-----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, CAd+xmTuX6qILFZvDmw8O/m+VjQ9/4pBfLnUhV/bPKi/2xcKf8Qx3awLVTom9NFn 4U85MGrl/hVCEYF+a9N8wA== 0000008065-95-000008.txt : 19951031 0000008065-95-000008.hdr.sgml : 19951031 ACCESSION NUMBER: 0000008065-95-000008 CONFORMED SUBMISSION TYPE: 10KSB/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19951030 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASTROSYSTEMS INC CENTRAL INDEX KEY: 0000008065 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 135691210 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10KSB/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-03344 FILM NUMBER: 95585228 BUSINESS ADDRESS: STREET 1: 6 NEVADA DR CITY: LAKE SUCCESS STATE: NY ZIP: 11042 BUSINESS PHONE: 5163281600 MAIL ADDRESS: STREET 1: 6 NEVADA DR CITY: LAKE SUCCESS STATE: NY ZIP: 11042 10KSB/A 1 U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-KSB/A AMENDMENT NO. 1 (Mark One) [x] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended June 30, 1995 TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to Commission file number 0-3344 ASTROSYSTEMS, INC. (Name of small business issuer in its charter) Delaware 13-5691210 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Six Nevada Drive, Lake Success, NY 11042 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number (516) 328-1600 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which Title of each class registered None Securities registered pursuant to Section 12(g) of the Act: Common Stock, par value $.10 per share (Title of Class) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during during the past 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES....X.... NO.......... Check if no disclosure of delinquent filers in response to Item 405 of Regulation S-B is contained in this form, and no disclosure will be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB. The Registrant's revenues for fiscal year ended June 30, 1995 were $12,319,000. The aggregate market value of the Registrant's Common Stock held by nonaffiliates of the Registrant is $14,745,741 (as of August 31, 1995). (ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS): Check whether the issuer has filed all documents and reports required to be filed by Section 12, 13 or 15 (d) of the Securities Exchange Act after the distribution of securities under a plan confirmed by a court. YES .......... NO ...N/A... (APPLICABLE ONLY TO CORPORATE REGISTRANTS) The number of shares outstanding of the Registrant's Common Stock is 4,581,727 (as of August 31, 1995). DOCUMENTS INCORPORATED BY REFERENCE Proxy Statement for 1995 Annual Meeting of Stockholders (Part III) PART III Item 9. Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Securities Exchange Act. Year Became Other Positions held Name a Director Age with Registrant Seymour Barth 1959 67 President and Director Gilbert H. Steinberg 1964 64 Vice President, Treasurer and Director Elliot J. Bergman 1964 69 Vice President, Secretary and Director Walter A. Steinberg 1989 68 Director Elliot D. Spiro 1994 66 Director The term of each Director extends until the next Annual Meeting of Registrant's Stockholders and until his successor is elected and qualified. The next Annual Meeting of Stockholders is scheduled to be held in January 1996. Seymour Barth has served as President of the Company since 1964 and as a Director of the Company since its inception in 1959. Gilbert H. Steinberg has served as a Director, Vice President and Treasurer of the Company since 1964. Mr. Steinberg is also a Director of P.C. Etcetera, Inc., a provider of computer training services. Elliot J. Bergman has served as a Director, Vice President and Secretary of the Company since 1964. Walter A. Steinberg has been an independent engineering consultant for more than the past five years. Elliot D. Spiro has served as Chairman and Chief Executive Officer of Branch Insurance Agency, a property/casualty and financial services insurance agency, for more than the past five years. There is no familiy relationship among any of the Company's Directors and executive officers. To the Company's knowledge, based solely on a review of the copies of Forms 5 furnished to the Company and written representations that no other reports were required, during the fiscal year ended June 30, 1995, all Section 16(a) filing requirements applicable to the Company's officers, Directors and 10% stockholders were complied with, except that Messrs. Barth, G. Steinberg and Bergman did not file their respective Forms 5 timely. Each Form 5 reported the acquisition of shares of Common Stock of the Company pursuant to its 401(k) Plan. Item 10. Executive Compensation. (a) Summary compensation table Annual Compensation Long-Term Compensation Awards Payouts Name and Shares Principal Underlying All Other Position Year Salary Bonus Options Compensation Seymour Barth 1995 $309,518 0 0 $4,686 (1) President 1994 $304,116 0 100,000 $4,571 (2) 1993 $304,116 $5,848 0 $2,716 (3) Elliot Bergman 1995 $217,830 0 0 $4,357 (1) Vice President & 1994 $214,008 0 100,000 $3,209 (2) Secretary 1993 $214,008 $4,116 0 $3,205 (3) Gilbert Steinberg 1995 $217,830 0 0 $4,357 (1) Vice President & 1994 $214,008 0 100,000 $3,209 (2) Treasurer 1993 $214,008 $4,116 0 $3,205 (3) (1) Represents 1,079, 1,030, and 1,030 shares contributed by the Company to the accounts of Messrs. Barth, Bergman and G. Steinberg, respectively, for Fiscal 1995 pursuant to the terms of its 401(k) Plan. (2) Represents 1,071, 752 and 752 shares contributed by the Company to the accounts of Messrs. Barth, Bergman and G. Steinberg, respectively, for Fiscal 1994 pursuant to the terms of its 401(k) Plan. (3) Represents 673, 779 and 779 shares contributed by the Company to the accounts of Messrs. Barth, Bergman and G. Steinberg, espectively, for Fiscal 1993 pursuant to the terms of its 401(k) Plan. (b) Option Grants No options were granted to Mr. Barth, Mr. Bergman or Mr. G. Steinberg during Fiscal 1995. (c) Aggregated option exercises in last fiscal year and fiscal year end option value table Value of Unexercised Number of Unexercised In-the-Money Options Options at June 30, 1995 at June 30, 1995 Exercisable/ Exercisable/ Name Unexercisable Unexercisable Seymour Barth 371,607/100,000 $538,430/56,300 Elliot Bergman 390,921/100,000 $626,541/56,300 Gilbert Steinberg 374,769/100,000 $552,838/56,300 No options were exercised by Mr. Barth, Mr. Bergman or Mr. Steinberg during the fiscal year ended June 30, 1995. (d) Compensation of Directors. Messrs. W. Steinberg and Spiro are entitled to receive $5,000 per year for their services as a Director. No other Directors receive compensation for their services as such. (e) Employment Contracts and Termination of Employment and Change-in-Control Arrangements. Stock Retirement Agreement The Company and Messrs. Barth, G. Steinberg and Bergman are parties to a Stock Retirement Agreement which requires the Company, upon the death of any of such persons, to purchase 30% of all shares of Common Stock of the Company included in the gross estate of the deceased stockholder at a price equal to the greater of the average market price of such shares over the six months preceding the date of death or the book value thereof. At June 30, 1995, the Company carried term life insurance in the amounts of $2,000,000, $1,250,000 and $1,000,000 upon the lives of Messrs. Barth, G. Steinberg and Bergman, respectively. Employment Agreements The Company has entered into Employment Agreements with each of Messrs. Barth, G. Steinberg and Bergman which provide for, among other things, the following: (i) minimum annual compensation of $304,116 for Mr. Barth and $214,008 for each of Messrs. G. Steinberg and Bergman (effective September 5, 1994, the annual compensation payable to Messrs. Barth, G. Steinberg and Bergman was increased to $310,807, $218,716 and $218,716, respectively); (ii) a term ending upon the earliest to occur of the following: (a) the employee's death or incapacity; (b) "cause", as defined in the Employment Agreement; (c) at the election of the Company, upon not less than three years prior written notice to the employee; or (d) at the election of the employee, upon not less than six months prior written notice to the Company; and (iii) in the event the employee's employment shall terminate as a result of death or incapacity, the Company shall be obligated to make annual payments to the employee or his estate or representative for a period of three years in an amount equal to 50% of the compensation paid or payable to the employee with respect to the fiscal year immediately preceding the fiscal year in which his employment terminated. Item 11. Security Ownership of Certain Beneficial Owners and Management. The following table sets forth, to the knowledge of the Company, certain information regarding the Company's outstanding Common Stock beneficially owned as of September 30, 1995 (i) by each person who is known by the Company to own beneficially or exercise voting or dispositive control over more than 5% of the Company's Common Stock, (ii) by each of the Company's Directors, and (iii) by all executive officers and Directors as a group: Approximate Name and Number of Shares Percentage of Address of and Nature of Outstanding Beneficial Owner Beneficial Ownership Shares (1) Seymour Barth.......... 1,494,973(2)(3) 29.5%(2)(3) 6 Nevada Drive Lake Success, NY Gilbert H. Steinberg... 1,135,868(2)(4) 22.4%(2)(4) 6 Nevada Drive Lake Success, NY Elliot J. Bergman...... 1,035,431(2)(5) 20.4%(2)(5) 6 Nevada Drive Lake Success, NY Morris Barth, Trustee of 300,000 6.5% various trusts for the benefit of the descendants of Seymour Barth c/o Astrosystems, Inc. 6 Nevada Drive Lake Success, NY Elliot D. Spiro........ 10,400(6) * 71 S. Central Avenue Valley Stream, NY All Directors and 3,414,964(2)(3)(4) 56.7%(2)(3)(4) executive officers as (5)(6) (5)(6) a group (5 persons) * Less than 1% (1) For purposes of the above table, the number of shares of Common Stock owned and outstanding for a particular person is deemed to include (i) options held by such person which are exercisable currently or within sixty days and (ii) shares issuable through September 30, 1995 pursuant to the Company's 401(k) Plan as discussed below. (2) Includes for each of Messrs. Barth, G. Steinberg and Bergman 130,854 shares over which they have voting power as trustees under the Company's 401(k) Plan (including 6,084, 5,612 and 5,612 shares allocated to the accounts of Messrs. Barth, G. Steinberg and Bergman, respectively). (3) Includes 471,607 shares issuable pursuant to options which are currently exercisable. Also includes 250,000 shares held in trust for the benefit of Mr. Barth's family, as to which trust Mr. Barth serves as co-trustee. Excludes 110,000 shares held in trust for the benefit of Mr. Barth's children, as to which shares Mr. Barth disclaims any beneficial interest. (4) Includes 474,769 shares issuable pursuant to options which are currently exercisable. (5) Includes 490,921 shares issuable pursuant to options which are currently exercisable. Also includes 225,000 shares held in various trusts for the benefit of Mr. Bergman's family, as to which trusts Mr. Bergman serves as co-trustee. Item 12. Certain Relationships and Related Transactions. Inapplicable. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized. Dated: October 27, 1995 ASTROSYSTEMS, INC. BY: /S/ Gilbert Steinberg, Vice President -----END PRIVACY-ENHANCED MESSAGE-----