-----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, KM2a07inwcRJTaA9l0RdylRGgsVEcq3Uj6TZShU+O9Rc9Kg52wagnFFXRxiqvEu+ /jaQCVCF+3/Sf/02qQnYGA== <SEC-DOCUMENT>0000912057-96-006505.txt : 19960417 <SEC-HEADER>0000912057-96-006505.hdr.sgml : 19960417 ACCESSION NUMBER: 0000912057-96-006505 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960315 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960416 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CANTEL INDUSTRIES INC CENTRAL INDEX KEY: 0000019446 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MEDICAL, DENTAL & HOSPITAL EQUIPMENT & SUPPLIES [5047] IRS NUMBER: 221760285 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-06132 FILM NUMBER: 96547540 BUSINESS ADDRESS: STREET 1: 1135 BROAD STREET CITY: CLIFTON STATE: NJ ZIP: 07013 BUSINESS PHONE: 2014708700 MAIL ADDRESS: STREET 2: 1135 BROAD STREET CITY: CLIFTON STATE: NJ ZIP: 07013 FORMER COMPANY: FORMER CONFORMED NAME: STENDIG INDUSTRIES INC DATE OF NAME CHANGE: 19890425 FORMER COMPANY: FORMER CONFORMED NAME: CHARVOZ CARSEN CORP DATE OF NAME CHANGE: 19861215 </SEC-HEADER> <DOCUMENT> <TYPE>8-K/A <SEQUENCE>1 <DESCRIPTION>8-K/A <TEXT> <PAGE> 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) MARCH 15, 1996 - -------------------------------------------------------------------------------- CANTEL INDUSTRIES, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its character) DELAWARE 0-6132 22-1760285 - ----------------------------- ---------------- --------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 1135 BROAD STREET, CLIFTON, NEW JERSEY 07013 - ------------------------------------------------- --------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 201-470-8700 ------------ - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) <PAGE> ITEM 7. FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND EXHIBITS. (a) FINANCIAL STATEMENTS. The following financial statements of MediVators are filed as part of this Current Report on Form 8-K: (1) The Consolidated Financial Statements of MediVators, Inc. ("MediVators") for the fiscal years ended December 31, 1994 and December 31, 1993. Incorporated herein by reference to Item 7 of the Annual Report on Form 10-KSB of MediVators for the fiscal year ended December 31, 1994. (2) The Consolidated Financial Statements of MediVators for the nine months ended September 30, 1995. Incorporated herein by reference to Part I of the Quarterly Report on Form 10-QSB of MediVators for the quarterly period ended September 30, 1995. (3) Audited Consolidated Financial Statements of MediVators for the fiscal years ended July 31, 1995 and July 31, 1994 will be included herein by amendment to be filed within 60 days of the date this report was required to be filed. (b) PRO FORMA FINANCIAL INFORMATION. The following pro forma statements of the Company are filed as part of this Current Report on Form 8-K: (1) The unaudited pro forma combined condensed statements of operations of the Company for the fiscal years ended July 31, 1995, 1994, and 1993 and the three month periods ended October 31, 1995 and 1994, and the unaudited pro forma combined condensed balance sheet of the Company as at October 31, 1995. Incorporated herein by reference to the Joint Proxy Statement/Prospectus included in the Registration Statement on Form S-4 (No. 33-64727) effective February 8, 1996. (2) Annexed hereto and filed herewith are the unaudited pro forma combined condensed statements of operations of the Company for the six month periods ended January 31, 1996 <PAGE> and 1995, and the unaudited pro forma combined condensed balance sheet of the Company as at January 31, 1996. (c) EXHIBITS. The following exhibits are filed herewith: (1) The Merger Agreement. Incorporated herein by reference to Annex I to the Proxy Statement/Prospectus included in the S-4. combined condensed balance sheet of the Company as at January 31, 1996. <PAGE> CANTEL INDUSTRIES, INC. UNAUDITED PRO FORMA COMBINED CONDENSED BALANCE SHEET JANUARY 31, 1996 ASSETS <TABLE> <CAPTION> PRO FORMA HISTORICAL ADJUSTMENTS -------------------- GIVING EFFECT TO PRO FORMA CANTEL MEDIVATORS THE MERGER COMBINED (G) -------- ---------- ----------------- ------------ (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) <S> <C> <C> <C> <C> Current Assets: Cash and cash equivalents. . . . . . . . . . . . $ 236 $ 244 $ 480 Accounts receivable, net . . . . . . . . . . . . 4,692 504 $ (102)(C) 5,094 Inventories. . . . . . . . . . . . . . . . . . . 7,377 1,422 8,799 Prepaid expenses and other current assets. . . . 658 49 707 ------- ------- ------- ------- Total current assets . . . . . . . . . . . . . . . 12,963 2,219 (102) 15,080 Property and equipment, net. . . . . . . . . . . . 437 388 825 Other assets . . . . . . . . . . . . . . . . . . . 941 43 984 ------- ------- ------- ------- $14,341 $ 2,650 $ (102) $16,889 ------- ------- ------- ------- ------- ------- ------- ------- LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable . . . . . . . . . . . . . . . . $ 2,109 $ 493 $ 98 (B)(C) $ 2,700 Compensation payable . . . . . . . . . . . . . . 697 111 808 Other accrued expenses . . . . . . . . . . . . . 425 78 503 ------- ------- ------- ------- Total current liabilities. . . . . . . . . . . . . 3,231 682 98 4,011 Long-term debt . . . . . . . . . . . . . . . . . . 4,441 4,441 Other long-term liabilities. . . . . . . . . . . . 98 98 Stockholders' equity: Preferred Stock, $1.00 par value . . . . . . . . -- -- Common Stock, $.10 par value . . . . . . . . . . 277 100 (A) 377 Series A Common Stock, $.01 par value. . . . . . 39 (39)(A) -- Series B Common Stock, $.01 par value. . . . . . -- -- Additional capital . . . . . . . . . . . . . . . 8,546 7,957 (61)(A) 16,442 Deferred compensation. . . . . . . . . . . . . . (5) (5) Accumulated deficit. . . . . . . . . . . . . . . (933) (6,023) (200)(B) (7,156) Cumulative foreign currency translation adjustment. . . . . . . . . . . . . . . . . . . (1,319) (1,319) ------- ------- ------- ------- Total stockholders' equity . . . . . . . . . . . . 6,571 1,968 (200) 8,339 ------- ------- ------- ------- $14,341 $ 2,650 $ (102) $16,889 ------- ------- ------- ------- ------- ------- ------- ------- </TABLE> <PAGE> CANTEL INDUSTRIES, INC. UNAUDITED PRO FORMA COMBINED CONDENSED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 1996 <TABLE> <CAPTION> PRO FORMA HISTORICAL ADJUSTMENTS -------------------- GIVING EFFECT TO PRO FORMA CANTEL MEDIVATORS THE MERGER(D) COMBINED (G) -------- ---------- ----------------- ------------ (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) <S> <C> <C> <C> <C> Net sales. . . . . . . . . . . . . . . . . . . . . $12,205 $ 1,897 $ (150)(F) $13,952 Cost of sales. . . . . . . . . . . . . . . . . . . 8,280 1,195 (150)(F) 9,325 ------- ------- ------- ------- Gross profit . . . . . . . . . . . . . . . . . . . 3,925 702 -- 4,627 Expenses: Shipping and warehouse . . . . . . . . . . . . . 379 379 Selling. . . . . . . . . . . . . . . . . . . . . 1,967 315 2,282 General and administrative . . . . . . . . . . . 1,204 458 1,662 Research and development . . . . . . . . . . . . 150 150 ------- ------- ------- ------- Total operating expenses . . . . . . . . . . . . . 3,550 923 -- 4,473 ------- ------- ------- ------- Income (loss) from continuing operations before other (income) expense and income taxes . . . . . 375 (221) -- 154 Other (income) expense: Interest (income) expense. . . . . . . . . . . . 120 (1) 119 Other. . . . . . . . . . . . . . . . . . . . . . 1 1 ------- ------- ------- ------- 120 -- -- 120 ------- ------- ------- ------- Income (loss) from continuing operations before income taxes. . . . . . . . . . . . . . . . . . . 255 (221) -- 34 Income taxes . . . . . . . . . . . . . . . . . . . 1 1 ------- ------- ------- ------- Net income (loss) from continuing operations . . . $ 254 $ (221) $ -- $ 33 ------- ------- ------- ------- ------- ------- ------- ------- Earnings per common share from continuing operations: Primary. . . . . . . . . . . . . . . . . . . . . $ .08 $ .01 ------- ------- ------- ------- Fully diluted. . . . . . . . . . . . . . . . . . $ .08 $ .01 ------- ------- ------- ------- Weighted average number of common and common equivalent shares outstanding: Primary. . . . . . . . . . . . . . . . . . . . . 3,283 1,024(H) 4,307 (E) Fully diluted. . . . . . . . . . . . . . . . . . 3,303 1,024(H) 4,327 (E) </TABLE> <PAGE> CANTEL INDUSTRIES, INC. UNAUDITED PRO FORMA COMBINED CONDENSED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 1995 <TABLE> <CAPTION> PRO FORMA HISTORICAL ADJUSTMENTS -------------------- GIVING EFFECT TO PRO FORMA CANTEL MEDIVATORS THE MERGER(D) COMBINED (G) -------- ---------- ----------------- ------------ (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) <S> <C> <C> <C> <C> Net sales. . . . . . . . . . . . . . . . . . . . . $14,751 $ 1,855 $ (307)(F) $16,299 Cost of sales. . . . . . . . . . . . . . . . . . . 10,086 1,233 (307)(F) 11,012 ------- ------- ------- ------- Gross profit . . . . . . . . . . . . . . . . . . . 4,665 622 -- 5,287 Expenses: Shipping and warehouse . . . . . . . . . . . . . 390 390 Selling. . . . . . . . . . . . . . . . . . . . . 2,092 302 2,394 General and administrative . . . . . . . . . . . 1,188 580 1,768 Research and development . . . . . . . . . . . . 153 153 ------- ------- ------- ------- Total operating expenses . . . . . . . . . . . . . 3,670 1,035 -- 4,705 ------- ------- ------- ------- Income (loss) from continuing operations before other (income) expense and income taxes . . . . . 995 (413) -- 582 Other (income) expense: Interest (income) expense. . . . . . . . . . . . 213 (5) 208 Other. . . . . . . . . . . . . . . . . . . . . . 1 1 ------- ------- ------- ------- 213 (4) -- 209 ------- ------- ------- ------- Income (loss) from continuing operations before income taxes. . . . . . . . . . . . . . . . . . . 782 (409) -- 373 Income taxes . . . . . . . . . . . . . . . . . . . 417 417 ------- ------- ------- ------- Net income (loss) from continuing operations . . . $ 365 $ (409) $ -- $ (44) ------- ------- ------- ------- ------- ------- ------- ------- Earnings (loss) per common share from continuing operations: Primary. . . . . . . . . . . . . . . . . . . . . $ .12 $ (.01) ------- ------- ------- ------- Fully diluted. . . . . . . . . . . . . . . . . . $ .12 $ (.01) ------- ------- ------- ------- Weighted average number of common and common equivalent shares outstanding: Primary. . . . . . . . . . . . . . . . . . . . . 3,118 608(H)(I) 3,726 (E) Fully diluted. . . . . . . . . . . . . . . . . . 3,118 608(H)(I) 3,726 (E) </TABLE> <PAGE> CANTEL INDUSTRIES, INC. NOTES TO UNAUDITED PRO FORMA COMBINED CONDENSED FINANCIAL STATEMENTS - -------------------- (A) To record 997,158 shares of Cantel Stock issued to MediVators stockholders. (B) To record anticipated direct costs associated with the Merger. (C) To eliminate intercompany accounts and note receivable and accounts and note payable between Cantel and MediVators. (D) The Unaudited Pro Forma Combined Condensed Statements of Operations do not include the anticipated direct costs associated with the Merger since they are non-recurring items. (E) Weighted average number of shares for the combined company consists of the outstanding shares of Cantel, and outstanding shares of MediVators converted into Cantel shares at the rate of .2571 shares of Cantel Stock for each outstanding share of MediVators Series A Stock and .7713 shares of Cantel Stock for each outstanding share of MediVators Series B Stock. The outstanding MediVators Convertible Securities which are considered common stock equivalents are not included in the computation of primary or fully diluted earnings per share for the six months ended January 31, 1995 since they would be antidilutive upon conversion into Cantel Convertible Securities. (F) To eliminate intercompany sales between Cantel and MediVators. (G) In order to effect the Unaudited Pro Forma Combined Condensed Balance Sheet as of January 31, 1996 (Cantel quarter-end), the balance sheets of Cantel and MediVators were combined as of January 31, 1996. In order to effect the Unaudited Pro Forma Combined Condensed Statements of Operations for the six month periods ended January 31, 1996 and 1995 (Cantel quarter-end), the operating results for Cantel and MediVators were combined for the six month periods ended January 31. (H) To reflect weighted average new Cantel shares and dilutive Convertible Securities issued in exchange for the MediVators shares. (I) To eliminate Cantel Convertible Securities from the calculation of weighted average shares outstanding for the six months ended January 31, 1996 since they are antidilutive due to the combined net loss from continuing operations. <PAGE> 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 thereunto duly authorized. CANTEL INDUSTRIES, INC. By:/s/ James P. Reilly ----------------------- James P. Reilly, President Dated: April 15, 1996 </TEXT> </DOCUMENT> </SEC-DOCUMENT> -----END PRIVACY-ENHANCED MESSAGE-----