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Proc-Type: 2001,MIC-CLEAR
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UNITED STATES CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 October 20, 2003 Date of Report (Date of Earliest Event Reported) HELIX TECHNOLOGY CORPORATION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Delaware
(State or Other Jurisdiction of Incorporation)
0-6866 |
04-2423640 |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
Mansfield Corporate Center |
|
Nine Hampshire Street |
|
Mansfield, Massachusetts |
02048-9171 |
(Address of Principal Executive Offices) |
(Zip Code) |
(508) 337-5500
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
HELIX TECHNOLOGY CORPORATION
Item 9. Regulation FD Disclosure
On October 20, 2003, Helix Technology Corporation (the "Company") announced via press release the Company's results for its third quarter ended September 26, 2003. A copy of the Company's press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are provided under Item 12 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.
The Company has provided in the press release information about the Company's net loss for the three and nine month periods ending September 26, 2003, both including (as required by generally accepted accounting principles (GAAP)) and excluding, a non-cash charge relating primarily to the Company's net deferred tax asset. The net loss information that is provided supplementally (that is a non-GAAP measure) excludes the non-cash charge. Management believes that this presentation is useful to investors in evaluating the Company's operating performance.
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.
Date: October 20, 2003 |
By: /s/ Jay Zager______________ |
|
Jay Zager |
||
Senior Vice President and |
||
Chief Financial Officer |
||
HELIX TECHNOLOGY CORPORATION
EXHIBIT INDEX
Exhibit |
||
Number |
Description of Exhibit |
|
99.1 |
Third Quarter 2003 Earnings Release dated October 20, 2003 |
|
NEWS RELEASE
Contact: Beverly L. Armell
(508) 337-5111
HELIX REPORTS THIRD QUARTER RESULTS
MANSFIELD, MASSACHUSETTS, October 20, 2003... Helix Technology Corporation (Nasdaq: HELX) today announced results for the third quarter ended September 26, 2003, reflecting a net loss for the quarter of $9.1 million, or $(0.35) per diluted share, that includes a non-cash charge of $8.6 million, primarily to establish a full valuation allowance against our net deferred tax assets. The net loss for the quarter would have been $0.5 million, or $(0.02) per diluted share without this charge. These results compare with a net loss of $2.2 million, or $(0.08) per diluted share, reported in the third quarter of 2002. Sales for the third quarter of 2003 were $26.0 million, compared with $27.4 million a year ago.
Net loss for the nine months ended September 26, 2003, was $11.9 million or $(0.46) per diluted share. Without the non-cash charge, the net loss was $3.3 million, or $(0.13) per diluted share, compared with a net loss of $10.5 million, or $(0.42) per diluted share, for 2002. Sales for the nine-month period were $74.2 million in 2003 versus $76.8 million in 2002.
Commenting on the third quarter, Helix President and Chief Executive Officer, Robert J. Lepofsky, said, "Our financial performance in the quarter met expectations. We significantly reduced our operating loss on a modest increase in sequential quarterly revenues. Consistent with the action taken by other companies in our sector, accounting convention required the recording of a full valuation allowance against our net deferred tax asset. Looking forward, we believe that the continuing marketplace success of our expanding portfolio of both products and support services will result in a near-term return to profitability. As we come out of the prolonged semiconductor capital equipment industry downturn, we are well positioned to support the expanding needs of our customers and to report increasingly favorable operating results."
Helix Technology Corporation is a global leader in the development and application of innovative solutions in the field of vacuum technology. Our CTI-Cryogenics and Granville-Phillips product offerings provide a broad range of components and subsystems that are key to the manufacture of semiconductors, flat panel displays and data storage devices. In addition, our highly regarded Global Support activity provides critical ongoing operational support services to semiconductor device producers throughout the world.
To the extent that this press release contains forward-looking statements, including statements regarding the Company's future performance, such statements are based on current expectations and are subject to risks, uncertainties and changes in condition, including, among others, market acceptance of and demand for the Company's products, the success of the Company's strategic initiatives, including its global support operations, the health of the global semiconductor capital equipment market and the timing and scope of any change in the current depressed industry conditions, the Company's success in sustaining order bookings, and other risks indicated in the Company's filings with the Securities and Exchange Commission. Accordingly, actual results could differ materially from those indicated. The Company assumes no obligation to update the information in this press release.
Continued on Page 2
Page 2
HELIX REPORTS THIRD QUARTER RESULTS
CONSOLIDATED STATEMENT OF OPERATIONS |
|||||||||||||||
Third Quarter |
Nine Months |
||||||||||||||
(unaudited) |
(unaudited) |
||||||||||||||
(in thousands except per share amounts) |
2003 |
2002 |
2003 |
2002 |
|||||||||||
Net Sales |
$ |
25,973 |
$ |
27,395 |
$ |
74,151 |
$ |
76,790 |
|||||||
Costs and expenses: |
|||||||||||||||
Cost of sales |
17,133 |
19,279 |
49,966 |
54,473 |
|||||||||||
Research and development |
2,333 |
3,601 |
7,563 |
11,085 |
|||||||||||
Selling, general, and administrative |
7,577 |
9,413 |
22,942 |
25,986 |
|||||||||||
Litigation settlement costs |
-- |
-- |
-- |
2,800 |
|||||||||||
27,043 |
32,293 |
80,471 |
94,344 |
||||||||||||
Operating loss |
(1,070 |
) |
(4,898 |
) |
(6,320 |
) |
(17,554 |
) |
|||||||
Joint venture income |
161 |
263 |
760 |
322 |
|||||||||||
Interest and other income |
229 |
270 |
696 |
635 |
|||||||||||
Loss before taxes |
(680 |
) |
(4,365 |
) |
(4,864 |
) |
(16,597 |
) |
|||||||
Income tax provision (benefit) |
8,424 |
(2,166 |
) |
7,065 |
(6,141 |
) |
|||||||||
Net loss |
$ |
(9,104 |
) |
$ |
(2,199 |
) |
$ |
(11,929 |
) |
$ |
(10,456 |
) |
|||
Net loss per common share: |
|||||||||||||||
Basic |
$ |
(0.35 |
) |
$ |
(0.08 |
) |
$ |
(0.46 |
) |
$ |
(0.42 |
) |
|||
Diluted |
$ |
(0.35 |
) |
$ |
(0.08 |
) |
$ |
(0.46 |
) |
$ |
(0.42 |
) |
|||
Number of shares used in per share calculation: |
|||||||||||||||
Basic |
26,099 |
26,099 |
26,099 |
25,105 |
|||||||||||
Diluted |
26,099 |
26,099 |
26,099 |
25,105 |
SUMMARY BALANCE SHEETS |
||||||||
(unaudited) |
(audited) |
|||||||
(in thousands) |
09/26/03 |
12/31/02 |
||||||
Assets |
||||||||
Cash, cash equivalents, and investments |
$ |
66,315 |
$ |
63,319 |
||||
Accounts receivable |
18,445 |
15,036 |
||||||
Inventories |
21,791 |
23,946 |
||||||
Other current assets |
1,562 |
20,787 |
||||||
Fixed and other assets |
34,091 |
36,383 |
||||||
Total Assets |
$ |
142,204 |
$ |
159,471 |
||||
Liabilities and Stockholders' Equity |
||||||||
Current liabilities |
$ |
24,047 |
$ |
27,229 |
||||
Stockholders' equity |
118,157 |
132,242 |
||||||
Total Liabilities and Stockholders' Equity |
$ |
142,204 |
$ |
159,471 |
||||
The Company's quarterly report on Form 10-Q
is available to any stockholder upon request.