6-K 1 w55343e6-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.November ~~Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets at December 31~~28, ~~2000 (Audited) and September 30,~~ 2001 ~~(Unaudited)................................... 3 Condensed Consolidated Statements of Operations for the three months ended September 30, 2000 and 2001 (Unaudited)...........................~~ 4 Condensed Consolidated Statements of Cash Flows for the three months ended September 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 September 30, 2001 (unaudited)................................................. 6 Notes to Condensed Consolidated Financial Statements........................... 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.................................. 13 Item 3. Qualitative and Quantitative Disclosures About Market Risk..................... 18 PART II - OTHER INFORMATION Item 1. Legal Proceedings.............................................................. 19 Item 2. Changes in Securities and Use of Proceeds...................................... 19 Item 3. Defaults Upon Senior Securities................................................ 19 Item 4. Submission of Matters to a Vote of Security Holders............................ 19 Item 5. Other Information.............................................................. 19 Item 6. Exhibits and Reports on Form 6-K............................................... 19 SIGNATURES ............................................................................... 20

-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 28, 2001 By: /s/GERRIT KEYAERTS ------------------------------------------- Gerrit Keyaerts, Chief Financial Officer -3-

December 31, September 30, 2000 2001 ------------------------------ (audited) (unaudited) ASSETS Current Assets: -Cash and cash equivalents 12,807 2,318 -Accounts receivable 54,552 38,690 -Accounts receivable from related parties 5,819 1,075 -Inventory 66,611 65,342 -Other current assets 14,248 11,695 -Deferred tax assets - - ------------------------------ Total current assets 154,037 119,120 ------------------------------ Property and equipment, at cost 46,407 45,968 Less - accumulated depreciation (13,464) (17,515) ------------------------------ 32,943 28,453 ------------------------------ Other fixed assets, net - - Other non-current assets 2,849 1,959 Goodwill, net 12,481 11,240 Acquired technology, net 4,616 3,515 ------------------------------ 206,926 164,287 ============================== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: -Current portion of capital leasing payable 511 589 -Notes payable to Banks 24,998 29,300 -Notes payable to others 3,347 4,993 -Accounts payable 37,636 30,887 -Due to related parties 3,998 5,418 -Accrued expenses 30,919 31,834 -Deferred tax liabilities 2,053 2,014 ------------------------------ Total current liabilities 103,462 105,035 ------------------------------ Pension obligations 2,327 1,949 Notes payable to others 8,410 6,793 Refundable research grants payable, net of current portion 298 302 Capital leasing payable, net of current portion 5,691 5,386 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 374 188 -Retained earnings (deficit) (12,414) (51,751) -Cumulative translation adjustment (29,496) (31,889) ------------------------------ Total shareholders' equity 86,738 44,822 ------------------------------ 206,926 164,287 ==============================

Three Months Nine Months Ended September 30, Ended September 30, ---------------------------------------------------------- 2000 2001 2000 2001 ---- ---- ---- ---- (unaudited) (unaudited) (unaudited) (unaudited) Revenues $41,010 $26,981 $130,358 $95,245 Cost of revenues $30,873 $20,251 $92,821 $74,506 ---------------------------------------------------------- Gross profit $10,137 $6,730 $37,537 $20,739 ---------------------------------------------------------- Operating expenses: -Research and development $7,281 $5,445 $19,688 $18,759 -Acquired in-process research and development $1,500 $0 $1,500 $0 -Selling, general and administrative $10,860 $10,534 $31,393 $32,839 -Nonrecurring charge $5,338 $6,525 $5,338 $6,525 ---------------------------------------------------------- Total operating expenses $24,979 $22,504 $57,919 $58,123 ---------------------------------------------------------- Operating income/(loss) ($14,842) ($15,774) ($20,382) ($37,384) Other income, net $1,087 ($2,277) $1,885 ($2,431) ---------------------------------------------------------- Income/(loss) before provision of income taxes and minority interest ($13,755) ($18,051) ($18,497) ($39,815) ---------------------------------------------------------- Provisions for income taxes $1,406 ($4) $894 $291 ---------------------------------------------------------- Income/(loss) before minority interest and cumulative effect of change in accounting method ($12,349) ($18,055) ($17,603) ($39,524) ---------------------------------------------------------- Minority interest $0 $0 $0 $0 Cumulative effect of change in accounting method $99 $64 ($415) $186 Net income/(loss) ($12,250) ($17,991) ($18,018) ($39,338) ---------------------------------------------------------- Weighted average number of common shares 30,619,931 30,633,055 29,460,639 30,633,055 outstanding (basic) Basic earnings per share amount ($0.40) ($0.59) ($0.61) ($1.28) ------- ------- ------- ------- Impact of: Warrants issued to non employees N/A N/A N/A N/A Options issued to employees N/A N/A N/A N/A Weighted average number of common shares 30,619,931 30,633,055 29,460,639 30,633,055 ---------- ---------- ---------- ---------- outstanding (diluted) Diluted earnings per share amount ($0.40) ($0.59) ($0.61) ($1.28) ------- ------- ------- -------

Nine Months Ended September 30 --------------------------------- 2000 2001 ---- ---- (unaudited) (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME ($16,253) ($39,523) ADJUSTMENTS TO RECONCILE CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: -Deferred tax 431 (39) -Depreciation and amortization 14,156 6,393 -Amortization in-process research and development - -Pension obligations (230) (378) -Minority interest (1,409) - -Changes in operating assets and liabilities Accounts receivable 7,450 15,862 Accounts receivable from related parties 2,800 4,744 Inventory 2,860 1,269 Prepaid expenses (5,041) 2,553 Accounts payable 1,396 (6,749) Due to related parties 1,065 1,420 Accrued expenses 3,766 915 NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES 10,991 (13,533) CASH FLOWS FROM INVESTING ACTIVITIES: -Purchase of property and equipment (9,586) 439 -Acquisition of subsidiary, net of cash acquired - - -Other investment 2,279 - NET CASH USED IN INVESTING ACTIVITIES (7,307) 439 CASH FLOWS FROM FINANCING ACTIVITIES: -Proceeds from notes payable to banks 7,780 4,302 -Net borrowings (repayments) under notes payable to related parties (1,180) (1,617) -Net borrowings (repayments) under notes payable to others 1,646 -Advances to affiliates and other 2,243 890 -Refundable research grants (30) 4 -Payments under capital lease obligation - (227) -Capital surplus - -Proceeds from issuance of common stock 106 - NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 8,919 4,998 Foreign exchange effect on net equity (12,707) (2,393) --------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (104) (10,489) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 9,237 12,807 --------------------------------------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, END OF PERIOD 9,133 2,318 --------------------------------------------------------------------------------------------------------- Interest paid during the period 1,023 Tax paid during the period 0 ---------------------------------------------------------------------------------------------------------

Total Comprehensive Accumulated Accumulated Common Capital Shareholders Income/(Loss) Profit/(Loss) Other Shares Amount Surplus Equity Comprehensive Income/(Loss) ---------------------------------------------------------------------------------------- Balance, December 31, 1998 $89,344 - ($2,688) ($8,104) 28,527,101 $17,980 ======================================================================================== 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 26 Exercise of warrants 1,038 - - - 288,800 154 ---------------------------------------------------------------------------------------- Balance, December 31, 1999 $93,153 - $12,175 ($20,618) 28,864,998 $18,160 ======================================================================================== (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 1,751,741 837 Capital surplus 6,842 6,842 Exercise of stock options - - - - - - Exercise of warrants 107 - - - 16,316 8 ---------------------------------------------------------------------------------------- Balance, December 31 2000 86,738 - (12,414) (29,122) 30,633,055 19,005 6,842 ======================================================================================== 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) 30,633,055 19,005 6,842 ======================================================================================== 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) 30,633,055 19,005 6,842 ======================================================================================== Net loss (17,991) (17,991) (17,991) - - - Other comprehensive income - - foreign currency translation 3,414 3,414 - 3,414 - - - effect of restatement as required by SAB101 (64) (64) (64) Comprehensive income - (14,641) - - - - Capital increase - - - Capital surplus - - Exercise of stock options - - - - - - Exercise of warrants - - - - - - ---------------------------------------------------------------------------------------- Balance, September 30 2001 44,822 - (51,751) (31,701) 30,633,055 19,005 6,842 ======================================================================================== Additional Paid-in Capital ------------ Balance, December 31, 1998 $82,156 ============ Net income - Other comprehensive income - foreign currency translation - Comprehensive income - Exercise of stock options 396 Exercise of warrants 884 ------------ Balance, December 31, 1999 $83,436 ============ (audited) Net loss - Other comprehensive income - - foreign currency translation - - effect of restatement as requir by SAB101 Comprehensive income - Capital increase 18,892 Capital surplus Exercise of stock options - Exercise of warrants 99 ------------ Balance, December 31 2000 102,427 ============ Net loss - Other comprehensive income - - foreign currency translation - - effect of restatement as requir by SAB101 Comprehensive income - Capital increase - Capital surplus Exercise of stock options - Exercise of warrants - ------------ Balance, March 31 2001 102,427 ============ Net loss - Other comprehensive income - - foreign currency translation - - effect of restatement as requir by SAB101 Comprehensive income - Capital increase - Capital surplus Exercise of stock options - Exercise of warrants - ------------ Balance, June 30 2001 102,427 ============ Net loss - Other comprehensive income - - foreign currency translation - - effect of restatement as requir by SAB101 Comprehensive income - Capital increase - Capital surplus Exercise of stock options - Exercise of warrants - ------------ Balance, September 30 2001 102,427 ============

DECEMBER 31, SEPTEMBER 30, 2000 2001 -------------------------------------------- (audited) (unaudited) Raw materials................................................ $ 30,447 $ 27,485 Work-in-Process.............................................. 6,879 5,165 Finished Goods............................................... 22,057 25,311 Goods purchased for resale (consumables)..................... 7,228 7,381 -------------------------------------------- $ 66,611 $ 65,342 ============================================

CONSOLIDATED XEIKON GROUP Three Months Nine Months ended September 30, ended September 30, --------------------------------------------------------------------- 2001 2000 2001 2000 ---- ---- ---- ---- Systems and options Revenues $9,591 $20,129 $37,674 $66,910 Cost of revenues 9,519 13,437 $33,790 42,886 Gross Profit 72 6,692 3,884 24,024 Gross Margin 1% 33% 10% 36% Consumables, spares, tools and other Revenues $17,390 $20,881 $57,571 $63,448 Cost of revenues 10,732 17,436 40,716 49,935 Gross Profit 6,658 3,445 16,855 13,513 Gross Margin 38% 16% 29% 21% Total Revenues $26,981 $41,010 $95,245 $130,358 Cost of revenues 20,251 30,873 74,506 92,821 Gross Profit 6,730 10,137 20,739 37,537 Gross Margin 25% 25% 22% 29% Revenues by geographic area: -United States $4,991 $9,988 $21,161 $44,118 -Rest of Europe 5,242 5,449 22,363 15,704 -Belgium 79 1,751 1,571 8,313 -The Netherlands 1,766 6,493 5,305 19,241 -United Kingdom 2,351 3,001 6,957 7,752 -Germany 8,710 9,141 21,979 23,479 -Other 3,842 5,187 15,909 11,751 --------------------------------------------------------------------- $26,981 $41,010 $95,245 $130,358 ===================================================================== As a percentage of total revenue: -United States 18.50% 24.36% 22.22% 33.84% -Rest of Europe 19.43% 13.29% 23.48% 12.05% -Belgium 0.29% 4.27% 1.65% 6.38% -The Netherlands 6.55% 15.83% 5.57% 14.76% -United Kingdom 8.71% 7.32% 7.30% 5.95% -Germany 32.28% 22.29% 23.08% 18.01% -Other 14.24% 12.65% 16.70% 9.01% --------------------------------------------------------------------- 100.00% 100.00% 100.00% 100.00% =====================================================================

COLOR Three Months Nine Months ended September 30, ended September 30, -------------------------------------------------------------------- 2001 2000 2001 2000 ---- ---- ---- ---- Systems and options Revenues $4,584 $14,213 $21,921 $48,083 Cost of revenues 6,579 10,820 23,652 31,556 Gross Profit -1,995 3,393 -1,731 16,527 Gross Margin -44% 24% -8% 34% Consumables, spares, tools and other Revenues $10,314 $13,691 $34,945 $40,712 Cost of revenues 5,069 8,601 22,004 28,060 Gross Profit 5,245 5,090 12,941 12,652 Gross Margin 51% 37% 37% 31% Total Revenues $14,898 $27,904 $56,866 $88,795 Cost of revenues 11,648 19,421 45,656 59,616 Gross Profit 3,250 8,483 11,210 29,179 Gross Margin 22% 30% 20% 33% Revenues by geographic area: -United States $2,538 $7,017 $11,927 $33,075 -Rest of Europe 1,452 1,076 9,291 3,503 -Belgium 250 1,767 1,298 7,484 -The Netherlands 1,702 6,435 5,072 18,856 -United Kingdom 1,068 1,805 3,727 3,590 -Germany 5,770 7,644 16,770 17,789 -Other 2,118 2,160 8,781 4,498 -------------------------------------------------------------------- $14,898 $27,904 $56,866 $88,795 ==================================================================== As a percentage of total revenue: -United States 17.04% 25.15% 20.97% 37.25% -Rest of Europe 9.75% 3.86% 16.34% 3.95% -Belgium 1.68% 6.33% 2.28% 8.43% -The Netherlands 11.42% 23.06% 8.92% 21.24% -United Kingdom 7.17% 6.47% 6.55% 4.04% -Germany 38.73% 27.39% 29.49% 20.03% -Other 14.22% 7.74% 15.44% 5.07% -------------------------------------------------------------------- 100.00% 100.00% 100.00% 100.00% ====================================================================

BLACK & WHITE Three Months Nine Months ended September 30, ended September 30, ------------------------------------------------------------------- 2001 2000 2001 2000 ---- ---- ---- ---- Systems and options Revenues $5,007 $5,916 $15,753 $18,827 Cost of revenues 2,940 2,617 10,138 11,330 Gross Profit 2,067 3,299 5,615 7,497 Gross Margin 41% 56% 36% 40% Consumables, spares, tools and other Revenues $7,076 $7,190 $22,626 $22,736 Cost of revenues 5,663 8,835 18,712 21,875 Gross Profit 1,413 -1,645 3,914 861 Gross Margin 20% -23% 17% 4% Total Revenues $12,083 $13,106 $38,379 $41,563 Cost of revenues 8,603 11,452 28,850 33,205 Gross Profit 3,480 1,654 9,529 8,358 Gross Margin 29% 13% 25% 20% Revenues by geographic area: -United States $2,453 $2,971 $9,234 $11,043 -Rest of Europe 3,790 4,373 13,072 12,201 -Belgium -171 -16 273 829 -The Netherlands 64 58 233 385 -United Kingdom 1,283 1,196 3,230 4,162 -Germany 2,940 1,497 5,209 5,690 -Other 1,724 3,027 7,128 7,253 ------------------------------------------------------------------- $12,083 $13,106 $38,379 $41,563 =================================================================== As a percentage of total revenue: -United States 20.30% 22.67% 24.06% 26.57% -Rest of Europe 31.37% 33.37% 34.06% 29.36% -Belgium -1.42% -0.12% 0.71% 1.99% -The Netherlands 0.53% 0.44% 0.61% 0.93% -United Kingdom 10.62% 9.13% 8.42% 10.01% -Germany 24.33% 11.42% 13.57% 13.69% -Other 14.27% 23.10% 18.57% 17.45% ------------------------------------------------------------------- 100.00% 100.00% 100.00% 100.00% ===================================================================

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