SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K/A
(AMENDMENT NO. 1)
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
This Amendment No. 1 to the Current Report on Form 8-K of
Symbol Technologies, Inc. (the "Registrant") amends and
restates in its entirety the Current Report on Form 8-K of the
Registrant, dated September 16, 2003, and filed with the
Securities and Exchange Commission on said date. This
Amendment is being filed to correct an inadvertent error
contained in the Press Release referenced as Exhibit 99.1 to
the Form 8-K. The date referenced in the last sentence of the
fourth paragraph of the Press Release should read "March 31,
2003", not "March 31, 2002". Exhibit 99.1 hereto has been
revised to reflect such change.
ITEM 5. OTHER EVENTS.
The following exhibit is included herein:
Exhibit 99.1 Press Release dated September 17, 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 amended and restated
Press Release dated September 17, 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 18, 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 17, 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, 2003.
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