-----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, Fd0wCQKw6ZJOjf4MiP7M1p1gLczKMIiNtvuoTyCfnfZ9eaqFzMWuEmOqiXzW6fkk OPWO02tusJmoSML2chlMLg== 0000950135-97-000184.txt : 19970122 0000950135-97-000184.hdr.sgml : 19970122 ACCESSION NUMBER: 0000950135-97-000184 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970116 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970121 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: GALILEO ELECTRO OPTICS CORP CENTRAL INDEX KEY: 0000711425 STANDARD INDUSTRIAL CLASSIFICATION: OPTICAL INSTRUMENTS & LENSES [3827] IRS NUMBER: 042526583 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11309 FILM NUMBER: 97507769 BUSINESS ADDRESS: STREET 1: GALILEO PARK STREET 2: PO BOX 550 CITY: STURBRIDGE STATE: MA ZIP: 01566 BUSINESS PHONE: 5083479191 MAIL ADDRESS: STREET 1: GALILEO PARK STREET 2: PO BOX 550 CITY: STURBRIDGE STATE: MA ZIP: 01566 8-K 1 GALILEO CORPORATION FORM 8-K 1 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) JANUARY 16, 1997 ---------------- GALILEO CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 04-2526583 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 0-11309 (Commission File Number) GALILEO PARK, P.O. BOX 550, STURBRIDGE, MASSACHUSETTS 01566 (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code (508) 347-9191 - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 Item 5. Other Events ------------ For the fiscal quarter ended December 31, 1996, the Registrant adopted Statement of Financial Accounting Standard No. 121, "Accounting for the Impairment of Long-lived Assets and for Long-lived Assets to be Disposed Of." This statement requires impairment losses be recognized on long-lived assets when indicators of impairment are present and the fair market values of assets are estimated to be less than carrying amounts. The adoption of this statement resulted in a nonrecurring, pretax, noncash charge of $2.2 million, or $0.32 per share, for the quarter, principally related to robotic assembly equipment for the Registrant's Medical Products business. Item 7. Financial Statements and Exhibits --------------------------------- c) Exhibits 99.1 Press Release dated January 16, 1997 3 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. GALILEO CORPORATION Date: January 21, 1997 By: /s/ Josef W. Rokus ------------------------------- Josef W. Rokus Vice President, Corporate Development and Secretary 4 EXHIBIT INDEX Exhibit No. ----------- 99.1 Press Release dated January 16, 1997 EX-99.1 2 PRESS RELEASE DATED 1-16-97 1 FROM: DAVID MANDY PORTER, LE VAY & ROSE, INC. (212) 564-4700 COMPANY GREGORY RIEDEL CONTACT: (508) 347-4222 FOR IMMEDIATE RELEASE GALILEO REPORTS FIRST QUARTER RESULTS STURBRIDGE, MA, JAN. 16 -- Galileo Corporation (NASDAQ NM: GAEO) today reported results for its first fiscal quarter ended Dec. 31, 1996. Revenues for the first quarter were $9.7 million versus $10 million in the first quarter of last year. Net income for the first quarter was a loss of $1.2 million or a loss of $0.17 cents per share. For the quarter, the Company adopted Statement of Financial Accounting Standard No. 121, "Accounting for the Impairment of Long-lived Assets and for Long-lived Assets to be Disposed Of." This statement requires impairment losses be recognized on long-lived assets when indicators of impairment are present and the fair market values of assets are estimated to be less than carrying amounts. The adoption of this statement resulted in a nonrecurring, pretax, noncash charge of $2.2 million, or $0.32 per share, for the quarter, principally related to robotic assembly equipment for the Company's Medical Products business. -more- 2 -2- Excluding the impact of the nonrecurring charge, which was anticipated, net income for the first quarter was $1.1 million, or $0.15 cents per share. Net income for the first quarter of 1995 was $1.5 million, or $0.22 cents per share, which included a two cents per share extraordinary gain associated with the demutualization of the Company's health insurance carrier. All prior year results have been restated to reflect the acquisition of Leisegang Medical, Inc., in fiscal 1996 which was accounted for on a pooling of interests basis. William T. Hanley, president and chief executive officer, said, "We are pleased to report stable first quarter revenues, particularly since we discontinued certain less profitable products which contributed over $1.2 million to last year's revenues. We are especially pleased with the progress of our developing Medical and Fluorolase products which continue to be favorably received by customers and offer significant growth opportunities for the company." Galileo develops, manufactures and markets products based on its core fiberoptics and electro-optics technologies for applications in office equipment, analytical instruments, process analysis, telecommunications and medical instruments. Galileo markets its products to OEMs through marketing partners and direct to end users. -more- 3 -3- GALILEO CORPORATION FINANCIAL HIGHLIGHTS (UNAUDITED)
FOR THE THREE MONTHS ENDED -------------------------- 12/31/96 12/31/95(b) -------- ----------- Net sales $ 9,711,000 $9,972,000 Cost of sales 5,436,000 6,105,000 ----------- ---------- Gross profit 4,275,000 3,867,000 Engineering, selling and administrative expenses 3,344,000 2,723,000 Reduction in carrying value of certain long-lived assets (a) 2,226,000 -- ----------- ---------- Operating profit (loss) (1,295,000) 1,144,000 Other income 250,000 115,000 ----------- ---------- Income (loss) before income taxes and extraordinary gain (1,045,000) 1,259,000 Provision (benefit) for income taxes 121,000 (107,000) ----------- ---------- Income (loss) before extraordinary gain (1,166,000) 1,366,000 Extraordinary gain on receipt and sale of stock -- 158,000 ----------- ---------- Net income (loss) $(1,166,000) $1,524,000 =========== ========== Net income (loss) per common and common equivalent share outstanding: Before extraordinary gain ($.17) $.20 Effect of extraordinary gain -- .02 ------------ ---------- Net income (loss) ($.17) $.22 ============ ========== Weighted average common and common equivalent shares outstanding 7,016,000 6,865,000 (a) For the three months ended December 31, 1996, the Company adopted Statement of Financial Accounting Standard No.121, "Accounting for the Impairment of Long-lived Assets and for Long-lived Assets to be Disposed Of." This statement requires impairment losses be recognized on long-lived assets when indicators of impairment are present and the fair market values of assets are estimated to be less than carrying amounts. The adoption of this statement resulted in a $2.2 million, or $0.32 per share, nonrecurring, pretax, noncash charge in the quarter, principally related to robotic assembly equipment for the Company's Medical Products business. Excluding the impact of this charge, net income for the first quarter was $1.1 million, or $0.15 per share.
7 4 (b) Results for the three months ended December 31, 1995, have been restated to reflect the acquisition of Leisegang Medical, Inc., in fiscal year 1996, which was accounted for on a pooling interests basis. For the three months ended December 31, 1995, Leisegang Medical, Inc.'s revenues were $1.6 million with net income of $0.4 million, or $0.06 per share. ############# 1997 8 -----END PRIVACY-ENHANCED MESSAGE-----