financial statements of Attwoods for the fiscal year ended July 31, 1994 included in the Form 8-K dated January 24, 1995. Amounts presented under the column "Other Businesses Acquired" represent annual results of acquisitions consummated by the Company during the quarter ended December 31, 1994. B. To exclude the operating results relating to certain operations of Attwoods to be sold and to reduce interest expense reflective of the use of the guaranteed portion of proceeds to be received from the sale of certain German operations to repay indebtedness. C. To reflect the adjustment of amortization expense related to intangible assets resulting from the acquisitions. Additionally, subsequent to July 31, 1994, certain assets of Attwoods were written down to estimated net recoverable value and certain additional liabilities were recorded, including additional landfill environmental liabilities and accruals for loss contracts. These adjustments, net of applicable taxes, reduced Attwoods' stockholders' equity by approximately $50 million, thereby increasing the goodwill recorded by the Company at the date of acquisition. The accompanying pro forma combined statement of operations reflects the increased amortization relating to these adjustments. D. To reflect the reduction in selling, general and administrative expense associated with the elimination of currently identified personnel in connection with the Attwoods acquisition. E. To exclude interest expense related to Attwoods' guaranteed redeemable convertible preferred stock acquired in connection with the Attwoods acquisition. F. To reflect the additional interest expense associated with borrowings used to finance the Attwoods and other acquisitions. G. To eliminate the previously recorded equity in earnings of Servizi Industriali S.r.l. as a result of the acquisition of the remaining 50% ownership interest and the resulting consolidation of the entity's financial results. H. To adjust income tax expense to the Company's pro forma effective tax rate for fiscal 1994 assuming that the acquisitions were consummated on October 1, 1993. I. The special charge of $10.3 million (an after-tax charge of approximately $.04 per share) represents certain non-recurring expenses included in Attwoods' fiscal year 1994 results of operations. (c) Exhibits. None Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment to be signed on its behalf by the undersigned hereunto duly authorized. BROWNING-FERRIS INDUSTRIES, INC. (Registrant) Date: March 2, 1995 /s/ David R. Hopkins ------------------------------------- David R. Hopkins Vice President, Controller and Chief Accounting Officer -----END PRIVACY-ENHANCED MESSAGE-----