-----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, BxFOxKO1fPZhGAydbX4i69d6XXN+JgWKXJdBVbjZQ6sCRwYGRmUYrMhpmq79Ge1T rld3FNAQyebBnZsMUB6GKw== 0000950137-97-001686.txt : 19970502 0000950137-97-001686.hdr.sgml : 19970502 ACCESSION NUMBER: 0000950137-97-001686 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970501 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970501 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ILLINOIS SUPERCONDUCTOR CORPORATION CENTRAL INDEX KEY: 0000888693 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731] IRS NUMBER: 363688459 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22302 FILM NUMBER: 97593509 BUSINESS ADDRESS: STREET 1: 451 KINGSTON COURT CITY: MOUNT PROSPECT STATE: IL ZIP: 60056 BUSINESS PHONE: 8473919400 MAIL ADDRESS: STREET 1: 451 KINGSTON COURT CITY: MT PROSPECT STATE: IL ZIP: 60056 8-K 1 CURRENT REPORT DATED MAY 1, 1997 1 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): May 1, 1997 Illinois Superconductor Corporation ---------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Delaware 0-22302 36-3688459 ---------------------------- ------------ ------------------- (State or Other Jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No. 451 Kingston Court, Mount Prospect, Illinois 60056 -------------------------------------------- ------------------ (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (847) 391-9400 -------------- 2 ITEM 5. OTHER EVENTS. On May 1, 1997, the Registrant issued the press release attached as Exhibit 99.1 announcing its earnings for the quarter ended March 31, 1997. The information contained in this press release is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99.1 Press Release of Registrant dated May 1, 1997 2 3 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. Illinois Superconductor Corporation Dated: May 1, 1997 By: /s/ ORA E. SMITH ---------------- Ora E. Smith President and Chief Executive Officer 3 4 Exhibit Index ------------- Exhibit # Item --------------- ----------------- 99.1 Press Release
EX-99.1 2 PRESS RELEASE 1 Exhibit - 99.1 [ILLINOIS SUPERCONDUCTOR CORPORATION LETTERHEAD] FOR IMMEDIATE RELEASE CONTACT: Stephen G. Wasko PHONE: (847) 391-9400 INTERNET: mary_williams@ilsc.com ILLINOIS SUPERCONDUCTOR REPORTS FIRST QUARTER RESULTS POSTS SIGNIFICANT REVENUE GAIN Expanded Product Line Offering Contributes to Sale Rise Mount Prospect, IL, May 1, 1997 -- Illinois Superconductor Corporation (Nasdaq:ISCO) today reported revenues of $450,000 during the first quarter of 1997, an eight-fold gain over revenues of $57,000 posted in last year's first quarter. An increase in operating costs and expenses during the first quarter resulted in a net loss for the period of $3.14 million, or $0.62 per share, compared with a net loss of $2.05 million, or $0.48 per share, in the first quarter of 1996. "We are gratified to note the strong sales growth during the first quarter in our performance enhancing radio frequency products," said Ora E. Smith, president and chief executive officer. "To put this growth in context, our first quarter sales have eclipsed in three months the total revenues of the company over the past three years." Smith noted that all 1997 first quarter revenues resulted from sales of the company's SpectrumMaster(TM) and RangeMaster(TM) radio frequency (RF) products, and that revenues from product sales were more than triple those recorded during the fourth quarter of 1996. "Additionally, we have expanded our customer base, which now includes three of the top nine cellular operators in the United Sates," Smith said. (more) 2 Illinois Superconductor Corp. First Quarter 1997 Results ADD-1- Smith said the company was particularly pleased that first quarter results included sales of its recently introduced RangeMaster(TM) product line, which made its industry debut at the Cellular Telephone Industries Association's Wireless '97 show in March. RangeMaster(TM) significantly enhances the performance of Personal Communications Systems (PCS) as well as cellular networks. "Along with the introduction of our RangeMaster(TM) line, during the first quarter we successfully completed the second field trial of the company's RF filter products in one of our customer's Code Division Multiple Access (CDMA) cellular networks. The CDMA market represents an additional avenue of growth for Illinois Superconductor," Smith said. "Also, to lead our overall sales and marketing initiative, we added Bob Riccitelli to our management team as vice president of sales and marketing. As a former top sales officer of Northern Telecom, Bob has the experience we need to help us accelerate our sales and marketing efforts," he added. Illinois Superconductor Corporation develops products for commercial applications using high-temperature superconducting (HTS) materials and its proprietary thick-film fabrication technology. The Company focuses primarily on developing radio frequency (RF) components to improve and enhance signal transmissions in the cellular telephone and other wireless communications markets. (more) 3 Illinois Superconductor Corp. First Quarter 1997 Results ADD -2- Statements contained in this news release that are not historical facts are forward looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The Company cautions that a number of important factors could cause the Company's actual results for 1997 and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company. These important factors and other factors which could affect the Company's results are detailed in the Company's filings with the Securities and Exchange Commission and are included herein by reference. The Company assumes no obligation to update the information in this press release. # # # (TABLE TO FOLLOW) 4 ILLINOIS SUPERCONDUCTOR CORPORATION CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended March 31, ------------------------------- 1997 1996 ------------- ------------- Revenues $ 450,000 $ 57,122 Cost and expenses: Cost of revenues 1,175,757 50,781 Research and development 1,264,534 1,131,918 Selling and marketing 566,502 252,337 General and administrative 658,559 822,912 ------------- ------------- Total expenses 3,665,352 2,257,948 ------------- ------------- 3,215,352 2,200,826 Other income (expense): 76,586 154,485 ------------- ------------- Net loss $ (3,138,766) $ (2,046,341) ============= ============= Net loss per common share $ (0.62) (0.48) ============= ============= Weighted average number of common shares outstanding 5,023,510 4,229,264 ============= =============
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