-----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, K+4FmYzPcEBZt3/WkzV8AjdZyu2tNLsdxbJPHXC++tGwWDjj92SZT/Dz0zQMc9IY ruvthx5jLw5Ryh4Gt1vqjg== 0000730045-97-000007.txt : 19970827 0000730045-97-000007.hdr.sgml : 19970827 ACCESSION NUMBER: 0000730045-97-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970826 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19970826 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMTEC INC CENTRAL INDEX KEY: 0000730045 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PAPER AND PAPER PRODUCTS [5110] IRS NUMBER: 030283466 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12661 FILM NUMBER: 97669933 BUSINESS ADDRESS: STREET 1: ONE IMTEC LN CITY: BELLOWS FALLS STATE: VT ZIP: 05101 BUSINESS PHONE: 8024639502 MAIL ADDRESS: STREET 1: ONE IMTEC LN CITY: BELLOWS FALLS STATE: VT ZIP: 05101 8-K 1 IMTEC, INC. 8-K, AQUISITION OF CUSTOMARK Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report: August 26, 1997 IMTEC, INC. (Exact name of Registrant as specified in charter) Delaware 0-12661 03-0283466 (State or other (Commission File No.) (IRS Employer jurisdiction of Identification Number) incorporation) One Imtec Lane, Bellows Falls, Vermont 05101 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (802) 463-9502 Item 2. Acquisition of Assets: On August 11, 1997, the Company acquired certain assets of the Markem Corporation's Customark Division for approximately $1,900,000 in cash. The assets acquired consist primarily of inventory, property and equipment and the registered U.S. service mark "Customark." The Company also assumed the facility lease obligation of Customark and intends to continue to operate as a separate division. The cash was provided from operations and a loan from the Company's bank, Vermont National Bank. Customark is engaged in the preprinted label business. It's digital-to-print, microprocessor based labeling technology should compliment the Company's existing label business. There appears to be little or no overlap of customers and vendors in the businesses. Item 7: Financial Statements, ProForma Financial Statements and Exhibits: (a) Financial Statements Attached audited Statements of Income for years ended December 31, 1996 and 1995 and for the six-month period ended June 30, 1997 (b) Pro Forma Financial Information (i) Unaudited pro forma condensed balance sheet of Registrant as of June 30, 1997, giving effect to the acquisition of Customark. (ii) Unaudited pro forma consolidated statement of income for the year ended June 30, 1997, giving effect to the acquisition of Customark. (c) Exhibits Inapplicable
Customark Statements of Income For the Six-Month Period Ended June 30,1997 and For the Years Ended December 31, 1996 and 1995 Six Month Period Ended Year Ended December 31, June 30, 1997 1996 1995 Revenues $ 1,014,684 $ 1,861,544 $ 1,724,000 Cost of Sales 519,562 1,007,704 989,773 -------------- ------------- ------------- Gross Profit 495,122 853,840 734,227 Selling and Administrative Expenses 269,622 560,485 501,057 -------------- ------------- ------------- Operating Income 225,500 293,355 233,170 Provision for Income Taxes 87,000 113,000 90,000 -------------- ------------- ------------- Net Income $ 138,500 $ 180,355 $ 143,170 ============= ============ ============
IMTEC, INC. Pro Forma Condensed Balance Sheet (Unaudited) June 30, 1997 Adjustments Pro Forma Assets Pre Acquisition Inc./(Dec.) Balance Current Cash and cash equivalents $1,352,562 $ (700,000) $ 652,562 Marketable Securities 92,999 92,999 Accounts Receivable (Net) 1,499,283 1,499,283 Inventories 1,402,318 96,599 1,498,917 Prepaid expenses & deferred charges 45,423 45,423 Deferred income taxes 159,508 159,508 ----------- ------------ ----------- Total Current Assets 4,552,093 (603,401) 3,948,692 Property & Equipment (Net) 1,234,488 134,022 1,368,490 Deposits 48,991 48,991 Computer Software (Net) 94,759 94,759 Goodwill 1,669,399 1,669,399 Other Intangiblies (Net) 222,032 222,032 ----------- ----------- ----------- Total Assets $ 6,152,363 $ 1,200,000 $ 7,352,363 =========== =========== =========== Liabilities & Shareholders Equity Current Liabilities Notes Payable Current - Long term debt $ 295,438 $ 295,438 Accounts Payable $ 324,651 324,651 Income tax payable 223,935 223,935 Accrued liabilities: 638,006 638,006 ----------- ----------- ----------- Total current liabilities 1,186,592 295,438 1,482,030 Long-Term Debt 904,562 904,562 ----------- ----------- ----------- Stockholders Equity: Common Stock 15,531 15,531 Additional paid-in capital 2,489,674 2,489,674 Retained earnings 2,490,566 2,490,566 ----------- ----------- ----------- Total stockholders equity 4,965,771 4,965,771 ----------- ----------- ----------- Total liabilities & stockholders equity $ 6,152,363 $ 1,200,000 $ 7,352,363 =========== =========== ===========
IMTEC, INC. Pro Forma Income Statement (Unaudited) June 30, 1997 Adjusted 12 months ended Pro forma 12 months ended June 30, 1997 Adjustments June 30, 1997 Net sales $ 8,801,389 $ 1,945,456 $ 10,746,845 Cost of sales 4,682,513 1,023,414 5,705,927 ----------- ----------- ----------- Gross profit 4,118,876 922,042 5,040,918 Selling, general & administrative expenses 2,652,939 549,864 3,202,803 Research & development 591,767 591,767 ----------- ----------- ----------- Operating Income 874,170 372,178 1,246,348 ----------- ----------- ----------- Other income (expenses): Interest income 42,357 (42,357) Gain on disposal of property 4,931 4,931 Interest expense (94,283) (94,283) ----------- ----------- ----------- 47,288 (136,640) (89,352) ----------- ----------- ----------- Income before taxes 921,458 235,538 1,147,996 Income tax expense 365,384 94,125 459,198 ----------- ----------- ----------- Net income $ 556,074 $ 141,323 $ 688,798 =========== =========== =========== Income per common share and common share equivalents outstanding $ 0.34 $ 0.09 $ 0.43 =========== =========== =========== Weighted average number of common share and common share equivalents outstanding 1,609,326 1,609,326 1,609,326
SIGNATURE 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. IMTEC, Inc. (Registrant) Date: August 26,1997 By: /s/ George S. Norfleet III . George S. Norfleet III CFO, Corporate Secretary -----END PRIVACY-ENHANCED MESSAGE-----