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): August 21, 2002
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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 September 5, 2002.
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 August 21, 2002.
(b) Pro Forma Information
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(i) Unaudited pro forma condensed consolidated balance sheet of Advanced
Photonix, Inc. and Silicon Sensors, LLC at June 30, 2002.
(ii) Unaudited pro forma condensed consolidated statement of operations
of Advanced Photonix, Inc. and Silicon Sensors, LLC for the three
months ended June 30, 2002.
(iii) Unaudited pro forma condensed consolidated statement of operations
of Advanced Photonix, Inc. and Silicon Sensors, LLC for the twelve
months ended March 31, 2002.
ADVANCED PHOTONIX, INC. AND SILICON SENSORS, LLC
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2002 (UNAUDITED)
API SSI Adjustments Consolidated
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 2,944,000 $ 22,000 $(1,799,000) (a) $ 1,167,000
Short-term investments 1,002,000 1,002,000
Accounts receivable 1,069,000 350,000 1,419,000
Inventory 2,813,000 485,000 32,000 (f) 3,330,000
Prepaid and other current assets 133,000 96,000 (120,000) (d) 109,000
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Total current assets 7,961,000 953,000 (1,887,000) 7,027,000
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PROPERTY AND EQUIPMENT 3,692,000 1,469,000 251,000 (f) 5,412,000
Less accumulated depreciation (3,069,000) (933,000) (4,002,000)
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Property and equipment, net 623,000 536,000 251,000 1,410,000
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GOODWILL 483,000 437,000
(283,000) (f)
39,000 (h)
120,000 (d)
19,000 (i) 815,000
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483,000 332,000 815,000
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OTHER ASSETS 24,000 6,000 131,000 (g) 161,000
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PATENTS 22,000 22,000
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TOTAL ASSETS $ 9,113,000 $1,495,000 $(1,173,000) $ 9,435,000
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(Continued)
ADVANCED PHOTONIX, INC. AND SILICON SENSORS, LLC
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET - Continued
JUNE 30, 2002 (UNAUDITED)
API SSI Adjustments Consolidated
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 255,000 $ 153,000 $ $ 408,000
Current portion of long-term debt 50,000 (50,000) (e)
Accrued salaries and benefits 228,000 228,000
Accrued expenses 5,000 79,000 126,000 (g)
19,000 (i) 229,000
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Total current liabilities 488,000 282,000 95,000 865,000
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LONG-TERM DEBT, Note payable, less
current portion 838,000 (838,000) (e)
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CLASS A CONVERTIBLE PREFERRED 32,000 32,000
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Members' equity 325,000 (325,000) (c)
Common stock, class A 12,000 12,000
APIC 26,581,000 39,000 (h) 26,620,000
Retained earnings (deficit) (18,000,000) 50,000 (50,000) (b)
(94,000) (g) (18,094,000)
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Total stockholders' equity 8,593,000 375,000 (430,000) 8,538,000
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 9,113,000 $ 1,495,000 $(1,173,000) $ 9,435,000
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See notes to pro forma financial statements.
ADVANCED PHOTONIX, INC. AND SILICON SENSORS, LLC
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2002 (UNAUDITED)
API SSI Adjustments Consolidated
SALES $1,548,000 $ 639,000 $2,187,000
COST OF GOODS SOLD 916,000 615,000 1,531,000
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GROSS PROFIT 632,000 24,000 656,000
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OPERATING EXPENSES:
Research and development 142,000 142,000
Sales and marketing 234,000 62,000 296,000
General and administrative 307,000 84,000 $ 19,000 (g) 410,000
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Total operating expenses 683,000 146,000 19,000 848,000
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LOSS FROM OPERATIONS (51,000) (122,000) (19,000) (192,000)
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OTHER INCOME (EXPENSE):
Interest Income 28,000 28,000
Interest expense (17,000) (17,000)
Other income 10,000 10,000
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Other income (expense), net 28,000 (7,000) 21,000
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LOSS BEFORE INCOME TAXES (23,000) (129,000) (19,000) (171,000)
INCOME TAXES
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NET LOSS $ (23,000) $(129,000) $(19,000) $ (171,000)
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WEIGHTED AVERAGE SHARES OUTSTANDING 12,247,000
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BASIC AND DILUTED LOSS PER SHARE $ (0.01)
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See notes to pro forma financial statements.
ADVANCED PHOTONIX, INC. AND SILICON SENSORS, LLC
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 30, 2002 (UNAUDITED)
API SSI Adjustments Consolidated
SALES $6,931,000 $3,664,000 $10,595,000
COST OF GOODS SOLD 4,170,000 2,726,000 6,896,000
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GROSS PROFIT 2,761,000 938,000 3,699,000
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OPERATING EXPENSES:
Research and development 467,000 467,000
Sales, general and administrative 2,165,000 935,000 $ 75,000 (g) 3,175,000
Acquisition investigation 616,000 616,000
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Total operating expenses 3,248,000 935,000 75,000 4,258,000
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INCOME (LOSS) FROM OPERATIONS (487,000) 3,000 (75,000) (559,000)
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OTHER INCOME (EXPENSE):
Interest Income 203,000 203,000
Interest expense (65,000) (65,000)
Other income 2,000 2,000
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Other income (expense), net 205,000 (65,000) 140,000
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LOSS BEFORE INCOME TAXES (282,000) (62,000) (75,000) (419,000)
INCOME TAXES (2,000) (2,000)
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NET LOSS $ (284,000) $ (62,000) $(75,000) $ (421,000)
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WEIGHTED AVERAGE SHARES OUTSTANDING 12,209,000
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BASIC AND DILUTED LOSS PER SHARE $ (0.03)
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See notes to pro forma financial statements.
ADVANCED PHOTONIX, INC. AND SILICON SENSORS, LLC
NOTES TO THE UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The unaudited pro forma condensed consolidated statement of operations for the
three months ended June 30, 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 Silicon
Sensors, LLC ("SSI"), and have been prepared to reflect the acquisition of SSI
by API. The unaudited pro forma condensed consolidated balance sheet gives
effect to the financial position at June 30, 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 SSI and the related notes thereto.
PRO FORMA ADJUSTMENTS FOR THE UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE
SHEET AT JUNE 30, 2002 AND CONDENSED CONSOLIDATED INCOME STATEMENTS:
a. To reflect payment of $1,700,000 in cash and $99,000 towards Non-Compete
Agreement.
b. Elimination of historical retained earnings at SSI.
c. To reflect elimination of Silicon Sensor, LLC Members' interest.
d. To reflect $120k in merger expenses incurred by API.
e. To reflect liabilities not purchased by API.
f. To reflect "write-up" of assets and liabilities to estimated fair market
value.
g. To reflect "Non-Compete Agreement" with Jack McCook and related amortization.
h. To reflect Black-Scholes FMV of options in API common stock granted to
Silicon Sensors, LLC Members.
i. To reflect final adjustment to purchase price, based on net working capital
at August 21, 2002.
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/ Brock Koren
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Brock Koren, President and Chief
Executive Officer
Dated: November 1, 2002
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