-----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, L7iG6rkgomRWiWq6tquhaPsb8WpJe8vTOHd+GM22xaGpOOVkw/76qsFj4J1/qJOH SrVUcpLUiyK+7kIzO1LxKQ== 0001047469-98-018499.txt : 19980508 0001047469-98-018499.hdr.sgml : 19980508 ACCESSION NUMBER: 0001047469-98-018499 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980415 ITEM INFORMATION: FILED AS OF DATE: 19980507 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENUS INC CENTRAL INDEX KEY: 0000837913 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 942790804 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 000-17139 FILM NUMBER: 98612091 BUSINESS ADDRESS: STREET 1: 1139 KARLSTAD DR CITY: SUNNYVALE STATE: CA ZIP: 94089-2117 BUSINESS PHONE: 4087477120 MAIL ADDRESS: STREET 2: 1139 KARLSTAD DR CITY: SUNNYVALE STATE: CA ZIP: 94089-2117 8-K/A 1 8-K/A - -------------------------------------------------------------------------------- UNITED STATES 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) April 15, 1998 GENUS, INC. ----------- (Exact name of registrant as specified in its charter) CALIFORNIA ---------- (State or other jurisdiction of incorporation or organization) 0-17139 94-2790804 ------- ---------- Commission File Number (I.R.S. Employer Identification Number) 1139 KARLSTAD DRIVE SUNNYVALE, CA 94089 ------------------- (Address of principal executive offices) (408) 747-7120 -------------- (Registrant's telephone number, including area code) - -------------------------------------------------------------------------------- The Registrant hereby amends Item 7 of its Current Report on Form 8-K filed April 24, 1998 in its entirety to read as follows: ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (b) Pro Forma Financial Information UNAUDITED PRO-FORMA FINANCIAL DATA The following unaudited pro forma condensed balance sheet of March 31, 1998, and unaudited pro forma condensed statement of operations for the year ended December 31, 1997 and the three months ended March 31, 1998 give pro forma effect to the estimated financial effects of the Asset Purchase Agreement (the "Agreement") with Varian. The pro forma condensed balance sheet as of March 31, 1998 gives pro forma effect to the Agreement as if such transaction was consummated on that date. The pro forma condensed statements of operations for the year ended December 31, 1997 and the three months ended March 31, 1998, present the results of operations of the Company as if the transaction contemplated by the Agreement occurred on January 1, 1997 and January 1, 1998, respectively. The pro forma information is based on the historical financial statements of the Company giving effect to the assumptions and adjustments set forth in the accompanying notes. GENUS, INC. CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (AMOUNTS IN THOUSANDS)
MARCH 31, 1998 --------------------------------------------------------- PRO FORMA PRO FORMA PRO FORMA AFTER SALE OF GENUS, INC. ADJUSTMENTS NOTE BUSINESS ----------- ----------- --------- ------------- Assets Cash and cash equivalents........................ $ 3,683 $ 21,200 (1) $24,883 Accounts receivable, net......................... 11,858 11,858 Inventories...................................... 9,709 9,709 Net Assets held for sale......................... 30,500 (25,000) (2) 5,500 Other current assets............................. 1,001 1,001 ------- --------- ------- Total current assets........................... 56,751 (3,800) 52,951 Property and equipment, net...................... 6,406 6,406 Other assets, net................................ 2,025 2,025 ------- --------- ------- Total assets................................... $65,182 $ (3,800) $61,382 ------- --------- ------- ------- --------- ------- Liabilities and shareholders' equity Total current liabilities........................ $19,073 $ (2,800) (1) $16,273 Long-term debt................................... 74 74 Shareholders' equity............................. 46,035 (1,000) (1) 45,035 ------- --------- ------- Total liabilities and shareholders' equity..... $65,182 $ (3,800) $61,382 ------- --------- ------- ------- --------- -------
GENUS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED MARCH 31, 1998 -------------------------------------- PRO FORMA AFTER SALE OF GENUS, INC. BUSINESS BUSINESS ----------- -------- ------------- Net sales......................................... $ 7,238 $ (5,823) $ 1,415 Cost and expenses: Cost of goods sold.............................. 6,941 (4,986) 1,955 Research and Development........................ 3,332 (1,744) 1,588 Selling, general and administrative............. 4,223 (2,750) 1,473 -------- -------- Income (loss) from operations................. (7,258) (3,657) (3,601) Other, net........................................ (156) (80) (76) -------- -------- Loss before income taxes........................ (7,414) (3,737) (3,677) Provision for (benefit from) income taxes Net loss........................................ (7,414) (3,737) $ (3,677) Deemed dividend on preferred stock.............. $ 1,829 -- $ 1,829 Net loss available to common shareholders....... $ (9,243) (3,737) $ (5,506) -------- -------- -------- -------- -------- -------- Pro forma net loss per share--basic and diluted... $ (0.32) -------- -------- Shares used in per share calculations............. 17,125 -------- --------
YEAR ENDED DECEMBER 31, 1997 -------------------------------------- PRO FORMA AFTER SALE OF GENUS, INC. BUSINESS BUSINESS ----------- -------- ------------- Net sales......................................... $ 84,286 $(57,102) $ 27,184 Cost and expenses: Cost of goods sold.............................. 54,762 (38,022) $ 16,740 Research and Development........................ 12,327 (6,599) $ 5,728 Selling, general and administrative............. 20,326 (12,808) $ 7,518 -------- -------- -------- Income (loss) from operations................. (3,129) (327) (2,802) Other, net........................................ (1,363) (829) (534) -------- -------- -------- Income (loss) before income taxes............... (4,492) (1,156) (3,336) Provision for (benefit from) income taxes......... 14,844 -- 14,844 -------- -------- -------- Net income (loss)............................... $(19,336) $ (1,156) $(18,180) -------- -------- -------- -------- -------- -------- Pro forma net income (loss) per share--basic and diluted...................................... $ (1.08) -------- -------- Shares used in per share calculations............. 16,860 -------- --------
PRO FORMA NOTES: (1) Reflects proceeds of $25 million from Varian, the repayment of $2.8 million of short-term bank borrowings, and the repayment of transaction expenses estimated to be $1 million. Since transaction expenses represent non-recurring charges resulting directly from the Proposed Transaction that will be included in the operating results of the Company within the 12 months succeeding the Proposed Transaction, these transaction expenses were not considered in the pro forma condensed statements of operations for the year ended December 31, 1997 and the three months ended March 31, 1998. (2) Transfer of $25 million of net assets held for sale to Varian. After giving effect to the sale of the Business, pro forma net assets held for sale of $5.5 million represent planned sales of inventory and scheduled repayments of capital lease obligations of the Business prior to the Closing. The unaudited pro forma condensed financial data have been prepared by company management and are not necessarily indicative of how the Company's balance sheet and results of operations would have been presented had the transaction with Varian actually been consummated at the assumed dates, nor are they necessarily indicative of the presentation of the Company's balance sheet and results of operations for any future period. The unaudited pro forma condensed financial data should be read in conjunction with the financial statements and related notes thereto and Management's Discussion and Analysis of Financial Condition and Results of Operations incorporated herein by reference. (c) EXHIBITS (in accordance with Item 601 of Regulation S-K) 2.1 Asset Purchase Agreement, dated April 15, 1998, by and between Varian Associates, Inc. and Registrant and exhibits thereto. Certain exhibits and schedules to the Asset Purchase Agreement are listed on page (iv) thereto and the Registrant agrees to furnish them supplementally to the Securities and Exchange Commission upon request; provided, however, that the Registrant reserves the right to seek confidential treatment for those exhibits and schedules which it deems confidential. 99.1 Press Release dated April 16, 1998 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 hereunder duly authorized. GENUS, INC. Date: May 6, 1998 /s/ Mary F. Bobel -------------------------------------- Mary F. Bobel Executive Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----