-----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, Gk83w7S8YHZlK6DKF2ofrfiVQHxWVw2HgcZ5uY40+g8VPvZNqOsOzdx3/NC3uSsV zGbwH/5SWPVJywixTLsHDQ== 0000950115-97-001827.txt : 19971120 0000950115-97-001827.hdr.sgml : 19971120 ACCESSION NUMBER: 0000950115-97-001827 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971119 ITEM INFORMATION: FILED AS OF DATE: 19971119 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: SEC FILE NUMBER: 000-07336 FILM NUMBER: 97724449 BUSINESS ADDRESS: STREET 1: 400 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 19, 1997 ----------------- Adage, Inc. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Pennsylvania 33-31797 04-2225121 ------------ -------- ---------- 7505 Technology Drive, West Melbourne, Florida 32904 ---------------------------------------------------- Registrant's telephone number, including area code 407-984-1414 ------------ (Former name or former address, if changed since last report.) Item 5 - Other Events The registrant issued a press release dated November 14, 1997 announcing operating results for the quarter and nine months ended September 30, 1997. The press release is appended as exhibit 1. SIGNATURES 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 hereunto duly authorized Adage, Inc. (Registrant) Date: November 19, 1997 By: /s/ William P. Kelly -------------------------- Vice President Finance/CFO EX-1 2 PRESS RELEASE SUMMARY: Adage, Inc. (NASDAQ: ADGE) Announces 3rd Quarter Results Change in Certifying Accountants Company Contact: William P. Kelly VP of Finance and CFO Adage, Inc. 407-984-1414 WEST CHESTER, PENNSYLVANIA NOVEMBER 14, 1997 ... ADAGE, INC. (NASDAQ: ADGE) Adage, Inc., a producer of wireless communications products, reported operating results for the third quarter ended September 30, 1997. Revenues for the quarter were $11.0M, a decrease of $.6M (5.4%) from the same period in 1996 and a decrease of $2.6M (19.4%) from the second quarter of 1997. Earnings from continuing operations were $128K compared to $156K for the same period in 1996, and $48K for the second quarter ended June 30, 1997. Certain expense items were classified which resulted in a restatement of the quarter 2 results. The restatment did not change net earnings. Revenues in the company's core product lines, two-way land mobile products, increased 10.2% from 1996 on the strength of a long-term contract with the U.S. Army which started this year. This improvement, however, was offset by lower customer demand in the load management and component product lines. Increased earnings reflect the initial benefit associated with the consolidation of operations in the West Melbourne, Florida facility from Lawrence, Kansas. Management expects to realize additional cost improvements in future quarters as the consolidation program continues. Additionally, the company significantly upgraded its manufacturing capability with an investment in state-of-the-art surface-mount equipment. This investment will improve throughput and first-pass quality. The company also announced a change in its certifying accountants. Ernst & Young LLP have been selected as the certifying accountants for 1997. William P. Kelly, VP of Finance and CFO stated that "Ernst & Young is a welcome addition. They will contribute to and strengthen our management and financial teams". ADAGE, INC. CONDENSED FINANCIAL STATEMENTS OF INCOME (Unaudited) FOR THE THREE MONTHS ENDED SEPTEMBER 30 1997 1996 ---- ---- 000's Omitted Sales $10,973 $11,596 Net Income (Loss) From Continuing Operations $128 $156 Net Income (Loss) From Discontinued Operations $92 ($240) Net Income (Loss) $220 ($84) Earnings Per Share Continuing Operations $0.02 $0.03 Discontinued Operations $0.02 ($0.05) Net Income (Loss) $0.04 ($0.02) Weighted Average Common Shares Outstanding 5,030,387 4,126,698 ADAGE, INC. CONDENSED FINANCIAL STATEMENTS OF INCOME (Unaudited) FOR THE NINE MONTHS ENDED SEPTEMBER 30 1997 1996 ---- ---- 000's Omitted Sales $34,042 $35,582 Net Income (Loss) From Continuing Operations ($84) $435 Net Income (Loss) From Discontinued Operations ($314) ($242) Net Income (Loss) ($398) $193 Earnings Per Share Continuing Operations ($0.02) $0.09 Discontinued Operations ($0.06) ($0.05) Net Income (Loss) ($0.08) $0.04 Weighted Average Common Shares Outstanding 5,080,977 5,124,473 -----END PRIVACY-ENHANCED MESSAGE-----