FORM 6-K/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the Securities
Exchange Act of 1934
For the 20th of April, 2006
M-SYSTEMS FLASH DISK PIONEERS LTD.
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(Translation of registrant's name in English)
7 Atir Yeda St.
Kfar Saba 44425, Israel
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(Address of principal executive offices)
Indicate by check mark whether registrant files or will file annual reports
under cover Form 20-F or Form 40-F:
Form 20-F X Form 40-F
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with rule 12g3-2(b): 82-___________________.
EXPLANATORY NOTE
This Amendment No. 1 is being furnished by the Registrant, as an amendment to
the Reports on Form 6-K furnished with the Securities and Exchange Commission on
January 31, 2005, October 27, 2004, July 19, 2004 and May 3, 2004, to provide
revised financial results of the Registrant for the fiscal periods described
therein which give effect to the consolidation of a venture with a flash partner
into the Registrant's financial statements.
2
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, thereunto duly authorized.
M-Systems Flash Disk Pioneers Ltd.
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(Registrant)
Date: April 20, 2006 By: /s/ Donna Gershowitz
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General Counsel
3
M-SYSTEMS FLASH DISK PIONEERS LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
U.S. dollars in thousands, except share and per share data
---------------------------------------------------------------------------------------
2004
---------------------------------------------------------------------------------------
AS PREVIOUSLY REPORTED
---------------------------------------------------------------------------------------
QUARTERS ENDED YEAR ENDED
--------------------------------------------------------------------- --------------
MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31 DECEMBER 31
--------------- -------------- --------------- --------------- --------------
Revenues $ 63,548 $ 84,189 $ 85,725 $ 114,089 $ 347,551
Costs and expenses:
Cost of goods sold 47,022 63,740 64,715 89,322 264,799
Research and development, net 4,629 5,977 6,670 7,558 24,834
Selling and marketing 7,480 8,246 7,620 7,731 31,077
General and administrative 1,464 1,625 1,626 2,056 6,771
--------------- -------------- --------------- --------------- --------------
Total costs and expenses 60,595 79,588 80,631 106,667 327,481
--------------- -------------- --------------- --------------- --------------
Operating income 2,953 4,601 5,094 7,422 20,070
Financial income, net 711 813 1,017 1,356 3,897
Other income, net - - - 183 183
--------------- -------------- --------------- --------------- --------------
Income before minority interest
in earnings of a subsidiary 3,664 5,414 6,111 8,961 24,150
Minority interest in earnings of
a subsidiary - - - - -
--------------- -------------- --------------- --------------- --------------
Net income $ 3,664 $ 5,414 $ 6,111 $ 8,961 $ 24,150
=============== ============== =============== =============== ==============
Basic net earnings per share $ 0.12 $ 0.15 $ 0.17 $ 0.25 $ 0.71
=============== ============== =============== =============== ==============
Diluted net earnings per share $ 0.11 $ 0.14 $ 0.16 $ 0.24 $ 0.66
=============== ============== =============== =============== ==============
Weighted average number of shares
used in computing basic net
earnings per share 31,354,098 35,024,437 35,116,012 35,288,020 34,195,642
=============== ============== =============== =============== ==============
Weighted average number of shares
used in computing diluted net
earnings per share 34,455,969 37,757,393 37,315,848 37,763,263 36,823,118
=============== ============== =============== =============== ==============
**TABLE CONTINUED**
M-SYSTEMS FLASH DISK PIONEERS LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
U.S. dollars in thousands, except share and per share data
---------------------------------------------------------------------------------------
2004
---------------------------------------------------------------------------------------
AS RESTATED
---------------------------------------------------------------------------------------
QUARTERS ENDED YEAR ENDED
-------------------------------------------------------------------- ---------------
MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31 DECEMBER 31
-------------- -------------- --------------- --------------- ---------------
Revenues $ 70,702 $ 94,814 $ 95,760 $ 155,284 $ 416,560
Costs and expenses:
Cost of goods sold 52,369 69,449 65,684 115,818 303,320
Research and development, net 4,629 5,977 6,670 7,558 24,834
Selling and marketing 7,480 8,246 7,620 7,731 31,077
General and administrative 1,497 1,625 1,656 2,126 6,904
-------------- -------------- --------------- --------------- ---------------
Total costs and expenses 65,975 85,297 81,630 133,233 366,135
-------------- -------------- --------------- --------------- ---------------
Operating income 4,727 9,517 14,130 22,051 50,425
Financial income, net 711 849 993 1,367 3,920
Other income, net - - - 183 183
-------------- -------------- --------------- --------------- ---------------
Income before minority interest
in earnings of a subsidiary 5,438 10,366 15,123 23,601 54,528
Minority interest in earnings of
a subsidiary (1,774) (4,952) (9,012) (14,640) (30,378)
-------------- -------------- --------------- --------------- ---------------
Net income $ 3,664 $ 5,414 $ 6,111 $ 8,961 $ 24,150
============== ============== =============== =============== ===============
Basic net earnings per share $ 0.12 $ 0.15 $ 0.17 $ 0.25 $ 0.71
============== ============== =============== =============== ===============
Diluted net earnings per share $ 0.11 $ 0.14 $ 0.16 $ 0.24 $ 0.66
============== ============== =============== =============== ===============
Weighted average number of shares
used in computing basic net
earnings per share 31,354,098 35,024,437 35,116,012 35,288,020 34,195,642
============== ============== =============== =============== ===============
Weighted average number of shares
used in computing diluted net
earnings per share 34,455,969 37,757,393 37,315,848 37,763,263 36,823,118
============== ============== =============== =============== ===============
**TABLE COMPLETE**
M-SYSTEMS FLASH DISK PIONEERS LTD.
CONSOLIDATED BALANCE SHEETS
- --------------------------------------------------------------------------------
U.S. dollars in thousands
2004
--------------------------------------------------------------------------
AS PREVIOUSLY REPORTED
--------------------------------------------------------------------------
MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31
--------------- --------------- --------------- ---------------
ASSETS
Cash, cash equivalents, short-term bank deposits and
marketable securities $ 201,224 $ 180,004 $ 162,446 $ 174,713
Trade receivables, net 18,593 17,396 29,265 41,503
Related party trade receivables - - 4,054 -
Inventories 80,400 86,405 79,061 56,160
Other accounts receivable and prepaid expenses 3,669 3,034 3,608 3,962
Severance pay funds 2,614 2,833 2,870 3,397
Long-term investments and long-term receivables 11,102 11,221 11,179 11,183
Investment in a Venture 1,683 2,037 7,227 8,988
Property and equipment, net 18,025 18,689 19,561 20,203
Other assets, net 555 542 1,731 1,340
--------------- --------------- --------------- ---------------
Total assets $ 337,865 $ 322,161 $ 321,002 $ 321,449
=============== =============== =============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables $ 46,171 $ 30,960 $ 25,337 $ 19,488
Related party trade payables 6,182 1,358 - 6,027
Deferred revenues 29,192 24,801 19,572 4,625
Other accounts payable and accrued expenses 12,268 14,220 17,779 21,493
--------------- --------------- --------------- ---------------
Total current liabilities 93,813 71,339 62,688 51,633
--------------- --------------- --------------- ---------------
LONG-TERM LIABILITIES:
Accrued severance pay 3,296 3,612 3,644 4,263
Other long-term liabilities - - 768 488
--------------- --------------- --------------- ---------------
Total long-term liabilities 3,296 3,612 4,412 4,751
--------------- --------------- --------------- ---------------
MINORITY INTEREST IN SUBSIDIARY - - - -
--------------- --------------- --------------- ---------------
SHAREHOLDERS' EQUITY
Share capital 10 10 10 10
Additional paid-in capital 293,273 294,313 294,894 297,096
Accumulated deficit (52,527) (47,113) (41,002) (32,041)
--------------- --------------- --------------- ---------------
Total shareholders' equity 240,756 247,210 253,902 265,065
--------------- --------------- --------------- ---------------
Total liabilities and shareholders' equity $ 337,865 $ 322,161 $ 321,002 $ 321,449
=============== =============== =============== ===============
**TABLE CONTINUED**
M-SYSTEMS FLASH DISK PIONEERS LTD.
CONSOLIDATED BALANCE SHEETS
- --------------------------------------------------------------------------------
U.S. dollars in thousands
2004
--------------------------------------------------------------------------
AS RESTATED
--------------------------------------------------------------------------
MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31
--------------- --------------- --------------- ----------------
ASSETS
Cash, cash equivalents, short-term bank deposits and
marketable securities $ 201,434 $ 187,267 $ 164,830 $ 181,037
Trade receivables, net 25,210 21,643 47,517 61,373
Related party trade receivables - - - -
Inventories 81,270 92,241 100,073 59,415
Other accounts receivable and prepaid expenses 3,674 3,046 4,064 5,540
Severance pay funds 2,614 2,833 2,870 3,397
Long-term investments and long-term receivables 11,102 11,221 11,179 11,183
Investment in a Venture - - - -
Property and equipment, net 18,025 18,689 19,561 20,203
Other assets, net 555 542 1,731 1,340
--------------- --------------- --------------- ----------------
Total assets $ 343,884 $ 337,482 $ 351,825 $ 343,488
=============== =============== =============== ================
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables $ 56,679 $ 45,603 $ 48,503 $ 39,957
Related party trade payables - - - -
Deferred revenues 29,192 24,801 19,572 4,625
Other accounts payable and accrued expenses 12,268 14,220 17,779 21,493
--------------- --------------- --------------- ----------------
Total current liabilities 98,139 84,624 85,854 66,075
--------------- --------------- --------------- ----------------
LONG-TERM LIABILITIES:
Accrued severance pay 3,296 3,612 3,644 4,263
Other long-term liabilities - - 768 488
--------------- --------------- --------------- ----------------
Total long-term liabilities 3,296 3,612 4,412 4,751
--------------- --------------- --------------- ----------------
MINORITY INTEREST IN SUBSIDIARY 1,693 2,036 7,657 7,597
--------------- --------------- --------------- ----------------
SHAREHOLDERS' EQUITY
Share capital 10 10 10 10
Additional paid-in capital 293,273 294,313 294,894 297,096
Accumulated deficit (52,527) (47,113) (41,002) (32,041)
--------------- --------------- --------------- ----------------
Total shareholders' equity 240,756 247,210 253,902 265,065
--------------- --------------- --------------- ----------------
Total liabilities and shareholders' equity $ 343,884 $ 337,482 $ 351,825 $ 343,488
=============== =============== =============== ================
**TABLE COMPLETE**