-----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, LwqsIuZcnWbqZqQTLHcYDvrIKQIJH4Howht27aGq3m3MKhNZtqMEECaroHMT6NHO Z65wwP3MHNhNEkem6m5HNA== 0001104659-05-031305.txt : 20050706 0001104659-05-031305.hdr.sgml : 20050706 20050706133602 ACCESSION NUMBER: 0001104659-05-031305 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050706 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050706 DATE AS OF CHANGE: 20050706 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GTSI CORP CENTRAL INDEX KEY: 0000850483 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-COMPUTER & PERIPHERAL EQUIPMENT & SOFTWARE [5045] IRS NUMBER: 541248422 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19394 FILM NUMBER: 05939882 BUSINESS ADDRESS: STREET 1: 3901 STONECROFT BLVD CITY: CHANTILLY STATE: VA ZIP: 20151-0808 BUSINESS PHONE: 703-502-2000 MAIL ADDRESS: STREET 1: 3901 STONECROFT BLVD CITY: CHANTILLY STATE: VA ZIP: 20151-1010 8-K 1 a05-11866_18k.htm 8-K

 

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): July 6, 2005

 

GTSI Corp.

 

Incorporated in Delaware

 

Commission File No. 0-19394

 

I.R.S. Employer Identification No. 54-1248422

 

3901 Stonecroft Boulevard

Chantilly, Virginia  20151-1010

(703) 502-2000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy 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 materials 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))

 

 



 

Item 8.01               Other Events

 

On July 6, 2005, GTSI Corp. provided investors an update to its strategic plan regarding expected softness for the quarter ending June 30, 2005. A copy of the press release is attached as Exhibit 99.1 to this Report on Form 8-K.

 

Item 9.01               Financial Statements and Exhibits

 

(a) None.

 

(b) None.

 

(c) Exhibits.

 

99.1         Press Release issued by GTSI Corp. dated July 6, 2005.

 

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 thereunto duly authorized.

 

 

GTSI Corp.

 

 

 

 

 

 

By:

/s/ Thomas A. Mutryn

 

 

 

Thomas A. Mutryn

 

 

Senior Vice President and CFO

 

Date:  July 6, 2005

 

3



 

INDEX TO EXHIBITS

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release issued by GTSI Corp. dated July 6, 2005.

 

4


EX-99.1 2 a05-11866_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

GTSI Provides Strategic Plan Update

 

Company expects softness in Q2 results due largely to its ERP system implementation

 

CHANTILLY, VA. – July 6, 2005 – GTSIÒ Corp. (Nasdaq: GTSI), a leading government information technology solutions aggregator, today announced that financial results for the quarter ended June 30, 2005 will be negatively impacted due to lower bookings and shipments, largely as a result of the internal distractions and other difficulties arising from the implementation of its new enterprise resource planning (ERP) system.  In addition, the company believes that its longer-term goal to double revenue by 2007 will be adversely impacted as a result of current conditions in its business.

 

“The second quarter has been a tough one for our customers, vendor partners, and employees,” said Dendy Young, Chairman and Chief Executive Officer of GTSI.  “We have been experiencing difficulties in delivering products to many customers in a timely manner due to software problems with our ERP implementation.  This has caused disruption to some customer relationships.”

 

“We have, however, seen progress in June and believe that most of the operational issues have been substantially resolved.  GTSI greatly appreciates the loyalty of its customers and vendor partners and the dedication and hard work of our employees during this transitional period,” said Mr. Young.

 

As previously announced on May 31st, GTSI temporarily suspended the reporting of monthly revenue, backlog and bookings due to an inability to validate data generated by its ERP system.  The company anticipates a clean and timely financial close to the June quarter.

 

In July 2004, GTSI announced and embarked upon a strategic plan seeking to double revenue, improve margin, and increase productivity by 2007.  Throughout the past year, the company has made investments in IT infrastructure, marketing, operations, and sales to achieve its stated goals.  However, as a result of the significant weakness in both the first quarter results and the anticipated results in the second quarter, the company has determined that it is unlikely it will achieve the ambitious 2007 timetable to double revenue.  GTSI management continues to believe that it has the ability to increase margin, as has been done over the past few quarters, and improve productivity as employees become acclimated to the ERP system.  Management also believes that this new information platform is essential to our long-term success.

 

“Overall, it has been a difficult and distracting period for our company.  We look forward to getting back into a growth mode,” said Mr. Young.

 

About GTSI Corp.

 

GTSI Corp. is an information technology (IT) solutions leader, focusing exclusively on Federal, State, and Local government customers worldwide.  For two decades, GTSI has served those

 



 

customers by teaming with global IT leaders like Panasonic, Cisco, Sun Microsystems, HP, and Microsoft.  Offering a broad range of products and services, an extensive contract portfolio, and ISO 9001:2000 standard for quality management GTSI uses its Technology Practices to deliver “best of breed” solutions that help government customers do their job more effectively.  GTSI is headquartered in Northern Virginia, outside of Washington, D.C. Further information about the Company is available at GTSI.com/About.

 

Except for historical information, all of the statements, expectations, beliefs and assumptions contained in the foregoing are “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) that involve a number of risks and uncertainties. It is possible that the assumptions made by management — including, but not limited to, those relating to revenue, margins, operating results and net income, and the effect of new contracts as well as new vendor relationships — may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements.  In addition to the above factors, other important factors that could cause actual results to differ materially are those listed in the Company’s most recent report on Form 10–K and included from time to time in other documents filed by the Company with the Securities and Exchange Commission.

 

GTSI and GTSI.com are registered trademarks of GTSI Corp. in the U.S. and other countries.  All trade names are the property of their respective owners.

 

GTSI Contact:

Paul Liberty

Area Vice President, Corporate Affairs & Investor Relations

703.502.2540

paul.liberty@gtsi.com

 

### ### ###

 


GRAPHIC 3 g118661mmimage002.jpg GRAPHIC begin 644 g118661mmimage002.jpg M_]C_X``02D9)1@`!`0$`8`!@``#__@`<4V]F='=A[]57,S51TZWDW[)?Z>_[XX]O7RK#^!_12(76R^:CC>8*G_`&9>1/J/ M:NZM$T^J$9URK?#)881$4E`B(@`O"\H@#PUH:.%H``[`O*(@`B(@`B(@`HEP MME%=:+UZ[/%=_# M,P?6O;:[G)N?6H9C_J>!\?>KH]C9&.8]H7^],45*QM,POM=:31LENRNQW:L;24-P9/.X$A@:X;`Z>D+L+%_)IUS@^R MD^%;0HOK5L[.W`YHNEREX75G8PB)\6)T8?_`)@YP]1<=(NW M3P1TM/'3Q-X8XFAK1W`(KI86!>V?'-R]6?15O*LSH<98(BTU%8\;9`TZT.]Q M[`N[6U4=#13U7'P[AZ@.2:T]*L>7LA M+46NM86[+/-Y4,BDFXX_V6%F]^;$6_9LG:E5OE5NSY^*BIZ>.(L;Z,C"XAVN M?/?1OH58L6.W'(JE\%OC:3&WB>][N%K>[GWE0:NEGH:N6DJ8S'-"XL>T]A"? MY53>,(2YMJ63?"P:V>6U?,(L=WQRZ5=RN5OD@@BHY#Q.(.R-'7(^!6-\8.+SN:T2F MI+&Q:\JS>AQK4`8:FM<-B%IT&CO<>Q4&H\J&1RR%T1I8&]C6Q<6O:2JM6UDU MPK9JRH>7RSO+W$^*F6+'Z_(JQU+0,87,;Q/>]VFM'BB%%<(YD$K[)RQ$NN*9 M[D%XO=/;I:>FG;(=O>&EA8T=)Y'2[`RB[3>4-V/Q&G;2L=LN+"7<(8'$;WTK MZ8'A\^.-J:BO\VZKE/`TQG8:P>/B?<%1\LN-3:?*+55U(X-FAD8YN^@^@-@^ M!6"C"RQJ*\&SE.%:?T52LWE-;=KC16_Y+='-42!CW^=VUO>1RVKXDYUR@_F'H7*4< M1V"(BJ!7<^F,.%W`M.BYC6?BX!8:MSSR`SX9<6M&RU@?^#@5ABZ>C['[G-U? M>O8UOR44[(\1-OT(GUP7KG;?M#\)4?+NMUU^\O]ZD8+USMOVA^$ MJ/EPUEUU^\N6_P!W\?LQ^U^?T2L"ZZ6[ZSOA*V>Z4SJRTU=*WYTT#V#UD$!8 MQ@772W?6=\)6Y)+5O%B8WI5F#/S8YCHW%CVEKFG3@>PA=;&LBJ<:N8K*=HD8 MX<$L1.@]OK["KKGN"23RR7FT1\;W>E44[1S)^DWQ[PLTZ.E.PG&V`G.,JI&_ MV'(;?D5%^TT,G-O*2)W)T9[B/S60Y]UUN/UF_`%$Q>]36*_TU7&XB,N#)F[Y M.83S_7V*7GO76X?6;\`6-=7+MZ;8-K+>95UWR1\.ZX6O[P%O2P7#NN%K^\!; MTL=9WHVTG:PB(DAP_]#8*NFCK*.:EE&XYF%CO41I?GNY6^:U7*HH*ANI('EA M\>X^TK@K\EKZNED$D,TQ+C1SG)\/`RP8+USMOVA^$J1Y1:%U'F%2\C3*EK M96GOV-'^X*CX(-YI;M?3=\)6EYUBIR.V-?3`"NIMF+?+C!Z6D^Y866*%RSZ# M$(.=+QZF16:Y/M%XI;@QO$:>0.+?I#M'X;6TTN:8Y54[9FW:GCXAO@E?P.;X M$%89/!-2SO@J(GQ2L.G,>-$%?-7MIC;ALSJNE7E(WW][,>_\S1_U@L:RRJH: MW)ZVIMQ!II'[:YHT''0V1ZSM<=$54*MY3"V]V+#1[1L=)*QC>;G.`'K*[V`MZ6"X=UPM?W@*_ORN[FI?4,=&(6M,HB+!P! MHXO1+NGB]'OZ3T:"7U,'*:QZ#&FFHQ>2]HO5CN-C7:(V-Z/8BYX^>RK%WS.F ML.2LMMQ'!330->V<#?`[9!V.[D%9UD?E78\9)3R%C@PTK0':Y;XGB"G/ MA9C?-PAQ(T"OK\6N="9*ZJMU33@;W(]KM>KM6)W:2CENU4^W1^:I#*?,M[F] MBAZ'3H+Z00354[(*>)\LKSIK )]2Z%5*JSU.?;:[,="T^3.C=59?',!MM- M$^1Q[MCA'O6SJKX+BYQRU.=4@&MJ=.EUSX`.AN_#WJT+GZB:G/*'Z(.$,,Y] MSL5JO#0+A0PU!'0YS?2'M'-<<^3C%R?Y!W]9_P"JM"+-6371,T<(OJT5?^'& M+_\`8._K/_52:/!L;H9!)%:XG/!V#*2_7L)TN^BEVS?E@JX+PCP`&M#6@``: M`'8N)7X98+G6R5E90"6>4@O?QN&]#785W$5%)QZIEG%2W1P:/"<>H*R*KIK> M(YH7<3'><<='\5-?8+6^J-0ZD:7&3SA;Q'@+_I%N];\=+HHI
-----END PRIVACY-ENHANCED MESSAGE-----