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): February 25, 2004
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 AND REGULATION FD DISCLOSURE.
On February 25, 2004, Symbol Technologies, Inc. (the
"Registrant") issued a Press Release announcing that it would
file today with the Securities and Exchange Commission (the
"SEC") its quarterly reports on Form 10Q for the first three
quarters of fiscal year 2003 as well as an amended 2002 Annual
Report on Form 10K/A. A copy of the Press Release is attached
hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
The following exhibits are included herein:
Exhibit 99.1 Press Release dated February 25, 2004
"Symbol Technologies To File Today Quarterly
Reports on Form 10Q For 2003's First Three
Quarters and Amended 2002 Annual Report on
Form 10K/A".
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
The Registrant is furnishing herewith its Press Release, dated
February 25, 2004, announcing results for the nine month
period ended September 30, 2003 and its intention to file its
quarterly reports on Form 10Q for the first three quarters of
2003 and an amended 2002 Annual Report on Form 10K/A on
February 25, 2004. The financial results reported in the
Registrant's quarterly reports on Form 10Q are not materially
different from the results initially reported for the nine
month period ended September 30, 2003 with the exception of an
additional provision of $72 million pretax ($54 million after
tax or ($0.24) diluted EPS) recorded in 2003's first quarter
in connection with the pending shareholder class action
lawsuits and government investigations and supercede the
results disclosed by the Registrant on October 8, 2003 and
November 4, 2003 for the same period.
The Amended 2002 Annual Report on Form 10K/A records an other
than temporary impairment in the Registrant's investment in
Cisco Systems common stock in the third quarter ended
September 30, 2001. This impairment was originally recorded
in the second quarter ended June 30, 2002, and disclosed in
the previously filed 2002 Annual Report on Form 10K, which the
Registrant filed with the SEC on December 30, 2003.
The information in this Form 8K 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 Exchange Act, the
Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
SYMBOL TECHNOLOGIES, INC.
Date: February 26, 2004 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 February 25, 2004
"Symbol Technologies To File Today Quarterly
Reports on Form 10Q For 2003's First Three
Quarters and Amended 2002 Annual Report on
Form 10K/A".
EXHIBIT 99.1
SYMBOL TECHNOLOGIES TO FILE TODAY
QUARTERLY REPORTS
ON FORM 10Q FOR 2003's FIRST THREE QUARTERS
AND AMENDED 2002 ANNUAL REPORT ON FORM 10K/A
HOLTSVILLE, N.Y. - February 25, 2004 - Symbol Technologies,
Inc. (NYSE:SBL) today announced that it would file today
with the Securities and Exchange Commission its Quarterly
Reports on Form 10Q for the first three quarters of 2003 as
well as an amended 2002 Annual Report Filed on Form 10K/A.
As a result of the filing of the quarterly reports, the
Company will be current with its required regulatory
filings.
Results for Nine-Month Period Ended September 30, 2003
Overall, the results reported in the three 2003
Quarterly Reports on Form 10Q show no material difference
from the financial results initially reported for the nine
month period ended September 30, 2003, with the exception
of an additional pretax provision of $72 million ($54
million after tax or ($0.24) diluted earnings per share)
recorded in 2003's first quarter relating to the
anticipated settlement of shareholder class action lawsuits
and government investigations.
In the nine month period ended September 30, 2003,
revenue originally disclosed in news releases issued
October 8, 2003, and November 4, 2003, was $1.136 billion
compared with actual recorded revenue of $1.137 billion. In
the same period, originally disclosed gross margin was $483
million, or 42.5 percent, compared with actual recorded
gross margin of $491.2 million, or 43.2 percent, a gain of
$8.2 million, or 0.7 points.
Operating expense in the nine month period ended
September 30, 2003, was $430 million as originally
disclosed, with actual operating expense of $506 million
primarily reflecting the $72 million pretax accrual taken
in 2003's first quarter.
During the nine month period, the Company originally
disclosed net earnings of $39 million, or $0.17 per share.
Ultimately, in the period, the Company recorded a net loss
of $12.9 million, or a loss of $0.06 diluted EPS, primarily
due to the impact of the $72 million pretax charge recorded
in 2003's first quarter.
"The filing of our quarterly reports for 2003's
initial nine months is bringing us current with our
required regulatory filings and represents another key
milestone for Symbol as we continue to work diligently to
put matters of the past behind us. Other than the $72
million pretax provision related to more current
information pertaining to the anticipated legal
settlements, the Form 10Qs we are filing today represent no
material change from our previously disclosed results for
the nine month period and demonstrate continued improvement
in the Company's internal controls and financial reporting
processes," William Nuti, chief executive officer and
president, said.
Amended 2002 Annual Report Filed on Form 10K/A
The Amended 2002 Annual Report Filed on Form 10K/A records
an other than temporary impairment in the Company's
investment in Cisco Systems common stock in the third
quarter ended September 30, 2001. This impairment was
originally recorded in the second quarter ended June 30,
2002, and disclosed in the previously filed 2002 Annual
Report Filed on Form 10K, which the Company filed with the
SEC on December 30, 2003.
Subsequent to December 30, 2003, the Company, in
consultation with the Company's external auditors,
determined it was necessary to make this change. This
change has no impact in either 2001 or 2002 on
shareholders' equity, which was $888 million at December
31, 2002, and resulted in no change to the December 31,
2002, balance sheet, as the investment in Cisco common
stock was marked to market at each balance sheet date
either through equity, if the change was considered
temporary, or earnings when it was considered other than
temporary. The amount of this other than temporary pretax
charge, due to the market value of Cisco stock at September
30, 2001, was $22.2 million.
Quarterly Teleconference Scheduled March 4, 2004
Symbol has scheduled a conference call and Web cast for 5
p.m. Thursday, March 4, 2004, at which time it will discuss
unaudited results for the fourth quarter and full year
ended December 31, 2003. Dial in details are available at
the Company's Web site, www.symbol.com\investors.
About Symbol Technologies
Symbol Technologies, Inc., The Enterprise Mobility
Company(TM), delivers solutions that capture, move and
manage information in real time, from the point of activity
to the point of decision. Symbol solutions integrate
advanced data capture technology, ruggedized mobile
computers, wireless infrastructure, enabling software and
high ROI applications from our business partners and Symbol
Enterprise Mobility Services. Symbol enterprise mobility
solutions increase business productivity and velocity,
reduce costs and realize competitive advantage 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.
This news release may contain forward looking statements
based on current expectations, forecasts and assumptions
that involve risks and uncertainties that could cause
actual outcomes and results to differ materially. These
risks and uncertainties include price and product
competition, dependence on new product development,
reliance on major customers, customer demand for our
products and services, control of costs and expenses,
international growth, general industry and market
conditions and growth rates and general domestic and
international economic conditions including interest rate
and currency exchange rate fluctuations. For a further
list and description of such risks and uncertainties, see
the reports filed by Symbol with the Securities and
Exchange Commission. Symbol disclaims any intention or
obligation to update or revise any forward looking
statements, whether as a result of new information, future
events or otherwise.
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For financial information: For media information:
Nancy Tully Patricia Hall
Symbol Technologies, Inc. Symbol Technologies, Inc.
631-738-5050 631-738-5636