8-K/AOther Events

FLEX LTD. 8-K/A Report (Nov 14, 2000)

Filed November 14, 2000For Securities:FLEX

Summary

This document is an amendment to a previous 8-K filing by Flextronics International Ltd. (Flextronics) concerning its acquisition of Chatham Technologies, Inc. (Chatham). The primary purpose of this amendment is to provide the financial statements of the acquired company, Chatham, as required by SEC regulations for business acquisitions. The filing includes the audited consolidated financial statements of Chatham Technologies, Inc. and its subsidiaries for the fiscal years ending October 2, 1999, and September 26, 1998, as well as the period from its inception on August 18, 1997, through September 27, 1997. These statements offer a financial snapshot of Chatham prior to its acquisition by Flextronics, detailing its assets, liabilities, revenues, and losses. The financial statements reveal that Chatham Technologies operated at a loss in the periods presented, with significant net losses reported for both fiscal years. The company was heavily leveraged, with substantial long-term debt. Its balance sheets show considerable goodwill and other intangible assets, reflecting a history of acquisitions. Investors reviewing this filing should focus on understanding Chatham's financial health and performance leading up to the acquisition to assess the strategic fit and potential financial impact of this transaction on Flextronics.

Key Highlights

  • 1Flextronics International Ltd. is filing an amendment to its Form 8-K to include the financial statements of the acquired company, Chatham Technologies, Inc.
  • 2The filing provides audited consolidated financial statements for Chatham Technologies, Inc. for the fiscal years ending October 2, 1999, and September 26, 1998, and the period from August 18, 1997, to September 27, 1997.
  • 3Chatham Technologies reported net losses in all presented periods: $41.7 million in fiscal 1999, $15.3 million in fiscal 1998, and $5.9 million for the initial period in 1997.
  • 4Chatham's balance sheet as of October 2, 1999, shows total assets of $390.5 million and total liabilities of $359.9 million.
  • 5Significant goodwill and other intangible assets ($177.4 million as of October 2, 1999) indicate a history of acquisitions by Chatham.
  • 6The company had substantial long-term debt, amounting to $219.8 million net of current portion as of October 2, 1999.
  • 7The financial statements include detailed notes covering significant accounting policies, acquisitions, debt, and other financial matters of Chatham Technologies.

Frequently Asked Questions

This filing is an amendment to a previous 8-K filing and its primary purpose is to provide the audited financial statements of Chatham Technologies, Inc., the company acquired by Flextronics International Ltd. This is required by SEC regulations when a significant business acquisition occurs.

The filing includes the audited consolidated financial statements of Chatham Technologies, Inc. and its subsidiaries. This comprises the Consolidated Balance Sheets, Statements of Operations, Statements of Changes in Mandatory Redeemable Stock and Warrants and Other Capital (Deficit), and Statements of Cash Flows for the fiscal years ended October 2, 1999, and September 26, 1998, as well as the period from August 18, 1997, to September 27, 1997.

Chatham Technologies experienced net losses in the periods presented. Specifically, it reported a net loss of $41.7 million for the fiscal year ended October 2, 1999, and $15.3 million for the fiscal year ended September 26, 1998. The company also carried significant long-term debt and had substantial goodwill and intangible assets on its balance sheet.

No, this filing specifically focuses on providing the historical financial statements of the acquired entity, Chatham Technologies, Inc. It does not contain updated financial performance data for Flextronics International Ltd. itself. Flextronics' own financial information related to the acquisition would be in their other SEC filings.