UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 and 15(d) of the Securities Exchange Act
of 1934
Date of Report (Date of earliest event reported): December 22,
1999
HALIFAX CORPORATION
(Exact name of registrant as specified in charter)
Virginia 2-84160-W 54-0829246
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation))
5250 Cherokee Avenue, Alexandria, Virginia 22312
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(703) 750-2202
Not Applicable
(Former name or former address, if changed since last report)
Item 5. Other Matters
The Company announced the receipt of cash payments totaling $3.5
million, and other concessions, as a result of its ongoing
recovery efforts. The payments, net of certain related expenses,
will have a positive impact on earnings for the quarter ending
December 31, 1999 of approximately $2.9 million.
Item 7. Financial Statements and Exhibits
Press Release issued by the Company dated December 22, 1999.
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 thereunto duly
authorized.
HALIFAX CORPORATION
(Registrant)
Date: January 4, 2000 By: s/John J. Reis
John J. Reis
President
Date: January 4, 2000 By: s/Charles L.McNew
Charles L. McNew
Executive V.P. & CFO
For investor relations information, contact:
The Poretz Group, Investor Relations
Karen Vahouny (703) 506-1778 x224 or karen@poretz.com
HALIFAX RECOVERY ACTIVITIES
GENERATE $3.5 MILLION
ALEXANDRIA, VA - December 22, 1999 - Halifax Corporation (AMEX:
HX) today announced that it has received cash payments totaling
$3.5 million, and other concessions, as a result of its ongoing
recovery efforts. These payments, net of certain related
expenses, will have a positive impact on earnings for the
quarter ending December 31, 1999, of approximately $2.9 million.
The specific terms and conditions associated with the payment,
including the identity of the party, are subjects of a
confidentiality agreement that precludes disclosure.
The $3.5 million is the result of the steps taken by Halifax
against various parties it believed were responsible for the
embezzlement and related damages sustained by the Company over
the past four years. The Company is continuing to pursue recovery
activities against various parties. There are, however, no
assurances that any of the further recovery actions will be
successful or, if successful, the extent or timing of any related
recoveries.
Jack Reis, president and chief executive officer of Halifax,
stated, "I am pleased to report that we have made further
progress on our recovery efforts. We intend to continue to
pursue claims on behalf of the Company and its shareholders that
we believe to be appropriate under the circumstances."
Founded in 1967, Halifax Corporation offers a wide range of
information technology, communications and maintenance services
to commercial and government customers throughout the United
States and overseas. The Company generated revenues of $81.8
million in fiscal 1999 and has approximately 650 employees
working at its Alexandria, Virginia, headquarters and in multiple
offices throughout the U.S.
Certain statements made by the Company which are not historical
facts may be considered forward-looking statements, including,
without limitation, statements as to trends, management's
beliefs, expectations and opinions, which are based upon a number
of assumptions concerning future conditions that ultimately may
prove to be inaccurate. Such forward-looking statements are
subject to risks and uncertainties and may be affected by various
factors that may cause actual results to differ materially from
those in the forward-looking statements. For further information
that could affect the Company's financial statements, please
refer to the Company's reports filed with the Securities and
Exchange Commission.
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