-----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, KCKKJYXgWZTdG4zBdLzjsKljQwjWzgTTqXZmgikEwBUVZLsBoVJoi0arV56O1hyK nNU9WQEMbM9eam+M3WkETQ== 0001104659-05-054420.txt : 20051110 0001104659-05-054420.hdr.sgml : 20051110 20051110112653 ACCESSION NUMBER: 0001104659-05-054420 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20051110 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051110 DATE AS OF CHANGE: 20051110 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: 051192482 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 a05-20092_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): November 10, 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 2.02               Results of Operations and Financial Condition

 

The Company has publicly announced that it intends to amend its Form 10-Q for the quarter ended June 30, 2005 to restate, among other things, its unaudited consolidated statements of operations for the three months ended June 30, 2005 and the six months ended June 30, 2005.

 

Attached as an Exhibit hereto is a copy of the above referenced press release dated November 10, 2005 announcing the Company’s intention to amend its Form 10-Q for the quarter ended June 30, 2005, and its filing of a Form 12b-25 with respect to its Form 10-Q for the quarter ended September 30, 2005.

 

Item 8.01 Other Events

 

The Company announced that it filed a Form 12b-25 with respect to its Form 10-Q for the quarter ended September 30, 2005, which the Company intends to file on November 14, 2005.

 

Attached as an Exhibit hereto is a copy of the above referenced press release dated November 10, 2005 announcing the Company’s intention to amend its Form 10-Q for the quarter ended June 30, 2005, and its filing of a Form 12b-25 with respect to its Form 10-Q for the quarter ended September 30, 2005.

 

Item 9.01               Financial Statements and Exhibits

 

(a) None.

 

(b) None.

 

(c) Exhibits.

 

99.1         Press Release issued by GTSI Corp., dated November 10, 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: November 10, 2005

 

 

 

3



 

INDEX TO EXHIBITS

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release issued by GTSI Corp. dated November 10, 2005.

 

4


EX-99.1 2 a05-20092_1ex99d1.htm EXHIBIT 99

Exhibit 99.1

 

 

GTSI to Provide Revised and Improved Financial Results for the Second and Third Quarter

 

CHANTILLY, VA. – November 10, 2005 – GTSIÒ Corp. (Nasdaq: GTSI), a leading government technology solutions aggregator, today announced that based upon a recent review of its third quarter financial statements, the Company determined it had inadvertently expensed rather than amortized costs related to its employee retention programs in the second quarter of 2005.  Consequently, the Company will be restating its financial statements for the second quarter of 2005, primarily as a result of reduced expenses for that period.  The expense of approximately $1 million that was initially recorded in the second quarter should have been amortized over the 12-month future service period required for the retention program.  As a result, the Company’s second quarter net income was understated by approximately $600,000 as initially stated in its Form 10-Q for the second quarter.

 

In addition, the Company has determined that third quarter expenses reported in its October 28, 2005 press release were overstated by approximately $600,000 due to a similar one time recognition of the employee retention expense instead of a required 12-month amortization resulting in reduced expenses for the third quarter of 2005.  Given these recent developments, the Company is filing a Form 12b-25 (Notification of Late Filing) with the Securities and Exchange Commission with respect to its Form 10-Q report for the quarter ended September 30, 2005, which the Company expects to file on November 14, 2005.  The Company expects to file a related amendment to its Form 10-Q for the quarter ended June 30, 2005.

 

About GTSI Corp.

 

GTSI Corp. is the leading information technology product and solutions aggregator, combining best of breed products and services to produce solutions that meet government’s evolving needs. For more than two decades, GTSI has focused exclusively on Federal, State, and Local government customers worldwide, offering a broad range of products and services, an extensive contract portfolio, flexible financing options, global integration and worldwide distribution. GTSI’s unique Technology Practices consisting of certified experts, deliver solutions to support government’s critical transformation efforts.  Additionally, GTSI focuses on systems integrators on behalf of government programs. GTSI is headquartered in Northern Virginia, outside of Washington, D.C. Further information about the Company is available at www.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 risk 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

 

### ### ###

 


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