-----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, J5SbOiXxXHydcCsbouo4ZJ6OEX5nqn6UyaSe3EhPHHXgykyBBQEPYkTzdl/bEmss /CWf0xmIPvXuuorsdX9oZA== 0001047469-04-023885.txt : 20040722 0001047469-04-023885.hdr.sgml : 20040722 20040722090549 ACCESSION NUMBER: 0001047469-04-023885 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040722 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EVANS & SUTHERLAND COMPUTER CORP CENTRAL INDEX KEY: 0000276283 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690] IRS NUMBER: 870278175 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14677 FILM NUMBER: 04925591 BUSINESS ADDRESS: STREET 1: 600 KOMAS DR CITY: SALT LAKE CITY STATE: UT ZIP: 84108 BUSINESS PHONE: 8015881815 MAIL ADDRESS: STREET 1: 600 KOMAS DR CITY: SALT LAKE CITY STATE: UT ZIP: 84108 8-K 1 a2140496z8-k.htm 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): July 22, 2004 (July 22, 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)
  87-0278175
(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 July 22, 2004.


ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

        On July 22, 2004, Evans & Sutherland Computer Corporation ("Evans & Sutherland") issued a press release announcing its financial results for the three and six months ended July 2, 2004. The full text of the press release issued by Evans & Sutherland on July 22, 2004, is attached hereto as Exhibit 99.1.

2



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: July 22, 2004

/s/  
E. THOMAS ATCHISON      
E. Thomas Atchison
Vice President, Chief Financial Officer
and Corporate Secretary

3



EXHIBIT INDEX

Exhibit Number

  Description
99.1   Evans & Sutherland Computer Corporation Press Release, dated July 22, 2004.



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SIGNATURE
EXHIBIT INDEX
EX-99.1 2 a2140496zex-99_1.htm EX-99.1
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Exhibit 99.1

LOGO

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


Evans & Sutherland Reports Second Quarter 2004 Results

SALT LAKE CITY, UTAH, July 22, 2004—Evans & Sutherland Computer Corporation (NASDAQ: ESCC) today reported financial results for the second quarter ended July 2, 2004.

        Sales for the quarter were $16.8 million, up 5.0% from sales of $16.0 million for the second quarter of 2003. The second quarter of 2004 had a net loss of $2.3 million, or $0.22 per share, compared to a net loss of $5.1 million, or $0.49 per share for the second quarter of 2003.

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

        "Orders were stronger in the second quarter, increasing 33% from the first quarter of 2004 and contributing to an increase in backlog. However, a substantial portion of the orders came late in the quarter and consequently did not contribute to second quarter sales or gross profit. Nevertheless, our net loss for the second quarter of 2004 narrowed from the first quarter of 2004.

        "We completed the sale of a building which we no longer needed for operations, and the gain on that sale was included in the second quarter results. Most of this gain was offset by expenses incurred during the quarter to begin pre-production of our laser projector. Early orders for the laser projector have recently been announced for delivery in 2005 and 2006.

        "Cash on hand increased substantially during the quarter, enabling us to eliminate all short term debt just after the end of the period.

        "We expect orders to increase further in the third quarter, leading to profitability in the second half of 2004."

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. These include statements that we expect orders to increase further in the third quarter leading to profitability in the second half of 2004, and that we expect early orders for our laser projector to be delivered in 2005 and 2006. 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:        
Investors
Thomas Atchison
Chief Financial Officer
801-588-1125
tatchiso@es.com
      Media
Joan Mitchell
Public Relations Manager
801-588-1453
jmitchel@es.com

2



CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS INFORMATION

(In thousands, except per share data)

Unaudited

 
  Three Months Ended
  Six Months Ended
 
 
  July 2, 2004
  June 27, 2003
  July 2, 2004
  June 27, 2003
 
 
   
  (As restated)

   
  (As restated)

 
Sales   $ 16,816   $ 16,010   $ 34,606   $ 38,587  
Cost of sales     10,955     9,924     21,863     24,922  
Inventory impairment                   14,566  
   
 
 
 
 
    Gross profit (loss)     5,861     6,086     12,743     (901 )
   
 
 
 
 
Expenses:                          
  Selling, general and administrative     6,052     6,906     12,138     14,163  
  Research and development     5,203     5,093     9,157     12,123  
  Restructuring charge (gain)             (491 )   1,279  
  Impairment loss                 1,151  
   
 
 
 
 
    Operating expenses     11,255     11,999     20,804     28,716  
   
 
 
 
 
  Gain on sale of assets held for sale     3,488     1,406     3,488     1,406  
  Gain on sale of assets             155      
   
 
 
 
 
    Operating loss     (1,906 )   (4,507 )   (4,418 )   (28,211 )
Other expense, net     (334 )   (498 )   (824 )   (1,338 )
   
 
 
 
 
    Loss before income taxes     (2,240 )   (5,005 )   (5,242 )   (29,549 )
Income tax expense (benefit)     58     119     96     (149 )
   
 
 
 
 
    Net loss   $ (2,298 ) $ (5,124 )   (5,338 ) $ (29,400 )
   
 
 
 
 
Basic and diluted net loss per share   $ (0.22 ) $ (0.49 ) $ (0.51 ) $ (2.81 )
   
 
 
 
 
Number of shares used in net loss per share calculation     10,495     10,469     10,491     10,464  

3




CONDENSED CONSOLIDATED BALANCE SHEETS INFORMATION

(In thousands)

Unaudited

 
  July 2, 2004
  Dec. 31, 2003
Assets            
  Cash and restricted cash   $ 12,370   $ 10,479
  Net receivables, billed and unbilled     21,770     33,220
  Inventories     13,921     15,973
  Other assets     7,494     9,595
  Net property, plant and equipment     22,814     24,115
   
 
    Total assets   $ 78,369   $ 93,382
   
 
Liabilities and Stockholders' Equity            
  Accounts payable and accrued expenses   $ 18,284   $ 20,972
  Other liabilities     49,787     56,844
  Stockholders' equity     10,298     15,566
   
 
    Total liabilities and stockholders' equity   $ 78,369   $ 93,382
   
 


BACKLOG

(In thousands)

Unaudited

 
  July 2, 2004
  Dec. 31, 2003
    $ 68,952   $ 64,684
   
 

4




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Evans & Sutherland Reports Second Quarter 2004 Results
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