-----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, Gq1YG+4vkxYf7r04bg12tVWU8O+uhSwh2NB29KxkHgbggzWWSny5zPz/dIVHxDOt Z3zIPxB1LTn7PaagAvLGoA== 0000006260-02-000034.txt : 20021101 0000006260-02-000034.hdr.sgml : 20021101 20021031184430 ACCESSION NUMBER: 0000006260-02-000034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021018 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 20021101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANACOMP INC CENTRAL INDEX KEY: 0000006260 STANDARD INDUSTRIAL CLASSIFICATION: PHOTOGRAPHIC EQUIPMENT & SUPPLIES [3861] IRS NUMBER: 351144230 STATE OF INCORPORATION: IN FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08328 FILM NUMBER: 02805664 BUSINESS ADDRESS: STREET 1: 12365 CROSTHWAITE CIRCLE CITY: POWAY STATE: CA ZIP: 92064 BUSINESS PHONE: 8586799797 MAIL ADDRESS: STREET 1: 12365 CROSTHWAITE CIRCLE CITY: POWAY STATE: CA ZIP: 92064 FORMER COMPANY: FORMER CONFORMED NAME: COMPUTEC INC DATE OF NAME CHANGE: 19740314 8-K 1 f8kswisssale.txt SWISS SALE Item 2 - Acquisition or Disposition of Assets Anacomp Inc. ("Anacomp") completed a sale of all of its Switzerland subsidiaries and operations on October 18, 2002. The acquiring company assumed operational responsibility effective October 1, 2002. Under the terms of the sale agreement, Anacomp sold all of the outstanding shares of its two Swiss subsidiaries, Cominformatic AG and Anacomp Technical Services AG, to edotech Ltd. (a UK company) at a sales price of CHF 26.7 million (Swiss francs) or approximately $17.9 million (U.S. dollars). The sales price is payable as follows: CHF 4.6 million at closing; CHF 18.2 million upon completion of the Cominformatic share exchange, no later than six months from the date closing; CHF 1.1 million on or before April 18, 2003; and CHF 2.8 million within the next 18 months upon expiration of certain indemnification claim periods. Effectively all of the net proceeds will be used to reduce the balance outstanding under the credit facility, under the terms of the senior secured revolving credit facility. Item 7 - Financial Statements and Exhibits ANACOMP, INC. CONSOLIDATED PROFORMA BALANCE SHEETS
Reorganized Company --------------------------------------------------- (dollars in thousands, except share amounts) Proforma Proforma June 30, 2002 adjustments June 30, 2002 ------------- ------------- ------------- Assets Current assets: Cash and cash equivalents............ $ 16,650 $ (1,379) (b) $ 15,271 Accounts receivable, net............. 40,012 (5,033) (c) 34,979 Receivable resulting from disposition of Swiss subsidiaries............ --- 12,938 (d) 12,938 Inventories.......................... 4,093 (1,141) (c) 2,952 Prepaid expenses and other........... 6,281 (1,599) (c) 4,682 ------------- ------------- ------------- Total current assets..................... 67,036 3,786 70,822 Property and equipment, net.............. 29,401 (5,309) (c) 24,092 Reorganization value in excess of identifiable net assets.............. 73,792 --- 73,792 Intangible assets, net................... 11,308 --- 11,308 Other assets............................. 3,785 1,905 (d) 5,690 ------------- ------------- ------------- $ 185,322 $ 382 $ 185,704 ============= ============= ============= Liabilities and Stockholders' Equity Current liabilities: Current portion of senior secured revolving credit facility........ $ 33,475 $ (3,100) (b) $ 30,375 Accounts payable..................... 10,423 (791) (e) 9,632 Accrued compensation, benefits and withholdings..................... 16,761 (814) (e) 15,947 Deferred revenue..................... 8,886 (2,289) (e) 6,597 Accrued income taxes................. 978 (627) (e) 351 Accrued interest..................... 181 --- 181 Other accrued liabilities............ 12,582 965 (e) 13,547 ------------- ------------- ------------- Total current liabilities................ 83,286 (6,656) 76,630 ------------- ------------- ------------- Long-term liabilities: Other long-term liabilities........ 2,198 --- 2,198 ------------- ------------- ------------- Commitments and contingencies Stockholders' equity: Preferred stock, 1,000,000 shares authorized, none issued.......... --- --- --- Common stock, $.01 par value; 40,787,711 shares authorized; 4,034,034 shares issued and outstanding...................... 40 --- 40 Additional paid-in capital .......... 96,885 --- 96,885 Accumulated other comprehensive income (loss)........................... 2,003 (870) (f) 1,133 Retained earnings.................... 910 7,908 (g) 8,818 ------------- ------------- ------------- Total stockholders' equity............... 99,838 7,038 106,876 ------------- ------------- ------------- $ 185,322 $ 382 $ 185,704 ============= ============= =============
Reorganized Company --------------------------------- (a) Proforma Six months six months ended June Proforma ended June 30, 2002 adjustments 30, 2002 (dollars in thousands, except ----------- ------------ ----------- per share amounts) Revenues: Services................. $ 105,413 $ (12,918) $ 92,495 Equipment and supply sales 25,997 (155) 25,842 ----------- ------------ ----------- 131,410 (13,073) 118,337 ----------- ------------ ----------- Cost of revenues: Services................. 70,440 (9,159) 61,281 Equipment and supply sales 18,991 (88) 18,903 ----------- ------------ ----------- 89,431 (9,247) 80,184 ----------- ------------ ----------- Gross profit................. 41,979 (3,826) 38,153 Costs and expenses: Engineering, research and development.......... 3,807 (392) 3,415 Selling, general and administrative....... 31,214 (2,436) 28,778 Amortization of intangible assets.... 992 --- 992 Restructuring charges (credits)............ 2,081 --- 2,081 ----------- ------------ ----------- Operating income or loss..... 3,885 (998) 2,887 ----------- ------------ ----------- Other income and expense: Interest income.......... 173 (14) 159 Interest expense and fee amortization............ (2,255) 306 (1,949) Other.................... 387 (1) 386 ----------- ------------ ----------- (1,695) 291 (1,404) ----------- ------------ ----------- Income or loss before reorganization items, income taxes and extraordinary gain on extinguishment of debt... 2,190 (707) 1,483 Reorganization items......... --- --- --- ----------- ------------ ----------- Income or loss before income taxes and extraordinary gain on extinguishment of debt..................... 2,190 (707) 1,483 Provision for income taxes... 1,280 (32) 1,248 ----------- ------------ ----------- Income or loss before extraordinary gain on extinguishment of debt... 910 (675) 235 =========== ============ =========== Basic and diluted per share data: Basic and diluted net income or loss......... $ 0.23 $ 0.06 =========== =========== Shares used in computing basic and diluted net income or loss per share 4,034 4,034 =========== ===========
Predecessor Company ---------------------------------------------------------------------------------------- Proforma Three months (a) Proforma three Twelve months (a) twelve months ended months ended ended ended December 31, Proforma December 31, September 30, Proforma September 30, 2001 adjustments 2001 2001 adjustments 2001 ------------- ----------- --------------- -------------- ----------- --------------- (dollars in thousands, except per share amounts) Revenues: Services.................. $ 55,098 $ (6,782) $ 48,316 236,635 (21,224) $ 215,411 Equipment and supply sales 12,926 (168) 12,758 69,713 (723) 68,990 ------------- ----------- --------------- -------------- ----------- --------------- 68,024 (6,950) 61,074 306,348 (21,947) 284,401 ------------- ----------- --------------- -------------- ----------- --------------- Cost of revenues: Services.................. 36,630 (4,780) 31,850 155,273 (14,869) 140,404 Equipment and supply sales 9,874 (88) 9,786 51,455 (515) 50,940 ------------- ----------- --------------- -------------- ----------- --------------- 46,504 (4,868) 41,636 206,728 (15,384) 191,344 ------------- ----------- --------------- -------------- ----------- --------------- Gross profit.................. 21,520 (2,082) 19,438 99,620 (6,563) 93,057 Costs and expenses: Engineering, research and development........... 1,680 (86) 1,594 7,208 (526) 6,682 Selling, general and administrative........ 15,643 (1,228) 14,415 83,527 (3,489) 80,038 Amortization of intangible assets..... 2,896 --- 2,896 11,713 --- 11,713 Restructuring charges (credits)............. (1,032) --- (1,032) (1,207) --- (1,207) ------------- ----------- --------------- -------------- ----------- --------------- Operating income or loss...... 2,333 (768) 1,565 (1,621) (2,548) (4,169) ------------- ----------- --------------- -------------- ----------- --------------- Other income and expense: Interest income........... 155 (1) 154 1,338 (3) 1,335 Interest expense and fee amortization............. (3,114) 251 (2,863) (43,860) 1,170 (42,690) Other..................... (221) 9 (212) (131) 49 (82) ------------- ----------- --------------- -------------- ----------- --------------- (3,180) 259 (2,921) (42,653) 1,216 (41,437) ------------- ----------- --------------- -------------- ----------- --------------- Income or loss before reorganization items, income taxes and extraordinary gain on extinguishment of debt.... (847) (509) (1,356) (44,274) (1,332) (45,606) Reorganization items.......... 13,328 --- 13,328 --- --- --- ------------- ----------- --------------- -------------- ----------- --------------- Income or loss before income taxes and extraordinary gain on extinguishment of debt...................... 12,481 (509) 11,972 (44,274) (1,332) (45,606) Provision for income taxes.... 450 (14) 436 3,217 (7) 3,210 ------------- ----------- --------------- -------------- ----------- --------------- Income or loss before extraordinary gain on extinguishment of debt.... 12,031 (495) 11,536 (47,491) (1,325) (48,816) ============= =========== =============== ============== =========== ===============
FOOTNOTES: The unaudited proforma consolidated financial statements reflect the sale of Anacomp's wholly-owned subsidiaries, Cominformatic AG and Anacomp Technical Services AG, to edotech, Ltd. (a UK company) in consideration for CHF 26.7 million (Swiss francs) or approximately $17.9 million. The unaudited proforma consolidated statements of operations for the twelve-month period ended September 30, 2001, the three-month period ended December 31, 2001, and the six-month period ended June 30, 2002 reflect our results of operations for such periods as if we had disposed of our Swiss subsidiaries as of the beginning of each such period. Adjustments reflect the disposition of all of the assets and liabilities of our wholly-owned Swiss subsidiaries, which also include part of our Austrian business. The unaudited proforma consolidated balance sheet reflects our financial position as if the sale of our Swiss subsidiaries occurred on June 30, 2002, and includes adjustments for the receipt of consideration from the buyer net of estimated transaction costs, payment of proceeds to reduce our outstanding revolving credit facility, and disposal of all assets and liabilities of our Swiss subsidiaries. The unaudited proforma consolidated balance sheet reflects the accrual of the estimated transaction costs associated with the sale. The proforma adjustments are summarized as follows: a) Adjustments reflect results of Swiss operations for the periods presented. It was assumed that when received, the net proceeds are used to pay down the revolving credit facility balance based on the timing of receipt. The interest expense for the periods presented have been proportionately reduced to reflect the reduced credit facility balance outstanding. Interest expense adjustments were calculated assuming receipt of $3.1 million as of the beginning of all periods presented, and $11.1 million ($12.9 million gross proceeds less $1.8 million estimated transaction costs) three months after the beginning of the periods. b) Adjustments reflect receipt of CHF 4.6 million (approximately $3.1 million) upon the closing of the transaction and the simultaneous $3.1 million paydown of our revolving credit facility balance. The following table illustrates these adjustments (in thousands):
Description Amount --------------------------------------------------------------- Cash received $ 3,100 Revolver paydown (3,100) Less Swiss cash balance at June 30, 2002 (1,379) ----------- Proforma adjustment $ (1,379) ===========
c) Reflects the disposal of Swiss subsidiary accounts receivable, inventories, prepaid expenses and other current assets, and property and equipment balances as of June 30, 2002. d) The terms of the sale agreement set forth the timing of receipt of proceeds from the buyer. Approximately CHF 4.6 million ($3.1 million) were received at the close of the sale. Receipt of this amount is reflected in our unaudited proforma consolidated balance sheet as an immediate reduction to our outstanding revolving credit facility. The majority of the remaining proceeds ($12.9 million) are reflected as a receivable in current assets at June 30, 2002. The remaining CHF 2.8 million ($1.9 million) of proceeds are reflected in non-current other assets, as they are to be received approximately 18 months after the closing date of the transaction. e) Reflects the disposal of Swiss subsidiary accounts payable, accrued compensation, deferred revenue, accrued income taxes, and other accrued liabilities balances as of June 30, 2002. Other accrued liabilities also include an accrual of transaction expenses of approximately $2.4 million related to the sale. f) Reflects the elimination of Swiss subsidiary cumulative translation gains as of June 30, 2002. g) Reflects recording of gain on sale of Swiss subsidiaries of $7.9 million based upon the net book value of the Swiss assets and liabilities at June 30, 2002. The actual gain or loss on this sale will be calculated using the actual book value amounts of the assets and liabilities as of the effective date of the sale. -----END PRIVACY-ENHANCED MESSAGE-----