-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T+NBuJmZM0EYSISc3I9jy8hSdsEJU5IdFf3kpo+qz9i9KF3DBBWqQ5NkHpWQE/s5 XAlIhl3vzAEVvt66E1UbHw== 0001009675-00-000002.txt : 20000203 0001009675-00-000002.hdr.sgml : 20000203 ACCESSION NUMBER: 0001009675-00-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000127 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAWTEK INC \FL\ CENTRAL INDEX KEY: 0001009675 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 591864440 STATE OF INCORPORATION: FL FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-28276 FILM NUMBER: 515033 BUSINESS ADDRESS: STREET 1: 1818 SOUTH HIGHWAY 441 STREET 2: P O BOX 609501 CITY: APOPKA STATE: FL ZIP: 32703 BUSINESS PHONE: 4078868860 MAIL ADDRESS: STREET 1: 1818 SOUTH HIGHWAY 441 CITY: APOPKA STATE: FL ZIP: 32703 8-K 1 FORM 8-K FOR SAWTEK INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ------------------------------------------------- Date of Report (Date of earliest event reported): January 27, 2000 SAWTEK INC. (Exact name of registrant as specified in its charter) Florida (State or other jurisdiction of incorporation) 000-28276 (Commission File No.) 59-1864440 (IRS Employer Identification No.) 1818 South Highway 441 Apopka, Florida 32703 (Address of principal executive offices) (407) 886-8860 (Registrant's telephone number, including area code) Item 5. Other Events. Sawtek Inc. announced its record net sales and profits for the quarter ended December 31, 1999. Item 7. Financial Statements and Exhibits Exhibit 99.1 Sawtek Inc. Press Release dated January 27, 2000: Sawtek Inc. Announces Record Net Sales and Profit for the Quarter Ended December 31, 1999. 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 thereunto duly authorized. SAWTEK INC. By:/s/ Raymond A. Link Sr. Vice President Finance and Chief Financial Officer January 27, 2000 EX-99.1 2 PRESS RELEASE DATED JANUARY 27, 2000 Exhibit 99.1 NEWS RELEASE Contact: Ray Link Chief Financial Officer Sawtek Inc. Tel: 407/884-3344 Fax: 407/886-7061 E-mail: rl@sawtek.com For Immediate Release SAWTEK ANNOUNCES RECORD NET SALES AND PROFIT FOR THE QUARTER ENDED DECEMBER 31, 1999 Orlando, Florida, January 27, 2000 ------ Sawtek Inc. (Nasdaq: SAWS) today reported record net sales, net income and earnings per share for the quarter ended December 31, 1999. Net sales of $31.8 million for the quarter are up 43% compared to net sales of $22.2 million for the quarter ended December 31, 1998. Net income of $10.2 million, or $0.23 per diluted share for the quarter is up 61% compared to $6.3 million, or $0.15 per diluted share for the same quarter of the previous year. Gary A. Monetti, Chief Executive Officer, stated, "The increase in net sales was a result of increased shipments of bandpass filters for CDMA digital wireless phones, including approximately $2.4 million of shipments of SAW RF filters. Sawtek began shipments of SAW RF filters in the quarter ended December 31, 1999. Net income and diluted earnings per share increased from last year due to the higher net sales and higher than expected gross profit margin of 57.6%. The gross margin was higher than expected due to better than planned yields on new products." Sawtek designs, develops, manufacturers and markets a broad range of electronic signal processing components based on surface acoustic wave, or SAW, technology primarily for use in the wireless communications industry. Our primary products are custom-designed, high performance bandpass filters, resonators, delay lines, oscillators and SAW-based subsystems. These products are used in a variety of microwave and RF systems, such as CDMA and GSM digital wireless communications systems, digital microwave radios, wireless local area networks, cable television equipment, Internet infrastructure, various defense and satellite systems, and chemical sensors. Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Act of 1995. Investors are cautioned that forward-looking statements such as statements of the Company's plans, objectives, expectations and intentions involve risks and uncertainties. The cautionary statements made in this release should be read as being applicable to all related statements wherever they appear. Statements containing terms such as "believes", "does not believe", "no reason to believe", "expects", "plans", "intends", "estimates", or "anticipates", are considered to contain uncertainty and are forward-looking statements. The Company's actual results could differ materially from those discussed. Factors that could contribute to such differences include the following: a decline in either the growth of wireless communications or the acceptance of CDMA technology; our ability to successfully develop and bring new products to market, particularly RF filters; our ability to successfully increase production capacity; our dependence on a limited number of suppliers for certain key raw materials; risks associated with international sales; our dependence on a few large customers; declining selling prices for some of our key products; decreased manufacturing yields; cancellation of purchase orders by our customers; competitive products or technologies that could reduce demand for our products; our inability to protect our intellectual property or if we infringe on the intellectual property of others; increased competition from other SAW suppliers; risks associated with our Costa Rican operations; risk of natural disasters; and other risks discussed in our SEC filings including Form 10K and Form S-3A filed on January 24, 2000. A reader of this release should understand that it is not possible to predict or identify all such risk factors. Consequently, the reader should not consider this list to be a complete statement of all potential risks or uncertainties. We do not assume the obligation to update any forward-looking statement. We will be hosting a conference call with the investment community on Friday, January 28, 2000, at 12:01 p.m. EST. Investors will have the opportunity to listen to the conference call over the Internet through Vcall at http://www.vcall.com. To listen to the live call, please go to the web site at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call. SAWTEK INC. Condensed Consolidated Balance Sheets (in thousands)
Dec. 31, 1999 Sept. 30, 1999 ------------- -------------- (unaudited) ASSETS Current assets: Cash, cash equivalents and short-term investments $119,262 $115,274 Accounts receivable 19,104 18,641 Inventories 8,941 8,052 Other current assets 3,376 3,170 -------- -------- Total current assets 150,683 145,137 Property, plant and equipment, net 53,710 46,442 -------- -------- Total assets $204,393 $191,579 ======== ======== LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 6,684 $ 9,367 Current maturities of long-term debt 334 379 Income taxes payable 3,133 191 -------- -------- Total current liabilities 10,151 9,937 Long-term debt, less current maturities 1,718 1,790 Deferred income taxes 23,599 21,453 Shareholders' equity: Common stock and capital surplus 74,088 74,776 Unearned ESOP compensation (781) (781) Retained earnings 97,513 87,330 Less common stock held in treasury (1,895) (2,926) -------- -------- Total shareholders' equity 168,925 158,399 -------- -------- Total liabilities & shareholders' equity $204,393 $191,579 ======== ========
SAWTEK INC. Consolidated Statements of Income (in thousands, except per share data) (unaudited)
Three Months Ended Dec. 31, Sept. 30, Dec. 31, 1999 1999 1998 ---- ---- ---- Net sales $31,798 $28,515 $22,219 Cost of sales 13,494 11,701 9,958 -------- ------- ------- Gross profit 18,304 16,814 12,261 Operating expenses: Selling expenses 1,239 1,395 1,385 General & administrative expenses 1,237 1,089 1,079 Research & development expenses 1,678 1,480 1,197 ------- ------- ------- Total operating expenses 4,154 3,964 3,661 ------- ------- ------- Operating income 14,150 12,850 8,600 Other income, net 1,456 1,328 1,119 ------- ------- ------- Income before taxes 15,606 14,178 9,719 Income taxes 5,423 4,963 3,402 ------- ------- ------- Net income $10,183 $ 9,215 $ 6,317 ======= ======= ======= Net income per share: Basic $ 0.24 $ 0.22 $ 0.15 Diluted $ 0.23 $ 0.21 $ 0.15 Shares used in per share calculation: Basic 42,325 42,193 41,764 Diluted 43,657 43,236 42,462
SAWTEK INC. Consolidated Statements of Income (Percentage of Net Sales)
Three Months Ended Dec. 31, Sept. 30, Dec. 31, 1999 1999 1998 ---- ---- ---- Net sales 100.0% 100.0% 100.0% Cost of sales 42.4 41.0 44.8 ----- ----- ----- Gross profit 57.6 59.0 55.2 Operating expenses: Selling expenses 3.9 4.9 6.2 General & administrative expenses 3.9 3.8 4.9 Research & development expenses 5.3 5.2 5.4 ----- ----- ----- Total operating expenses 13.1 13.9 16.5 ----- ----- ----- Operating income 44.5 45.1 38.7 Other income, net 4.6 4.6 5.0 ----- ----- ----- Income before taxes 49.1 49.7 43.7 Income taxes 17.1 17.4 15.3 ----- ----- ----- Net income 32.0% 32.3% 28.4% ===== ===== =====
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