SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 of 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported)....................June 1, 1994
EVANS & SUTHERLAND COMPUTER CORPORATION
(Exact name of registrant as specified in its charter)
UTAH 0-8771 87-0278175
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
600 Komas Drive, Salt Lake City, Utah 84108
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (801) 582-5847
Not Applicable
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(Former name or former address, if changed since last report.)
ITEM 5.
OTHER EVENTS
As previously reported on a Form 10 and Information Statement, on June 1,
1994, Evans & Sutherland Computer Corporation ("E&S" or the "COMPANY")
distributed (the "DISTRIBUTION") to its shareholders all of the outstanding
shares of common stock of its then wholly owned subsidiary, Tripos, Inc.
("TRIPOS"). The Distribution was made to holders of record of E&S common stock,
$.20 par value per share (the "E&S COMMON STOCK"), on May 25, 1994 (the "RECORD
DATE"), on the basis of one share of common stock of Tripos, $.01 par value per
share (the "TRIPOS COMMON STOCK"), for every three shares of E&S Common Stock
held on the Record Date. The Distribution resulted in all of the outstanding
shares of Tripos Common Stock being distributed to holders of E&S Common Stock
on a pro rata basis. The Tripos Common Stock is listed for trading on the
Nasdaq National Market under the symbol "TRPS."
The Company provides the following Pro Forma Financial Information with
this filing:
- Consolidated Pro Forma Statement of Earnings for year ended December
31, 1993 (see attached Schedule 1)
- Consolidated Pro Forma Statement of Earnings for three months ended
April 1, 1994 (see attached Schedule 2)
- Consolidated Pro Forma Balance Sheet dated April 1, 1994 (see attached
Schedule 3)
The unaudited consolidated pro forma statement of earnings of E&S for the
year ended December 31, 1993 (Schedule 1) and the unaudited consolidated pro
forma statement of earnings for the three months ended April 1, 1994 (Schedule
2) are presented to show the effects of the Distribution assuming the
Distribution had occurred as of the beginning of the year ended December 31,
1993. The unaudited consolidated pro forma balance sheet of E&S as of April 1,
1994 (Schedule 3) gives effect to the Distribution assuming the Distribution had
occurred on that date.
The unaudited consolidated pro forma financial information does not purport
or represent what the Company's financial position or results of operations
would actually have been had the transaction in fact occurred on the dates
indicated above, nor to project the Company's financial position or results of
operations for any future date or period. In the opinion of the Company's
management, all adjustments necessary for a fair presentation have been made.
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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 on its behalf by the
undersigned hereunto duly authorized.
Evans & Sutherland Computer Corporation
/s/ GARY E. MEREDITH
------------------------------------
Name
Vice President, Secretary, CFO
------------------------------------
Title
October 5, 1994
------------------------------------
Date
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SCHEDULE 1
EVANS & SUTHERLAND COMPUTER CORPORATION
CONSOLIDATED PRO FORMA STATEMENT OF EARNINGS
YEAR ENDED DECEMBER 31, 1993
(In Thousands, Except Per Share Amounts)
Pro Forma
Historical Adjustments Pro Forma
---------- ----------- ---------
Net sales..................................................... $142,253 $17,977 $124,276
Cost of sales................................................. 65,678 5,845 59,833
---------- ----------- ---------
Gross profit............................................... 76,575 12,132 64,443
Expenses:
Marketing, general and administrative....................... 40,154 8,798 31,356
Research and development.................................... 31,757 2,958 28,799
Restructuring charge........................................ 7,900 0 7,900
---------- ----------- ----------
79,811 11,756 68,055
---------- ----------- ----------
Operating loss............................................. (3,236) 376 (3,612)
---------- ----------- ----------
Other income (expense):
Interest income............................................. 2,738 0 2,738
Interest expense............................................ (2,613) 0 (2,613)
Gain on sale of marketable securities....................... 6,238 0 6,238
Miscellaneous............................................... (296) (9) (287)
---------- ----------- ----------
Earnings before income taxes, extraordinary gain,
and cumulative effect of change in accounting principle.. 2,831 367 2,464
Income tax expense............................................ 1,005 0 1,005
---------- ----------- ----------
Earnings before cumulative effect of change in
accounting principle..................................... 1,826 367 1,459
Cumulative effect at December 26, 1992 of change in
accounting for income taxes................................. 2,267 0 2,267
---------- ----------- ----------
Net earnings............................................... $ 4,093 $ 367 $ 3,726
========== =========== ==========
Earnings per common and common equivalent share:
Before cumulative effect of change in
accounting for income taxes.............................. $ 0.22 $ 0.04 $ 0.18
Cumulative effect of change in accounting principle........ 0.28 0.00 0.28
---------- ----------- ----------
Total earnings per share.................................. $ 0.50 $ 0.04 $ 0.46
========== =========== ==========
Weighted average number of
shares used for per share
earnings computation........................................ 8,256 8,256 8,256
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SCHEDULE 2
EVANS & SUTHERLAND COMPUTER CORPORATION
CONSOLIDATED PRO FORMA STATEMENT OF EARNINGS
THREE MONTHS ENDED APRIL 1, 1994
(In Thousands, Except Per Share Amounts)
Pro Forma
Historical Adjustments Pro Forma
---------- ----------- ---------
Net sales....................................................... $26,860 $3,624 $23,236
Cost of sales................................................... 12,277 833 11,444
---------- ----------- ---------
Gross profit................................................. 14,583 2,791 11,792
Expenses:
Marketing, general and administrative......................... 8,336 2,161 6,175
Research and development...................................... 7,886 888 6,998
---------- ----------- ---------
16,222 3,049 13,173
---------- ----------- ---------
Operating loss............................................... (1,639) (258) (1,381)
Other income (expense), net..................................... 1,504 (32) 1,536
---------- ----------- ---------
Earnings (loss) before income taxes and extraordinary
gain....................................................... (135) (290) 155
Income tax benefit.............................................. (52) 0 (52)
---------- ----------- ---------
Earnings (loss) before extraordinary gain.................... (83) (290) 207
Extraordinary gain from repurchase of convertible
debentures, net of income taxes of $56........................ 91 0 91
---------- ----------- ---------
Net earnings (loss).......................................... $ 8 $ (290) $ 298
========== =========== =========
Earnings (loss) per common and common equivalent share:
Before extraordinary gain.................................... $ (0.01) $(0.03) $ 0.02
Extraordinary gain from repurchase of convertible
debentures................................................. 0.01 0.00 0.01
---------- ----------- ---------
Total earnings (loss) per share............................. $ 0.00 $(0.03) $ 0.03
========== =========== =========
Weighted average number of
shares used for per share
earnings computation.......................................... 8,474 8,474 8,474
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SCHEDULE 3
EVANS & SUTHERLAND COMPUTER CORPORATION
CONSOLIDATED PRO FORMA BALANCE SHEET
APRIL 1, 1994
(Dollars in Thousands)
Pro Forma
Assets Historical Adjustments Pro Forma
- - ------ ---------- ----------- ---------
Current assets:
Cash and temporary cash investments..................... $ 82,269 $ 9,600 $ 72,669
Accounts receivable, less allowance for
doubtful accounts of $389 in historical and
$184 in pro forma adjustments......................... 32,750 3,977 28,773
Inventories............................................. 32,403 102 32,301
Other current assets.................................... 17,836 339 17,497
---------- ----------- ---------
Total current assets............................... 165,258 14,018 151,240
Property, plant, and equipment, at cost................... 109,750 5,313 104,437
Less accumulated depreciation and amortization.......... 64,583 3,994 60,589
---------- ----------- ---------
Net property, plant, and equipment................. 45,167 1,319 43,848
Long-term investments..................................... 14,053 0 14,053
Other assets, net......................................... 2,819 2,206 613
---------- ----------- ---------
$227,297 $17,543 $209,754
========== =========== =========
Liabilities and Stockholders' Equity
- - ------------------------------------
Current liabilities:
Notes payable to banks.................................. $ 2,918 $ 0 $ 2,918
Accounts payable and accrued expenses................... 17,437 1,578 15,859
Customer deposits....................................... 17,756 3,372 14,384
Income taxes payable.................................... 977 119 858
---------- ----------- ---------
Total current liabilities.......................... 39,088 5,069 34,019
---------- ---------- ---------
Convertible subordinated debentures....................... 35,956 0 35,956
Deferred income taxes..................................... 5,767 425 5,342
Stockholders' equity:
Common stock, $.20 par value; authorized
30,000,000 shares; issued and outstanding
8,520,757 shares at April 1, 1994..................... 1,704 0 1,704
Additional paid-in capital.............................. 14,571 13,965 606
Retained earnings....................................... 122,959 (2,240) 125,199
Net unrealized gain on
marketable equity securities.......................... 6,825 0 6,825
Equity adjustment from foreign
currency translation.................................. 427 324 103
--------- ---------- ---------
Total stockholders' equity......................... 146,486 12,049 134,437
--------- ---------- ---------
$227,297 $17,543 $209,754
========= ========== =========
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