-----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, LDXlNjeXcPhywwuOeKx4jyL8eunLuRy7W1443P1EudRXZ+PfzoH+PobChlZTRPFq /AoZyD2qCxhC2N2XCkAEVw== 0000057201-00-000001.txt : 20000202 0000057201-00-000001.hdr.sgml : 20000202 ACCESSION NUMBER: 0000057201-00-000001 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990930 ITEM INFORMATION: FILED AS OF DATE: 20000110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COYOTE NETWORK SYSTEMS INC CENTRAL INDEX KEY: 0000057201 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 362448698 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 001-05486 FILM NUMBER: 504541 BUSINESS ADDRESS: STREET 1: 4360 PARK TERRACE DRIVE CITY: WESTLAKE VILLAGE STATE: CA ZIP: 91361 BUSINESS PHONE: 8187357600 MAIL ADDRESS: STREET 1: 4360 PARK TERRACE DRIVE CITY: WESTLAKE VILLAGE STATE: CA ZIP: 91361 FORMER COMPANY: FORMER CONFORMED NAME: DIANA CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FH INDUSTRIES CORP DATE OF NAME CHANGE: 19850814 FORMER COMPANY: FORMER CONFORMED NAME: SCOT LAD FOODS INC DATE OF NAME CHANGE: 19841202 8-K/A 1 PROFORMA FINANCIALS ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): October 27, 1999 COYOTE NETWORK SYSTEMS, INC. ----------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 1-5486 36-2448698 - ---------------------------- ----------------------- -------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 4360 Park Terrace Drive Westlake Village, CA 91361 -------------------------------------------------- Address of principal executive offices (818) 735-7600 ------------------------------------ Registrant's Telephone Number, Including area code ================================================================================ By Current Report on Form 8-K, dated October 27, 1999 and filed with the Securities Exchange Commission on November 12, 1999 (the "Original Form 8-K"), Coyote Network Systems, Inc. (the "Company") reported the sale of its approximately 80% membership interest in Coyote Gateway, LLC (d/b/a American Gateway Telecommunications, "AGT") to AGT's remaining member, American Gateway Telecommunications, Inc. The disclosure in the Original Form 8-K under the caption "Item 7. Financial Statements, Pro Forma Financial Information and Exhibits" is hereby amended and restated in its entirety as follows: Item 7. Financial Statements and Exhibits. (a) Financial Statements of Businesses Acquired: Not applicable. (b) Pro Forma Financial Information: The following unaudited pro forma condensed consolidated financial information is filed with this report: Pro Forma Condensed Consolidated Balance Sheet at June 30, 1999; Pro Forma Condensed Consolidated Statement of Operations for the fiscal year ended March 31, 1999 and for the three months ended June 30, 1999. (c) Exhibits (2) Purchase Agreement, dated September 30, 1999, among the Company, AGTI, AGT, PVC, PFC and Salinas.* * Previously filed. 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. Dated: January 10, 2000 COYOTE NETWORK SYSTEMS, INC. By: /s/ Brian A. Robson ------------------------------------- Brian A. Robson Executive Vice President, Chief Financial Officer and Secretary COYOTE NETWORK SYSTEMS, INC. AND SUBSIDIARIES PRO-FORMA FINANCIAL INFORMATION Pro-Forma Condensed Consolidated Balance Sheet at June 30, 1999 Unaudited (Dollars in Thousands)
Pro-Forma Assets Historical Adjustments Pro-Forma Current assets: ---------- ----------- --------- Cash and cash equivalents $ 1,344 $ (4) $ 1,340 Receivables, net 17,632 833 18,465 Inventories 1,642 --- 1,642 Notes receivable - current 2,367 --- 2,367 Other current assets 4,601 (3,055) 1,546 --------- -------- --------- Total current assets 27,586 (2,226) 25,360 Property and equipment, net 9,074 (1,972) 7,102 Capitalized software development 1,941 --- 1,941 Intangible assets, net 5,562 (118) 5,444 Other assets 3,075 --- 3,075 --------- ------- --------- $ 47,238 $(4,316) $ 42,922 ========= ======== ========= Liabilities and Shareholders' Equity Current liabilities: Lines of credit $ 777 $ --- $ 777 Accounts payable 8,149 (537) 7,612 Deferred revenue and customer deposits 12,164 --- 12,164 Other accrued liabilities 3,652 (139) 3,513 Current portion of long-term debt and capital lease obligations 1,147 --- 1,147 --------- ------- --------- Total current liabilities $ 25,889 $ (676) $ 25,213 Notes payable 9,049 (9,049) --- Other liabilities 3,671 --- 3,671 Shareholders' equity: Preferred stock - $.01 par value: authorized 5,000,000 shares; issued 600 shares, liquidation preference of $10,000 per share 6,000 --- 6,000 Common stock - $1 par value: authorized 30,000,000 shares, issued 13,290,042 shares 13,290 --- 13,290 Additional paid-in capital 114,852 --- 114,852 Accumulated deficit (119,756) 5,409 (114,347) Treasury stock at cost (5,757) --- (5,757) --------- ------- ---------- Total shareholders' equity 8,629 5,409 14,038 --------- ------- --------- $ 47,238 $(4,316) $ 42,922 ========= ======== ========= Explanatory Note: The above pro-forma adjustments have been made to reflect the impact of removing all of the assets and liabilities of Coyote Gateway, LLC as at June 30, 1999.
COYOTE NETWORK SYSTEMS, INC. AND SUBSIDIARIES PRO-FORMA FINANCIAL INFORMATION Pro-Forma Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 1999 Unaudited (In Thousands, Except Per Share Amounts)
Pro-Forma Historical Adjustments Pro-Forma ---------- ----------- --------- Net sales $10,405 $ (83) $10,322 Cost of goods sold 7,302 (189) 7,113 ------- ------- ------- Gross profit 3,103 106 3,209 ------- ------ ------- Selling and administrative expenses 4,080 (440) 3,640 Engineering, research and development 2,220 --- 2,220 ------- ------- ------- Total operating expenses 6,300 (440) 5,860 ------- ------- ------- Operating income (loss) (3,197) 546 (2,651) Interest expense (352) 275 (77) Non-operating income (expense) 105 --- 105 ------- ------ ------- Income (loss) from continuing operations (3,444) 821 (2,623) Loss from discontinued operations (310) --- (310) -------- ------ -------- Net income (loss) $(3,754) $ 821 $(2,933) ======== ====== ======== Income (loss) per common share - basic and diluted: Continuing operations $ (.31) $ .08 $ .23 Discontinued operations (.03) --- (.03) -------- ------ -------- Net income (loss) per common share - basic $ (.34) $ .08 $ (.26) ======== ====== ======== Weighted average number of common shares outstanding: Basic and diluted 11,207 11,207 11,207 Explanatory Note: The above pro-forma adjustments reflect the reversal of all income and expense transactions of Coyote Gateway, LLC during the three months ended June 30, 1999.
COYOTE NETWORK SYSTEMS, INC. AND SUBSIDIARIES PRO-FORMA FINANCIAL INFORMATION Pro-Forma Condensed Consolidated Statements of Operations for the Fiscal Year Ended March 31, 1999 Unaudited (In Thousands, Except Per Share Amounts)
Pro-Forma Historical Adjustments Pro-Forma ---------- ----------- --------- Net sales $ 43,318 $(2,779) $40,539 Cost of goods sold 28,748 (3,031) 25,717 -------- -------- ------- Gross profit 14,570 252 14,822 -------- ------- ------- Selling and administrative expenses 17,404 (2,880) 14,524 Engineering, research and development 9,546 --- 9,546 -------- ------- ------- Total operating expenses 26,950 (2,880) 24,070 -------- -------- ------- Operating income (loss) (12,380) 3,132 (9,248) Interest expense (1,893) 1,480 (413) Non-operating income (expense) 430 772 1,202 -------- ------- ------- Income (loss) from continuing operations (13,843) 5,384 (8,459) Loss from discontinued operations (900) --- (900) --------- ------- -------- Net income (loss) $(14,743) $ 5,384 $(9,359) ========= ======= ======== Income (loss) per common share - basic and diluted: Continuing operations $ (1.41) $ 0.55 $ (0.86) Discontinued operations (0.09) --- (0.09) --------- ------- -------- Net income (loss) per common share - basic and diluted $ (1.50) $ 0.55 $ (0.95) ========= ======= ======== Weighted average number of common shares outstanding: Basic and diluted 9,814 9,814 9,814 Explanatory Note: The above pro-forma adjustments reflect the reversal of all income and expense transactions of Coyote Gateway, LLC during the fiscal year ended March 31, 1999.
Index to Exhibits ----------------- Exhibit No. Description - ----------- ----------- *(2) Purchase Agreement, dated September 30, 1999, among the Company, AGTI, AGT, PVC, PFC and Salinas. * Previously filed. -----END PRIVACY-ENHANCED MESSAGE-----