-----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, MocyGlnxG3xhJtok0664v/qw7vK7ekbmpEpYUCaadrPC4P7rdEFxBoHdwawu+PmP pq3wd5xswfM6SwajX5m7ZA== 0001125282-06-000041.txt : 20060104 0001125282-06-000041.hdr.sgml : 20060104 20060104152858 ACCESSION NUMBER: 0001125282-06-000041 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051228 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities FILED AS OF DATE: 20060104 DATE AS OF CHANGE: 20060104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DATASCOPE CORP CENTRAL INDEX KEY: 0000027096 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 132529596 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06516 FILM NUMBER: 06507166 BUSINESS ADDRESS: STREET 1: 14 PHILLIPS PKWY CITY: MONTVALE STATE: NJ ZIP: 07645-9998 BUSINESS PHONE: 2013918100 MAIL ADDRESS: STREET 1: 14 PHILIPS PARKWAY CITY: MONTVALE STATE: NJ ZIP: 07645 8-K 1 b410932_8k.txt CURRENT REPORT 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 reported) December 28, 2005 ---------- ---------- DATASCOPE CORP. -------------------- (Exact name of registrant as specified in its charter) Delaware 0-6516 13-2529596 -------------------- -------------------- -------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 14 Philips Parkway Montvale, New Jersey 07645-9998 -------------------- -------------------- (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) (201) 391-8100 -------------------- CHECK THE APPROPRIATE BOX BELOW IF THE FORM 8-K FILING IS INTENDED TO SIMULTANEOUSLY SATISFY THE FILING OBLIGATION OF THE REGISTRANT UNDER ANY OF THE FOLLOWING PROVISIONS: |_| WRITTEN COMMUNICATIONS PURSUANT TO RULE 425 UNDER THE SECURITIES ACT |_| SOLICITING MATERIAL PURSUANT TO RULE 14A-12 UNDER THE EXCHANGE ACT |_| PRE-COMMENCEMENT COMMUNICATIONS PURSUANT TO RULE 14D-2(B) UNDER THE EXCHANGE ACT |_| PRE-COMMENCEMENT COMMUNICATIONS PURSUANT TO RULE 13E-4(C) UNDER THE EXCHANGE ACT Item 2.05 Cost Associated with Exit or Disposal Activities In a Press Release dated January 3, 2006, Datascope Corp. reported that on December 28, 2005 management approved a plan to reduce operating expenses in conjunction with the previously announced strategy to postpone the full market launch of its X-Site vascular closure device. As a result, the company eliminated 33 positions, or 20% of the workforce in the Interventional Products Division at the end of December 2005 at a cost of approximately $0.4 million for severance and other one-time termination benefits. The workforce reductions are expected to save approximately $4 million on an annualized basis. In addition, as a result of the company's decision to redesign the X-Site device to incorporate a pre-tied knot, the company wrote-off $1.2 million of existing X-Site inventory and tooling and recorded a liability of approximately $0.7 million for purchase commitments and contract termination costs. Total special charges in the second quarter for the above items will be approximately $2.3 million pretax, $1.5 million after tax or $0.10 per share. Total cash outlay for the special charges will be approximately $1.1 million and is expected to be completed in the second half of fiscal year 2006. A copy of the release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference. (c) Exhibits: 99.1 Press release announcing Datascope's plan to reduce operating expenses and to record a special charge in the second quarter ended December 31, 2005. 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. DATASCOPE CORP. Registrant By: /s/ Scott Kantor ---------------- Vice President, Finance and Administration and Chief Financial Officer Dated: January 4, 2006 EXHIBIT INDEX Exhibit No. 99.1 Press release announcing Datascope's plan to reduce operating expenses and to record a special charge in the second quarter ended December 31, 2005. EX-99.1 2 b410932ex99_1.txt EXHIBIT 99.1 Exhibit No. 99.1 PRESS RELEASE FOR INFORMATION CONTACT: Scott Kantor Chief Financial Officer Datascope Corp. 14 Philips Parkway Montvale, NJ 07645 (201) 307-5490 www.datascope.com ----------------- FOR IMMEDIATE RELEASE: DATASCOPE ANNOUNCES PLAN TO REDUCE OPERATING EXPNSES AND RECORDS SPECIAL CHARGE IN THE SECOND QUARTER Montvale, New Jersey, January 3, 2006 . . . Datascope Corp. (Nasdaq: DSCP) reported that on December 28, 2005 management approved a plan to reduce operating expenses in conjunction with the previously announced strategy to postpone the full market launch of its X-Site vascular closure device. As a result, the company eliminated 33 positions, or 20% of the workforce in the Interventional Products Division at the end of December 2005 at a cost of approximately $0.4 million for severance and other one-time termination benefits. The workforce reductions are expected to save approximately $4 million on an annualized basis. In addition, as a result of the company's decision to redesign the X-Site device to incorporate a pre-tied knot, the company wrote-off $1.2 million of existing X-Site inventory and tooling and recorded a liability of approximately $0.7 million for purchase commitments and contract termination costs. Total special charges in the second quarter for the above items will be approximately $2.3 million pretax, $1.5 million after tax or $0.10 per share. Total cash outlay for the special charges will be approximately $1.1 million and is expected to be completed in the second half of fiscal year 2006. Datascope Corp. is a diversified medical device company that manufactures and markets proprietary products for clinical health care markets in interventional cardiology and radiology, cardiovascular and vascular surgery, anesthesiology, emergency medicine and critical care. Datascope's news releases and other company information can be found on the company's website, http://www.datascope.com. This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Such risks and uncertainties cannot be predicted or quantified and are outside our control, particularly the risk that Datascope will not be able to achieve the estimated annualized cost savings. -----END PRIVACY-ENHANCED MESSAGE-----