SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K/A
AMENDMENT NO. 1 TO CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: May 6, 1996
DEL GLOBAL TECHNOLOGIES CORP.
(Exact name of registrant as specified in its charter)
1-10512
(Commission File Number)
13-1784308
(IRS Employer Identification Number)
New York
(State of Incorporation)
1 Commerce Park, Valhalla, New York 10595
(Address of principal executive offices)
914-686-3600
(Registrant's Telephone Number, including area code)
Item 7. Financial Statements and Exhibits.
(a) Condensed Consolidated Pro Forma Financial Information.
(i) Condensed Consolidated Pro Forma Balance Sheet
(ii) Condensed Consolidated Pro Forma Statement of Operations for
Fiscal Year Ended July 29, 1995
(iii) Condensed Consolidated Pro Forma Statement of Operations for
Six Months Ended February 3, 1996
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CONDENSED CONSOLIDATED PRO FORMA FINANCIAL INFORMATION
The accompanying Condensed Consolidated Pro Forma Financial Statements
reflect the acquisition of certain assets of the Gendex Medical Division of
Dentsply International Inc. by Gendex-Del Medical Imaging Corp., a wholly-owned
subsidiary of Del Global Technologies Corp. Such acquisition was effective March
7, 1996. The Condensed Consolidated Pro Forma Balance Sheet combines the
unaudited Balance Sheet of Del Global Technologies Corp. at February 3, 1996
with the audited Statement of Net Assets to be Acquired of the Gendex Medical
Division of Dentsply International Inc. at December 31, 1995 as if such
transaction had occurred on February 3, 1996. The Condensed Consolidated Pro
Forma Statement of Operations for the fiscal year ended July 29, 1995 combines
the audited Statement of Income of Del Global Technologies Corp. and
Subsidiaries for the fiscal year ended July 29, 1995 with the unaudited
Statement of Operations of the Gendex Medical Division of Dentsply International
Inc. for the twelve month period ended July 31, 1995 as if such transaction had
occurred at the beginning of the twelve month period presented. The Condensed
Consolidated Pro Forma Statement of Operations for the six month period ended
February 3, 1996 combines the unaudited Statement of Income of Del Global
Technologies Corp. and Subsidiaries for the six months ended February 3, 1996
with the unaudited Statement of Operations of the Gendex Medical Division of
Dentsply International Inc. for the six month period ended January 31, 1996 as
if such transaction had occurred at the beginning of the six month period
presented. The transaction has been accounted for as a purchase and appropriate
adjustments have been made to the Condensed Consolidated Pro Forma Statements of
Operations to reflect the transaction at the beginning of the respective periods
combined. The pro forma financial information presented above is not necessarily
indicative of the operating results which would have been achieved had the
Company acquired Gendex Medical at the beginning of the periods presented or of
results to be achieved in the future.
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CONDENSED CONSOLIDATED PRO FORMA BALANCE SHEET
DEL GENDEX PRO FORMA PRO FORMA
CONSOLIDATED MEDICAL ADJUSTMENTS AT
FEBRUARY 3, DECEMBER 31, DEBIT FEBRUARY 3,
1996 1995 (CREDIT) 1996
------------ ------------ ----------- ------------
ASSETS
Cash and investments...... $ 659,842 $ 659,842
Trade receivables......... 5,725,121 5,725,121
Inventory................. 19,908,557 $6,129,493 26,038,050
Prepaid expenses and other
current assets.......... 1,971,152 1,971,152
------------ ----------- ------------
Total current assets...... 28,264,672 6,129,943 34,394,165
------------ ----------- ------------
Fixed assets net.......... 8,175,092 650,675 8,825,767
Goodwill.................. 2,802,018 2,802,018
Investment in assets of $ 7,750,000 (1)
subsidiary.............. (7,750,000)(2)
Other assets.............. 1,427,877 1,701,961 (732,129)(2) 2,397,709
------------ ----------- ------------
Total..................... $ 40,669,659 $8,482,129 $ 48,419,659
------------ ----------- ------------
------------ ----------- ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-
term debt............... $ 943,383 $ 943,383
Accounts payable.......... 2,748,117 2,748,117
Accrued liabilities and
income taxes............ 2,656,163 $ (250,000)(1) 2,906,163
------------ ------------
Total current
liabilities............. 6,347,663 6,597,663
Long-term debt............ 11,755,397 (5,700,000)(1) 17,455,397
Subordinated debt......... (1,800,000)(1) 1,800,000
Other liabilities......... 1,414,551 1,414,551
------------ ------------
Total liabilities......... 19,517,611 27,267,611
------------ ------------
Common stock.............. 434,698 434,698
Net assets acquired....... $8,482,129 8,482,129 (2)
Additional paid-in
capital................. 17,490,139 17,490,139
Retained earnings......... 3,563,896 3,563,896
------------ ----------- ------------
21,488,733 8,482,129 21,488,733
Less: Treasury stock...... 336,685 336,685
------------ ----------- ------------
Total shareholders'
equity.................. 21,152,048 8,482,129 21,152,048
------------ ----------- ------------
Total..................... $ 40,669,659 $8,482,129 $ 48,419,659
------------ ----------- ------------
------------ ----------- ------------
PRO FORMA ADJUSTMENTS TO BALANCE SHEET:
(1) To reflect cash consideration of $5,700,000, seller's subordinated note of
$1,800,000, professional fees and expenses of approximately $250,000 related
to acquisition and investment in subsidiary.
(2) To reflect assets acquired at fair value and eliminate net equity acquired.
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CONDENSED CONSOLIDATED PRO FORMA STATEMENT OF OPERATIONS
FISCAL YEAR ENDED JULY 29, 1995
GENDEX MEDICAL
DEL CONSOLIDATED TWELVE MONTHS ENDED PRO FORMA PRO FORMA
FISCAL YEAR ENDED JULY 31, 1995 ADJUSTMENTS AT
JULY 29, 1995 (UNAUDITED) DEBIT (CREDIT) JULY 29, 1995
----------------- ------------------- -------------- -------------
Net sales............................... $32,596,312 $20,995,954 $ 53,592,266
-------------- --------------- -------------
Cost of sales........................... 19,177,999 18,011,318 37,189,317
Research and development................ 2,861,844 12,056 2,873,900
Selling, general and administrative..... 6,622,690 2,895,769 9,518,459
Interest expense........................ 1,191,142 $ 624,000 (1) 1,815,142
-------------- --------------- -------------
29,853,675 20,919,143 51,396,818
-------------- --------------- -------------
Pre-tax income.......................... 2,742,637 76,811 2,195,448
Income taxes............................ 837,428 (167,000)(2) 670,428
-------------- --------------- -------------
Net income.............................. $ 1,905,209 $ 76,811 $ 1,525,020
-------------- --------------- -------------
-------------- --------------- -------------
Net income per common share and common
share equivalent......................
Primary................................. $ 0.39 $ 0.31
-------------- -------------
-------------- -------------
Fully diluted........................... $ 0.39 $ 0.31
-------------- -------------
-------------- -------------
Weighted average shares outstanding..... 5,044,295(3) 5,044,295(3)
-------------- -------------
-------------- -------------
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CONDENSED CONSOLIDATED PRO FORMA STATEMENT OF OPERATIONS
SIX MONTHS ENDED FEBRUARY 3, 1996
DEL
CONSOLIDATED GENDEX MEDICAL
SIX MONTHS SIX MONTHS
ENDED ENDED PRO FORMA PRO FORMA AT
FEBRUARY 3, JANUARY 31, ADJUSTMENTS FEBRUARY 3,
1996 (UNAUDITED) 1996 (UNAUDITED) DEBIT (CREDIT) 1996
----------------- ---------------- -------------- --------------
Net sales............... $16,800,619 $8,636,962 $ 25,437,581
-------------- ------------- -------------
Cost of sales........... 9,744,552 7,479,609 17,224,161
Research and
development........... 1,431,894 1,887 1,433,781
Selling, general and
administrative........ 3,356,117 1,305,516 4,661,633
Interest expense........ 595,211 $310,000(1) 905,211
-------------- ------------- -------------
15,127,774 8,787,012 24,224,786
-------------- ------------- -------------
Pre-tax income (loss)... 1,672,845 (150,050) 1,212,795
Income taxes............ 510,218 (140,316)(2) 369,902
-------------- ------------- -------------
Net income (loss)....... $ 1,162,627 $ (150,050) $ 842,893
-------------- ------------- -------------
-------------- ------------- -------------
Net income per common
share and common share
equivalent:
Primary................. $ 0.23 $ 0.16
-------------- -------------
-------------- -------------
Fully diluted........... $ 0.23 $ 0.16
-------------- -------------
-------------- -------------
Weighted average shares
outstanding........... 5,252,173(3) 5,252,173(3)
-------------- -------------
-------------- -------------
PRO FORMA ADJUSTMENTS TO STATEMENTS OF OPERATIONS:
(1) Interest expense on $5,700,000 of additional bank debt and $1,800,000 of
subordinated debt.
(2) Tax effect of Gendex Medical pretax income net of pro forma interest
adjustment.
(3) Weighted average shares outstanding adjusted for 3% semi-annual stock
dividend paid in December 1995.
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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.
DEL GLOBAL TECHNOLOGIES CORP.
By: /s/ Leonard A. Trugman
====================================
Dated: May 6, 1996 Leonard A. Trugman, President, Chairman
and Chief Executive Officer
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