6-K 1 w54761e6-k.txt FORM 6-K 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 [ ] XEIKON N.V. INDEX FORM 6-K

PAGE ---- ~~PART~~Exhibit I1 - ~~FINANCIAL~~Press ~~INFORMATION~~Release ~~Item~~dated ~~1.Condensed~~November ~~Consolidated Financial Statements Condensed Consolidated Balance Sheets at December 31~~9, ~~2000 (Audited) and June 30,~~ 2001 ~~(Unaudited).......................... 3 Condensed Consolidated Statements of Operations for the three months ended June 30, 2000 and 2001 (Unaudited)..................~~ 4 Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 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 June 30, 2001 (unaudited)........................................ 6 Notes to Condensed Consolidated Financial Statements............. 7-11 Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.................... 12-16 Item 3.Qualitative and Quantitative Disclosures About Market Risk....... 16 PART II - OTHER INFORMATION Item 1.Legal Proceedings................................................ 17 Item 2.Changes in Securities and Use of Proceeds........................ 17 Item 3.Defaults Upon Senior Securities.................................. 17 Item 4.Submission of Matters to a Vote of Security Holders.............. 17 Item 5.Other Information................................................ 17 Item 6.Exhibits and Reports on Form 6-K................................. 17 SIGNATURES ................................................................. 18

-2- 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: November 9, 2001 By: /s/ GERRIT KEYAERTS --------------------------------------- Gerrit Keyaerts, Chief Financial Officer -3-

December 31, June 30, 2000 2001 ------------------------- (audited) (unaudited) ASSETS Current Assets : -Cash and cash equivalents 12,807 4,256 -Accounts receivable 54,552 40,333 -Accounts receivable from related parties 5,819 6,780 -Inventory 66,611 62,322 -Other current assets 14,248 11,873 -Deferred tax assets - - ------------------------- Total current assets 154,037 125,564 ------------------------- Property and equipment, at cost 46,407 42,439 Less -- accumulated depreciation (13,464) (15,103) ------------------------- 32,943 27,336 ------------------------- Other fixed assets, net - - Other non-current assets 2,849 1,976 Goodwill, net 12,481 10,751 Acquired technology, net 4,616 3,503 ------------------------- 206,926 169,130 ========================= LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities : -Current portion of capital leasing payable 511 456 -Notes payable to Banks 24,998 26,552 -Notes payable to others 3,347 4,639 -Accounts payable 37,636 34,762 -Due to related parties 3,998 4,580 -Accrued expenses 30,919 22,945 -Deferred tax liabilities 2,053 1,871 ------------------------- Total current liabilities 103,462 95,805 ------------------------- Pension obligations 2,327 2,210 Notes payable to others 8,410 6,410 Refundable research grants payable, net of current portion 298 278 Capital leasing payable, net of current portion 5,691 4,964 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 374 252 -Retained earnings (deficit) (12,414) (33,760) -Cumulative translation adjustment (29,496) (35,303) ------------------------- Total shareholders' equity 86,738 59,463 ------------------------- 206,926 169,130 =========================

Three Months Six Months Ended June 30, Ended June 30, -------------------------------------------------- 2000 2001 2000 2001 ---- ---- ---- ---- (unaudited) (unaudited) (unaudited) (unaudited) Revenues $48,784 $34,660 $89,348 $68,264 Cost of revenues $32,312 $27,203 $61,949 $54,255 -------------------------------------------------- Gross profit $16,472 $7,457 $27,399 $14,009 -------------------------------------------------- Operating expenses : -Research and development $6,244 $6,567 $12,407 $13,314 -Acquired in-process research and development $0 $0 $0 $0 -Selling, general and administrative $10,526 $11,012 $20,533 $22,305 -------------------------------------------------- Total operating expenses $16,770 $17,579 $32,940 $35,619 -------------------------------------------------- Operating income/(loss) ($298) ($10,122) ($5,541) ($21,610) Other income, net $255 ($560) $798 ($154) -------------------------------------------------- Income/(loss) before provision of income taxes and minority interest ($43) ($10,682) ($4,743) ($21,764) -------------------------------------------------- Provisions for income taxes ($510) $295 ($512) $295 -------------------------------------------------- Income/(loss) before minority interest and cumulative effect of change in accounting method ($553) ($10,387) ($5,255) ($21,469) -------------------------------------------------- Cumulative effect of change in accounting method $155 $123 ($513) $123 Net income/(loss) ($398) ($10,264) ($5,768) ($21,346) -------------------------------------------------- Shares Shares Shares Shares ------ ------ ------ ------ Weighted average number of common shares 28,884,248 30,633,055 28,874,623 30,633,055 outstanding (basic) Basic earnings per share amount ($0.01) ($0.34) ($0.20) ($0.70) ------- ------- ------- ------- Impact of : Warrants issued to non employees Options issued to employees 63,596 0 0 Weighted average number of common shares 28,947,843 30,633,055 28,874,623 30,633,055 ---------- ----------- --------- ---------- outstanding (diluted) Diluted earnings per share amount ($0.01) ($0.34) ($0.20) ($0.70) ------- ------- ------- -------

Six Months Ended June 30 ---------------------------- 2000 2001 ---- ---- (unaudited) (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES : NET INCOME ($4,193) ($21,346) ADJUSTMENTS TO RECONCILE CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES : -Deferred tax (8) (182) -Depreciation and amortization 2,148 4,482 -Amortization in-process research and development - -Pension obligations (132) (117) -Minority interest (82) - -Changes in operating assets and liabilities Accounts receivable 7,353 14,219 Accounts receivable from related parties 1,563 (961) Inventory (3,430) 4,289 Prepaid expenses (1,096) 2,375 Accounts payable (499) (2,874) Due to related parties (820) 582 Accrued expenses 764 (7,974) NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES 1,568 (7,507) CASH FLOWS FROM INVESTING ACTIVITIES : -Purchase of property and equipment (1,317) 3,968 -Acquisition of subsidiary, net of cash acquired - - -Other investment 111 - NET CASH USED IN INVESTING ACTIVITIES (1,206) 3,968 CASH FLOWS FROM FINANCING ACTIVITIES : -Proceeds from notes payable to banks 1,085 1,554 -Net borrowings (repayments) under notes payable to related parties (437) (2,000) -Net borrowings (repayments) under notes payable to others 1,292 -Advances to affiliates and other 137 873 -Refundable research grants (12) (20) -Payments under capital lease obligation - (782) -Capital surplus - -Proceeds from issuance of common stock - - NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 773 917 Foreign exchange effect on net equity (3,780) (5,807) --------------------------------------------------------------------------------------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,645) (8,429) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 9,237 12,807 --------------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, END OF PERIOD 6,592 4,256 --------------------------------------------------------------------------------------- Interest paid during the period 543 Tax paid during the period 0 ---------------------------------------------------------------------------------------

Total Comprehensive Accumulated Accumulated Shareholders Income/(Loss) Profit/(Loss) Other Equity Comprehensive Income/(Loss) --------------------------------------------------------- Balance, December 31, 1998 $89,344 - ($2,688) ($8,104) ========================================================= 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 - - - Exercise of warrants 1,038 - - - --------------------------------------------------------- Balance, December 31, 1999 $93,153 - $12,175 ($20,618) ========================================================= (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 Capital surplus 6,842 Exercise of stock options - - - - Exercise of warrants 107 - - - --------------------------------------------------------- Balance, December 31 2000 86,738 - (12,414) (29,122) ========================================================= 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 - - Comprehensive income - (14,584) - - Capital increase - Capital surplus - Exercise of stock options - - - - Exercise of warrants - - - - --------------------------------------------------------- Balance, March 31 2001 72,154 - (23,497) (32,623) ========================================================= Net loss - (10,263) (10,263) (10,263) Other comprehensive income - - foreign currency translation (2,306) (2,306) - (2,306) - effect of restatement as required by SAB101 (122) (122) (122) Comprehensive income - (12,691) - - Capital increase - Capital surplus - Exercise of stock options - - - - Exercise of warrants - - - - --------------------------------------------------------- Balance, June 30 2001 59,463 - (33,760) (35,051) =========================================================

Common Capital Additional Shares Amount Surplus Paid-in Capital ----------------------------------------------- Balance, December 31, 1998 28,527,101 $17,980 $82,156 =============================================== Net income - - - Other comprehensive income - foreign currency translation - - - Comprehensive income - - - Exercise of stock options 49,097 26 396 Exercise of warrants 288,800 154 884 ----------------------------------------------- Balance, December 31, 1999 28,864,998 $18,160 $83,436 =============================================== (audited) Net loss - - - Other comprehensive income - - foreign currency translation - - - - effect of restatement as required by SAB101 Comprehensive income - - - Capital increase 1,751,741 837 18,892 Capital surplus 6,842 Exercise of stock options - - - Exercise of warrants 16,316 8 99 ----------------------------------------------- Balance, December 31 2000 30,633,055 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 30,633,055 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, June 30 2001 30,633,055 19,005 6,842 102,427 ===============================================

DECEMBER 31, JUNE 30, 2000 2001 ----------------------------------- (audited) (unaudited) Raw materials..................................... $ 30,447 $ 27,080 Work-in-Process................................... 6,879 5,300 Finished Goods.................................... 22,057 22,379 Goods purchased for resale (consumables).......... 7,228 7,563 ----------------------------------- $ 66,611 $ 62,322 ===================================

CONSOLIDATED XEIKON GROUP Three Months Six Months ended June 30, ended June 30, ----------------------------------------------------------- 2001 2000 2001 2000 ---- ---- ---- ---- Systems and options Revenues $15,450 $27,768 $28,083 $46,781 Cost of revenues $12,930 17,361 $24,270 29,449 Gross Profit 2,520 10,407 3,813 17,332 Gross Margin 16% 37% 14% 37% Consumables, spares, tools and other Revenues $19,210 $21,016 $40,181 $42,567 Cost of revenues 14,273 14,951 29,985 32,500 Gross Profit 4,937 6,065 10,196 10,067 Gross Margin 26% 29% 25% 24% Total Revenues $34,660 $48,784 $68,264 $89,348 Cost of revenues 27,203 32,312 54,255 61,949 Gross Profit 7,457 16,472 14,009 27,399 Gross Margin 22% 34% 21% 31% Revenues by geographic area : -United States $8,005 $16,888 $16,171 $34,130 -Rest of Europe 8,403 7,638 17,122 10,255 -Belgium 1,006 2,580 1,493 6,562 -The Netherlands 1,084 5,601 3,539 12,748 -United Kingdom 2,002 2,217 4,605 4,751 -Germany 7,034 10,114 13,269 14,338 -Other 7,126 3,746 12,065 6,564 ----------------------------------------------------------- $34,660 $48,784 $68,264 $89,348 ===========================================================

COLOR Three Months Six Months ended June 30, ended June 30, ------------------------------------------------------------ 2001 2000 2001 2000 ---- ---- ---- ---- Systems and options Revenues $8,532 $19,575 $17,337 $33,870 Cost of revenues 8,499 11,078 17,072 20,736 Gross Profit 33 8,497 265 13,134 Gross Margin 0% 43% 2% 39% Consumables, spares, tools and other Revenues $11,400 $13,098 $24,632 $27,021 Cost of revenues 7,458 9,149 16,936 19,459 Gross Profit 3,942 3,949 7,696 7,562 Gross Margin 35% 30% 31% 28% Total Revenues $19,932 $32,673 $41,969 $60,891 Cost of revenues 15,957 20,227 34,008 40,195 Gross Profit 3,975 12,446 7,961 20,696 Gross Margin 20% 38% 19% 34% Revenues by geographic area : -United States $4,710 $13,075 $9,389 $26,058 -Rest of Europe 3,496 2,655 7,839 2,427 -Belgium 674 1,844 1,049 5,717 -The Netherlands 1,034 5,351 3,370 12,421 -United Kingdom 1,091 764 2,658 1,785 -Germany 5,847 7,885 11,000 10,145 -Other 3,080 1,099 6,664 2,338 ------------------------------------------------------------ $19,932 $32,673 $41,969 $60,891 ============================================================ As a percentage of total revenue : -United States 23.63% 40.02% 22.37% 42.79% -Rest of Europe 17.54% 8.13% 18.68% 3.99% -Belgium 3.38% 5.64% 2.50% 9.39% -The Netherlands 5.19% 16.38% 8.03% 20.40% -United Kingdom 5.47% 2.34% 6.33% 2.93% -Germany 29.33% 24.13% 26.21% 16.66% -Other 15.46% 3.36% 15.88% 3.84% ------------------------------------------------------------

100.00% 100.00% 100.00% 100.00% ============================================================ BLACK & WHITE Three Months Six Months ended June 30, ended June 30, ----------------------------------------------------------------- 2001 2000 2001 2000 ---- ---- ---- ---- Systems and options Revenues $6,918 $8,193 $10,746 $12,911 Cost of revenues 4,431 6,283 7,198 8,713 Gross Profit 2,487 1,910 3,548 4,198 Gross Margin 36% 23% 33% 33% Consumables, spares, tools and other Revenues $7,810 $7,918 $15,549 $15,546 Cost of revenues 6,815 5,802 13,049 13,040 Gross Profit 995 2,116 2,500 2,506 Gross Margin 13% 27% 16% 16% Total Revenues $14,728 $16,111 $26,295 $28,457 Cost of revenues 11,246 12,085 20,247 21,753 Gross Profit 3,482 4,026 6,048 6,704 Gross Margin 24% 25% 23% 24% Revenues by geographic area : -United States $3,295 $3,813 $6,782 $8,072 -Rest of Europe 4,907 4,983 9,283 7,828 -Belgium 332 736 444 845 -The Netherlands 50 250 169 327 -United Kingdom 911 1,453 1,947 2,966 -Germany 1,187 2,229 2,269 4,193 -Other 4,046 2,647 5,401 4,226 ----------------------------------------------------------------- $14,728 $16,111 $26,295 $28,457 ================================================================= As a percentage of total revenue : -United States 22.37% 23.67% 25.79% 28.37% -Rest of Europe 33.32% 30.93% 35.30% 27.51% -Belgium 2.25% 4.57% 1.69% 2.97% -The Netherlands 0.34% 1.55% 0.64% 1.15% -United Kingdom 6.19% 9.02% 7.40% 10.42% -Germany 8.06% 13.84% 8.63% 14.73% -Other 27.47% 16.42% 20.55% 14.85% ----------------------------------------------------------------- 100.00% 100.00% 100.00% 100.00% =================================================================

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