-----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, DBZqszTDn0Mx0rj5jgXJH7IThwX8dGAVwKN3CKpOXeQM5CeICKk+fliL1G9F5rDH AsKvJqFJ/rqzG0OCx6oWig== 0001000096-97-000801.txt : 19971107 0001000096-97-000801.hdr.sgml : 19971107 ACCESSION NUMBER: 0001000096-97-000801 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970922 ITEM INFORMATION: FILED AS OF DATE: 19971106 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: DCX INC CENTRAL INDEX KEY: 0000783284 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 840868815 STATE OF INCORPORATION: CO FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 000-14273 FILM NUMBER: 97709204 BUSINESS ADDRESS: STREET 1: 1597 COLE BLVD STREET 2: STE 300B CITY: GOLDEN STATE: CO ZIP: 80401 BUSINESS PHONE: 3032742700 MAIL ADDRESS: STREET 1: PO BOX 569 STREET 2: PO BOX 569 CITY: FRANKTOWN STATE: CO ZIP: 80116 FORMER COMPANY: FORMER CONFORMED NAME: DOUGLAS COUNTY INDUSTRIES INC DATE OF NAME CHANGE: 19860109 8-K/A 1 FORM 8-K/A SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange of 1934 Date of Report September 22, 1997 DCX, Inc. ---------------------------------------------------- (Exact name of registrant as specified in its charter) Colorado 0-14273 84-0868815 - -------- ------- ---------- (State of (Commission (IRS Employer incorporation) File Number) Identification No.) 1597 Cole Boulevard, Suite 300B CO 80401 - ------------------------------- -- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (303) 274-8708 Not Applicable Former address: 3002 North State Highway 83, Franktown, CO 80116-0569 Item 2, Acquisition or Disposition of Assets . On September 22, 1997, DCX, Inc. ("the Corporation") acquired all the outstanding shares of PlanGraphics, Inc. ("PGI"), a Maryland corporation located in Frankfort, Kentucky, in exchange for a total of 2,631,145 shares of the Corporation's no par value common stock at a price of $1.52 per share as set in the acquisition agreement which is filed as Exhibit 2.1a with this Form 8-K. The purchase price was based upon, among other things, what the Company believes is purchase price valuations paid for other companies in industries similar to PlanGraphics. In addition, the Corporation provided working capital to PGI subsequent to the executing the acquisition agreement. The following items amend the initially filed Form 8-K, dated September 22, 1997 which was filed on October 7, 1997. (b) Pro Forma Financial Information. DCX, INC. and Subsidiary Pro Forma Consolidated Financial Statements (Unaudited) The accompanying unaudited pro forma consolidated financial statements give effect to the acquisition by DCX, Inc. (the "Company" or "DCX") of 100% of the outstanding common stock of PlanGraphics, Inc. ("PlanGraphics") pursuant to the agreement between the parties; to reflect the issuance of 2,631,145 at $1.52 per share of the Company's common stock and are based on the estimates and assumptions set forth herein under the purchase method of accounting. Goodwill resulting from the transaction consists of the purchase price, net liabilities assumed over the net assets acquired plus transaction costs. The unaudited pro forma information has been prepared utilizing the historical financial statements and notes thereto, which are incorporated by reference herein. The unaudited pro forma financial data does not purport to be indicative of the results which actually would have been obtained had the purchase been effected on the date indicated or of the results which may be obtained in the future. The unaudited pro forma financial statements should be read in conjunction with the financial statements. The pro forma consolidated balance sheet assumes the acquisition was consummated at June 30, 1997. The accompanying unaudited pro forma statements of operations has been derived from the statement of operations of the Company for the nine month period ended June 30, 1997 and PlanGraphics for the nine month period ended June 30, 1997, and for the respective fiscal years of both companies ended September 30, 1996 and such information adjusted to give effect to the proposed acquisition as if the proposed acquisition had occurred as of the beginning of the periods presented. 2
DCX, INC AND SUBSIDIARY UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET JUNE 30, 1997 DCX, Inc. PlanGraphics Pro Forma Consolidated Actual Actual Adjustments Pro Forma ASSETS Cash and cash equivalents $ 183,447 $ 10,016 $ $ 193,463 Accounts receivable 1,703,845 2,018,353 3,722,198 Inventories 1,213,121 0 1,213,121 Prepaid and other 272,828 125,945 398,773 ------------ ------------ ------------ ------------ Total current assets $ 3,373,241 $ 2,154,314 $ $ 5,527,555 Property and equipment 1,206,419 2,802,617 4,009,036 Other assets 46,310 197,715 244,025 Goodwill 0 145,561 4,529,965 b,c 4,675,526 ------------ ------------ ------------ ------------ TOTAL ASSETS $ 4,625,970 $ 5,300,207 $ 4,529,965 $ 14,456,142 LIABILITIES AND STOCKHOLDERS' EQUITY Notes payable $ 907,708 $ 1,109,645 $ $ 2,017,353 Accounts payable 888,445 713,500 1,601,945 Accrued expenses and other liabilities 161,961 869,067 400,000 b 1,431,028 Accrued litigation settlement 521,000 0 521,000 Deferred revenues 0 156,044 156,044 ------------ ------------ ------------ ------------ Total current liabilities $ 2,479,114 $ 2,848,256 $ 400,000 $ 5,727,370 Notes payable 0 514,400 514,400 Obligations under capital leases 0 2,068,176 2,068,176 ------------ ------------ ------------ ------------ Total liabilities $ 2,479,114 $ 5,430,832 $ 400,000 $ 8,309,946 Stockholders' Equity: Preferred stock $ 0 $ 0 $ 0 $ 0 Common stock 5,545,806 434,454 3,564,886 a,d 9,545,146 Additional paid in capital 329,384 0 329,384 Subscriptions receivable (179,000) 0 (179,000) Accumulated deficit (3,549,334) (565,079) 565,079 d,e (3,549,334) ------------ ------------ ------------ ------------ Total stockholders' equity $ 2,146,856 $ (130,625) $ 4,129,965 $ 6,146,196 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,625,970 $ 5,300,207 $ 4,529,965 $ 14,456,142 See the accompanying Headnote and Notes to Pro Forma Consolidated Financial Statements
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DCX, INC. AND SUBSIDIARY UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS PlanGraphics, DCX, Inc. Inc. Nine Months Nine Months June 30, 1997 June 30, 1997 Proforma Consolidated Actual Actual Adjustments Pro Forma Revenue $ 3,964,929 $ 6,764,206 $ $ 10,729,135 Cost of revenue 3,530,824 2,175,170 5,705,994 ------------ ------------ ------------ ------------ Gross profit $ 434,105 $ 4,589,036 $ $ 5,023,141 General and administrative 702,705 4,280,089 224,842 e 5,207,636 ------------ ------------ ------------ ------------ Income (loss)from operations $ (268,600) $ 08,947 $ (224,842) $ (184,495) Other income (expense): Interest expense $ (101,622) $ (314,029) $ $ (415,651) Miscellaneous 415,562 0 415,562 ------------ ------------ ------------ ------------ Total other income (loss) $ 313,940 $ (314,029) $ $ (89) Net income (loss) before income taxes and extraordinary item $ 45,430 $ (5,082) $ (224,842) $ (184,584) Income taxes 0 10,130 10,130 ------------ ------------ ------------ ------------ Net income (loss) before extraordinary item $ 45,340 $ (15,212) $ (224,842) $ (194,714) Extraordinary item: gain on extinguishment of debt 267,050 0 267,050 ------------ ------------ ------------ ------------ NET INCOME (LOSS) $ 312,390 $ (15,212) $ (224,842) $ 72,336 Income (loss) from extraordinary item share of common stock .06 .04 Loss from operations per share of common stock (.03) (.05) Net Income (loss) attributable to common stockholdersg 146,724 (94,330) Net income (loss) attributable to common shareholders per share of common stock .03 (.01) Weighted average number of shares of common stock outstanding 4,613,600 7,244,745 See the accompanying Headnote and Notes to Pro forma consolidated Financial Statements 4
DCX, Inc. and Subsidiary Notes to Pro Forma Consolidated Financial Statements a. To record the issuance of 2,631,145 shares of DCX, Inc. common stock at the agreed upon rate of $1.52 per share. b. To record the liability for transaction costs. c. To record the purchase of PlanGraphics and the related goodwill. d. To eliminate the capital accounts of PlanGraphics upon consolidation with DCX, Inc. e. To record the amortization of goodwill over a 15 year period. f. To eliminate PlanGraphics income tax expense which is offset by DCX, Inc. NOL. g. To give effect to the deemed dividend on preferred stock convertible into common stock at a 25% discount to the five day average market price immediately preceding first possible date of conversion which was lower than the five day average market price at date of placement. The imputed discount of $166,666 is deemed a dividend which reduces income available to shareholders. 5
DCX, INC. AND SUBSIDIARY UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS PlanGraphics, DCX, Inc. Inc. Year Ended Year Ended Sep 30, 1996 Sep 30, 1996 Proforma Consolidated Actual Actual Adjustments Pro Forma Revenue $ 4,410,592 $ 7,985,750 $ $ 12,396,342 Cost of revenue 3,530,824 2,175,170 9,333,592 ------------ ------------ ------------ ------------ Gross profit $ 867,596 $ 2,195,154 $ $ 3,062,750 General and administrative 1,329,002 1,429,875 311,702 e 3,070,759 Litigation costs 446,674 446,674 ------------ ------------ ----------- ------------- Income (loss) from operations (908,080) 765,279 (454,503) Other income (expense): Interest expense $ (155,757) $ (297,064) $ $ (452,821) Miscellaneous 10,183 13,153 23,336 ------------ ------------ ------------ ------------ Total other income (loss) $ (145,574) $ (283,911) $ $ (429,485) Net income (loss) before income taxes $ (1,053,654) $ 481,368 $ $ (883,988) Income tax expense 0 176,469 (176,489) f ------------ ------------ ------------ ------------ Net income (loss) $ (1,053,654) $ 304,899 $ (883,988) Net income (loss) per share (.25) (.13) Weighted average number of shares of common stock outstanding 4,287,437 6,918,582 See the accompanying Headnote and Notes to Pro forma consolidated Financial Statements 6
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. DCX, Inc. (Registrant) /S/ Fred Beisser ------------------------------------ November 6, 1997 (Signature) Frederick G. Beisser Secretary, Treasurer & Vice President - Finance & Accounting 7 -----END PRIVACY-ENHANCED MESSAGE-----