-----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, EFtM2xyMfs+JNVcqOmthS+2YRc1j41U5YxRyWyBbP1UDteFWEEy1EnGB+K+1Rn+m vBiDxNm4REYDIIH8l1X9/A== 0000893877-00-000035.txt : 20000203 0000893877-00-000035.hdr.sgml : 20000203 ACCESSION NUMBER: 0000893877-00-000035 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000101 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000125 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/A SEC ACT: SEC FILE NUMBER: 001-04837 FILM NUMBER: 512940 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/A 1 FORM 8-K/A, AMENDMENT NO. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A Amendment No. 1 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 -------------- ------------------------------------------------------------- (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 and may be subject to purchase price adjustments. 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 statement of operations for the year ended May 29, 1999. 2
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)
3 2. Unaudited pro forma condensed consolidated balance sheet and statement of operations as of and for the six months ended November 27, 1999. 4
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 (9,430) 83,636 --------------- --------------- -------------- Total current assets 654,144 661,859 1,316,003 Property, plant and equipment - net 402,895 (149,244) 253,651 Deferred tax assets 55,347 (30,000) 25,347 Other long-term assets 163,870 (24,376) 139,494 --------------- --------------- -------------- Total assets $ 1,276,256 $ 458,239 $ 1,734,495 =============== =============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term debt $ 79,564 $ - $ 79,564 Accounts payable 226,389 120,973 347,362 Accrued compensation 96,216 (1,934) 94,282 Deferred revenue 25,280 (20,961) 4,319 --------------- --------------- -------------- Total current liabilities 427,449 98,078 525,527 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 454,046 367,417 821,463 Accumulated other comprehensive 24,937 - 24,937 --------------- --------------- -------------- Total shareholders' equity 621,591 367,417 989,008 --------------- --------------- -------------- Total liabilities and shareholders' equity $ 1,276,256 $ 458,239 $ 1,734,495 =============== =============== ============== (a) Amounts represent cash proceeds of $925.0 million, the elimination of Color Printing and Imaging assets and liabilities from the balance sheet, the resultant gain on the sale and the income tax expense associated with the gain. Proceeds represent those received upon the closing of the transaction and may be subject to purchase price adjustments. Any adjustment of the proceeds would result in an adjustment of the gain on the sale and the related income tax expense. The income tax expense is reflected on the balance sheet as a $10.0 million reduction of current deferred tax assets (included in other current assets), a $30.0 million reduction of deferred tax assets and a $175.8 million increase in current taxes payable (included in accounts payable).
5
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)
6 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 purpose of the condensed consolidated statement of operations, as of the first day of the period presented, and for purposes of the condensed consolidated balance sheet, as of its date. 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. 7 (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. 8 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 25, 2000 TEKTRONIX, INC. By: COLIN L. SLADE ------------------------------------ Name: Colin L. Slade Title: Vice President and Chief Financial Officer 9 -----END PRIVACY-ENHANCED MESSAGE-----