-----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, Ajn2Di8QqYWDthZ1LmEazG6U35nAwZQm0c9Yj7WTfvvrElAs0OeZhs5/LW+KvvYK gASkWjDBwTP3ilbMMwjJsg== 0000927016-99-002855.txt : 19990810 0000927016-99-002855.hdr.sgml : 19990810 ACCESSION NUMBER: 0000927016-99-002855 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990519 ITEM INFORMATION: FILED AS OF DATE: 19990809 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: 8-K/A SEC ACT: SEC FILE NUMBER: 000-26380 FILM NUMBER: 99681445 BUSINESS ADDRESS: STREET 1: AVENUE OLIVIER PERROY 13790 CITY: ROUSSET FRANCE STATE: I0 8-K/A 1 FORM 8-K/A 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): May 19, 1999 PIXTECH, INC. (Exact name of registrant as specified in its charter) Delaware 0-26380 04-3214691 (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) Avenue Olivier Perroy, 13790 Rousset, France (Address of principal executive offices and zip code) Registrant's telephone number, including area code: 011-33-4-42-29-10-00 The undersigned Registrant hereby amends Item 7 of its Current Report on Form 8-K filed with the Securities and Exchange Commission on May 27, 1999 as set forth in the pages attached hereto: Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (b) Pro Forma Financial Information. 1. Unaudited Pro Forma Condensed Consolidated Balance Sheets 2. Unaudited Pro Forma Condensed Consolidated Statements of Operations Year ended December 31, 1998 3. Unaudited Pro Forma Condensed Consolidated Statements of Operations Three Months ended March 31, 1999 4. Notes to Unaudited Pro Forma Consolidated Financial Statements. 2 PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited)
PixTech Acquisition Proforma March 31, May 20, March 31, 1999 1999 1999 --------- -------- --------- (Note B) -------- ASSETS Current assets: Cash available............................................ $ 4,155 $ 4,350 (i) $ 8,505 Restricted cash - short term.............................. 3,397 3,397 Accounts receivable: Trade.................................................. 235 235 Other.................................................. 347 347 Inventory................................................. 1,098 266 (i) 1,364 Other..................................................... 1,374 1,374 -------- -------- -------- Total current assets................................. 10,606 4,616 15,222 Restricted cash - long term................................... 6,667 6,667 Property, plant and equipment, net............................ 16,553 13,316 (i) 29,869 Goodwill, net................................................. 132 132 Deferred tax assets........................................... 4,275 4,275 Other assets - long term...................................... 201 201 Deferred offering costs...................................... 397 397 -------- -------- -------- Total assets........................................ $ 38,831 $ 17,932 $ 56,763 ======== ======== ======== LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Current portion of long term debt......................... $ 3,143 $ 1,694 (i) $ 4,849 Current portion of capital lease obligations.............. 2,353 2,353 Accounts payable.......................................... 6,930 95 (i) 7,013 Accrued expenses.......................................... 2,094 2,094 -------- -------- -------- Total current liabilities............................ 14,520 1,789 16,309 Deferred revenue.............................................. 82 82 Long term debt, less current portion.......................... 8,499 1,169 (i) 9,668 Capital lease obligation, less current portion................ 8,296 (i) 8,296 Other long term liabilities, less current portion............. 32 32 -------- -------- -------- Total liabilities.................................... 31,429 2,958 34,387 ======== ======== ======== Stockholders equity Convertible preferred stock Series E, $0.01 par value.... 4 4 Common stock, $0.01 par value............................ 151 71 (ii) 222 Additional paid-in capital............................... 69,190 14,903 (ii) 84,093 Cumulative translation adjustment........................ (2,411) (2,411) Deficit accumulated during development stage............. (59,532) (59,532) -------- -------- -------- Total stockholders equity.......................... 7,402 14,974 22,376 -------- -------- -------- Total liabilities and stockholders equity.......... $ 38,831 $ 17,932 $ 56,763 ======== ======== ========
See accompanying notes. 3 PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS YEAR ENDED DECEMBER 31, 1998 (in thousands) (unaudited)
Pro Forma PixTech PixTech Year Pro Forma Year Ended Adjustments Ended ------------ ------------- ------------ December 31, December 31, 1998 (Note C) 1998 ------------ ------------- ------------ Revenues Cooperation and license revenues............................. $ 1,239 $ -- $ 1,239 Product sales................................................ 445 -- 445 Other revenues............................................... 1,968 -- 1,968 -------- ------- -------- Total revenues.......................................... 3,652 -- 3,652 -------- ------- -------- Cost of revenues License fees and royalties................................... 24 -- 24 -------- ------- -------- Gross margin..................................................... 3,676 -- 3,676 -------- ------- -------- Operating expenses Research and development..................................... (19,414) (8,256) (27,670) Marketing and sales.......................................... (1,433) (431) (1,864) Administrative and general expenses.......................... (2,515) (431) (2,946) -------- ------- -------- (23,362) (9,117) (32,479) -------- ------- -------- Loss from operations............................................. (19,686) (9,117) (28,803) Other income / (expense) Interest income (expense) net................................ (708) (6) (714) Foreign exchange gains / (losses)............................ 372 -- 372 -------- ------- -------- (336) (6) (342) Loss before income tax benefit................................... (20,022) (9,123) (29,145) Income tax benefit............................................... 2,159 -- 2,159 -------- ------- -------- Net loss......................................................... $(17,863) $(9,123) $(26,986) ======== ======= ======== Dividend accrued to holders of Preferred Stock................... (12) -- (12) -------- ------- -------- Net loss to holders of Common Stock.............................. $(17,875) $(9,123) $(26,998) Net loss per share of Common Stock........................... $ (1.23) $ (1.25) Shares of Common Stock used in computing net loss per share.. 14,548 21,681
See accompanying notes. 4 PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, 1999 (in thousands) (unaudited)
Pro Forma PixTech PixTech Year Pro Forma Year Ended Adjustments Ended ----------- ------------ ------------ March 31, March 31, 1998 (Note C) 1998 ----------- ------------ ------------ Revenues Cooperation and license revenues ............................ $ -- $ -- $ -- Product sales ............................................... 161 -- 161 Other revenues .............................................. 2,000 -- 2,000 -------- -------- -------- Total revenues ......................................... 2,161 -- 2,161 -------- -------- -------- Cost of revenues License fees and royalties .................................. (87) -- (87) -------- -------- -------- Gross margin .................................................... 2,074 -- 2,074 -------- -------- -------- Operating expenses Research and development .................................... (5,587) (2,194) (7,781) Marketing and sales ......................................... (351) (98) (449) Administrative and general expenses ......................... (730) (98) (828) -------- -------- -------- (6,668) (2,390) (9,058) -------- -------- -------- Loss from operations ............................................ (4,594) (2,390) (6,984) Other income / (expense) Interest income (expense) net ............................... (266) 9 (257) Foreign exchange gains / (losses) ........................... (516) -- (516) -------- -------- -------- (782) 9 (773) Loss before income tax benefit .................................. (5,376) (2,381) (7,757) Income tax benefit .............................................. -- -- -- -------- -------- -------- Net loss ........................................................ $ (5,376) $ (2,381) $ (7,757) ======== ======== ======== Dividend accrued to holders of Preferred Stock .................. (134) -- (134) -------- -------- -------- Net loss to holders of Common Stock ............................. $ (5,510) $ (2,381) $ (7,891) Net loss per share of Common Stock .......................... $ (0.35) $ (0.35) Shares of Common Stock used in computing net loss per share . 15,143 22,277
See accompanying notes. 5 Notes to Pro Forma Condensed Consolidated Financial Statements (all amounts in thousands except share amounts) (unaudited) Note A - Basis of presentation The accompanying unaudited pro forma condensed financial statements reflect the acquisition of certain assets of Micron Technology, Inc. ("Micron") relating to field emission displays including equipment and other tangible assets, certain contract rights and cash (the "Micron Transaction"). The Micron Transaction was closed on May 19, 1999 between the Company and Micron. These unaudited pro forma condensed financial statements were derived from PixTech's audited and unaudited financial statements for the year ended December 31, 1998 and for the three-month period ended March 31, 1999, respectively. The unaudited pro forma condensed consolidated statements of operations for the year ended December 31, 1998 and for the three-month period ended March 31, 1999 give effect to the Micron Transaction as if it had occurred at the beginning of the period. The unaudited pro forma condensed consolidated balance sheets as of March 31, 1999 has been prepared as if the Micron Transaction had occurred on March 31, 1999. The pro forma adjustments for the Micron Transaction are based upon estimates, available information and certain assumptions that the management of PixTech deems appropriate. The unaudited pro forma condensed consolidated financial information does not purpose to represent the results of operations or the financial position of PixTech that actually would have resulted had the Micron Transaction occurred as of the dates indicated, nor should it be taken as indicative of the future results of operations or future financial position of PixTech (See "Note B - Pro Forma Condensed Consolidated Balance Sheets" and "Note C - Pro Forma Condensed Consolidated Statements of Operations"). It is suggested that these pro forma condensed consolidated financial statements be read in conjunction with the consolidated financial statements and footnotes thereto for the year ended December 31, 1998, included in the Company's Annual Report on Form 10-K for the year ended December 31, 1998. Note B - Pro Forma Condensed Consolidated Balance Sheets The pro forma consolidated balance sheets reflect the acquisition of Micron's assets and the assumption of certain liabilities, as of May 20, as if such acquisition had occurred on March 31, 1999. (i) Net Assets Acquired The estimated fair value of net assets acquired in the Micron Transaction is approximately $9,157 in excess of the cost of net assets acquired. The estimated fair value of property, plant and equipment of $22,473 has been proportionally reduced to the extent that the fair value of net assets acquired exceeded cost resulting in property plant and equipment of $13,316. (ii) Stockholders' equity In consideration of the Micron Transaction, the Company issued 7,133,562 shares of the Company's Common Stock, representing a total amount of $14,717, and a warrant to purchase 310,000 shares of the Company's Common Stock at an exercise price of approximately $2.25 per share. The fair value of the 310,000 warrants was computed using the Black-Scholes model and was estimated at $257. 6 Note C - Pro Forma Condensed Consolidated Statements of Operations - Pro Forma Adjustments The unaudited pro forma condensed consolidated statements of operations for the year ended December 31, 1998 and for the three months ended March 31, 1999 reflect the Company's best estimate of the additional ongoing expenses associated with the acquisition of assets, as if such acquisition had occurred at the beginning of the periods presented. These estimated expenses primarily relate to additional research and development personnel costs in the amount of $2,797 and $741, and additional depreciation expense of the acquired assets of $3,342 and $941, respectively for the year ended December 31, 1998 and for the three months ended March 31, 1999. These estimated expenses also relate to additional marketing and sales and administrative and general personnel costs totaling $539 and $101, respectively for the year ended December 31, 1998 and for the three months ended March 31, 1999. The Company believes that these unaudited pro forma condensed statements of operations may not be indicative of the results that would have occurred if the transaction had been completed at the beginning of the periods indicated and that they may not be indicative of the future results. Future results depend on a variety of factors, including the rate of growth of the Company's research and development expenses and the rate of growth of the costs related to the transfer and adaptation of the Company's manufacturing process to its Taiwanese partner, Unipac. 7 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. August 9, 1999 PIXTECH, INC. By: /S/ Yves Morel ------------------ Yves Morel Chief Financial Officer 8 -----END PRIVACY-ENHANCED MESSAGE-----