SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 16, 2003
Symbol Technologies, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-9802 11-2308681
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(State or other (Commission File (IRS Employer
Jurisdiction of Number) Identification No.)
Incorporation)
One Symbol Plaza
Holtsville, New York 11742
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(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including
area code: (631) 738-2400
Former name or former address, if changed
since last report: Not Applicable
ITEM 5. OTHER EVENTS.
The following exhibit is included herein:
Exhibit 99.1 Press Release dated September 16, 2003
"Symbol Technologies Gains Approval to Extend
Waiver on Bank Credit Facility"
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
The registrant is furnishing herewith its Press Release dated
September 16, 2003 disclosing the approval of its request for
a sixty day extension of the waiver on its bank credit
facility, as well as reporting the registrant's current
worldwide cash balances.
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.
SYMBOL TECHNOLOGIES, INC.
Date: September 16, 2003 By: /s/ Mark T. Greenquist
Name: Mark T. Greenquist
Title: Senior Vice President
and Chief Financial
Officer
EXHIBIT INDEX
Exhibit Description
Exhibit 99.1 Press Release dated September 16, 2003
"Symbol Technologies Gains Approval to Extend
Waiver on Bank Credit Facility"
EXHIBIT 99.1
SYMBOL TECHNOLOGIES GAINS APPROVAL TO EXTEND
WAIVER ON BANK CREDIT FACILITY
HOLTSVILLE, N.Y., Sept. 16, 2003 - Symbol
Technologies, Inc. (NYSE:SBL) announced today that it
reached agreement yesterday with its bank group to extend
the Company's credit facility waiver for 60 days. The
waiver allows Symbol additional time to become current
with its periodic filings with the Securities and Exchange
Commission.
As part of the agreement, Symbol has reduced the
credit facility from $350 million to $100 million. The
credit agreement originally was signed in late 1998 and
will expire by its terms in January 2004.
Symbol believes that it will not be necessary for the
Company to draw on that amount of credit between now and
January 2004, at which time the Company plans to obtain a
new bank credit facility. In fact, Symbol has voluntarily
agreed to limit its usage under the line to $50 million
until such time as it becomes current with its periodic
filings with the SEC.
Current borrowings under this facility are zero, down
from about $80 million at the end of 2002 and $50 million
at the end of the first quarter ended March 31, 2003.
Since the end of 2001, Symbol cash flow has been
sufficient to repay $228 million in short-term and long-
term debt. Current worldwide cash balances stand at more
than $100 million, compared to approximately $76 million
at year-end 2002 and approximately $98 million at the end
of the first quarter ended March 31, 2002.
Under the revised bank credit agreement, Symbol has
pledged its U.S. trade receivables and agreed to retain
$75 million of unencumbered, worldwide cash until such
time as the SEC filings are completed. Also, Symbol has
agreed to continue compliance with other financial
covenants contained in the original credit agreement.
Savings to the Company from the reduction in the
credit facility total about $0.6 million in annual fees.
The previously reported investigations by the SEC and
the U.S. Attorney's office are ongoing. The Company
intends to file with the SEC its 2002 Annual Report on
Form 10-K as well as Forms 10-Q for the 2003 first and
second quarters upon the completion of their audits by the
Company's external auditors.
About Symbol Technologies
Symbol Technologies, Inc. (NYSE:SBL) delivers
enterprise mobility solutions that enable anywhere,
anytime data and voice communication designed to increase
productivity, reduce costs and realize competitive
advantage. Symbol systems and services integrate rugged
mobile computing, advanced data capture and wireless
networking for the world's leading retailers,
transportation and logistics companies and manufacturers
as well as government agencies and providers of
healthcare, hospitality and security. More information is
available at www.symbol.com.
Safe Harbor
This news release contains forward-looking statements
that involve risks, uncertainties and assumptions. All
statements other than statements of historical fact are
statements that could be regarded as forward-looking
statements. Actual events may differ materially from
statements made herein. Such forward-looking statements
are qualified by factors discussed herein and in the
filings that Symbol makes from time to time with the
Securities and Exchange Commission and in news releases
issued by Symbol. The risks, uncertainties and
assumptions identified therein could cause actual results
to differ materially from those contained in projections
or forward-looking statements. Copies of the SEC filings
are available from the Company upon request or by
accessing the Company Web site, www.symbol.com.
For media information:
Patricia Hall
Symbol Technologies, Inc.
631-738-5636
For financial information:
Nancy Tully
Symbol Technologies, Inc.
631-738-5050