-----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, Lbj/lrbq5kuAAJi0qs72JnGlMx/RXZBR2q+uDSP1HEuvpRHQxp4HtLWFX4Cj9loM 2HUChNuhQC3rQWZrOuABig== 0001104659-06-065728.txt : 20061010 0001104659-06-065728.hdr.sgml : 20061009 20061010110027 ACCESSION NUMBER: 0001104659-06-065728 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061010 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061010 DATE AS OF CHANGE: 20061010 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFOCUS CORP CENTRAL INDEX KEY: 0000845434 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 930932102 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18908 FILM NUMBER: 061136102 BUSINESS ADDRESS: STREET 1: 27700B SW PARKWAY AVE CITY: WILSONVILLE STATE: OR ZIP: 97070 BUSINESS PHONE: 5036858888 MAIL ADDRESS: STREET 1: 27700B SW PARKWAY AVE CITY: WILSONVILLE STATE: OR ZIP: 97070 FORMER COMPANY: FORMER CONFORMED NAME: IN FOCUS SYSTEMS INC DATE OF NAME CHANGE: 19930328 8-K 1 a06-21017_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

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):  October 10, 2006

INFOCUS CORPORATION

(Exact name of registrant as specified in its charter)

Commission File Number: 000-18908

 

Oregon

 

93-0932102

(State or other jurisdiction of incorporation

 

(I.R.S. Employer Identification No.)

or organization)

 

 

 

 

 

27500 SW Parkway Avenue, Wilsonville, Oregon

 

97070

(Address of principal executive offices)

 

(Zip Code)

 

 

 

Registrant’s telephone number, including area code: 503-685-8888

 

 

 

Former name or former address if changed since last report: no change

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 




INFOCUS CORPORATION
FORM 8-K
INDEX

Item

 

Description

 

Page

 

 

 

 

 

Item 2.02

 

Results of Operations and Financial Condition

 

2

 

 

 

 

 

Item 8.01

 

Other Events

 

2

 

 

 

 

 

Item 9.01

 

Financial Statements and Exhibits

 

2

 

 

 

 

 

Signatures

 

 

 

3

 

 

 

 

 

 

1




Item 2.02 Results of Operations and Financial Condition

On October 10, 2006, InFocus Corporation (“InFocus”) issued a press release regarding preliminary third quarter 2006 operating results.  A copy of the press release is attached as Exhibit 99.1.

Item 8.01 Other Events

In the press release referenced in Item 2.02, InFocus also announced that its Board of Directors is conducting an ongoing evaluation of strategic alternatives for the Company and that Banc of America Securities is engaged as the Company’s financial advisor to assist the Board in its evaluation.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibit is furnished herewith and this list is intended to constitute the exhibit index:

99.1               Press release dated October 10, 2006 regarding preliminary third quarter 2006 operating results and the evaluation of strategic alternatives for the Company.

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.

Date:  October 10, 2006

 

INFOCUS CORPORATION

 

 

 

 

 

 

By:

 /s/C. Kyle Ranson

 

 

C. Kyle Ranson
President and Chief Executive Officer
(Principal Executive Officer)

 

 

 

 

 

 

 

 

 

 

By:

 /s/Roger Rowe

 

 

Roger Rowe
Vice President Finance, Chief Financial
Officer and Secretary
(Principal Financial Officer)

 

3



EX-99.1 2 a06-21017_1ex99d1.htm EX-99

EXHIBIT 99.1

[INFOCUS LETTER HEAD]

 

Investor Relations Contacts:

 

Public Relations Contacts:

Kyle Ranson

 

Jennifer Fields

Chief Executive Officer

 

InFocus Corporation

InFocus Corporation

 

(503) 685-8923

(503) 685-8576

 

 

 

 

 

Roger Rowe

 

Stacy Doyle

Chief Financial Officer

 

Edelman

InFocus Corporation

 

(503) 471-6806

(503) 685-8609

 

 

 

InFocus® Announces Preliminary Third Quarter 2006 Financial Results

Company also announces engagement of Banc of America Securities as
 its financial advisor to assist in its evaluation of strategic alternatives

WILSONVILLE, Ore., October 10, 2006 — InFocus® Corporation (NASDAQ: INFS) today announced its revenues for the third quarter of 2006 are expected to be between $78 and $82 million, compared to $97.6 million for the second quarter of 2006.  The revenue decline occurred in both the Americas and Europe.  The Company’s new meeting room projectors, the 2000 lumen IN32 and 2500 lumen IN34 began shipping in limited quantities late in the quarter.  The Company expects that these new products will be more broadly available in the fourth quarter.

Gross margins for the third quarter are expected to decline from second quarter results of 15.0 percent due to the lower revenues as well as an inventory charge related to the Company’s entry-level consumer product, the IN72, which has continued to sell below expectations through the mass consumer electronics retail channel.  As a result, the Company expects to post a third quarter pro-forma operating loss greater than the pro-forma operating loss recorded in the second quarter of 2006 of $8.9 million.

Given these financial results, the Company is committed to making further reductions to its cost structure.  Details will be forthcoming as part of the release of final third quarter financial results.

Strategic Alternatives

InFocus also announced that its Board of Directors is conducting an ongoing evaluation into strategic alternatives for the Company and that Banc of America Securities is engaged as the Company’s financial advisor to assist the Board in its evaluation.

1




The Company advised that there can be no assurances that the evaluation process will result in any specific transaction.  The Company also advised that it does not intend to disclose developments regarding the evaluation unless and until the Company has entered into a definitive agreement for a transaction that has been approved by its Board of Directors.

“We continually look for ways to enhance shareholder value and, in doing so, we plan to consider all reasonable alternatives as we move through this process,” stated Kyle Ranson, President and CEO.  “Our core strengths - industry brand leadership, a broad product and patent portfolio along with a strong market share position - are important assets to leverage as we focus on improving the operating performance of our core business and consider strategic alternatives,” concluded Ranson.

Final Quarterly Results

The Company will issue a separate press release at a later date to communicate the timing of release of its final third quarter 2006 financial results.

Forward-Looking Statements

This press release includes forward-looking statements, including statements related to anticipated revenues, gross margins, expenses, earnings, availability of components and projectors manufactured for the Company, inventory, backlog, and new product introductions.  Also included are forward-looking statements regarding the evaluation of strategic alternatives for the Company’s business.  Investors are cautioned that all forward-looking statements involve risks and uncertainties and several factors could cause actual results to differ materially from those in the forward-looking statements.  The following factors, among others, could cause actual results to differ from those indicated in the forward-looking statements: 1) in regard to revenues, gross margins, inventory and earnings, uncertainties associated with market acceptance of and demand for the Company’s products, the impact competitive and economic factors have on business buying decisions, dependence on third party suppliers, and the impact of regulatory actions by authorities in the markets we serve; 2) in regard to product availability and backlog, uncertainties associated with manufacturing capabilities, uncertainties associated with our transition to new contract manufacturing partners, availability of critical components, and dependence on third party suppliers; 3) in regard to new product introductions, ability of the Company to make timely delivery of new platforms, uncertainties associated with the development of technology, uncertainties with product quality and availability with the reliance on off-shore contract manufacturing, and dependence on third party suppliers and intellectual property rights; and 4) in regard to the Company’s evaluation of strategic alternatives, uncertainties associated with the ability to identify and execute a transaction, set of transactions or strategy that results in an increase to shareholder value.  Investors are directed to the Company’s filings with the Securities

2




and Exchange Commission, including the Company’s 2005 Form 10-K and 2006 Form 10-Q’s, which are available from the Company without charge, for a more complete description of the risks and uncertainties relating to forward-looking statements made by the Company as well as to other aspects of the Company’s business.  The forward-looking statements contained in this press release speak only as of the date on which they are made and the Company does not undertake any obligation to update any forward looking statements to reflect events or circumstances after the date of this press release.

About InFocus Corporation

InFocus® Corporation (Nasdaq: INFS) is the industry pioneer and worldwide leader in the projection market today. Nearly twenty years of experience and engineering breakthroughs are at work here, constantly improving what you see in the marketplace, and delivering immersive audio visual impact in home entertainment, business and education environments.  Being the inventor and leader is simply a great bonus of making the presentation of ideas, information, and entertainment a vivid, unforgettable experience.

InFocus Corporation’s global headquarters are located in Wilsonville, Oregon, USA, with regional offices in Europe and Asia. For more information, visit the InFocus Corporation web site at www.infocus.com or contact the Company toll-free at 800.294.6400 (U.S. and Canada) or 503.685.8888 worldwide.

###

InFocus, Proxima, LiteShow and LP are registered trademarks and ASK, ScreenPlay, Play Big, Work Big and The Big Picture are trademarks of InFocus Corporation“Digital Light Processing” and “DLP” are trademarks of Texas Instruments.

 

3



-----END PRIVACY-ENHANCED MESSAGE-----