-----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, BE2lpPyRLhjk0/LcaqxwXH1WbxdxVRRKcMzmNQfTyC4OAKIVVcacIsugzVIMpdNs KQJ0J8GC3kn/MHA1ssZf3g== 0000950117-03-003782.txt : 20030822 0000950117-03-003782.hdr.sgml : 20030822 20030822162425 ACCESSION NUMBER: 0000950117-03-003782 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030822 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030822 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMTEC INC/NJ CENTRAL INDEX KEY: 0000005117 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 870273300 STATE OF INCORPORATION: UT FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-32789 FILM NUMBER: 03862694 BUSINESS ADDRESS: STREET 1: 817 EAST LAKE GATE DRIVE CITY: MT LAUREL STATE: UT ZIP: 08054 BUSINESS PHONE: 8013633283 MAIL ADDRESS: STREET 1: 817 EAST GATYE DRIVE CITY: MT LAUREL STATE: NJ ZIP: 08054 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN GEOLOGICAL ENTERPRISES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NUCLEAR PROCESSING CORP DATE OF NAME CHANGE: 19820318 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN GEOTHERMAL ENERGY INC DATE OF NAME CHANGE: 19681212 8-K 1 a36050.txt EMTEC, INC. 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: August 22, 2003 EMTEC, INC. (Exact name of Registrant as specified in Charter) Delaware 2-54020 87-0273300 (State or other jurisdiction of (Commission File No.) (IRS Employer incorporation Identification Number) 817 East Gate Drive, Mount Laurel, New Jersey 08054 (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (856) 235-2121 ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits: 99.1 Press Release Dated August 18, 2003. ITEM 9. REGULATION FD DISCLOSURE In accordance with the SEC Release No. 33-8216, the following information is being provided as "Item 12. Result of Operations and Financial Condition." On August 18, 2003, the registrant issued a press release correcting previously reported net income for the quarter ended June 30, 2003. A Copy of the press release is attached as Exhibit 99.1 to this report. 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 thereunto duly authorized. Dated: August 22, 2003 EMTEC, INC. (Registrant) By: /s/ John Howlett ----------------------------- John Howlett Chairman and Chief Executive Officer EX-99 3 ex99-1.txt EXHIBIT 99.1 EXHIBIT 99.1 [EMTEC, INC. LOGO] Contacts: Stanley Wunderlich John Howlett Consulting For Strategic Growth, Ltd. Chief Executive Officer Public Relations Emtec, Inc. Corporate Development Consultants Tel: 856-235-8787 Tel: 800-625-2236 Fax: 856-235-2932 Fax: 212-697-0910 Email:john_howlett@emtecinc.com Email: cfsg@consultant.com Website: www.emtecinc.com EMTEC ANNOUNCES CORRECTION TO PREVIOUSLY REPORTED NET INCOME FOR THE QUARTER ENDED JUNE 30, 2003 MT. LAUREL, N.J., August 18, 2003 - Emtec, Inc. (OTCBB:ETEC) announced today that its net income for the quarter ended June 30, 2003 had increased by 213% to $357,891 or $0.05 per share, as contrasted with the comparable 2002 period. It had previously reported an increase of 364%, to $530,539 or $.07 per share. Emtec also announced that its sales, general and administrative expenses increased by 7.78%, or $231,328, to $3.21 million for the quarter ended June 30, 2003 rather than by 1.19%. or $35,343 to $3.01 million, as previously reported. Without the acquisitions of certain assets of Acentra Technologies, Inc. and Turnkey Computer Systems, Inc., the Company's sales, general and administrative expenses would have been decreased by approximately 18.49%, or $549,000, rather than the previously reported increase of 18.37% or $540,000. Commenting on the foregoing, Sam Bhatt, Emtec's Vice President of Finance, stated that these corrections were attributable to management's failure to take into account increased EBITDA of Emtec's government division for this period, which augmented potential bonus compensation for three prior owners of Acentra Technologies, Inc., one of them is an employee of Emtec. About Emtec Emtec, Inc. established in 1981, provides high-end computer systems and services to Fortune 1000 clients ranging in size from $50 million to $500 million in revenues. The Company specializes in evaluating and providing solutions for data management including Enterprise Management, Managed Services (monitoring/maintenance/helpdesk), and Data Management (storage and protection of data). With the recent acquisitions of Intellispan (Help Desk), Accentra (systems and services) and Turnkey Computer Systems (managed building services), Emtec has broadened its engineering and services capabilities. For additional information please contact Consulting For Strategic Growth 1, Ltd, at 800-625-2236. # # # Certain statements in this document constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Emtec, Inc. ("the Company"), or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its plan of operations when needed; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission which are available for review at www.sec.gov under "Search for Company Filings." Consulting For Strategic Growth I, Ltd. ("CFSG") has a November 2002 agreement with Emtec, Inc. to provide consulting, business advisory, investor relations, public relations and corporate development services to the Company for a one-year period. In connection with these services, CFSG prepares press releases, corporate profiles, and other publications on behalf of and regarding the Company. In accordance with this agreement, the Company is required to pay CFSG $3,500 per month for the duration of the contract. Independent of CFSG's receipt of cash compensation from Emtec, CFSG may choose to purchase the common stock of Emtec and thereafter liquidate those securities at any time it deems appropriate to do so. -FINANCIAL INFORMATION FOLLOWS- EMTEC, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended: June 30, 2003 June 30, 2002 ------------- ------------- Revenues Procurement services $23,730,729 $15,980,546 Service and consulting $ 4,702,026 $ 3,683,209 Geothermal $ 47,585 $ 45,349 -------------------------------------------- Total Revenues $28,480,340 $19,709,104 -------------------------------------------- Cost of Sales Cost of procurement services $21,691,493 $14,061,661 Service and consulting $ 3,067,780 $ 2,514,540 Geothermal $ 17,484 $ 17,598 -------------------------------------------- Total Cost of Sales $24,776,757 $16,593,799 -------------------------------------------- Gross Profit Procurement services $ 2,039,236 $ 1,918,885 Service and consulting $ 1,634,246 $ 1,168,669 Geothermal $ 30,101 $ 27,751 -------------------------------------------- Total Gross Profit $ 3,703,583 $ 3,115,305 -------------------------------------------- Operating Expenses Sales, General & Administrative Expenses $ 3,205,245 $ 2,973,914 Interest Expense $ 99,166 $ 27,136 Total Operating Expenses $ 3,304,411 $ 3,001,050 -------------------------------------------- Income Before Income Tax Expense $ 399,172 $ 114,255 -------------------------------------------- Income Tax Expense $ 41,281 $ -- -------------------------------------------- Net Income $ 357,891 $ 114,255 ============================================ Net Income Per Share {Basic and Diluted} $ 0.05 $ 0.02 Weighed Average Number of Shares Outstanding {Basic and Diluted} 7,080,498 7,080,498
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