-----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, AoIU9hRZ/SljC4VMK09x1UHoBERR0frpYjvQ8bEDc48MzC85rQcXdzV7aZSrfwhV AMGZri2wWiHbYAi+POJwZA== 0001047469-98-011388.txt : 19980326 0001047469-98-011388.hdr.sgml : 19980326 ACCESSION NUMBER: 0001047469-98-011388 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980324 ITEM INFORMATION: FILED AS OF DATE: 19980325 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRO LEARNING INC CENTRAL INDEX KEY: 0000893965 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS PUBLISHING [2741] IRS NUMBER: 363660532 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-20842 FILM NUMBER: 98572740 BUSINESS ADDRESS: STREET 1: POPLAR CREEK OFFICE PLAZA STREET 2: 1721 MOON LAKE BOULEVARD CITY: HOFFMAN ESTATES STATE: IL ZIP: 60194 BUSINESS PHONE: 8477817800 MAIL ADDRESS: STREET 1: 1721 MOON LAKE BLVD SUITE 555 CITY: HOOFMAN ESGTATES STATE: IL ZIP: 60194 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: March 24, 1998 TRO LEARNING, INC. (Exact name of Registrant as specified in its charter) DELAWARE 0-20842 36-3660532 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification Number) 1721 MOON LAKE BOULEVARD, SUITE 555, HOFFMAN ESTATES, IL 60194 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (847) 781-7800 NOT APPLICABLE (Former name or former address if changed since last report) (This document contains 5 pages) 1 ITEM 5. OTHER EVENTS TRO Learning, Inc. (the "Company") is filing this Current Report on Form 8-K to incorporate by reference the information contained herein into the Company's Registration Statement on Form S-3, filed with the Securities and Exchange Commission on January 21, 1998. As disclosed in the Company's Quarterly Report on Form 10-Q for its first quarter ended January 31, 1998, the Company has adopted Statement of Financial Accounting Standards No. 128 (SFAS 128), "Earnings Per Share", as required. As the Company's Annual Report on Form 10-K for the year ended October 31, 1997 is incorporated by reference into the Form S-3 discussed above, all earnings per share information disclosed in the Form 10-K must be restated, as required by SFAS 128, to comply with the requirements of Item 11(b) of Form S-3. The following tables set forth the restated earnings per share information: A. EARNINGS PER SHARE - AS OF THE END OF EACH OF THE LAST FIVE FISCAL YEARS:
(In thousands, except per share data) 1997 1996 1995 1994 1993 ---- ---- ---- ---- ---- INCOME (LOSS) Continuing operations $(20,217) $ 982 $3,752 $ (889) $3,785 Discontinued operations --- --- --- (1,250) (738) Extraordinary item --- --- --- --- 1,530 Cumulative effect of change in accounting principle --- --- --- 5,500 --- ----------------------------------------------------- Net income (loss) $(20,217) $ 982 $3,752 $ 3,361 $4,577 ----------------------------------------------------- ----------------------------------------------------- BASIC EARNINGS PER SHARE Weighted average common shares outstanding 6,233 6,120 6,066 6,056 5,723 ----------------------------------------------------- ----------------------------------------------------- Continuing operations $ (3.24) $ 0.16 $ 0.62 $ (0.15) $ 0.66 Discontinued operations --- --- --- (0.21) (0.13) Extraordinary item --- --- --- --- 0.27 Cumulative effect of change in accounting principle --- --- --- 0.91 --- ----------------------------------------------------- Net income (loss) $ (3.24) $ 0.16 $ 0.62 $ 0.55 $ 0.80 ----------------------------------------------------- ----------------------------------------------------- DILUTED EARNINGS PER SHARE Weighted average common shares and potential common shares outstanding 6,233 6,643 6,280 6,056 6,022 ----------------------------------------------------- ----------------------------------------------------- Continuing operations $ (3.24) $ 0.15 $ 0.60 $ (0.15) $ 0.63 Discontinued operations --- --- --- (0.21) (0.12) Extraordinary item --- --- --- --- 0.25 Cumulative effect of change in accounting principle --- --- --- 0.91 --- ----------------------------------------------------- Net income (loss) $ (3.24) $ 0.15 $ 0.60 $ 0.55 $ 0.76 ----------------------------------------------------- -----------------------------------------------------
2 B. EARNINGS PER SHARE - AS OF THE END OF EACH QUARTER OF THE LAST TWO FISCAL YEARS:
(In thousands, except per share data) Jan 31 Apr 30 Jul 31 Oct 31 Total ------ ------ ------ ------ ----- 1997 INCOME (LOSS) Net income (loss) $(2,315) $(2,281) $(1,080) $(14,541) $(20,217) ----------------------------------------------------------- ----------------------------------------------------------- BASIC AND DILUTED EARNINGS PER SHARE Weighted average common shares outstanding 6,182 6,225 6,229 6,297 6,233 ----------------------------------------------------------- ----------------------------------------------------------- Net income (loss) $ (0.37) $ (0.37) $ (0.17) $ (2.31) $ (3.24) ----------------------------------------------------------- -----------------------------------------------------------
Since the Company incurred a net loss for all periods presented in 1997, the effect of potential common shares (from stock options, warrants and convertible debentures) is antidilutive. These amounts are excluded from the calculation and basic and diluted earnings per share are the same. 1996 INCOME (LOSS) Net income (loss) $(1,049) $ (988) $ 725 $2,294 $ 982 ----------------------------------------------------------- ----------------------------------------------------------- BASIC EARNINGS PER SHARE Weighted average common shares outstanding 6,081 6,100 6,138 6,159 6,120 ----------------------------------------------------------- ----------------------------------------------------------- Net income (loss) $ (0.17) $(0.16) $ 0.12 $ 0.37 $ 0.16 ----------------------------------------------------------- ----------------------------------------------------------- DILUTED EARNINGS PER SHARE Weighted average common shares and potential common shares outstanding 6,081 6,100 6,713 6,719 6,643 ----------------------------------------------------------- ----------------------------------------------------------- Net income (loss) $ (0.17) $(0.16) $ 0.11 $ 0.34 $ 0.15 ----------------------------------------------------------- -----------------------------------------------------------
3 C. EARNINGS PER SHARE - CALCULATION AS OF THE END OF EACH OF THE LAST THREE FISCAL YEARS:
(In thousands, except per share data) 1997 1996 1995 ---- ---- ---- NUMERATOR Net income (loss) for basic earnings per share $(20,217) $ 982 $3,752 Effect of convertible debentures --- --- --- ----------------------------------- Net income (loss) for diluted earnings per share $(20,217) $ 982 $3,752 ----------------------------------- ----------------------------------- DENOMINATOR Weighted average common shares for basic earnings per share 6,233 6,120 6,066 Potential common shares: Stock options and warrants --- 523 214 Convertible debentures --- --- --- ----------------------------------- Weighted average common shares and potential common shares outstanding for diluted earnings per share 6,233 6,643 6,280 ----------------------------------- ----------------------------------- BASIC EARNINGS PER SHARE $ (3.24) $ 0.16 $ 0.62 ----------------------------------- ----------------------------------- DILUTED EARNINGS PER SHARE $ (3.24) $ 0.15 $ 0.60 ----------------------------------- -----------------------------------
Since the Company incurred a net loss for 1997, the effect of potential common shares (from stock options, warrants and convertible debentures) is antidilutive. These amounts are excluded from the calculation and basic and diluted earnings per share are the same. D. EARNINGS PER SHARE - PRO FORMA DISCLOSURES UNDER SFAS NO. 123, "ACCOUNTING FOR STOCK-BASED COMPENSATION", AS OF THE END OF EACH OF THE LAST TWO FISCAL YEARS:
(In thousands, except per share data) 1997 1996 ---- ---- NET INCOME (LOSS) Actual $(20,217) $ 982 --------------------- --------------------- Pro forma $(20,816) $ (40) --------------------- --------------------- BASIC EARNINGS PER SHARE Actual $ (3.24) $ 0.16 --------------------- --------------------- Pro forma $ (3.34) $(0.01) --------------------- --------------------- DILUTED EARNINGS PER SHARE Actual $ (3.24) $ 0.15 --------------------- --------------------- Pro forma $ (3.34) $(0.01) --------------------- ---------------------
4 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, on March 24, 1998. TRO LEARNING, INC. By /s/ Andrew N. Peterson ---------------------- Andrew N. Peterson Senior Vice President, Chief Financial Officer, Treasurer and Secretary 5 -----END PRIVACY-ENHANCED MESSAGE-----