-----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, UYfKWEqZ2nOHeEzE/BAC3IESV3IGjIrxX6KpKslvr7sd9M3DfE5UHJHrzoDgcBQM +Lh+xjD9SjQ1bT9T5XxbDQ== 0000927356-97-001028.txt : 19970822 0000927356-97-001028.hdr.sgml : 19970822 ACCESSION NUMBER: 0000927356-97-001028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970821 ITEM INFORMATION: Other events FILED AS OF DATE: 19970821 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: HATHAWAY CORP CENTRAL INDEX KEY: 0000046129 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 840518115 STATE OF INCORPORATION: CO FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-04041 FILM NUMBER: 97667795 BUSINESS ADDRESS: STREET 1: 8228 PARK MEADOWS DR CITY: LITTLETON STATE: CO ZIP: 80124-2746 BUSINESS PHONE: 3034261600 FORMER COMPANY: FORMER CONFORMED NAME: HATHAWAY INSTRUMENTS INC DATE OF NAME CHANGE: 19820916 8-K 1 FORM 8-K 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): AUGUST 21, 1997 HATHAWAY CORPORATION (Exact name of registrant as specified in Charter) COLORADO 0-4041 84-0518115 (State or other jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 8228 PARK MEADOWS DRIVE, LITTLETON, COLORADO 80124 (Address of Principal executive offices) Registrant's telephone number, including area code: (303) 799-8200 SECURITIES AND EXCHANGE COMMISSION FORM 8-K HATHAWAY CORPORATION ITEM 5. OTHER EVENTS Hathaway Corporation ("the Company") is filing this Form 8-K in order to provide investors with timely financial information. The Company is filing its unaudited condensed consolidated balance sheet as of June 30, 1997 and the related unaudited condensed consolidated statement of cash flows for the year then ended, together with comparative data for the year ended June 30, 1996 derived from the Company's audited financial statements. This information supplements the earnings data disclosed by the Company in a press release dated August 18, 1997, which is included in this filing. The Company expects to file its June 30, 1997 Annual Report and Form 10-K by September 26, 1997. Certain information and all footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted herein. Accordingly, the accompanying financial information is not, and should not be considered to be in full compliance with Regulation S-X or generally accepted principles. The reader is urged to read the information contained herein in conjunction with the Consolidated Financial Statements and related Notes to such Statements included in the June 30, 1996 Annual Report and Form 10-K, and the March 31, 1997 Form 10-Q, previously filed by the Company. The following financial statements and exhibits are set forth in the pages attached hereto: a. Condensed Consolidated Balance Sheets as of June 30, 1997 (Unaudited) and 1996 b. Condensed Consolidated Statements of Cash Flows for the years ended June 30, 1997 (Unaudited) and 1996 c. Press Release dated August 18, 1997 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. HATHAWAY CORPORATION Date: August 21, 1997 By: /s/ Richard D. Smith - --------------------- ------------------------- Executive Vice President, Treasurer, and Chief Financial and Accounting Officer 1 HATHAWAY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
JUNE 30, 1997 JUNE 30, 1996 (UNAUDITED) - ------------------------------------------------------------------------ ASSETS CURRENT ASSETS: Cash and cash equivalents $ 3,431 $ 4,925 Restricted cash 253 312 Marketable securities -- 201 Trade receivables, net 6,910 6,293 Inventories, net 4,907 4,972 Prepaid expenses and other 2,028 1,750 - ------------------------------------------------------------------------ Total current assets 17,529 18,453 Property and equipment, net 1,841 1,727 Other 597 959 - ------------------------------------------------------------------------ TOTAL ASSETS $19,967 $21,139 ======================================================================== LIABILITIES AND STOCKHOLDERS' INVESTMENT CURRENT LIABILITIES: Long-term debt classified as current $ 1,769 $ -- Accounts payable and accrued liabilities 5,172 5,080 - ------------------------------------------------------------------------ Total current liabilities 6,941 5,080 Long-term debt -- 1,777 - ------------------------------------------------------------------------ TOTAL LIABILITIES 6,941 6,857 STOCKHOLDERS' INVESTMENT: Common stock 100 100 Additional paid-in capital 9,954 9,712 Loans receivable for stock (235) (235) Retained earnings 6,818 8,247 Cumulative translation adjustments 360 163 Treasury stock (3,971) (3,705) - ------------------------------------------------------------------------ TOTAL STOCKHOLDERS' INVESTMENT 13,026 14,282 - ------------------------------------------------------------------------ TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT $19,967 $21,139 ========================================================================
2 HATHAWAY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS)
FOR THE YEARS ENDED JUNE 30, 1997 1996 (UNAUDITED) - --------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(1,429) $(1,013) Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization 1,199 960 Other 241 (149) Changes in operating assets and liabilities (208) 109 - --------------------------------------------------------------------------- Net cash from operating activities (197) (93) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (651) (719) Purchase of Tate Integrated Systems (863) -- Other 201 1,095 - --------------------------------------------------------------------------- Net cash from investing activities (1,313) 376 CASH FLOWS FROM FINANCING ACTIVITIES: Repayments on line of credit and long-term debt (8) (360) Dividends paid to stockholders -- (426) Other (24) (42) - --------------------------------------------------------------------------- Net cash from financing activities (32) (828) EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 48 (35) - --------------------------------------------------------------------------- NET DECREASE IN CASH AND CASH EQUIVALENTS (1,494) (580) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 4,925 5,505 - --------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS AT END OF YEAR $ 3,431 $ 4,925 ===========================================================================
3 HATHAWAY CORPORATION PRESS RELEASE RELEASE: AUGUST 18, 1997 CONTACT: JULIE L. ALONZI STOCK SYMBOL: HATH (NASDAQ-NMS) FOR IMMEDIATE RELEASE =========================================================================== HATHAWAY REPORTS FOURTH QUARTER RESULTS DENVER, COLORADO -- Hathaway Corporation (NASDAQ: HATH) today announced it recognized net income of $108,000, or $.02 per share, for the fourth fiscal quarter ended June 30, 1997, compared to net income of $238,000, or $.06 per share, for the fourth quarter of last year. Revenues increased 14% in the fourth quarter from $9,948,000 last year to $11,317,000 this year. Hathaway recognized a net loss of $1,429,000, or $.33 per share, for the year ended June 30, 1997, compared to a net loss of $1,013,000, or $.24 per share, for the year ended June 30, 1996. Of the loss for 1997, $923,000 is a result of the investment in Hathaway Industrial Automation (HIA) acquired by the Company effective September 30, 1996. The year's net loss excluding the loss of HIA was $506,000, which compares to last year's loss of $1,013,000. HIA is a full service supplier of process automation systems for Supervisory Control and Data Acquisition (SCADA) and Distributed Control Systems (DCS) used in industrial applications. Its advanced technology is being developed to put Hathaway in the forefront of future power systems automation. Revenues for the year increased 13% from $35,411,000 in fiscal 1996 to $39,946,000 in fiscal 1997. The increase in revenues is due to a 16% increase in power and process sales and a 7% increase in motion control sales. The increase in power and process revenues is due to revenues generated by HIA since September 30, 1996 and a 3% increase in traditional power and process revenues. "We believe 1997 was a positive year for Hathaway. The increase in traditional power and process revenues - the first increase over the prior year since 1993 - is very encouraging for the future of the Company. Motion control revenues also continue to grow. In addition, we are beginning to see significant savings generated from the cost reduction initiatives implemented in 1996 and 1997," commented Gene Prince, Chairman of the Board, President and Chief Executive Officer. "Our investment in HIA furthers our efforts to participate in the system automation industry in HIA's traditional industrial market, as well as in the power market." Headquartered in Denver, Colorado, Hathaway designs, manufactures and sells advanced systems and instrumentation to the worldwide power and process industries, as well as motion control products to a broad spectrum of customers throughout the world. With subsidiaries in the United States and United Kingdom and joint venture investments in China and Malaysia, Hathaway is the world's leading manufacturer of electric power fault recording equipment and a leader in process calibration technology and motion control products. 4 HATHAWAY CORPORATION PRESS RELEASE (CONTINUED) FINANCIAL SUMMARY IN THOUSANDS (EXCEPT PER SHARE DATA)
FOR THE THREE MONTHS ENDED FOR THE YEARS ENDED JUNE 30, JUNE 30, 1997 1996 1997 1996 (UNAUDITED) (UNAUDITED) (UNAUDITED) ============================================================================================================ Revenues $11,317 $9,948 $39,946 $35,411 Income (loss) before income taxes 50 120 (2,192) (1,398) Benefit for income taxes 58 118 763 385 ----------------------------------------------------------- Net income (loss) $ 108 $ 238 $(1,429) $(1,013) =========================================================== PER SHARE AMOUNTS: Primary net income (loss) per share $ 0.02 $ 0.06 $ (0.33) (0.24) =========================================================== Primary common and common equivalent shares 4,318 4,271 4,317 4,264 ===========================================================
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