-----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, ENFAQje5i/l3yZQIJL1w70aSVF07SxZECV7zcSmQgGE0IYi5zsgdXZPdFpzzlXaM 4DdGMny1TwR8sbgKBoUxjA== 0000891618-99-000424.txt : 19990211 0000891618-99-000424.hdr.sgml : 19990211 ACCESSION NUMBER: 0000891618-99-000424 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981130 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SANMINA CORP/DE CENTRAL INDEX KEY: 0000897723 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 770228183 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 000-21272 FILM NUMBER: 99528238 BUSINESS ADDRESS: STREET 1: 355 EAST TRIMBLE ROAD CITY: SAN JOSE STATE: CA ZIP: 95131 BUSINESS PHONE: 4089545500 MAIL ADDRESS: STREET 1: 355 EAST TRIMBLE ROAD CITY: SAN JOSE STATE: CA ZIP: 95131 FORMER COMPANY: FORMER CONFORMED NAME: SANMINA HOLDINGS INC DATE OF NAME CHANGE: 19930223 8-K/A 1 AMENDMENT TO FORM 8-K 1 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: FEBRUARY 10, 1999 AMENDING REPORT FILED DECEMBER 14, 1998 (DATE OF EARLIEST EVENT REPORTED: NOVEMBER 30, 1998) COMMISSION FILE NUMBER: 0-21272 SANMINA CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 77-0228183 (STATE OF INCORPORATION OR ORGANIZATION) (IRS EMPLOYER I.D. NO.)
355 EAST TRIMBLE ROAD, SAN JOSE, CALIFORNIA 95131 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (408) 954-5500 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) 2 Item 2. Acquisition and Disposition of Assets On November 30, 1998, Registrant acquired Altron Incorporated ("Altron") through a merger (the "Merger") effected pursuant to an Amended and Restated Agreement and Plan of Merger dated September 2, 1998 (the "Merger Agreement"). Such transaction was reported on a Form 8-K report filed December 14, 1998. This amendment to such report on Form 8-K is being filed for the purpose of filing the financial statements required to be filed with such reports. Pursuant to the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of Altron Common Stock was converted into 0.4545 shares of Sanmina Common Stock. The Merger Agreement and the terms of the Merger are more fully described in Registrant's registration statement on Form S-4 (Commission File No. 333-66267) relating to the shares of Registrant's Common Stock issued in the Merger. -2- 3 Item 7. Financial Statements and Exhibits (a) FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED, PREPARED PURSUANT TO RULE 3-05 OF REGULATION S-X The financial statements required to be filed were previously reported in Altron Incorporated's Annual Report on Form 10-K for the fiscal year ended January 3, 1998 and Quarterly Reports on Form 10-Q for the quarters ended April 4, 1998, July 4, 1998 and October 3, 1998, respectively, and incorporated herein by reference. (b) PRO FORMA FINANCIAL INFORMATION REQUIRED PURSUANT TO ARTICLE 11 OF REGULATION S-X Unaudited Pro Forma Condensed Combined Balance Sheet and Statement of Operations of Sanmina Corporation and Altron, Incorporated for the year ended September 30, 1998. -3- 4 Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this amendment to report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. SANMINA CORPORATION By: /s/ Bernard J. Whitney ------------------------------ Bernard J. Whitney, Executive Vice President and Chief Financial Officer Date: February 10, 1999 -4- 5 UNAUDITED PRO FORMA FINANCIAL INFORMATION On November 30, 1998, Sanmina Corporation (the "Company" or "Sanmina") acquired the stock of Altron, Inc. ("Altron") by issuing approximately 7,200,638 shares of Sanmina common stock at an exchange ratio of 0.4545 shares of Sanmina stock for one share of Altron common stock (the "Merger"). The following unaudited pro forma condensed combined financial statements should be read in conjunction with the historical financial statements and accompanying notes for Sanmina and Altron incorporated by reference or included elsewhere herein. The unaudited pro forma combined statement of operations for the fiscal year ended September 30, 1998 gives effect to the proposed Merger, which will be accounted for as a pooling of interests, as if the merger was completed at the beginning of the period presented. The unaudited pro forma condensed combined balance sheet has been prepared as if the Merger was completed as of September 30, 1998. The pro forma information is presented for illustrative purposes only and is not necessarily indicative of the operating results or financial position that would have occurred if the Merger had been consummated at the beginning of the earliest period presented, nor is it necessarily indicative of future operating results or financial position. 6 SANMINA AND ALTRON UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET SEPTEMBER 30, 1998 (IN THOUSANDS)
ASSETS SANMINA ALTRON ADJUSTMENTS TOTAL ------- ------ ----------- ----- CURRENT ASSETS: Cash and cash equivalents ........................... $ 75,338 $ 12,633 $ $ 87,971 Short-term investments .............................. 77,284 14,374 1,868 (1) 93,526 Accounts receivable, net ............................ 96,930 26,468 123,398 Inventories ......................................... 68,953 30,282 99,235 Deferred income taxes ............................... 19,389 -- 19,389 Prepaid expenses and other current assets ........... 4,431 3,766 8,197 --------- --------- --------- --------- Total current assets ............ 342,325 87,523 1,868 431,716 --------- --------- --------- --------- PROPERTY, PLANT, AND EQUIPMENT Machinery and equipment ............................. 182,901 80,698 263,599 Furniture and fixtures .............................. 4,110 3,137 7,247 Leasehold improvements .............................. 22,199 -- 22,199 Land and building ................................... 15,202 30,771 45,973 Less: Accumulated depreciation and amortization ..... (116,531) (41,910) (158,441) --------- --------- --------- --------- Property, plant, and equipment, net ........... 107,881 72,696 180,577 --------- --------- --------- --------- OTHER ASSETS Other assets ........................................ 17,372 2,977 20,349 Long-term investments ........................... -- 1,868 (1,868) (1) -- --------- --------- --------- --------- TOTAL ASSETS ............................................. $ 467,578 $ 165,064 $ $ 632,642 ========= ========= ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable ................................... $ 68,814 $ 14,244 $ $ 83,058 Accrued liabilities ................................ 31,649 5,663 5,479 (2) 42,791 Current portion of long-term debt .................. 2,865 3,000 5,865 Income taxes payable ............................... 11,517 -- 11,517 --------- --------- --------- --------- Total current liabilities ....... 114,845 22,907 5,479 143,231 --------- --------- --------- --------- LONG TERM LIABILITIES Convertible subordinate debentures ................. 5,767 -- 5,767 Long-term debt ..................................... -- 4,600 4,600 Other liabilities .................................. 2,875 9,373 12,248 --------- --------- --------- --------- Total Liabilities ............... 123,487 36,880 5,479 165,846 STOCKHOLDERS' EQUITY: Preferred stock ..................................... -- -- -- Common stock ........................................ 483 794 (722)(3) 555 Additional paid-in capital .......................... 194,591 40,964 722 (3) 236,277 Unrealized holding gain on investments and cumulative foreign currency translation adjustments 386 -- 386 Retained Earnings .................................. 148,631 86,426 (5,479)(2) 229,578 --------- --------- --------- --------- Total stockholders' equity .................... 344,091 128,184 (5,479) 466,796 --------- --------- --------- --------- Total liabilities and stockholders' equity .... $ 467,578 $ 165,064 $ 632,642 ========= ========= ========= =========
(1) Reclassification of investments to be consistent with Sanmina's investment policies. (2) Reflects expenses of merger. (3) Reflects the exchange of all Altron Common Stock for Sanmina Common Stock at a ratio of 0.4545 shares of Sanmina Common Stock for one share of Altron Common Stock. 7 SANMINA AND ALTRON UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE YEAR ENDED SEPTEMBER 30, 1998 (IN THOUSANDS)
SANMINA ALTRON ADJUSTMENTS TOTAL ------- ------ ----------- ----- Net sales ................................................ $ 722,581 $ 201,207 $ $ 923,788 Cost of sales ............................................ 563,913 163,068 726,981 --------- --------- --------- --------- Gross profit ....................................... 158,668 38,139 196,807 Operating expenses: Selling, general and administrative ................ 43,845 17,300 61,145 Amortization of goodwill ........................... 2,851 276 3,127 Merger costs ....................................... 3,945 -- 3,945 --------- --------- --------- --------- Total operating expenses .................... 50,641 17,576 68,217 --------- --------- --------- --------- Income from operations ................................... 108,027 20,563 128,590 Interest income (expense), net ........................... (688) 1,062 374 --------- --------- --------- --------- Income before income taxes ............................... 107,339 21,625 128,964 Provision for income taxes ............................... (39,188) (8,537) 47,725 --------- --------- --------- --------- Net income (loss) ........................................ $ 68,151 $ 13,088 $ $ 81,239 ========= ========= ========= ========= Earnings per share Basic $ 1.61 $ 0.84 $ 1.64 Diluted 1.43 0.82 1.47 Shares Used in Computing per Share Amounts Basic 42,356 15,497 (8,454)(1) 49,399 Diluted 50,400 16,051 (8,756)(1) 57,695
(1) Reflects the exchange of all Altron Common Stock for Sanmina Common Stock at a ratio of 0.4545 shares of Sanmina Common Stock for one share of Altron Common Stock. 8 NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS OF SANMINA AND ALTRON (UNAUDITED) Note 1. Basis of Presentation The unaudited pro forma condensed combined statement of operations combines the historical statements of income of Sanmina and Altron for the year ended September 30, 1998 to reflect results based on the pooling - of - interests method of accounting. No adjustments were necessary to conform the accounting policies of the combining companies. Note 2. Pro Forma Net Income Per Share The pro forma combined net income per share is based on the combined weighted average number of common and dilutive equivalent shares of Sanmina and Altron based upon the exchange ratio of 0.4545 of a share of Sanmina common stock for each share of Altron common stock. Note 3. Merger Related Expenses of Sanmina and Altron Sanmina and Altron estimate that they will incur merger-related expenses, consisting primarily of investment banking, legal and accounting fees, financial printing and other related charges, of approximately $5.4 million. This estimate is preliminary and is therefore subject to change. These nonrecurring expenses were charged to operations in the first quarter of fiscal 1999, being the period in which the Merger was consummated. The pro forma combined balance sheet gives effect to such expenses as if they had been incurred as of September 30, 1998, but the pro forma condensed statement of operations does not give effect to such expenses as such expenses are non-recurring. -----END PRIVACY-ENHANCED MESSAGE-----