-----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, byvsha8FZkrbHyKS82b2XdCoNJB0bAiY2ncNknfPkXWa/TlkMNnS+XR7mKix9/GH CyFBuutBJnYQUDY+A06Jdw== 0000927356-94-000055.txt : 19941017 0000927356-94-000055.hdr.sgml : 19941017 ACCESSION NUMBER: 0000927356-94-000055 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940601 ITEM INFORMATION: Other events FILED AS OF DATE: 19941006 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: EVANS & SUTHERLAND COMPUTER CORP CENTRAL INDEX KEY: 0000276283 STANDARD INDUSTRIAL CLASSIFICATION: 3690 IRS NUMBER: 870278175 STATE OF INCORPORATION: UT FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08771 FILM NUMBER: 94551860 BUSINESS ADDRESS: STREET 1: 600 KOMAS DR CITY: SALT LAKE CITY STATE: UT ZIP: 84108 BUSINESS PHONE: 8015825847 MAIL ADDRESS: STREET 1: 600 KOMAS DR CITY: SALT LAKE CITY STATE: UT ZIP: 84108 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 of 15(d) of The Securities Act of 1934 Date of Report (Date of earliest event reported)....................June 1, 1994 EVANS & SUTHERLAND COMPUTER CORPORATION (Exact name of registrant as specified in its charter) UTAH 0-8771 87-0278175 (State or other (Commission (I.R.S. Employer jurisdiction File Number) Identification No.) of incorporation) 600 Komas Drive, Salt Lake City, Utah 84108 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (801) 582-5847 Not Applicable ------------------------------------------------------------------ (Former name or former address, if changed since last report.) ITEM 5. OTHER EVENTS As previously reported on a Form 10 and Information Statement, on June 1, 1994, Evans & Sutherland Computer Corporation ("E&S" or the "COMPANY") distributed (the "DISTRIBUTION") to its shareholders all of the outstanding shares of common stock of its then wholly owned subsidiary, Tripos, Inc. ("TRIPOS"). The Distribution was made to holders of record of E&S common stock, $.20 par value per share (the "E&S COMMON STOCK"), on May 25, 1994 (the "RECORD DATE"), on the basis of one share of common stock of Tripos, $.01 par value per share (the "TRIPOS COMMON STOCK"), for every three shares of E&S Common Stock held on the Record Date. The Distribution resulted in all of the outstanding shares of Tripos Common Stock being distributed to holders of E&S Common Stock on a pro rata basis. The Tripos Common Stock is listed for trading on the Nasdaq National Market under the symbol "TRPS." The Company provides the following Pro Forma Financial Information with this filing: - Consolidated Pro Forma Statement of Earnings for year ended December 31, 1993 (see attached Schedule 1) - Consolidated Pro Forma Statement of Earnings for three months ended April 1, 1994 (see attached Schedule 2) - Consolidated Pro Forma Balance Sheet dated April 1, 1994 (see attached Schedule 3) The unaudited consolidated pro forma statement of earnings of E&S for the year ended December 31, 1993 (Schedule 1) and the unaudited consolidated pro forma statement of earnings for the three months ended April 1, 1994 (Schedule 2) are presented to show the effects of the Distribution assuming the Distribution had occurred as of the beginning of the year ended December 31, 1993. The unaudited consolidated pro forma balance sheet of E&S as of April 1, 1994 (Schedule 3) gives effect to the Distribution assuming the Distribution had occurred on that date. The unaudited consolidated pro forma financial information does not purport or represent what the Company's financial position or results of operations would actually have been had the transaction in fact occurred on the dates indicated above, nor to project the Company's financial position or results of operations for any future date or period. In the opinion of the Company's management, all adjustments necessary for a fair presentation have been made. 2 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. Evans & Sutherland Computer Corporation /s/ GARY E. MEREDITH ------------------------------------ Name Vice President, Secretary, CFO ------------------------------------ Title October 5, 1994 ------------------------------------ Date 3 SCHEDULE 1 EVANS & SUTHERLAND COMPUTER CORPORATION CONSOLIDATED PRO FORMA STATEMENT OF EARNINGS YEAR ENDED DECEMBER 31, 1993 (In Thousands, Except Per Share Amounts)
Pro Forma Historical Adjustments Pro Forma ---------- ----------- --------- Net sales..................................................... $142,253 $17,977 $124,276 Cost of sales................................................. 65,678 5,845 59,833 ---------- ----------- --------- Gross profit............................................... 76,575 12,132 64,443 Expenses: Marketing, general and administrative....................... 40,154 8,798 31,356 Research and development.................................... 31,757 2,958 28,799 Restructuring charge........................................ 7,900 0 7,900 ---------- ----------- ---------- 79,811 11,756 68,055 ---------- ----------- ---------- Operating loss............................................. (3,236) 376 (3,612) ---------- ----------- ---------- Other income (expense): Interest income............................................. 2,738 0 2,738 Interest expense............................................ (2,613) 0 (2,613) Gain on sale of marketable securities....................... 6,238 0 6,238 Miscellaneous............................................... (296) (9) (287) ---------- ----------- ---------- Earnings before income taxes, extraordinary gain, and cumulative effect of change in accounting principle.. 2,831 367 2,464 Income tax expense............................................ 1,005 0 1,005 ---------- ----------- ---------- Earnings before cumulative effect of change in accounting principle..................................... 1,826 367 1,459 Cumulative effect at December 26, 1992 of change in accounting for income taxes................................. 2,267 0 2,267 ---------- ----------- ---------- Net earnings............................................... $ 4,093 $ 367 $ 3,726 ========== =========== ========== Earnings per common and common equivalent share: Before cumulative effect of change in accounting for income taxes.............................. $ 0.22 $ 0.04 $ 0.18 Cumulative effect of change in accounting principle........ 0.28 0.00 0.28 ---------- ----------- ---------- Total earnings per share.................................. $ 0.50 $ 0.04 $ 0.46 ========== =========== ========== Weighted average number of shares used for per share earnings computation........................................ 8,256 8,256 8,256
4 SCHEDULE 2 EVANS & SUTHERLAND COMPUTER CORPORATION CONSOLIDATED PRO FORMA STATEMENT OF EARNINGS THREE MONTHS ENDED APRIL 1, 1994 (In Thousands, Except Per Share Amounts)
Pro Forma Historical Adjustments Pro Forma ---------- ----------- --------- Net sales....................................................... $26,860 $3,624 $23,236 Cost of sales................................................... 12,277 833 11,444 ---------- ----------- --------- Gross profit................................................. 14,583 2,791 11,792 Expenses: Marketing, general and administrative......................... 8,336 2,161 6,175 Research and development...................................... 7,886 888 6,998 ---------- ----------- --------- 16,222 3,049 13,173 ---------- ----------- --------- Operating loss............................................... (1,639) (258) (1,381) Other income (expense), net..................................... 1,504 (32) 1,536 ---------- ----------- --------- Earnings (loss) before income taxes and extraordinary gain....................................................... (135) (290) 155 Income tax benefit.............................................. (52) 0 (52) ---------- ----------- --------- Earnings (loss) before extraordinary gain.................... (83) (290) 207 Extraordinary gain from repurchase of convertible debentures, net of income taxes of $56........................ 91 0 91 ---------- ----------- --------- Net earnings (loss).......................................... $ 8 $ (290) $ 298 ========== =========== ========= Earnings (loss) per common and common equivalent share: Before extraordinary gain.................................... $ (0.01) $(0.03) $ 0.02 Extraordinary gain from repurchase of convertible debentures................................................. 0.01 0.00 0.01 ---------- ----------- --------- Total earnings (loss) per share............................. $ 0.00 $(0.03) $ 0.03 ========== =========== ========= Weighted average number of shares used for per share earnings computation.......................................... 8,474 8,474 8,474
5 SCHEDULE 3 EVANS & SUTHERLAND COMPUTER CORPORATION CONSOLIDATED PRO FORMA BALANCE SHEET APRIL 1, 1994 (Dollars in Thousands)
Pro Forma Assets Historical Adjustments Pro Forma - - ------ ---------- ----------- --------- Current assets: Cash and temporary cash investments..................... $ 82,269 $ 9,600 $ 72,669 Accounts receivable, less allowance for doubtful accounts of $389 in historical and $184 in pro forma adjustments......................... 32,750 3,977 28,773 Inventories............................................. 32,403 102 32,301 Other current assets.................................... 17,836 339 17,497 ---------- ----------- --------- Total current assets............................... 165,258 14,018 151,240 Property, plant, and equipment, at cost................... 109,750 5,313 104,437 Less accumulated depreciation and amortization.......... 64,583 3,994 60,589 ---------- ----------- --------- Net property, plant, and equipment................. 45,167 1,319 43,848 Long-term investments..................................... 14,053 0 14,053 Other assets, net......................................... 2,819 2,206 613 ---------- ----------- --------- $227,297 $17,543 $209,754 ========== =========== ========= Liabilities and Stockholders' Equity - - ------------------------------------ Current liabilities: Notes payable to banks.................................. $ 2,918 $ 0 $ 2,918 Accounts payable and accrued expenses................... 17,437 1,578 15,859 Customer deposits....................................... 17,756 3,372 14,384 Income taxes payable.................................... 977 119 858 ---------- ----------- --------- Total current liabilities.......................... 39,088 5,069 34,019 ---------- ---------- --------- Convertible subordinated debentures....................... 35,956 0 35,956 Deferred income taxes..................................... 5,767 425 5,342 Stockholders' equity: Common stock, $.20 par value; authorized 30,000,000 shares; issued and outstanding 8,520,757 shares at April 1, 1994..................... 1,704 0 1,704 Additional paid-in capital.............................. 14,571 13,965 606 Retained earnings....................................... 122,959 (2,240) 125,199 Net unrealized gain on marketable equity securities.......................... 6,825 0 6,825 Equity adjustment from foreign currency translation.................................. 427 324 103 --------- ---------- --------- Total stockholders' equity......................... 146,486 12,049 134,437 --------- ---------- --------- $227,297 $17,543 $209,754 ========= ========== =========
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