-----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, RBCpkx3M44ESvVAzXaEwGWbXLd5RxS01cbjhKsKoi3ccH9TLFSJVDwf0CSVqEUEG eyJm2iUJqj5jx7UDVf63mw== 0001047469-99-000573.txt : 19990111 0001047469-99-000573.hdr.sgml : 19990111 ACCESSION NUMBER: 0001047469-99-000573 CONFORMED SUBMISSION TYPE: 10KSB/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980831 FILED AS OF DATE: 19990108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEI INC CENTRAL INDEX KEY: 0000351298 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 410944876 STATE OF INCORPORATION: MN FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10KSB/A SEC ACT: SEC FILE NUMBER: 000-10078 FILM NUMBER: 99503162 BUSINESS ADDRESS: STREET 1: 1495 STEIGER LAKE LN STREET 2: P O BOX 5000 CITY: VICTORIA STATE: MN ZIP: 55386 BUSINESS PHONE: 6124432500 MAIL ADDRESS: STREET 1: P O BOX 5000 STREET 2: 1495 STEIGER LAKE LANE CITY: VICTORIA STATE: MN ZIP: 55386 10KSB/A 1 10-KSB/A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 **** FORM 10-KSB/A **** [X] Annual report under Section 13 or 15(d) of the Securities Exchange Act of 1934 for fiscal year ended August 31, 1998. [ ] Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from to . Commission File Number 0-10078 HEI, Inc. (Name of Small Business Issuer in Its Charter) Minnesota 41-0944876 (State or other jurisdiction (I.R.S. Employer Identification No.) of incorporation or organization) P.O. Box 5000, 1495 Steiger Lake Lane, Victoria, MN 55386 (Address of principal executive offices) (Zip Code) Issuer's telephone number, including area code: (612) 443-2500 Securities registered pursuant to Section 12(b) of the Exchange Act: None Securities registered pursuant to Section 12(g) of the Exchange Act: COMMON STOCK, PAR VALUE $.05 PER SHARE (Title of Class) Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . Indicate if no disclosure of delinquent filers in response to Item 405 of Regulation S-B is contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB. [ ] HEI, Inc. revenues for the fiscal year ended August 31, 1998 were $20,805,000. The aggregate market value as of November 23, 1998 (based on the closing price as reported by The Nasdaq National Market) of the voting stock held by non-affiliates was approximately $21,000,000. As of November 23, 1998, 4,095,195 Common Shares (par value $.05) were outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Annual Report to Shareholders for the fiscal year ended August 31, 1998 are incorporated by reference into Parts I and II. Portions of the Proxy Statement for Registrant's Annual Meeting of Shareholders to be held January 20, 1999 are incorporated by reference into Part III. SIGNATURES - ---------- In accordance with Section 13 or 15(c) of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized HEI, Inc. BY: /s/ Anthony J. Fant ---------------------------------------- Anthony J. Fant, Chief Executive Officer Date: January 7, 1999 In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. /s/ Anthony J. Fant January 7, 1999 - ---------------------------------------------- --------------- Anthony J. Fant, Chairman Date /s/ Jerald H. Mortenson January 7, 1999 - ---------------------------------------------- --------------- Jerald H. Mortenson, Vice President of Finance Date and Administration, Chief Financial Officer and Treasurer /s/ Craig E. Roble January 7, 1999 - ---------------------------------------------- --------------- Craig E. Roble, Company Controller Date /s/ Eugene W. Courtney January 7, 1999 - ---------------------------------------------- --------------- Eugene W. Courtney, Director Date /s/ Edwin W. Finch, III January 7, 1999 - ---------------------------------------------- --------------- Edwin W. Finch, Director Date /s/ David W. Ortlieb January 7, 1999 - ---------------------------------------------- --------------- David W. Ortlieb, Director Date /s/ Steve E. Tondera, Jr. January 7, 1999 - ---------------------------------------------- --------------- Steve E. Tondera, Jr., Director Date /s/ Mack V. Traynor, III January 7, 1999 - ---------------------------------------------- --------------- Mack V. Traynor, III, Director Date 6 EXHIBIT INDEX -------------
Page Number or Incorporated by Exhibit Number Description Reference - -------------- ----------- --------------- 3.1 Restated Articles of Incorporation, as amended. Note 1 3.2+ Bylaws, as amended. 4.1a+ Credit Agreement with Norwest Bank Minnesota, N.A. dated May 14, 1998. 4.1b+ Current Note with Norwest Bank Minnesota, N.A. dated May 14, 1998. 4.2a Reimbursement Agreement by and between HEI, Inc. and Norwest Bank Note 2 Minnesota, N.A. dated April 1, 1996. 4.2b Mortgage Security Agreement Fixture Financing Statement and Assignment Note 2 of Leases and Rents by HEI, Inc. as Mortgagor to Norwest Bank Minnesota, N.A. as Mortgagee dated April 1, 1996. 4.2c Security Agreement by HEI, Inc. in favor of Norwest Bank Minnesota, Note 2 N.A. dated April 1, 1996. 10.1 Form of Indemnification Agreement between HEI and officers and Note 3 directors. *10.2 HEI 1989 Omnibus Stock Compensation Plan adopted April 3, 1989, as Note 4 amended to date. *10.3 1991 Stock Option Plan for Non-employee Directors, as amended to date. Note 5 *10.4+ 1998 Stock Option Plan adopted November 18, 1998. *10.5+ 1998 Stock Option Plan for Non-employee Directors adopted November 18, 1998. *10.6 Form of Agreement regarding Employment/Compensation upon change in Note 5 control with Messrs. Mortenson, Nordquist and Reynolds. *10.7+ Agreement regarding Employment/Compensation upon change in control with Mr. Courtney, dated November 20, 1998. 13+ Annual Report to Shareholders for the year ended August 31, 1998. 15 Report of PricewaterhouseCoopers LLP. 23 Consent of KPMG Peat Marwick LLP. 24 Consent of PricewaterhouseCoopers LLP. 27 Financial Data Schedule.
7 Notes to Exhibits above: [1] Filed as an exhibit to Annual Report on Form 10-K for the year ended August 31, 1990, and incorporated herein by reference. [2] Filed as an exhibit to Form 10-QSB for the quarter ended June 1, 1996, and incorporated herein by reference. [3] Filed as an exhibit to Registration Statement on Form S-2 (SEC no. 33-37285) filed October 15, 1990, and incorporated herein by reference. [4] Filed as an exhibit to Annual Report on Form 10-KSB for the year ended August 31, 1996 and incorporated herein by reference. [5] Filed as an exhibit to Annual Report on Form 10-KSB for the year ended August 31, 1997 and incorporated herein by reference. * Denotes management contract or compensation plan or arrangement. + Filed herewith. 8 HEI, Inc. Statements of Cash Flows - ------------------------ (In thousands)
- ----------------------------------------------------------------------------------------------------- Years Ended August 31 1998 1997 1996 - ----------------------------------------------------------------------------------------------------- Cash flow provided by operating activities: Net income (loss) $ (2,627) $ 2,550 $ 2,113 Depreciation 1,358 1,376 907 Amortization 60 70 31 Accounts receivable and inventory allowances (1) 59 (222) Deferred income tax expense (benefit) (242) 8 (198) Gain on sale of product line, net -- (215) (45) Other 1 35 51 Change in current operating items: Accounts receivable (1,056) 1,701 (1,539) Inventories (15) (60) 537 Income taxes (1,089) (656) 394 Other current assets (512) (133) (112) Accounts payable 1,106 256 88 Accrued employee related costs and accrued liabilities (26) (121) 311 - ----------------------------------------------------------------------------------------------------- Net cash flow provided by (used for) operating activities (3,043) 4,869 2,316 - ----------------------------------------------------------------------------------------------------- Cash flow used for investing activities: Purchases of investments (15,165) (10,892) (7,033) Maturities of investments 16,170 7,205 5,365 Additions to property and equipment (1,025) (1,605) (4,621) Proceeds on sales of product lines and equipment 237 494 -- Decrease (increase) in restricted cash 389 2,066 (2,455) - ----------------------------------------------------------------------------------------------------- Net cash flow provided by (used by) investing activities 606 (2,732) (8,744) - ----------------------------------------------------------------------------------------------------- Cash flow provided by financing activities: Proceeds from long-term debt -- -- 5,625 Repayment of long-term debt (650) (440) -- Increase in deferred financing costs (47) (54) (170) Issuance of common stock and other 159 807 648 Tax benefit of nonqualified stock options -- 422 73 Repurchase of common shares (186) (600) -- - ----------------------------------------------------------------------------------------------------- Net cash flow provided by (used for) financing activities (724) 135 6,175 - ----------------------------------------------------------------------------------------------------- Net increase (decrease) in cash and cash equivalents (3,161) 2,272 (252) Cash and cash equivalents, beginning of year 3,458 1,186 1,438 - ----------------------------------------------------------------------------------------------------- Cash and cash equivalents, end of year $ 297 $ 3,458 $ 1,186 - ----------------------------------------------------------------------------------------------------- Supplemental disclosures of cash flow information: - ----------------------------------------------------------------------------------------------------- Interest paid $ 201 $ 218 $ 80 Income taxes paid 100 1,656 515 - -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of the financial statements. -----END PRIVACY-ENHANCED MESSAGE-----