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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
FORM 10-K/A
| þ | Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the fiscal year ended December 31, 2004
Or
| o | Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the transition period from to
Radyne ComStream Inc.
| Delaware | 11-2569467 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
| 3138 East Elwood Street, Phoenix, Arizona | 85034 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number including area code: (602) 437-9620
Securities Registered Under Section 12(b) of the Exchange Act: None
Securities Registered Under Section 12(g) of the Exchange Act:
Common Stock, $.001 Par Value
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yesþ Noo
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).
Yesþ Noo
The aggregate market value of the common stock held by non-affiliates of the registrant was approximately $108 million computed by reference to the closing price of the stock on the Nasdaq National Market on June 30, 2004, the last trading day of the registrant’s most recently completed second fiscal quarter. For purposes of this determination, shares of common stock held by each officer and director and by each person who owns 5% or more of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates of the registrant. This determination of affiliate status is not necessarily a conclusive determination for other purposes.
The number of shares of the registrant’s common stock, which were outstanding as of the close of business on March 8, 2005 was 16,623,221.
DOCUMENTS INCORPORATED BY REFERENCE
Items 10, 11, 12, 13 and 14 of Part III incorporate information by reference from the definitive proxy statement for the registrant’s Annual Meeting of Stockholders to be held on June 8, 2005.
| PART II | ||||||||
| Item 9A. Controls and Procedures | ||||||||
| PART IV | ||||||||
| Item 15. Exhibits and Financial Statement Schedules | ||||||||
| SIGNATURES | ||||||||
| EXHIBIT INDEX | ||||||||
| EX-31.1 | ||||||||
| EX-31.2 | ||||||||
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EXPLANATORY NOTE
On March 16, 2005, Radyne ComStream Inc. (the “Company”) filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2004, with the Securities and Exchange Commission. This Amendment No. 1 on Form 10-K/A is being filed to make clarifications to Part II, Item 9A and to include a signature of the Company’s Principal Accounting Officer. This amendment includes new certifications of the Company’s Chief Executive Officer and Chief Financial Officer in accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended. Accordingly, an amended Exhibit Index is included under Part IV, Item 15. Except as described above, no other information in the Form 10-K has been amended. This Amendment No. 1 on Form 10-K/A continues to speak as of the date of the original Form 10-K, and the Company has not updated any disclosures to reflect events, if any, that occurred at a later date.
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PART II
Item 9A. Controls and Procedures
Based on their evaluation as of December 31, 2004, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), were effective as of the end of the period covered by this report to ensure that the information required to be disclosed by us in this Annual Report on Form 10-K was recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and instructions for Form 10-K. Our disclosure controls and procedures are also designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Principal Executive Officer and our Principal Financial Officer, to allow timely decisions regarding required disclosure. There were no changes in our internal controls over financial reporting during the quarter ended December 31, 2004, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Management’s Annual Report on Internal Control over Financial Reporting
Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined by Rules13a-15(f) and 15d-15(f) under the Exchange Act. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2004. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) inInternal Control-Integrated Framework.
Based on our assessment of those criteria, management believes that the Company maintained effective internal control over financial reporting as of December 31, 2004.
KPMG LLP, the independent registered public accounting firm that audited the consolidated financial statements of the Company included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2004, issued its report on management’s assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2004. The report is included in our Annual Report on Form 10-K filed on March 16, 2005.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Amendment No. 1 on Form 10-K/A to be signed on its behalf by the undersigned, thereunto duly authorized.
| RADYNE COMSTREAM INC. | ||||
| By: | /s/ Robert C. Fitting | |||
| Robert C. Fitting, Chief Executive Officer | ||||
| (Principal Executive Officer) | ||||
| By: | /s/ Malcolm C. Persen | |||
| Malcolm C. Persen, Vice President, Secretary | ||||
| and Chief Financial Officer (Principal Financial Officer) | ||||
| By: | /s/ Garry D. Kline | |||
| Garry D. Kline, Vice President and Controller | ||||
| (Principal Accounting Officer) | ||||
Dated: May 5, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| Name | Title | Date | ||
* | Chairman of the Board of Directors | May 5, 2005 | ||
| C.J. Waylan | ||||
* | Chief Executive Officer and Director | May 5, 2005 | ||
| Robert C. Fitting | ||||
* | Vice President, Secretary and Chief Financial Officer | May 5, 2005 | ||
| Malcolm C. Persen | (Principal Financial Officer) | |||
/s/ Garry D. Kline | Vice President and Controller (Principal Accounting Officer) | May 5, 2005 | ||
| Garry D. Kline | ||||
* | Director | May 5, 2005 | ||
| Lee Yip Loi | ||||
* | Director | May 5, 2005 | ||
| Dennis Elliott | ||||
* | Director | May 5, 2005 | ||
| Michael A. Smith |
| * | By: | /s/ Malcolm C. Persen | ||
| Malcolm C. Persen, Attorney-in-Fact | ||||
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EXHIBIT INDEX
| Exhibit No. | Exhibit | |
| 3.1 (1) | Restated Certificate of Incorporation | |
| 3.2 (2) | By-Laws, as amended and restated | |
| 10.1(a)(3) | ***1996 Incentive Stock Option Plan | |
| 10.1(b)(4) | ***Amendment to 1996 Incentive Stock Option Plan | |
| 10.2 (5) | ***1999 Employee Stock Purchase Plan | |
| 10.3(a) (6) | ***2000 Long-Term Incentive Plan | |
| 10.3(b) (7) | ***Amendment to 2000 Long-Term Incentive Plan | |
| 10.4(a)(8) | Lease between ADI Communication Partners, L.P. and ComStream dated April 23, 1997 | |
| 10.4(b)(8) | First Amendment to lease between ADI Communication Partners L.P. and ComStream dated July 16, 1997 | |
| 10.4(c)(8) | Second Amendment to Lease between Kilroy Realty, L.P. and ComStream dated November 18, 1998 | |
| 10.5(9) | Lease for facility in Phoenix, Arizona | |
| 10.6(10) | Credit Agreement by and between the Registrant and Wells Fargo HSBC Trade Bank, N.A. | |
| 10.7(11) | ***Change of Control Agreement, dated as of March 20, 2002, by and between Registrant and Robert C. Fitting | |
| 10.8(12) | ***Change of Control Agreement, dated as of March 20, 2002, by and between Registrant and Steven Eymann | |
| 10.9(13) | ***Change of Control Agreement, dated as of March 20, 2002, by and between Registrant and Brian Duggan | |
| 10.10(14) | ***Employment Agreement, dated as of November 1, 2003 by and between Registrant and Robert C. Fitting | |
| 10.10(15) | ***Change of Control Agreement, dated May 13, 2004, by and between Registrant and Malcolm C. Persen | |
| 10.11(16) | ***Employment Agreement by and between Registrant and Malcolm C. Persen dated as of March 9, 2005 | |
| 10.12(17) | Agreement and Plan of Merger, dated March 2, 2005, by and among Radyne ComStream Inc., Xicom Acquisition Inc., Xicom Technology., the Xicom Shareholders (as defined therein) and Walt Wood, solely in his capacity as the Shareholders’ Representative. | |
| 21.1(18) | Subsidiaries of the Registrant | |
| 23.1(19) | Consent of KPMG LLP | |
| 24.1(20) | Power of Attorney (see signature page) | |
| 31.1* | Certification of the Principal Executive Officer Pursuant to Rule 13-14(a) Under the Securities Exchange Act of 1934 | |
| 31.2* | Certification of the Principal Financial Officer pursuant to Rule 13-14(a) Under the Securities Exchange Act of 1934 | |
| 32.1(21) | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
| 99.1(22) | Cautionary Statement Regarding Forward-Looking Statements and Risk Factors |
| * | Filed herewith | |
| *** | Indicates management compensatory contract, plan or arrangement | |
| (1) | Incorporated by reference from exhibit 3.1 to Registrant’s description of capital stock on Form 8-A12G, filed on July 13, 2000. | |
| (2) | Incorporated by reference from exhibit 3.2 to Registrant’s description of capital stock on Form 8-A12G, filed on July 13, 2000. | |
| (3) | Incorporated by reference to Exhibit 4.1 to Registrant’s Registration Statement on Form S-8, dated and declared effective on March 12, 1997 (File No. 333-23159). | |
| (4) | Incorporated by reference to Exhibit 4.1 to Registrant’s Registration Statement on Form S-8, dated and declared effective on November 18, 1998 (File No. 333-67469). |
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| (5) | Incorporated by reference to Exhibit 4.1 to Registrant’s Registration Statement on Form S-8, dated and declared effective on November 5, 1999 (File No. 333-90383). | |
| (6) | Incorporated by reference to Exhibit 4.1 to Registrant’s Registration Statement on Form S-8, dated and declared effective on July 19, 2000 (File No. 333-41704) | |
| (7) | Incorporated by reference to Exhibit 4.1 to Registrant’s Registration Statement on Form S-8, dated and declared effective on May 29, 2002 (File No. 333-89316). | |
| (8) | Incorporated by reference from Registrant’s Registration Statement on Form S-2, filed January 11, 1999 (File No. 333-70403). | |
| (9) | Incorporated by reference to Exhibit 10.3 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 1997, as filed with the SEC on March 27, 1998 (File No. 000-11685). | |
| (10) | Incorporated by reference to Exhibit 10.6 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2001, as filed with the SEC on April 1, 2002 (File No. 000-11685). | |
| (11) | Incorporated by reference to Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2002, as filed with the SEC on May 15, 2002 (File No. 000-11685). | |
| (12) | Incorporated by reference to Exhibit 10.2 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2002, as filed with the SEC on May 15, 2002 (File No. 000-11685). | |
| (13) | Incorporated by reference to Exhibit 10.3 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2002, as filed with the SEC on May 15, 2002 (File No. 000-11685). | |
| (14) | Incorporated by reference to Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2003, as filed with the SEC on November 14, 2003 (File No. 000-11685). | |
| (15) | Incorporated by reference to Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2004 as filed with the SEC on August 11, 2004 (File No. 000-11685). | |
| (16) | Incorporated by reference to Exhibit 10.11 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004, as filed with the SEC on March 16, 2005 (File No. 000-11685). | |
| (17) | Incorporated by reference to Exhibit 10.12 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004, as filed with the SEC on March 16, 2005 (File No. 000-11685). | |
| (18) | Incorporated by reference to Exhibit 21.1 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004, as filed with the SEC on March 16, 2005 (File No. 000-11685). | |
| (19) | Incorporated by reference to Exhibit 23.1 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004, as filed with the SEC on March 16, 2005 (File No. 000-11685). | |
| (20) | Incorporated by reference to Exhibit 24.1 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004, as filed with the SEC on March 16, 2005 (File No. 000-11685). | |
| (21) | Incorporated by reference to Exhibit 32.1 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004, as filed with the SEC on March 16, 2005 (File No. 000-11685). | |
| (22) | Incorporated by reference to Exhibit 99.1 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2004, as filed with the SEC on March 16, 2005 (File No. 000-11685). |
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