-----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, RoLDrVlgbyQKWoo/ZVEz5J+2Oc/nc4IuShQciqfu5khXK1feTBG379a2xhp4h2fk 2OT3CQeTsqPbUlnnG/xHeA== 0000950132-96-000222.txt : 19960416 0000950132-96-000222.hdr.sgml : 19960416 ACCESSION NUMBER: 0000950132-96-000222 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960415 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960415 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACC CORP CENTRAL INDEX KEY: 0000783233 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 161175232 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14567 FILM NUMBER: 96547075 BUSINESS ADDRESS: STREET 1: 400 W AVE CITY: ROCHESTER STATE: NY ZIP: 14611 BUSINESS PHONE: 7169873000 MAIL ADDRESS: STREET 1: 400 WEST AVE CITY: NEW YORK STATE: NY ZIP: 14611 FORMER COMPANY: FORMER CONFORMED NAME: AC TELECONNECT CORP DATE OF NAME CHANGE: 19870129 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 15, 1996 --------------------------- ACC Corp. -------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-14567 16-1175232 -------------------------------- ----------- ------------------ (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 400 West Avenue, Rochester, New York 14611 ------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (716) 987-3000 -------------------------- Not Applicable ----------------------------------------------------------------------- (Former name or former address, if changed since last report) Exhibit Index Appears at Page 4 -2- ITEM 5. OTHER EVENTS - ----------------------- Recent Developments The Company has issued an earnings release on its first quarter results. Attached hereto as Exhibit 99.1 are the Company's unaudited consolidated balance sheets as at March 31, 1995 and 1996, the Company's unaudited consolidated statements of operations and unaudited consolidated statements of cash flows for the quarters then ended and the Company's audited consolidated balance sheets as at December 31, 1995 and 1996, which were included in such press release and which are incorporated by reference herein. As used herein, unless the context otherwise requires, the "Company" and "ACC" refer to ACC Corp. and its subsidiaries, including ACC Long Distance Corp. ("ACC U.S."), ACC TelEnterprises Ltd., the Company's 70% owned Canadian subsidiary ("ACC Canada"), and ACC Long Distance UK Ltd. ("ACC U.K."). In this Form 8-K references to "dollar" and "$" are to United States dollars, references to "Cdn. $" are to Canadian dollars, references to "(Pounds)" are to English pounds sterling, the terms "United States" and "U.S." mean the United States of America and, unless the context otherwise requires, its states, territories and possessions and all areas subject to its jurisdiction, and the terms "United Kingdom" and "U.K." mean England, Scotland and Wales. ITEM 7. FINANCIAL STATEMENTS AND EXHIBIT - ---------------------------------------------- See Exhibit Index -3- 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 thereunto duly authorized. ACC Corp. Dated: April 15, 1996 By: /s/ David K. Laniak ---------------------------------------- David K. Laniak Chief Executive Officer -4- EXHIBIT INDEX -------------
Exhibit Number Title or Description Location - -------- -------------------- -------- 99. 1 Unaudited consolidated balance sheets as at March 31, 1995 and 1996, unaudited consolidated statements of operations and unaudited consolidated statements of cash flows for the quarters then ended and audited consolidated balance sheets as at December 31, 1995 and 1996
EX-99.1 2 STATEMENT OF OPERATIONS/BALANCE SHEET Exhibit 99.1 ------------ ACC CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Amounts in thousands, except per share data)
Three months ended March 31, 1996 1995 ---------- ---------- ---------- ---------- Revenue: Toll revenue $61,538 37,366 Leased lines and other 5,317 2,342 ---------- ---------- ---------- ---------- 66,855 39,708 Network costs 41,608 24,745 ---------- ---------- ---------- ---------- Gross profit 25,247 14,963 Other operating expenses: Depreciation and amortization 3,619 2,532 Selling, general and administrative 18,637 12,877 ---------- ---------- ---------- ---------- 22,256 15,409 ---------- ---------- ---------- ---------- Income (loss) from operations 2,991 (446) Other income (expense): Interest (1,524) (918) Foreign exchange gain (loss) 12 (30) ---------- ---------- ---------- ---------- (1,512) (948) ---------- ---------- ---------- ---------- Income (loss) before provision for income taxes and minority interest 1,479 (1,394) Provision for income taxes 324 270 ---------- ---------- ---------- ---------- Income (loss) before minority interest 1,155 (1,664) Minority interest in (earnings) loss of consolidated subsidiary (299) 10 ---------- ---------- ---------- ---------- Net income (loss) 856 (1,654) ========== ========== Less Series A preferred stock dividend (299) - Less Series A preferred stock accretion (209) - ---------- ---------- Income (loss) applicable to common stock $ 348 $ (1,654) ========== ========== Net income (loss) per common & common equivalent share $ 0.04 $ (0.23) ========== ========== Average number of common and common equivalent shares 8,533,635 7,085,727 ========== ========== ========== ==========
ACC CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data)
March 31, December 31, 1996 1995 --------------- ------------ (unaudited) Current assets: Cash and cash equivalents $ 1,389 $ 518 Accounts receivable, net of allowance for doubtful accounts of $2,700 in 1996 and $2,085 in 1995 41,458 38,978 Other receivables 2,254 3,965 Prepaid expenses and other assets 2,782 2,265 -------------- ------------ Total current assets 47,883 45,726 -------------- ------------ Property, plant and equipment: At cost 88,946 83,623 Less-accumulated depreciation and amortization (29,376) (26,932) --------------- ----------- 59,570 56,691 --------------- ----------- Other assets: Goodwill and customer base, net 13,552 14,072 Deferred installation costs, net 3,539 3,310 Other 4,206 4,185 -------------- ------------ 21,297 21,567 -------------- ------------ Total assets $ 128,750 $ 123,984 ============== ============ March 31, December 31, 1996 1995 --------------- ------------ (unaudited) Current liabilities: Notes payable $ 695 $ 1,966 Current maturities of long-term debt 2,786 2,919 Accounts payable 8,900 7,340 Accrued network costs 27,769 28,192 Other accrued expenses 13,683 15,657 --------------- ------------ Total current liabilities 53,833 56,074 --------------- ------------ Deferred income taxes 2,317 2,577 --------------- ------------ Long-term debt 31,719 28,050 --------------- ------------ Redeemable Series A Preferred Stock, $1.00 par value, $1,000 liquidation value, cumulative, convertible, Authorized- 10,000 shares; Issued - 10,000 shares 9,956 9,448 --------------- ------------ Minority interest 1,740 1,428 --------------- ------------ Shareholders' equity: Preferred Stock, $1.00 par value, Authorized - 1,990,000 shares; Issued - no shares - - Class A Common Stock, $.015 par value Authorized - 50,000,000 shares; Issued - 8,829,666 in 1996 and 8,617,259 in 1995 132 129 Class B Common Stock, $.015 par value, Authorized - 25,000,000 shares; Issued - no shares - - Capital in excess of par value 34,832 32,911 Cumulative translation adjustment (950) (950) Retained earnings (deficit) (3,219) (4,073) --------------- ------------ 30,795 28,017 Less- Treasury stock, at cost (726,589 shares) (1,610) (1,610) --------------- ------------ Total shareholders' equity 29,185 26,407 --------------- ------------ Total liabilities and shareholders' equity $ 128,750 $123,984 =============== ============
ACC CORP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Amounts in 000's) FOR THE THREE MONTHS ENDED MARCH 31, 1996 1995 ---------- ---------- Cash flows from operating activities: Net income (loss) $856 ($1,654) ---------- ---------- Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,619 2,532 Deferred income taxes (260) 250 Minority interest in income (loss) of consolidated subsidiary 299 (10) Unrealized foreign exchange loss (gain) 59 (6) (increase) decrease in assets: Accounts receivable, net (2,604) (1,816) Other receivables 1,710 470 Prepaid and other assets (523) (483) Deferred installation costs (675) (630) Other (169) (5) Increase (decrease) in liabilities: Accounts payable 1,594 (1,541) Accrued network costs (257) 1,527 Other accrued expenses (1,913) 198 ---------- ---------- Net cash used in operating activities 1,736 (1,168) ---------- ---------- Cash flows from investing activities: Capital expenditures, net (5,625) (1,845) ---------- ---------- Net cash used in investing activities (5,625) (1,845) ---------- ---------- Cash flows from financing activities: Borrowings under lines of credit 11,850 11,358 Repayments under lines of credit (7,350) (9,846) Repayment of notes payable (1,293) _ Repayment of long-term debt (852) (335) Proceeds from issuance of common stock 2,446 1,442 Dividends paid _ (208) ---------- ---------- Net cash provided by financing activities 4,801 2,411 Effect of exchange rate changes on cash (41) (338) ---------- ---------- Net increase in cash 871 (940) Cash and cash equivalents at beginning or period 518 1,021 ---------- ---------- Cash and cash equivalents at end of period $1,389 $81 ========== ========== Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $896 $942 ========== ========== Income taxes $583 _ ========== ========== Supplemental schedule of noncash investing activities: Equipment purchased through capital leases _ $55 ========== ========== Supplemental schedule of noncash financing activities: Sale of common stock ($6.6 million received in April, 1995) _ $6,840 ========== ========== -----END PRIVACY-ENHANCED MESSAGE-----