8-K/A 1 p68279e8vkza.htm 8-K/A e8vkza
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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) July 23, 2003

SIMULA, INC


(Exact name of registrant as specified in its chapter)
         
Arizona   1-12410   86-0320129

 
 
(State or other jurisdiction
of incorporation
  (Commission
File Number)
  (IRS Employer
Identification No.)
         
7822 South 46th Street,   Phoenix, Arizona   85044

(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (602) 643-7233

         
2625 South Plaza Drive, Suite 100,   Tempe, Arizona   85282

(Former name or former address, if changed since last report)

 


Item 7. Financial Statements and Exhibits.
Unaudited Pro forma Condensed Consolidated Balance Sheet as of June 30, 2003
Unaudited Pro forma Condensed Consolidated Statement of Operation for the six months ended June 30, 2003
Unaudited Pro forma Condensed Consolidated Statement of Operation for the twelve months ended December 31, 2002
SIGNATURES


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EXPLANATORY NOTE: On July 28, 2003, Simula, Inc. filed a current report on Form 8-K relating to the sale on July 23, 2003 of the assets of its Automotive Safety business. This amendment to that Form 8-K contains in item 7(b) below the pro forma financial information reflecting the transaction.

Item 7. Financial Statements and Exhibits.

(b) Pro forma financial information

The unaudited pro forma condensed consolidated financial data presented below has been derived from Simula’s historical audited consolidated financial statements as of December 31, 2002 and unaudited consolidated financial statements as of June 30, 2003 as adjusted by management on an unaudited basis in the pro forma column to reflect operations as a result of Simula’s decision to sell its automotive safety business. The unaudited consolidated financial statements include all adjustments, consisting of normal recurring accruals, which Simula considers necessary for a fair presentation of its financial position and the results of operations for these periods. Operating results for the six months ended June 30, 2003 and the year ended December 31, 2002 are not necessarily indicative of the results that may be expected for the entire year ending December 31, 2003 or for any other future period.

 


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SIMULA, INC. AND SUBSIDIARIES
Unaudited Pro forma Condensed Consolidated Balance Sheet as of June 30, 2003

                             
        Simula   Pro forma   Simula
        Consolidated   Automotive   Pro forma
        2003   Safety Business   2003
       
 
 
        (unaudited)   (unaudited)   (unaudited)
ASSETS
                       
CURRENT ASSETS
                       
 
Cash and receivables (including costs and estimated earnings in excess of billings)
  $ 24,632,134     $ (6,893,021 )   $ 17,739,113  
 
Inventories and other
    7,689,835       (3,599,797 )     4,090,038  
 
 
   
     
     
 
   
Total current assets
    32,321,969       (10,492,818 )     21,291,151  
Property, Equipment and Leaseholds -Net
    9,961,874       (3,708,729 )     6,253,145  
Intangibles, deferred financing fees and other
    7,175,486       (4,022,365 )     3,153,121  
 
 
   
     
     
 
TOTAL
  $ 49,459,329     $ (18,223,912 )   $ 31,235,417  
 
 
   
     
     
 
LIABILITIES AND SHAREHOLDERS’ DEFICIT
                       
CURRENT LIABILITIES
                       
 
Revolving line of credit
  $ 9,555,525     $     $ 9,555,525  
 
Trade accounts payable
    7,006,508       (2,916,716 )     4,089,792  
 
Other accrued liabilities, restructuring, deferred revenue and advances on contracts
    11,154,967       (3,198,451 )     7,956,516  
 
Current portion of long-term debt
    61,893,644       (822 )     61,892,822  
 
 
   
     
     
 
   
Total current liabilities
    89,610,644       (6,115,989 )     83,494,655  
Deferred revenue and lease cost
    1,457,080       (3,928 )     1,453,152  
Long term debt – Less current portion
    259,709             259,709  
 
 
   
     
     
 
   
Total liabilities
    91,327,433       (6,119,917 )     85,207,516  
 
 
   
     
     
 
SHAREHOLDERS’ DEFICIT
                       
 
Preferred stock, $.05 par value– authorized 50,000,000 shares; none outstanding
                 
 
Common stock, $.01 par value– authorized 50,000,000 shares; issued 13,017,688
    130,433       (5,000 )     125,433  
 
Additional paid-in-capital
    62,772,245       9,523,742       72,295,987  
 
Accumulated deficit
    (100,341,391 )     (23,259,715 )     (123,601,106 )
 
Accumulated other comprehensive loss
    (4,429,391 )     1,636,978       (2,792,413 )
 
 
   
     
     
 
   
Total shareholders’ deficit
    (41,868,104 )     (12,103,995 )     (53,972,099 )
 
 
   
     
     
 
TOTAL
  $ 49,459,329     $ (18,223,912 )   $ 31,235,417  
 
 
   
     
     
 

 


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SIMULA, INC. AND SUBSIDIARIES
Unaudited Pro forma Condensed Consolidated Statement of Operation for the six months ended June 30, 2003

                           
      Simula   Pro forma   Simula
      Consolidated   Automotive Safety   Pro forma
      2003   Business   2003
     
 
 
Revenue
  $ 50,987,123     $ (18,565,287 )   $ 32,421,836  
Cost of revenue
    35,240,896       (14,848,749 )     20,392,147  
 
   
     
     
 
 
Gross Margin
    15,746,227       (3,716,538 )     12,029,689  
Administrative expenses and other
    9,335,446       (2,060,658 )     7,274,788  
Research and development
    2,285,446       (1,156,157 )     1,129,289  
 
   
     
     
 
 
Operating income
    4,125,335       499,723       3,625,612  
Interest expense
    5,757,044       (73 )     5,756,971  
Other expense
    1,000,000             1,000,000  
 
   
     
     
 
(Loss) income before tax
    (2,631,709 )     499,650       (3,131,359 )
Income tax expense
    283,000       (265,989 )     17,011  
Net (loss) income before discontinued operations
    (2,914,709 )     233,661       (3,148,370 )
Net (loss) income from discontinued operations
    (14,328 )           (14,328 )
Net loss
  $ (2,929,037 )   $     $ (3,162,698 )
 
   
     
     
 
Basic and diluted shares outstanding:
                       
Loss before discontinued operations
    (0.23 )     0.01       (0.24 )
(Loss) income from discontinued operations
    0.00             0.00  
 
   
     
     
 
(Loss) income per common share: basic and diluted
  $ (0.23 )   $ 0.01     $ (0.24 )
 
   
     
     
 

SIMULA, INC. AND SUBSIDIARIES
Unaudited Pro forma Condensed Consolidated Statement of Operation for the twelve months ended December 31, 2002

                           
      Simula   Pro forma   Simula
      Consolidated   Automotive Safety   Pro forma
      2003   Business   2003
     
 
 
Revenue
  $ 114,553,968     $ (38,998,096 )   $ 75,555,872  
Cost of revenue
    74,555,569       (26,387,463 )     48,168,106  
 
   
     
     
 
 
Gross Margin
    39,998,399       (12,610,633 )     27,387,766  
Administrative expenses and other
    19,703,497       (4,590,288 )     15,113,209  
Research and development
    5,108,172       (3,244,201 )     1,863,971  
 
   
     
     
 
 
Operating income
    15,186,730       (4,776,144 )     10,410,586  
Interest expense
    10,438,307       (27,328 )     10,410,979  
Other expense
    81,041             81,041  
 
   
     
     
 
(Loss) income before tax
    4,667,382       4,748,816       (81,434 )
Income tax expense
    (38,355,848 )     (395,715 )     (37,960,133 )
Net (loss) income before discontinued operations
    (33,688,466 )     4,353,101       (38,041,567 )
Net (loss) income from discontinued operations
    (347,000 )           (347,000 )
Net loss
  $ (34,035,466 )   $     $ (38,388,567 )
 
   
     
     
 
Basic and diluted shares outstanding:
                       
Loss before discontinued operations
    (2.61 )     0.33       (2.94 )
(Loss) income from discontinued operations
    (0.03 )           (0.03 )
 
   
     
     
 
(Loss) income per common share: basic and diluted
  $ (2.64 )   $ 0.33     $ (2.97 )
 
   
     
     
 

 


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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.

     
    SIMULA, INC.
     
Dated: September 26, 2003   /s/ John A. Jenson
    Chief Financial Officer