UNITED STATES
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) September 27, 2002
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ZYGO CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-12944 06-0964500
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation File Number) Identification No.)
Laurel Brook Road, Middlefield, CT 06455-0448
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (860) 347-8506
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS
On September 27, 2002, Zygo Corporation issued the press release attached hereto
as Exhibit 99.1, which is hereby incorporated by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS.
Exhibit Number Description of Document
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99.1 Press release, dated September 27, 2002,
announcing that Zygo Corporation will
dispose of its Zygo TeraOptix business unit
and facility located in Westborough,
Massachusetts.
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.
ZYGO CORPORATION
Date: September 27, 2002 By: /s/ J. BRUCE ROBINSON
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Name: J. Bruce Robinson
Title: Chairman, President and
Chief Executive Officer
EXHIBIT INDEX
99.1 Press Release, dated September 27, 2002, announcing that Zygo Corporation
will dispose of its Zygo TeraOptix business unit and facility located in
Westborough, Massachusetts.
EXHIBIT 99.1
Richard Dressler
Vice President Finance, Chief Financial Officer, and Treasurer
Voice: 860-347-8506
inquire@zygo.com
For Immediate Release
ZYGO TO DISPOSE OF ITS ZYGO TERAOPTIX BUSINESS UNIT
Middlefield, Connecticut -- September 27, 2002 -- Zygo Corporation (NASDAQ:
ZIGO) announces that it will dispose of its Zygo TeraOptix business unit and
facility located in Westborough, Massachusetts. ZYGO is seeking a buyer for this
business. ZYGO will discontinue its telecommunications business in Westborough,
Massachusetts, no later than November 30, 2002. The disposition of this business
unit effectively terminates the Company's venture into the telecommunications
business. The Zygo TeraOptix operation had sales for the year ended June 30,
2002 of $4,158,000, or 5%, of ZYGO's consolidated sales.
With the dramatic changes in the telecommunications industry, including excess
capacity, capital spending cutbacks, and delays in deployment of high-speed
technologies, demand for the components produced by Zygo TeraOptix has
significantly decreased. Disposition of the Zygo TeraOptix business unit allows
ZYGO to concentrate on growth and profitability in its other two markets,
semiconductor and industrial.
The Company will record an impairment charge in accordance with SFAS 144 and
other related exit costs for the quarter ended September 27, 2002. The amount of
the charges, which have not yet been determined, will relate primarily to the
difference between the net book value of the applicable fixed assets
($28,000,000) and the estimated proceeds from the disposition of these assets.
Zygo Corporation (NASDAQ:ZIGO), headquartered in Middlefield, Connecticut, is a
worldwide developer and supplier of high-performance metrology instruments, high
precision optics, optical assemblies, and automation for the semiconductor and
industrial markets. See ZYGO's web site at www.zygo.com for additional
information.
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This press release may contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which reflect the Company's current
judgment on certain issues. Because such statements apply to future events, they
are subject to risks and uncertainties that could cause the actual results to
differ materially. Important factors, which could cause actual results to differ
materially, are described in the Company's reports on Form 10-K and 10-Q on file
with the Securities and Exchange Commission.
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