8-K 1 e300096_8-k.txt CURRENT REPORT ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------- FORM 8-K -------------- CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE THE SECURITIES EXCHANGE ACT OF 1934 -------------- DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) February 13, 2003 -------------- IMAGEX, INC. (Exact name of registrant as specified in its charter) -------------- WASHINGTON 0-26837 91-1727170 (State or other (Commission file (I.R.S. Employer jurisdiction number) Identification No.) of incorporation) 10210 NE POINTS DR., SUITE 200 KIRKLAND, WASHINGTON 98033 (Address of principal executive offices) (Zip code) -------------- (425) 576-6500 Registrant's telephone number, including area code -------------- INAPPLICABLE (Former name or former address if changed since last report) ================================================================================ ITEM 5. OTHER EVENTS On February 13, 2003 the Registrant issued a press release announcing its fourth quarter and annual 2002 results. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. ITEM 7(c). EXHIBITS 99.1 Press release issued by the Company dated February 13, 2003. -------------------------------------------------------------------------------- SIGNATURE 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 hereunto duly authorized. IMAGEX, INC. /s/ JOSE S. DAVID By: Jose S. David Chief Financial Officer Dated: February 13, 2003 -------------------------------------------------------------------------------- EXHIBIT INDEX Exhibit Description Number 99.1 Press release issued by the Company dated February 13 2003.

Historical Adjustments Pro Forma ---------- ----------- --------- Assets Current assets: Cash and cash equivalents ...................... $ 13,053 $ 9,014 (1) $ 22,067 Accounts receivable ............................ 6,553 (1,078)(2) 5,475 Inventories, net ............................... 2,441 (279)(2) 2,162 Prepaid expenses and other current assets ...... 826 (153)(2) 673 --------- --------- --------- Total current assets ......................... 22,873 7,504 30,377 Restricted cash .................................. 933 -- 933 Property and equipment, net ...................... 12,700 (715)(2) 11,985 Goodwill ......................................... 9,662 (3,479)(2) 6,183 Other intangible assets, net ..................... 5,216 (852)(2) 4,364 --------- --------- --------- Total assets ................................. $ 51,384 $ 2,458 $ 53,842 ========= ========= ========= Liabilities and Shareholders' Equity Current liabilities: Accounts payable ............................... $ 1,701 $ (130)(2) $ 1,571 Short-term note payable ........................ 5,000 -- 5,000 Accrued liabilities ............................ 3,207 (790)(2,3) 2,417 --------- --------- --------- Total current liabilities .................... 9,908 (920) 8,988 Shareholders' equity: Common stock, $0.01 par value; 70,000 shares authorized; 31,080 shares issued and outstanding .............................. 311 -- 311 Additional paid-in capital ..................... 203,862 -- 203,862 Deferred stock based compensation .............. (24) -- (24) Notes receivable from shareholders ............. (28) -- (28) Accumulated deficit ............................ (162,645) 3,378 (4) (159,267) --------- --------- --------- Total shareholders' equity ................... 41,476 3,378 44,854 --------- --------- --------- Total liabilities and shareholders' equity ... $ 51,384 $ 2,458 $ 53,842 ========= ========= =========

-------------------- Year Ended December 31, Six Months Ended ----------------------- June 30, -------- 1999 2000 2001 2001 2002 ---- ---- ---- ---- ---- Revenues ................................ $ 11,499 $ 41,861 $ 44,423 $ 24,138 $ 17,863 Cost of revenues ........................ 8,541 32,690 34,682 18,893 13,913 -------- -------- -------- -------- -------- Gross profit ............................ 2,958 9,171 9,741 5,245 3,950 Operating expenses: General and administrative (excluding amortization of stock based compensation of $1,938, $1,351, $643, $500 and $212) .......................... 11,002 24,380 20,993 12,590 9,847 Sales and marketing ................... 6,765 18,667 10,580 6,338 3,497 Product development (excluding amortization of stock based compensation of $346, $330, ($180), ($180) and $0) ............. 3,770 7,984 7,415 4,642 1,791 Amortization of stock based compensation, goodwill and other intangibles .................. 2,497 2,937 2,380 1,280 685 -------- -------- -------- -------- -------- Total operating expenses ................ 24,034 53,968 41,368 24,850 15,820 -------- -------- -------- -------- -------- Loss from operations .................... (21,076) (44,797) (31,627) (19,605) (11,870) Interest income, net ................. 241 3,721 850 591 86 -------- -------- -------- -------- -------- Net loss from continuing operations ..... $(20,835) $(41,076) $(30,777) $(19,014) $(11,784) ======== ======== ======== ======== ======== Basic and diluted net loss per share: Basic and diluted net loss per share ............................. $ (3.06) $ (1.75) $ (1.07) $ (0.71) $ (0.38) ======== ======== ======== ======== ======== Weighted-average shares outstanding, basic and diluted ................. 6,805 23,534 28,783 26,853 30,860 ======== ======== ======== ======== ======== --------------------

Historical Adjustments Pro Forma ---------- ----------- --------- Revenues ................................................. $ 11,499 $ -- $ 11,499 Cost of revenues ......................................... 8,541 -- 8,541 -------- -------- -------- Gross profit ............................................. 2,958 -- 2,958 Operating expenses: General and administrative (excluding amortization of stock based compensation of $1,938) ............................................. 11,002 -- 11,002 Sales and marketing .................................... 6,765 -- 6,765 Product development (excluding amortization of stock based compensation of $346) ................... 3,770 -- 3,770 Amortization of stock based compensation, goodwill and other intangibles ...................... 2,497 -- 2,497 -------- -------- -------- Total operating expenses ................................. 24,034 -- 24,034 -------- -------- -------- Loss from operations ..................................... (21,076) -- (21,076) Interest income, net .................................. 241 -- 241 -------- -------- -------- Net loss from continuing operations ...................... $(20,835) $ -- $(20,835) ======== ======== ======== Basic and diluted net loss per share: Basic and diluted net loss per share .................. $ (3.06) $ (3.06) ======== ======== Weighted-average shares outstanding, basic and diluted ... 6,805 6,805 ======== ========

Historical Adjustments Pro Forma ---------- ----------- --------- Revenues ................................................. $ 50,731 $ (8,870)(1) $ 41,861 Cost of revenues ......................................... 33,963 (1,273)(2) 32,690 -------- -------- -------- Gross profit ............................................. 16,768 (7,597) 9,171 Operating expenses: General and administrative (excluding amortization of stock based compensation of $1,351) ............................................. 25,470 (1,090)(3) 24,380 Sales and marketing .................................... 24,942 (6,275)(4) 18,667 Product development (excluding amortization of stock based compensation of $330) ................... 10,828 (2,844)(5) 7,984 Amortization of stock based compensation, goodwill and other intangibles ...................... 5,645 (2,708)(6) 2,937 In-process research and development .................... 1,062 (1,062)(7) -- -------- -------- -------- Total operating expenses ................................. 67,947 (13,979) 53,968 -------- -------- -------- Loss from operations ..................................... (51,179) 6,382 (44,797) Interest income, net .................................. 3,724 (3) 3,721 -------- -------- -------- Net loss from continuing operations ...................... $(47,455) $ 6,379 $(41,076) ======== ======== ======== Basic and diluted net loss per share: Basic and diluted net loss per share .................. $ (2.02) $ (1.75) ======== ======== Weighted-average shares outstanding, basic and diluted ... 23,534 23,534 ======== ========

Historical Adjustments Pro Forma ---------- ----------- --------- Revenues ................................................. $ 56,469 $(12,046)(1) $ 44,423 Cost of revenues ......................................... 37,001 (2,319)(2) 34,682 -------- -------- -------- Gross profit ............................................. 19,468 (9,727) 9,741 Operating expenses: General and administrative (excluding amortization of stock based compensation of $643) ............................................... 25,633 (4,640)(3) 20,993 Sales and marketing .................................... 17,109 (6,529)(4) 10,580 Product development (excluding amortization of stock based compensation of ($180)) ................. 10,233 (2,818)(5) 7,415 Amortization of stock based compensation, goodwill and other intangibles ...................... 7,242 (4,862)(6) 2,380 -------- -------- -------- Total operating expenses ................................. 60,217 (18,849) 41,368 -------- -------- -------- Loss from operations ..................................... (40,749) 9,122 (31,627) Interest income, net .................................. 847 3 850 -------- -------- -------- Net loss from continuing operations ...................... $(39,902) $ 9,125 $(30,777) ======== ======== ======== Basic and diluted net loss per share: Basic and diluted net loss per share .................. $ (1.39) $ (1.07) ======== ======== Weighted-average shares outstanding, basic and diluted ... 28,783 28,783 ======== ========

Historical Adjustments Pro Forma ---------- ----------- --------- Revenues ................................................. $ 30,176 $ (6,038)(1) $ 24,138 Cost of revenues ......................................... 20,003 (1,110)(2) 18,893 -------- -------- -------- Gross profit ............................................. 10,173 (4,928) 5,245 Operating expenses: General and administrative (excluding amortization of stock based compensation of $500) ............................................... 15,079 (2,489)(3) 12,590 Sales and marketing .................................... 10,237 (3,899)(4) 6,338 Product development (excluding amortization of stock based compensation of ($180)) ................. 6,631 (1,989)(5) 4,642 Amortization of stock based compensation, goodwill and other intangibles ...................... 3,912 (2,632)(6) 1,280 -------- -------- -------- Total operating expenses ................................. 35,859 (11,009) 24,850 -------- -------- -------- Loss from operations ..................................... (25,686) 6,081 (19,605) Interest income, net .................................. 588 3 591 -------- -------- -------- Net loss from continuing operations ...................... $(25,098) $ 6,084 $(19,014) ======== ======== ======== Basic and diluted net loss per share: Basic and diluted net loss per share .................. $ (0.93) $ (0.71) ======== ======== Weighted-average shares outstanding, basic and diluted ... 26,853 26,853 ======== ========

Historical Adjustments Pro Forma ---------- ----------- --------- Revenues ................................................. $ 24,358 $ (6,495)(1) $ 17,863 Cost of revenues ......................................... 15,143 (1,230)(2) 13,913 -------- -------- -------- Gross profit ............................................. 9,215 (5,265) 3,950 Operating expenses: General and administrative (excluding amortization of stock based compensation of $212) ............................................... 11,088 (1,241)(3) 9,847 Sales and marketing .................................... 5,942 (2,445)(4) 3,497 Product development (excluding amortization of stock based compensation of $0) ..................... 2,847 (1,056)(5) 1,791 Amortization of stock based compensation and other intangibles ................................... 685 -- 685 -------- -------- -------- Total operating expenses ................................. 20,562 (4,742) 15,820 -------- -------- -------- Income (loss) from operations ............................ (11,347) (523) (11,870) Interest income, net .................................. 86 -- 86 -------- -------- -------- Net income (loss) from continuing operations ............. $(11,261) $ (523) $(11,784) ======== ======== ======== Basic and diluted net loss per share: Basic and diluted net loss per share .................. $ (0.36) $ (0.38) ======== ======== Weighted-average shares outstanding, basic and diluted ... 30,860 30,860 ======== ========

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