SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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) DECEMBER 8, 2003
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WESTELL TECHNOLOGIES, INC.
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(Exact name of registrant as specified in charter)
DELAWARE 0-27266 36-3154957
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(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
750 NORTH COMMONS DRIVE, AURORA, ILLINOIS 60504
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (630) 898-2500
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N/A
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(Former name or former address, if changed since last report)
ITEM 5. OTHER INFORMATION
On December 8, 2003, Westell Technologies, Inc., through its subsidiary
Conference Plus Inc., entered into a new two year long distance agreement with a
long distance service provider. The new contract commences on January 1, 2004
and provides the Company with lower long distance per minute costs. In
connection with entering into this new agreement, Conference Plus terminated an
existing long distance agreement with that long distance service provider and
incurred a net one-time termination penalty of $750,000, which will be charged
to expense in the quarter ended December 31, 2003. The Company anticipates
recouping the termination penalty with the lower long distance costs over the
first five-month period of the new agreement. The Company believes this new
contract better positions Conference Plus in a competitive environment.
The Company maintains guidance previously stated for the third fiscal
quarter, ending December 31, 2003 of revenue in a range of $58 - $59 million and
EPS of $0.07 per share.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT 1995: Certain statements contained herein and in the exhibit attached
hereto, including, without limitation, statements containing the words
"believe," "goal," " on track, " "anticipates," "committed" "expectation,"
"expect," "estimate", "await," "continue," "intend," "may," "will," "should,"
and similar expressions are forward looking statements that involve risks and
uncertainties. These risks include, but are not limited to, product demand and
market acceptance risks, need for financing, the economic downturn in the U.S.
economy and telecom market, the impact of competitive products or technologies,
competitive pricing pressures, product development, excess and obsolete
inventory due to new product development, commercialization and technological
delays or difficulties (including delays or difficulties in developing,
producing, testing and selling new products and technologies), the effect of
Westell's accounting policies, the need for additional capital, the effect of
economic conditions and trade, legal social and economic risks (such as import,
licensing and trade restrictions) and other risks more fully described in
Westell's Annual Report on Form 10-K for the fiscal year ended March 31, 2003
under the section "Risk Factors". Westell undertakes no obligation to release
publicly the result of any revisions to these forward looking statements that
may be made to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
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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.
WESTELL TECHNOLOGIES, INC.
Date: December 12, 2003 By: /s/ Nicholas C. Hindman
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Name: Nicholas C. Hindman
Title: Senior Vice President and
Chief Financial Officer
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