-----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, Gr0lbFiHLYPbv20N2LrsHts6zTmJ9ns824ZC18OvBAVofsKhox4oKBmKvOkeUTMn MpZDYzRR7JN4qD8oYrtetw== 0001005477-97-000575.txt : 19970223 0001005477-97-000575.hdr.sgml : 19970223 ACCESSION NUMBER: 0001005477-97-000575 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970212 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970221 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRIDEX CORP CENTRAL INDEX KEY: 0000047254 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 060682273 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05513 FILM NUMBER: 97540841 BUSINESS ADDRESS: STREET 1: 61 WILTON RD CITY: WESTPORT STATE: CT ZIP: 06880-3121 BUSINESS PHONE: 2032261144 MAIL ADDRESS: STREET 1: 61 WILTON ROAD CITY: WESTPORT STATE: CT ZIP: 06880-3121 FORMER COMPANY: FORMER CONFORMED NAME: HI G INC DATE OF NAME CHANGE: 19840829 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 12, 1997 - -------------------------------------------------------------------------------- TRIDEX CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Connecticut - -------------------------------------------------------------------------------- (State or other jurisdiction of incorporation) 1-5513 06-0682273 - -------------------------------------------------------------------------------- (Commission File Number) (IRS Employer Identification Number) 61 Wilton Road, Westport, CT 06880 - -------------------------------------------------------------------------------- (Address of principal executive offices) (203) 226-1144 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Page 1 of 6 Item 5. Other Events. On February 12, 1997, Tridex Corporation ("Tridex" or "Company") received a ruling from the Internal Revenue Service ("IRS") confirming the tax-free nature of the proposed distribution of the shares of common stock of TransAct Technologies Incorporated ("TransAct") owned by Tridex. Tridex owns 5,400,000, or approximately 80.3%, of the outstanding shares of TransAct common stock, and has previously announced its plan to spin off TransAct by distributing these shares to stockholders of Tridex upon receipt of the IRS ruling. Tridex will distribute these shares on March 31, 1997 to its stockholders of record on March 14, 1997. If the holders of all outstanding Tridex options, warrants and convertible debt exercise their rights to obtain shares of Tridex common stock prior to the March 14, 1997 record date, the distribution ratio will be approximately 1.0044 shares of TransAct for each share of Tridex common stock outstanding on that date. Tridex will distribute cash in lieu of fractional shares. In connection with the distribution, the vesting of all outstanding options to purchase Tridex common stock has been accelerated so that all such options are now exerciseable. Tridex has also issued a notice of redemption of its convertible debentures and promissory notes, with a March 14, 1997 redemption date. At December 31, 1996, Tridex had outstanding 862,742 options and warrants (having a weighted average exercise price of $7.45), $2,460,000 principal amount of convertible debentures, with a conversion price of $9.00 per share, and $1,250,000 principal amount of convertible promissory notes, with a conversion price of $12.00 per share. Assuming that all of these options, warrants and convertible debentures and notes are exercised or converted in accordance with their terms, Tridex will have little, if any, debt and approximately $10 million in cash and cash equivalents. Tridex incurred certain one-time pension expenses and expenses related to the spin-off of TransAct totaling approximately $370,000 before taxes during the fourth quarter of 1996 and approximately $640,000 before taxes during the twelve months ended December 31, 1996. Subsequent to the distribution of the TransAct shares, Tridex will be comprised of its Ultimate Technology Corporation and Cash Bases GB Ltd. subsidiaries and its Tridex Ribbon division. Tridex will reflect TransAct as a discontinued operation for financial reporting purposes. Pro forma financial statements reflecting TransAct as a discontinued operation and the conversion of the convertible debentures and notes are set forth under Item 7 of this report. The statements contained in this report which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties including, but not limited to, the exercise of conversion of options, warrants and convertible debt. 2 Item 7. Financial Statements The following unaudited consolidated balance sheet as of December 31, 1996 and the unaudited consolidated statements of operations for the years and quarters ended December 31, 1996, 1995 and 1994 reflect TransAct as a discontinued operation as a result of the Company's anticipated distribution of its 80.3% ownership interest in TransAct to the Company's common stockholders. The following pro forma consolidated balance sheet as of December 31, 1996 reflects: (a) the conversion of $2,460,000 of 10.5% Debentures and $1,250,000 of 8% Notes to common stock, and (b) the elimination of the net assets of TransAct Technologies Incorporated. For purposes of the pro forma consolidated balance sheet, the information is presented as if the above transaction had occurred on December 31, 1996. The pro forma financial information does not purport to represent what the Company's financial position or results of operations would actually have been had such transactions actually occurred on January 1, 1994 or December 31, 1996, and should be read in conjunction with the separate audited and unaudited consolidated financial statements and notes thereto of Tridex Corporation which were included in the Company's Transition Report on Form 10-K for the nine months ended December 31, 1995. 3 TRIDEX CORPORATION AND SUBSIDIARIES Consolidated Condensed Balance Sheet (Dollars in Thousands)
As of December 31, 1996 ------------------------------------ Pro Forma Pro Forma Historical Adjustments Adjusted ---------- ----------- -------- ASSETS Current assets: Cash and cash equivalents $ 3,354 $ 0 $ 3,354 Receivables 5,681 5,681 Inventories 5,609 5,609 Deferred tax assets 324 324 Other current assets 345 345 -------- ------------- -------- Total current assets 15,313 0 15,313 -------- ------------- -------- Plant and equipment, net 3,535 3,535 Excess of cost over fair value of net assets acquired 6,493 6,493 Other assets 1,890 (61)(a) 1,829 Net assets of discontinued TransAct Technologies operations 11,573 (11,573)(b) 0 -------- ------------- -------- $ 38,804 $(11,634) $ 27,170 -------- ------------- -------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Bank loan payable $ 740 $ 0 $ 740 Current portion of long term debt 3,997 (3,628)(a) 369 Accounts payable 3,859 0 3,859 Accrued liabilities 3,384 (11)(a) 3,373 -------- ------------- -------- Total current liabilities 11,980 (3,639) 8,341 -------- ------------- -------- Long term obligations, less current portion: Capital lease obligations 775 0 775 Other 34 0 34 -------- ------------- -------- 809 0 809 -------- ------------- -------- Shareholders' equity 26,015 3,578 (a) 18,020 (11,573)(b) -------- ------------- -------- $ 38,804 $(11,634) $ 27,170 ======== ============= ========
(a) Conversion of $2,640,000 of 10.5% Debentures and $1,250,000 of 8% Notes to common stock. (b) Elimination of the net assets of Transact Technologies Incorporated. 4 TRIDEX CORPORATION AND SUBSIDIARIES Consolidated Statement of Operations (Dollars in Thousands, Except Per Share Amounts)
Quarter Ended Twelve Months Ended --------------------------------------- --------------------------------------- December December December December December December 31, 1996 31, 1995 31, 1994 31, 1996 31, 1995 31, 1994 ----------- ----------- ----------- ----------- ----------- ----------- Net sales $ 9,639 $ 6,300 $ 5,958 $ 37,053 $ 30,756 $ 20,290 --------------------------------------------------------------------------------- Operating costs and expenses: Cost of sales 7,240 4,933 4,093 27,039 22,267 14,399 Engineering, design and product development costs 181 234 181 1,040 992 527 Selling, administrative and general expenses 2,439 3,030 1,643 7,805 8,455 5,164 --------------------------------------------------------------------------------- 9,860 8,197 5,917 35,884 31,714 20,090 --------------------------------------------------------------------------------- (221) (1,897) 41 1,169 (958) 200 Operating (loss) income Other charges (income): Gain on sale of subsidiary stock (6,200) Interest expense, net 63 335 328 879 1,343 1,073 Other, net 57 94 35 267 156 534 --------------------------------------------------------------------------------- 120 429 363 (5,054) 1,499 1,607 --------------------------------------------------------------------------------- Income (loss) from continuing operations before income taxes (341) (2,326) (322) 6,223 (2,457) (1,407) Provision (benefit) for income taxes (8) (623) (112) 292 (1,339) (1,502) --------------------------------------------------------------------------------- Income (loss) from continuing operations (333) (1,703) (210) 5,931 (1,118) 95 Discontinued operations: Equity in subsidiaries' income (loss) from discontinued operations 538 (269) 592 3,109 1,332 2,200 Spin-off related expenses, net of taxes of $20 and $128 30 0 0 192 0 0 --------------------------------------------------------------------------------- Net income (loss) $ 175 $ (1,972) $ 382 $ 8,848 $ 214 $ 2,295 ================================================================================= Earnings (loss) per common and common equivalent share: Primary: Income (loss) from continuing operations $ (0.08) $ (0.45) $ (0.05) $ 1.43 $ (0.28) $ 0.02 Income (loss) from discontinued operations 0.12 (0.07) 0.15 0.70 0.33 0.58 ================================================================================= $ 0.04 $ (0.52) $ 0.10 $ 2.13 $ 0.05 $ 0.60 ================================================================================= Fully diluted: Income from continuing operations $ 1.34 Income from discontinued operations 0.64 ----------- $ 1.98 =========== Weighted average common and common equivalent shares outstanding Primary 4,357,000 3,778,000 3,885,000 4,154,000 3,930,000 3,823,000 ================================================================================= Fully diluted 4,648,000 ===========
5 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TRIDEX CORPORATION By: /s/ Seth M. Lukash ------------------------ Seth M. Lukash Chairman of the Board and Chief Executive Officer Date: February 21, 1997 6 -----END PRIVACY-ENHANCED MESSAGE-----