-----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, K6YVbyubBOZflKZyuVfEgdf+tkGQ/RfTZu4zBhcZ3FPvB4Iv0rpHdV4VXr+vovQz BgHWQMPicSgoJxrzVh/Amg== 0001017062-98-000635.txt : 19980330 0001017062-98-000635.hdr.sgml : 19980330 ACCESSION NUMBER: 0001017062-98-000635 CONFORMED SUBMISSION TYPE: NT 10-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971228 FILED AS OF DATE: 19980327 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALCOMP TECHNOLOGY INC CENTRAL INDEX KEY: 0000818470 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 060888312 STATE OF INCORPORATION: DE FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: NT 10-K SEC ACT: SEC FILE NUMBER: 000-16071 FILM NUMBER: 98575083 BUSINESS ADDRESS: STREET 1: 2411 W LA PALMA AVE CITY: ANAHEIM STATE: CA ZIP: 92803 BUSINESS PHONE: 5128731540 MAIL ADDRESS: STREET 1: 60 SILVERMINE ROAD CITY: SEYMOUR STATE: CT ZIP: 06483 FORMER COMPANY: FORMER CONFORMED NAME: SUMMAGRAPHICS CORP DATE OF NAME CHANGE: 19920703 NT 10-K 1 FORM 12B-25 NOTIFICATION OF LATE FILING -------------------- UNITED STATES | OMB APPROVAL | SECURITIES AND EXCHANGE COMMISSION -------------------- Washington, D.C. 20549 | OMB Number: | | 3235-0058 | FORM 12b-25 | Expires: | | May 31, 1997 | NOTIFICATION OF LATE FILING | Estimated | | average burden | | hours per | (Check One): [X] Form 10-K [_] Form 20-F [_] Form 11-K | response....2.50 | [_] Form 10-Q [_] Form N-SAR -------------------- -------------------- For Period Ended: 12/28/97 | SEC FILE NUMBER | ------------------------------------ | | [X] Transition Report on Form 10-K -------------------- [_] Transition Report on Form 20-F -------------------- [_] Transition Report on Form 11-K | CUSIP NUMBER | [_] Transition Report on Form 10-Q | XXXXXX XX X | [_] Transition Report on Form N-SAR -------------------- For the Transition Period Ended: ------------------------------------------- ================================================================================ Read Instruction (on back page) Before Preparing Form. Please Print or Type. NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS VERIFIED ANY INFORMATION CONTAINED HEREIN. ================================================================================ If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates: - -------------------------------------------------------------------------------- PART I--REGISTRANT INFORMATION - -------------------------------------------------------------------------------- Full Name of Registrant CALCOMP TECHNOLOGY, INC. - -------------------------------------------------------------------------------- Former Name if Applicable - -------------------------------------------------------------------------------- Address of Principal Executive Office (Street and Number) 2411 W. LA PALMA AVENUE - -------------------------------------------------------------------------------- City, State and Zip Code ANAHEIM, CA 92803 - -------------------------------------------------------------------------------- PART II--RULES 12b-25(b) AND (c) If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate) (a) The reasons described in reasonable detail in Part III of this form | could not be eliminated without unreasonable effort or expense; | (b) The subject annual report, semi-annual report, transition report | on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof, [X] | will be filed on or before the fifteenth calendar day following the | prescribed due date; or the subject quarterly report of transition | report on Form 10-Q, or portion thereof will be filed on or before | the fifth calendar day following the prescribed due date; and | (c) The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. PART III--NARRATIVE State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, N-SAR, or the transition report or portion thereof, could not be filed within the prescribed time period. (ATTACH EXTRA SHEETS IF NEEDED) SEC 1344 (6/94) The Registrant's Annual Report on Form 10-K could not be filed by March 30, 1998 because certain transactions that will have a significant impact on the Company's liquidity have not yet been completed, but are expected to be completed and available for disclosure in the Company's Annual Report on Form 10-K prior to April 13, 1998. PART IV--OTHER INFORMATION (1) Name and telephone number of person to contact in regard to this notification JOHN J. MILLERICK, SENIOR VP & CFO (714) 821-2500 ------------------------------------ ----------- ------------------------- (Name) (Area Code) (Telephone Number) (2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s). [X] Yes [_] No --------------------------------------------------------------------------- (3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? [X] Yes [_] No If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made. SEE EXHIBIT A - PART IV (3) - -------------------------------------------------------------------------------- CALCOMP TECHNOLOGY, INC. ---------------------------------------------------------- (Name of Registrant as Specified in Charter) has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized. Date MARCH 27, 1998 By /s/ JOHN J. MILLERICK --------------------------- -------------------------------------- SENIOR V.P. & CFO INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative's authority to sign on behalf of the registrant shall be filed with the form. - --------------------------------- ATTENTION ------------------------------------ | INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT | | CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001). | - -------------------------------------------------------------------------------- GENERAL INSTRUCTIONS 1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General Rules and Regulations under the Securities Exchange Act of 1934. 2. One signed original and four conformed copies of this form and amendments thereto must be completed and filed with the Securities and Exchange Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the General Rules and Regulations under the Act. The information contained in or filed with the form will be made a matter of public record in the Commission files. 3. A manually signed copy of the form and amendments thereto shall be filed with each national securities exchange on which any class of securities of the registrant is registered. 4. Amendments to the notifications must also be filed on form 12b-25 but need not restate information that has been correctly furnished. The form shall be clearly identified as an amended notification. 5. Electronic Filers. This form shall not be used by electronic filers unable to timely file a report solely due to electronic difficulties. Filers unable to submit a report within the time period prescribed due to difficulties in electronic filing should comply with either Rule 201 or Rule 202 of Regulation S-T ((S)232.201 or (S)232.202 of this chapter) or apply for an adjustment in filing date pursuant to Rule 13(b) of Regulation S-T ((S)232.13(b) of this chapter). EXHIBIT A to Form 12b-25 PART IV (3) [LETTERHEAD OF CALCOMP] Contact: John J. Millerick, Senior Vice President and Chief Financial Officer CalComp Technology, Inc. (714) 821-2000 FOR IMMEDIATE RELEASE CALCOMP REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER, FISCAL YEAR 1997 Anaheim, California -- January 28, 1998 -- CalComp Technology, Inc. (Nasdaq: CLCP) today announced financial results for the fourth quarter and year ended December 28, 1997. For the fourth quarter, the company reported a net loss of $34.6 million, or $0.74 per share, compared with a net loss of $23.9 million, or $0.52 per share, for the same quarter last year. Net sales were $40.2 million, compared with $67.5 million a year earlier. The company noted that operating results for the 1997 fourth quarter reflected the impact of $3.8 million in restructuring costs, related primarily to a realignment of the company's European operations, and approximately $10.8 million in costs associated with the decision to accelerate the transition from its current products to its new proprietary inkjet products, which are being introduced to the marketplace during the first quarter of 1998. Excluding the effects of the charges, the company would have reported a net loss of $20.0 million, or $0.43 per share, for the most recent fourth quarter. Results also were affected by higher expenses associated with the launch of the company's new CrystalJet(TM) technology. For the full year, CalComp reported a net loss of $75.2 million, or $1.60 per share, versus a net loss of $56.6 million, or $1.32 per share, a year ago. Net sales for the fiscal year were $200.2 million, compared with $235.9 million in fiscal 1996. (more) 2-2-2 John C. Batterton, president and chief executive officer, said, "While 1997 was challenging from a financial perspective, it was a period in which significant progress was achieved in restructuring the company, completing the development of an innovative technology and launching the first of a new generation of exciting products. The introduction of our proprietary CrystalJet technology in September was received with tremendous enthusiasm by potential customers and represented a major milestone in the repositioning of CalComp. While operating losses will continue into 1998, as the company continues its investment in new technology and transitions from older products lines, we are encouraged about the company's future and believe our new digital inkjet printing systems will have a major positive impact on the industries we serve." Batterton said one of the year's most important accomplishments was the signing of an OEM agreement with IRIS Graphics, a wholly owned subsidiary of Scitex Corporation, Ltd., (Nasdaq:SCIXF), under which CalComp will provide wide- format printers featuring the CrystalJet technology. IRIS Graphics plans to integrate its color imaging software into the CalComp-manufactured printers and begin selling them to its customers under the IRIS brand during the first quarter. "The agreement with IRIS Graphics clearly demonstrates the viability of CrystalJet," said Batterton. "As we go forward, we anticipate additional OEM relationships and wide market penetration of the technology, which we plan to incorporate in a variety of applications, including print-for-pay, industrial and corporate-in-house use." CalComp is a leading supplier of computer graphics printers, sign cutters, digitizers and large format scanners. The company's products are marketed throughout the world to the CAD/CAM and graphic arts customers. CalComp provides full service product support (more) 3-3-3 and technical assistance, sells supplies and provides after-warranty service. This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 related to CalComp Technology's ability to successfully develop and introduce new products which incorporate the company's new CrystalJet(TM) inkjet technology, attain additional OEM relationships and other matters. Actual results may differ materially from those indicated by such statements as a result of various factors, including those discussed in the Company's periodic reports filed with the SEC. # # # CALCOMP TECHNOLOGY, INC. Condensed Consolidated Statement of Operations
Three Months Ended Twelve Months Ended ---------------------------------- --------------------------- (Unaudited) Dec. 28, Dec. 29, Dec. 28, Dec. 29, 1997 1996 1997 1996 ------------------- ------------ ------------ ------------ (Dollars in Thousands, Except Share and Per Share Data) Net Sales $ 40,239 $ 67,546 $200,158 $235,916 Cost of Sales 46,811 49,948 182,591 180,375 -------- -------- -------- -------- Gross Profit (Loss) (6,572) 17,598 17,567 55,541 Operating Expenses 23,443 23,125 89,343 94,123 Restructuring Costs and (Gain) Loss on Disposal of Facilities 3,788 20,998 (2,085) 20,998 -------- --------- -------- Loss from Operations (33,803) (26,525) (69,691) (59,580) Other (Expense) Income, Net (1,546) (667) (5,459) 518 -------- -------- -------- -------- Loss Before Taxes (35,349) (27,192) (75,150) (59,062) Provision (Benefit) for Taxes (714) (3,289) 38 (2,458) -------- -------- -------- -------- Net Loss $(34,635) $(23,903) $(75,188) $(56,604) ======== ======== ======== ======== Net Loss Per Common Share $ (0.74) $ (0.52) $ (1.60) $ (1.32) Weighted Average Shares Outstanding 47,063,797 46,074,474 46,951,243 42,945,581
CONDENSED CONSOLIDATED BALANCE SHEET
Dec. 28, 1997 Dec. 29, 1996 ------------- ------------- (Dollars in Thousands) Assets: - ------- Cash $ 6,494 $ 15,290 Accounts Receivable, net 30,636 56,863 Inventories 43,069 57,765 Net Assets Held for Sale -- 15,119 Other Current Assets 4,783 5,866 -------- -------- Total Current Assets 84,982 150,903 Plant and Equipment 29,048 26,891 Goodwill 79,994 82,080 Other Assets 15,433 16,211 -------- -------- Total Assets $209,457 $276,085 ======== ======== Liabilities and Stockholders' Equity: - ------------------------------------- Accounts Payable $ 19,986 $ 32,258 Deferred Revenue 6,828 9,217 Other Current Liabilities 39,014 48,197 Line of Credit with Majority Shareholder 59,525 -- -------- -------- Total Current Liabilities 125,353 89,672 Line of credit with Majority Shareholder -- 28,880 Other Long-Term Liabilities 8,371 5,029 Stockholders' Equity 75,733 152,504 -------- -------- Total Liabilities and Stockholders' Equity $209,457 $276,085 ======== ========
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