-----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, L3xPgnCm3UbGu8Fm01vPqsFFMsoKjBcVFzX20DBIjwukQJ+fzXxMewXLHXG+P6ih aCkefXZlE7GNbU1r8QQlpw== 0001090002-01-500047.txt : 20010515 0001090002-01-500047.hdr.sgml : 20010515 ACCESSION NUMBER: 0001090002-01-500047 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010427 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAPCO ENERGY INC CENTRAL INDEX KEY: 0000354767 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 840846529 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 000-10157 FILM NUMBER: 1632291 BUSINESS ADDRESS: STREET 1: 2922 EAST CHAPMAN AVENUE STREET 2: SUITE 202 CITY: ORANGE STATE: CA ZIP: 92869 BUSINESS PHONE: 7142888230 MAIL ADDRESS: STREET 1: 216 16TH ST STE 730 CITY: DENVER STATE: CO ZIP: 80202 FORMER COMPANY: FORMER CONFORMED NAME: ALFA RESOURCES INC DATE OF NAME CHANGE: 19920703 8-K/A 1 cp8k4a2.txt AMENDMENT NO. 2 TO 8-K CURRENT REPORT U. S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. FORM 8-K/A Amendment No. 2 CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Act of 1934 April 27, 2001 ---------------------------------------------------------- Date of Report (date of earliest event reported) Capco Energy, Inc. ---------------------------------------------------------------- Exact Name of Registrant as Specified in its Charter Colorado 0-10157 84-0846529 - - --------------------------- --------------------- --------------------- State or Other Jurisdiction Commission File IRS Employer of Incorporation Number Identification Number 2922 East Chapman Avenue, Suite 202 Orange, California 92869 ----------------------------------------------------------------------- Address of Principal Executive Office, Including Zip Code (714) 288-8230 ------------------------------------------------------------------ Registrant's Telephone Number, including Area Code This 8-K Current Report is amended hereby to file the proforma financial information required by Item 7(b). ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS (a) On April 27, 2001, the Registrant acquired all of the outstanding stock of Meteor Enterprises, Inc. ("Meteor"). The closing was effective as of April 27, 2001. Meteor is a petroleum marketing and distribution company doing business in New Mexico, Colorado, Wyoming, South Dakota, Nevada, Utah, Montana, Nebraska and Idaho. Meteor Industries, Inc, the sole shareholder of Meteor, received consideration of $5,500,000, consisting of $4,697,501 in cash paid at closing, $302,499 in the form of 100,833 shares of common stock of Meteor, and a promissory note issued by the Registrant in the principal amount of $500,000 payable nine months after the closing date. The Registrant was an approximate 30% shareholder of Meteor Industries, Inc. prior to this transaction. Three directors of the Registrant, Ilyas Chaudhary, Dennis Staal and Irwin Kaufman, were also directors of Meteor Industries, Inc. at the time the agreement was entered into and closed. The amount of consideration given was determined based on negotiations between the parties. The transaction was approved by the shareholders of Meteor Industries, Inc. at a meeting held on March 27, 2001. Meteor's assets include cash, accounts receivable, inventory and distribution centers located in New Mexico, Wyoming, Nevada, and Colorado. Meteor's total revenues were $196,800,000 for the year ended December 31, 2000. The Registrant used proceeds from its recent sales of marketable securities and from short term borrowings to make the acquisition. (b) The Registrant will continue to operate Meteor as a subsidiary in the petroleum marketing and distribution industry. 1 ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS (a) Financial statements. Previously filed as Exhibit 99.1 to Amendment Number One to this Form 8-K. (b) Pro forma financial information. Filed herewith as Exhibit 99.2. (c) Exhibits Exhibit 10.1 Stock purchase agreement, (1) dated January 30, 2001, by and between Capco Energy, Inc. and Meteor Industries, Inc. Exhibit 10.2 Amendment to Stock purchase (1) dated January 30, 2001, by and between Capco Energy, Inc. and Meteor Industries, Inc. Exhibit 99.1 Financial Statements of business acquired. (1) Exhibit 99.2 Proforma financial information (filed herewith) (1) Previously filed 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. CAPCO ENERGY, INC. Amendment No. 2 Dated: May 14, 2001 By:/s/ Dennis R. Staal ---------------------- Dennis R. Staal Chief Financial Officer 3 EX-99.2 2 ex992.txt PROFORMA FINANCIAL INFORMATION EXHIBIT 99.2 PRO FORMA FINANCIAL INFORMATION (UNAUDITED) The accompanying pro forma information combines the activities of Capco Energy, Inc. and Meteor Enterprises, Inc. for the periods described. The pro forma combined statement of operations for the twelve months ended December 31, 2000, includes the statement of operations of Capco Energy, Inc. for the year ended December 31, 2000, and the operations of Meteor Enterprises, Inc. for the year ended December 31, 2000. The pro forma combined statement of operations is presented as if the acquisition had occurred on January 1, 2000. The pro forma combined balance sheet as of December 31, 2000, is presented as if the acquisition had occurred on December 31, 2000. These pro forma financial statements are not necessarily indicative of future operations or the actual results that would have occurred had the acquisition been consummated at the beginning of the year. The pro forma combined balance sheet and statement of operations should be read in conjunction with the historical financial statements and notes thereto of Meteor Enterprises, Inc and of Capco Energy, Inc. On April 27, 2001, Capco Energy, Inc. closed on its acquisition of all of the outstanding common stock of Meteor Enterprises, Inc. The purchase price for the common stock was $5,500,000 paid in the form of $4,697,501 cash, of which purchaser borrowed $1,700,000 and sold $2,997,501 of marketable securities, $302,499 of Meteor Industries, Inc. common stock, and $500,000 in a note payable to the seller. Pro Forma Entries a. Entry to eliminate inter-company notes payable, receivables and interest income and expense. b. Entry to reflect $5,500,000 purchase price, $3,300,000 sale of marketable securities, $2,200,000 short term borrowings and to eliminate the equity of Meteor Enterprises, Inc. and to reduce the fixed asset value to the purchase price which is less than book value and adjust depreciation expense for the reduction in fixed assets. c. Entry to reflect removal of non-recurring items and expenses for Meteor. 1 CAPCO ENERGY, INC. AND METEOR ENTERPRISES,INC. PRO FORMA CONSOLIDATED BALANCE SHEET DECEMBER 31, 2000
ASSETS (Dollars in Thousands) PRO FORMA PRO FORMA CAPCO METEOR ENTRIES CONSOLIDATED ---------- ---------- ---------- ------------ CURRENT ASSETS Cash $ 414 $ 264 $ - $ 678 Marketable securities 13,005 - (3,300)(b) 9,705 Restricted cash - 2,448 - 2,448 Accounts receivable-trade 308 14,759 - 15,067 Accounts receivable, related party 54 1,189 (136)(a) 1,107 Income tax receivable - 686 - 686 Notes receivable - 38 - 38 Notes receivable, related party - 2,667 (1,550)(a) 1,117 Inventory, net - 3,921 - 3,921 Deferred tax asset 2,467 324 - 2,791 Other current assets - 867 - 867 ---------- ---------- ---------- ----------- Total current assets 16,248 27,163 (4,986) 38,425 ---------- ---------- ---------- ----------- PROPERTY, PLANT AND EQUIPMENT, NET 3,740 16,437 (3,610)(b) 16,567 ---------- ---------- ---------- ----------- OTHER NONCURRENT ASSETS Notes receivable - 115 - 115 Investments in closely held businesses 1,998 1,629 - 3,627 Intangibles, net - 1,230 - 1,230 Other assets 6 267 - 273 ---------- ---------- ---------- ------------ Total other noncurrent assets 2,004 3,241 - 5,245 ---------- ---------- ---------- ----------- TOTAL ASSETS $ 21,992 $ 46,841 $ (8,596) $ 60,237 ========== ========== ========== ===========
2 CAPCO ENERGY, INC. AND METEOR ENTERPRISES,INC. PRO FORMA CONSOLIDATED BALANCE SHEET, continued DECEMBER 31, 2000
LIABILITIES AND SHAREHOLDERS' EQUITY (Dollars in Thousands) PRO FORMA PRO FORMA CAPCO METEOR ENTRIES CONSOLIDATED ---------- ---------- ---------- ------------ CURRENT LIABILITIES Accounts payable, trade $ 683 $ 11,039 $ $ 11,722 Accounts payable, related party 40 40 - 80 Book overdraft - 1,794 - 1,794 Current portion, long-term debt 5,239 3,798 2,200 (b) 9,687 (1,550)(a) Accrued expenses 829 1,440 (136)(a) 2,133 Taxes payable 2,467 574 - 3,041 Revolving credit facility 8,570 - 8,570 ---------- ---------- ---------- ---------- Total current liabilities 9,258 27,255 514 37,027 ---------- ---------- ---------- ---------- NONCURRENT LIABILITIES Deferred tax liability - 2,556 - 2.556 Long-term debt 56 7,202 - 7,258 Accrued expenses - 468 - 468 ---------- ---------- ---------- ---------- Total noncurrent liabilities 56 10,226 - 10,282 MINORITY INTEREST IN SUBSIDIARIES 712 250 - 962 ---------- ---------- ---------- ---------- Total liabilities 10,026 37,731 514 48,271 ---------- ---------- ---------- ---------- SHAREHOLDERS' EQUITY Preferred stock 292 365 (365)(b) 292 Common stock, $.001 par value 20 4 (4)(b) 20 Paid-in capital 1,336 5,695 (5,695)(b) 1,336 Cumulative Foreign Currency Translation Adjustment 1 - - 1 Cumulative unrecognized gains 8,519 - - 8,519 Treasury stock - (489) 489 (b) - Retained earnings 1,798 3,535 (3,535)(b) 1,798 ---------- ---------- ---------- ---------- Total shareholders' equity 11,966 9,110 (9,110) 11,966 ---------- ---------- ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 21,992 $ 46,841 $ (8,596) $ 60,237 ========== ========== ========== ==========
3
CAPCO ENERGY, INC. AND METEOR ENTERPRISES,INC. PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS For the Year Ended December 31, 2000 (Dollars in Thousands, except for per share information) PRO FORMA PRO FORMA CAPCO METEOR ENTRIES CONSOLIDATED ---------- ---------- ---------- ------------ Net sales $ 1,386 $ 196,800 $ - $ 198,186 Cost of sales, excluding depreciation 544 174,497 - 175,041 ---------- ---------- ---------- ---------- Gross profit 842 22,303 - 23,145 ---------- ---------- ---------- ---------- Selling, general and administrative expenses 1,523 18,971 - 20,494 Depreciation and amortization 382 2,438 (342)(b) 2,478 ---------- ---------- ---------- ---------- Total operating expenses 1,905 21,409 (342) 23,972 ---------- ---------- ---------- ---------- Income from operations (1,063) 894 342 173 ---------- ---------- ---------- ---------- Other income and (expenses) Interest income 46 376 (115)(a) 307 Interest expense (470) (1,690) 115 (a) (2,045) Other - (803) 562 (c) (241) Gain on sale of assets 5,719 1 - 5,720 ---------- ---------- ---------- ---------- Total other income and (expenses) 5,295 (2,116) 562 3,741 ---------- ---------- ---------- ---------- Income (loss) before income taxes and minority interest 4,232 (1,222) 904 3,914 Income tax (benefit) expense - (641) - (641) Minority interest 591 368 - 959 Equity loss in investments (1,436) - - (1,436) ---------- ---------- ---------- ---------- Net income (loss) $ 2,205 $ (949) $ 904 $ 2,160 ========== ========== ========== ========== Income per share Basic and diluted $ 0.12 $ 0.12 ========== ========== Weighted average shares outstanding Basic and diluted 18,429,208 18,429,208 ========== ==========
4 -----END PRIVACY-ENHANCED MESSAGE-----