SECURITIES AND EXCHANGE COMMISSION
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): January 17, 2003
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Advanced Photonix, Inc.
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(Exact Name of Registrant as specified in its Charter)
Delaware 1-11056 33-0325836
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1240 Avenida Acaso, Camarillo, California 93012
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(Address of Principal Executive Offices) (ZIP Code)
Registrant's telephone number,
including area code: (805) 987-0146
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This current report on Form 8-K/A amends Item 7 of the current report on Form
8-K filed with the Securities and Exchange Commission on January 31, 2003.
Item 7. Financial Statements and Exhibits
(a) Financial Statements
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Previously filed with the Securities and Exchange Commission on Form 8-K,
dated January 17, 2003.
(b) Pro Forma Information
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(i) Unaudited pro forma condensed consolidated balance sheet of Advanced
Photonix, Inc. and Texas Optoelectronics, Inc. at December 29, 2002.
(ii) Unaudited pro forma condensed consolidated statement of operations
of Advanced Photonix, Inc. and Texas Optoelectronics, Inc. for the
nine months ended December 29, 2002.
(iii) Unaudited pro forma condensed consolidated statement of operations
of Advanced Photonix, Inc. and Texas Optoelectronics, Inc. for the
twelve months ended March 31, 2002.
ADVANCED PHOTONIX, INC. AND TEXAS OPTOELECTRONICS, INC.
PROFORMA CONDENSED CONSOLIDATED BALANCE SHEET
DECEMBER 29, 2002 (UNAUDITED)
API TOI Adjustments Consolidated
ASSETS
CURRENT ASSETS:
Cash and Cash Equivalents 1,224,000 338,000 (1,200,000) (e) 362,000
Short Term Investments 1,002,000 0 1,002,000
Accounts Receivable less allowance of $87,000 1,685,000 355,000 2,040,000
Inventories 2,779,000 313,000 3,092,000
Prepaid expenses and other current assets 315,000 55,000 370,000
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Total Current Assets 7,005,000 1,061,000 (1,200,000) 6,866,000
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EQUIPMENT AND LEASEHOLD IMPROVEMENTS
Equipment and Leasehold Improvements, at cost 4,366,000 1,188,000 5,554,000
Less accumulated depreciation and amortization (3,193,000) (1,077,000) (4,270,000)
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Equipment and Leasehold Improvements, net 1,173,000 111,000 1,284,000
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OTHER ASSETS:
Goodwill, net of accumulated amortization of $353,000 963,000 0 889,000
494,000 (a, b)
85,000 (d)
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963,000 0 1,468,000 2,431,000
Patents, net of accumulated amortization of $43,000 20,000 0 20,000
Other 157,000 0 157,000
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Total Other Assets 1,140,000 0 1,468,000 2,608,000
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TOTAL ASSETS 9,318,000 1,172,000 268,000 10,758,000
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(Continued)
ADVANCED PHOTONIX, INC. AND TEXAS OPTOELECTRONICS, INC.
PROFORMA CONDENSED CONSOLIDATED BALANCE SHEET - Continued
DECEMBER 29, 2002 (UNAUDITED)
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:
Notes Payable 0 20,000 20,000
Accounts Payable 606,000 249,000 (10,000) (e) 845,000
Accrued Salaried, Wages and Benefits 245,000 0 245,000
Current Portion of Long Term Debt 0 47,000 47,000
Other Accrued Expenses 8,000 129,000 137,000
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Total Current Liabilities 859,000 445,000 (10,000) 1,294,000
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NOTES PAYABLE AND LONG TERM DEBT:
Capital Lease Obligation - Long Term Portion 0 31,000 31,000
Stockholders Loans 0 1,190,000 (1,190,000) (e) 0
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Total Notes Payable and Long Term Debt 0 1,221,000 (1,190,000) 31,000
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COMMITMENTS AND CONTINGENCIES:
Class A Redeemable Convertible Preferred Stock 32,000 0 32,000
SHAREHOLDERS EQUITY:
Common Stock 0 144,000 (144,000) (a) 0
Class A Common Stock 12,000 0 1,000 (c) 13,000
Additional Paid in Capital 26,586,000 1,828,000 (1,828,000) (b) 26,586,000
973,000 (c) 973,000
Accumulated Deficit (18,171,000) (2,466,000) 2,466,000 (b) (18,171,000)
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Total Shareholders Equity 8,427,000 (494,000) 1,468,000 9,401,000
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TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 9,318,000 1,172,000 268,000 10,758,000
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See notes to pro forma financial statements.
ADVANCED PHOTONIX, INC. AND TEXAS OPTOELECTRONICS, INC.
PROFORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED DECEMBER 29, 2002 (UNAUDITED)
API TOI Adjustments Consolidated
SALES 5,989,000 2,595,000 8,584,000
COST OF GOODS SOLD 3,961,000 1,941,000 5,902,000
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GROSS PROFIT 2,028,000 654,000 2,682,000
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OPERATING EXPENSES:
Research and Development Expenses 392,000 0 392,000
Selling, General and Administrative Expenses 1,903,000 695,000 2,598,000
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Total Operating Expenses 2,295,000 695,000 2,990,000
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LOSS FROM OPERATIONS (267,000) (41,000) (308,000)
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OTHER INCOME (EXPENSE):
Interest Income 68,000 1,000 69,000
Interest Expense 0 (134,000) (134,000)
Gain (loss) Sale of Assets 0 (19,000) (19,000)
Other, Net 5,000 2,000 7,000
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Other Income (Expense), Net 73,000 (150,000) (77,000)
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LOSS BEFORE PROVISION FOR INCOME TAXES (194,000) (191,000) (385,000)
Provision for Income Taxes 0 0 0
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NET LOSS (194,000) (191,000) (385,000)
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Basis and Diluted Loss per Share (0.02) (0.03)
Weighted Average Common Shares Outstanding 12,250,000 1,059,000 13,309,000
See notes to pro forma financial statements.
ADVANCED PHOTONIX, INC. AND TEXAS OPTOELECTRONICS, INC.
PROFORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 30, 2002 (UNAUDITED)
API TOI Adjustments Consolidated
SALES 6,931,000 3,772,000 10,703,000
COST OF GOODS SOLD 4,170,000 2,730,000 6,900,000
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GROSS PROFIT 2,761,000 1,042,000 3,803,000
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OPERATING EXPENSES:
Research and Development Expenses 467,000 0 467,000
Selling, General and Administrative Expenses 2,165,000 1,133,000 3,298,000
Acquisition Investigation Expenses 616,000 0 616,000
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Total Operating Expenses 3,248,000 1,133,000 4,381,000
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LOSS FROM OPERATIONS (487,000) (91,000) (578,000)
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OTHER INCOME (EXPENSE):
Interest Income 203,000 11,000 214,000
Interest Expense 0 (200,000) (200,000)
Gain (loss) Sale of Assets 0 (7,000) (7,000)
Other, Net 2,000 21,000 23,000
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Other Income, Net 205,000 (175,000) 30,000
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LOSS BEFORE PROVISION FOR INCOME TAXES (282,000) (266,000) (548,000)
Provision for Income Taxes 2,000 0 2,000
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NET LOSS (284,000) (266,000) (550,000)
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Basis and Diluted Earnings (Loss) per Share (0.02) (0.04)
Weighted Average Common Shares Outstanding 12,209,000 1,059,000 13,268,000
See notes to pro forma financial statements.
ADVANCED PHOTONIX, INC. AND TEXAS OPTOELECTRONICS, INC.
NOTES TO THE UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The unaudited pro forma condensed consolidated statement of operations for the
nine months ended December 29, 2002 gives effect to the consolidated results of
operations as if the merger occurred at April 1, 2002. The unaudited pro forma
condensed consolidated statement of operations for the year ended March 30, 2002
gives effect to the consolidated results of operations as if the merger occurred
at April 1, 2001. These results are not necessarily indicative of the
consolidated results of operations of Advanced Photonix, Inc. ("API") as they
may be in the future, or as they might have been had these events been effective
at April 1, 2001. The unaudited pro forma condensed consolidated statements are
based on the individual historical results of operations of API and Texas
Optoelectronics, Inc. ("TOI"), and have been prepared to reflect the acquisition
of TOI by API. The unaudited pro forma condensed consolidated balance sheet
gives effect to the financial position at December 29, 2002 as if the merger
occurred at April 1, 2001. The unaudited pro forma condensed consolidated
financial information should be read in conjunction with the historical
financial statements of API and TOI and the related notes thereto.
PRO FORMA ADJUSTMENTS FOR THE UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE
SHEET AT DECEMBER 29, 2002 AND CONDENSED CONSOLIDATED INCOME STATEMENTS:
a. To eliminate TOI common stock.
b. Elimination of historical retained earnings at TOI.
c. To reflect the issuance of 1,059,110 Shares of API Class A Common stock at
$.92/share.
d. To reflect $85,000 in merger expenses incurred by API.
e. To reflect $1,200,000 cash payment in satisfaction of TOI Stockholders Loans
and accrued interest.
NOTE: The Company is still in the process of evaluating the fair value of the
assets acquired and the liabilities assumed in order to make a final
determination of the excess purchase price, including allocation to the
intangibles other than goodwill. Accordingly, the purchase accounting
information is preliminary and has been made solely for the purpose of
developing such pro forma condensed consolidated financial information. Based on
current information, the preliminary determination of the cost in excess of the
net assets acquired and the allocation to goodwill should not materially differ
from the final determination.
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.
ADVANCED PHOTONIX, INC.
By: /s/ Paul Ludwig
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Paul Ludwig, President
/s/ Richard D. Kurtz
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Richard D. Kurtz, Chief
Executive Officer
Dated: April 2, 2003
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