8-K/A 1 0001.txt AMENDMENT NO. 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------------ FORM 8-K/A Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 December 15, 2000 Date of Report (Date of earliest event reported) METALDYNE CORPORATION (Exact name of registrant as specified in its charter) Delaware 001-12068 38-251395 (State or other jurisdiction of (Commission file number) (I.R.S. Employer incorporation) Identification No.) 21001 Van Born Road Taylor, Michigan 48180 (Address of principal executive offices) (313) 792-6237 (Registrant's telephone number, including area code) MascoTech, Inc. (Former name or former address, if changed since last report) ================================================================================ Item 7. Financial Statements And Exhibits. As previously reported on Form 8-K (the "8-K Report") dated December 15, 2000 and filed with the Securities and Exchange Commission on December 18, 2000, Metaldyne Corporation (formerly known as MascoTech, Inc.) (the "Company") completed its acquisition of Simpson Industries, Inc. ("Simpson") on December 15, 2000. This Form 8-K/A hereby amends the Company's 8-K Report to provide the required financial statements and pro forma financial information which were not available at the time of the initial filing of the 8-K Report, pursuant to Item 7 of Form 8-K. (a) Financial Statements of Business Acquired (i) The audited consolidated balance sheets of Simpson and its subsidiaries as of December 31, 1999 and 1998, and the related consolidated statements of operations, stockholders' equity and comprehensive income, and cash flows for each of the years in the three-year period ended December 31, 1999 and the related notes are incorporated by reference from pages F-10 through F-25 of Simpson's Annual Report on Form 10-K for the year ended December 31, 1999. (ii) The unaudited consolidated balance sheets at September 30, 2000 and at December 31, 1999 (audited) and the unaudited consolidated statement of operations and statement of cash flows for the three months ended September 30, 2000 and 1999 and for the nine months ended September 30, 2000 and 1999 and the related notes are incorporated by reference from pages F-2 through F-5 of Simpson's Quarterly Report on Form 10-Q for the Quarter ended September 30, 2000. (b) Pro Forma Financial Information The unaudited pro forma consolidated condensed balance sheet of Metaldyne at September 30, 2000 and the unaudited pro forma consolidated condensed statement of income of Metaldyne for the year ended December 31, 1999 and for the nine months ended September 30, 2000 and the related notes are included on pages F-2 through F-8. (c) Exhibits (23) Consent of KPMG LLP. (99.1) Audited consolidated balance sheets of Simpson and its subsidiaries as of December 31, 1999 and 1998, and the related consolidated statements of operations, stockholders' equity and comprehensive income, and cash flows for each of the years in the three-year period ended December 31, 1999 and the related notes are incorporated by reference from pages F-10 through F-25 of Simpson's Annual Report on Form 10-K for the year ended December 31. (99.2) Unaudited consolidated balance sheets at September 30, 2000 and at December 31, 1999 (audited) and the unaudited consolidated statement of operations and statement of cash flows for the three months ended September 30, 2000 and 1999 and for the nine months ended September 30, 2000 and 1999 and the related notes are incorporated by reference from pages F-2 through F-5 of Simpson's Quarterly Report on Form 10-Q for the Quarter ended September 30, 2000. Metaldyne Corporation Unaudited Pro Forma Consolidated Condensed Financial Statements The following unaudited pro forma consolidated condensed financial statements have been derived from our unaudited historical consolidated financial statements as of and for the nine months ended September 30, 2000 and from our audited historical consolidated financial statements for the year ended December 31, 1999. The unaudited pro forma consolidated condensed balance sheet gives effect to the December 15, 2000 acquisition of Simpson Industries, Inc. for total cash consideration of approximately $365 million as if it and the related financings had occurred on September 30, 2000. The acquisition has been accounted for as a purchase. The unaudited pro forma consolidated condensed statements of income give effect to the acquisition as if it had occurred January 1, 1999. The unaudited pro forma consolidated condensed balance sheet assumes that the excess purchase price over the fair value of the net assets of the acquired company is approximately $161 million. The purchase price allocations are preliminary, and as such are estimates. Such allocations could change upon the completion of asset valuations, which are on-going as of the date of this filing. The unaudited pro forma consolidated condensed financial statements do not purport to represent what our results of operations or financial position would actually have been had the acquisition and related financings occurred at such times. These statements also do not purport to project our results of operations or financial position for or at any future period or date. The unaudited pro forma financial statements should be read in conjunction with the historical financial statements of the Company and Simpson and the related notes to such financial statements. F-1
Metaldyne Corporation Unaudited Pro Forma Consolidated Condensed Balance Sheet As of September 30, 2000 (amounts in thousands) Metaldyne Simpson Pro Forma Pro Forma Historical Historical Adjustments Adjusted ---------- ---------- ----------- -------- ASSETS Current assets Cash............................................ $14,100 $7,672 (A) $21,772 Receivables..................................... 195,070 82,472 $(36,300)(D) 241,242 Inventories..................................... 177,010 19,157 196,167 Deferred and refundable income taxes............ 24,490 24,490 Prepaid expenses and other assets............... 16,490 15,634 32,124 ---------- ---------- ------------ ---------- Total current assets.......................... 427,160 124,935 (36,300) 515,795 Equity and other investments in affiliates...... 115,530 115,530 Property and equipment, net..................... 741,860 189,316 931,176 Excess of cost over net assets of acquired 755,560 41,838 119,389(F) 916,787 companies Notes receivable and other assets............... 39,290 2,117 5,864(E) 47,271 ---------- ---------- ------------ ---------- Total assets.................................. $2,079,400 $358,206 $88,953 $2,526,559 ========== ========== ============ ========== LIABILITIES Current liabilities Accounts payable................................ $138,990 $55,852 $194,842 Accrued liabilities............................. 116,970 44,469 $(3,030)(B) 158,409 ---------- ---------- ------------ ---------- Total current liabilities..................... 255,960 100,321 (3,030) 353,251 Convertible debt................................ 305,000 305,000 Other long term debt Bank debt..................................... 934,000 97,254 99,084(B) 1,130,338 Other......................................... 15,900 15,900 Deferred Income taxes and other long term 226,790 27,530 254,320 liabilities................................... ---------- ---------- ------------ ---------- Total liabilities............................. 1,737,650 225,105 96,054 2,058,809 ---------- ---------- ------------ ---------- SHAREHOLDERS' EQUITY Common Stock.................................... 44,730 17,874 (10,418)(C) 52,186 Paid in capital................................. 10 22,537 96,007(C) 118,554 Retained earnings............................... 383,450 111,467 (111,467)(C) 383,450 Accumulated other comprehensive loss............ (42,710) (17,112) 17,112(C) (42,710) Less: restricted stock awards.................. (43,730) (1,665) 1,665(C) (43,730) ---------- ---------- ------------ ---------- Total shareholders equity....................... 341,750 133,101 (7,101) 467,750 Total liabilities and shareholders equity....... $2,079,400 $358,206 $88,953 $2,526,559 ========== ========== ============ ==========
F-2
Metaldyne Corporation Footnotes to Unaudited Pro Forma Consolidated Condensed Balance Sheet As of September 30,2000 (amounts in thousands) (A) Uses of cash: Purchase of 17,867,058 restricted and unrestricted shares for $13.00 per share..... $ 232,272 Settlement of 861,322 stock options................................................ 2,363 ------------ Total consideration to shareholders............................................. 234,635 Repay existing debt: Principal....................................................................... 103,775 Interest........................................................................ 3,030 Prepayment penalty.............................................................. 5,565 ------------ 112,370 Fees: Common stock purchase........................................................... 12,290 New debt agreements............................................................. 4,864 Receivables sale agreement...................................................... 1,000 ------------ 18,154 ------------ Total uses of cash.............................................................. $ 365,159 ------------ Sources of cash: Issuance of shares of Metaldyne common stock at $16.90 per share................... $ 126,000 Proceeds from sale of receivables.................................................. 36,300 Issuance of new debt: Revolving credit borrowings..................................................... 2,859 New term loan................................................................... 200,000 ------------ 202,859 Total sources of cash........................................................... $ 365,159 ------------ Net change in cash........................................................... $ -- ============ (B) Net change in debt: New borrowings..................................................................... $ 202,859 Repay Simpson principal............................................................ (103,775) ------------ Net change in debt.............................................................. 99,084 ============ Pay accrued interest on existing debt.................................................. $ 3,030 ============
(C) Change in Shareholders' Equity: Elimination of Issuance Simpson Equity of shares Total -------------- --------- ------------ Common Stock $ (17,874) 7,456 $ (10,418) Paid In Capital............................... (22,537) 118,544 96,007 Retained Earnings............................. (111,467) (111,467) Accumulated other comprehensive loss.......... 17,112 17,112 Restricted Stock Awards....................... 1,665 1,665 -------------- -------------- ------------ $ (133,101) $ 126,000 $ (7,101) ============== ============== ============
(D) The securitization of $36.3 million of Simpson receivables to finance, in part, the purchase. (E) Deferred financing costs related to: F-3
Metaldyne Corporation Footnotes to Unaudited Pro Forma Consolidated Condensed Balance Sheet As of September 30,2000 (amounts in thousands) (continued) New term loan...................................................................... $ 4,864 Revolving receivables sales agreement.............................................. 1,000 ------------ $ 5,864 ============ (F) Excess of cost over net assets acquired: Consideration paid to shareholders................................................. $ 234,635 Stock purchase fees................................................................ 12,290 Prepayment penalty on debt retirement.............................................. 5,565 ------------ 252,490 Historical cost of net assets acquired............................................. 133,101 Less: existing goodwill at Simpson................................................. (41,838) ------------ 91,263 Excess of cost over net assets acquired:........................................ 161,227 Less: existing goodwill at Simpson ............................................. (41,838) ------------ Incremental goodwill......................................................... $ 119,389 ============
F-4
Metaldyne Corporation Unaudited Pro Forma Consolidated Condensed Statement Of Income For the year ended December 31, 1999 (amounts in thousands) Metaldyne Simpson Pro Forma Pro Forma Historical Historical Adjustments Adjusted ---------- ---------- ----------- --------- Sales......................................... $1,679,690 $532,676 $2,212,366 Cost of Sales................................. (1,246,660) (478,903) (1,725,563) ---------- -------- ------------ ---------- Gross Profit............................... 433,030 53,773 486,803 Selling, general and administrative expenses.. (214,530) (14,785) $(2,412)(A) (231,727) Gains (charge) on disposition of businesses... 14,440 14,440 Charge for asset impairment................... (17,510) (17,510) ---------- -------- ------------ ---------- Operating profit........................... 215,430 38,988 (2,412) 252,006 Other income (expense), net Interest expense........................... (80,820) (9,279) (9,911)(B) (100,010) Equity and other income from affiliates.... 13,230 13,230 Gain (charge) from disposition of, or changes in investments in equity affiliates........ (3,150) (3,150) Other, net................................. (5,220) 2,009 (3,274)(C) (6,485) ---------- -------- ------------ ---------- Total other income (expense), net........ (75,960) (7,270) (13,185) (96,415) Income before income taxes.................... 139,470 31,718 (15,597) 155,591 Income taxes.................................. 47,040 10,880 (4,414)(D) 53,506 ---------- -------- ------------ ---------- Net income.................................... $92,430 $20,838 $(11,183) $102,085 ========== ======== ============ ==========
F-5 Metaldyne Corporation Footnotes to Unaudited Pro Forma Consolidated Condensed Statement of Income For the Year Ended December 31, 1999 (A) The incremental amortization over 40 years of the excess of cost over fair value of assets acquired ($3 million), and the elimination of compensation expense related to the restricted stock awards which were cashed out pursuant to the purchase agreement ($0.6 million). (B) The incremental interest expense from the approximately $99 million, net, in additional borrowings. (C) The amortization of the deferred financing costs related to the additional borrowings ($0.6 million) and expenses associated with the receivables securitization ($2.6 million). (D) The related net tax provision of the pro forma adjustments at appropriate U.S. statutory rates including state tax provision, net of federal tax benefit. F-6
Metaldyne Corporation Unaudited Pro Forma Consolidated Condensed Statement Of Income For the Nine months ended September 30, 2000 (amounts in thousands) Metaldyne Simpson Pro Forma Pro Forma Historical Historical Adjustments Adjusted ----------- ---------- ----------- --------- Sales......................................... $1,295,480 $399,605 $1,695,085 Cost of Sales................................. (966,590) (360,108) (1,326,698) ---------- -------- ----------- ---------- Gross Profit.................................. 328,890 39,497 368,387 Selling, general and administrative expenses.. (163,130) (11,871) $(1,809)(A) (176,810) Gains (charge) on disposition of businesses... 2,800 2,800 ---------- -------- ----------- ---------- Operating profit........................... 168,560 27,626 (1,809) 194,377 Other income (expense), net Interest expense........................... (64,500) (6,960) (7,433)(B) (78,893) Equity and other income from affiliates.... 9,170 9,170 Other, net................................. 2,120 (617) (2,456)(C) (953) ---------- -------- ----------- ---------- Total other income (expense), net........ (53,210) (7,577) (9,889) (70,676) Income before income taxes.................... 115,350 20,049 (11,698) 123,701 Income taxes.................................. 45,490 6,365 (3,311)(D) 48,544 ---------- -------- ----------- ---------- Net income.................................... $69,860 $13,684 $(8,387) $75,157 ========== ======== =========== ==========
F-7 Metaldyne Corporation Footnotes to Unaudited Pro Forma Consolidated Condensed Statement of Income For the Nine Months Ended September 30, 2000 (A) The incremental amortization over 40 years of the excess of cost over fair value of assets acquired ($2.2 million) and the elimination of compensation expense related to the restricted stock awards which were cashed out pursuant to the purchase agreement ($0.4 million). (B) The incremental interest expense from the approximately $99 million, net, in additional borrowings. (C) The amortization of the deferred financing costs related to the additional borrowings and ($0.4 million) and expenses associated with the receivables securitization ($2.0 million). (D) The related net tax provision of the pro forma adjustments at appropriate U.S. statutory rates including state tax provision, net of federal tax benefit. F-8 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 thereunto duly authorized. Dated: February 27, 2001 METALDYNE CORPORATION By: /s/ Timothy Wadhams -------------------------------------------- Name: Timothy Wadhams Title: Chief Financial Officer, Executive Vice President, Finance and Administration EXHIBIT INDEX Exhibit Number Description ------ ----------- 23 Consent of KPMG LLP. 99.1 Audited consolidated balance sheets of Simpson and its subsidiaries as of December 31, 1999 and 1998, and the related consolidated statements of operations, stockholders' equity and comprehensive income, and cash flows for each of the years in the three-year period ended December 31, 1999 and the related notes are incorporated by reference from pages F-10 through F-25 of Simpson's Annual Report on Form 10-K for the year ended December 31, 1999. 99.2 Unaudited consolidated balance sheets at September 30, 2000 and at December 31, 1999 (audited) and the unaudited consolidated statement of operations and statement of cash flows for the three months ended September 30, 2000 and 1999 and for the nine months ended September 30, 2000 and 1999 and the related notes are incorporated by reference from pages F-2 through F-5 of Simpson's Quarterly Report on Form 10-Q for the Quarter ended September 30, 2000.