8-K

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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): March 18, 2004 (March 18, 2004)

EVANS & SUTHERLAND COMPUTER CORPORATION
(Exact Name of Registrant as Specified in Charter)

Utah (State or Other Jurisdiction of Incorporation)	0-8771 (Commission File Number)	87-027817 5 (IRS Employer Identification No.)
600 Komas Drive, Salt Lake City, Utah (Address of Principal Executive Offices)		84108 (Zip Code)

Registrant's telephone number, including area code (801) 588-1000

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

        (c) Exhibits.

Exhibit Number	Description
99.1	Evans & Sutherland Computer Corporation Press Release, dated March 18, 2004.

ITEM 9. REGULATION FD DISCLOSURE.

        In accordance with SEC Release No. 33-8216, the following information, intended to be furnished under "Item 12. Results of Operations and Financial Condition," is instead furnished under "Item 9. Regulation FD Disclosure."

        On March 18, 2004, Evans & Sutherland Computer Corporation ("Evans & Sutherland") issued a press release announcing its financial results for the quarter ended and year ended December 31, 2003, and for restated quarterly financial results for quarters ended March 28, 2003, June 27, 2003, and September 26, 2003. The full text of the press release issued by Evans & Sutherland on March 18, 2004, is attached hereto as Exhibit 99.1.

SIGNATURE

        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.

	EVANS & SUTHERLAND COMPUTER CORPORATION
Date: March 17, 2004	/s/  E. THOMAS ATCHISON E. Thomas Atchison Vice President, Chief Financial Officer and Corporate Secretary

EXHIBIT INDEX

Exhibit Number	Description
99.1	Evans & Sutherland Computer Corporation Press Release, dated March 18, 2004.

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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
ITEM 9. REGULATION FD DISCLOSURE.

SIGNATURE
EXHIBIT INDEX

EX-99.1

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Exhibit 99.1

[EVANS & SUTHERLAND LOGO]

600 Komas Drive	NEWS RELEASE
Salt Lake City, UT 84108 USA	For Immediate Release

Evans & Sutherland Reports Fourth Quarter and Year-End Results

SALT LAKE CITY, UTAH, March 18, 2004—Evans & Sutherland Computer Corporation (NASDAQ: ESCC) today reported financial results for the fourth quarter and year ended December 31, 2003.

        Sales for the 2003 fiscal year were $84.8 million, down 30.8% from sales of $122.6 million in 2002. Net loss for 2003 was $36.0 million, or $3.44 per share, compared to a net loss of $11.7 million, or $1.12 per share, in 2002. For the fourth quarter ended December 31, 2003, sales were $25.4 million, compared to sales of $29.2 million for the fourth quarter of 2002. Net profit for the fourth quarter of 2003 was $1.5 million, or $0.14 per share, compared to a net loss of $6.0 million, or $0.58 per share, in 2002.

Comments from James R. Oyler, President and Chief Executive Officer

        "The fourth quarter was profitable, as we had previously forecast. We have been expecting for some time that 2003 would be a transition year for the company, leading to a return to profitability. This transition has occurred in a difficult market environment and has required numerous changes in the company.

        "During the year we reduced the size of the company twice, and also wrote down inventory held for older products when customer demand for those products declined. We also incurred further costs to complete a number of older military contracts. All of these factors contributed to a sizeable loss in the first three quarters.

        "After the end of the calendar year, we discovered that errors had been made in revenue, cost, and profit recognition in our UK subsidiary during the first three quarters. The errors arose from incorrect estimates of percentage completion on contracts in that unit. Correcting the completion status of the UK contracts resulted in a restatement of our unaudited results for the first three quarters, with a cumulative reduction of $8.9 million of revenue and $5.7 million of earnings for those quarters. Based on the revised completion estimates we have made, most of this revenue, cost, and gross margin will now be recognized in 2004. Additional details are included in the company's SEC Form 10K filed concurrently with this release.

        "We are implementing control systems and procedures in our UK unit to prevent such estimating errors in the future. Similar control systems and procedures were installed for US operations in 2003 and have proven effective, and we are confident that all operations will now have adequate controls to prevent a recurrence in the future.

        "As we enter 2004, we believe both our products and our internal systems are now operating successfully. In addition to the new products introduced in 2003, we plan important additional product introductions in 2004. Both our cash position and our backlog increased during 2003, and we anticipate modest market improvement in the current year. Based on the pattern of our backlog and orders, we expect a loss in Q1 but a profit for the full year."

About Evans & Sutherland

        Evans & Sutherland produces professional hardware and software to create highly realistic visual images for simulation, training, engineering, and other applications throughout the world. E&S visual systems are used in both military and commercial systems, as well as planetariums and interactive theaters. Visit the E&S Web site at http://www.es.com.

        Statements in this press release which are not historical, including statements regarding E&S's or management's intentions, hopes, beliefs, expectations, representations, projections, plans, or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include statements that systems to prevent estimating errors in the US have been successful and that these systems will be installed in the UK in 2004, that we are confident that all operations will now have adequate controls to prevent such errors in the future, that we believe both products and internal systems are operating successfully, that we plan important product introductions in 2004, that the company anticipates market improvement for the current year, a loss in Q1, but a profit for the full year 2004. It is important to note that E&S's actual results could differ materially from those in any such forward-looking statements. Various factors could cause actual results to differ materially, such as the risk factors listed from time to time in E&S's SEC reports.

E&S is a registered trademark of Evans & Sutherland Computer Corporation.

###

Contacts:
Contact:
Thomas Atchison
Chief Financial Officer
Evans & Sutherland
600 Komas Drive, Salt Lake City, UT 84108
801-588-1125
tatchiso@es.com

Media
Joan Mitchell
Public Relations Manager
801-588-1453
jmitchel@es.com

SUMMARY STATEMENTS OF CONSOLIDATED OPERATIONS
(In thousands, except per share data)
Unaudited

			Three Months Ended						Twelve Months Ended
			December 31, 2003			December 31, 2002			December 31, 2003			December 31, 2002
Sales			$	25,424		$	29,202		$	84,776		$	122,578
Cost of sales				14,958			17,721			53,252			78,052
Inventory impairment							1,392			14,566			1,392
		Gross profit		10,466			10,089			16,958			43,134
Expenses:
	Selling, general and administrative			6,369			7,212			27,039			27,131
	Research and development			3,930			6,391			21,730			25,970
	Restructuring charge			(498	)		2,571			3,416			4,492
	Impairment loss			—			311			1,151			311
		Operating expenses		9,801			16,485			53,336			57,904
	Gain on sale of assets held for sale			—			1,212			1,406			1,212
	Gain on curtailment of pension plan			—			—			—			3,575
	Gain on sale of business unit			—			—			—			253
		Operating profit (loss)		665			(5,184	)		(34,972	)		(9,730	)
Other expense, net				153			(795	)		(1,987	)		(2,454	)
		Income (loss) before income taxes		818			(5,979	)		(36,959	)		(12,184	)
Income tax expense (benefit)				(634	)		70			(971	)		(463	)
		Net income (loss)	$	1,452		$	(6,049	)	$	(35,988	)	$	(11,721	)
Basic and diluted net income (loss) per share			$	0.14		$	(0.58	)	$	(3.44	)	$	(1.12	)
Number of shares used in net income (loss) per share calculation				10,481			10,444			10,471			10,422

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Unaudited

			Dec. 31, 2003		Dec. 31, 2002
Assets
	Cash and cash equivalents		$	10,479	$	10,335
	Receivables, billed and unbilled			33,220		44,564
	Inventories			15,973		31,373
	Other assets			9,595		13,017
	Net property, plant and equipment			24,115		28,287
		Total assets	$	93,382	$	127,576
Liabilities and Stockholders' Equity
	Accounts payable and accruals		$	20,972	$	22,764
	Other liabilities			56,844		51,449
	Stockholders' equity			15,566		53,363
		Total liabilities and stockholders' equity	$	93,382	$	127,576

BACKLOG
(In thousands)
Unaudited

Dec. 31, 2003		Dec. 31, 2002
$	64,684	$	59,672

SUMMARY RESTATEMENT OF FIRST THREE QUARTERS 2003
(In thousands, except per share data)
Unaudited

			Three Months Ended						Three Months Ended						Three Months Ended
			Mar. 28,			Mar. 28,			June 27,			June 27,			Sep. 26,			Sep. 26,
			Restated			As Previously Reported			Restated			As Previously Reported			Restated			As Previously Reported
Sales			$	22,578		$	22,693		$	16,010		$	22,196		$	20,765		$	23,410
Cost of sales				14,998			13,870			9,924			13,558			13,372			14,134
Inventory impairment				14,566			14,566			—			—			—			—
		Gross profit		(6,986	)		(5,743	)		6,086			8,638			7,393			9,276
Expenses:
	Selling, general and administrative			7,257			7,257			6,906			6,906			6,507			6,507
	Research and development			7,030			7,030			5,093			5,093			5,677			5,677
	Restructuring charge			1,279			1,279			—			—			2,635			2,635
	Impairment loss			1,151			1,151			—			—			—			—
		Operating expenses		16,717			16,717			11,999			11,999			14,819			14,819
	Gain on sale of assets held for sale			—			—			1,406			1,406			—			—
		Operating loss		(23,703	)		(22,460	)		(4,507	)		(1,955	)		(7,426	)		(5,543	)
Other expense, net				(840	)		(840	)		(498	)		(498	)		(802	)		(802	)
		Loss before income taxes		(24,543	)		(23,300	)		(5,005	)		(2,453	)		(8,228	)		(6,345	)
Income tax expense (benefit)				(268	)		(268	)		119			119			(188	)		(188	)
		Net loss	$	(24,275	)	$	(23,032	)	$	(5,124	)	$	(2,572	)	$	(8,040	)	$	(6,157	)
Basic and diluted net loss per share			$	(2.32	)	$	(2.20	)	$	(0.49	)	$	(0.25	)	$	(0.77	)	$	(0.59	)
Number of shares used in net loss per share calculation				10,459			10,459			10,469			10,469			10,476			10,476

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Unaudited

			Mar. 28, 2003		Mar. 28, 2003		June 27, 2003		June 27, 2003		Sep. 26, 2003		Sep. 26, 2003
			Restated		As Previously Reported		Restated		As Previously Reported		Restated		As Previosly Reported
Assets
	Cash and cash equivalents		$	11,682	$	11,682	$	10,479	$	10,479	$	10,933	$	10,933
	Receivables, billed and unbilled			42,195		40,850		35,026		33,681		28,992		33,835
	Inventories			18,004		18,004		18,657		18,657		17,825		17,825
	Other assets			12,464		12,464		8,738		8,738		8,988		8,988
	Net property, plant and equipment			26,084		26,084		25,199		25,199		24,241		24,241
		Total assets	$	110,429	$	109,084	$	98,099	$	96,754	$	90,979	$	95,822
Liabilities and Stockholders' Equity
	Accounts payable and accruals		$	24,474	$	24,474	$	21,539	$	21,539	$	23,498	$	23,498
	Other liabilities			56,788		54,200		52,405		47,265		51,097		50,262
	Stockholders' equity			29,167		30,410		24,155		27,950		16,384		22,062
		Total liabilities and stockholders' equity	$	110,429	$	109,084	$	98,099	$	96,754	$	90,979	$	95,822

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Evans & Sutherland Reports Fourth Quarter and Year-End Results