-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WG7tWMZaBaiPaEj5Haf/Iq9Ztyw0Vo3p6WZvWr2HEPLDpwG4c7zo0Kgum2470lac n6bw6Ul475ErGQeQRXonGQ== 0000950134-03-013857.txt : 20031023 0000950134-03-013857.hdr.sgml : 20031023 20031023124022 ACCESSION NUMBER: 0000950134-03-013857 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031023 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031023 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TELEX COMMUNICATIONS INC /DE/ CENTRAL INDEX KEY: 0001038185 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 381853300 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-27341 FILM NUMBER: 03953547 BUSINESS ADDRESS: STREET 1: 12000 PORTLAND AVENUE SOUTH STREET 2: -- CITY: BURNSVILLE STATE: MN ZIP: 55337 BUSINESS PHONE: 952-884-4051 MAIL ADDRESS: STREET 1: 12000 PORTLAND AVENUE SOUTH STREET 2: -- CITY: BURNSVILLE STATE: MN ZIP: 55337 FORMER COMPANY: FORMER CONFORMED NAME: EV INTERNATIONAL INC DATE OF NAME CHANGE: 19970422 8-K 1 c80287e8vk.txt FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: October 23, 2003 (Date of earliest event reported) Commission File No. 333-27341 TELEX COMMUNICATIONS, INC. (Exact name of Registrant as specified in its charter) DELAWARE 38-1853300 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 12000 PORTLAND AVENUE SOUTH, BURNSVILLE, MINNESOTA 55337 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) Registrant's telephone number, including area code: (952) 884-4051 ---------- THIS DOCUMENT CONTAINS 7 PAGES. ================================================================================ ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS c. Exhibits 99.1 Selected financial information as of September 30, 2003 and December 31, 2002, for the nine months ended September 30, 2003 and 2002 and for the twelve months ended December 31, 2002. ITEM 9. REGULATION FD DISCLOSURE Telex Communications, Inc. (the "Company") is undertaking a refinancing of its existing indebtedness. In connection therewith, (i) Telex Communications Intermediate Holdings, LLC ("Intermediate Holdings"), a newly formed subsidiary of the Company, is offering to exchange its 13% Senior Subordinated Discount Notes due 2009 (the "Senior Subordinated Notes") for the Company's 13% Senior Subordinated Discount Notes due 2006 (the "Existing Notes"), (ii) Telex Newco Inc. ("Newco"), a newly formed subsidiary of Intermediate Holdings which will be renamed Telex Communications, Inc., is offering $125 million aggregate principal amount of Senior Secured Notes due 2008 (the "Senior Secured Notes"), (iii) the indenture governing the Existing Notes will be amended to delete substantially all of the covenants therein and (iv) substantially all of the assets and liabilities of the Company will be contributed to Newco, other than any Existing Notes not tendered in the exchange offer. The offerings will be made solely by means of private placements to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), accredited investors pursuant to Regulation D under the Securities Act or to certain persons in offshore transactions pursuant to Regulation S under the Securities Act. Neither the Senior Subordinated Notes nor the Senior Secured Notes have been or will be registered under the Securities Act of 1933, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This Report shall not constitute an offer to sell or an offer to buy the securities. Forward-looking statements in this Report, if any, are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain important factors could cause Intermediate Holdings or Newco not to issue the above-mentioned securities, including the impact of changes in economic conditions, political events, unfavorable interest rates and other risk factors discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The information included in this section is intended to be furnished and not filed pursuant to Regulation FD. The Company is distributing certain financial information as of and for the nine months ended September 30, 2003. This information is contained in Exhibit 99.1. 2 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 thereunto duly authorized. TELEX COMMUNICATIONS, INC. Dated: October 23, 2003 By: /s/ Gregory W. Richter -------------------------------- Gregory W. Richter Vice President and Chief Financial Officer 3 Telex Communications, Inc. Form 8-K Exhibit Index
Exhibit No. Description - ----------- ----------- 99.1 Selected financial information as of September 30, 2003 and December 31, 2002, for the nine months ended September 30, 2003 and 2002 and for the twelve months ended December 31, 2002.
4 EX-99.1 3 c80287exv99w1.txt SELECTED FINANCIAL INFORMATION EXHIBIT 99.1 SELECTED FINANCIAL INFORMATION TELEX COMMUNICATIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
AS OF SEPTEMBER 30, DECEMBER 31, 2003 2002 ------------- ------------ (UNAUDITED) (SEE NOTE) ASSETS Current assets: Cash and cash equivalents $ 3,467 $ 3,374 Accounts receivable, net 48,484 44,644 Inventories 48,503 47,686 Other current assets 7,042 4,710 ------------ ------------ Total current assets 107,496 100,414 Property, plant and equipment, net 29,387 28,995 Deferred financing costs, net 1,464 2,844 Goodwill, net 23,262 23,154 Other assets 2,795 2,471 ------------ ------------ $ 164,404 $ 157,878 ============ ============ LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Revolving lines of credit $ 13,950 $ 3,916 Current maturities of long-term debt 107,293 17,275 Accounts payable 13,236 10,954 Accrued wages and benefits 10,719 9,562 Other accrued liabilities 10,518 7,896 Income taxes payable 6,423 7,960 ------------ ------------ Total current liabilities 162,139 57,563 Long-term debt, net 63,130 154,630 Other long-term liabilities 14,326 13,693 ------------ ------------ Total liabilities 239,595 225,886 ------------ ------------ Shareholders' deficit: Common stock and capital in excess of par 80,180 80,180 Accumulated other comprehensive loss (9,019) (7,029) Accumulated deficit (146,352) (141,159) ------------ ------------ Total shareholders' deficit (75,191) (68,008) ------------ ------------ $ 164,404 $ 157,878 ============ ============
Note: The balance sheet at December 31, 2002 has been derived from the Company's audited financial statements at that date. 5 TELEX COMMUNICATIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
TWELVE MONTHS NINE MONTHS ENDED ENDED ------------------------------- ------------- SEPTEMBER 30, SEPTEMBER 30, DECEMBER 31, 2003 2002 2002 ------------ ------------ ------------- (UNAUDITED) (SEE NOTE) Net sales $ 199,298 $ 202,015 $ 266,521 Cost of sales 115,543 117,834 155,832 ------------ ------------ ------------ Gross profit 83,755 84,181 110,689 ------------ ------------ ------------ Operating expenses: Engineering 10,551 9,113 12,424 Selling, general and administrative 56,130 53,665 70,890 Corporate charges -- 541 541 Amortization of other intangibles 18 90 120 Pension curtailment gain (2,414) -- -- Restructuring charges -- -- 478 ------------ ------------ ------------ 64,285 63,409 84,453 ------------ ------------ ------------ Operating profit 19,470 20,772 26,236 Interest expense (22,152) (19,272) (26,563) Other income, net 523 1,305 2,727 ------------ ------------ ------------ (Loss) income before income taxes (2,159) 2,805 2,400 Provision for income taxes 3,034 2,656 2,618 ------------ ------------ ------------ (Loss) income before cumulative effect of change in accounting (5,193) 149 (218) Cumulative effect of change in accounting -- (29,863) (29,863) ------------ ------------ ------------ Net loss $ (5,193) $ (29,714) $ (30,081) ============ ============ ============ Basic (loss) income per common share (Loss) income before cumulative effect of change in accounting $ (1.04) $ 0.05 $ (0.06) Cumulative effect of change in accounting -- (9.73) (8.41) ------------ ------------ ------------ Net loss $ (1.04) $ (9.68) $ (8.47) ============ ============ ============ Diluted (loss) income per common share (Loss) income before cumulative effect of change in accounting $ (1.04) $ 0.03 $ (0.06) Cumulative effect of change in accounting -- (5.99) (8.41) ------------ ------------ ------------ Net loss $ (1.04) $ (5.96) $ (8.47) ============ ============ ============ Weighted average shares outstanding Basic 4,987,127 3,069,044 3,552,506 ============ ============ ============ Diluted 4,987,127 4,987,127 3,552,506 ============ ============ ============
Note: The operations information for the twelve months ended December 31, 2002 has been derived from the Company's audited financial statements at that date. 6 TELEX COMMUNICATIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS)
TWELVE MONTHS NINE MONTHS ENDED ENDED ------------------------------- ------------- SEPTEMBER 30, SEPTEMBER 30, DECEMBER 31, 2003 2002 2002 ------------ ------------ ------------- (UNAUDITED) (SEE NOTE) OPERATING ACTIVITIES: Net loss $ (5,193) $ (29,714) $ (30,081) Adjustments to reconcile net loss to cash flows from operations: Depreciation and amortization 4,646 5,022 6,480 Amortization of finance charges and pay-in-kind interest charge 17,470 13,846 19,076 Gain on disposition of assets (319) (1,019) (2,151) Cumulative effect of change in accounting -- 29,863 29,863 Restructuring charges -- -- 478 Pension curtailment gain (2,414) -- -- Change in operating assets and liabilities (3,963) (7,494) (5,915) Change in long-term liabilities (57) 865 1,103 Other, net 660 547 111 ------------ ------------ ------------ Net cash provided by operating activities 10,830 11,916 18,964 ------------ ------------ ------------ INVESTING ACTIVITIES: Additions to property, plant and equipment (4,375) (3,724) (4,834) Proceeds from disposition of assets 1,158 2,215 4,570 Other 166 165 222 ------------ ------------ ------------ Net cash used in investing activities (3,051) (1,344) (42) ------------ ------------ ------------ FINANCING ACTIVITIES: Borrowings under revolving lines of credit, net 1,118 (1,770) (9,235) Repayment of long-term debt (9,007) (7,588) (10,929) Borrowings of long-term debt -- 1,216 1,518 Payments of deferred financing costs -- (242) (242) ------------ ------------ ------------ Net cash used in financing activities (7,889) (8,384) (18,888) ------------ ------------ ------------ EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 203 220 314 ------------ ------------ ------------ CASH AND CASH EQUIVALENTS: Net increase 93 2,408 348 Balance at beginning of period 3,374 3,026 3,026 ------------ ------------ ------------ Balance at end of period $ 3,467 $ 5,434 $ 3,374 ============ ============ ============ SUPPLEMENTAL DISCLOSURES OF CASH PAID FOR: Interest $ 4,339 $ 5,446 $ 7,101 ============ ============ ============ Income taxes $ 5,065 $ 2,909 $ 3,193 ============ ============ ============
Note: The cash flow information for the twelve months ended December 31, 2002 has been derived from the Company's audited financial statements at that date. 7 -----END PRIVACY-ENHANCED MESSAGE-----