-----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, Bu9eY1xU4YySxxjjBCtaJMCENN/NYKf7aKn9lC6hnyn7YLnYYWcfZlJ5Pq1FHMxC YXrFlgMcbBHKQRu9fEVh9g== 0000350621-97-000005.txt : 19970715 0000350621-97-000005.hdr.sgml : 19970715 ACCESSION NUMBER: 0000350621-97-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970714 ITEM INFORMATION: Other events FILED AS OF DATE: 19970714 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: C COR ELECTRONICS INC CENTRAL INDEX KEY: 0000350621 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 240811591 STATE OF INCORPORATION: PA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10726 FILM NUMBER: 97639813 BUSINESS ADDRESS: STREET 1: 60 DECIBEL RD CITY: STATE COLLEGE STATE: PA ZIP: 16801 BUSINESS PHONE: 8142382461 MAIL ADDRESS: STREET 1: 60 DECIBEL ROAD CITY: STATE COLLEGE STATE: PA ZIP: 16801 8-K 1 ITEM 5 - OTHER EVENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) July 10, 1997 Commission File Number: 0-10726 C-COR Electronics, Inc. (Exact name of Registrant as specified in its charter) Pennsylvania 24-0811591 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 60 Decibel Road, State College, Pennsylvania 16801 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (814) 238-2461 Title of each class Name of each exchange on which registered None Not Applicable Item 5. Other Events. The Registrant announced on July 10, 1997 that it will discontinue its digital fiber optic business, located in Fremont, California, in a phasedown process which will include disposal of inventory, work force reductions, and satisfaction of its lease obligation on the facility, all over the next nine months. The schedule has been designed around enabling the Company to continue to provide product support and customer service from the Company's State College, Pennsylvania, facility. The anticipated loss (net of tax effect) on the disposal of the discontinued business is approximately $4,000,000, or $0.43 per share (unaudited), which will be included in fourth quarter fiscal year 1997 results. The Company experienced a loss (net of tax effect) from the digital fiber optic business of $2,184,000, or $0.22 per share, through the first three quarters of fiscal year 1997. The loss (net of tax effect) from the discontinued segment for fiscal year 1996 was $3,095,000 or $0.31 per share. The Company anticipates additional significant operating losses from the discontinued digital fiber optic business in the fourth quarter. C-COR expects to announce fiscal year 1997 fourth quarter and year-end results on August 20, 1997. C-COR President and Chief Executive Officer Scott C. Chandler explained, "The discontinuation of the digital fiber optic business is being made based on an assessment of the potential return on continued funding of product development for C-COR's proprietary digital technology versus other opportunities for investments in the Company's core business, especially AM fiber optic technology. The decision is consistent with the Company's ongoing plan to take action to enhance overall profitability. This move will allow C-COR to better focus on its core strengths of offering products and services used in the distribution of voice, video and data, particularly over hybrid fiber coax (HFC) networks."
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands of dollars except share and per share amounts) Thirty-nine Fiscal Year Weeks Ended Ended March 28, 1997 June 28, 1996 -------------- -------------- NET SALES $ 95,347 $ 139,539 Cost of Sales 75,734 104,852 Selling, general and administrative expenses 11,228 15,917 Research and product development costs 4,258 4,857 Other (income) expense (19) 619 -------------- -------------- 91,201 126,245 -------------- -------------- Income from continuing operations before income taxes 4,146 13,294 Income tax expense 703 4,280 -------------- -------------- Income from continuing operations 3,443 9,014 DISCONTINUED OPERATIONS: Loss from operations of discontinued business segment, less applicable income tax benefit (2,184) (3,095) -------------- -------------- Net Income $ 1,259 $ 5,919 ============== ============== NET INCOME (LOSS) PER SHARE: Continuing operations $ 0.35 $ 0.91 Discontinued operations: Loss from operations $ (0.22) $ (0.31) -------------- -------------- Total $ 0.13 $ 0.60 ============== ============== Weighted average number of common shares and common share equivalents 9,747,000 9,868,000
SIGNATURES Pursuant to the requirements of Section 13 or 15 (d) 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. C-COR ELECTRONICS, INC. (Registrant) July 14, 1997 /s/ Chris A. Miller, Vice President-Finance, Secretary and Treasurer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----