-----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, GYYhNcwCDH8jS02QhtWCQnXjIQ5jR7KnZZWEPaleOnL9Yi3UOJD0s82l/8B6zCD8 pMn7wczRSj1x13rtUgBuCQ== 0000950152-96-003688.txt : 19960805 0000950152-96-003688.hdr.sgml : 19960805 ACCESSION NUMBER: 0000950152-96-003688 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960517 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960802 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: REYNOLDS & REYNOLDS CO CENTRAL INDEX KEY: 0000083588 STANDARD INDUSTRIAL CLASSIFICATION: MANIFOLD BUSINESS FORMS [2761] IRS NUMBER: 310421120 STATE OF INCORPORATION: OH FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-10147 FILM NUMBER: 96602747 BUSINESS ADDRESS: STREET 1: 115 S LUDLOW ST CITY: DAYTON STATE: OH ZIP: 45402 BUSINESS PHONE: 5134432000 MAIL ADDRESS: STREET 1: P.O. BOX 2608 CITY: DAYTON STATE: OH ZIP: 45401 8-K/A 1 REYNOLDS $ REYNOLDS CURRENT REPORT AMENDMENT 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A CURRENT REPORT AMENDMENT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 17, 1996 The Reynolds and Reynolds Company - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Ohio 0-132 31-0421120 - ------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 115 South Ludlow Street, Dayton, Ohio 45402 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 513-443-2000 N.A. - ------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) 1 2 Item 7. Financial Statements and Exhibits. --------------------------------- (b) Pro forma financial information. Delaware Acquisition Co. ("Delaware"), a wholly-owned subsidiary of The Reynolds and Reynolds Company (the "Company"), completed a cash tender offer for all outstanding shares of the common stock of Duplex Products Inc. ("Duplex") at the price of $12 per share. The tender offer expired at midnight, New York City time, on Friday, May 17, 1996. The shares tendered constituted approximately 97.8% of the 7,481,278 shares of Duplex common stock issued and outstanding. The remaining Duplex shares were converted into the right to receive $12 in cash in a subsequent transaction in which Delaware was merged with and into Duplex on May 20, 1996. The following unaudited pro forma condensed combined balance sheet (as of March 31, 1996 for the Company, which balance sheet includes certain assets purchased from, and certain liabilities assumed from, Jordan Graphics, Inc. ("Jordan") on January 23, 1996, and as of April 27, 1996 for Duplex) gives effect to the acquisition of Duplex by the Company as if such acquistion had occurred on March 31, 1996. The unaudited pro forma condensed combined statements of income for the fiscal year ended September 30, 1995 (which combines the fiscal year ended September 30, 1995 (which combines the fiscal year ended September 30, 1995 as to the Company and Jordan and the fiscal year ended October 28, 1995 as to Duplex) and for the six months ended March 31, 1996 (which combines the six months ended March 31, 1996 as to the Company and Jordan and the six months ended April 27, 1996 as to Duplex), assume the acquistion had been consummated as of October 1, 1994. These pro forma condensed combined financial statements may not be indicative of the financial position and results of operations that actually would have been obtained if the acquisition had been in effect or that may be obtained in the future. Such statements should be read in conjunction with the Company's audited financial statements. The assumptions and adjustments used are described in the accompanying notes to the pro forma financial statements. Pro Forma Condensed Combined Balance Sheet (Unaudited) March 31, 1996 (which combines as of March 31, 1996 for the Company and Jordan and as of April 27, 1996 for Duplex) (In thousands)
Pro Forma The Company Adjustments Pro Forma and Jordan Duplex Add (Deduct) Combined ---------------- --------------- ---------------- --------------- INFORMATION SYSTEMS ASSETS Current Assets Cash and equivalents $6,557 $25,655 $32,212 Accounts receivable 119,900 36,741 156,641 Inventories 40,962 18,770 $10,000 (a) 69,732 Assets held for sale 14,000 (a) 14,000 Other current assets 21,020 8,745 29,765 ---------------- --------------- ---------------- ---------------- Total current assets 188,439 89,911 24,000 302,350 Property, Plant and Equipment less accumulated depreciation of $165,250 for the Company and Jordan and $69,321 for Duplex 139,221 37,473 (24,641) (a) 152,053 Goodwill 97,492 97,492 Other Intangible Assets 27,708 27,708 Other Assets 51,799 5,455 57,254 ---------------- --------------- ---------------- ---------------- Total Information Systems Assets 504,659 132,839 (641) 636,857 ---------------- --------------- ---------------- ---------------- FINANCIAL SERVICES ASSETS Finance Receivables 283,358 283,358 Cash and Other Assets 390 390 ---------------- ---------------- Total Financial Services Assets 283,748 283,748 ---------------- ---------------- TOTAL ASSETS $788,407 $132,839 ($641) $920,605 ================ =============== ================ ================ INFORMATION SYSTEMS LIABILITIES Current Liabilities $124,862 $22,882 $9,000 (a) $156,744 Long-Term Debt 40,941 4,384 89,775 (b) 135,100 Other Liabilities 55,903 6,157 62,060 ---------------- --------------- ---------------- ---------------- Total Information Systems Liabilities 221,706 33,423 98,775 353,904 ---------------- --------------- ---------------- ---------------- FINANCIAL SERVICES LIABILITIES Notes Payable 142,562 142,562 Other Liabilities 72,816 72,816 ---------------- ---------------- Total Financial Services Liabilities 215,378 215,378 ---------------- ---------------- SHAREHOLDERS' EQUITY Capital Stock 25,724 5,666 (5,666) (a) 25,724 Additional Paid-In Capital 16,743 16,743 Other Adjustments (3,591) (3,591) Retained Earnings 312,447 93,750 (93,750) (a) 312,447 ---------------- --------------- ---------------- ---------------- Total Shareholders' Equity 351,323 99,416 (99,416) 351,323 ---------------- --------------- ---------------- ---------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $788,407 $132,839 ($641) $920,605 ================ =============== ================ ================
See notes to pro forma condensed combined financial statements. 2 3 Pro Forma Condensed Combined Statement of Income (Unaudited) For the Year Ended September 30, 1995 (which combines the fiscal year ended September 30, 1995 for the Company and Jordan and the fiscal year ended October 28, 1995 for Duplex) (In thousands except per share data)
Pro Forma Adjustments Pro Forma The Company Jordan Duplex Add (Deduct) Combined ---------------- ---------------- --------------- --------------- --------------- Net Sales and Revenues Information systems Products $621,909 $60,990 $275,728 $958,627 Services 266,671 266,671 ---------------- ---------------- --------------- --------------- Total information systems 888,580 60,990 275,728 1,225,298 Financial services 22,311 22,311 ---------------- ---------------- --------------- --------------- Total net sales and revenues 910,891 60,990 275,728 1,247,609 ---------------- ---------------- --------------- --------------- Costs and Expenses Costs of sales Products 363,303 46,740 210,931 ($2,000) (c) 618,974 Services 107,342 107,342 ---------------- ---------------- --------------- --------------- --------------- Total costs of sales 470,645 46,740 210,931 (2,000) 726,316 Selling, general and administrative expenses 294,081 14,762 68,733 (1,000) (c) 376,576 Financial services 9,150 9,150 ---------------- ---------------- --------------- --------------- --------------- Total costs and expenses 773,876 61,502 279,664 (3,000) 1,112,042 ---------------- ---------------- --------------- --------------- --------------- Operating Income 137,015 (512) (3,936) 3,000 135,567 ---------------- ---------------- --------------- --------------- --------------- Other Charges (Income) Interest expense 3,779 7 517 5,835 (d) 10,138 Interest income (1,674) (20) (796) (2,490) Other (1,845) (615) (2,460) ---------------- ---------------- --------------- --------------- --------------- Total other charges 260 (13) (894) 5,835 5,188 ---------------- ---------------- --------------- --------------- --------------- Income (Loss) Before Income Taxes 136,755 (499) (3,042) (2,835) 130,379 Income Tax Provision (Benefit) 58,161 (284) (1,170) (1,134) (e) 55,573 ---------------- ---------------- --------------- --------------- --------------- Net Income $78,594 ($215) ($1,872) ($1,701) $74,806 ================ ================ =============== =============== =============== Earnings Per Common Share $1.85 $1.76 Average Number of Common Shares Outstanding 42,516 42,516
See notes to pro forma condensed combined financial statements. 3 4 Pro Forma Condensed Combined Statement of Income (Unaudited) For the Six Months Ended March 31, 1996 (which combines the six months ended March 31, 1996 for the Company and Jordan and the six months ended April 27, 1996 for Duplex) (In thousands except per share data)
The Company Jordan Pro Forma & Jordan since pre-acquisition Adjustments Pro Forma acquisition 10/1/95-1/23/96 Duplex Add (Deduct) Combined ------------------ ----------------- ---------------- ------------------ ------------- Net Sales and Revenues Information systems Products $324,725 $17,012 $121,539 $463,276 Services 152,946 152,946 ----------------- -------------- --------------- ------------ Total information systems 477,671 17,012 121,539 616,222 Financial services 12,700 12,700 ----------------- -------------- --------------- ------------ Total net sales and revenues 490,371 17,012 121,539 628,922 ----------------- -------------- --------------- ------------ Costs and Expenses Costs of sales Products 185,803 12,406 88,144 ($1,000) (c) 285,353 Services 60,553 60,553 ----------------- -------------- --------------- -------------- ------------ Total costs of sales 246,356 12,406 88,144 (1,000) 345,906 Selling, general and administrative expenses 160,926 4,611 30,889 (500) (c) 195,926 Financial services 5,734 5,734 ----------------- -------------- --------------- -------------- ------------ Total costs and expenses 413,016 17,017 119,033 (1,500) 547,566 ----------------- -------------- --------------- -------------- ------------ Operating Income 77,355 (5) 2,506 1,500 81,356 ----------------- -------------- --------------- -------------- ------------ Other Charges (Income) Interest expense 1,959 8 216 2,918 (d) 5,101 Interest income (986) (54) (1,040) Other (738) (600) (1,338) ----------------- -------------- --------------- -------------- ------------ Total other charges 235 (46) (384) 2,918 2,723 ----------------- --------------- --------------- -------------- ------------ Income (Loss) Before Income Taxes 77,120 41 2,890 (1,418) 78,633 Income Tax Provision (Benefit) 32,776 158 1,127 (567) (e) 33,494 ----------------- -------------- --------------- -------------- ------------ Net Income $44,344 ($117) $1,763 ($851) $45,139 ================= ============== =============== ============== ============ Earnings Per Common Share $1.04 $1.06 Average Number of Common Shares Outstanding 42,435 42,435
See notes to pro forma condensed combined financial statements. 4 5 Notes to Pro Forma Condensed Combined Financial Statements (a) Adjust the net assets of Duplex to their estimated fair values at the date of acquisition (including an accrual for the costs to close duplicate facilities), record the excess of such fair values over the purchase price as a reduction of property, plant and equipment and eliminate the equity accounts of Duplex. (b) Record the borrowing of the purchase price by the Company. (c) Reduce the amount of depreciation recorded to reflect the purchase price reduction of property, plant and equipment. (d) Record interest expense on new borrowings at a 6.5% annual interest rate. (e) Adjust the provision for income taxes for the net effect of pro forma adjustments. SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf of the undersigned hereunto duly authorized. The Reynolds and Reynolds Company Date: August 2, 1996 By: /s/ David R. Holmes ------------------------------ David R. Holmes Chairman of the Board, President and Chief Executive Officer 5 -----END PRIVACY-ENHANCED MESSAGE-----