-----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, P9XLhPKt+VQIezNNpvr8njneSzi6AedMQIqyGoSpcpnF5Lk4mtq9XcIWUqO2V+zm vrg0XQXF9bw+XWIYdI5N3Q== 0000930661-02-001877.txt : 20020529 0000930661-02-001877.hdr.sgml : 20020529 20020529125551 ACCESSION NUMBER: 0000930661-02-001877 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020315 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AT TRACK COMMUNICATIONS INC CENTRAL INDEX KEY: 0000944400 STANDARD INDUSTRIAL CLASSIFICATION: RADIO TELEPHONE COMMUNICATIONS [4812] IRS NUMBER: 510352879 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-26140 FILM NUMBER: 02664497 BUSINESS ADDRESS: STREET 1: 1155 KAS DRIVE STREET 2: STE 710 CITY: RICHARDSON STATE: TX ZIP: 75081 BUSINESS PHONE: 9727322500 MAIL ADDRESS: STREET 1: 16479 DALLAS PARKWAY STREET 2: STE 710 CITY: DALLAS STATE: TX ZIP: 75248 FORMER COMPANY: FORMER CONFORMED NAME: HIGHWAYMASTER COMMUNICATIONS INC DATE OF NAME CHANGE: 19950424 8-K/A 1 d8ka.txt FORM 8-K/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A (Amendment No. 1) CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): March 15, 2002 @TRACK COMMUNICATIONS, INC. (Exact Name of Registrant as Specified in Charter) ================================================================================ DELAWARE 0-26140 51-0352879 - -------------------------------------------------------------------------------- (State or Other Jurisdiction of (Commission File (I.R.S. Employer Incorporation or Organization) Number) Identification Number) ================================================================================ 1155 Kas Drive, Richardson, Texas 75081 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (972) 301-2000 Not applicable (Former Name or Former Address, if Changed Since Last Report) The following item is hereby amended as follows: Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (b) Pro forma Financial Information. Pro forma financial information as of December 31, 2001 @TRACK COMMUNICATIONS, INC. AND SUBSIDIARY PRO FORMA CONSOLIDATED BALANCE SHEETS (in thousands)
Unaudited As Reported Pro Forma December 31, December 31, 2001 Adjustments 2001 -------------- ------------- -------------- ASSETS Current assets: Cash and cash equivalents $ 14,889 $ 2,000 (2) $ 23,981 1,000 (3) 12,000 (4) 678 (6) (15,934) (8) 2,920 (11) 5,465 (12) 963 (13) Other current 21,158 12,000 (2) 17,214 1,000 (2) (7,433) (2) (1,000) (3) (12,000) (4) 6,579 (5) (7,606) (10) 4,516 (15) Total current assets 36,047 41,195 -------------- -------------- Network, equipment and software, net 8,583 (897) (2) 7,890 204 (14) Other assets, net 42,967 (4,516) (15) 38,451 -------------- -------------- Total assets $ 87,597 $ 87,536 ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued liabilities $ 14,264 $ 626 (2) $ 14,890 Other current liabilities 9,297 15,000 (2) 9,349 (12,014) (7) (8,682) (10) 5,748 (15) -------------- -------------- Total current liabilities 23,561 24,239 Senior notes payable 14,109 14,109 Other non-current liabilities 5,748 (5,748) (15) - -------------- -------------- Total liabilities 43,418 38,348 -------------- -------------- Stockholders' equity (deficit): Common stock 481 481 Common stock - Class B - - Preferred Stock - Series E - - Additional paid-in capital 217,495 217,495 Accumulated deficit (173,235) (8,956) (2) (168,226) 6,579 (5) 678 (6) 12,014 (7) (15,934) (8) 1,076 (10) 2,920 (11) 5,465 (12) 963 (13) 204 (14) Treasury stock (562) (562) -------------- -------------- Total stockholders' equity (deficit) 44,179 49,188 -------------- -------------- Total liabilities and stockholders' equity (deficit) $ 87,597 $ 87,536 ============== ==============
See accompanying notes to pro forma financial statements @TRACK COMMUNICATIONS, INC. AND SUBSIDIARIES PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share)
Unaudited As Reported Pro Forma Year Ending Year Ending December 31, December 31, 2001 Adjustments 2001 -------------- ------------- -------------- Total Revenues $ 77,480 $ (2,027) (6) $ 80,215 12,014 (7) (33,419) (8) 14,682 (9) 8,682 (10) 2,803 (11) Total Cost of Revenues 56,831 (6,579) (5) 55,153 (2,706) (6) (17,484) (8) 14,682 (9) 7,606 (10) 2,803 (11) -------------- -------------- Gross Margin 20,649 25,062 Operating Expenses 38,445 (2,920) (11) 28,893 (5,465) (12) (963) (13) (204) (14) -------------- -------------- Operating Loss (17,796) (3,831) Interest expense, net (6,854) (6,854) Other income - (8,956) (2) (8,956) -------------- -------------- Loss before income taxes and extraordinary item (24,650) (19,641) Income tax (provision) benefit - - -------------- -------------- Loss before extraordinary item (24,650) (19,641) Extraordinary item, net 59,461 59,461 -------------- -------------- Net income (loss) $ 34,811 $ 39,820 ============== ============== Basic income (loss) per share: Loss before extraordinary item $ (0.88) $ (0.70) Extraordinary item 2.13 2.13 -------------- -------------- Net income (loss) $ 1.25 $ 1.43 ============== ============== Diluted income (loss) per share: Loss before extraordinary item $ (0.87) $ (0.69) Extraordinary item 2.09 2.09 -------------- -------------- Net income (loss) $ 1.23 $ 1.40 ============== ============== Weighted average number of shares outstanding: Basic 27,928 27,928 ============== ============== Diluted 28,406 28,406 ============== ==============
See accompanying notes to pro forma financial statements @TRACK COMMUNICATIONS, INC. AND SUBSIDIARY NOTES TO PRO FORMA FINANCIAL STATEMENTS 1) The unaudited, pro forma consolidated balance sheet as of December 31, 2001 and the unaudited, pro forma consolidated statement of operations for the year ending December 31, 2001 assume the transactions occurred on January 1, 2001. The unaudited, pro forma financial statements include certain assumptions that are documented in these notes to the pro forma financial statements. The unaudited pro forma financial statements are not necessarily indicative of the results of operations or the financial position that would have occurred had the transaction been consummated on January 1, 2001, nor are they necessarily indicative of future results of operations or financial position. The unaudited, pro forma financial statements should be read together with the historical consolidated financial statements of @Track incorporated by reference in this document. 2) To record issuance to @Track of $2 million in cash, $1 million in escrow, and a $12 million note receivable. The calculation of the loss on the sale of assets for purposes of the unaudited, pro forma financial statements is as follows: Cash received $ 2,000 Escrow 1,000 Note receivable 12,000 Revenue deferred (15,000) Inventory sold (7,433) Network, equipment, and software sold (897) Transaction costs (626) -------- Loss on sale of assets ($8,956) ======== 3) To record the release of $1 million of cash previously held in escrow. 4) To record the conversion of the $12 million note receivable to cash. 5) To reverse inventory reserves recorded during the year ended December 31, 2001 relating to inventory assumed sold as of January 1, 2001 6) To reverse product revenue and cost of product revenue relating to lines of business assumed sold as of January 1, 2001. 7) To amortize deferred revenue (see Note 2). 8) To reverse service revenue and cost of service revenue relating to lines of business assumed sold as of January 1, 2001. 9) To record reimbursement by Aether Systems, Inc. (Aether) of network and airtime service costs. 10) To adjust deferred product revenue relating to lines of business sold as of January 1, 2001. 11) To record reimbursement of certain operating expenses related to services provided by Aether. 12) To reverse operating expenses associated with Company employees hired by Aether. 13) Reversal of operating expenses associated with employees developing next-generation technology for the long-haul customer base. 14) To reverse depreciation expense related to fixed assets assumed sold as of January 1, 2001. 15) To reclassify deferred revenue and cost associated with SAB101 from non-current to current. 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 hereunto duly authorized. @TRACK COMMUNICATIONS, INC. /s/ Jana A. Bell -------------------------------------------- Jana A. Bell President and Chief Executive Officer Date: May 29, 2002 -----END PRIVACY-ENHANCED MESSAGE-----