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): November 4, 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 7. FINANCIAL STATEMENTS AND EXHIBITS.
The following exhibit is included herein:
Exhibit 99.1 Press Release dated November 4, 2003
"Symbol Technologies Reports Unaudited
Results for 2003's Third Quarter"
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
The registrant is furnishing herewith its Press Release dated
November 4, 2003 reporting unaudited results for the third
quarter of fiscal year 2003.
The information in this Form 8-K and the exhibit attached
hereto shall not be deemed "filed" for purposes of Section 18
of the Securities Exchange Act of 1934 (the "Exchange Act") or
otherwise subject to the liabilities of that section, nor
shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933 or the Exchange Act,
regardless of any general incorporation language in such
filing.
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: November 4, 2003 By: ____
Name: Mark T. Greenquist
Title: Senior Vice President
and Chief Financial
Officer
EXHIBIT INDEX
Exhibit Description
Exhibit 99.1 Press Release dated November 4, 2003
"Symbol Technologies Reports Unaudited
Results for 2003's Third Quarter"
EXHIBIT 99.1
SYMBOL TECHNOLOGIES REPORTS
UNAUDITED RESULTS FOR 2003'S THIRD QUARTER
Third-Quarter Revenue Was $382 Million With EPS of $0.05
HOLTSVILLE, N.Y., Nov. 4, 2003 - Symbol Technologies,
Inc. (NYSE:SBL) today reported unaudited results for the third
quarter of 2003. While the results reported today are
unaudited, Symbol believes that these results accurately
reflect, in all material respects, the results that will be
reported in the Company's Quarterly Report filed on Form 10-Q
for the third quarter of 2003. However, until the document is
filed with the Securities and Exchange Commission, these
results are subject to change.
Revenue for the third quarter ended September 30, 2003,
was $382 million, up slightly compared with the restated
third-quarter 2002 revenue of $380 million, and a 2 percent
increase over second-quarter 2003 revenue of $375 million.
Product revenue of $313 million represented a quarter-to-
quarter improvement of 8 percent from $289 million in 2003's
second quarter and a year-over-year increase of 3 percent;
service revenue of $69 million showed a quarter-to-quarter
decline of 20 percent from $86 million and a year-over-year
decrease of 10 percent. Third-quarter 2003 gross margin was
$169 million, or 44.1 percent, an increase of $15 million or
three percentage points from second-quarter 2003 gross margin
of $154 million or 41.1 percent.
Operating expense in the third quarter, excluding
approximately $8 million associated with an accounting charge
related to a change in the Company's stock option plans
resulting from its late filings with the SEC, was $140
million, down $6 million from the second quarter's $146
million. Included in third-quarter operating expense was $11
million in costs related to restatement activities, primarily
fees for professional services. Net earnings in the period
improved to $12 million from second quarter's $9 million,
representing per share earnings improvement to $0.05 in the
third quarter compared to $0.04 per share in the second
quarter.
"We are pleased with the third-quarter financial results
because they not only demonstrate that Symbol's fundamental
business is on track but also that the operational improvement
efforts of the last several quarters are beginning to have
positive impact. We're holding the line in managing
operational expenses while the pace of business is
accelerating, faster than might be apparent because of the
restatement's impact on the prior year's results," William
Nuti, Symbol president and chief operating officer, said.
"Symbol's new leadership team is implementing a streamlined
and focused management system that will carry the Company
forward as the leader in enterprise mobility solutions."
Richard Bravman, Symbol chief executive officer, said,
"Symbol's financial performance has improved over the last
several quarters, and we further strengthened the balance
sheet, increasing cash balances to approximately $121 million,
improving working capital management and reducing short-term
bank debt to zero. In addition the underlying improvements we
saw on the income statement are even more notable given that
the expenses related to restatement activities and the
accounting charge related to stock options caused a drag of
approximately $0.06 on EPS in the quarter. We believe that
Symbol is on a sound business foundation in the short term
with the ability to scale for future growth."
The previously reported investigations by the SEC and the
U.S. Attorney's office are ongoing. Symbol has not filed its
Annual Report filed on Form 10-K for the year ended December
31, 2002, with the SEC, and is working to finalize the audit
for 2002. The Company also intends to file its Form 10-Q for
the first, second and third quarters of 2003 after the Form
10-K for 2002 has been finalized. The Company currently cannot
provide a timetable for those filings, and until the documents
are filed with the Securities and Exchange Commission the
results are subject to change.
Teleconference and Web Presentation Details
Those interested in participating in the call, scheduled
to begin at 5 pm ET November 4, 2003, should dial 719-457-2617
at least 10 minutes prior to commencement of the call, which
also will be available as an audio web cast via the Symbol Web
site, www.symbol.com/investors. A telephonic replay will be
available beginning at noon ET November 5 through November 13,
2003, on a 24-hour non-stop basis. The dial-in number to
access this replay is: 719-457-0820 - Access Code: 181509.
In addition to the teleconference, the company will host
a simultaneous web cast presentation via WebEx, an online
PowerPoint document sharing Web site. Those interested in
joining the WebEx event should visit www.symbol.com/investors
at least 10 minutes prior to the start of the teleconference.
Clicking on the "WebEx icon" link will take you directly to
the event homepage. Please be advised that WebEx permits you
to enroll prior to the conference, but this is not mandatory
for participation. This is an unrestricted Web site and an
access code is not required. A synchronized WebEx and audio
replay will be available on the Symbol investor homepage
beginning at noon ET November 5 through November 13, 2003, on
a 24-hour non-stop basis.
A copy of the press release will be posted to the Symbol
Web site upon its release, and the presentation will be posted
in PDF format on the Company's investor homepage
(www.symbol.com/investors) immediately prior to the call.
Forward-Looking Statements
Statements contained in this release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements
involve a number of risks, uncertainties and other factors
that could cause actual results to differ materially, as
discussed in the Company's filings with the Securities and
Exchange Commission.
About Symbol Technologies, Inc.
Symbol Technologies, Inc. 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 ruggedized mobile computing, advanced data
capture, wireless networking and mobility software for the
world's leading retailers, transportation and logistics
companies, manufacturers, government agencies and providers of
healthcare, hospitality and security. More information is
available at www.symbol.com.
For media information: For financial information:
Patricia Hall Nancy Tully
Symbol Technologies, Inc. Symbol Technologies, Inc.
631-738-5636 631-738-5050