-----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, C7+bHBkiCR+7LOGWsj0WWt+PBCVfxae4tcuPGDrF6taFoTP6ptTIxZZ206G9/aob vHYNWEmv/IWvkgSwb7JEeA== 0000026058-07-000020.txt : 20070426 0000026058-07-000020.hdr.sgml : 20070426 20070426084327 ACCESSION NUMBER: 0000026058-07-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070425 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070426 DATE AS OF CHANGE: 20070426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CTS CORP CENTRAL INDEX KEY: 0000026058 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS & ACCESSORIES [3670] IRS NUMBER: 350225010 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04639 FILM NUMBER: 07789321 BUSINESS ADDRESS: STREET 1: 905 WEST BOULEVARD NORTH CITY: ELKHART STATE: IN ZIP: 46514 BUSINESS PHONE: 5742937511 MAIL ADDRESS: STREET 1: 905 W BLVD NORTH CITY: ELKHART STATE: IN ZIP: 46514 8-K 1 form8-k.htm FORM 8-K 4-25-07 Form 8-K 4-25-07


 
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 Filing (Date of Report and Earliest Event Reported):     April 25, 2007 (April, 24, 2007)

CTS CORPORATION
(Exact Name of Company as Specified in Its Charter)
 
Indiana
1-4639
35-0225010
(State or Other Jurisdiction of Incorporation)
(Commission File Numbers)
(I.R.S. Employer Identification Nos.)
     
905 West Boulevard North
   
Elkhart, Indiana
 
46514
(Address of Principal Executive Offices)
 
(Zip Code)
 
Registrants' Telephone Number, Including Area Code: (574) 293-7511
 

(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions:
 
q  
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
q  
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
q  
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
q  
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 


Item 2.02     Results of Operations and Financial Condition.
 
On April 24, 2007, CTS Corporation issued a press release announcing the effect of corrections to accounting entries at the Company's Moorpark, California manufacturing location on the Company's earnings for the full-year 2005 and nine months ended October 1, 2006, as more fully described in the press release, a copy of which is attached as Exhibit 99.1 hereto and which information is incorporated herein by reference.

The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished to the Securities and Exchange Commission and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. Furthermore, the information contained in Item 2.02 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933.

Item 9.01     Financial Statements and Exhibits.
 
 
(a)
Financial Statements of Business Acquired.
              Not applicable.
 
 
(b)
Pro Forma Financial Information.
              Not applicable.
 
(c)    Shell Company Transactions.
  Not applicable.
 
(d)    Exhibits.
                  The following exhibits are filed with this report:
 
Exhibit No.  Exhibit Description
                99.1         Press Release dated April 24, 2007 
 
 



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.
 

 
CTS CORPORATION


/s/ Richard G. Cutter        
By:    Richard G. Cutter
Vice President, Secretary
and General Counsel

 
Date: April 24, 2007
 
EX-99.1 2 ex99_1.htm EXHIBIT 99.1 Exhibit 99.1
EXHIBIT 99.1

        newsrelease
CTS CORPORATION   Elkhart, Indiana 46514   (574) 293-7511


April 24, 2007
FOR RELEASE: Immediately

CTS Announces Dates for Fourth Quarter and Full-Year 2006
Earnings Release and Conference Call
 

Elkhart, IN…CTS Corporation (NYSE: CTS) today announced updated results of its internal investigation and account reconciliations at the Company’s EMS Moorpark, California manufacturing location, which was conducted under the oversight of the Audit Committee of the Board of Directors of the Company.
 
The net after-tax impact of the correction of accounting entries is expected to negatively impact the Company’s net earnings by approximately $3.4 million. Management has determined that both full-year 2005 and nine months ended October 1, 2006 earnings were negatively impacted by $1.5 million and $1.9 million, respectively, with diluted earnings per share impact of $0.04 in 2005 and $0.05 in the first three quarters of 2006.

The Company currently anticipates filing its 2006 Annual Report on Form 10-K, which will include restated 2005 financials, and amended Form 10-Qs for 2006 by mid-May 2007.

The Company plans to release earnings for the fourth quarter and full-year 2006 at approximately 5:30 p.m. (EDT) on April 30, 2007.

A conference call to discuss fourth quarter and full-year 2006 financial results is scheduled for Tuesday, May 1, 2007 at 11:00 a.m. (EDT). The dial-in number for the conference call is 866-835-8903 (703-639-1410, if calling from outside the U.S.). No access code is needed. The CTS Corporation conference call participants will be:

Donald K. Schwanz     Chairman of the Board and Chief Executive Officer
Vinod M. Khilnani      Senior Vice President and Chief Financial Officer
Mitchell J. Walorski      Director Planning and Investor Relations

There will be a replay of the conference call from 4:15 p.m. (EDT) on Tuesday, May 1, 2007, through 11:59 p.m. (EDT) on May 8, 2007. The telephone number for the replay is 800-475-6701, (320-365-3844, if calling from outside the U.S.). The access code is 872039.

Also, please note that a live audio webcast of the conference call will be available. This can be accessed directly from the Web sites of CTS Corporation (www.ctscorp.com), StreetEvents (www.StreetEvents.com), Netscape (www.netscape.com), Compuserve (www.compuserve.com) and others. AOL subscribers will have access through the Personal Finance section of AOL.


About CTS
CTS is a leading designer and manufacturer of electronic components and sensors and a provider of electronics manufacturing services (EMS) to OEMs in the automotive, computer, communications, medical and industrial markets. CTS manufactures products in North America, Europe and Asia. CTS' stock is traded on the NYSE under the ticker symbol "CTS.” To find out more, visit the CTS Web site at www.ctscorp.com.





Safe Harbor Statement
This press release contains statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, any financial or other guidance, statements that reflect our current expectations concerning future results and events, and any other statements that are not based solely on historical fact, including the potential impact of the accounting issues described above. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. These forward-looking statements are made subject to certain risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from those presented in the forward-looking statements, including, without limitation, rapid technological change and general market conditions in the automotive, communications and computer industries; reliance on key customers; CTS’ ability to protect its intellectual property; pricing pressures and demand for CTS’ products; risks associated with CTS’ international operations, including trade and tariff barriers, exchange rates and political and geopolitical risks; and the results of the investigation into the accounting issues described above. For more detailed information on the risks and uncertainties associated with CTS’ business, see the reports CTS files with the SEC. CTS undertakes no obligation to publicly update its forward-looking statements to reflect new information or events or circumstances that arise after the date hereof, including market or industry changes.


Contact:     Vinod M. Khilnani, Senior Vice President and Chief Financial Officer, or
Mitchell J. Walorski, Director Planning and Investor Relations
CTS Corporation, 905 West Boulevard North, Elkhart, IN 46514
Telephone (574) 293-7511 FAX (574) 293-6146 
 

 
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