-----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, QPGpx99Hdq/7wFLeV7BdAtyOfucxsYDAGga9BIwLqOs1hNTpRog1hAYzoPawxkGB FaMFZNEsDeUDVO/N1ODKaA== 0000927016-96-000274.txt : 19960517 0000927016-96-000274.hdr.sgml : 19960517 ACCESSION NUMBER: 0000927016-96-000274 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIXTECH INC /DE/ CENTRAL INDEX KEY: 0000946144 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER TERMINALS [3575] IRS NUMBER: 043214691 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26380 FILM NUMBER: 96566447 BUSINESS ADDRESS: STREET 1: AVENUE VICTOIRE 13790 CITY: ROUSSET FRANCE STATE: I0 10-Q 1 QUARTERLY REPORT FORM 10-Q --------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1996 -------------- OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission file number 0-26380 ---------------------------------------------------- PIXTECH, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 04-3214691 - -------------------------------------------------------------------------------- (State or other jurisdiction of (IRS Employer Identification incorporation or organization) No.) Avenue Victoire, 13790 Rousset, France - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) 011-33-42-29-10-00 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No X ---- ---- The number of shares outstanding of each of the issuer's classes of common stock as of Class Outstanding at March 31, 1996 ----- ----------------------------- Common Stock, $.01 par value 8,136,146 PIXTECH, INC. ------------- TABLE OF CONTENTS -----------------
PAGE NO. PART I FINANCIAL INFORMATION ITEM 1 Financial Statements Balance Sheets as of March 31, 1996 and December 31, 1995................................ 3 Statements of Operations for the Three Months Ended March 31, 1996 and 1995, and the period from June 18, 1992 Ended March 31, 1996....................................... 4 Statements of Cash Flows for the Three Months ended March 31, 1996 and 1995, and the period from June 18, 1992 Ended March 31, 1996.............. 5 Statement of Stockholders' Equity.................... 6 Notes to Financial Statements........................ 8 ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations........................................... 9 PART II OTHER INFORMATION ITEM 1 Legal Proceedings.................................... 12 ITEM 2 Changes in Securities................................ 12 ITEM 3 Defaults upon Senior Securities...................... 12 ITEM 4 Submission of matters to a vote of security holders..................................... 12 ITEM 5 Other Information.................................... 12 ITEM 6 Exhibits and Reports on Form 8-K..................... 12 Signatures............................................................. 13
-2- PixTech, Inc. (a development stage company) CONDENSED CONSOLIDATED BALANCE SHEET (in thousands, except per share amounts)
March 31, December 31, 1996 1995 ----------------- --------------- (unaudited) ASSETS Current Assets: Cash and cash equivalents............... $ 16,745 $17,563 Accounts receivable: Trade................................. 3,583 5,420 Other................................. 91 187 Inventory............................... 449 411 Other................................... 2,361 3,229 ----------- ----------- Total current assets.................. 23,229 26,810 Property, plant and equipment, net........ 12,026 12,608 Goodwill, net............................. 352 -- Deferred tax assets....................... 5,379 5,469 Other assets - long term.................. 419 492 ----------- ----------- Total assets....................... $ 41,405 $ 45,379 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long term debt....... $ 623 $ 623 Current portion of capital lease obligations............................ 901 907 Current portion of long term liabilities............................ 1,650 1,650 Accounts payable........................ 4,818 6,140 Accrued expenses........................ 1,379 1,290 Other................................... 60 281 ----------- ----------- Total current liabilities........... 9,431 10,891 Deferred revenue - long term............ 2,460 3,093 Long term debt, less current portion.... 3,143 3,268 Capital lease obligation, less current portion................................ 1,570 1,825 Other long term liabilities, less current portion........................ 1,771 1,772 ----------- ----------- Total liabilities................... 18,375 20,849 =========== =========== Stockholders' equity Convertible preperred stock............ -- -- Common stock........................... 81 81 Other stockholders' equity............. 34,150 34,359 Deficit accumulated during development stage................................. (11,201) (9,910) Total stockholders' equity......... 23,030 24,530 ----------- ----------- Total liabilities and stockholders' equity............................ $ 41,405 $ 45,379 =========== ===========
See accompanying notes. PixTech, Inc. (a development stage company) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited)
Period from June 18, 1992 (date of Three Months Ended Inception) March 31, through March 31, ------------------------- ----------- 1996 1995 1996 ----------- ----------- ----------- Revenues: Cooperation & license revenues.... $ 1,890 $ -- $ 19,728 Product sales..................... 183 102 1,028 Other revenues.................... 934 204 2,317 ----------- ----------- ----------- 3,007 306 23,073 ----------- ----------- ----------- Cost of revenues License fees and royalties........ -- -- (1,314) ----------- ----------- ----------- Gross margin........................ 3,007 306 21,759 ----------- ----------- ----------- Operating expenses: Research and development: Acquisition of intellectual property rights................ -- -- (4,765) Other........................... (3,501) (2,928) (25,395) ----------- ----------- ----------- (3,501) (2,928) (30,160) Sales and marketing............... (232) (243) (2,821) General and administrative........ (688) (448) (5,867) ----------- ----------- ----------- Total operating expenses............ (4,421) (3,619) (38,848) ----------- ----------- ----------- Loss from operations................ (1,414) (3,313) (17,089) Other income /(expense) Interest income/(expense)......... 97 (203) 370 Foreign exchange gains............ 26 675 370 ----------- ----------- ----------- 123 472 740 Loss before income tax benefit...... (1,291) (2,841) (16,349) Income tax benefit.................. -- 200 5,148 ----------- ----------- ----------- Net loss............................ $(1,291) $(2,641) $(11,201) =========== =========== =========== Net loss per share: $(.16) $(.42) ======== ======== Shares used in computing net loss per share.......................... 8,122 6,126 =========== ===========
See accompanying notes. PixTech, Inc. (a development stage company) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except per share amounts) (unaudited)
Period from June 18, 1992 (date of inception) Three Months Ended through March 31, March 31, ------------------------- ----------- 1996 1995 1996 ----------- ----------- ----------- Net loss....................... $ (1,291) $ (2,641) $ (11,201) Total adjustments to net loss.......................... 1,671 366 3,438 --------- --------- --------- Net cash (used in) provided by operating activities....... 380 (2,275) (7,763) --------- --------- --------- Investing activities Additions to property plant and equipment................. (583) (911) (11,012) Additions to intangible assets........................ (130) -- (130) --------- --------- --------- Net cash used in investing activities.................... (713) (911) (11,142) Financing activities Stock issued................... 7 3 33,927 Sale of treasury stock......... -- 11 -- Proceeds from long-term borrowings.................... -- -- 6,190 Proceeds from sale leaseback transactions........ -- 2,731 2,731 Payments for equipment purchases financed by accounts payable.............. -- (2,364) (2,709) Repayment of long term borrowing and capital lease obligations............. (256) (437) (3,185) --------- --------- --------- Net cash provided by/(used in) financing activities.......... (249) (56) 36,954 --------- --------- --------- Effect of exchange rates on cash....................... (236) (852) (1,304) --------- --------- --------- Net (decrease)/increase in cash and cash equivalents..... (818) (4,094) 16,754 Cash and cash equivalents beginning of period........... 17,563 4,736 -- --------- --------- --------- Cash and cash equivalents end of period................. $ 16,745 $ 642 $ 16,745 ========== ========== ==========
See accompanying notes. PixTech, Inc. (a development stage company) Condensed Consolidated Statement of Stockholders' Equity (in thousands, except share amounts)
Convertible Preferred stock ----------------------------------------------------------------------------------- Series A Series B Series C Series D Shares Shares Shares Shares issued Amount issued Amount issued Amount issued Amount ------------- --------- --------- --------- --------- --------- --------- --------- Balance at June 18, 1992 Issuance of Series A convertible preferred stock, net of issuance costs - $9 in June....................................... 211,681 $130 Issuance of Series B convertible preferred stock in June.............................. 57,522 $ 38 Issuance of Common stock in June........... Issuance of Series A convertible preferred stock in August............................ 29,451 32 Issuance of Series A convertible preferred stock in September......................... 292,455 544 Issuance of Series B convertible preferred stock in September......................... 65,483 121 Translation adjustment..................... Net Loss from June 18, 1992 (time of inception) through December 31, 1992...... ------------- --------- --------- --------- 534,587 706 123,005 159 Balance at December 31, 1992 Issuance of Series A convertible preferred stock in January........................... 145,600 181 Issuance of Common Stock in January Issuance of Series A convertible preferred stock in March............................. 876,816 1,481 Issuance of Series B convertible preferred stock in March............................. 240,442 430 Issuance of Series C convertible preferred stock, net of issuance costs - $71 in December................................... 1,999,011 $5,686 Issuance of Series D convertible preferred stock, net of issuance costs - $15 in December................................... 430,206 $1,224 Translation adjustment Net income - Year ended December 31, 1993.. ------------- --------- --------- --------- --------- -------- --------- --------- Balance at December 31, 1983 1,557,003 2,368 969,447 589 1,999,011 5,686 430,206 1,224 Issuance of Common stock under stock option plan in April.............................. Purchase of 28,761 shares of Common stock- Treasury stock in April.................... Issuance of Series C convertible preferred stock, net of issuance cost $37 in April... 472,918 1,324 Issuance of Series C convertible preferred shares, net of issuance costs - $45 in June...................................... 572,917 1,605 Translation adjustment.................... Net loss - Year ended December 31, 1994... ------------- --------- --------- --------- --------- --------- --------- --------- Balance at December 31, 1994 1,557,003 2,368 363,447 589 3,044,846 8,615 430,208 1,224 Reissuance of 28,761 shares of Common stock held in treasury in January (unaudited) Issuance of Common stock under stock option plan (unaudited) Common stock issued in initital public offering, net of issuance costs - $1,090 (unauditing) ------------- --------- --------- --------- --------- --------- --------- --------- Conversion of preferred stock............. (1,557,003) (2,368) (363,447) (589)(3,044,846) (8,615) (430,208) (1,224) Translation adjustment (unaudited) Net loss - Twelve months ended December 31, 1995 (unaudited)............. ------------- --------- --------- --------- --------- --------- --------- --------- Balance at Decenber 31, 1995 Issuance of Common stock under stock option plan (unaudited).......................... Issuance of warrants in cnnection with acquisition of the assets of PanoCorp (unaudited)............................... Transaction adjustment (unaudited) Net loss - Three months ended March 31, 1996 (unaudited)...................... ------------- --------- --------- --------- --------- --------- --------- --------- Balance at March 31, 1996 ============= ========= ========= ========= ========= ========= ========= ==========
PixTech, Inc. (a development stage company) Condensed Consolidated Statement of Stockholders' Equity (in thousands, except share amounts)
Common Stock ------------------------ Deficit accumulated Additional Cumulative during Paid-in translation Development Treasury Shares issued Amount Capital adjustment stage stock TOTAL ------------- ------- ---------- ----------- ----------- -------- ------- Balance at June 18, 1992 Issuance of Series A convertible preferred stock, net of issuance costs--$9 in June.......................................... 130 Issuance of Series B convertible preferred stock in June................................. 38 Issuance of Common stock in June.............. 115,045 $ 1 $ 75 76 Issuance of Series A convertible preferred stock in August............................... 32 Issuance of Series A convertible preferred stock in September............................ 544 Issuance of Series B convertible preferred stock in September............................ 121 Translation adjustment........................ $ 1 1 Net Loss from June 18, 1992 (date of inception) through December 31, 1992.......................................... (506) (506) ------------- ------- ---------- ----------- ----------- -------- ------- Balance at December 31, 1992.................... 115,045 1 75 1 (506) 436 Issuance of Series A convertible preferred stock in January.............................. 181 Issuance of Common stock in January....................................... 17,256 0 21 21 Issuance of Series A convertible preferred stock in March................................ 1,481 Issuance of Series B convertible preferred stock in March................................ 430 Issuance of Series C convertible preferred stock, net of issuance costs--$71 in December...................................... 5,686 Issuance of Series D convertible preferred stock, net of issuance costs--$15 in December...................................... 1,224 Translation adjustment........................ (50) (50) Net income--Year ended December 31, 1993.......................................... (120) (120) ------------- ------- ---------- ----------- ----------- -------- ------- Balance at December 31, 1993.................... 132,301 1 96 (49) (626) 9,289 Issuance of Common stock under stock option plan in April................................. 77,356 1 28 29 Purchase of 28,761 shares of Common stock-- Treasury stock in April......................................... (11) (11) Issuance of Series C convertible preferred stock, net of issuance costs $37 in April......................................... 1,324 Issuance of Series C convertible preferred shares, net of issuance costs--$45 in June.......................................... 1,605 Translation adjustment........................ 230 230 Net loss--Year ended December 31, 1994.......................................... (2,979) (2,979) ------------- ------- ---------- ----------- ----------- -------- ------- Balance at December 31, 1994.................... 209,657 2 123 181 (3,605) (11) 9,487 Reissuance of 28,761 shares of Common stock held in treasury in January (unaudited)................................... 3 11 14 Issuance of Common stock under stock option plan (unaudited).............................. 6,902 0 3 3 Common stock issued in initial public offering net of issuance costs--$1,090 (unaudited)..... 2,500,000 25 20,973 20,998 Conversion of preferred stock................. 5,395,504 54 12,742 Translation adjustment (unaudited)............ 334 334 Net loss--Twelve months ended December 31, 1995 (unaudited).......................... (6,305) (6,305) ------------- ------- ---------- ----------- ----------- -------- ------- Balance at December 31st, 1995.................. 8,112,063 $81 $33,844 $515 $(9,910) $24,530 Issuance of Common stock under stock option plan (unaudited).............................. 24,083 0 9 9 Issuance of warrants in connection with acquisition of the assets of PanoCorp (unaudited)................................... 230 230 Translation adjustment (unaudited)............ (448) (448) Net loss--Three months ended March 31, 1996 (unaudited).............................. (1,291) (1,291) ------------- ------- ---------- ----------- ----------- -------- ------- Balance at March 31st, 1996..................... 8,136,146 $82 $34,083 $67 $(11,201) $23,030 ============= ======= ========== =========== =========== ======== =======
PixTech, Inc. (a development stage company) Notes to Condensed Consolidated Financial Statements (all amounts in thousands except share amounts) (unaudited) Note A -- Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results of the three-month period ending March 31, 1996 are not necessarily indicative of the results that may be expected for the year ending December 31, 1996. For further information, refer to the consolidated financial statements and footnotes thereto for the year ending December 31, 1995 (the "1995 Financial Statement"), included in the Company's Annual Report on 10-K Form for the year ended December 31, 1995. Note B -- Inventories Inventory consists of raw material and spare parts. Note C -- Purchase of PanoCorp assets On February 20, 1996, the Company acquired substantially all the assets of PanoCorp, Inc., a research and development company located in Fremont, California, in a transaction accounted for as a purchase. The assets of PanoCorp, Inc., including principally fixed assets valued at $120, were purchased for $250 in cash plus 150,000 warrants to purchase shares of the Company's common stock at an exercise price of $11.67. The fair value of the 150,000 warrants was computed using the price of stock, the exercise price of warrant, the expected dividend yield of stock, the expected volatility of stock, the expected life of the warrant and the risk-free interest rate using the Black-Scholes model. Pursuant to the APB Statement 16, the value of such warrants was estimated at $230 and the global transaction generated a goodwill of $360. This goodwill will be depreciated over 5 years. The purchase agreement also calls for the issuance of additional warrants to the shareholders of PanoCorp, Inc., contingent upon the achievement by the Company of specified technical milestones over the next 3 years. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of operations Cooperation and License revenues. The Company recognized cooperation and license revenues under the FED Alliance agreements of $1.9 million in the three-month period ending March 31, 1996, while no such revenue was recognized in the three- month period ending March 31, 1995. These revenues represent the achievement by the Company of contractual technical milestones with FED Alliance members. On March 21, 1996, the Company was informed by Texas Instruments of its intention to suspend its development of FEDs for laptop computers. While this may result in a loss of anticipated long term royalty revenues, the Company believes such suspension will not have a material effect on the Company's current financial position. The Company's expectation regarding the future impact of the announcement by Texas Instruments is a forward-looking statement. The impact of such announcement on the Company depends in part upon the response of the financial markets to such announcement and the effects of such announcement on the Company's negotiations with potential new members of the FED Alliance. Product sales. The Company recognised product sales of $183 in the three-month period ending March 31, 1996 and $102 in the three-month period ending March 31, 1995. In 1996, product sales represented the shipment of different types of cathodes to members of the FED Alliance, with a goal of supporting such FED Alliance members' own development programs. In addition, the Company shipped limited quantities of displays during the first quarter of 1996. Other revenues. Other revenues amounted to $934 in the three-month period ending March 31, 1996 as compared of $204 during the three-month period ending March 31, 1995. Of these revenues, $800 are related to a grant from the French Ministry of Industry to support manufacturing of Field Emission Displays. In January 1996 all conditions relating to this amount were met by the Company. Research and Development Expenses - The Company expensed $3.5 million for other research and development costs during the three-month period ending March 31 1996, an increase of 21% over R&D expenses incurred in the three-month period ending March 31, 1995, which amounted to $2.9 million. These expenses included contract consulting fees, salaries and associated operating expenses for in-house research and development activities and the cost of staffing and operating the Company's pilot manufacturing facility. The increase reflects the continued development of the Company's FED technology and manufacturing processes. General and Administrative Expenses. General and Administrative expenses increased by 54% from $448 in three-month period ending March 31, 1995 to $688 in the three-month period ending March 31, 1996, reflecting the increase in the number of full time employees. Currency Fluctuation, Net. Foreign exchange gain amounted to $26 during the three-month period ending March 31, 1996, as compared of $675 for the three- month period ending March 31, 1995. The significant amount recorded in the first quarter of 1995 was due to the unusual fluctuation of French franc parity versus US dollar. The Company follows conservative cash management policies, especially concerning foreign exchange exposure. Income tax. Income tax benefits represent tax credits for research and development activities conducted in France and the benefits of net operating loss carryforwards, net of valuation allowance. Research and development tax credits will be paid in cash to the Company if the Company is not able to credit them against future income tax liabilities within three fiscal years. The Company did not recognize any income tax benefit during the three-month period ending March 31, 1996 as compared to $200 for the three-month ending March 31 1995. The Company does not expect to record additional tax credits for research and development activities in the future as the benefit is based on increases in eligible research and development expenses in a given year over the two previous fiscal years. Outlook: Issues and risks The Company is focused on the continued development of the FED technology, the strengthening and expansion of the FED Alliance, the improvement of manufacturing yields, and the reliability testing of new products which should lead to the shipment of commercial products in the near future. In evaluating this outlook, the following risks and issues, among others, which are common with development stage companies, should be considered. Revenues from FED Alliance members. The Company primarily recognizes its revenues when it has achieved certain technical milestones which are contractually defined with FED Alliance members. Failure to achieve a specific technical milestone in a given quarter could result in significant unexpected fluctuations in revenues. In addition, future FED Alliance milestone revenues are subject to expansion of the Alliance as the Company has now achieved most of the technical milestones which were originally defined with Raytheon Company, Motorola Inc. and Futaba Corporation. There can be no assurance that the Company will be successful in entering into any new FED Alliance agreements with other companies that have proprietary display-related technology and failure to expand the FED Alliance could adversely affect the Company. Products and manufacturing processes under development. The Company's products and its manufacturing are in the development stage and delays in the development of its products and processes could occur. Cost of products. The Company currently produces only limited quantities of FED prototypes at its pilot manufacturing production line in Montpellier. Until the Company has shipped products in quantities, it may not be meaningful to determine a cost of product sold. Product cost will depend on the level of yields achieved. Foreign exchange. A large percentage of the Company's net assets and of the Company's costs is expressed in French Francs. Fluctuations of the parity of the US dollar versus French Franc may cause significant foreign exchange gains or losses. Financial Condition Cash generated by operations was $380 for the three-month period ended March 31 1996, as compared to cash used in operations of $2.3 million for the three-month period ended March 31, 1995. This difference essentially results from significant collections of 1995 receivables from FED Alliance members, partly offset by decreases in accounts payable. In addition, the loss for the three-month period ended March 31, 1996, which amounted to $1.3 million included non-cash depreciation in the amount of $690 for the same period. The Company has used $7.8 million in cash funding its operations from inception through March 31, 1996 and has incurred $11.1 million in capital expenditures. To date, the Company has funded its operations and capital expenditures primarily from the proceeds of equity financing aggregating $33.9 million and from proceeds aggregating $8.9 million from borrowings and sale-leaseback transactions. Capital expenditures were $713 during the three-month period ended March 31 1996 as compared to $911 during the same period of 1995. In 1996, capital expenditures included the purchase of production equipment for the Company's pilot production line. In addition, the Company acquired on February 20, 1996, the assets of PanoCorp Inc., as described in Note C of the condensed consolidated financial statements. The cash flows relating to this acquisition amounted to $130 for intangible assets and $120 for equipment. The three-month period ended March 31, 1996 generated negative cash flows of $816 as compared to $4.1 million for the three-month period ended March 31 1995. Cash flows provided by operating activity were insufficient to cover cash requirements of investing activities. Cash available at the end of March 1996 amounted to $16.7 million as compared to $642 at the end of March 1996. This increase is primarily due to the sale of common stock in July 1995 in connection with the Company's initial public offering, which generated net proceeds of $21.0 million. The Company expects that cash available at March 31, 1996 will be sufficient to meet its cash requirements for at least 12 months. The Company's expectations regarding the sufficiency of its sources of cash over a future period is a forward-looking statement. The rate of expenditures by the Company will be affected by numerous matters including the rate of development of the Company's products and manufacturing capabilities as well as market demand for such products. In the future, the Company will require substantial funds to conduct research, development and testing, to develop and expand commercial-scale manufacturing systems and to market any resulting products. Changes in technology or a growth of sales beyond currently anticipated levels will also require further investments. There can be no assurance that funds for these purposes, whether from equity or debt financing, or other sources, will be available when needed or on terms acceptable to the Company. PIXTECH, INC. March 31, 1996 PART II. Other Information ITEM 1 Legal Proceedings: Not applicable. ITEM 2 Changes in Securities: Not applicable. ITEM 3 Defaults upon Senior Securities: Not applicable. ITEM 4 Submission of matters to a vote of security holders: None. ITEM 5 Other information: None. ITEM 6 Exhibits and reports on Form 8-K: (a) Exhibits - None (b) Reports on Form 8-K - None PIXTECH, INC. March 31, 1996 SIGNATURE 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 thereunto duly authorized. PIXTECH, INC. DATE: May 15, 1996 BY: /s/ Yves Morel --------------------------- Yves Morel Duly Authorized Officer and Director of Finance and Administration EX-27 2 ARTICLE 5 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1995 JAN-01-1996 MAR-31-1996 16,745 0 3,674 0 449 23,229 12,026 0 41,405 9,431 0 0 0 81 34,150 41,405 183 3,007 0 4,421 0 0 (97) 0 0 0 0 0 0 (1,291) (0.16) 0
-----END PRIVACY-ENHANCED MESSAGE-----