-----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, AnOXYaICqNuCk8istFf6NPq5fMyHcrU3i5xnBtBiHDxDTrVPJ7PBAscTbRUbj5xx X8lFrazGrZc4vuQJNZ5wpQ== 0000052971-03-000025.txt : 20031113 0000052971-03-000025.hdr.sgml : 20031113 20031113073646 ACCESSION NUMBER: 0000052971-03-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031113 ITEM INFORMATION: Other events FILED AS OF DATE: 20031113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JACO ELECTRONICS INC CENTRAL INDEX KEY: 0000052971 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 111978958 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-34664 FILM NUMBER: 03995765 BUSINESS ADDRESS: STREET 1: 145 OSER AVE CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 6312735500 MAIL ADDRESS: STREET 1: 145 OSER AVE CITY: HAUPPAUGE STATE: NY ZIP: 11788 8-K 1 jaco8k1103.txt JACO ELECTRONICS, INC. PRESS RELEASE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 F O R M 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) November 13, 2003 - ------------------------------------------------------------------ Jaco Electronics, Inc. (Exact name of registrant as specified in charter) New York 000-05896 11-1978958 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification No.) 145 Oser Avenue, Hauppauge, New York 11788 - ------------------------------------ ------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (631) 273-5500 - ---------------------------------------------------------------- N/A (Former name or former address, if changed since last report) Item 12. Results of Operations and Financial Condition. On November 13, 2003, Jaco Electronics, Inc. (the "Company") issued a press release announcing its financial results for its first quarter of the fiscal year ending June 30, 2004. A copy of the press release is furnished with this report as Exhibit 99.1. Forward-Looking Statements Statements contained in the exhibit to this report that state the Company's or its management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The Company's actual results could differ materially from those contained in such forward-looking statements. The factors that may affect those results include those mentioned in the documents that the Company has filed with the Securities and Exchange Commission. Exhibit Number Description 99.1 Press Release dated November 13, 2003. 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. JACO ELECTRONICS, INC. Date: November 13, 2003 By: /s/ Jeffrey D. Gash ---------------------------------------------- Jeffrey D. Gash, Executive Vice President EXHIBIT INDEX Exhibit Number Description 99.1 Press Release dated November 13, 2003. EX-99.1 3 jacoq104.txt PRESS RELEASE DATED NOVEMBER 13, 2003 - -------------------------------------------------------------------------------- Conference Call: Today, November 13, at 10:00 a.m. EST - -------------------------------------------------------------------------------- Dial-in numbers: 212/271-4595 and 415/904-7341 Webcast/Replay URL: www.vcall.com/CEPage.asp?ID=85198 News Announcement For Immediate Release CONTACT: Jeffrey D. Gash Joseph N. Jaffoni, Nathan Ellingson Chief Financial Officer Jaffoni & Collins Incorporated 631/273-5500 or jgash@jacoelect.com 212/835-8500 or jaco@jcir.com JACO ELECTRONICS REPORTS FIRST QUARTER RESULTS - Net Sales Increase 47% - Hauppauge, NY, November 13, 2003 -- Jaco Electronics, Inc. (Nasdaq: JACO), a distributor of electronic components to original equipment manufacturers, today reported results for its fiscal 2004 first quarter ended September 30, 2003. Net sales for the fiscal first quarter ended September 30, 2003 increased 47% to $72,269,000 compared with $49,044,000 for the quarter ended September 30, 2002. Jaco had a net loss for the fiscal 2004 first quarter of $424,000, or $0.07 per diluted share, compared with a net loss of $987,000, or $0.17 per diluted share, during the same period last year. Per share results are based on a weighted average number of diluted shares outstanding of 5,792,000 and 5,807,000 for the first quarters of fiscal 2004 and fiscal 2003, respectively. Commenting on the results, Jaco's Chairman and Chief Executive Officer, Joel Girsky, said, "The first quarter was a transitional period for Jaco, marking the first complete quarter of sales from the acquisition of certain assets of the electronics distribution operations of Reptron Distribution. With `same store' sales growth in Jaco's core operations and the contribution from the Reptron transaction, net sales increased 47% in the quarter compared to last year and gross profit rose 45%. Additionally, on a sequential basis, net sales for the quarter increased over 30% from the fiscal 2003 fourth quarter. "During the quarter, we devoted considerable attention to integrating Reptron's computer system and other operations into Jaco's and to closing the Reptron Distribution Reno warehouse facility. The integration resulted in one-time expenses during the quarter that contributed to the first quarter operating loss. However, the Reptron acquisition has clearly added to the Jaco organization as reflected in our top line growth and we are realizing operating efficiencies as a result of the combined operations. -more- JACO Electronics Reports First Quarter Results, 11/13/03 page 2 "During the fiscal first quarter, the dramatic rise in sales resulted in increases in accounts receivable which resulted in corresponding increases in accounts payable and bank borrowings. We believe that with our broader line card offerings and expanded customer base Jaco is positioned for a return to profitability during fiscal 2004. Additionally, there are indications of an upturn in our industry from which we believe Jaco is well positioned to benefit." Jaco is a leading distributor of electronic components to industrial OEMs and contract manufacturers throughout North America and provides contract manufacturing services to its industrial OEM customers. Jaco distributes products such as semiconductors, capacitors, resistors, electromechanical devices, flat panel displays and monitors and power supplies, which are used in the manufacture and assembly of electronic products, including: telecommunications equipment, computers and office equipment, medical devices and instrumentation, industrial equipment and controls, military/aerospace systems and automotive and consumer electronics. Jaco has two distribution centers and 17 strategically located sales offices throughout the United States. Jaco provides a variety of value-added services including automated inventory management services, assembling stock items for customers into pre-packaged kits, integrating and assembling various custom components with flat panel displays to customer specifications and providing contract manufacturing services. The Company's core customer base consists primarily of small and medium-sized manufacturers that produce electronic equipment used in a wide variety of industries. Except for the historical information, this press release includes forward-looking statements that involve risks and uncertainties, including, but not limited to, general industry and economic conditions, the impact of competitive products, product demand and market acceptance risks, fluctuations in operating results, delays in development of highly-complex products, the ability of the Company to maintain or expand its operations, the level of costs incurred in connection with the Company's ability to maintain or expand its operation and the financial strength of the Company's customers and suppliers and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release involve risks and uncertainties which could cause actual results, performance or trends, including margins, SG&A expenses as a percentage of revenues and earnings per diluted share, to differ materially from those expressed in the forward-looking statements. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management's expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. Actual results may differ materially from such information set forth herein. -tables follow- JACO Electronics Reports First Quarter Results, 11/13/03 page 3 JACO ELECTRONICS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations ($ in thousands, except share and per share amounts) (unaudited) Three months ended September 30, 2003 2002 ------- ------- Net sales $ 72,269 $ 49,044 -------- -------- Gross profit 9,204 6,347 Selling, general & administrative expenses 9,412 7,465 -------- -------- Operating loss (208) (1,118) Interest expense 444 401 ---------- --------- Loss before income taxes (652) (1,519) Income tax benefit (228) (532) ----------- --------- Net loss $ (424) $ (987) ========== ========== Net loss per common share: Basic $ (0.07) $ (0.17) ========= ========= Diluted $ (0.07) $ (0.17) ========= ========= Weighted average shares: Basic 5,792,123 5,807,432 ========= ========= Diluted 5,792,123 5,807,432 ========= =========
Summary Balance Sheet As of September 30, 2003 Key Financial Statistics Receivables (net) $ 43,033,000 LT Debt to Capitalization 48% Inventories $ 40,963,000 Per Share Price - 11/12/03 $6.31 Book Value Per Share $7.69 Long-Term Debt $ 42,006,000 A/C Payable and Accrued Expenses $ 36,445,000 Shareholder's Equity $ 45,598,000 # # # -----END PRIVACY-ENHANCED MESSAGE-----