-----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, AcKbWhQd/+8B9erGJeTzd8vmGGnazsUBCzECC5V5PSo+AY7Qz4MWRM6YhsKxYUyY YOTwsr0HZVp+VbUNVHYO7A== 0000950134-99-006071.txt : 19990712 0000950134-99-006071.hdr.sgml : 19990712 ACCESSION NUMBER: 0000950134-99-006071 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990702 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990709 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VERTEX COMMUNICATIONS CORP /TX/ CENTRAL INDEX KEY: 0000780416 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 751982974 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-14899 FILM NUMBER: 99661269 BUSINESS ADDRESS: STREET 1: 2600 N LONGVIEW ST STREET 2: PO BOX 1277 CITY: KILGORE STATE: TX ZIP: 75662 BUSINESS PHONE: 9039840555 8-K 1 FORM 8-K 1 =============================================================================== SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 JULY 2, 1999 Date of Report (Date of earliest event reported) VERTEX COMMUNICATIONS CORPORATION (Exact name of registrant as specified in its charter) TEXAS 75-1982974 (State or other jurisdiction (I.R.S. Employer of incorporation) Identification No.) COMMISSION FILE NUMBER: 0-15277 2600 N. LONGVIEW STREET, KILGORE, TEXAS 75662 (Address of principal executive offices) (Zip Code) (903) 984-0555 Registrant's telephone number, including area code NOT APPLICABLE (Former name or former address, if changed since last report.) =============================================================================== 2 ITEM 5. OTHER EVENTS Reference is made to the press release issued to the public by the Registrant dated July 2, 1999. The text of this release is attached hereto as Exhibit 99.1 and incorporated by reference herein. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits. 99.1 - Press release dated July 2, 1999 entitled "Vertex Communications Corporation Announces Restructuring". 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. VERTEX COMMUNICATIONS CORPORATION Date: July 9, 1999 By: /s/ J. D. Carter ---------------------------------- J. D. Carter Vice President and Chief Financial Officer 3 EXHIBIT INDEX
Exhibit Number Description - ------ ----------- 99.1 Press Release dated July 2, 1999 entitled "Vertex Communications Corporation Announces Restructuring".
EX-99.1 2 PRESS RELEASE DATED JULY 2, 1999 1 Exhibit 99.1 VERTEX COMMUNICATIONS CORPORATION ANNOUNCES RESTRUCTURING 2 July, 1999, Kilgore, Texas - Vertex Communications Corporation (NYSE VTX), reported today that its Board of Directors has approved a restructuring plan involving a write-down of slow-moving/obsolete antenna component inventories and other non-performing assets and certain inventories related to the Company's networking systems product line. Chairman of the Board and CEO Rex Vardeman said, "As a result of the continued deterioration of various foreign economies and the rapid evolution of networking technology, we are abandoning ongoing efforts to market certain antenna components and networking products and subsystems which are mainly used in international wireless transmission telecommunications applications." The Company will record a special charge of approximately $9.5 million in its fiscal third quarter ended July 2, 1999. The charge is comprised of $4.8 million for goodwill, $2.5 million for inventory and non-performing assets related to the networking systems product line, and $2.2 million of slow-moving/obsolete antenna components and other charges. Vardeman added: "Vertex continues to experience difficulty in achieving this fiscal year's targets for revenue and earnings. We expect a continued deterioration of orders and earnings in the second half of the year due primarily to the worldwide monetary problems in the foreign economies which make up the bulk of our market. "We have expended a considerable amount of effort over the recent past attempting to transform a difficult international market situation into product sales. What was once a lucrative and very promising marketplace has fallen victim to world economies and ever-improving technology. "With the inventory writedown and the discontinued product line behind us, we are more focused on continuing what has been for 15 years an excellent record of achievement and admirable growth. This positive action will improve productivity and frees up several of our key employees to pursue opportunities that are more strategically aligned with the Company's core business." Except for the historical information contained herein, the matters discussed in this press release are forward-looking and, therefore, inherently involve risks and uncertainties including, but not limited to, economic, competitive, governmental, and technological factors affecting the Company's operations, markets, products, services, prices, and other factors discussed in the Company's filings with the Securities and Exchange Commission. Vertex Communications Corporation is a leader in the design and manufacture of satellite communications earth station products for worldwide commercial and government use, offering full service from engineering and design to standard products, turnkey installations and site service and maintenance around the world.
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