UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Current Report
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of Earliest event reported): December 24, 2001
Commission File Number: 33-11986-LA
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STEIN'S HOLDINGS, INC.
(Exact name of Registrant as specified in its charter)
Nevada 88-022660
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
21800 Oxnard Street Suite 440, Woodland Hills CA 91367
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(Address of principal executive offices)(Zip Code)
Company's telephone number, including area code: (818) 598-6780
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ITEM 7. Financial Statements and Exhibits.
(A) Financial Statements and Schedules
The following financial statements and schedules are filed as part of this
report:
Pro Forma Condensed Balance Sheet
Pro Forma Condensed of Income
Pro Forma Condensed Notes to Financial Statements
(B) List of Exhibits
The following exhibits are filed with this report.
99 Financial Statements
INDEX TO EXHIBITS
Pro Forma Condensed Financial Statements
January 9, 2002 STEIN'S HOLDINGS, INC.
/s/ James Smith
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James Smith, President
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STEIN'S HOLDINGS, INC.
PRO FORMA CONDENSED FINANCIAL STATEMENTS
On or about November 9, 2001, Stein's Holdings, Inc. (hereinafter called
Stein's) acquired all of the issued and outstanding shares of Sanitec Services
of Hawaii, Inc. (hereinafter called Sanitec) by issuing 1,333,334 shares of its
common stock, par value $0.001.
The acquisition will be accounted for as a purchase, with the assets acquired
and liabilities assumed recorded at fair value, and the results of Sanitec's
operations included in Stein's consolidated financial statements from the date
of acquisition.
The accompanying condensed financial statements illustrate the effect of the
acquisition (Pro Forma) on Stein's financial position and results of operations.
The condensed balance sheet as of September 30, 2001, is based on the historical
balance sheets of Stein's and Sanitec as of that date and assumes the
acquisition took place on that date. The condensed statements of income for the
year ended December 31, 2000 and the six months ended June 30, 2001, are based
on the historical statements of income of Stein and Sanitec for those periods.
The pro forma condensed statements of income assume the acquisition took place
on January 1, 2000.
The pro forma condensed financial statements may not be indicative of the actual
results of the acquisition. In particular, the pro forma condensed financial
statements are based on management's current estimate of the allocation of the
purchase price, the actual allocation of which may differ.
The accompanying condensed pro forma financial statements should be read in
connection with the historical financial statements of Stein and Sanitec.
STEIN'S HOLDINGS, INC.
PRO FORMA CONDENSED BALANCE SHEET (UNAUDITED)
SEPTEMBER 30, 2001
Sanitec
Stein's Services
Holdings, of Hawaii,
ASSETS Inc. Inc. Adjustments Pro Forma
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CURRENT ASSETS
Cash and cash equivalents $ 1,628 $ 0 $ 0 $ 1,628
Trading securities 44,580 0 0 44,580
Loans receivable 44,652 0 0 44,652
Deferred tax assets 168,000 0 0 168,000
Prepaid expenses 0 4,000 0 4,000
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TOTAL CURRENT ASSETS 258,860 4,000 0 262,860
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PROPERTY AND EQUIPMENT 6,553 645,102 0 651,655
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OTHER ASSETS
Goodwill 34,494 (3) 3,357,547 3,392,041
(2)(4,000,000)
Investment 0 (1) 4,000,000 0
Rent security deposit 0 17,703 0 17,703
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TOTAL OTHER ASSETS 34,494 17,703 3,357,547 3,409,744
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$ 299,907 $ 666,805 $ 3,357,547 $ 4,324,259
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 200,480 $ 24,352 $ 0 $ 224,832
Accrued liabilities 7,005 0 0 7,005
Notes payable 119,880 0 0 119,880
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TOTAL CURRENT
LIABILITIES 327,365 24,352 0 351,717
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LONG-TERM LIABILITIES 1,100 0 0 1,100
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STOCKHOLDERS' EQUITY (2) (1,000)
Common stock 4,402 1,000 (1) 1,333 5,735
(2)(1,313,604)
Paid in capital 2,924,277 1,313,604 (1) 3,998,667 6,923,610
Retained Earnings (2,957,237) (672,151) (2) 672,151 (2,957,237)
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$ 299,907 $ 666,805 $ 3,357,547 $ 4,324,259
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See Notes to Pro Forma Financial Statements (Unaudited).
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STEIN'S HOLDINGS, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2001
Sanitec
Stein's Services
Holdings, of Hawaii,
Inc. Inc. Adjustments Pro Forma
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REVENUE $ (18,080) $ 0 $ 0 $ (18,080)
COSTS AND EXPENSES 149,649 135,206 0 284,855
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(LOSS) BEFORE INCOME
TAXES (BENEFIT) (167,729) (135,206) 0 (302,935)
PROVISION FOR INCOME
TAXES (BENEFIT) (14,500) 0 0 (14,500)
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NET (LOSS) $ (153,229) $ (135,206) 0 $ (288,435)
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(LOSS) PER SHARE $ (.03) $ (.06)
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WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
OUTSTANDING 5,068,499 5,068,499
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See Notes to Pro Forma Financial Statements (Unaudited).
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STEIN'S HOLDINGS, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
FOR THE YEAR ENDED DECEMBER 31, 2000
Sanitec
Stein's Services
Holdings, of Hawaii,
Inc. Alliance Adjustments Pro Forma
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REVENUES $ 104,749 $ 0 $ 0 $ 104,749
COSTS AND EXPENSES 537,991 291,409 0 829,400
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(LOSS) FROM CONTINUING
OPERATIONS BEFORE
INCOME TAX (BENEFIT) (433,242) (291,409) 0 (724,651)
PROVISION FOR INCOME
TAXES (BENEFIT) (79,100) 0 0 (79,100)
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(LOSS) FROM CONTINUING
OPERATIONS (354,142) (291,409) 0 (645,551)
DISCONTINUED OPERATIONS (195,657) 0 0 (195,657)
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(LOSS) BEFORE MINORITY
INTEREST (549,799) (291,409) 0 (841,208)
MINORITY INTEREST 38,948 0 0 38,948
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NET (LOSS) $ (510,851) $ (291,409) $ 0 $ (802,260)
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(LOSS) PER SHARE
CONTINUING OPERATIONS $ (.07) $ (.13)
DISCONTINUED OPERATIONS (.03) (.03)
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TOTAL $ (.10) $ (.16)
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WEIGHTED AVERAGE NUMBER
OF SHARES OUTSTANDING 5,068,499 5,068,499
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See Notes to Pro Forma Financial Statements (Unaudited).
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STEIN'S HOLDINGS, INC.
NOTES TO PRO FORMA CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
NOTE A THE PRO FORMA ADJUSTMENTS TO THE CONDENSED CONSOLIDATED BALANCE SHEET ARE
AS FOLLOWS:
(1) To reflect the acquisition of Sanitec Services of Hawaii, Inc. and
the allocation of the purchase price on the basis of the fair values
of the assets acquired and the liabilities assumed. The components
of the purchase price and its allocation to the assets and
liabilities of Sanitec are as follows:
Components of purchase price
1,333,333 shares of common stock valued at
$3.00 per share $ 4,000,000
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(2) Allocation of purchase price and consolidation entries
Stockholders' equity of Sanitec $ 642,453
Goodwill 3,357,547
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$ 4,000,000
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See Notes to Pro Forma Financial Statements (Unaudited).
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