-----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, Sp0VwEBXUTlTl8v0iXKgIMJBeOZ7ejt1UYn1+A+kqYlcwxOab/ivufVkHG0z4TZn ORJxR3aeckc8OZNRDiX0mw== 0000944209-97-000180.txt : 19970222 0000944209-97-000180.hdr.sgml : 19970222 ACCESSION NUMBER: 0000944209-97-000180 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19961129 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970214 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: VIEW TECH INC CENTRAL INDEX KEY: 0000746210 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 770312442 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-25940 FILM NUMBER: 97534064 BUSINESS ADDRESS: STREET 1: 950 FLYNN RD STREET 2: STE F CITY: CAMARILLO STATE: CA ZIP: 93012 BUSINESS PHONE: 8054828277 8-K/A 1 FORM 8-K/A FOR REPORT DATED 11/29/96 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 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) NOVEMBER 29, 1996 VIEW TECH, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 0-25940 77-0312442 (STATE OR OTHER JURISDICTION (COMMISSION FILE (I.R.S. EMPLOYER OF INCORPORATION) NUMBER) IDENTIFICATION NO.) 950 FLYNN ROAD, CAMARILLO, CALIFORNIA 93012 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)(ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (805) 482-8277 NOT APPLICABLE (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT) EXPLANATORY NOTE: Pursuant to Item 7, this Form 8-KA amends Item 7 of View Tech, Inc.'s ("View Tech") Current Report on Form 8-K filed on December 4, 1996, to provide the financial statements of the business acquired and the pro forma financial information required by Item 7. The remaining Items have not been amended and have not been restated in this Form 8-K/A. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (a) Financial Statements of business acquired. 1. The audited financial statements of USTeleCenters, Inc. for the twelve months ended June 30, 1996 and 1995, required by this Item 7(a) are incorporated herein by reference to financial statements set forth in the Registration Statement on Form SB-2 (SEC File No. 333-19597) for View Tech, dated January 31, 1997. 2. The unaudited financial statements of USTeleCenters, Inc. for the three months ended September 30, 1996 and 1995 required by this Item 7(a) are incorporated herein by reference to financial statements set forth in the Registration Statement on Form SB-2 (SEC File No. 333-19597) for View Tech, dated January 31, 1997. (b) Pro Forma Financial Information (unaudited). 1. Unaudited Pro Forma Condensed Combined Statements of Operations for the year ended June 30, 1996 and 1995 and unaudited pro forma combined Balance Sheet as of June 30, 1996 and 1995 are incorporated herein by reference to the pro forma combined financial data set forth in the Registration Statement on Form S-4 (SEC File No. 333-13459) for View Tech, dated November 5, 1996. 2. Unaudited Pro Forma Condensed Combined Statements of Operations for the three months ended September 30, 1996 and 1995 and unaudited pro forma condensed combined Balance Sheets as of September 30, 1996 and 1995, filed herewith. (c) Exhibits 20.1 Joint Proxy Statement/View Tech Proxy Statement/Prospectus for View Tech, Inc. and USTeleCenters, Inc. included with View Tech's registration statement on Form S-4, dated November 5, 1996, (SEC File No. 333-13459). 21.1 Agreement and Plan of Merger among View Tech, Inc., View Tech Acquisition, Inc. and USTeleCenters,Inc. dated as of September 5, 1996 (incorporated herein by reference to Appendix A to the Joint Proxy Statement/View Tech Proxy Statement/Prospectus included in View Tech's Registration Statement on Form S-4 (Sec File No. 333-13459) for View Tech, dated November 5, 1996). 23.1 Consent of Carpenter Kuhen & Sprayberry, filed herewith. 23.2 Consent of Arthur Andersen LLP, filed herewith. 99.1 Press release announcing completion of the Merger (previously filed on December 4, 1996). 2 VIEW TECH, INC. PROFORMA CONDENSED COMBINED BALANCE SHEET SEPTEMBER 30, 1996 (UNAUDITED)
Pro Forma Pro Forma View Tech UST Adjustments Combined ----------- ----------- ----------- ----------- ASSETS: Current Assets: Cash and cash equivalents..................... $ 1,155,565 $ 2,300 $ -- $ 1,157,865 Accounts receivable, net...................... 6,141,682 3,767,025 (1,000,000)(6) 8,908,707 Notes receivable.............................. 1,008,722 -- -- 1,008,722 Inventory..................................... 1,264,398 506,509 -- 1,770,907 Other current assets.......................... 1,096,692 272,872 -- 1,369,564 ----------- ----------- ----------- ----------- Total Current Assets........................ 10,667,059 4,548,706 (1,000,000) 14,215,765 Property and equipment, net..................... 946,251 1,791,207 -- 2,737,458 Deferred charges - goodwill, net................ 1,654,203 -- -- 1,654,203 Other assets.................................... 101,343 52,003 -- 153,346 ----------- ----------- ----------- ----------- $13,368,856 $ 6,391,916 $(1,000,000) $18,760,772 =========== =========== =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY: Current Liabilities: Accounts payable.............................. $ 4,664,593 $ 1,838,816 $ -- $ 6,503,409 Note Payable - vendor......................... -- 197,672 -- 197,672 Note payable.................................. 220,000 1,000,000 (1,000,000)(6) 220,000 Current portion of long-term debt............. -- 1,699,983 -- 1,699,983 Current portion of amounts due to landlords... -- 143,707 -- 143,707 Customer deposits............................. -- 187,121 -- 187,121 Other current liabilities..................... 576,703 890,189 1,500,000 (3) 2,966,892 ----------- ----------- ----------- ----------- Total Current Liabilities................... 5,461,296 5,957,488 500,000 11,918,784 ----------- ----------- ----------- ----------- Long-Term Liabilities........................... 223,181 596,834 -- 820,015 ----------- ----------- ----------- ----------- Stockholders' Equity: Common stock, par value $0.01................. 30,931 90,592 (68,182)(2) 53,341 Common stock subscribed, net.................. 1,390,102 -- -- 1,390,102 Paid-in capital............................... 6,768,921 1,352,915 68,182 (2) 8,190,018 Shareholder distributions..................... -- (2,027,674) 2,027,674 (2) -- Retained earnings (deficit)................... (505,575) 421,761 (3,527,674)(2)(3) (3,611,488) ----------- ----------- ----------- ----------- 7,684,379 (162,406) (1,500,000) 6,021,973 ----------- ----------- ----------- ----------- $13,368,856 $ 6,391,916 $(1,000,000) $18,760,772 =========== =========== =========== ===========
See notes to the pro forma condensed combined financial statements. 3 VIEW TECH, INC. PROFORMA CONDENSED COMBINED BALANCE SHEET SEPTEMBER 30, 1995 (UNAUDITED)
Pro Forma Pro Forma View Tech UST Adjustments Combined ----------- ------------ ------------ ------------- ASSETS: Current Assets: Cash and cash equivalents...................... $3,846,379 $ -- $ -- $ 3,846,379 Accounts receivable, net....................... 2,481,517 3,110,135 -- 5,591,652 Inventory...................................... 1,029,882 819,000 -- 1,848,882 Other current assets........................... 291,960 247,168 -- 539,128 ---------- ----------- ----------- ----------- Total Current Assets......................... 7,649,738 4,176,303 -- 11,826,041 Property and equipment, net...................... 238,662 2,101,969 -- 2,340,631 Other assets..................................... 105,898 57,719 -- 163,617 ---------- ----------- ----------- ----------- $7,994,298 $ 6,335,991 $ -- $14,330,289 ========== =========== =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY: Current Liabilities: Accounts payable............................... $2,359,194 $ 2,274,021 $ -- $ 4,633,215 Current portion of long-term debt.............. -- 2,768,455 -- 2,768,455 Current portion of amounts due to landlords.... -- 240,314 -- 240,314 Other current liabilities...................... 232,235 1,346,913 1,500,000 (3) 3,079,148 ---------- ----------- ----------- ----------- Total Current Liabilities.................... 2,591,429 6,629,703 1,500,000 10,721,132 ---------- ----------- ----------- ----------- Long-Term Liabilities............................ 21,146 1,025,782 -- 1,046,928 ---------- ----------- ----------- ----------- Stockholders' Equity: Common stock, par value $0.01.................. 28,625 89,947 (67,723)(2) 50,849 Paid-in capital................................ 5,243,620 1,369,310 46,723 (2) 6,659,653 Treasury stock, at cost........................ -- (21,000) 21,000 (2) -- Shareholder distributions...................... -- (2,027,674) 2,027,674 (2) -- Retained earnings (deficit).................... 109,478 (730,077) (3,527,674)(2)(3) (4,148,273) ---------- ----------- ----------- ----------- 5,381,723 (1,319,494) (1,500,000) 2,562,229 ---------- ----------- ----------- ----------- $7,994,298 $ 6,335,991 $ -- $14,330,289 ========== =========== =========== ===========
See notes to the pro forma condensed combined financial statements. 4 VIEW TECH, INC. PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
Three Months Ended September 30, 1996 ----------------------------------------- Pro Forma View Tech UST Combined ------------ ----------- ------------ Revenues: Product sales and services........... $5,364,952 $ 637,027 $ 6,001,979 Agency commissions................... -- 4,016,505 4,016,505 ---------- ---------- ----------- 5,364,952 4,653,532 10,018,484 ---------- ---------- ----------- Operating Expenses: Costs of goods sold.................. 3,786,229 1,030,912 4,817,141 Sales and marketing.................. 660,931 2,119,503 2,780,434 General and administrative........... 1,054,291 897,900 1,952,191 ---------- ---------- ----------- 5,501,451 4,048,315 9,549,766 ---------- ---------- ----------- Income (Loss) from Operations.......... (136,499) 605,217 468,718 Other Income (expenses)................ 14,120 (81,501) (67,381) ---------- ---------- ----------- Income (Loss) before Income Taxes...... (122,379) 532,716 401,337 Provision for Income Taxes(5).......... 48,036 (62,000) (13,964) ---------- ---------- ----------- Net Income (Loss)...................... $ (74,343) $ 461,716 $ 387,373 ========== ========== =========== Earnings (Loss) Per Share.............. $ (.03) $ .21 $ .06 ========== ========== =========== Weighted Average Shares Outstanding (4)........................ 2,959,248 2,240,976 6,288,305 ========== ========== ===========
See notes to the pro forma condensed combined financial statements. 5 VIEW TECH, INC. PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 (UNAUDITED)
Three Months Ended September 30, 1995 ------------------------------------------ Pro Forma View Tech UST Combined ------------ ------------ ----------- Revenues: Product sales and services........... $1,689,673 $1,003,614 $2,693,287 Agency commissions................... -- 3,723,403 3,723,403 ---------- ---------- ---------- 1,689,673 4,727,017 6,416,690 ---------- ---------- ---------- Operating Expenses: Costs of goods sold.................. 1,160,358 1,121,031 2,281,389 Sales and marketing.................. 245,496 2,061,880 2,307,376 General and administrative........... 585,993 963,905 1,549,898 ---------- ---------- ---------- 1,991,847 4,146,816 6,138,663 ---------- ---------- ---------- Income (Loss) from Operations.......... (302,174) 580,201 278,027 Other Income (expenses)................ 56,216 (119,307) (63,091) ---------- ---------- ---------- Income (Loss) before Income Taxes...... (245,958) 460,894 214,936 Provision for Income Taxes (5)......... 90,607 (30,900) 59,707 ---------- ---------- ---------- Net Income (Loss)...................... $ (155,351) $ 429,994 $ 274,643 ========== ========== ========== Earnings (Loss) Per Share.............. $ (.05) $ .19 $ .05 ========== ========== ========== Weighted Average Shares Outstanding(4)......................... 2,858,750 2,240,979 5,571,055 ========== ========== ==========
See notes to the pro forma condensed combined financial statements. 6 VIEW TECH, INC. NOTES TO PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS (UNAUDITED) 1. GENERAL ------- The pro forma data presented herein includes the effects of the merger between View Tech, Inc. ("View Tech") and USTeleCenters, Inc. ("UST") which was consummated on November 29, 1996. Such pro forma information is derived from the unaudited balance sheets and statements of operations of View Tech and UST as of September 30, 1996 and 1995 and for the three months then ended. 2. STOCKHOLDERS' EQUITY -------------------- The pro forma adjustments to common stock, paid in capital and treasury stock as of September 30, 1996 and 1995, reflect the issuance of 2,240,976 shares of View Tech common stock for all of the outstanding shares of UST common stock, representing a Conversion Ratio of 0.24534 View Tech share for each share of UST common stock. Shareholder distributions shown on the pro forma condensed combined balance sheets for UST as of September 30, 1996 and 1995 have been reflected in the combined companies retained earnings since UST converted to a C corporation upon closing of the Merger. 3. MERGER EXPENSES --------------- Under the pooling-of-interests method of accounting, costs associated with the merger of View Tech and UST are treated as an expense of the combined company. The accompanying pro forma condensed combined statements of operations do not reflect the expense associated with the Merger, which are estimated to be approximately $2.5 million pre-tax and $1.5 million after-tax, that will be recorded in the first period that financial statements of the combined companies are presented, since such expenses are non-recurring. The after-tax effect of these expenses are, however, reflected in the accompanying pro forma condensed combined balance sheets as of September 30, 1996 and 1995, respectively, as a liability and as a reduction to retained earnings. Merger expenses consist primarily of professional fees including, investment advisory, legal and accounting fees. The tax effect of the Merger expenses was calculated using View Tech's effective combined federal and state income tax rate of approximately 40%. 4. WEIGHTED AVERAGE SHARES OUTSTANDING ----------------------------------- The weighted average number of shares shown in the pro forma combined statements of operations for the three months ended September 30, 1996 and 1995 for UST represents the number of shares of View Tech common stock issued to the UST stockholders in connection with the Merger. The weighted average number of shares shown in the for View Tech for the three months ended September 30, 1996 and 1995 represents the actual weighted average shares outstanding for View Tech at such dates. 7 5. INCOME TAXES ------------ UST was an S corporation prior to the merger. As an S corporation, UST was generally not subject to federal income taxes. Instead the stockholders were taxed on their respective share of UST income at the stockholder's individual federal and state income tax rates. Accordingly, there was no provision for federal income taxes recorded by UST for the three months ended September 30, 1996 and 1995. Effective with the closing of the merger, UST converted to a C corporation. Net income for the three months ended September 30, 1996 and 1995 include a provision for income taxes to reflect income taxes as if UST had been combined with View Tech during such periods. 6. NOTE PAYABLE ------------ Represents the elimination of a note receivable/payable balance between View Tech and UST as of September 30, 1996. 8 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. VIEW TECH, INC. February 14, 1997 /s/ William M. McKay - ----------------- --------------------- Date William M. McKay Chief Financial Officer 9 EX-23.1 2 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS EXHIBIT 23.1 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS We hereby consent to the use in Form 8-K/A of the incorporation by reference of the following items which were filed with the Registration Statement on Form SB-2 dated January 31, 1997. 1) Our report dated December 23, 1996, relating to the supplemental consolidated financial statements of View Tech, Inc., which appear in such Prospectus; 2) Our report dated September 24, 1996, relating to the financial statement of View Tech, Inc., for the year ended June 30, 1996, which appear in such Prospectus; 3) Our report dated December 21, 1996, relating to the financial statements of USTeleCenters, Inc. which appear in such Prospectus; and 4) Reference to us under the heading "Experts" in such Prospectus. CARPENTER KUHEN & SPRAYBERRY /s/ Carpenter Kuhen & Sprayberry - -------------------------------- Oxnard, California February 14, 1997 EX-23.2 3 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS EXHIBIT 23.2 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference in this Form 8-K/A of our report dated December 20, 1996 included in Registration Statement File No. 333-19597. /s/ Arthur Andersen LLP ----------------------- ARTHUR ANDERSEN LLP Boston, Massachusetts February 13, 1997 -----END PRIVACY-ENHANCED MESSAGE-----