-----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, QU1mX9ymWSUJ33P+rK6wfTgY0/gPdttyHjQHOkl3s5lA65yqCF15CZ+DPxlr7utF HW+8iGVM+4w91H2oUrOS0A== 0000950115-96-001689.txt : 19961121 0000950115-96-001689.hdr.sgml : 19961121 ACCESSION NUMBER: 0000950115-96-001689 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961114 ITEM INFORMATION: Other events FILED AS OF DATE: 19961119 SROS: NONE 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: 96669169 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) November 14, 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 NOVEMBER 14, 1996 ANNOUNCING IMPROVED OPERATIONS FOR THE 3RD QUARTER ENDED SEPTEMBER 30, 1996. THE PRESS RELEASE IS APPENDED AS EXHIBIT 99.1. 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: November 14, 1996 EX-99.1 2 PRESS RELEASE EXHIBIT 99.1 Summary: Adage, Inc. announces improved operations for the 3rd quarter and 9 months ending September 30, 1996. Relm Communications' sales increase 16%. Company Contact: Donald F.U. Goebert Chairman & President Adage, Inc. (610) 430-3900 FOR IMMEDIATE RELEASE: WEST CHESTER, PENNSYLVANIA, NOVEMBER 14, 1996 .... ADAGE, INC. (NASDAQ-ADGE), today announced improved operations for the third quarter and nine months which ended September 30, 1996. Although the third quarter saw a net loss of ($84,000) or ($.02) per share, the Company feels that this is a substantial improvement when compared to the 1995 third quarter net loss from continuing operations of ($731,000) or ($.14) per share. "We feel that our strategies for the wireless communications equipment business are rapidly bearing fruit," stated Donald Goebert, President of Adage, Inc. Once again, Relm Communications, the Company's wireless communications equipment subsidiary, spearheaded this improvement. Relm's revenue grew 16% to $11,597,000, an increase of $1.6 million. Manufacturing efficiencies improved as costs of sales dropped to 76% from 78% in the prior year. Relm now accounts for more than 60% of the Company's revenues. Additionally, during the third quarter, Relm reported that it had received a contract for approximately $40,000,000 from the U.S. Army for wireless equipment. Shipments of $8,000,000 will start in 1997. In addition, Relm has announced the introduction of a new line of multi-band programmable radio scanners which are expected to contribute to its sales growth in 1997. Revenues for Adage for the third quarter were $18,608,000 a decline of $649,000 from the prior year quarter. This revenue shortfall was entirely the result of a $5 million revenue decline at Ft. Orange Paper, resulting from both decreased volume and price reductions. For the nine months year-to-date, revenues declined to $59,074,000 from $62,130,000 in the prior year period, entirely as the result of shortfalls at Ft. Orange Paper. Net income from continuing operations rose to $193,000 v. a loss of ($1,032,000) for the nine months of 1995. Adage, Inc. is a producer of wireless communications equipment and electronics products, and also has interests in paperboard manufacturing. ### (Tables Follow) ADAGE, INC. Condensed Financial Statement (Unaudited) ($000 Omitted - Except Per Share Data) 3RD QUARTER ENDED SEPTEMBER 30, 1996 1995 ---- ---- Sales $ 18,608 $ 19,257 Cost of Sales $ 14,764 $ 16,247 Net Income (Loss) $ (84) $ (731) From Continuing Operations Per Share Net Income $ (.02) $ (.14) ========== ========== Weighted Average Common Shares Outstanding 5,126,698 5,105,440 ========== ========== * * * * * NINE MONTHS ENDED SEPTEMBER 30, 1996 1995 ---- ---- Sales $ 59,074 $ 62,130 Cost of Sales $ 46,025 $ 50,952 Net Income (Loss) $ 193 $ (1,032) From Continuing Operations Per Share Net Income $ .04 $ (.20) ========== ========== Weighted Average Common Shares Outstanding 5,124,473 5,100,875 ========== ========== # # # -----END PRIVACY-ENHANCED MESSAGE-----