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): JANUARY 1, 2000
INTER-TEL, INCORPORATED
(Exact Name of Registrant as specified in charter)
Commission File Number 0-10211
ARIZONA 86-0220994
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification Number)
120 NORTH 44TH STREET, SUITE 200
PHOENIX, ARIZONA 85034-1822
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (602) 302-8900
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On January 1, 2000, Inter-Tel, Incorporated (the "Company") completed its
acquisition of the computer telephony assets and liabilities of Executone
Information Systems, Inc. ("Executone") for $44.3 million in cash plus the
assumption of certain liabilities, subject to purchase price adjustments as of
the closing date. Inter-Tel intends to continue distributing Executone's
products through Executone's existing distribution channel, including National
and Government Accounts, and will begin distributing Inter-Tel's products and
services through these channels as well.
In connection with the acquisition, Inter-Tel expects to take a one-time
charge for purchased in-process research and development expenses and other
restructuring costs in the first quarter of 2000.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) FINANCIAL STATEMENTS OF EXECUTONE INFORMATION SYSTEMS
It is impracticable for the Company to provide financial statements for the
business acquired at this time. Such financial statements, if required, shall be
filed as soon as practicable, but not later than sixty (60) days after the date
hereof.
(b) PRO FORMA FINANCIAL INFORMATION
It is impracticable for the Company to provide pro forma financial
information reflecting the Company's acquisition of the computer telephony
assets and liabilities of Executone at this time. Such pro forma financial
information, if required, shall be filed as soon as practicable, but not later
than sixty (60) days after the date hereof.
(c) EXHIBITS
2.1 Computer Telephony Asset Purchase Agreement dated as of October
17, 1999 by and between Executone Information Systems, Inc.,
Inter-Tel, Incorporated and Executone Inter-Tel Business
Information Systems, Inc.
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SIGNATURE
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.
INTER-TEL, INCORPORATED
Dated: JANUARY 14, 2000 BY: /s/ KURT R. KNEIP
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KURT R. KNEIP,
CHIEF FINANCIAL OFFICER
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