-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, iI64TZ2qW0nRuYX/sS7BRHT8aYgq2hswYfQN4B0fuT8ozo9CjEoeE/3ncL3Wxzdy MpA4yy69fU8rxuIPTzQA8g== 0000898430-94-000493.txt : 19940714 0000898430-94-000493.hdr.sgml : 19940714 ACCESSION NUMBER: 0000898430-94-000493 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940620 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940712 FILER: COMPANY DATA: COMPANY CONFORMED NAME: APPLIED MAGNETICS CORP CENTRAL INDEX KEY: 0000006948 STANDARD INDUSTRIAL CLASSIFICATION: 3679 IRS NUMBER: 951950506 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06635 FILM NUMBER: 94538488 BUSINESS ADDRESS: STREET 1: 75 ROBIN HILL RD CITY: GOLETA STATE: CA ZIP: 93117 BUSINESS PHONE: 8056835353 MAIL ADDRESS: STREET 1: 75 ROBIN HILL ROAD CITY: GOLETA STATE: CA ZIP: 93117 8-K 1 CURRENT REPORT-FORM 8-K 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): June 20, 1994 APPLIED MAGNETICS CORPORATION (Exact name of registrant as specified in its charter) ------------------------------------------------------ Delaware 1-6635 95-1950506 -------- ------ ---------- (State of other (Commission File Number) (IRS Employer jurisdiction of Identification incorporation) Number) Registrant's telephone number, including area code: (805) 683-5353 -------------- Item 5. Other Events - - --------------------- On June 20, 1994, the Registrant issued a press release, dated June 17, 1994, announcing the engagement by the Registrant of Lehman Brothers Inc. as financial advisors to assist the Registrant in exploring a number of strategic options for maximizing shareholder value, the fact that the Registrant is proceeding with the establishment of additional credit facilities and that has taken or will take a number of steps to reduce costs and conserve cash, including work force reductions. The Registrant also announced the resignation of Dr. Richard D. Balanson as President and Chief Operating Officer and the election of William R. Anderson, currently the Chief Executive Officer, to the position of President. Item 7. Financial Statements and Exhibits - - ----------------------------------------- (c) Exhibits 20. Press Release, dated June 17, 1994, announcing the matters described in Item 5. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant had duly cause this report to be signed on its behalf by the undersigned hereunto duly authorized. APPLIED MAGNETICS CORPORATION Date: July 11, 1994 By:________________________________________ Kathryn E. Gehrke Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) Date: July 11, 1994 By:____________________________________________ Scott O. Davis Corporate Controller (Principal Accounting Officer) 2 EXHIBIT INDEX ------------- Page Number In Sequential Numbering Exhibit System ------- -------------------- 20 Press Release, dated June 17, 4-5 1994, announcing Registrant's engagement of Lehman Brothers Inc. as financial advisors to assist the Registrant in exploring a number of strategic options for maximizing shareholder value and that the Registrant is proceeding with the establishment of additional credit facilities and has taken, or will take, a number of steps to reduce costs and conserve cash, including work force reductions. The Registrant also announced the resignation of Dr. Richard D. Balanson as President and Chief Operating Officer and the election of William R. Anderson, currently the Chief Executive Officer, to the position of President. 3 EX-20 2 NEWS RELEASE EXHIBIT 20 [LETTERHEAD OF APPLIED MAGNETICS] FOR IMMEDIATE RELEASE Contact: William R. Anderson Chief Executive Officer 805\683-5353 APPLIED MAGNETICS CORPORATION ANNOUNCES SEVERAL MAJOR DEVELOPMENTS GOLETA, CALIFORNIA, June 17, 1994 - APPLIED MAGNETICS CORPORATION (APM:NYSE) today announced that in response to the Company's recent losses and deteriorating financial condition, its Board of Directors and executive management have taken a number of steps which are intended to strengthen the Company's financial condition and improve its performance. The Company has retained Lehman Brothers Inc. as financial advisors to assist the Company in exploring a number of strategic options for maximizing shareholder value. In addition, the Company is proceeding with the establishment of additional credit facilities. Further, management has taken and will take a number of actions to reduce costs and conserve cash. The Company believes that its existing production capacity is adequate to support near term commitments; accordingly, near term capital expenditures will be severely restricted. The Company also expects work force reductions at a number of its facilities, including Goleta, California. Bill Anderson, Chief Executive Officer, stated that "These actions are being taken in order to improve the Company's ability to meet its commitments to customers and make the necessary investments in critical technologies. These steps are consistent with Applied Magnetics' goals to achieve a leadership position in cost, quality and technology to support key customer programs and ensure the Company's long-term success." The Company also announced today that Dr. Richard D. Balanson had resigned as President and Chief Operating Officer. Bill Anderson will assume the additional role of President. Applied Magnetics Corporation, headquartered in Goleta, California, is a leading independent supplier of magnetic recording heads for both disk and tape drive applications for the worldwide data storage segment of the computer industry. Applied Magnetics' stock is listed on the New York Stock Exchange, trading under the symbol APM. # # # # # # -----END PRIVACY-ENHANCED MESSAGE-----