8-K/A 1 c00491e8vkza.htm FORM 8-K/A Form 8-K/A
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2010
EMS TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
         
Georgia   000-06072   58-1035424
         
(State or other jurisdiction
of incorporation) 		  (Commission File Number)   (IRS Employer Identification No.)
     
660 Engineering Drive
Norcross, Georgia 		   
30092
     
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: (770) 263-9200
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

Section 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
EMS Technologies, Inc. is organized into four reportable segments: LXE, Defense & Space, Aviation and Global Tracking; the Aviation and Global Tracking segments were formerly included in the “Communications & Tracking” reportable operating segment. The historical financial information for all four quarters of 2009 has been recast for the new segment structure. The following information is being furnished to revise certain data for the Global Tracking and Aviation segments for the quarters ended October 3, 2009 and December 31, 2009 previously included in Company’s Report on Form 8-K furnished on May 5, 2010 (in thousands):
                                 
    Quarters Ended  
    April 4     July 4     October 3     December 31  
    2009     2009     2009     2009  
Net sales:
                                
Aviation
   $ 34,513       33,408       25,667       30,321  
LXE
     23,944       29,807       26,237       29,453  
Defense & Space
     26,908       25,188       23,057       16,426  
Global Tracking
     6,913       8,535       10,770       8,825  
 
                        
Total
   $ 92,278       96,938       85,731       85,025  
 
                        
 
                                
Operating income (loss):
                                
Aviation
   $ 5,066       3,799       (451 )     2,545  
LXE
     (5,061 )     214       (1,348 )     (20,336 )
Defense & Space
     2,892       2,301       2,140       (19 )
Global Tracking
     (759 )     (4 )     883       304  
Corporate & Other
     (4,080 )     (2,955 )     1,342       (1,106 )
 
                        
Total
   $ (1,942 )     3,355       2,566       (18,612 )
 
                        
 
                                
Earnings (loss) from continuing operations before income taxes:
                                
Aviation
   $ 5,556       3,999       (479 )     2,307  
LXE
     (5,138 )     (22 )     (1,213 )     (20,335 )
Defense & Space
     2,892       2,301       2,218       (96 )
Global Tracking
     (407 )     239       647       279  
Corporate & Other
     (5,871 )     (3,491 )     704       (1,505 )
 
                        
Total
   $ (2,968 )     3,026       1,877       (19,350 )
 
                        
We also measure our performance based on the non-GAAP financial measure of earnings before interest expense, income taxes, depreciation and amortization, and before impairment loss and related charges, acquisition-related items and acquisition-related foreign exchange adjustment (“Adjusted EBITDA”). The following is a reconciliation of the net (loss) earnings from

 

 

 

continuing operations before income taxes to Adjusted EBITDA by segment for all four quarters of 2009 recast for the new segment structure (in thousands):
                                 
    Aviation     LXE     Defense & Space     Global Tracking  
Three Months Ended April 4, 2009
                                
Earnings (loss) from continuing operations before income taxes
   $ 5,556       (5,138 )     2,892       (407 )
Interest expense
     43       85       —       —  
Depreciation and amortization
     2,003       966       806       547  
Acquisition-related items
     —       —       —       —  
Acquisition-related foreign exchange adjustment
     —       —       —       —  
 
                        
Adjusted EBITDA
   $ 7,602       (4,087 )     3,698       140  
 
                        
 
                                
Three Months Ended July 4, 2009
                                
Earnings (loss) from continuing operations before income taxes
   $ 3,999       (22 )     2,301       239  
Interest expense
     27       57       —       —  
Depreciation and amortization
     2,129       942       849       1,353  
Acquisition-related items
     —       —       —       —  
 
                        
Adjusted EBITDA
   $ 6,155       977       3,150       1,592  
 
                        
 
                                
Three Months Ended October 3, 2009
                                
Earnings (loss) from continuing operations before income taxes
   $ (479 )     (1,213 )     2,218       647  
Interest expense
     (2 )     63       (78 )     —  
Depreciation and amortization
     2,190       728       838       858  
Acquisition-related items
     —       —       —       —  
 
                        
Adjusted EBITDA
   $ 1,709       (422 )     2,978       1,505  
 
                        
 
                                
Three Months Ended December 31, 2009
                                
Earnings (loss) from continuing operations before income taxes
   $ 2,307       (20,335 )     (96 )     279  
Interest expense
     —       (112 )     78       —  
Depreciation and amortization
     2,255       709       874       782  
Impairment loss and related charges
     —       19,891       —       —  
Acquisition-related items
     —       —       —       —  
 
                        
Adjusted EBITDA
   $ 4,562       153       856       1,061  
 
                        

 

 

 

SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
EMS TECHNOLOGIES, INC.
         
     
Date: May 6, 2010  By:   /s/ Gary B. Shell    
    Gary B. Shell   
    Senior Vice President, Chief Financial Officer and Treasurer