-----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, RvY3mGFdWxb7MHn2AL6LXTXDASko73zZ7SxQ6GOVav0ftcv3eCNdpz22Ci991mgO dEXe8wqfNg8sRQmY3waXWQ== 0000950115-96-001250.txt : 19960829 0000950115-96-001250.hdr.sgml : 19960829 ACCESSION NUMBER: 0000950115-96-001250 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960819 ITEM INFORMATION: Other events FILED AS OF DATE: 19960828 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADAGE INC CENTRAL INDEX KEY: 0000002186 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC & OTHER ELECTRICAL EQUIPMENT (NO COMPUTER EQUIP) [3600] IRS NUMBER: 042225121 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07336 FILM NUMBER: 96622332 BUSINESS ADDRESS: STREET 1: 625 WILLOWBROOK LANE CITY: WEST CHESTER STATE: PA ZIP: 19382 BUSINESS PHONE: 2154303900 MAIL ADDRESS: STREET 1: 625 WILLOWBROOK LANE STREET 2: 625 WILLOWBROOK LANE CITY: WEST CHESTER STATE: PA ZIP: 19382 8-K 1 CURRENT REPORT 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) August 19, 1996 ------------------- Adage, Inc. - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 33-31797 04-2225121 ------------ -------- ---------- 400 Willowbrook Lane, West Chester, Pa 19382 - ------------------------------------------------------------------------------- Registrant's telephone number, including area code 610-430-3900 ------------ - ------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) ITEM 5 - OTHER EVENTS THE REGISTRANT ISSUED A PRESS RELEASE DATED AUGUST 19, 1996 SECOND QUARTER 1996 EARNINGS. THE PRESS RELEASE IS APPENDED AS EXHIBIT 1. Pursuant to the requirements of securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned there unto duly authorized. ADAGE, INC. /s/Robert T. Holland -------------------------- Robert T. Holland Vice President - Finance Date: August 22, 1996 EX-1 2 PRESS RELEASE EXHIBIT 1 ADAGE, INC. Summary: Adage, Inc. (NASDAQ) 400 Willowbrook Lane Improves profitability; West Chester, PA 19382 strengthens management. (610) 430-3900 FAX 431-9636 Company Contact: Donald F.U. Goebert Chairman & President Adage, Inc. (610) 430-3900 FOR IMMEDIATE RELEASE: WEST CHESTER, PENNSYLVANIA, August 19, 1996 -- ADAGE, INC. (NASDAQ:ADGE), today announced improved profitability for the second quarter and six-months periods which ended June 30, 1996. Net income for the second quarter increased to $75,000 or $.01 per share compared to a loss from continuing operations of ($47,000) or ($.01) per share for the same quarter in the prior year. For the first half, net income grew to $277,000 or $.05 per share, as compared to a loss from continuing operations for the first half of 1995 of ($301,000) or ($.06) per share. This improved profitability was generated by the Company's wireless communications equipment subsidiary, RELM Communications, which accounts for over half of the Company's revenues. In addition to a first half sales increase of almost $800,000, RELM, as the result of increased manufacturing efficiencies, reduced its cost of sales by 2% when comparing the first half of 1996 to the first half of 1995. The Company is strongly committed to expanding its position in the wireless communication equipment market. RELM has recently announced the appointment of a Chief Scientist, John S. Gregory, whose mission is to maximize the technology transfers inherent in the Company's strategic alliances with Motorola, Tadiran Ltd. of Israel and Stanilite Electronics of Australia, and to spearhead the Company's continued development of digital wireless communication equipment. RELM also is introducing new wireless communication products to complement its existing product line. Revenues for the second quarter and first half were $19,064,000 and $40,466,000 respectively, as compared to $22,606,000 and $42,873,000 for the same periods in 1995. These revenue shortfalls were largely the result of both decreased volume and price reductions at Ft. Orange Paper, the Company's paperboard manufacturing subsidiary. However, raw material cost reductions kept pace with these declines, largely offsetting their imparts on profitability. Adage, Inc. is a producer of wireless communications and electronics products and also has interest in paperboard manufacturing. ADAGE, INC. Condensed Financial Statement (Unaudited) ($000 Omitted - Except Per Share Data) 2ND QUARTER ENDED June 30, 1996 1995 ------- ------- Sales $19,064 $22,606 ======= ======= Cost of Sales $14,790 $18,298 ======= ======= Net Income (Loss) from Continuing Operations $ 75 $ (47) ======= ======= Net Income $ 75 $ 402 ======= ======= Per Share Continuing Operations $ .01 $ (.01) Discontinued Operations $ -- $ .09 ------- ------- Net Income $ .01 $ .08 ======= ======= Weighted Average Common Shares Outstanding 5,123,445 5,098,595 ========= =========== SIX MONTHS ENDED June 30, 1996 1995 ------- ------- Sales $40,466 $42,873 ======= ======= Cost of Sales $31,261 $34,705 ======= ======= Net Income (Loss) from Continuing Operations $ 277 $ (301) ======= ======= Net Income $ 277 $ 524 ======= ======= Per Share Continuing Operations $ .05 $ (.06) Discontinued Operations $ - $ .16 ------- ------- Net Income $ .05 $ .10 ======= ======= Weighted Average Common Shares Outstanding 5,123,445 5,098,595 ========= ========= -----END PRIVACY-ENHANCED MESSAGE-----