-----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, DplRzw5GYunTYJKOIl+LQJPktXQ9nvWrtDut0gJU1zWa1sSmKkDGUN+yDsZCorZE xPhyJhrtKirMfXt5DcxYmA== 0000921895-06-000687.txt : 20060313 0000921895-06-000687.hdr.sgml : 20060313 20060313162543 ACCESSION NUMBER: 0000921895-06-000687 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051223 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060313 DATE AS OF CHANGE: 20060313 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEL GLOBAL TECHNOLOGIES CORP CENTRAL INDEX KEY: 0000027748 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 131784308 STATE OF INCORPORATION: NY FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-03319 FILM NUMBER: 06682404 BUSINESS ADDRESS: STREET 1: 1 COMMERCE PARK CITY: VALHALLA STATE: NY ZIP: 10595 BUSINESS PHONE: 9146863600 MAIL ADDRESS: STREET 1: 1 COMMERCE PARK CITY: VALHALLA STATE: NY ZIP: 10595 FORMER COMPANY: FORMER CONFORMED NAME: DEL ELECTRONICS CORP DATE OF NAME CHANGE: 19920703 8-K/A 1 form8ka105733_12232005.htm sec document

                                  UNITED STATES
                       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): December 23, 2005
                                                         -----------------

                          DEL GLOBAL TECHNOLOGIES CORP.
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

          New York                     0-3319                   13-1784308
- --------------------------------------------------------------------------------
(State or other jurisdiction         (Commission               (IRS Employer
   of incorporation)                 File Number)            Identification No.)

           One Commerce Park, Valhalla, NY                 10595
- --------------------------------------------------------------------------------
       (Address of Principal Executive Offices)           (Zip Code)

       Registrant's telephone number, including area code: (914) 686-3650
                                                           --------------

- --------------------------------------------------------------------------------
         (Former name or former address, if changed since last report.)


Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (SEE General Instruction A.2. below):

     |_|  Written  communications  pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

     |_|  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)

     |_|  Pre-commencement  communications  pursuant to Rule 14d-2(b)  under the
Exchange Act (17 CFR 240.14d-2(b))

     |_|  Pre-commencement  communications  pursuant to Rule 13e-4(c)  under the
Exchange Act (17 CFR 240.13e-4(c))






ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
          --------------------------------------------------

On December 23, 2005, the Company  completed the acquisition of 1,300,000 shares
of Villa Sistemi Medicali  S.p.A.("Villa"),  the Company's  Italian  subsidiary,
representing the 20% of Villa the Company did not already own.

This Current  Report on Form 8-K/A is being filed to amend the initial report on
Form 8-K for the purposes of including  the  financial  information  required by
Item 9.01 of Form 8-K.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
          ---------------------------------

     (a)  Financial Statements of Businesses Acquired - Not Applicable

     (b)  Pro forma Financial Information.

     THE FOLLOWING UNAUDITED PRO-FORMA FINANCIAL  STATEMENTS ARE FILED WITH THIS
     REPORT AS EXHIBIT 99.1.

     PRO FORMA CONSOLIDATED BALANCE SHEET AS OF OCTOBER 29, 2005

     PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS:

     YEAR ENDED JULY 30, 2005

     THREE MONTHS ENDED OCTOBER 29, 2005

     (c)  Exhibits

          Exhibit No.       Description
          -----------       -----------

          99.1              Unaudited Pro Forma Consolidated Balance Sheet as of
                            October 29, 2005,  Unaudited Pro Forma  Consolidated
                            Statements of Operations for the year ended July 30,
                            2005 and three months ended October 29, 2005.








                                   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.



                                        DEL GLOBAL TECHNOLOGIES CORP.
                                                 (Registrant)
Date: March 13, 2006
                                        By: /s/ Mark A. Koch
                                            --------------------------------
                                            Mark A. Koch
                                            Principal Accounting Officer and
                                            Treasurer






                                  EXHIBIT INDEX

         Exhibit No.      Description
         -----------      -----------

         99.1             Unaudited Pro Forma  Consolidated  Balance Sheet as of
                          October 29,  2005,  Unaudited  Pro Forma  Consolidated
                          Statements of  Operations  for the year ended July 30,
                          2005 and three months ended October 29, 2005.


EX-99.1 2 ex991to8ka105733_12232005.htm sec document

                                                                    Exhibit 99.1

                         PROFORMA FINANCIAL INFORMATION

DEL GLOBAL TECHNOLOGIES CORP. AND SUBSIDIARIES
PROFORMA CONSOLIDATED BALANCE SHEET  -
UNAUDITED


(DOLLARS IN THOUSANDS)


                                                                                                                 PRO FORMA
                                                                              HISTORICAL       PRO FORMA       CONSOLIDATED
                                                                              OCTOBER 29,     ADJUSTMENT         OCTOBER 29,
                                                                                 2005             (a)               2005
                                                                              ----------                        ----------
ASSETS
CURRENT ASSETS:
  Cash and cash equivalents...................................................$      232        $  (232)          $     --
  Trade receivables (net of allowance for doubtful accounts of $1,030)........    12,969                            12,969
  Inventories.................................................................    15,616                            15,616
  Assets attributable to discontinued operation, at net realizable value......        --                                --
  Prepaid expenses and other current assets...................................       921                               921
                                                                              ----------        -------         ----------
  Total current assets........................................................    29,738           (232)            29,506
                                                                              ----------        -------         ----------
NON-CURRENT ASSETS:
  Fixed assets, net...........................................................     6,378                             6,378
  Deferred income tax assets..................................................       782                               782
  Goodwill....................................................................     1,911          4,636              6,547
  Other intangible assets, net................................................        22                                22
  Other assets................................................................       460                               460
                                                                              ----------        -------         ----------
  Total non-current assets....................................................     9,553          4,636             14,189
                                                                              ----------        -------         ----------
TOTAL ASSETS..................................................................$   39,291        $ 4,404           $ 43,695
                                                                              ==========        =======         ==========

See notes to unadited proforma consolidated financial statements






DEL GLOBAL TECHNOLOGIES CORP. AND SUBSIDIARIES
PROFORMA CONSOLIDATED BALANCE SHEET - UNAUDITED
OCTOBER 29, 2005
DOLLARS IN THOUSANDS, EXCEPT SHARE DATA)

                                                                          HISTORICAL                      PROFORMA
                                                                                           PROFORMA
                                                                          OCTOBER 29,      ADJUSTMENT     OCTOBER 29,
                                                                              2005             (a)            2005
                                                                       ----------                       -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
  Short-term credit facilities.........................................$     3,825          $ 2,718     $     6,543
  Current portion of long-term debt....................................      1,022                            1,022
  Accounts payable - trade.............................................      7,702                            7,702
  Accrued liabilities..................................................      4,907                            4,907
  Litigation settlement reserves.......................................        405                              405
  Income taxes payable.................................................        603                              603
                                                                        ----------           -------     -----------
  Total current liabilities............................................     18,464            2,718          21,182
                                                                        ----------           -------     -----------
NON-CURRENT LIABILITIES:
  Long-term debt........................................................     5,684                            5,684
  Subordinated note.....................................................     2,223                            2,223
  Other long-term liabilities...........................................     2,876                            2,876
                                                                        ----------                       -----------
  Total non-current liabilities.........................................    10,783                           10,783
                                                                        ----------           -------     -----------
  Total liabilities.....................................................    29,247             2,718         31,965
                                                                        ----------           -------     -----------
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST IN SUBSIDIARY.........................................     1,264            (1,264)            --
                                                                        ----------           -------     -----------
SHAREHOLDERS' EQUITY:
  Common stock -- $.10 par value; authorized - 20,000,000 shares;
   issued - 11,252,958 shares at July 30, 2005  issued -  Proforma
   - 12,157,630 ........................................................     1,125                90          1,215
  Additional paid-in capital............................................    64,508             2,860         67,368
  Accumulated other comprehensive income................................     1,425                            1,425
  Accumulated deficit...................................................   (52,732)                         (52,732)
  Less common stock in treasury - 622,770 shares and 643,533 shares
   at July 30, 2005.....................................................    (5,546)                          (5,546)
                                                                        ----------           -------     -----------
  Total shareholders' equity............................................     8,780             2,950         11,730
                                                                        ----------           -------     -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY..............................$   39,291          $  4,404     $   43,695
                                                                        ==========          ========     ===========

See notes to unaudited  proforma consolidated financial statements







PRO FORMA FINANCIAL INFORMATION
DEL GLOBAL TECHNOLOGIES CORP AND SUBSIDIARIES
PROFORMA CONSOLIDATED STATEMENT OF OPERATIONS - UNAUDITED
YEAR ENDED JULY 30,2005
 (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)


                                                                                                  PRO FORMA
                                                                                 HISTORICAL      ADJUSTMENTS          PROFORMA
                                                                                   JULY 30,        JULY 30,            JULY 30,
                                                                                     2005            2005                2005
                                                                                 ----------       --------            ----------
NET SALES........................................................................$   84,872       $                   $   84,872
COST OF SALES....................................................................    62,591                               62,591
                                                                                 ----------                           ----------
GROSS MARGIN.....................................................................    22,281                               22,281
                                                                                 ----------                           ----------
  Selling, general and administrative............................................    16,452                               16,452
  Research and development.......................................................     1,636                                1,636
  Litigation settlement costs....................................................       300                                  300
                                                                                 ----------                           ----------
    Total operating expenses.....................................................    18,388                               18,388
                                                                                 ----------                           ----------
OPERATING INCOME (LOSS)..........................................................     3,893                                3,893
  Interest expense...............................................................    (1,350)         (83)        (a)      (1,433)
  Other income...................................................................        97                                   97
                                                                                 ----------     ------------          ----------
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
  AND MINORITY INTEREST..........................................................     2,640          (83)                  2,557
INCOME TAX PROVISION.............................................................     2,054          (31)        (b)       2,023
                                                                                 ----------     ------------          ----------
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST................       586          (52)                    534
MINORITY INTEREST................................................................       393         (393)        (c)          --
                                                                                 ----------     ------------          ----------
INCOME (LOSS) FROM CONTINUING OPERATIONS.........................................       193          341                     534
DISCONTINUED OPERATION...........................................................       199                                  199
                                                                                 ----------                           ----------
NET INCOME (LOSS)................................................................$      392        $ 341              $      733
                                                                                 ==========      ==========           ==========
NET INCOME (LOSS) PER BASIC SHARE
  Continuing operations..........................................................$     0.02                           $     0.04
  Discontinued operation.........................................................      0.02                                 0.02
                                                                                 ----------                           ----------
  Net income (loss) per basic share..............................................$     0.04                           $     0.06
                                                                                 ==========                           ==========
NET INCOME (LOSS) PER DILUTED SHARE
  Continuing operations..........................................................$     0.01                           $     0.04
  Discontinued operation.........................................................      0.02                                 0.02
                                                                                 ----------                           ----------
  Net income (loss) per diluted share............................................$     0.03                           $     0.06
                                                                                 ==========                           ==========
  Weighted average shares outstanding - Basic....................................    10,490           905        (d)      11,395
                                                                                 ----------                           ----------
  Weighted average shares outstanding - Diluted..................................    11,465           905        (d)      12,370
                                                                                 ----------                           ----------

See notes to unaudited consolidated proforma financial statements










PRO FORMA FINANCIAL INFORMATION
DEL GLOBAL TECHNOLOGIES CORP. AND SUBSIDIARIES
THREE MONTHS ENDED OCTOBER 29, 2005
CONSOLIDATED STATEMENT OF OPERATIONS - UNAUDITED
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)


                                                                                                PRO FORMA
                                                                              HISTORICAL       ADJUSTMENTS          PROFORMA
                                                                           OCTOBER 29, 2005  OCTOBER 29, 2005       OCTOBER 29, 2005

NET SALES...................................................................$  16,239        $                      $   16,239
COST OF SALES...............................................................   12,504                                   12,504
                                                                            ---------                               ----------
GROSS MARGIN................................................................    3,735                                    3,735
                                                                            ---------                               ----------
  Selling, general and administrative.......................................    2,999                                    2,999
  Research and development..................................................      353                                      353
  Litigation settlement costs...............................................      500                                      500
                                                                            ---------                               ----------
    Total operating expenses................................................    3,852                                    3,852
                                                                            ---------                               ----------
OPERATING INCOME (LOSS).....................................................     (117)                                    (117)
  Interest expense..........................................................     (210)             (21)         (a)      ( 231)
  Other income..............................................................       13                                       13
                                                                            ---------                               ----------
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
  AND MINORITY INTEREST.....................................................     (314)             (21)                   (335)
INCOME TAX PROVISION........................................................      172               (8)         (b)        164
                                                                            ---------                               ----------
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST...........     (486)             (13)                   (499)
MINORITY INTEREST...........................................................        3               (3)         (c)         --
                                                                            ---------                               ----------
NET INCOME (LOSS)...........................................................     (483)             (16)                   (499)

NET INCOME (LOSS) PER BASIC SHARE                                           $   (0.05)                              $    (0.04)
                                                                            =========                               ==========

NET INCOME (LOSS) PER DILUTED SHARE                                         $   (0.05)                              $    (0.04)
                                                                            =========                               ==========

  Weighted average shares outstanding - Basic and Diluted...................   10,630              905          (d)     11,535
                                                                            ---------                               ----------

See notes to unaudited consolidated proforma financial statements














                 DEL GLOBAL TECHNOLOGIES CORP. AND SUBSIDIARIES
          NOTES TO UNAUDITED PROFORMA CONSOLIDATED FINANCIAL STATEMENTS
                    (Dollars in thousands, except share data)

         The  Pro  Forma  Consolidated  Balance  Sheet  reflects  the  financial
position of the Company after giving effect to the  acquisition of the remaining
20% of Company's Villa Sistemi  Medicali  subsidiary,  discussed in Item 2 as if
the  acquisition  took place on October  29,  2005.  The Pro Forma  Consolidated
Statements of  Operations  for the fiscal year ended July 30, 2005 and the three
months ended October 29, 2005 assume that the acquisition  occurred on August 1,
2004 and are based on the  operations of the Company for the periods then ended.
Such proforma  financial  statements  reflect the issuance of 904,672  shares of
restricted  common stock,  the  participation in 100% of Villa's  earnings,  the
elimination of the Villa Minority Interest liability,  an increase in borrowings
used to fund the $2.9 million cash portion of the purchase  price and the effect
on earnings per share of the additional shares outstanding.

         The unaudited pro forma  consolidated  financial  statements  have been
prepared  by  the  Company  based  on  adjustments   necessary  to  reflect  the
acquisition. The unaudited pro forma consolidated financial statements presented
herein  are  shown  for  illustrative  purposes  only  and are  not  necessarily
indicative of the future  financial  position or future results of operations of
the Company or the results of operations  that would have actually  occurred had
the transaction been effective as of the periods presented.


     PROFORMA CONSOLIDATED BALANCE SHEET:

     a)  To record the $5.9  million  purchase  price,  the  issuance of 904,782
         shares of restricted  Company  Common  Stock,  the  elimination  of the
         minority  interest  liability,  the  recognition  of  $4.6  million  of
         Goodwill, the increase in short term borrowings of $2.7 million to fund
         the cash portion of the purchase price, and a reduction in cash of $0.2
         million, as if the transaction had occurred as of October 29, 2005.

     PROFORMA CONSOLIDATED STATEMENTS OF OPERATIONS:

     Year ended July 30, 2005 and Three months ended October 29, 2005:
     a)  To  record  the  increase  in  borrowing  costs   associated  with  the
         additional  short term  borrowings  that funded the cash portion of the
         purchase price.
     b)  To  record  tax  effect  of  the  above  transactions  at an  estimated
         effective rate of 37%.
     c)  Adjustment to remove the minority interest share in Villa's results and
         reflect 100% participation by the Company.
     d)  To reflect shares issued in connection with the acquisition.


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