-----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, Vk4Sx2mwNMOWtUcHwMvSiz7pA6EWU5yWjLpq+c1GjJMi76AV1AYMuIxLY+AtiTWW +OBltGkaymZsHUtm0+IojQ== 0000082628-98-000005.txt : 19980323 0000082628-98-000005.hdr.sgml : 19980323 ACCESSION NUMBER: 0000082628-98-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980317 ITEM INFORMATION: FILED AS OF DATE: 19980320 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SYMMETRICOM INC CENTRAL INDEX KEY: 0000082628 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 951906306 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-02287 FILM NUMBER: 98570158 BUSINESS ADDRESS: STREET 1: 2300 ORCHARD PARKWAY CITY: SAN JOSE STATE: CA ZIP: 95131-1017 BUSINESS PHONE: 4084287813 MAIL ADDRESS: STREET 1: 2300 ORCHARD PARKWAY CITY: SAN JOSE STATE: CA ZIP: 95131-1017 FORMER COMPANY: FORMER CONFORMED NAME: SILICON GENERAL INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: REDCOR CORP DATE OF NAME CHANGE: 19820720 8-K 1 CURRENT REPORT 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): March 17, 1998 SYMMETRICOM, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California - -------------------------------------------------------------------------------- (State or other jurisdiction of incorporation or organization) 0-2287 95-1906306 ---------------------- -------------------------------------- (Commission file number) (I.R.S. Employer Identification No.) 2300 Orchard Parkway, San Jose, California 95131-1017 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 408-943-9403 Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS On March 17, 1998, the Company issued a press release commenting on the financial outlook for its third quarter of fiscal 1998 ending March 31, 1998. A copy of the press release is attached hereto as Exhibit 99.1. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) and (b) - None (c) Exhibits 99.1 SymmetriCom, Inc.'s Press Release dated March 17, 1998 2 SIGNATURES 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. SYMMETRICOM, INC. (Registrant) DATE: March 20, 1998 By:/s/ J. Scott Kamsler J. Scott Kamsler Senior Vice President, Finance and Chief Financial Officer (for Registrant and as Principal Financial and Accounting Officer) 3 EXHIBIT INDEX Exhibit Number Description 99.1 SymmetriCom, Inc.'s Press Release dated March 17, 1998 4 EX-99.1 2 PRESS RELEASE Exhibit 99.1 For information please call Ed Lockwood (408) 428-7845 SYMMETRICOM COMMENTS ON THIRD QUARTER OUTLOOK San Jose, California, March 17, 1998 -- SymmetriCom, Inc. (NASDAQ:SYMM) announced today that it expects to report net sales in the range of $24 million to $25 million for its third fiscal quarter ending March 31, 1998 compared to net sales of $34.3 million for the immediately preceding quarter, primarily due to substantially lower sales in its semiconductor operation. As a result, the Company estimates it will have a pre-tax loss (before a one-time charge) for the quarter in the range of $2 million to $3 million. In addition, in view of current and expected near-term levels of sales from the Company's semiconductor operation, the Company anticipates taking a one-time pre-tax charge in its current quarter of between $8 million and $12 million, principally relating to an additional provision for inventory which the Company has been manufacturing in recent periods in anticipation of a higher volume of sales in its semiconductor operation that has not been realized. The Company is continuing to adjust its production rate and reduce spending at its semiconductor operation in order to cut costs, while at the same time preserving product and market development programs. The Company had previously disclosed in its Form 10-Q report for the second fiscal quarter ended December 31, 1997 that, based on orders received for the first half of the third quarter of fiscal 1998, the Company expected its net sales and net earnings for the third quarter of fiscal 1998 to decline significantly from the immediately preceding quarter, and had advised of inventory risks due to increases in inventory levels in its semiconductor operation in recent periods. The Company continues to experience low demand in its semiconductor operation and cautions that sales will probably remain at a low level in the fourth fiscal quarter of 1998 and perhaps beyond. This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those Sections. The Company's actual results could differ materially from those projected in the forward-looking information. Some factors which could cause future actual results to differ materially from the Company's projected results in the forward-looking information are timing, cancellation or delay of customer orders, delays in new product development, introduction and production startup, increased competition, customer acceptance of new products, economic conditions in the Pacific Rim region, customer delays in qualification of key new products, the overall condition of the semiconductor industry and the risk factors listed from time to time in the Company's reports, on file with the Securities and Exchange Commission, including but not limited to, the report on Form 10-Q for the quarter ended December 31, 1997 and the report on Form 10-K for the year ended June 30, 1997. SymmetriCom, Inc. conducts its business through two separate operating units. Telecom Solutions is a leading worldwide manufacturer of advanced network synchronization systems for the telecommunications industry. The Company also manufactures intelligent access systems. Its Navstar Systems Ltd. unit, based in Northampton, England, designs and manufactures systems that use Global Positioning System Technology to determine precise geographic location and time and frequency measurements. Linfinity Microelectronics Inc. makes linear and mixed signal standard and custom integrated circuits as well as modules primarily for use in power management and communications applications in commercial, industrial, and defense and space markets. -----END PRIVACY-ENHANCED MESSAGE-----