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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): March 23, 2005 CHYRON CORPORATION (Exact Name of Registrant as Specified in its Charter) New York 1-9014 11-2117385 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 5 Hub Drive Melville, New York 11747 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (631) 845-2000 ________________ Item 7.01 Regulation FD Disclosure On March 23, 2005, Michael Wellesley-Wesley, the Registrant's President and Chief Executive Officer, sent an email reply to a shareholder, which email contained certain information regarding the performance of the Registrant. A copy of that e-mail is attached as Exhibit 99.1 hereto. The Registrant assumes no obligation to update the information contained in the email in the future. Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein are deemed to have been furnished and shall not be deemed to be filed under the Securities Exchange Act of 1934. Item 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit 99.1 E-mail to shareholder dated March 23, 2005
This Current Report on Form 8-K (including information included or incorporated by reference herein) may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements regarding certain of Registrant's goals and expectations with respect to earnings, income per share, revenue, expenses and the growth rate, as well as other measures of performance. These statements are based on the current belief of Registrant's President and Chief Executive Officer and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Registrant's control).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
CHYRON CORPORATION
By: |
/s/ Jerry Kieliszak |
|
Name: |
Jerry Kieliszak |
|
Title: |
Senior Vice President and |
|
Chief Financial Officer |
Exhibit No. |
Description |
99.1 |
E-mail to shareholder dated March 23, 2005. |
Date: March 28, 2005
Exhibit 99.1
To: [Shareholder]
From: Michael W. Wesley/CHYRON
Date: 03/23/2005 09:18AM
cc: <boardgroup@chyron.com>
Subject: Re: Shareholder Correspondence
Dear [Shareholder]
Thank you for your email. I apologize for not replying sooner but I never received your earlier email and would be grateful to learn which email address you used here at Chyron.
You will have seen our 2004 earnings release earlier this month and we will file our 10K on 31st March. For obvious reasons I cant go into detail about current trading conditions although I will say that we've set ourselves some pretty aggressive growth targets for 2005 and thus far we appear to be on plan. We have excellent products that are helping us gain market share from our competitors and I am very encouraged by the progress being made by our newly launched ChyTV unit. If you haven't already seen it please visit www.chytv.com and learn more about our plans for the digital signage space.
As to your remarks regarding our stock price I share your frustration. Things are improving markedly in terms of the Company's operating performance but the share price drifts in the low 40 cents area. For the price to rise we need to attract some new buyers and in truth it is only fairly recently that we have had a story worth telling! Assuming we do Ok in Q1 I think the time has come to begin an IR program that gets the Chyron turnaround story out there so I will be recommending to my Board that we begin to spend some money in this area in Q2 2005. Hopefully that will attract some buying interest and move the stock price to a level that is more reflective of the turnaround we have achieved.
The bulletin board is clearly an unattractive place to be and we have a plan to achieve a listing on a more respectable liquid exchange sooner rather than later. You have clearly been very patient and supportive stockholders. I suggest it makes sense to hang in there a while longer. Good things are going on and at some point the stock price will reflect the improvement in fundamentals.
Best regards,
Michael WW
CEO