-----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, NF5oZK3TJPwajRSsNHAC5ShtWFnGwg0vk7Av40n+Nq7iMJAyO4x3WPlc0tWmTpKG yv9NySw8Nafp3tb8F6FXeA== 0001157523-07-007400.txt : 20070727 0001157523-07-007400.hdr.sgml : 20070727 20070727093018 ACCESSION NUMBER: 0001157523-07-007400 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070727 DATE AS OF CHANGE: 20070727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DRS TECHNOLOGIES INC CENTRAL INDEX KEY: 0000028630 STANDARD INDUSTRIAL CLASSIFICATION: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812] IRS NUMBER: 132632319 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08533 FILM NUMBER: 071004879 BUSINESS ADDRESS: STREET 1: 3RD FLOOR STREET 2: 5 SYLVAN WAY CITY: PARSIPPANY STATE: NJ ZIP: 07054 BUSINESS PHONE: 9738981500 MAIL ADDRESS: STREET 1: 3RD FLOOR STREET 2: 5 SYLVAN WAY CITY: PARSIPPANY STATE: NJ ZIP: 07054 FORMER COMPANY: FORMER CONFORMED NAME: DIAGNOSTIC RETRIEVAL SYSTEMS INC DATE OF NAME CHANGE: 19920703 8-K 1 a5457733.txt DRS TECHNOLOGIES, INC. 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 Reported): July 27, 2007 (July 26, 2007) DRS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 1-08533 13-2632319 (State or other jurisdiction of (Commission (IRS Employer incorporation or organization) File Number) Identification Number) 5 Sylvan Way, Parsippany, New Jersey 07054 (Address of principal executive offices) (973) 898-1500 (Registrant's telephone number, including area code) Not Applicable (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 registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] 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 July 27, 2007, DRS Technologies, Inc. issued a press release announcing certain expected results for its first fiscal quarter ended June 30, 2007. A copy of the press release is attached as Exhibit 99.1 and incorporated by reference into this item. ITEM 7.01. REGULATION FD DISCLOSURE On July 27, 2007, DRS Technologies, Inc. issued a press release announcing that it would record an operating charge related to the Thermal Weapon Sights II (TWS II) program when it reports its fiscal 2008 first quarter results on August 9, 2007. A copy of the press release is attached as Exhibit 99.1 and incorporated by reference into this item. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits The following press release is included as an exhibit to this report: Exhibit No. Description ----------- ----------- 99.1 DRS Technologies, Inc. Press Release dated July 27, 2007 entitled "DRS Technologies to Record Charge in First Quarter for Weapon Sights Program." DRS TECHNOLOGIES, INC. 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 thereunto duly authorized. DRS TECHNOLOGIES, INC. ---------------------- (Registrant) Date: July 27, 2007 By: /s/ RICHARD A. SCHNEIDER ------------------------ Richard A. Schneider Executive Vice President, Chief Financial Officer INDEX TO EXHIBITS Exhibit No. Description - ----------- ----------- 99.1 DRS Technologies, Inc. Press Release dated July 27, 2007 entitled "DRS Technologies to Record Charge in First Quarter for Weapon Sights Program." EX-99.1 2 a5457733ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 DRS Technologies to Record Charge in First Quarter for Weapon Sights Program Company Updates Fiscal Year Diluted EPS Guidance to $3.00-$3.10 PARSIPPANY, N.J.--(BUSINESS WIRE)--July 27, 2007--DRS Technologies, Inc. (NYSE: DRS) today announced that it would record an operating charge related to the Thermal Weapon Sights II (TWS II) program when it reports its fiscal 2008 first quarter results on August 9, 2007. The pretax charge, which is expected to approximate $37 million, or $23 million after tax, primarily reflects the cost of procuring new material following recent design modifications, coupled with the write-off of existing inventory that can no longer be utilized on the program. The TWS II program is supported by the company's Reconnaissance, Surveillance & Target Acquisition (RSTA) Segment. The company said it expects to resume shipments during its fiscal second quarter, which ends September 30, 2007. Recognizing the importance of the TWS II program to U.S. combat forces, Mark S. Newman, chairman, president and chief executive officer of DRS Technologies, said, "We regret the impact of this program delay on our customer. The company is fully committed to the TWS II program and remains dedicated to applying the necessary resources to resume production and deliver the needed equipment as soon as possible." The company indicated it expects to report revenues above $725 million for the fiscal 2008 first quarter ended June 30, 2007, with organic growth exceeding 15 percent. New orders for products and services of approximately $900 million also are expected. In anticipation of the first quarter results, the company updated its estimates for the full fiscal year. DRS raised its previous revenue guidance to now range between $3.05 billion and $3.10 billion for the fiscal year ending March 31, 2008, reflecting the strength of its diversified business base. Current expectations for diluted earnings per share of $3.00 to $3.10 on weighted average diluted shares outstanding of approximately 41.8 million reflect the anticipated benefit from higher revenues, planned operating improvements, an estimated curtailment gain of approximately $11.7 million related to one of the company's benefit plans and a lower effective income tax rate, as well as the impact of the TWS II charge. The TWS II program is providing a family of next-generation light, medium and heavy sights mounted on U.S. Army and Marine Corps weapons. Utilizing thermal imaging technology, TWS II is optimized to detect threats at greater distances and provides a wider field of view, enhancing user survivability on the operational and urban battlefields. DRS Technologies, headquartered in Parsippany, New Jersey, is a leading supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide. The company employs approximately 10,000 people. For more information about DRS Technologies, please visit the company's web site at www.drs.com. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on management's beliefs and assumptions, current expectations, estimates and projections. Such statements, including statements relating to DRS Technologies' expectations for future financial performance, are not considered historical facts and are considered forward-looking statements under the federal securities laws. These statements may contain words such as "may," "will," "intend," "plan," "project," "expect," "anticipate," "could," "should," "would," "believe," "estimate," "contemplate," "possible" or similar expressions. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements and include, without limitation, demand and competition for the Company's products and other risks or uncertainties detailed in the Company's Securities and Exchange Commission filings. Given these uncertainties, you should not rely on forward-looking statements. Such forward-looking statements speak only as of the date on which they were made, and the Company undertakes no obligations to update any forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT: DRS Technologies, Inc. Patricia M. Williamson, 973-898-1500 -----END PRIVACY-ENHANCED MESSAGE-----