-----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, Wmu60D+LH3GvEJCZtpccNchZizseqtSzAwy7sDkMKR78532VRR8tGd9zXpkszKC9 nf+JYFTCDPG4EH4oEakohA== 0000950117-05-002662.txt : 20050630 0000950117-05-002662.hdr.sgml : 20050630 20050630162736 ACCESSION NUMBER: 0000950117-05-002662 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050629 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050630 DATE AS OF CHANGE: 20050630 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: 05928819 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 a40103.txt EMTEC, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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): June 29, 2005 EMTEC, INC. (Exact name of Registrant as specified in its charter) Delaware 0-32789 87-0273300 (State of incorporation) (Commission File No.) (IRS Employer Identification No.)
572 Whitehead Road, Bldg. # 1 Trenton, New Jersey 08619 (Address of principal executive offices) Registrant's telephone number: (609) 528-8500 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)) Item 2.02 Results of Operations and Financial Condition On June 29, 2005, Emtec, Inc. issued a press release announcing its financial results for the year ended March 31, 2005. A copy of the press release is being furnished as Exhibit 99.1 to this report and incorporated herein by reference. Item 9.01. Financial Statements and Exhibits. (a) Financial Statements of Businesses Acquired - None (b) Pro Forma Financial Information - None (c) Exhibits: Exhibit No. Description - ----------- ----------- 99.1 Press Release issued on June 29, 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. Dated: June 30, 2005 Emtec, Inc. By: /s/ Sam Bhatt ------------------------------------ Sam Bhatt Vice President of Finance EX-99 2 ex99-1.txt EXHIBIT 99.1 Contacts: John Howlett Sam Bhatt Chief Executive Officer Vice President - Finance Emtec, Inc. Emtec, Inc. Tel: 609-528-8500 Tel: 609-528-8500 Fax: 866-422-3640 Fax: 815-346-7605 Email:john_howlett@emtecinc.com Email:sam_bhatt@emtecinc.com Website: www.emtecinc.com Website: www.emtecinc.com EARNINGS RELEASE - ---------------- EMTEC, INC. REPORTS RESULTS FOR THE YEAR ENDED MARCH 31, 2005 Net Income Increased by 346.3 % for the year ended March 31, 2005, ------------------------------------------------------------------ Compared to the year ended March 31, 2004 ----------------------------------------- TRENTON, N.J., June 29, 2005 - Emtec, Inc. (OTCBB:ETEC), a systems integrator providing technology solutions to enable customers to effectively use and manage data to grow their business, announced today its results for the year ended March 31, 2005. Net income for the year ended March 31, 2005 rose to $2.87 million, or $0.37 per share compared to a net income of $642,988, or $0.09 per share, for the year ended March 31, 2004, an increase of 346.3%. Total revenues, which include services and consulting revenues and procurement revenues, increased by 12.5% or $12.53 million, to $112.70 million for the year ended March 31, 2005, compared to $100.17 million for the year ended March 31, 2004. Income from continuing operation before income taxes for the year ended March 31, 2005, rose to $3.60 million, from $741,433 for the year ended March 31, 2004. These increased revenues and net income are mainly attributable to computer roll-out projects for various school districts in Georgia and Florida, and revenue growth in our commercial customer base as well as continuous cost containment efforts undertaken by the Company. The reported income from continuing operations before income taxes for the year ended March 31, 2005 includes a one-time charge of $470,000 associated with the sub-lease of our New York office. Without this one-time charge, our income from continuing operations before income taxes for the year ended March 31, 2005 would have been approximately $4.07 million, compared to a income from continuing operations before taxes of $741,433 for the year ended March 31, 2004, an increase of 449.3%. John Howlett, CEO, noted, "We are pleased to deliver another year of strong operating results, and proud to report the 6th consecutive quarter of profitability for our Company. I would 1 caution, however, that our performance for the fiscal year ended March 31, 2005, and particularly its fourth fiscal quarter, may not be indicative of our future operating results." About Emtec, Inc. Emtec, Inc. established in 1981, is a systems integrator focused on providing technology solutions that enable its customers to effectively use and manage their data to grow their businesses. Our areas of specialization in information technology ("IT") include Communications (IP Telephony, Wireless Connectivity, Cabling, Network Infrastructure), Data Availability (Remote Access, Messaging, Management), Enterprise Computing (Enterprise Architecture, High Availability, Server Consolidation, Data Management), and Managed Services (Network Monitoring, Help Desk). Emtec's solutions are crafted to enable our customers to become more efficient and effective, thereby giving them a competitive advantage. # # # 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." 2 EMTEC, INC. CONSOLIDATED STATEMENTS OF OPERATIONS Years Ended March 31,
2005 2004 Change % - ------------------------------------------------------------------------------------------------------------------------------------ Revenues Procurement services $ 97,605,588 $ 82,184,744 $ 15,420,844 18.8% Service and consulting 15,094,410 17,986,564 $ (2,892,154) -16.1% ------------ ------------ Total Revenues 112,699,998 100,171,308 $ 12,528,690 12.5% ------------ ------------ Cost of Revenues Procurement services 85,879,341 74,282,388 $ 11,596,953 15.6% Service and consulting 10,467,370 11,497,465 $ (1,030,095) -9.0% ------------ ------------ Total Cost of Revenues 96,346,711 85,779,853 $ 10,566,858 12.3% ------------ ------------ Percent of revenues 85.5% 85.6% Gross Profit Procurement services 11,726,247 7,902,356 $ 3,823,891 48.4% Service and consulting 4,627,040 6,489,099 $ (1,862,059) -28.7% ------------ ------------ Total Gross Profit 16,353,287 14,391,455 $ 1,961,832 13.6% ------------ ------------ Percent of revenue 14.5% 14.4% Operating Expenses Sales, General & Administrative Expenses 12,532,580 13,321,726 $ (789,146) -5.9% Interest Expense 217,860 328,296 $ (110,436) -33.6% Loss on impairment, Goodwill -- -- $ -- N/M ------------ ------------ Total Operating Expenses 12,750,440 13,650,022 $ (899,582) -6.6% ------------ ------------ Percent of revenue 11.3% 13.6% Income(Loss) From Continuing Operations 3,602,847 741,433 $ 2,861,414 385.9% ------------ ------------ Income From Discontinued Geothermal Operations, net tax 48,052 22,883 $ 25,169 110.0% Gain on the Sale of the Geothermal Investment, net tax 208,278 -- $ 208,278 N/M ------------ ------------ Income (Loss) Before Income Tax 3,859,177 764,316 $ 3,094,861 404.9% Income Tax Expense (Benefit) 989,317 121,328 $ 867,989 715.4% ------------ ------------ Net Income (Loss) $ 2,869,860 $ 642,988 $ 2,226,872 346.3% ============ ============ ============ ============ Income (Loss) Per Share - Basic $ 0.39 $ 0.09 ============ ============ Income (Loss) Per Share - Diluted $ 0.37 $ 0.09 ============ ============
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