-----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, VGAMZvGJWBHeZMq3EJKRNQT8mzLt4s3OdxN0LU4OaQRkYroLtYklDZe6Gvy1ewmP Zqg+fK2g2gQ5zKfFWlNYXA== 0000893877-00-000019.txt : 20000202 0000893877-00-000019.hdr.sgml : 20000202 ACCESSION NUMBER: 0000893877-00-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000101 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEKTRONIX INC CENTRAL INDEX KEY: 0000096879 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 930343990 STATE OF INCORPORATION: OR FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-04837 FILM NUMBER: 506320 BUSINESS ADDRESS: STREET 1: 26600 SW PKWY CITY: WILSONVILLE STATE: OR ZIP: 97070 BUSINESS PHONE: 5036277111 MAIL ADDRESS: STREET 1: P O BOX 100 CITY: WILSONVILLE STATE: OR ZIP: 97070-1000 8-K 1 FORM 8-K UNITED STATES 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 (Date of earliest event reported): January 1, 2000 TEKTRONIX, INC. (Exact name of registrant as specified in its character) Oregon 1-4837 93-09343990 (State or other jurisdiction (Commission (IRS Employer of incorporation) file number) Identification No.) 14200 SW Karl Braun Drive, Beaverton, OR 97077 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (503) 627-7111 26600 SW Parkway, Wilsonville, Oregon 97070-1000 (Former name or former address, if changed since last report) Item 2. Acquisition or Disposition of Assets On January 1, 2000, pursuant to an Amended Asset Purchase Agreement dated September 22, 1999, as amended (the "Agreement"), between Tektronix, Inc., an Oregon corporation ("Tektronix"), and Xerox Corporation, a New York corporation ("Xerox"), Tektronix and its subsidiaries sold substantially all of the assets related to its color printing and imaging products division ("CPID") to Xerox and its affiliates. The purchase price for the assets was $925 million in cash. In addition, Xerox assumed certain liabilities of Tektronix related to CPID. The purchase price was negotiated by Tektronix and Xerox. Item 7. Financial Statements and Exhibits. (b) Pro forma financial information. 1. Unaudited pro forma condensed consolidated balance sheet and statement of operations as of and for the year ended May 29, 1999. 2 PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET As of May 29, 1999 (Unaudited) In Thousands of Dollars
Pro Forma Historical Adjustments (a) Pro Forma --------------- --------------- --------------- ASSETS Current assets: Cash and cash equivalents $ 39,747 $ 925,000 $ 964,747 Accounts receivable - net 313,274 (147,295) 165,979 Inventories 273,370 (115,065) 158,305 Other current assets 93,267 (9,850) 83,417 --------------- --------------- --------------- Total current assets 719,658 652,790 1,372,448 Property, plant and equipment - net 442,257 (158,488) 283,769 Deferred tax assets 56,405 - 56,405 Other long-term assets 141,045 (19,322) 121,723 --------------- --------------- --------------- Total assets $ 1,359,365 $ 474,980 $ 1,834,345 =============== =============== =============== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term debt $ 115,687 $ - $ 115,687 Accounts payable 251,349 (80,043) 171,306 Accrued compensation 110,001 (1,019) 108,982 Deferred revenue 20,009 (17,571) 2,438 --------------- --------------- --------------- Total current liabilities 497,046 (98,633) 398,413 Long-term debt 150,722 - 150,722 Other long-term liabilities 90,035 (12,397) 77,638 Shareholders' equity: Common stock 143,263 - 143,263 Retained earnings 458,613 586,010 1,044,623 Accumulated other comprehensive 19,686 - 19,686 --------------- --------------- --------------- Total shareholders' equity 621,562 586,010 1,207,572 --------------- --------------- --------------- Total liabilities and shareholders' equity $ 1,359,365 $ 474,980 $ 1,834,345 =============== =============== =============== (a) Amounts represent cash proceeds of $925.0 million, net of Color Printing and Imaging assets and liabilities eliminated from the balance sheet.
3 PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS For the Year Ended May 29, 1999 (Unaudited) In Thousands of Dollars
Pro Forma Historical Adjustments Pro Forma --------------- --------------- --------------- Net sales $ 1,861,490 $ (725,354) $ 1,136,136 Cost of sales 1,151,252 (493,830) 657,422 --------------- --------------- --------------- Gross profit 710,238 (231,524) 478,714 Research and development expenses 204,655 (59,990) 144,665 Selling, general and administrative expenses 480,714 (151,112) 329,602 Non-recurring charges 84,780 - 84,780 Equity in business ventures' loss 9,230 - 9,230 --------------- --------------- --------------- Operating loss (69,141) (20,422) (89,563) Interest expense 15,712 - 15,712 Other income - net 9,616 757 10,373 --------------- --------------- --------------- Loss before taxes (75,237) (19,665) (94,902) Income tax benefit (24,076) (6,293) (30,369) --------------- --------------- --------------- Net loss $ (51,161) $ (13,372) $ (64,533) =============== =============== =============== Average shares outstanding - basic and diluted 47,700 47,700 47,700 Net loss per share - basic and diluted (1.07) (0.28) (1.35)
4 2. Unaudited pro forma condensed consolidated balance sheet and statement of operations as of and for the six months ended November 27, 1999. 5 PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET As of November 27, 1999 (Unaudited) In Thousands of Dollars
Pro Forma Historical Adjustments (a) Pro Forma --------------- --------------- --------------- ASSETS Current assets: Cash and cash equivalents $ 57,860 $ 925,000 $ 982,860 Accounts receivable - net 285,228 (156,591) 128,637 Inventories 217,990 (97,120) 120,870 Other current assets 93,066 570 93,636 --------------- --------------- --------------- Total current assets 654,144 671,859 1,326,003 Property, plant and equipment - net 402,895 (149,244) 253,651 Deferred tax assets 55,347 - 55,347 Other long-term assets 163,870 (24,376) 139,494 --------------- --------------- --------------- Total assets $ 1,276,256 $ 498,239 $ 1,774,495 =============== =============== =============== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term debt $ 79,564 $ - $ 79,564 Accounts payable 226,389 (54,811) 171,578 Accrued compensation 96,216 (1,934) 94,282 Deferred revenue 25,280 (20,961) 4,319 --------------- --------------- --------------- Total current liabilities 427,449 (77,706) 349,743 Long-term debt 150,596 - 150,596 Other long-term liabilities 76,620 (7,256) 69,364 Shareholders' equity: Common stock 142,608 - 142,608 Retained earnings 454,046 583,201 1,037,247 Accumulated other comprehensive 24,937 - 24,937 --------------- --------------- --------------- Total shareholders' equity 621,591 583,201 1,204,792 --------------- --------------- --------------- Total liabilities and shareholders' equity $ 1,276,256 $ 498,239 $ 1,774,495 =============== =============== =============== (a) Amounts represent cash proceeds of $925.0 million, net of Color Printing and Imaging assets and liabilities eliminated from the balance sheet.
6 PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS For the Six Months Ended November 27, 1999 (Unaudited) In Thousands of Dollars
Pro Forma Historical Adjustments Pro Forma --------------- --------------- --------------- Net sales $ 887,175 $ (345,157) $ 542,018 Cost of sales 535,884 (238,155) 297,729 --------------- --------------- --------------- Gross profit 351,291 (107,002) 244,289 Research and development expenses 95,459 (24,516) 70,943 Selling, general and administrative expenses 210,936 (67,601) 143,335 Non-recurring charges 26,100 - 26,100 Equity in business ventures' loss 343 - 343 --------------- --------------- --------------- Operating income 18,453 (14,885) 3,568 Interest expense 9,212 - 9,212 Other income - net 2,147 1,443 3,590 --------------- --------------- --------------- Income (Loss) before taxes 11,388 (13,442) (2,054) Income tax expense (benefit) 4,684 (4,762) (78) --------------- --------------- --------------- Net income (loss) $ 6,704 $ (8,680) $ (1,976) =============== =============== =============== Average shares outstanding - basic 47,005 47,005 47,005 diluted 47,468 47,468 47,005 Net income (loss) per share - basic 0.14 (0.18) (0.04) diluted 0.14 (0.18) (0.04)
7 Note to Pro Forma Condensed Consolidated Financial Statements The company's unaudited pro forma condensed consolidated financial statements give effect to the disposal of the Color Printing and Imaging division as if such transaction had occurred, for the statements of consolidated operations for the year ended May 29, 1999, and for the six months ended November 27, 1999, and for the consolidated balance sheet as of May 29, 1999, and as of November 27, 1999. These unaudited pro forma condensed consolidated financial statements should be read in conjunction with the company's 1999 audited consolidated financial statements. In the company's fiscal year 1999 annual report, Color Printing and Imaging was a reported segment in the business segments footnote. The pro forma information shown is not necessarily indicative of the results that would have been reported had such events actually occurred on the dates specified, nor is it indicative of the company's future results. The accompanying pro forma condensed consolidated statement of operations consists of the historical statements of operations of the company for the year ended May 29, 1999, and for the six months ended November 27, 1999, less the historical statements of operations of the Color Printing and Imaging division. 8 (c) Exhibits. (2) (i) Amended Asset Purchase Agreement dated as of September 22, 1999 and Amendment Nos. 1 and 2 thereto. Incorporated by reference to Exhibit (2)(i) of the Company's Quarterly Report on Form 10-Q for the quarter ended November 27, 1999, SEC File No. 1-4837. 9 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: January 6, 2000 TEKTRONIX, INC. By: CARL W. NEUN ------------------------------------ Name: Carl W. Neun Title: Senior Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----