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1
+ -----BEGIN PRIVACY-ENHANCED MESSAGE-----
2
+ Proc-Type: 2001,MIC-CLEAR
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+ Originator-Name: webmaster@www.sec.gov
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+ Originator-Key-Asymmetric:
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+ MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
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+ TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
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+ MIC-Info: RSA-MD5,RSA,
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+ VnZ4G+S3CXTY8ZPq3hKr1LdZXoY7UvHhnk+hO8ygL7yY4plb28kxO2ES69nFivmc
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+ fnYWGFotMe/Fd7d7WqDJbA==
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+
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+ <SEC-DOCUMENT>0000898430-01-000402.txt : 20010205
12
+ <SEC-HEADER>0000898430-01-000402.hdr.sgml : 20010205
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+ ACCESSION NUMBER: 0000898430-01-000402
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+ CONFORMED SUBMISSION TYPE: 10-K405/A
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+ PUBLIC DOCUMENT COUNT: 1
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+ CONFORMED PERIOD OF REPORT: 19991231
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+ FILED AS OF DATE: 20010201
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+
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+ FILER:
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+
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+ COMPANY DATA:
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+ COMPANY CONFORMED NAME: MIKOHN GAMING CORP
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+ CENTRAL INDEX KEY: 0000912241
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+ STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS MANUFACTURING INDUSTRIES [3990]
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+ IRS NUMBER: 880218876
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+ STATE OF INCORPORATION: NV
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+ FISCAL YEAR END: 1231
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+
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+ FILING VALUES:
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+ FORM TYPE: 10-K405/A
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+ SEC ACT:
32
+ SEC FILE NUMBER: 000-22752
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+ FILM NUMBER: 1521838
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+
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+ BUSINESS ADDRESS:
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+ STREET 1: 1045 PALMS AIRPORT DR
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+ STREET 2: STE E
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+ CITY: LAS VEGAS
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+ STATE: NV
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+ ZIP: 89119
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+ BUSINESS PHONE: 7028963890
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+
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+ MAIL ADDRESS:
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+ STREET 1: 1045 PALMS AIRPORT DR
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+ CITY: LAS VEGAS
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+ STATE: NV
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+ ZIP: 89119
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+ </SEC-HEADER>
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+ <DOCUMENT>
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+ <TYPE>10-K405/A
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+ <SEQUENCE>1
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+ <FILENAME>0001.txt
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+ <DESCRIPTION>FORM 10-K/A
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+ <TEXT>
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+
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+ <PAGE>
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+
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+ SECURITIES AND EXCHANGE COMMISSION
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+ Washington, D.C. 20549
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+
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+ FORM 10-K/A
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+
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+ X Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
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+ - ----- Act of 1934 for the fiscal year ended December 31, 1999 or
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+
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+ _____ Transition report pursuant to Section 13 or 15(d) of the Securities
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+ Exchange Act of 1934
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+
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+
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+ Commission File Number: 0-22752
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+
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+ MIKOHN GAMING CORPORATION
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+ - --------------------------------------------------------------------------------
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+ (Exact name of registrant as specified in its Charter)
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+
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+
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+ Nevada 88-0218876
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+ - --------------------------------------------------------------------------------
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+ (State or other jurisdiction (IRS Employer
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+ of incorporation or organization) Identification No.)
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+
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+ 920 Pilot Road,
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+ (Formerly 1045 Palms Airport Dr.),
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+ P. O. Box 98686, Las Vegas, NV 89119
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+ - --------------------------------------------------------------------------------
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+ (Address of principal Executive Office) (Zip Code)
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+
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+ Registrant's telephone number, including area code: (702) 896-3890
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+ -----------------------------
90
+
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+ Securities registered pursuant to Section 12(b) of the Act:
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+ Name of each Exchange
93
+ Title of each class: on which registered:
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+ - -------------------- --------------------
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+ None None
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+
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+ Securities registered pursuant to Section 12(g) of the Act
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+
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+ Common Stock, par value $.10 per share
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+ --------------------------------------
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+ (Title of Class)
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+
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+ Indicate by check mark whether the registrant (1) has filed all reports
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+ required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
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+ 1934 during the preceding 12 months (or for such shorter period that the
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+ Registrant was required to file such reports), and (2) has been subject to
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+ filing requirement for the past 90 days. Yes X No___
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+ ---
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+
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+ Indicate by check mark if disclosure of delinquent filers pursuant to Item
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+ 405 of Regulation S-K is not contained herein, and will not be contained, to the
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+ best of registrant's knowledge, in definitive proxy or information statements
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+ incorporated by reference in Part III of this Form 10-K, or any amendment to
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+ this Form 10-K. X
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+
116
+ The number of shares of common stock outstanding as of March 13, 2000, was
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+ 10,891,515. The market value of the common stock held by nonaffiliates of the
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+ Registrant as of March 13, 2000, was approximately $42,111,926. The market value
119
+ was computed by reference to the closing sales price of $7.125 per share of
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+ common stock on the NASDAQ National Market System as of March 13, 2000.
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+
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+ I
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+ <PAGE>
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+
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+ <TABLE>
126
+ <CAPTION>
127
+ ===============================================================================================
128
+ Area
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+ Location / Activity (Sq. Ft.) Owned / Leased
130
+ ------------------- --------- --------------
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+ <S> <C> <C>
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+ Las Vegas, NV - Slot Glass / Human Resources 17,225 Leased
133
+ Reno, NV - Administration / Service 8,575 Leased
134
+ Gulfport, MS - Manufacturing 28,000 Leased
135
+ Hurricane, UT - Manufacturing 79,230 Leased
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+ Rapid City, SD - Manufacturing * 48,881 Owned
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+ Kansas City, MO - Service 1,650 Leased
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+ Ft. Lauderdale, FL - Service 11,000 Leased
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+ Golden, CO - Service 3,000 Leased
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+ Egg Harbor, NJ - Service 2,800 Leased
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+ Pleasantville, NJ - Manufacturing and Service 7,000 Leased
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+ Amsterdam, The Netherlands - Manufacturing 20,000 Leased
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+ Lima, Peru - Manufacturing 35,674 Leased
144
+ ---------
145
+ . Closed in 1999 and sold in March 2000 508,928
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+ =========
147
+ ===============================================================================================
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+ </TABLE>
149
+
150
+ There are many sources of supply for nearly all of the components and raw
151
+ materials used in the Company's products and there are many suppliers who can
152
+ assemble the Company's progressive jackpot products. Accordingly, the Company is
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+ not dependent in any significant way upon any single supplier or vendor.
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+
155
+ Marketing and Distribution
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+
157
+ The Company maintains facilities to sell and service its products to markets
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+ throughout the world. In addition to the Las Vegas corporate headquarters, the
159
+ Company has regional sales offices in Reno, Nevada; Ft. Lauderdale, Florida; Egg
160
+ Harbor, New Jersey; Golden, Colorado; Gulfport, Mississippi; Amsterdam, the
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+ Netherlands; Buenos Aires, Argentina and Lima, Peru.
162
+
163
+ Historically, the Company's marketing efforts have been domestically focused,
164
+ as measured by the percentage of sales to customers in the U.S. However, since
165
+ 1994 we have broadened our distribution capabilities to better serve
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+ international markets, take advantage of growth opportunities and
167
+ correspondingly reduce our dependence on domestic casino operators and gaming
168
+ machine manufacturers. We expect to continue this strategy as more
169
+ international jurisdictions legalize gaming.
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+
171
+ The Company and its distributors service the Company's progressive jackpot
172
+ products, and the Company, a subcontractor or the customer typically services
173
+ the Company's interior signs. The Company performs maintenance on exterior
174
+ lighting and signs, typically under multi-year contracts, and provides limited
175
+ warranties on most of its products.
176
+
177
+ Research and Development
178
+
179
+ During the fiscal years ended December 31, 1999, 1998 and 1997, the Company
180
+ expended approximately $6.0 million, $5.5 million and $3.9 million,
181
+ respectively, on research and development activities.
182
+
183
+ As previously noted, the casino gaming industry is intensely competitive, for
184
+ which reason casinos constantly seek out, evaluate and introduce new and
185
+ upgraded gaming products in an effort to attract and retain gaming customers.
186
+ An important part of the Company's strategy is to provide
187
+
188
+ 16
189
+ <PAGE>
190
+
191
+ MIKOHN GAMING CORPORATION
192
+ CONSOLIDATED BALANCE SHEETS
193
+ as of December 31, 1999 and 1998
194
+
195
+ <TABLE>
196
+ <CAPTION>
197
+ (Amounts in thousands except per share amounts) 1999 1998
198
+ ---- ----
199
+ (Restated; See Note 22)
200
+ -----------------------
201
+ <S> <C> <C>
202
+ LIABILITIES AND STOCKHOLDERS' EQUITY
203
+ ------------------------------------
204
+ Current liabilities:
205
+ Current portion of long-term debt and notes payable $ 1,436 $ 2,122
206
+ Trade accounts payable 11,615 9,098
207
+ Customer deposits 3,600 4,675
208
+ Accrued and other current liabilities 6,743 5,729
209
+ Deferred license fees - current 451
210
+ --------- ---------
211
+ Total current liabilities 23,845 21,624
212
+ --------- ---------
213
+
214
+ Long-term debt, net of current portion 85,417 84,881
215
+ --------- ---------
216
+
217
+ Deferred license fees - noncurrent 1,806
218
+ --------- ---------
219
+
220
+ Deposit on net assets transferred under
221
+ contractual agreement 4,890
222
+ --------- ---------
223
+
224
+ Deferred tax liability - noncurrent 14,221 14,609
225
+ --------- ---------
226
+
227
+ Commitments and contingencies (See Note 14)
228
+
229
+ Stockholders' equity:
230
+ Preferred stock, $.10 par value, 5,000 shares authorized,
231
+ none issued and outstanding
232
+ Common stock, $.10 par value, 20,000 shares authorized,
233
+ 10,799 and 10,681 shares issued and outstanding 1,080 1,068
234
+ Additional paid-in capital 53,350 52,983
235
+ Notes receivable from stockholders (1,251) (1,365)
236
+ Foreign currency translation (597) (1,018)
237
+ Accumulated deficit (4,238) (4,713)
238
+ --------- ---------
239
+ Subtotal 48,344 46,955
240
+ Less treasury stock, 19 shares, at cost (228) (228)
241
+ --------- ---------
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+ Total stockholders' equity 48,116 46,727
243
+ --------- ---------
244
+
245
+ Total liabilities and stockholders' equity $ 178,295 $ 167,841
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+ ========= =========
247
+ </TABLE>
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+
249
+ See notes to consolidated financial statements
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+
251
+ 42
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+ <PAGE>
253
+
254
+ In addition, in 1998, goodwill was recorded in the amount of $29,892 and
255
+ $3,223, as part of the acquisitions of PGI and P&S Leasing, respectively. The
256
+ amount originally recorded as goodwill for the acquisition of PGI was subject to
257
+ change for items, such as Year 2000 costs and international tax withholding,
258
+ with the former owner of PGI. In 1999, additional goodwill was recorded in the
259
+ amounts of $2,460 and $187 with regard to the acquisitions of PGI and P&S
260
+ Leasing, respectively. These amounts were for the Year 2000 costs and
261
+ international tax withholding issues. Subsequent to the issuance of the
262
+ Company's 1999 financial statements, the Company's management determined that
263
+ such amounts previously classified as goodwill should be classified as a
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+ perpetual license with an estimated useful life of 40 years.
265
+
266
+ As a result, the 1999 and 1998 financial statements have been restated from
267
+ amounts previously reported to account for the non-divestiture of MGA to
268
+ reclassify goodwill to perpetual licenses as described above. A summary of the
269
+ effects of the restatement follows:
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+
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+
272
+ <TABLE>
273
+ <CAPTION>
274
+ 1999 1998
275
+ ---- ----
276
+ As As
277
+ Previously As Previously As
278
+ Reported Restated Reported Restated
279
+ -------- -------- -------- --------
280
+ <S> <C> <C> <C> <C>
281
+ At December 31:
282
+ Intangible assets $16,810 $70,097 $13,651 $64,188
283
+ Goodwill 40,208 5,572 39,916 7,067
284
+ Net assets of business
285
+ transferred under contractual
286
+ agreement 558
287
+ Deferred tax asset - noncurrent 2,914 3,079
288
+ Deposit on net assets
289
+ transferred under contractual
290
+ agreement 4,890
291
+ Deferred tax liability - noncurrent 14,221 14,609
292
+ Stockholders' equity 50,932 48,116
293
+
294
+ For the year end December 31:
295
+ Selling, general and
296
+ administrative expenses 41,505 41,966 38,837 38,983
297
+ Other income and (expense) 5,052 720
298
+ Income (loss) from continuing
299
+ operations before income tax
300
+ (provision) benefit 5,383 590
301
+ Income tax (provision) benefit (1,635) 342 3,190 3,335
302
+ Net income (loss) 3,748 932
303
+ Net income (loss) per share:
304
+ Basic $ 0.35 $ 0.09
305
+ Diluted $ 0.35 $ 0.09
306
+ </TABLE>
307
+
308
+ 75
309
+ </TEXT>
310
+ </DOCUMENT>
311
+ </SEC-DOCUMENT>
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+ -----END PRIVACY-ENHANCED MESSAGE-----