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): | June 5, 2006 |
InFocus Corporation
(Exact name of registrant as specified in its charter)
Oregon | 000-18908 | 93-0932102 |
(State or other jurisdiction
of incorporation) | (Commission file number) | (IRS employer
identification number) |
27700B SW Parkway Avenue, Wilsonville, Oregon 97070
(Address of principal executive offices, including zip code)
(503) 685-8888
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
InFocus Corporation
FORM 8-K
INDEX TO CURRENT REPORT ON FORM 8-K
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Item 1.01 Entry into a Material Definitive Agreement
Amendment to Line of Credit.
On June 5, 2006, InFocus Corporation (the “Company”) closed the sale of its undeveloped land located adjacent to the Company’s corporate headquarters in Wilsonville, Oregon. The land was sold to Wilsonville 2006 SE, LLC and Wilsonville 2006 NW, LLC, limited liability companies organized in the State of Washington. The gross purchase price was $5.5 million. Net proceeds taking into account costs of the transaction were approximately $5.1 million, resulting in a gain on the sale of approximately $0.6 million.
In connection with the land sale, on June 7, 2006, the Company and Wells Fargo Foothill, Inc. entered into a Fifth Amendment to the Credit Agreement governing the Company’s $25 million line of credit. The Credit Agreement previously provided that the aggregate funds available for the company to borrow under the line of credit were to be reduced upon the sale of the vacant land noted above. The amendment kept the aggregate funds available at $25 million notwithstanding the land sale.
A copy of the amendment is attached as Exhibit 10.1 to this report and is incorporated herein. The foregoing description of the amendment does not purport to be complete and is qualified in its entirety by reference to such exhibit.
Item 8.01 Other Events
On June 8, 2006, the Company issued a press release announcing its expanded relationship with Texas Instruments. A copy of the press release is attached as Exhibit 99.1 to this report.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following exhibit is attached hereto and this list is intended to constitute the exhibit index.
10.1 Fifth Amendment to Credit Agreement by and between InFocus Corporation and Wells Fargo Foothill, Inc. dated June 7, 2006.
99.1 Press Release dated June 8, 2006 announcing InFocus Corporation’s expanded relationship with Texas Instruments.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned thereunto duly authorized.
| INFOCUS CORPORATION |
| | |
Dated: June 9, 2006 | By | /s/ C. Kyle Ranson |
| | C. Kyle Ranson |
| | President and Chief Executive Officer |
| | |
| By | /s/ Roger Rowe |
| | Roger Rowe |
| | Vice President Finance, Chief Financial Officer and Secretary |
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