8-K 1 e8ks4update.htm CURRENT REPORT ON FORM 8-K UNITED STATES

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

 

August 31, 2001
Date of Report (Date of earliest event reported)

EXABYTE CORPORATION
(Exact name of registrant as specified in its charter)

Delaware

 

0-18033

 

84-0988566

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(IRS Employer Identification No.)

 

1685 38th Street
Boulder, Colorado 80301
(Address of principal executive offices)

(303) 442-4333
Registrant's telephone number, including area code

 

INFORMATION TO BE INCLUDED IN THE REPORT

Item 7.  Financial Statements and Exhibits

        The following financial statements are filed herewith in order to update the financial statements provided in the Company's amended filing on Form S-4 dated October 9, 2001:

Exabyte and Ecrix Unaudited Pro Forma Combined Condensed Statement of Operations

3

Ecrix Balance Sheets

4

Ecrix Statements of Operations

5

Ecrix Notes to Consolidated Financial Statements

6

 

 

 

 

PRO FORMA UNAUDITED COMBINED CONDENSED STATEMENT OF OPERATIONS

(In thousands, except per share data)

 

Year Ended
Dec. 29, 2001
Exabyte

Period Ended
Nov. 9, 2001
Ecrix (c)


Pro Forma
Adjustments

 



Pro Forma

Net sales

$ 158,438 

$ 12,015 

 

 

$ 170,453 

Cost of goods sold

132,143 

11,229 

$  (55)

(a)

143,317 

Gross profit

26,295 

786 

55 

 

27,136 

Operating expenses:

 

 

 

 

 

   Selling, general and
        administrative

36,759 

11,395 

(288)

(a)

47,866 

   Research and development

25,184 

5,254 

(343)

(a)

30,095 

Loss from operations

(35,648)

(15,863)

686 

 

(50,825)

Other income (expense), net

552 

(794)

(54)

(b)

(296)

Loss before income taxes

(35,096)

(16,657)

632 

 

(51,121)

Benefit from income taxes

6 

-- 

-- 

 

6 

Equity in loss of investee

(343)

-- 

-- 

  

(343)

Net loss

$(35,433)

$(16,657)

$  632

  

$(51,458)

Basic and diluted net loss per
   share

$    (1.47)

 

 

 

$    (1.57)

Common shares used in the
   calculation of basic and diluted
   net loss per share

24,052 

 

 

 

32,815 

 

 

NOTES TO PRO FORMA UNAUDITED COMBINED CONDENSED STATEMENT OF OPERATIONS

Note 1 - The adjustments to the pro forma combined statement of operations for the year ended December 29, 2001 assume the merger occurred as of December 31, 2000 and are as follows:

(a)     To eliminate the depreciation and amortization related to property and equipment that were disposed of as a result of the merger.

(b)     To reverse the recognition of deferred income which resulted from the settlement of litigation between Exabyte and Ecrix.

(c)     Results for Ecrix from the period March 1, 2001 to November 9, 2001.

Note 2 - Basic and diluted pro forma loss per common share was calculated based on the issuance of 10 million shares of Exabyte common stock in exchange for all the outstanding common and preferred shares of Ecrix.

 

 

 

ECRIX CORPORATION

BALANCE SHEETS

 

 

(Unaudited)
(In thousands)

August 31,
2001

Assets

 

Current assets:

  

       Cash and cash equivalents

$      140 

       Short-term investments

6,925 

       Accounts receivable, net

1,942 

       Inventories, net

4,260 

   Other current assets

112 

       Total current assets

13,379 

Property and equipment, net

1,667 

Other assets

83 

       Total assets

$ 15,129 

 

 

Liabilities, Mandatorily Redeemable Convertible

  

Preferred Stock and Stockholders' Deficit

  

Current liabilities:

  

   Accounts payable

$548 

   Accrued expenses and other

2,849 

   Current portion of capital lease obligations

279 

   Current portion of line of credit and promissory note

1,030 

       Total current liabilities

4,706 

Long-term portion of capital lease obligations

21 

Long-term portion of line of credit and promissory note

339 

       Total liabilities

5,066 

Commitments and contingencies

 

Mandatorily redeemable convertible preferred stock

50,191 

 

 

Stockholders' Deficit

  

Common stock, $0.001 par value, 70,000 shares
   authorized; 6,185 shares issued and outstanding


6 

Additional paid-in capital

12,456 

Accumulated deficit

(52,590)

       Total stockholders' deficit

(40,128)

       Total liabilities, mandatorily redeemable
             convertible preferred stock and stockholders'
             deficit



$ 15,129 

The accompanying notes are an integral part of these financial statements

 

 

 

ECRIX CORPORATION

STATEMENTS OF OPERATIONS

 

 

(Unaudited)

Three Months Ended

Six Months Ended

(In thousands)

August 31,
2000

August 31,
2001

August 31,
2000

August 31,
2001

 

 

 

 

 

Revenues

$2,811 

$3,627 

$4,376 

$6,962 

Cost of revenues

2,673 

2,970 

4,083 

5,604 

Gross profit (loss)

138 

657 

293 

1,358 

 

 

 

 

 

Operating expenses:

 

 

 

 

   Selling, general and administrative

4,684 

2,710 

8,202 

5,649 

   Research and development

2,212 

1,956 

3,526 

3,869 

       Total operating expenses

6,896 

4,666 

11,728 

9,518 

 

 

 

 

 

Loss from operations

(6,758)

(4,009)

(11,435)

(8,160)

 

 

 

 

 

Other income (expense):

 

 

 

 

   Interest income

79 

87 

254 

240 

   Interest expense

(92)

(46)

(161)

(102)

       Net loss

(6,771)

(3,968)

(11,342)

(8,022)

 

 

 

 

 

Less accretion of preferred stock

-- 

(540)

-- 

(1,080)

Net loss available to
   common stockholders


$(6,771)


$(4,508)


$(11,342)


$(9,102)

The accompanying notes are an integral part of the financial statements

 

Ecrix Corporation Notes to Consolidated Financial Statements (Unaudited)

Note 1--ACCOUNTING PRINCIPLES AND OPERATIONS

        The consolidated balance sheet as of August 31, 2001 and the consolidated statements of operations for the three and six month periods ended August 31, 2000 and August 31, 2001 have been prepared by Ecrix Corporation ("Ecrix" or the "Company") without an audit. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation thereof, have been made.

        Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in Exabyte Corporation's amended form S-4 filed with the Securities and Exchange Commission (the "Commission") on October 9, 2001. The results of operations for interim periods presented are not necessarily indicative of the operating results for the full year.

Note 2--BALANCE SHEET COMPONENTS

(Unaudited)
(In thousands)

August 31,
2001

Accounts receivable, net:

 

Accounts receivable

$2,030 

Less allowance for doubtful accounts

(88)
 

$1,942 

Inventories, net:

 

Finished goods

$4,354 

Less inventory reserves

(94)

 

$4,260 

Accrued expenses and other:

 

Wages and employee benefits

$676 

Accrued liabilities

1,507 

Deferred distributor income

666 

 

$2,849 

 

 

 

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 hereto duly authorized.

 

 

 

 

 

EXABYTE CORPORATION

 

 

 

 

(Registrant)

Date

June 14, 2002

 

By

/s/ Stephen F. Smith

 

 

 

 

Stephen F. Smith

 

 

 

 

Vice President, General Counsel and Secretary