8-K

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 Report (Date of earliest event report): May 14, 2003

SENSYTECH, INC.

(Exact Name of Registrant as specified in its charter)

DELAWARE

(State or other jurisdiction of incorporation)

000-08193	38-1873250
(Commission File No.)	(I.R.S. Employer
	Identification No.)

8419 Terminal Road, Newington, Virginia 22122-1430

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (703)550-7000

SENSYTECH, INC. AND SUBSIDIARIES

ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS

(c) Exhibits

Exhibit Number	Description
99.1	Press Release, dated May 14, 2003, issued by Sensytech, Inc.

ITEM 9. REGULATION FD DISCLOSURE (Information furnished under Item 12 – Results of Operations and Financial Condition)

The following information, which is intended to be furnished under Item 12 “Results of Operations and Financial Condition,” is being furnished under this Item 9 in accordance with SEC Release No. 33-8216. Consequently, it is not deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability under that section. It may only be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.

On May 14, 2003, Sensytech, Inc. (the “Company”) reported its results for the second quarter ended March 31, 2003. The Company’s press release, dated May 14, 2003, is attached as Exhibit 99.1.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report be signed on its behalf by the undersigned, thereunto duly authorized.

	SENSYTECH, INC.
May 14, 2003	By:	/s/ Donald F. Fultz
		Donald F. Fultz
		Vice President and Chief Financial Officer

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release, dated May 14, 2003, issued by Sensytech, Inc.

4 EX-99.1 3 w86639exv99w1.htm PRESS RELEASE

EXHIBIT 99.1

8419 Terminal Road, P.O. Box 1430, Newington, VA 22122-1430
703.550.7000    Fax 703.550.0883
www.sensytech.com

NEWS RELEASE

For Immediate Release

Sensytech, Inc. Delivers Record Breaking Q2 Results

NEWINGTON, VA, May 14, 2003 / Business Wire / — Sensytech, Inc. (NASDAQ: STST), today announced record breaking revenues and earnings for its second quarter ended March 31, 2003.

Revenues for the three months ended March 31, 2003 increased $5,784,000 or 81.8% to $12,853,000 compared to $7,069,000 for the prior year quarter. Revenue for the six months ended March 31, 2003 increased $13,098,000 or 114.1% to $24,576,000, compared to $11,478,000 for the prior year period.

Net income for the three months ended March 31, 2003 was $1,087,000, or $0.16 per diluted share, an increase of 111.5% compared to $514,000 or $0.12 per diluted share for the prior year quarter. For the six months ended March 31, 2003 net income increased to $1,891,000, or $0.32 per diluted share, an increase of 104.0% compared to the prior year period of $927,000, or $.22 per diluted share.

“We are pleased with our revenue growth for the quarter of 81.8%. This growth is attributable to the marketing efforts in all three business segments. Demand for our products and engineered solutions continues to be high from existing domestic customers and continues to gain exposure with new international customers. Our earnings are in line with our expectations given the mix of contracts currently being delivered,” noted S. Kent Rockwell, CEO of Sensytech.

Mr. Rockwell further stated, “We anticipated a quick and decisive conclusion to the armed conflict in Iraq. Now that the war has essentially come to conclusion, we expect a more orderly flow of newly funded business from government offices where order processing has been interrupted by other priorities. Our book to bill ratio in the trailing twelve months was 1.18 which favors an increasing flow of revenues. We anticipate holding or increasing this rate.”

Financial Highlights

n	Revenue for the second quarter increased 81.8% over the prior year quarter to $12,853,000
n	Revenue for the six month period increased 114.1% over the prior year period to $24,576,000
n	Net Income for the second quarter of $1,087,000, or $0.16 per diluted share, up $0.04 per diluted share, from the prior year quarter
n	Net Income for the six months period of $1,891,000, or $0.32 per diluted share, up $0.10 per diluted share, from the prior year period

About SenSyTech Inc.

Sensytech, Inc. designs, develops and manufactures electronic support measures (ESM), electronic intelligence (ELINT), and threat warning systems, active electronic warfare (EW) systems, airborne imaging systems, communications reconnaissance systems, shipboard support systems, and other special purpose communications equipment serving worldwide markets. Sensytech, through its predecessor companies, has been providing cutting edge technology applications and cost-effective systems solutions for three decades.

Statements in this press release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties. The Company wishes to caution readers that certain factors can cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. The Company undertakes no obligation and does not intend to update, revise or otherwise publicly release the results of any revisions to these forward-looking statements that may be made to reflect future events or circumstances.

SENSYTECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

		March 31, 2003		September 30, 2002
ASSETS
CURRENT ASSETS
	Cash and cash equivalents	$	14,368,000	$	700,000
	Accounts receivable, net of allowance for doubtful accounts of $200,000		10,924,000		8,880,000
	Unbilled contract costs, net		7,834,000		8,820,000
	Inventories		2,732,000		3,168,000
	Deferred income taxes		377,000		411,000
	Other current assets		263,000		272,000
TOTAL CURRENT ASSETS			36,498,000		22,251,000
PROPERTY AND EQUIPMENT			2,740,000		2,608,000
OTHER ASSETS
	Deferred income taxes		260,000		260,000
	Intangibles, net		250,000		400,000
	Other assets		70,000		333,000
TOTAL ASSETS		$	39,818,000	$	25,852,000
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
	Line of credit		—		2,900,000
	Accounts payable		2,314,000		2,916,000
	Accrued salaries, benefits, and related expenses		1,969,000		2,093,000
	Other accrued expenses		1,086,000		438,000
	Billings in excess of costs		1,159,000		2,342,000
	Income taxes payable		62,000		497,000
TOTAL CURRENT LIABILITIES			6,590,000		11,186,000
	Commitments and contingencies		—		—

2

STOCKHOLDERS’ EQUITY
	Common Stock, $.01 par value; 25,000,000 shares authorized; 6,571,623 and 4,239,223 shares issued at March 31, 2003 and September 30, 2002		66,000			42,000
	Additional paid-in capital		24,628,000			7,972,000
	Treasury stock at cost, 126,245 shares at March 31, 2003 and 125,245 shares at September 30, 2002		(534,000	)		(525,000	)
	Retained earnings		9,068,000			7,177,000
TOTAL STOCKHOLDERS’ EQUITY			33,228,000			14,666,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	39,818,000		$	25,852,000

SENSYTECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)

		For the Three Months Ended						For the Six Months Ended
		March 31,						March 31,
		2003			2002			2003			2002
REVENUES
	Contract revenues	$	12,853,000		$	7,069,000		$	24,576,000		$	11,478,000
COSTS AND EXPENSES
	Cost of revenues		9,488,000			5,176,000			18,739,000			8,198,000
	General and administrative expenses		1,559,000			1,062,000			2,622,000			1,805,000
	Total cost and expenses		11,047,000			6,238,000			21,361,000			10,003,000
INCOME FROM OPERATIONS			1,806,000			831,000			3,215,000			1,475,000
OTHER INCOME (EXPENSES)
	Interest income		38,000			11,000			43,000			31,000
	Interest expense		(3,000	)		—			(48,000	)		(2,000	)
	Other income		3,000			30,000			7,000			67,000
	Other expenses		—			—			(10,000	)		(11,000	)
INCOME BEFORE INCOME TAXES			1,844,000			872,000			3,207,000			1,560,000
INCOME TAX PROVISION			(757,000	)		(358,000	)		(1,316,000	)		(633,000	)
NET INCOME		$	1,087,000		$	514,000		$	1,891,000		$	927,000
PER SHARE AMOUNT
	Basic earnings per share	$	0.17		$	0.13		$	0.33		$	0.23
	Diluted earnings per share	$	0.16		$	0.12		$	0.32		$	0.22

FOR MORE INFORMATION, CONTACT:
Donald F. Fultz, Chief Financial Officer
don.fultz@sensytech.com
URL: www.sensytech.com

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EX-99.1

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