UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Fiscal Quarter Ended December 28, 1996, or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transition period from _____ to _________.
Commission file number: 0-26620
ACCOM, INC.
(Exact name of registrant as specified in its charter)
Delaware 94-3055907
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
1490 O'Brien Drive
Menlo Park, California 94025
(Address of principal executive offices)
Registrant's telephone number, including area code:
(415) 328-3818
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for at least the past 90 days.
Yes X No
------- --------
As of February 7, 1997, 6,586,158 shares of the Registrant's common
stock, $0.001 par value, were outstanding.
ACCOM, INC.
FORM 10-Q For the Quarter Ended December 28,1996
INDEX
Page
Facing sheet 1
Index 2
Part I. Financial Information
Item 1. a) Condensed consolidated balance sheets at December 28, 1996 and September 30, 1996 3
b) Condensed consolidated statements of operations for the three months ended
December 28, 1996 and December 30, 1995 4
c) Condensed consolidated statements of cash flows for the three months ended December 5
28, 1996 and December 30, 1995
d) Notes to condensed consolidated financial statements 6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7
Part II. Other Information 12
Signature 13
Exhibit 11.1 14
Statement re computation of net loss per share
Exhibit 27.1 Financial data Schedule 15
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ACCOM, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 28, September 30,
1996 1996
--------------- -----------------
(Unaudited) (Note)
Assets
Current assets
Cash and cash equivalents $ 3,897 $ 4,221
Accounts receivable, net 3,840 4,714
Inventories 2,193 5,447
Deferred tax assets 695 695
Prepaid expenses and other current assets 384 377
------------- --------------
Total current assets 11,009 15,454
Property and equipment, net 860 1,683
Other assets 142 142
------------- --------------
$12,011 $17,279
============= ==============
Liabilities and Stockholders' Equity
Current Liabilities:
Notes payable $ 58 $ 58
Accounts payable 1,128 2,242
Accrued liabilities 1,852 1,455
Deferred revenue 453 528
------------- --------------
Total Current Liabilities 3,491 4,283
Note payable - noncurrent 9 24
Deferred tax liabilities 20 20
Commitments
Stockholders' Equity:
Preferred stock, $0.001 par value; 2,000,000 shares authorized; -- --
no shares issued and outstanding
Common stock, $0.001 par value; 20,233,497 shares authorized;
6,568,892 and 6,493,734 shares issued and outstanding on December 28, 7 7
1996 and December 30, 1995, respectively
Additional paid-in capital 21,353 21,317
Retained earnings (accumulated deficit) (12,869) (8,372)
------------- --------------
Total Stockholders' Equity 8,491 12,952
------------- --------------
$12,011 $17,279
============= ==============
<FN>
Note: The balance sheet at September 30, 1996 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.
See notes to condensed consolidated financial statements.
</FN>
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ACCOM, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Unaudited
Three months ended
December 28, December 30,
1996 1995
------------------ -----------------
Net sales $4,216 $5,543
Cost of sales 4,676 2,611
------------------ ----------------
Gross margin (460) 2,932
Operating expenses:
Research and development 798 943
Marketing and sales 2,266 1,542
General and administrative 996 289
------------------ ----------------
Total operating expenses 4,060 2,774
------------------ ----------------
Operating income (loss) (4,520) 158
Interest income 36 76
Interest expense (2) (3)
Other expense (11) (13)
------------------ ----------------
Income (loss) before income taxes (4,497) 218
Provision for income taxes ----- 77
================== ================
Net income (loss) $(4,497) $141
================== ================
Net income (loss) per share $(0.69) $0.02
Shares used in computation of net 6,561 6,903
income (loss) per share
<FN>
See notes to condensed consolidated financial statements.
</FN>
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ACCOM, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Unaudited
Three months ended
December 28, December 30,
1996 1995
-------------- -----------
Cash flows from operating activities:
Net income (loss) $ (4,497) $ 141
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization 222 175
Provision for aacounts receivable, inventory, fixed asset and 3,995 -----
other reserves
Changes in operating assets and liabilities
Accounts receivable 624 (977)
Inventories 754 53
Deferred tax assets, net ----- -----
Prepaid expenses and other current assets (7) 42
Accounts payable (1,114) 271
Accrued compensation 17 55
Other accrued liabilities (84) (709)
Income taxes payable ----- 77
Customer deposits (44) (17)
Deferred revenue (75) (5)
----------------- --------------------
Net cash used in operating activities (209) (894)
----------------- --------------------
Cash flows from investing activities:
Expenditures for property and equipment (136) (117)
Purchase of short-term investments ----- (23,256)
Sale of short-term investments ----- 18,645
Increase (decrease) in other assets ----- (88)
----------------- --------------------
Net cash used in investing activities (136) (4,816)
----------------- --------------------
Cash flows from financing activities:
Repayments on notes payable (15) (15)
Issuance of common stock 36 7
Payment of accrued initial public offering costs ----- (821)
----------------- --------------------
Net cash provided by (used in) financing activities 21 (829)
----------------- --------------------
Net decrease in cash and cash equivalents (324) (6,539)
Cash and cash equivalents at beginning of period 4,221 8,768
----------------- --------------------
Cash and cash equivalents at end of period $ 3,897 $ 2,229
================= ====================
Supplemental disclosure of cash flow information
Interest paid $ 2 $ 3
================= ====================
Income taxes paid $ ----- $ 1
================= ====================
Supplemental disclosure of noncash investing and financing activities
Accrued acquisition costs $ 43 $ 41
================= ====================
<FN>
See accompanying notes.
</FN>
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Unaudited
Note 1. Summary of Significant Accounting Policies
Basis of Preparation
The condensed consolidated balance sheet as of December 28, 1996, and
the condensed consolidated statements of income and cash flows for the three
months ended December 28, 1996 and December 30, 1995 have been prepared by the
Company, and have not been audited. In the opinion of management, all
adjustments (consisting of normal accruals) necessary to present fairly the
financial position, results of operations, and cash flows at December 28, 1996,
and for all periods presented, have been made. The financial data should be
reviewed in conjunction with the audited financial statements and notes thereto
included in the Company's Annual Report on Form 10-K for the fiscal year ended
September 30, 1996. The results of operations for the three month period ended
December 28, 1996 are not necessarily indicative of the operating results for
the full 1997 fiscal year.
Note 2. Short-Term Investments
The Company accounts for short-term investments in accordance with
Statement of Financial Accounting Standards No. 115 (FAS 115), "Accounting for
Certain Investments in Debt and Equity Securities."
All of the Company's short-term investments are designated as
available-for-sale and are carried at fair value, with unrealized gains and
losses reported as a separate component of stockholders' equity. Realized gains
and losses and declines in value judged to be other than temporary on
available-for-sale securities are included in interest income. Interest and
dividends on all securities are included in interest income.
Note 3. Inventories
Inventories consist of the following (In thousands):
December 28, September 30,
1996 1996
----------------------------------------------
Purchased parts and materials $ 454 $ 1,105
Work-in-progress 638 1,842
Finished goods 275 440
Demonstration inventory 826 2,060
----------------------------------------------
$ 2,193 $ 5,447
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Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
The following discussion should be read in conjunction with the
unaudited consolidated financial statements and notes thereto included in Part
I--Item 1 of this Quarterly Report. In addition, in order to take advantage of
the "safe harbor" provisions of the Private Securities Litigation Reform Act of
1995, the Company hereby notifies readers that the factors set forth below in
"Additional Factors That May Affect Future Results," and the factors set forth
under a similar heading in the Company's report on Form 10K for the fiscal year
ended September 30, 1996, as well as other factors, could in the future affect,
and in the past have affected, the Company's actual results and could cause the
Company's results for future quarters to differ materially from those expressed
in any forward looking statements made by or on behalf of the Company, including
those made in the following discussion.
Overview
Accom designs, manufactures, markets and supports digital video systems
for the high-end production, post-production and broadcast markets. The Company
was incorporated in December 1987 and began shipments of its digital signal
processing products in fiscal 1988. In November 1991, the Company merged with
Axial Systems Corporation ("Axial"), a developer of digital on-line editing
systems. The first shipments of the Company's Axial(R) 2020 Visual On-Line
Editing System ("Axial 2020") and RTD 4224 digital video disk recorder (the
"RTD") occurred in fiscal 1992. The first shipments of the Company's
Brontostore(TM) news graphics and clip server (the "Brontostore", renamed
"Axess" in April 1996) and the Company's lower cost Axial 2010 On-Line Editing
System ("Axial 2010") and WSD(R) Work Station Disk Recorder (the "WSD") occurred
in fiscal 1994. In January 1995, the Company began shipping the WSD(R)/XL Work
Station Disk Recorder ("WSD/XL") and in June 1996 began shipping the WSD(R)/XLS.
In September 1996 the Company began shipping the WSD(R)/Xtreme, a replacement
for the WSD(R)/XLS which has eight minutes of uncompressed digital video
storage.
In September 1995, the Company increased its ownership interest in
ELSET Electronic-Set GmbH, a German limited liability company ("ELSET GmbH"), to
100% for approximately $7.6 million in cash, funded with a portion of the
proceeds of the Company's initial public offering (the "ELSET Acquisition"). At
the April 1995 National Association of Broadcasters ("NAB") convention, the
Company introduced a prototype of the ELSET(TM) virtual set system (the "ELSET
Virtual Set"), which operates on a Silicon Graphics, Inc. ("SGI") Onyx(TM)
Reality Engine2 or OnyxTM Infinite Reality workstation (an "Onyx"). The Company
shipped its first ELSET Virtual Set in the second quarter of fiscal 1996. See
"Additional Factors That May Affect Future Results" below.
The Company's gross margin has historically fluctuated from quarter to
quarter and declined on an annual basis. As the Company begins to resell the
Onyx as part of the ELSET Virtual Set, gross margins may decline. In the future,
gross margins will be dependent on the mix of higher and lower-priced products
and the percentage of sales made through direct and indirect distribution
channels.
The Company's revenues are currently derived primarily from product
sales. The Company generally recognizes revenue upon product shipment. If
significant obligations exist at the time of shipment, revenue recognition is
deferred until obligations are met. Beginning in the second quarter of fiscal
1996 the Company's revenues included revenues from licensing of ELSET software.
In connection with sales of the ELSET Virtual Set, revenues in the future may
also include revenues from the resale of the Onyx and revenues from maintenance
and other services.
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The Company recorded charges during the first quarter of fiscal 1997
totaling $4 million related to actions intended to improve future operating
performance and for valuation reserves taken against inventories, receivables
and fixed assets.
Software development costs are recorded in accordance with Statement of
Financial Accounting Standards No. 86. To date, the Company has expensed all of
its software development costs.
Results of Operations
Quarters ended December 28, 1996 and December 30, 1995
Net Sales. The Company's net sales decreased by 23.9% to $4.2 million in
the first quarter of fiscal 1997 from $5.5 million in the first quarter of
fiscal 1996. The decrease in fiscal 1997 was due to decreased shipments of the
WSD, RTD, Axial 2010, and signal processing products. International sales
represented approximately 45.8% of the Company's sales in the first quarter of
both fiscal 1997 and 1996.
Cost of Sales. Gross margin was (10.9)% and 52.9% in the first quarter of
fiscal 1997 and 1996, respectively. During January of 1997, management developed
plans with respect to future development, support and introduction of certain
products. As a result of these plans, reserves have been provided for inventory,
accounts receivable and property and equipment. As part of these reserves,
inventory reserves totaling $2.5 million are included in cost of sales for the
first quarter of fiscal 1997. Without this charge, gross margin would have been
48.4% for the quarter and is reduced from prior quarters due to lower margins on
the WSD, increased impact of manufacturing overhead, and increased warranty and
scrap expenses.
Research and Development. Research and development expenses decreased 15.4%
to $798,000 in the first quarter of fiscal 1997 from $943,000 in the first
quarter of fiscal 1996. The decrease in fiscal 1997 was due to decreases in
salary expenses, resulting from decreased numbers of staff engineers, consulting
fees, and patent legal expenses, partially offset by an increase in ELSET
development expenses. Research and development expenses as a percentage of net
sales were 18.9% and 17.0% in the first quarter of fiscal 1997 and 1996,
respectively.
Marketing and Sales. Marketing and sales expenses increased by 46.9% to
$2.3 million in the first quarter of fiscal 1997 from $1.5 million in the first
quarter of fiscal 1996. As a result of management's decisions noted above, a
charge of $845,000 was incurred in the first quarter of fiscal 1997 related
primarily to reserves against certain marketing and sales fixed assets. Without
this charge, marketing and sales expenses would have decreased by 7.9% to $1.4
million. This decrease in fiscal 1997 was primarily due to decreases in trade
show expenses, ELSET marketing expenses, demonstration equipment maintenance
costs, and salary expenses related to sales and marketing personnel. This
decrease was partially offset by an increase in commission expenses. Marketing
and sales expenses as a percentage of net sales were 53.7% (33.7% without the
charge) and 27.8% in the first quarter of fiscal 1997 and 1996, respectively.
General and Administrative. General and administrative expenses increased
by 245.2% to $996,000 in the first quarter of fiscal 1997 from $289,000 in the
first quarter of fiscal 1996. A $650,000 charge primarily for streamlining
operations, to reduce overhead and other costs as well as to increase the
reserve for bad debt, was recorded in the first quarter of fiscal 1997. Without
this charge, general and administrative expenses would have increased by 19.9%
to $346,000. This increase in fiscal 1997 was primarily due to an increase in
expenses related to accounting services. General and administrative expenses as
a percentage of net sales were 23.6% (8.2% without the charge) and 5.2% in the
first quarter of fiscal 1997 and 1996, respectively.
-8-
Interest Income, Interest Expense and Other (Expense). Interest income
decreased to $36,000 in the first quarter of fiscal 1997 from $76,000 in the
first quarter of fiscal 1996. The decrease was primarily attributable to a
decrease in cash and cash equivalents. Both interest expense and other expense
were essentially unchanged from fiscal 1997 to fiscal 1996.
Provision for Income Taxes. In accordance with FAS 109, the Company has
recognized no tax benefit from its loss for the period ended December 28, 1996.
The Company believes its existing deferred tax asset is realizable based on
recoverability of taxes previously paid.
Liquidity and Capital Resources
As of December 28, 1996, the Company had $3.9 million of cash and cash
equivalents.
Operating activities used $209,000 and $894,000 in the first quarter of
fiscal 1997 and fiscal 1996, respectively. Net cash used in the first quarter of
fiscal 1997 was due primarily to the net loss and a decrease in accounts payable
partially offset by decreases in accounts receivable and inventory and by
depreciation.
The Company has a revolving line of credit with Comerica Bank that allows
for borrowings of up to $4.0 million, subject to the level of accounts
receivable. As of December 28, 1996, the Company had no borrowings outstanding.
Indebtedness under the line of credit accrues interest at Comerica's base rate
and is secured by substantially all of the Company's assets. The line of credit
may be terminated by either party upon 30 days' notice. Borrowings under the
line of credit are subject to certain financial covenants. The Company is not
currently in compliance with these covenants and is in discussions with Comerica
to review the terms of the facility.
The Company believes that its existing cash and cash equivalents, will be
sufficient to meet its cash requirements for at least the next twelve months.
Although operating activities may provide cash in certain periods, to the extent
the Company grows in the future, its operating and investing activities may use
cash and, consequently, such growth may require the Company to obtain additional
sources of financing. There can be no assurance that any necessary financing
will be available to the Company on commercially reasonable terms, or at all.
Additional Factors That May Affect Future Results
The company desires to take advantage of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. Specifically, the Company
wishes to alert readers that the following important factors, as well as other
factors, could in the future affect, and in the past have affected, the
Company's actual results and could cause the Company's results for future
quarters to differ materially from those expressed in any forward looking
statements made by or on behalf of the Company. In addition the Company wishes
to direct readers to the more comprehensive discussion of these and other
factors that may affect future results contained under the same heading in its
filing on Form 10K for the period ending September 30,1996.
Uncertainty as to Development and Market Acceptance of ELSET Virtual Set. The
Company's ability to achieve revenue growth and profitability in fiscal 1997 and
subsequent years is presently expected to be dependent to a significant degree
upon the successful development and market acceptance of its ELSET Virtual Set,
the first commercial shipments of which were made in March 1996. The ELSET
Virtual Set is still being further developed with respect to certain key
features, including a user interface, the movement of cameras in the set, actor
interaction with three-dimensional virtual objects and porting the software to
-9-
new hardware platforms. There can be no assurance that the Company will be able
to successfully complete these developments of the ELSET Virtual Set in a timely
manner. The failure to complete the development of the ELSET Virtual Set
successfully and in a timely manner would have a material adverse impact on the
Company's business, financial condition and results of operations. In addition,
the ELSET Virtual Set represents a new approach to studio set creation, and its
commercial success will depend on the rate at which potential end users
transition from the use of traditional physical sets to virtual sets and whether
this transition occurs at all. A potential end user's decision to purchase an
ELSET Virtual Set will depend on many factors that are difficult to predict. For
example, the ELSET Virtual Set is based to a significant extent on new
technology, including continuing enhancements to the Onyx. Therefore, potential
end users such as broadcasters may be reluctant to purchase the ELSET Virtual
Set, especially for mission-critical functions, until the ELSET Virtual Set's
reliability in real time use has been demonstrated. In addition, a potential end
user's decision to purchase the ELSET Virtual Set may be subject to SGI's timing
of shipments of the Onyx and SGI's announcement of enhancements to the Onyx. The
current U.S. list price for the ELSET Virtual Set, including the Onyx, ranges
from approximately $650,000 to over $1.2 million, depending on the desired
functionality. Potential end users may therefore be unwilling to incur the
significant cost of converting from physical sets to the ELSET Virtual Set.
Although the Company currently anticipates that broadcasters and post-production
facilities will be the primary end users of virtual set systems, the Company has
not conducted any formal market surveys to determine the potential market for
and acceptance of the ELSET Virtual Set. The Company expects that sales of the
ELSET Virtual Set will entail a longer sales cycle than with the Company's other
products. Although the Company made its first commercial shipments of the ELSET
Virtual Set in March 1996, there can be no assurance that a significant market
for virtual set systems will develop or that the Company will be able to
successfully market the ELSET Virtual Set over time. If this market development
does not occur or occurs over an extended period, or if the ELSET Virtual Set
does not achieve market acceptance, or the Company is forced to reduce certain
or all marketing or development activities related to virtual sets, the
Company's business, financial condition and results of operations will be
materially and adversely affected. In addition, the Company will continue to
evaluate the potential market for virtual set systems, and, as it has done over
the past year for all of its products, will consider a wide variety of options
for future development and marketing of the ELSET Virtual Set. Any decision that
significantly increases, reduces, or eliminates the marketing or development
activities related to the ELSET Virtual Set could have a material and adverse
effect on the Company's business, financial condition or results of operations.
Potential Fluctuations in Operating Results. The Company incurred a net loss of
approximately $916,00 in fiscal 1996. The Company also incurred a net loss of
$10.8 million in fiscal 1995, primarily as a result of a charge of approximately
$10.8 million for acquired in-process technology. The Company also incurred a
loss of $4.5 million in the first quarter of fiscal 1997, which included charges
of $4 million for valuation reserves and streamlining expenses. There can be no
assurance that the Company will be profitable on a quarterly or annual basis in
the future. The Company's quarterly operating results have in the past
fluctuated and may fluctuate significantly in the future depending on such
factors as the timing and shipment of significant orders, new product
introductions and changes in pricing policies by the Company and its
competitors, product and operational restructuring, the timing and market
acceptance of the Company's new products and product enhancements, particularly
the ELSET Virtual Set, the Company's product mix, the mix of distribution
channels through which the Company's products are sold and the Company's
inability to obtain sufficient supplies of sole or limited source components for
its products. In response to competitive pressures or new product introductions,
the Company may make certain pricing changes or other actions, such as
restructuring the product lines, that could materially and adversely affect the
Company's operating results. In addition, new product introductions by the
Company could contribute to quarterly fluctuations in operating results as
orders for new products commence and orders for existing products decline. The
Company believes that its net sales generally will decrease in the second
quarter of each fiscal year as compared to the prior quarter (as occurred in the
second quarter of fiscal 1996) due to decreased expenditures in the
post-production market during that period and delayed customer purchasing
-10-
decisions in anticipation of new product introductions by the Company and others
at the annual NAB convention. The Company currently anticipates that a number of
factors will cause its gross margins to decline in future periods from current
levels. The Company believes that the market for on-line video editors and
digital video disk recorders will continue to mature and, therefore, that the
gross margins the Company derives from sales of these products will decline in
future periods. The Company intends to increase its sales of lower-margin
on-line video editor and digital video disk recorder products in the future as
it pursues the strategy of broadening its lower-priced product lines.
Furthermore, as the Company expands its indirect sales channels, its gross
margins will be negatively impacted because of discounts associated with sales
through these channels. In addition, the Company currently anticipates that
revenues from sales of the ELSET Virtual Set will positively impact the
Company's net sales but negatively impact its gross margins because a
significant portion of ELSET Virtual Set sales are expected to be the resale of
the Onyx, which generates lower gross margins than sales of the Company's
products. The Company's expense levels are based, in part, on its expectations
of future revenues. In particular, the Company currently expects to incur
significant expenses in connection with the development and marketing of the
ELSET Virtual Set. The Company may therefore be required to incur significant
expenses to support continuing development and marketing of the ELSET Virtual
Set. Many of the Company's expenses are relatively fixed and cannot be changed
in short periods of time. Because a substantial portion of the Company's revenue
in each quarter frequently results from orders booked and shipped in the final
month of that quarter, revenue levels are extremely difficult to predict. If
revenue levels are below expectations, net income will be disproportionately
affected because only a small portion of the Company's expenses varies with its
revenue during any particular quarter. In addition, the Company typically does
not have material backlog as of any particular date. As a result of the
foregoing factors and potential fluctuations in operating results, the Company
believes that its results of operations in any particular quarter should not be
relied upon as an indicator of future performance. In addition, in some future
quarter the Company's operating results may be below the expectations of public
market analysts and investors. In such event, the price of the Company's Common
Stock would likely be materially and adversely affected.
Possible Volatility of Stock Price. The Company's stock price may be
subject to significant volatility, particularly on a quarterly basis. Any
shortfall in revenue or earnings from levels expected by securities analysts or
others could have an immediate and significant adverse effect on the trading
price of the Company's common stock in any given period. Additionally, the
Company may not learn of, or be able to confirm, revenue or earnings shortfalls
until late in the fiscal quarter or following the end of the quarter, which
could result in an even more immediate and adverse effect on the trading of the
Company's common stock. Finally, the Company participates in a highly dynamic
industry, which may result in significant volatility of the Company's common
stock price.
-11-
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
11.1 Computation of net loss per share.
27.1 Financial Data Schedule
(b) Reports on Form 8-K.
None.
-12-
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.
ACCOM, INC.
By: /s/ ROBERT L. WILSON
---------------------------
Robert L. Wilson
Executive Vice President, Chief Operating
Officer and
Chief Financial Officer
(Duly Authorized and Principal Financial and Accounting Officer)
Date: February 10, 1997
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