-----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, MBoSsMJzgMgDtpe9F93Bw0eURT8S9urMT7SrXCmmB/Ygfzi4LpRP4kdTpOHkF4V8 uQlSMJ0v3EOc1JLJop/YQA== 0001157523-07-009119.txt : 20070912 0001157523-07-009119.hdr.sgml : 20070912 20070912084503 ACCESSION NUMBER: 0001157523-07-009119 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070912 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070912 DATE AS OF CHANGE: 20070912 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DRI CORP CENTRAL INDEX KEY: 0000853695 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 561362926 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-28539 FILM NUMBER: 071112177 BUSINESS ADDRESS: STREET 1: 5949 SHERRY LANE STREET 2: SUITE 1050 CITY: DALLAS STATE: TX ZIP: 75225 BUSINESS PHONE: (214) 378-8992 MAIL ADDRESS: STREET 1: 5949 SHERRY LANE STREET 2: SUITE 1050 CITY: DALLAS STATE: TX ZIP: 75225 FORMER COMPANY: FORMER CONFORMED NAME: DIGITAL RECORDERS INC DATE OF NAME CHANGE: 19940824 8-K 1 a5489494.txt DRI CORPORATION 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): September 12, 2007 ----------------- DRI Corporation (Exact Name of Registrant as Specified in Its Charter) North Carolina 1-13408 56-1362926 (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 5949 Sherry Lane, Suite 1050, Dallas, Texas 75225 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (214) 378-8992 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: [_] Written communications pursuant to Rule 425 under the Securities Act the Exchange Act [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 7.01. Regulation FD Disclosure On September 12, 2007, DRI Corporation announced that the DRI Board of Directors recently approved management's three-year strategic business plan. The Company also announced its long-term revenue outlook. A copy of the Company's press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission. ITEM 9.01. Financial Statements and Exhibits (a) Exhibits. 99.1 Press release dated September 12, 2007. Signature(s) 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. DRI CORPORATION Date: September 12, 2007 By: /s/ STEPHEN P. SLAY -------------------------------------------------- Stephen P. Slay Vice President, Chief Financial Officer, Secretary and Treasurer INDEX TO EXHIBITS EXHIBIT NUMBER DESCRIPTION - ------ ----------- 99.1 Press release dated September 12, 2007. EX-99.1 2 a5489494ex99_1.txt EXHIBIT 99.1 Exhibit 99.1 DRI Corporation Announces Long-Term Revenue Outlook -- $100 Million Annualized Revenue Run Rate Expected by Fiscal Year 2010 -- Management's Projections Indicate Profitable Growth DALLAS--(BUSINESS WIRE)--Sept. 12, 2007--DRI Corporation (DRI) (NASDAQ: TBUS), a digital communications technology leader in the domestic and international surface transportation and transit security markets, announced today that the DRI Board of Directors recently approved management's three-year strategic business plan, which projects profitable growth to an annualized revenue run rate of $100 million by the end of fiscal year 2010. "The DRI management team delivered a strategic plan that has exciting indications of continued growth and improvement in operating results. Indications are that our investments in market, product, business operating infrastructure, and personnel -- combined with improving market conditions and entry into some very interesting new geographic markets -- may well produce a continued and possibly even moderately accelerating growth trend. As we continue the focus on producing such improved operating results, and inform and educate investors on the opportunities that we believe are embodied in DRI, we have good reason to believe that shareholder value should continue to increase," David L. Turney, the Company's Chairman, President and Chief Executive Officer, said. Although management anticipates growth across all of the Company's brands through fiscal year 2010, the most robust growth is expected to occur within the Digital Recorders(R) and Mobitec(R) product lines. DOMESTIC GROWTH WITH HOMELAND SECURITY FOCUS The Digital Recorders(R) product line, which is produced and sold by the Company's Digital Recorders, Inc. subsidiary in Durham, N.C., includes engineered systems that track and monitor the performance and safety of public transit vehicles. "Our Digital Recorders(R) products and technology address operating efficiencies, passenger information, and - most important - security. This is especially important in this time of concern over the security of U.S. transportation infrastructure and in light of recent federal legislation to provide $3.4 billion to U.S. transit systems over the coming four years," Mr. Turney said. INTERNATIONAL GROWTH The Mobitec(R) product line, which is produced and sold by the Company's Mobitec AB subsidiary in Sweden and its business units in Germany, Australia, Brazil, and India, includes passenger information systems that communicate the route and/or destination of public transit vehicles. "In the international arena, our Mobitec team has entered into or expanded activities in several market sectors -- and their hard work is paying off. One good example is Mobitec's entry into the India market - a market that we believe has the potential to ultimately exceed the size of the U.S. market," Mr. Turney said. ABOUT THE COMPANY DRI is a digital communications technology leader in the domestic and international public transportation and transit security markets. Our products include: TwinVision(R) and Mobitec(R) electronic destination sign systems, Talking Bus(R) voice announcement systems, Digital Recorders(R) Internet-based passenger information and automatic vehicle location/monitoring systems, and VacTell(TM) video actionable intelligence systems. Our products help increase the mobility, flow, safety, and security of people who rely upon transportation infrastructure around the globe. Using proprietary hardware and software applications, our products provide easy-to-understand, real-time information that assists users and operators of transit bus and rail vehicles in locating, identifying, boarding, tracking, scheduling, and managing those vehicles. Our products also aid transit vehicle operators in their quest to increase ridership and reduce fuel consumption, as well as to identify and mitigate security risks on transit vehicles. Positioned not only to serve and address mobility, energy conservation, and environmental concerns, our products also serve the growing U.S. Homeland Security market. For more information about the Company and its operations worldwide, go to www.digrec.com. FORWARD-LOOKING STATEMENTS This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statement relating to the DRI Board of Directors' and management's projected profitable growth outlook for the Company through fiscal year 2010; our positive outlook for our investments in market, product, business operating infrastructure, personnel, market conditions and emerging international markets; and any perceived resulting shareholder value that these may produce over time. Any statement containing words such as "expect," "fully expect," "expected," "appears," "believe," "plan," "anticipate," "would," "goal," "potential," "potentially," "range," "pursuit," or "preliminarily," is a forward-looking statement. These forward-looking statements are subject to risks and uncertainties, including: the risks and uncertainties associated with our projected growth outlook through fiscal year 2010, our positive outlook on the items discussed in the press release; any potential shareholder value that might be achieved over time as a result of these factors; as well as the risks and uncertainties set forth in our Annual Report on Form 10-K filed March 28, 2007, particularly those identified in Risk Factors Affecting Our Business. If any of these risks or uncertainties materialize (or if they fail to materialize), or if the underlying assumptions are incorrect, then actual results may differ materially from those projected in the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our analysis, judgment, belief or expectation only as of the date of this press release. We undertake no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this press release. CONTACT: Veronica B. Marks Manager, Corporate Communications DRI Corporation Phone: (214) 378-4776 Fax: (214) 378-8437 E-Mail: veronicam@digrec.com -----END PRIVACY-ENHANCED MESSAGE-----