-----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, G8VsIJFdEFDwilu9txj1SHuAsGxpvdJ1YXXCtIMG+WcT6otb90tRlBjbwE/p7wD9 5C2IjQNQ3pKxOhlZt8484w== 0000930661-97-001433.txt : 19970602 0000930661-97-001433.hdr.sgml : 19970602 ACCESSION NUMBER: 0000930661-97-001433 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970318 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970530 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEVENS INTERNATIONAL INC CENTRAL INDEX KEY: 0000817644 STANDARD INDUSTRIAL CLASSIFICATION: PRINTING TRADES MACHINERY & EQUIPMENT [3555] IRS NUMBER: 752159407 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-09603 FILM NUMBER: 97616752 BUSINESS ADDRESS: STREET 1: 5500 AIRPORT FRWY CITY: FORT WORTH STATE: TX ZIP: 76117 BUSINESS PHONE: 8178313911 MAIL ADDRESS: STREET 1: PO BOX 3330 CITY: FORT WORTH STATE: TX ZIP: 76113 FORMER COMPANY: FORMER CONFORMED NAME: STEVENS GRAPHICS CORP DATE OF NAME CHANGE: 19920703 8-K/A 1 FORM 8-K/A AMENDMENT TO CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A (Amendment No. 1) AMENDMENT TO CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 18, 1997 ---------------- Stevens International, Inc. ------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-9603 75-2159407 - ---------------------------- ----------- ------------------ (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 5500 Airport Freeway, Fort Worth, Texas 76117 - ---------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (817) 831-3911 ------------------------- Page 1 of 7 pages. Index to Exhibits appears at page 7. Reference is made to the Current Report filed by the Company on Form 8-K dated March 18, 1997 (the "Form 8-K"). The Form 8-K is amended in its entirety by the following: ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS. SALE OF BERNAL DIVISION In March 1997, Stevens International, Inc. (the "Company") sold substantially all the assets of its Bernal Division including the product technology and related intangibles to Bernal International, Inc., a new company formed for the asset purchase. Through the Bernal Division, the Company engaged in the business of designing, manufacturing, distributing and selling machinery and related equipment, dies and support services for the package printing and consumer products related industries at the Company's facility in Rochester Hills, Michigan. The cash proceeds were approximately $15 million, and in addition, the purchaser assumed certain liabilities of Bernal, including the accounts payable. This transaction resulted in a $12 million permanent reduction of the Company's senior debt. In 1996, Bernal contributed sales of approximately $17.8 million and approximately $0.7 million income before interest, corporate charges and taxes. The loss on the sale of Bernal assets of approximately $3.5 million is reflected in the 1996 results of operations. This asset sale resulted in a tax charge of $1.2 million from a taxable gain due to the non-deductible Bernal goodwill expensed upon the sale of Bernal's technology. The accompanying pro forma statement of operations for the 12 months ended December 31, 1996 shows the impact of the sale of the Bernal Division on 1996 operations, assuming the transaction had occurred as of January 1, 1996. To the best knowledge of the Company, there is no material relationship between Purchaser and the Company or any of its affiliates, any director or officer of the Company, or any associate of such director or officer. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (a) NONE. (b) PRO FORMA FINANCIAL INFORMATION. Pro Forma Consolidated Statements of Operations for the year ended December 31, 1996 Pro Forma Balance Sheet as of December 31, 1996. -2- (c) EXHIBITS. The following is a list of exhibits filed as part of this Amendment to Current Report on Form 8-K. EXHIBIT DESCRIPTION OF EXHIBIT - ------- ---------------------------- NUMBER - ------ 2.1 Asset Purchase Agreement (1) __________________ (1) Previously filed. -3- STEVENS INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS PRO FORMA ASSUMING BERNAL DIVISION WAS SOLD JANUARY 1, 1996 (AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
YEAR ENDED DECEMBER 31, -------------------------------------------- PRO FORMA PRO FORMA 1996 TRANSACTIONS AMOUNTS -------------------------------------------- Net sales......................................................... $ 65,659 $(17,839) (1) $ 47,820 Cost of sales..................................................... 74,243 (14,302) (1) 59,941 -------- -------- -------- Gross profit (loss)............................................... (8,584) (3,537) (12,121) Selling, general and administrative expenses...................... (22,485) 2,456 (1) (20,029) Restructuring charge.............................................. (1,300) -- (1,300) Loss on sale of assets............................................ (3,472) 3,472 (2) -- -------- -------- -------- Operating income (loss)........................................... (35,841) 2,391 (33,450) Other income (expense): Interest income................................................ 63 -- 63 Interest expense............................................... (3,984) 1,189 (3) (2,795) Lawsuit settlement expense..................................... (700) -- (700) Other, net..................................................... (758) 374 (1) (384) -------- -------- -------- (5,379) 1,563 (3,816) -------- -------- -------- Income (loss) before taxes........................................ (41,220) 3,954 (37,266) Income tax benefit (expense)...................................... 7,000 1,200 (1) 8,200 -------- -------- -------- Net income (loss).......................................... $(34,220) $ 5,154 $(29,066) ======== ======== ======== Income (loss) per common share: Net income (loss).......................................... $ (3.62) $ 0.54 $ (3.08) ======== ======== ======== Weighted average number of shares of common and common stock equivalents outstanding during the periods................. 9,451 9,451 9,451 ======== ======== ========
(1) To exclude sale and costs incurred by Bernal Division in 1996. (2) The "loss on sale of assets" is eliminated, assuming the loss, if any, would have been previously recognized. (3) Decrease in interest expense for 1996, assuming the $14,412,000 in net proceeds reduced the Company's Senior indebtedness at January 1, 1996 at an interest rate of 8.25% for the 12 months. -4- STEVENS INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS PRO FORMA ASSUMING BERNAL DIVISION WAS SOLD DECEMBER 31, 1996 (AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
DECEMBER 31, ------------------------------------ PRO FORMA PRO FORMA --------- --------- ASSETS 1996 TRANSACTIONS AMOUNTS ------ ------- ------------ --------- Current assets: Cash...................................................... $ 3,338 $ 3,338 Trade accounts receivable, less allowance for losses of... 11,777 11,777 $4,225 and $655 in 1996 and 1995, respectively Costs and estimated earnings in excess of billings on..... 4,263 4,263 long-term contracts Inventory................................................. 14,169 14,169 Refundable income taxes................................... 2,464 2,464 Other current assets...................................... 2,095 (162) (1) 1,933 Assets held for sale...................................... 14,250 $(14,250) (1) -- -------- -------- -------- Total current assets.................................. 52,356 (14,412) 37,944 Property, plant and equipment, net........................... 17,957 17,957 Other assets, net............................................ 7,104 7,104 -------- -------- -------- $ 77,417 $(14,412) $ 63,005 ======== ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Current liabilities: Trade accounts payable.................................... $ 9,834 $ 9,834 Billings in excess of costs and estimated earnings on long-term contracts...................................... 1,544 1,544 Other current liabilities................................. 11,697 11,697 Customer deposits......................................... 2,064 2,064 Advances from affiliates.................................. 950 950 Current portion of long-term debt......................... 37,743 (14,412) (1) 23,331 -------- -------- -------- Total current liabilities............................. 63,832 (14,412) 49,420 Long-term debt............................................... 113 113 Deferred income taxes........................................ -- -- Deferred pension costs....................................... 2,576 2,576 Commitments and contingencies Stockholders' equity: Series A Common Stock, $0.10 par value.................... 734 734 Series B Common Stock, $0.10 par value.................... 211 211 Additional paid-in capital................................ 39,844 39,844 Foreign currency translation adjustment................... (167) (167) Excess pension liability adjustment....................... (1,466) (1,466) Retained earnings (deficit)............................... (28,260) (28,260) -------- -------- Total stockholders' equity............................ 10,896 10,896 -------- -------- -------- $ 77,417 $(14,412) $ 63,005 ======== ======== ========
(1) There are no pro forma transactions, other than the assumed sale on 12/31/96, as the sale of Bernal Division was reflected in the December 31, 1996 balance sheet. Proceeds from the sale were used as a direct reduction of the current portion of long-term debt and the elimination of the deferred expenses of the sale. -5- 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. STEVENS INTERNATIONAL, INC. Date: May 29, 1997 By: /s/ Paul I. Stevens ----------------------------------- Paul I. Stevens Chairman of the Board, Chief Executive Officer and Acting Chief Financial Officer -6- INDEX TO EXHIBITS SEQUENTIALLY EXHIBIT NUMBERED NUMBER EXHIBIT PAGE ------- ------- ------------ 2.1 Asset Purchase Agreement (1) - ----------------------- (1) Previously filed. -7- -----END PRIVACY-ENHANCED MESSAGE-----