-----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, IbOpHLEL+DtqfIyB2jHhzTgAMdfBes5LqlTlmvZLe5UGT/9wEodvm2mfsuGRnSX2 wgXbNuMMh9fRXKgPW2rtZw== 0001275287-05-004097.txt : 20051026 0001275287-05-004097.hdr.sgml : 20051026 20051026085444 ACCESSION NUMBER: 0001275287-05-004097 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051026 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051026 DATE AS OF CHANGE: 20051026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEI INC CENTRAL INDEX KEY: 0000351298 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 410944876 STATE OF INCORPORATION: MN FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10078 FILM NUMBER: 051155696 BUSINESS ADDRESS: STREET 1: 1495 STEIGER LAKE LN STREET 2: P O BOX 5000 CITY: VICTORIA STATE: MN ZIP: 55386 BUSINESS PHONE: 9524432500 MAIL ADDRESS: STREET 1: P O BOX 5000 STREET 2: 1495 STEIGER LAKE LANE CITY: VICTORIA STATE: MN ZIP: 55386 8-K 1 hi3864.txt FORM 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): October 26, 2005 HEI, Inc. (Exact name of Registrant as Specified in Charter) Minnesota 0-10078 41-0944876 ---------------------------- ------------ ------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) PO Box 5000, 1495 Steiger Lake Lane, Victoria, Minnesota 55386 -------------------------------------------------------------- (Address of Principal Executive Offices, including Zip Code) (952) 443-2500 ---------------------------------------------------- (Registrant's telephone number, including area code) N/A ------------------------------------------------------------- (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 obligations of the registrant under any of the following provisions (see General Instruction A.2.): [ ] 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. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION HEI, Inc. issued a press release on October 26, 2005 disclosing its results of operations for the three months and year ended August 31, 2005. The full text of the press release issued on October 26, 2005 is furnished as Exhibit 99.1 to this report. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits The following Exhibits shall be deemed furnished and not filed as a part of this Report: Exhibit No. Description of Exhibit - ----------- ----------------------------------------------------------------- 99.1 Press release issued October 26, 2005, announcing results of operations for the three months and year ended August 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. HEI, INC. Dated: October 26, 2005 By /s/ Timothy Clayton ---------------------------- Timothy Clayton Its: Chief Financial Officer Exhibit Index 99.1 Press Release dated October 26, 2005, regarding the Company announcing results for three months and year ended August 31, 2005. EX-99.1 2 hi3864ex991.txt EXHIBIT 99.1 Exhibit 99.1 HEI ANNOUNCES FOURTH QUARTER AND FULL FISCAL 2005 RESULTS -- Record revenues of $15.1 million in fourth quarter of fiscal 2005 -- Fiscal 2005 revenues increase 31% over fiscal 2004 -- Net income of $204,000 in fourth quarter MINNEAPOLIS, Oct. 25 /PRNewswire-FirstCall/ -- HEI, Inc. (Nasdaq: HEII) ( http://www.heii.com ) today announced results for its fourth quarter and full fiscal year, which ended August 31, 2005. HEI achieved record revenues of $15.1 million in the fourth quarter of fiscal 2005. This represents a 34% improvement over sales of $11.3 million reported in the fourth quarter of fiscal 2004. The Company reported net income of $204,000 or $0.02 per diluted share in the fourth quarter this year as compared to a loss of $1.8 million or ($0.21) per share last year. Operating income for the fourth quarter of fiscal 2005 was $386,000 as compared with an operating loss of $2.2 million in the fourth quarter of fiscal 2004. For the fiscal year ended August 31, 2005, net sales were $56.6 million, an increase of 31% over sales of $43.3 million in fiscal 2004. The Company reported net income for the year of $355,000 or $0.04 per diluted share as compared with a loss of $7.0 million or ($0.90) per share for fiscal 2004. "We are pleased to end the year on a positive note," stated Mr. Traynor, President and CEO. "This has been an important year for HEI as we have worked hard to grow our revenue base and improve many of our internal processes. Our revenue growth has continued into the fourth quarter resulting in record revenues of $15.1 million for the quarter and $56.6 million for the year. Importantly, HEI posted positive operating income and net income for the second consecutive quarter. We will continue to build on this positive momentum as we head into fiscal 2006 as we work to deliver improved results for our shareholders. I wish to thank all of our employees who have worked so hard to return the Company to profitability," concluded Mr. Traynor. The Company will hold a conference call to discuss the Company's operating results and business strategies on Wednesday October 26, 2005 at 4:00 p.m. Eastern Time (3:00 p.m. Central Time). This call is being web cast and is also accessible via telephone. To access the listen-only web cast, visit http://www.actioncast.acttel.com and enter Event ID 28309. The conference call can be accessed via telephone by dialing 1-800-257-7087 (outside the US, dial 303-262-2125). Specify conference reservation number 11043114. HEI, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except per share data)
Three Months Ended Year Ended ----------------------- ----------------------- August 31, August 31, August 31, August 31, 2005 2004 2005 2004 ---------- ---------- ---------- ---------- Net sales $ 15,068 $ 11,278 $ 56,631 $ 43,320 Cost of sales 11,877 9,821 45,047 39,197 Gross profit 3,191 1,457 11,584 4,123 Operating expenses: Selling, general and administrative 2,002 2,296 8,383 8,113 Research, development and engineering 803 849 3,264 3,165 Gain on claim settlement - (300) Investigation and impairment costs - 508 - 1,359 Operating income (loss) 386 (2,196) 237 (8,514) Other income (expenses) (182) 438 118 1,505 Income (loss) before income taxes 204 (1,029) 355 (7,009) Income taxes - - - - Net income (loss) $ 204 $ (1,758) $ 355 $ (7,009) Deemed dividend on Preferred Stock $ - $ - $ 1,072 $ - Net income (loss) attributable to common stock $ 204 $ (1,758) $ (717) $ (7,009) Earnings (loss) Per Common Share: Basic and Diluted: Net income (loss) $ 0.02 $ (0.21) $ 0.04 $ (0.90) Deemed dividend on Preferred Stock - (0.13) - Net income (loss) attributable to common stock $ 0.02 $ (0.21) $ (0.09) $ (0.90) Weighted Average Shares Used in EPS Calculation Basic: 8,432 8,310 8,382 7,745 Diluted: 9,962 8,310 8,958 7,745
HEI, Inc. Consolidated Balance Sheets (In thousands) August 31, August 31, 2005 2004 (unaudited) (audited) ------------ ------------ Cash and cash equivalents $ 351 $ 200 Restricted cash - 481 Accounts receivable, net 9,278 6,770 Inventories 8,044 6,787 Other current assets 1,136 1,221 Total current assets 18,808 15,459 Net property and equipment 6,889 7,391 Other assets 1,979 2,262 Total assets $ 27,677 $ 25,112 Line of credit $ 2,563 $ 1,310 Current maturities of long-term debt 484 403 Accounts payable and accruals 8,148 10,332 Total current liabilities 11,195 12,045 Long-term debt, less current maturities 1,813 1,833 Other long-term liabilities 873 1,277 Total shareholders' equity 13,796 9,957 Total liabilities and shareholder's equity $ 27,677 $ 25,112 HEI, Inc. designs, develops and manufactures microelectronics, subsystems, systems, connectivity and software solutions for OEMs engaged in the medical equipment and medical device, hearing, communications, and industrial markets. HEI provides its customers with a single point of contact that can take an idea from inception to a fully functional, cost effective and manufacturability product utilizing innovative design solutions and by the application of state-of-the-art materials, processes and manufacturing capabilities. Headquarters & Microelectronics Division PO Box 5000, 1495 Steiger Lake Lane, Victoria, MN 55386 -Advanced Medical Division 4801 North 63rd Street, Boulder CO 80301 -High Density Interconnect Division 610 South Rockford Drive, Tempe, AZ 85281 RF Identification and Smart Card Division 1546 Lake Drive West, Chanhassen, MN 55317 FORWARD-LOOKING INFORMATION Information in this news release, which is not historical, includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements contained in this press release, including the implementation of business strategies, growth of specific markets, improved results and the estimated HEI revenue, cash flow and profits, HEI's expectations regarding continued listing of HEI's common stock on Nasdaq, are forward-looking statements. All of such forward- looking statements involve risks and uncertainties including, without limitation, continuing adverse business and market conditions, the ability of HEI to secure and satisfy customers, the availability and cost of materials from HEI's suppliers, our ability to satisfy financial or other obligations or covenants set forth in our banking agreements, adverse competitive developments, change in or cancellation of customer requirements, the integration of the Advanced Medical Division, collection of outstanding debt, HEI's ability to succeed on the merits and defend against litigation, and other risks detailed from time to time in HEI's SEC filings. We undertake no obligation to update these statements to reflect ensuing events or circumstances, or subsequent actual results. SOURCE HEI, Inc. -0- 10/25/2005 /CONTACT: Mack V. Traynor, CEO, or Timothy Clayton, CFO, both of HEI, Inc., +1-952-443-2500/ /Web site: http://www.heii.com / (HEII) -----END PRIVACY-ENHANCED MESSAGE-----