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Share Name | Share Symbol | Market | Type |
---|---|---|---|
White Electronic Designs Corp. (MM) | NASDAQ:WEDC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.00 | 0 | 01:00:00 |
Indiana | 1-4817 | 35-0905052 | ||
(State or Other Jurisdiction of
Incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
Item 2.01. Completion of Acquisition or Disposition of Assets. | ||||||||
Item 9.01. Financial Statements and Exhibits. | ||||||||
SIGNATURES | ||||||||
EXHIBIT INDEX | ||||||||
EX-10.1 |
Exhibit No. | Description | |
|
||
10.1
|
Asset Purchase Agreement, dated as of March 25, 2010, between White Electronic Designs Corporation and Bowmar LLC, an Indiana limited liability company |
As of December 31, 2009 | ||||||||||||
Pro Forma | Pro Forma | |||||||||||
As Reported | Adjustments [a] | Adjusted | ||||||||||
ASSETS
|
||||||||||||
Current Assets
|
||||||||||||
Cash and cash equivalents
|
$ | 65,387 | $ | 1,413 | [c] | $ | 66,800 | |||||
Accounts receivable, net
|
10,747 | | 10,747 | |||||||||
Inventories
|
14,054 | (1,232 | ) | 12,822 | ||||||||
Prepaid expenses and other current assets
|
3,965 | | 3,965 | |||||||||
Deferred income taxes
|
2,563 | (287 | ) | 2,276 | ||||||||
Assets held for sale
|
| | | |||||||||
|
||||||||||||
Total Current Assets
|
96,716 | (106 | ) | 96,610 | ||||||||
|
||||||||||||
Property, plant and equipment, net
|
10,992 | (569 | ) | 10,423 | ||||||||
Deferred income taxes
|
1,145 | (64 | ) | 1,081 | ||||||||
Goodwill
|
1,764 | | 1,764 | |||||||||
Other assets
|
67 | 300 | [d] | 367 | ||||||||
Assets held for sale
|
| | | |||||||||
|
||||||||||||
Total Assets
|
$ | 110,684 | $ | (439 | ) | $ | 110,245 | |||||
|
||||||||||||
LIABILITIES AND SHAREHOLDERS EQUITY
|
||||||||||||
Current Liabilities
|
||||||||||||
Accounts payable
|
$ | 2,350 | $ | | $ | 2,350 | ||||||
Accrued salaries and benefits
|
1,353 | | 1,353 | |||||||||
Other accrued expenses
|
1,439 | | 1,439 | |||||||||
Deferred revenue
|
1,048 | | 1,048 | |||||||||
Liabilities related to assets held for sale
|
| | | |||||||||
|
||||||||||||
Total Current Liabilities
|
6,190 | | 6,190 | |||||||||
|
||||||||||||
Accrued pension liability
|
412 | [b] | | 412 | ||||||||
Other liabilities
|
743 | | 743 | |||||||||
|
||||||||||||
Total Liabilities
|
7,345 | | 7,345 | |||||||||
|
||||||||||||
Commitments and Contingencies
|
||||||||||||
|
||||||||||||
Total Shareholders Equity
|
103,339 | (439 | ) | 102,900 | ||||||||
|
||||||||||||
Total Liabilities and
Shareholders Equity
|
$ | 110,684 | $ | (439 | ) | $ | 110,245 | |||||
|
[a] | Unless otherwise noted, the proforma adjustments represent the assets, liabilities and equity related to the Ft. Wayne operations, assuming the disposition had occurred on December 31, 2009. | |
[b] | The accrued pension liability relates to the Ft. Wayne operations, but was not sold as part of the transaction and remains the obligation of the Company. | |
[c] | The net cash received represents the cash proceeds of $1.5 million less applicable liabilities and settlement costs. | |
[d] | Amounts represent the $0.3 million note receivable obtained as part of the transaction. |
As of September 30, 2009 | ||||||||||||
Pro Forma | Pro Forma | |||||||||||
As Reported | Adjustments [a] | Adjusted | ||||||||||
ASSETS
|
||||||||||||
Current Assets
|
||||||||||||
Cash and cash equivalents
|
$ | 64,170 | $ | 1,413 | [c] | $ | 65,583 | |||||
Accounts receivable, net
|
10,136 | | 10,136 | |||||||||
Inventories
|
15,642 | (1,167 | ) | 14,475 | ||||||||
Prepaid expenses and other current assets
|
3,607 | | 3,607 | |||||||||
Deferred income taxes
|
2,464 | (413 | ) | 2,051 | ||||||||
Assets held for sale
|
174 | | 174 | |||||||||
|
||||||||||||
Total Current Assets
|
96,193 | (167 | ) | 96,026 | ||||||||
|
||||||||||||
Property, plant and equipment, net
|
11,677 | (939 | ) | 10,738 | ||||||||
Deferred income taxes
|
1,100 | (68 | ) | 1,032 | ||||||||
Goodwill
|
1,764 | | 1,764 | |||||||||
Other assets
|
67 | 300 | [d] | 367 | ||||||||
Assets held for sale
|
796 | | 796 | |||||||||
|
||||||||||||
Total Assets
|
$ | 111,597 | $ | (874 | ) | $ | 110,723 | |||||
|
||||||||||||
LIABILITIES AND SHAREHOLDERS EQUITY
|
||||||||||||
Current Liabilities
|
||||||||||||
Accounts payable
|
$ | 3,823 | $ | | $ | 3,823 | ||||||
Accrued salaries and benefits
|
1,874 | | 1,874 | |||||||||
Other accrued expenses
|
1,546 | | 1,546 | |||||||||
Deferred revenue
|
923 | | 923 | |||||||||
Liabilities related to assets held for sale
|
352 | | 352 | |||||||||
|
||||||||||||
Total Current Liabilities
|
8,518 | | 8,518 | |||||||||
|
||||||||||||
Accrued pension liability
|
434 | [b] | | 434 | ||||||||
Other liabilities
|
755 | | 755 | |||||||||
|
||||||||||||
Total Liabilities
|
9,707 | | 9,707 | |||||||||
|
||||||||||||
Commitments and Contingencies
|
||||||||||||
|
||||||||||||
Total Shareholders Equity
|
101,890 | (874 | ) | 101,016 | ||||||||
|
||||||||||||
Total Liabilities and
Shareholders Equity
|
$ | 111,597 | $ | (874 | ) | $ | 110,723 | |||||
|
[a] | Unless otherwise noted, the proforma adjustments represent the assets, liabilities and equity related to the Ft. Wayne operations, assuming the disposition had occurred on September 30, 2009. | |
[b] | The accrued pension liability relates to the Ft. Wayne operations, but was not sold as part of the transaction and remains the obligation of the Company. | |
[c] | The net cash received represents the cash proceeds of $1.5 million less applicable liabilities and settlement costs. | |
[d] | Amounts represent the $0.3 million note receivable obtained as part of the transaction. |
Three Months Ended December 31, 2009 | ||||||||||||
Pro Forma | Pro Forma | |||||||||||
As Reported | Adjustments [a] | Adjusted | ||||||||||
|
||||||||||||
Net sales
|
$ | 15,568 | $ | (655 | ) | $ | 14,913 | |||||
Cost of sales
|
9,817 | (672 | )[b] | 9,145 | ||||||||
|
||||||||||||
Gross profit
|
5,751 | 17 | 5,768 | |||||||||
|
||||||||||||
Operating expenses:
|
||||||||||||
Selling, general and administrative
|
4,072 | (274 | ) | 3,798 | ||||||||
Research and development
|
1,228 | (36 | ) | 1,192 | ||||||||
Impairment loss
|
345 | (345 | ) | | ||||||||
|
||||||||||||
Total operating expenses
|
5,645 | (655 | ) | 4,990 | ||||||||
|
||||||||||||
Operating income
|
106 | 672 | 778 | |||||||||
Interest income
|
77 | | 77 | |||||||||
|
||||||||||||
Income from continuing operations before income taxes
|
183 | 672 | 855 | |||||||||
Provision for income taxes
|
(56 | ) | (219 | ) | (275 | ) | ||||||
|
||||||||||||
Income from continuing operations
|
127 | 453 | 580 | |||||||||
Discontinued operations:
|
||||||||||||
Income from discontinued operations, net of tax
|
| | | |||||||||
Gain on sale of discontinued operations, net of tax
|
183 | | 183 | |||||||||
|
||||||||||||
Income from discontinued operations
|
183 | | 183 | |||||||||
|
||||||||||||
Net income
|
$ | 310 | $ | 453 | $ | 763 | ||||||
|
||||||||||||
Income from continuing operations per common share:
|
||||||||||||
Basic
|
$ | 0.01 | $ | 0.02 | $ | 0.03 | ||||||
|
||||||||||||
Diluted
|
$ | 0.01 | $ | 0.02 | $ | 0.02 | ||||||
|
||||||||||||
|
||||||||||||
Income from discontinued operations per common share:
|
||||||||||||
Basic
|
$ | 0.01 | $ | | $ | 0.01 | ||||||
|
||||||||||||
Diluted
|
$ | 0.01 | $ | | $ | 0.01 | ||||||
|
||||||||||||
Net income per common share:
|
||||||||||||
Basic
|
$ | 0.01 | $ | 0.02 | $ | 0.03 | ||||||
|
||||||||||||
Diluted
|
$ | 0.01 | $ | 0.02 | $ | 0.03 | ||||||
|
||||||||||||
Weighted average number of common shares and
equivalents:
|
||||||||||||
Basic
|
23,116,201 | 23,116,201 | 23,116,201 | |||||||||
Diluted
|
23,353,343 | 23,353,343 | 23,353,343 |
[a] | The pro forma adjustments represent the results of operations for the Ft. Wayne operations during the period presented. | |
[b] | Cost of sales excludes adjustment of $0.04 million for pension expense. |
Twelve Months Ended September 30, 2009 | ||||||||||||
Pro Forma | Pro Forma | |||||||||||
As Reported | Adjustments [a] | Adjusted | ||||||||||
|
||||||||||||
Net sales
|
$ | 62,559 | $ | (6,049 | ) | $ | 56,510 | |||||
Cost of sales
|
37,993 | (3,707 | )[b] | 34,286 | ||||||||
|
||||||||||||
Gross profit
|
24,566 | (2,342 | ) | 22,224 | ||||||||
|
||||||||||||
Operating expenses:
|
||||||||||||
Selling, general and administrative
|
16,385 | (952 | ) | 15,433 | ||||||||
Research and development
|
4,408 | (126 | ) | 4,282 | ||||||||
|
||||||||||||
Total operating expenses
|
20,793 | (1,078 | ) | 19,715 | ||||||||
|
||||||||||||
Operating income
|
3,773 | (1,264 | ) | 2,509 | ||||||||
Interest income
|
441 | | 441 | |||||||||
|
||||||||||||
Income from continuing operations before income taxes
|
4,214 | (1,264 | ) | 2,950 | ||||||||
Provision for income taxes
|
(1,218 | ) | 468 | (750 | ) | |||||||
|
||||||||||||
Income from continuing operations
|
2,996 | (796 | ) | 2,200 | ||||||||
|
||||||||||||
Discontinued operations:
|
||||||||||||
Income from discontinued operations, net of tax
|
(344 | ) | | (344 | ) | |||||||
Gain on sale of discontinued operations, net of tax
|
(623 | ) | | (623 | ) | |||||||
|
||||||||||||
Income from discontinued operations
|
(967 | ) | | (967 | ) | |||||||
|
||||||||||||
Net income
|
$ | 2,029 | $ | (796 | ) | $ | 1,233 | |||||
|
||||||||||||
Income from continuing operations per common share:
|
||||||||||||
Basic
|
$ | 0.13 | $ | (0.03 | ) | $ | 0.10 | |||||
|
||||||||||||
Diluted
|
$ | 0.13 | $ | (0.03 | ) | $ | 0.10 | |||||
|
||||||||||||
|
||||||||||||
Income from discontinued operations per common share:
|
||||||||||||
Basic
|
$ | (0.04 | ) | $ | | $ | (0.04 | ) | ||||
|
||||||||||||
Diluted
|
$ | (0.04 | ) | $ | | $ | (0.04 | ) | ||||
|
||||||||||||
Net income per common share:
|
||||||||||||
Basic
|
$ | 0.09 | $ | (0.03 | ) | $ | 0.05 | |||||
|
||||||||||||
Diluted
|
$ | 0.09 | $ | (0.03 | ) | $ | 0.05 | |||||
|
||||||||||||
Weighted average number of common shares and
equivalents:
|
||||||||||||
Basic
|
22,875,371 | 22,875,371 | 22,875,371 | |||||||||
Diluted
|
23,121,614 | 23,121,614 | 23,121,614 | |||||||||
|
[a] | The pro forma adjustments represent the results of operations for the Ft. Wayne operations during the period presented. | |
[b] | Cost of sales excludes adjustment of $0.2 million for pension expense. |
WHITE ELECTRONIC DESIGNS CORPORATION
|
||||
Date: March 30, 2010 | By: | /s/ Gerald R. Dinkel | ||
Gerald R. Dinkel | ||||
President and Chief Executive Officer |
Exhibit No. | Description | |
|
||
10.1
|
Asset Purchase Agreement, dated as of March 25, 2010, between White Electronic Designs Corporation and Bowmar LLC, an Indiana limited liability company |
1 Year White Electronic Designs Corp. (MM) Chart |
1 Month White Electronic Designs Corp. (MM) Chart |
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