SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A#1
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended AUGUST 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
Commission file number: 0-1461
THE TODD-AO CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 13-1679856
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation)
900 N. SEWARD STREET, HOLLYWOOD, CALIFORNIA 90038
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (323) 962-5304
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Title of each class
- ----------------------
COMMON STOCK, CLASS A,
$ .01 PAR VALUE
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
-------- --------
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
The aggregate market value of voting stock held by non-affiliates at November
11, 1999 was approximately $92,200,000.
The number of shares of common stock outstanding at November 11, 1999 was:
8,136,653 Class A Shares and 1,747,178 Class B Shares.
DOCUMENTS INCORPORATED BY REFERENCE
None
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
The Todd-AO Corporation
January 11, 1999 By /s/ Silas R. Cross
------------------------------------
Silas R. Cross
Vice President, Treasurer
and Principal Accounting Officer
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
January 11, 1999 By /s/ Salah M. Hassanein January 11, 1999 By /s/ Marshall Naify
---------------------- ----------------------
Salah M. Hassanein Marshall Naify
Director, President and Chairman of the
Chief Executive Officer Board of Directors
January 11, 1999 By /s/ David P. Malm January 11, 1999 By /s/ Richard Hassanein
------------------- -----------------------
David P. Malm Richard Hassanein
Director Vice President and
Director
January 11, 1999 By /s/ Sydney Pollack January 11, 1999 By /s/ Michael S. Naify
------------------- -----------------------
Sydney Pollack Michael S. Naify
Director Director
January 11, 1999 By /s/ Robert I. Knudson January 11, 1999 By /s/ Zelbie Trogden
------------------- -----------------------
Robert I. Knudson Zelbie Trogden
Director Director
January 11, 1999 By /s/ Herbert L. Hutner January 11, 1999 By /s/ A. Frank Pierce
------------------- ----------------------
Herbert L. Hutner A. Frank Pierce
Director Director
January 11, 1999 By /s/ David Haas
-------------------
David Haas
Director
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THE TODD-AO CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
YEARS ENDED AUGUST 31,
-----------------------------------------
1997 1998 1999
------------ ------------ -------------
REVENUES...................................................... $ 78,971 $ 102,614 $ 118,517
------------ ------------ -------------
COSTS AND EXPENSES:
Operating costs and other expenses............................ 61,755 83,034 96,890
Depreciation and amortization................................. 7,128 10,685 12,829
Interest...................................................... 920 1,807 3,617
Equipment lease expense - net................................. 265 245 1,494
Restructuring and other charges:
Equipment.................................................. -- 2,414 --
Lease costs................................................ -- 353 --
Loss on equipment lease commitments........................ -- -- 788
Other (income) expense - net.................................. (50) (573) 413
------------ ------------ -------------
Total costs and expenses...................................... 70,018 97,965 116,031
------------ ------------ -------------
INCOME BEFORE PROVISION FOR INCOME TAXES
AND CHANGE IN ACCOUNTING PRINCIPLE......................... 8,953 4,649 2,486
PROVISION FOR INCOME TAXES.................................. 2,948 1,230 880
------------ ------------ -------------
INCOME BEFORE CHANGE IN
ACCOUNTING PRINCIPLE....................................... 6,005 3,419 1,606
CHANGE IN ACCOUNTING PRINCIPLE,
NET OF INCOME TAXES OF $150................................ -- -- (293)
------------ ------------ -------------
NET INCOME.................................................... $ 6,005 $ 3,419 $ 1,313
============ ============ =============
Net income available to common stockholders................... $ 6,005 $ 3,419 $ 1,313
Effect of dilutive securities:
5% convertible debentures.................................. 47 302 --
------------ ------------ -------------
Net income available to common stockholders
plus assumed conversions................................... $ 6,052 $ 3,721 $ 1,313
------------ ------------ -------------
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC........................................ 9,539,312 9,987,429 9,570,187
Effect of dilutive securities:
Stock options.............................................. 549,681 519,565 262,427
5% convertible debentures.................................. 118,510 711,057 --
------------ ------------ -------------
WEIGHTED AVERAGE SHARES
OUTSTANDING - DILUTED...................................... 10,207,503 11,218,051 9,832,614
------------ ------------ -------------
NET INCOME PER COMMON SHARE:
Income before change in accounting principle - Basic....... $ 0.63 $ 0.34 $ 0.17
Change in accounting principle............................. -- -- (0.03)
------------ ------------ -------------
Net income - Basic......................................... $ 0.63 $ 0.34 $ 0.14
============ ============ =============
Income before change in accounting principle - Diluted..... $ 0.59 $ 0.33 $ 0.16
Change in accounting principle............................. -- -- (0.03)
------------ ------------ -------------
Net income - Diluted....................................... $ 0.59 $ 0.33 $ 0.13
============ ============ =============
See notes to consolidated financial statements.
34