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): JULY 5, 2001
HATHAWAY CORPORATION
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(Exact Name of Registrant as Specified in Charter)
COLORADO 0-4041 84-0518115
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(State or other jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
8228 PARK MEADOWS DRIVE, LITTLETON, COLORADO 80124
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(Address of Principal executive offices)
Registrant's telephone number, including area code 303-799-8200
NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
HATHAWAY CORPORATION
Item 2. Acquisition or Disposition of Assets.
On July 5, 2001, Hathaway Corporation (the "Company") completed the sale of
its 20% equity interest in Hathaway Si Fang Protection and Control Company,
Ltd. (Si Fang) for $3,020,000 in cash. The sale became effective upon
receipt of the net proceeds in U.S. dollars and the required approvals from
the State Administration of Foreign Exchange in China. Hathaway sold its
interest to Beijing Si Fang Tongchuang Protection and Control Co., Ltd., a
Chinese company. Prior to the sale, Tongchuang held a 22.1% interest in Si
Fang.
Hathaway will record a pretax gain on the sale of approximately $650,000.
The gain will be recorded in the first quarter of the fiscal year ending
June 30, 2002 and will be included in Other Income in the company's
consolidated financial statements.
Si Fang designs, manufactures and sells digital protective relays, control
equipment and instrumentation products for substations in power
transmission and distribution systems in China.
Hathaway's net cash investment in Si Fang is $39,000 consisting of the
original acquisition of a 25% interest in Si Fang in 1994 for $175,000,
subsequent capital contributions made and proceeds received in two partial
sale transactions, netting to an additional $317,000 investment and
dividends received of $453,000. Through the date of sale, Hathaway has
recognized equity income of $2,291,000 and gain on sales of $175,000.
During fiscal years 2001 and 2000, Hathaway recognized equity income of
$1,116,000 and $670,000, respectively.
Item 7. Pro Forma Financial Information and Exhibits.
b) Pro Forma Financial Information.
Required pro forma financial information will be filed on or before
September 18, 2001.
c) Exhibits.
99.1 Agreement for Assignment of Equity Interest in Hathaway Si Fang
Protection & Control Co., Ltd.
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.
HATHAWAY CORPORATION
DATE: July 20, 2001 By: /s/ Richard D. Smith
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President, Chief Executive Officer
and Chief Financial Officer