-----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, Tanj5GF6N+Ql/bYz+bhQiEpOipwQRkyWD5wBn2TbI3mIMsVzr4SvEPjkZ+xcY6p8 E0xVOXLcF6uRhvwyZqRW5A== 0001144204-08-022510.txt : 20080415 0001144204-08-022510.hdr.sgml : 20080415 20080415162811 ACCESSION NUMBER: 0001144204-08-022510 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080415 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080415 DATE AS OF CHANGE: 20080415 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: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-32789 FILM NUMBER: 08757462 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 v110688_8-k.htm Unassociated Document
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 (Date of earliest event reported): April 15, 2008
 
EMTEC, INC.
(Exact Name of Registrant as Specified in its Charter)
 
Delaware
0-32789
87-0273300
(State or other Jurisdiction
of Incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)
 
525 Lincoln Drive 5 Greentree Center, Suite 117
Marlton, NJ
08054
(Address of Principal Executive Offices)
(Zip Code)
 
Registrant's telephone number, including area code: (856) 552-4204
 

(Former name or former address, if changed from last report)
 
_____________________
 
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:
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
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 April 15, 2008, Emtec, Inc. issued a press release reporting its results for the quarter and six months ended February 29, 2008.  A copy of the press release is attached as Exhibit 99.1 to this report.
 
The information in this report (including Exhibit 99.1) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
 
Item 9.01. Financial Statements and Exhibits
 
   (d)           Exhibits
 
The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:
 
       99.1         Press release issued by the Registrant on April 15, 2008.
 

 
SIGNATURE
 
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.
     
 
Emtec, Inc.
(Registrant)
 
 
 
 
 
 
Date: April 15, 2008 By:   /s/ Stephen C. Donnelly
 
Chief Financial Officer
   
 

 
EXHIBIT INDEX
 
 
Exhibit No.
 
Description
99.1
 
Emtec, Inc. press release dated April 15, 2008.
 

 

EX-99.1 2 v110688_ex99-1.htm Unassociated Document
Exhibit 99.1
NEWS       

Contact:

John P. Howlett
Vice Chairman - Corporate Development
Emtec, Inc.
Telephone 973-376-4242
Email johnhowlett@emtecinc.com
Web site www.emtecinc.com

Emtec, Inc. Announces 2nd Quarter and Six Months 2008 Results
Earnings Per Share Increases Twenty-Five Cents

Marlton, NJ, April 15, 2008 - Emtec, Inc. (OCTCBB: ETEC) (“Emtec” or the “Company”) announced today that for the quarter ended February 29, 2008, revenue was $44.07 million, a 7.1% increase from revenue of $41.15 million for the quarter ended February 28, 2007, and gross profit was $4.97 million, a 14.2% increase from gross profit of $4.35 million for the quarter ended February 28, 2007. For the six months ended February 29, 2008, revenue was $118.71 million, a 11.9% increase from revenue of $106.09 million for the quarter ended February 28, 2007, and gross profit was $13.62 million, a 30.8% increase from gross profit of $10.41 million for the six months ended February 28, 2007. For the six months ended February 29, 2008, earnings per share increased to $0.06 from $(0.19) for the six months ended February 28, 2007, while operating income increased by $6.06 million from $(3.90) million for the six months ended February 28, 2007 to $2.15 million.

The increase in revenue is primarily attributable to an overall increase in our client’s information technology (“IT”) spending particularly with departments of the United States Government and the education business. Operating income increased as a result of increased revenue, increased gross profit primarily attributable to higher engineering utilization and reduced SG&A as a result of the non-recurrence of certain charges that were recorded during the six months ended February 28, 2007.
“We are pleased to have achieved significant increases in our performance over the preceding periods and to have improved our earnings for the third successive quarter when considered on a year-over-year basis,” said Dinesh Desai, Chairman, CEO, and President of Emtec. “With our recent acquisition of Luceo, Inc. which is accretive to our earnings per share, I am confident that our expansion into the software services area will continue our success. ”

About Emtec:

Emtec, Inc. established in 1964, is an information technology company, providing services and products to the federal, state, local, education and commercial markets. Areas of specific practices include enterprise architecture, data management, data center infrastructure and consulting and integration services.
 

 
About Luceo:

Luceo is an IT Services and consulting enterprise offering a wide array of customer-centric solutions. Areas of specific expertise include SAP, Java/J2EE, Microsoft, Database/UNIX, Systems Admin, and Data Warehousing.

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 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.”   We undertake no obligation to publicly update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, or changes to future results over time.
    
EMTEC, INC.
   
SUMMARY FINANCIAL INFORMATION
 
              
 
 
Three Months Ended
 
 
             
 
 
 
 
February 29, 2008
 
February 28, 2007
 
Change
 
%
 
Revenues
 
$
44,068,502
 
$
41,154,373
 
$
2,914,129
   
7.1
%
 
                       
Gross profit
   
4,971,243
   
4,351,968
   
619,275
   
14.2
%
Percent of revenues
   
11.3
 
10.6
         
 
                       
Operating income
   
(346,539
)
 
(4,172,848
)
 
3,826,309
   
91.7
%
Percent of revenues
   
-0.8
%
 
-10.1
%
         
 
                       
Net income
 
$
(391,378
)
$
(2,695,744
)
$
2,304,366
   
85.5
%
Percent of revenues
   
-0.9
%
 
-6.6
%
 
  
        
 
                           
  
 
Six Months Ended
 
                       
 
   
February 29, 2008
   
February 28, 2007
   
Change
 
 
%
 
Revenues
 
$
118,708,688
 
$
106,093,516
 
$
12,615,172
   
11.9
%
 
                       
Gross profit
   
13,616,220
   
10,410,615
   
3,205,605
   
30.8
%
Percent of revenues
   
11.5
%
 
9.8
%
         
 
                       
Operating income (loss)
   
2,153,167
   
(3,897,233
)
 
6,050,400
   
155.2
%
Percent of revenues
   
1.8
%
 
-3.7
%
         
 
                       
Net income (loss)
 
$
854,824
 
$
(2,662,693
)
$
3,517,517
   
132.1
%
Percent of revenues
   
0.7
%
 
-2.5
%
              
 

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