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): April 17, 2003 (April 17, 2003)
EVANS & SUTHERLAND COMPUTER CORPORATION
(Exact Name of Registrant as Specified in Charter)
Utah |
| 0-8771 |
| 87-0278175 |
(State or Other Jurisdiction of Incorporation) |
| (Commission |
| (IRS Employer Identification No.) |
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600 Komas Drive, Salt Lake City, Utah |
| 84108 | ||
(Address of Principal Executive Offices) |
| (Zip Code) | ||
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Registrant’s telephone number, including area code (801) 588-1000 | ||||
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
Exhibit Number |
| Description |
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99.1 |
| Evans & Sutherland Computer Corporation Press Release, dated April 17, 2003. |
ITEM 9. REGULATION FD DISCLOSURE.
In accordance with SEC Release No. 33-8216, the following information, intended to be furnished under “Item 12. Results of Operations and Financial Condition,” is instead furnished under “Item 9. Regulation FD Disclosure.”
On April 17, 2003, Evans & Sutherland Computer Corporation (“Evans & Sutherland”) issued a press release announcing its financial results for the three months ended March 31, 2003. The full text of the press release issued by Evans & Sutherland on April 17, 2003 is attached hereto as Exhibit 99.1.
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SUMMARY STATEMENTS OF CONSOLIDATED OPERATIONS
(In thousands, except per share data)
Unaudited
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| Three Months Ended |
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| Mar. 28, 2003 |
| Mar. 29, 2002 |
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Sales |
| $ | 22,693 |
| $ | 32,563 |
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Cost of sales |
| 13,870 |
| 22,969 |
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Inventory impairment |
| 14,566 |
| — |
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Gross profit (loss) |
| (5,743 | ) | 9,594 |
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Expenses: |
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Selling, general and administrative |
| 7,257 |
| 6,573 |
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Research and development |
| 7,030 |
| 6,381 |
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Restructuring charge |
| 1,279 |
| — |
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Impairment loss |
| 1,151 |
| — |
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Operating expenses |
| 16,717 |
| 12,954 |
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| (22,460 | ) | (3,360 | ) | ||
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Gain on sale of business unit |
| — |
| 96 |
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Operating loss |
| (22,460 | ) | (3,264 | ) | ||
Other income (expense), net |
| (840 | ) | (608 | ) | ||
Loss before income taxes |
| (23,300 | ) | (3,872 | ) | ||
Income tax expense (benefit) |
| (268 | ) | (683 | ) | ||
Net income (loss) |
| $ | (23,032 | ) | $ | (3,189 | ) |
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Diluted net income (loss) per share |
| $ | (2.20 | ) | $ | (0.31 | ) |
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Number of shares used in net income (loss) per share calculation |
| 10,459 |
| 10,396 |
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CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Unaudited
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| Mar. 28, 2003 |
| Dec. 31, 2002 |
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Assets |
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Cash and cash equivalents |
| $ | 11,682 |
| $ | 10,335 |
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Receivables, billed and unbilled |
| 40,850 |
| 44,564 |
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Inventories |
| 18,004 |
| 31,373 |
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Other assets |
| 12,464 |
| 13,017 |
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Net property, plant and equipment |
| 26,084 |
| 28,287 |
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Total assets |
| $ | 109,084 |
| $ | 127,576 |
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Liabilities and Stockholders’ Equity |
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Accounts payable and accruals |
| $ | 24,474 |
| $ | 22,764 |
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Other liabilities |
| 54,200 |
| 51,449 |
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Stockholders’ equity |
| 30,410 |
| 53,363 |
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Total liabilities and stockholders’ equity |
| $ | 109,084 |
| $ | 127,576 |
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BACKLOG
(In thousands)
Unaudited
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| Mar. 28, 2003 |
| Dec. 31, 2002 |
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| $ | 69,232 |
| $ | 59,672 |
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SIGNATURE
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.
| EVANS & SUTHERLAND COMPUTER CORPORATION | ||
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Date: April 17, 2003 | /s/ William M. Thomas |
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| William M. Thomas | ||
| Vice President, Chief Financial Officer, Treasurer | ||
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EXHIBIT INDEX
Exhibit Number |
| Description |
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99.1 |
| Evans & Sutherland Computer Corporation Press Release, dated April 17, 2003. |
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