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: November 8, 2000
DEL GLOBAL TECHNOLOGIES CORP.
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(Exact name of registrant as specified in its charter)
1-10512
(Commission File Number)
13-1784308
(IRS Employer Identification Number)
New York
(State of Incorporation)
1 Commerce Park, Valhalla, New York 10595
(Address of principal executive offices)
914-686-3600
(Registrant's Telephone Number, including area code)
Item 5. Other Events and Regulation FD Disclosure.
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The Registrant, a New York corporation ("Del"), issued a press
release dated November 6, 2000 announcing that it would delay the filing of its
Form 10K and that its net income for the fiscal year ended July 29, 2000 will be
substantially lower than its net income for the fiscal year 1999. The press
release is attached hereto as an exhibit and is incorporated herein by
reference.
Exhibits.
Exhibit Number Description
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20.1 Press Release of Del Global
Technologies Corp. dated
November 6, 2000
1
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.
DEL GLOBAL TECHNOLOGIES CORP.
By: /s/ Leonard A. Trugman
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Dated: November 8, 2000 Leonard A. Trugman, Chairman, Chief
Executive Officer and President
2
EXHIBIT 20.1
FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION CONTACT:
November 6, 2000 LEONARD A. TRUGMAN
CHAIRMAN, CEO & PRESIDENT
TELEPHONE: (914) 686-3600
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DEL GLOBAL TECHNOLOGIES CORP. ANNOUNCES A
SHORTFALL IN FISCAL 2000 RESULTS; DELAY IN FILING ITS
FORM 10-K; EXPECTS RECORD FISCAL 2001;
RECORD CURRENT BACKLOG
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Valhalla, NY, November 6, 2000 - Del Global Technologies Corp. (NASDAQ:DGTC),
announced today that its net income for the fiscal year ended July 29, 2000 will
be substantially lower than its net income for Fiscal 1999 and that it would
delay the filing of its Form 10-K with the Securities and Exchange Commission.
It is expected that the Company will have to revise its Fiscal 2000 quarterly
results. The Company is currently conducting a review to determine if it will
also be required to restate Fiscal 1999 results.
The shortfall from anticipated sales and net income was due to a number of
factors, including the failure to ship completed products prior to the close of
its fiscal year, a substantial decline in gross margins in its Medical Systems
Group, the receipt of anticipated orders too late in the fiscal year to be
converted to sales, and the expensing of certain costs relating to the
acquisition of selected assets of Acoma Medical Imaging, Inc. and X-Ray
Technologies, Inc.
The delay in filing of the Company's Form 10-K is a result of the Company making
a thorough review of sales cut-offs for each quarter in Fiscal 2000. The Company
will issue a press release announcing when it expects to issue results and file
its Form 10-K with the SEC. The Company will schedule a conference call to
discuss Fiscal 2000 once it files its Form 10-K.
The Company has taken specific steps to strengthen its operational controls and
internal accounting procedures. It has also appointed a Director of Internal
Auditing for each of the Del Medical Systems Group and the Del Power Conversion
Group.
"While we are profoundly disappointed with the estimated results for Fiscal 2000
and the delay in filing Del's Form 10-K with the SEC, it appears that in Fiscal
2001 the Company will set a record for sales. Incoming orders are very strong
and our current backlog is at an all-time high of approximately $50 million. The
Company is in a very strong financial position with a book value in excess of
$8.00 per share," according to Leonard A. Trugman, Chairman, Chief Executive
Officer and President.
Del Global Technologies Corp. is primarily engaged in the design, manufacture
and marketing of state-of-the-art, cost-effective medical imaging and diagnostic
systems consisting of stationary and portable imaging systems,
radiographic/fluoroscopic systems, mammography systems, Neo-Natal systems,
dental imaging systems and proprietary precision power conversion subsystems for
medical as well as critical industrial applications. These include airport
explosives detection, electronic noise suppression subsystems, analytical
instrumentation, semiconductor capital equipment and energy exploration.
This press release contains forward-looking statements. Such statements involve
various risks that may cause actual results to differ materially. These risks
include, but are not limited to, the ability of the Company to grow internally
or by acquisition and to integrate acquired businesses, changing industry and
competitive conditions, and other risks referred to in the Company's
registration statements and periodic reports filed with the Securities &
Exchange Commission.