6-K 1 w50572e6-k.txt FORM 6-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 Xeikon N.V. ---------------------------------------------------- [Translation of registrant's name into English] 72 Vredebaan, 2640 Mortsel, Belgium ---------------------------------------------------- [Address of principal executive offices] [Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.] Form 20-F [X] Form 40-F [ ] [Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.] Yes [X] No [ ] 2 XEIKON N.V. INDEX FORM 6-K

PAGE ~~----~~Exhibit ~~PART~~1 I - ~~FINANCIAL~~Press ~~INFORMATION~~Release ~~Item~~dated 1.June ~~Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets at December 31~~18, ~~2000 (Audited) and March 31,~~ 2001 ~~(Unaudited)............................ 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 2000 and 2001 (Unaudited)....................~~ 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2000 and 2001 (Unaudited).................... 5 Consolidated Statements of Comprehensive Income/(Loss) and Shareholders' Equity for the years ended December 31, 1998, 1999 and 2000 (audited) and for the three months ended March 31, 2001 (unaudited).......................................... 6 Notes to Condensed Consolidated Financial Statements................ 7-12 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations....................... 13-17 Item 3. Qualitative and Quantitative Disclosures About Market Risk.......... 17 PART II - OTHER INFORMATION Item 1. Legal Proceedings................................................... 18 Item 2. Changes in Securities and Use of Proceeds........................... 18 Item 3. Defaults Upon Senior Securities..................................... 18 Item 4. Submission of Matters to a Vote of Security Holders................. 18 Item 5. Other Information................................................... 18 Item 6. Exhibits and Reports on Form 6-K.................................... 18 SIGNATURES ........................................................................ 19

-2- 3 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. XEIKON N.V. Date : June 18, 2001 By: /s/ Gerrit Keyaerts --------------------------------------- Gerrit Keyaerts, Chief Financial Officer -3-

December 31, March 31, 2000 2001 -------------------------- (audited) (unaudited) ASSETS Current Assets: -Cash and cash equivalents 12,807 1,548 -Accounts receivable 54,552 42,819 -Accounts receivable from related parties 5,819 7,376 -Inventory 66,611 68,326 -Other current assets 14,248 13,015 -Deferred tax assets -- -- -------------------------- Total current assets 154,037 133,084 -------------------------- Property and equipment, at cost 46,407 43,687 Less -- accumulated depreciation (13,464) (13,958) -------------------------- 32,943 29,729 -------------------------- Other fixed assets, net -- -- Other non-current assets 2,849 2,450 Goodwill, net 12,481 11,522 Acquired technology, net 4,616 4,133 -------------------------- 206,926 180,918 ========================== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: -Current portion of capital leasing payable 511 475 -Notes payable to Banks 24,998 23,859 -Notes payable to others 3,347 6,347 -Accounts payable 37,636 33,876 -Due to related parties 3,998 3,729 -Accrued expenses 30,919 25,782 -Deferred tax liabilities 2,053 1,948 -------------------------- Total current liabilities 103,462 96,016 -------------------------- Pension obligations 2,327 2,255 Notes payable to others 8,410 4,918 Refundable research grants payable, net of current portion 298 286 Capital leasing payable, net of current portion 5,691 5,289 Minority interest -- -- Shareholders' equity: -Common stock 19,005 19,005 -Additional paid-in capital 102,427 102,427 -Capital surplus 6,842 6,842 -Restatement change in accounting method 374 374 -Retained earnings (deficit) (12,414) (23,497) -Cumulative translation adjustment (29,496) (32,997) -------------------------- Total shareholders' equity 86,738 72,154 -------------------------- 206,926 180,918 ==========================

Three Months Ended March 31, ------------------------------- 2000 2001 ------------------------------- (unaudited) (unaudited) Revenues $40,564 $33,604 Cost of revenues $29,637 $27,052 ------------------------------- Gross profit $10,927 $6,552 ------------------------------- Operating expenses: -Research and development $6,163 $6,747 -Acquired in-process research and development $0 $0 -Selling, general and administrative $10,006 $11,293 -Nonrecurring charge $0 ------------------------------- Total operating expenses $16,169 $18,040 ------------------------------- Operating income/(loss) ($5,242) ($11,488) Other income, net $542 $405 ------------------------------- Income/(loss) before provision of income taxes and minority interest ($4,700) ($11,083) ------------------------------- Provisions for income taxes ($1) $0 ------------------------------- Income/(loss) before minority interest and cumulative effect of change ($4,701) ($11,083) ------------------------------- in accounting method Minority interest $0 $0 Cumulative effect of change in accounting method ($669) $0 Net income/(loss) ($5,370) ($11,083) ------------------------------- Shares Shares ------------ ------------ Weighted average number of common shares 28,864,998 30,633,055 outstanding (basic) Basic earnings per share amount ($0.19) ($0.36) ------------ ------------ Impact of: Warrants issued to non employees Options issued to employees 0 0 Weighted average number of common shares 28,864,998 30,633,055 ------------ ------------ outstanding (diluted) Diluted earnings per share amount ($0.19) ($0.36) ------------ ------------

Three Months Ended March 31 ----------------------- 2000 2001 -------- -------- (unaudited) (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME ($4,193) ($11,083) ADJUSTMENTS TO RECONCILE CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: -Deferred tax (8) (105) -Depreciation and amortization 2,148 1,936 -Amortization in-process research and development -- -Pension obligations (132) (72) -Minority interest (82) -- -Changes in operating assets and liabilities Accounts receivable 7,353 11,733 Accounts receivable from related parties 1,563 (1,557) Inventory (3,430) (1,715) Prepaid expenses (1,096) 1,233 Accounts payable (499) (3,760) Due to related parties (820) (269) Accrued expenses 764 (5,137) NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES 1,568 (8,796) CASH FLOWS FROM INVESTING ACTIVITIES: -Purchase of property and equipment (1,317) 2,720 -Acquisition of subsidiary, net of cash acquired -- -- -Other investment 111 -- NET CASH USED IN INVESTING ACTIVITIES (1,206) 2,720 CASH FLOWS FROM FINANCING ACTIVITIES: -Proceeds from notes payable to banks 1,085 (1,139) -Net borrowings (repayments) under notes payable to related parties (437) (492) -Advances to affiliates and other 137 399 -Refundable research grants (12) (12) -Payments under capital lease obligation -- (438) -Capital surplus -- -Proceeds from issuance of common stock -- -- NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 773 (1,682) Foreign exchange effect on net equity (3,780) (3,501) ================================================================================================= INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,645) (11,259) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 9,237 12,807 ================================================================================================= CASH AND CASH EQUIVALENTS, END OF PERIOD 6,592 1,548 ================================================================================================= Interest paid during the period 543 Tax paid during the period 0 =================================================================================================

Total Comprehensive Accumulated Accumulated Common Shareholders Income/(Loss) Profit/(Loss) Other Shares Equity Comprehensive Income/(Loss) -------------------------------------------------------------------------------- Balance, December 31, 1998 $89,344 -- ($2,688) ($8,104) 28,527,101 ================================================================================ Net income 14,863 14,863 14,863 -- -- Other comprehensive income - foreign currency translation (12,514) (12,514) -- (12,514) -- Comprehensive income -- 2,349 -- -- -- Exercise of stock options 422 -- -- -- 49,097 Exercise of warrants 1,038 -- -- -- 288,800 -------------------------------------------------------------------------------- Balance, December 31, 1999 $93,153 -- $12,175 ($20,618) 28,864,998 ================================================================================ (audited) Net loss (24,589) (24,589) (24,589) -- -- Other comprehensive income - - foreign currency translation (8,878) (8,878) -- (8,878) -- - effect of restatement as required by SAB101 374 374 374 Comprehensive income -- (33,093) -- -- -- Capital increase 19,729 1,751,741 Capital surplus 6,842 Exercise of stock options -- -- -- -- -- Exercise of warrants 107 -- -- -- 16,316 -------------------------------------------------------------------------------- Balance, December 31, 2000 $86,738 -- -($12,414) ($29,122) 30,633,055 ================================================================================ Net loss (11,083) (11,083) (11,083) -- -- Other comprehensive income - - foreign currency translation (3,501) (3,501) -- (3,501) -- - effect of restatement as required by SAB101 -- -- (374) Comprehensive income -- (14,584) -- -- -- Capital increase -- -- Capital surplus -- Exercise of stock options -- -- -- -- -- Exercise of warrants -- -- -- -- -- -------------------------------------------------------------------------------- Balance, March 31, 2001 $72,154 -- ($23,497) ($32,997) 30,633,055 ================================================================================ Capital Additional Amount Surplus Paid-in Capital ---------------------------------- Balance, December 31, 1998 $17,980 $82,156 ================================== Net income -- -- Other comprehensive income - foreign currency translation -- -- Comprehensive income -- -- Exercise of stock options 26 396 Exercise of warrants 154 884 ---------------------------------- Balance, December 31, 1999 $18,160 $83,436 ================================== (audited) Net loss -- -- Other comprehensive income - - foreign currency translation -- -- - effect of restatement as required by SAB101 Comprehensive income -- -- Capital increase 837 18,892 Capital surplus 6,842 Exercise of stock options -- -- Exercise of warrants 8 99 ---------------------------------- Balance, December 31, 2000 $19,005 6,842 $102,427 ================================== Net loss -- -- Other comprehensive income - - foreign currency translation -- -- - effect of restatement as required by SAB101 Comprehensive income -- -- Capital increase -- -- Capital surplus -- Exercise of stock options -- -- Exercise of warrants -- -- ---------------------------------- Balance, March 31, 2001 $19,005 6,842 $102,427 ==================================

DECEMBER 31, MARCH 31, 2000 2001 ---------------------------- (audited) (unaudited) Raw materials ............................... $30,447 $28,794 Work-in-Process ............................. 6,879 7,190 Finished Goods .............................. 22,058 24,480 Goods purchased for resale (consumables) .... 7,227 7,862 ---------------------------- $66,611 $68,326 ============================

CONSOLIDATED XEIKON GROUP Three Months ended March 31, ------------------------- 2001 2000 ------- ------- (in thousands) -------------- Systems and options Revenues $12,633 $19,014 Cost of revenues $10,960 12,088 Gross Profit 1,673 6,926 Gross Margin 13% 36% Consumables, spares, tools and other Revenues $20,971 $21,550 Cost of revenues 16,092 17,549 Gross Profit 4,879 4,001 Gross Margin 23% 19% Total Revenues $33,604 $40,564 Cost of revenues 27,052 29,637 Gross Profit 6,552 10,927 Gross Margin 20% 27%

COLOR Three Months ended March 31, ------------------------- 2001 2000 ---- ---- (in thousands) Systems and options Revenues $8,805 $14,295 Cost of revenues 8,574 9,658 Gross Profit 231 4,637 Gross Margin 3% 32% Consumables, spares, tools and other Revenues $13,232 $13,923 Cost of revenues 9,477 10,311 Gross Profit 3,755 3,612 Gross Margin 28% 26% Total Revenues $22,037 $28,218 Cost of revenues 18,051 19,969 Gross Profit 3,986 8,249 Gross Margin 18% 29%

BLACK & WHITE Three Months ended March 31, ------------------------ 2001 2000 ---- ---- (in thousands) Systems and options Revenues $3,828 $4,719 Cost of revenues 2,386 2,430 Gross Profit 1,442 2,289 Gross Margin 38% 49% Consumables, spares, tools and other Revenues $7,739 $7,627 Cost of revenues 6,615 7,238 Gross Profit 1,124 389 Gross Margin 15% 5% Total Revenues $11,567 $12,346 Cost of revenues 9,001 9,668 Gross Profit 2,566 2,678 Gross Margin 22% 22%

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