-----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, RFDdzbjAog6peGz/zDEp9DoKNjCyWp+G6/EysG1K1MB9AXG6EfUZzKne7mhGseVM F0DiT74qLnH+FI9HGJA4Yw== 0001104659-03-021919.txt : 20031001 0001104659-03-021919.hdr.sgml : 20031001 20031001171508 ACCESSION NUMBER: 0001104659-03-021919 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030930 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031001 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMPUTER HORIZONS CORP CENTRAL INDEX KEY: 0000023019 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 132638902 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07282 FILM NUMBER: 03921487 BUSINESS ADDRESS: STREET 1: 49 OLD BLOOMFIELD AVE CITY: MOUNTAIN LAKES STATE: NJ ZIP: 07046-1495 BUSINESS PHONE: 9732994000 MAIL ADDRESS: STREET 1: 49 0LD BLOOMFIELD AVE CITY: MOUNTAIN LAKES STATE: NJ ZIP: 07046-1495 8-K 1 a03-3776_18k.htm 8-K

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, DC 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): September 30, 2003

 

Computer Horizons Corp.

(Exact name of registrant as specified in its charter)

 

New York

 

0-7282

 

13-2638902

(State or other jurisdiction
of incorporation or organization)

 

(Commission
File Number)

 

IRS Employer
Identification No.)

 

 

 

 

 

49 Old Bloomfield Avenue
Mountain Lakes, New Jersey    07046-1495

(Address of principal executive offices)

 

Registrant’s telephone number, including area code: (973) 299-4000

 

(Former name or former address, if changed since last report)

 

 



 

Item 5 – Other Events and Required FD Disclosure

 

1.  On September 30, 2003, Computer Horizons Corp. (the “Company”) issued a press release updating its previously disclosed revenue and earnings guidance for the third quarter of 2003 and fiscal year end 2003.

 

Item 7 – Financial Statements, Pro Forma Financial Information and Exhibits.

 

(a) Not applicable.

 

(b) Not applicable.

 

(c) Exhibits

 

99.1                           Press Release of Computer Horizons Corp. (the “Company”) dated September 30, 2003 updating its previously disclosed revenue and earnings guidance for the third quarter of 2003 and fiscal year end 2003.

 

2



 

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, hereto duly authorized.

 

Dated:    October 1, 2003

 

 

COMPUTER HORIZONS CORP.

 

 

 

 

 

By:

 /s/ William J. Murphy

 

 

William J. Murphy

 

Chief Executive Officer and President

 

3


EX-99.1 3 a03-3776_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

CONTACT:

Michael J. Shea, Vice President, CFO

Lauren Felice

 

David Reingold, Senior Vice President, Marketing, IR

RF Binder Partners

 

Computer Horizons Corp.

(212) 994-7541

 

(973) 299-4000

lauren.felice@rfbinder.com

 

mshea@computerhorizons.com

 

 

dreingol@computerhorizons.com

 

 

COMPUTER HORIZONS UPDATES THIRD QUARTER GUIDANCE

COMMENTS ON FY 2003 OUTLOOK

 

– IT Staff Augmentation Revenue Decline Continues –

 

 

Mountain Lakes, NJ, September 30, 2003 - Computer Horizons Corp. (Nasdaq: CHRZ), today said that continued economic pressures in the IT services (staff augmentation) market, as well as the negative impact on revenues from the Northeast blackout in August, has caused it to update its previously disclosed revenue and earnings guidance.  The Company is scheduled to report its third quarter results on October 29, 2003.

 

CHC now expects revenues for the third quarter of 2003 to be in the range of $63 to $65 million, with an operating loss in the range of $(0.01) to $(0.03) per share, excluding special items.   Previous guidance by the Company had revenues in the range of $66 - $68 million and operating income in the range of $0.02 to $0.04 per share, excluding special items.

 

William J. Murphy, president and chief executive officer, said, “We have adjusted our third quarter 2003 revenue and earnings guidance due primarily to a continued decline in the IT Services market and softness in the overall technology market.  We now anticipate third quarter sequential revenue declines in our IT Services business, which previously seemed to have stabilized in June 2003.  Additionally, offices affected by the Northeast blackout normally account for about one-half of our domestic IT Services revenue.

 



 

CHRZ Comments on Outlook

 

“While overall Solutions Group revenues will increase sequentially in the third quarter, primarily attributable to Chimes and RGII, continued economic uncertainty, pricing pressures and time lost due to the August blackout has negatively impacted our top line.

 

Chimes revenues are expected to again grow sequentially from the second quarter of 2003.   With new commitments signed during the third quarter and a strong pipeline of new business, Computer Horizons expects solid performance from Chimes for the remainder of the year.  Further, Chimes continues to reduce its losses and is still on track to be operationally profitable by the end of the year.

 

Additionally, the Company is very pleased with the performance of RGII, which will account for the anticipated third quarter sequential revenue increase for the Solutions Group.

 

“Overall, we expect the fourth quarter will show sequential revenue improvement, however, we are pushing back our profitability forecast to the first quarter of 2004,” added Murphy.  “We are taking actions that will reduce costs during the fourth quarter of 2003, particularly in our IT Services Group.  Our strategy to transition the Company to higher margin solutions and Chimes business from predominately low margin IT staffing revenues remains our primary focus,” Murphy concluded.

 

About Computer Horizons Corp.

 

Computer Horizons Corp. (Nasdaq: CHRZ) is a strategic solutions, and human capital management   company with more than thirty years of experience, specifically in information technology.  The Company provides its services to a multi-national audience through its “bestshore” delivery centers located globally, and enabling its Fortune 2000 customer base to maximize technology investments.  With the acquisition of RGII Technologies, Inc., CHC has expanded its government practice to include the Federal government sector, a growing market, in addition to various other vertical markets it serves, such as healthcare, insurance and financial services. CHC’s wholly owned subsidiary, Chimes, uses its proprietary technology to enable its Global 2000 customer base to align and integrate business planning with human resource management across an enterprise’s business functions.  For more information on Computer Horizons, please visit our Web site at www.computerhorizons.com.

 

Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) that involve a number of risks and uncertainties.  It is possible that the assumptions made by management—including, but not limited to, those relating to contract awards, service offerings, market opportunities, results, performance expectations, expectations of cost savings, or proceeds from sale of certain operations—may not materialize.

 

2



 

Actual results may differ materially from those projected or implied in any forward-looking statements.  In addition to the above factors, other important factors include the risks associated with unforeseen technical difficulties, the ability to meet customer requirements, market acceptance of service offerings, changes in technology and standards, the ability to complete cost-reduction initiatives, the ability to execute the sale of certain operations or other initiatives, dependencies on key employees, customer satisfaction, availability of technical talent, dependencies on certain technologies, delays, market acceptance and competition, as well as other risks described from time to time in the Company’s filings with the Securities and Exchange Commission, press releases, and other communications.

 

# # #

 

3


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