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UNITED STATES CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 July 21, 2005 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
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))
HELIX TECHNOLOGY CORPORATION
Item 2.02. Results of Operations and Financial Condition.
On July 21, 2005, Helix Technology Corporation (the "Company") announced via press release the Company's results for its second quarter 2005.
A copy of the press release is furnished herewith as Exhibit 99. Exhibit 99 is furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
99 Press Release issued by Helix Technology Corporation dated July 21, 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.
Date: July 21, 2005 |
By: /s/ James Gentilcore |
|
James Gentilcore |
||
President and |
||
Chief Executive Officer |
||
HELIX TECHNOLOGY CORPORATION
EXHIBIT INDEX
Exhibit |
||
Number |
Description of Exhibit |
|
99 |
Second Quarter 2005 Earnings Release dated July 21, 2005 |
|
NEWS RELEASE
Contact: Beverly L. Couturier
(508) 337-5111
HELIX REPORTS SECOND QUARTER RESULTS
MANSFIELD, MASSACHUSETTS, July 21, 2005... Helix Technology Corporation (Nasdaq: HELX) today announced results for the second quarter ended July 1, 2005. Net income for the quarter was $2.6 million, or $0.10 per diluted share, compared with net income of $1.7 million or $0.07 per diluted share for the immediately preceding quarter and $6.3 million, or $0.24 per diluted share, for the second quarter of 2004. Sales for the second quarter of 2005 were $41.9 million, compared with $38.9 million in the immediately preceding quarter and $44.0 million in the second quarter of 2004.
Net income for the six months ended July 1, 2005, was $4.3 million or $0.17 per diluted share, compared with net income of $11.0 million, or $0.42 per diluted share, for 2004. Sales for the six-month period were $80.8 million in 2005, versus $84.4 million in 2004.
Commenting on the second quarter, Helix President and Chief Executive Officer, James Gentilcore, said, "I am pleased with the revenue for the quarter and with our overall financial performance, which reflects the continued focus on margin improvement that strengthens our position in any phase of the business cycle. Service revenue growth was particularly strong, as our customers continue to validate the TrueBlue® Service concept as a path to better operating economics, and the first full quarter of revenue and profit contribution from Polycold Systems added to our overall strong performance."
Helix Technology Corporation is a global leader in the development and application of innovative solutions in the field of vacuum technology. Our CTI-Cryogenics, Granville-Phillips and Polycold 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.
This press release contains forward-looking statements, including statements regarding the future performance of the Company's business and the semiconductor capital equipment industry, which are subject to a number of important factors that may cause actual results to differ materially from those indicated. These factors include, among others: the successful completion of the Company's strategic business combination with Brooks Automation, Inc. ("Brooks"), including the ability to successfully integrate the operations and employees of the Company and Brooks on a timely basis; the successful integration of Polycold into the operations of Helix, 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 industry conditions, the Company's success in sustaining o rder bookings, and other risks contained in Exhibit 99.1 to the Company's Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. The information in this press release speaks only as of the date hereof and the Company assumes no obligation to update the information in this press release.
HELIX REPORTS SECOND QUARTER RESULTS
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
Second Quarter |
Six Months |
||||||||||||||
(unaudited) |
(unaudited) |
||||||||||||||
(in thousands except per share amounts) |
2005 |
2004 |
2005 |
2004 |
|||||||||||
Net sales |
$ |
41,899 |
$ |
44,024 |
$ |
80,795 |
$ |
84,400 |
|||||||
Costs and expenses: |
|||||||||||||||
Cost of sales |
24,529 |
25,966 |
47,829 |
50,542 |
|||||||||||
Research and development |
3,058 |
2,526 |
5,965 |
5,112 |
|||||||||||
Selling, general, and administrative |
10,345 |
8,875 |
20,927 |
17,201 |
|||||||||||
Merger costs |
498 |
--- |
498 |
--- |
|||||||||||
38,430 |
37,367 |
75,219 |
72,855 |
||||||||||||
Operating income |
3,469 |
6,657 |
5,576 |
11,545 |
|||||||||||
Joint venture income |
437 |
860 |
911 |
1,455 |
|||||||||||
Interest income and other, net |
66 |
221 |
187 |
436 |
|||||||||||
Income before taxes |
3,972 |
7,738 |
6,674 |
13,436 |
|||||||||||
Income tax provision |
1,363 |
1,392 |
2,336 |
2,418 |
|||||||||||
Net income |
$ |
2,609 |
$ |
6,346 |
$ |
4,338 |
$ |
11,018 |
|||||||
Net income per share: |
|||||||||||||||
Basic |
$ |
0.10 |
$ |
0.24 |
$ |
0.17 |
$ |
0.42 |
|||||||
Diluted |
$ |
0.10 |
$ |
0.24 |
$ |
0.17 |
$ |
0.42 |
|||||||
Number of shares used in per share calculations: |
|||||||||||||||
Basic |
26,118 |
26,111 |
26,116 |
26,107 |
|||||||||||
Diluted |
26,153 |
26,199 |
26,161 |
26,223 |
SUMMARY BALANCE SHEETS |
||||||||
(unaudited) |
(audited) |
|||||||
(in thousands) |
July 1, 2005 |
December 31, 2004 |
||||||
Assets |
||||||||
Cash, cash equivalents, and investments (1) |
$ |
29,900 |
$ |
76,336 |
||||
Receivables - net of allowances |
26,188 |
24,100 |
||||||
Inventories |
23,677 |
21,595 |
||||||
Deferred income taxes |
7,797 |
7,717 |
||||||
Other current assets |
2,348 |
4,327 |
||||||
Net property, plant and equipment |
20,928 |
18,940 |
||||||
Goodwill |
29,620 |
--- |
||||||
Intangible assets, net |
13,396 |
--- |
||||||
Other assets |
15,319 |
16,549 |
||||||
Total Assets |
$ |
169,173 |
$ |
169,564 |
||||
Liabilities and Stockholders' Equity |
||||||||
Total liabilities |
$ |
27,862 |
$ |
25,423 |
||||
Stockholders' equity |
141,311 |
144,141 |
||||||
Total Liabilities and Stockholders' Equity |
$ |
169,173 |
$ |
169,564 |
(1) On February 15, 2005, we paid approximately $49.2 million in cash for our acquisition of Polycold Systems Inc., plus transaction-related tax payments and transaction costs.