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): June 19, 2001
SAWTEK INC.
(Exact name of registrant as specified in its charter)
Florida
(State or other jurisdiction
of incorporation)
000-28276
(Commission File No.)
59-1864440
(IRS Employer Identification No.)
1818 South Highway 441
Apopka, Florida 32703
(Address of principal executive offices)
(407) 886-8860
(Registrant's telephone number, including area code)
Item 5. Other Events.
On June 19, 2001, Sawtek Inc. held a mid-quarter conference call to
provide an update to investors and analysts about events relevant to
Sawtek Inc.
A copy of the text of the management's comments from the conference
call is attached as Exhibit 99.1. Such exhibit is incorporated by
reference into this Item 5 and the foregoing description is
qualified in its entirety by reference to such exhibit.
Item 7. Financial Statements, Pro Forma, Financial Information and Exhibits.
(c) Exhibits
99.1 Text of management's comments from the conference call held
on June 19, 2001.
SIGNATURE
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.
SAWTEK INC.
By: /s/ Raymond A. Link
-----------------------
Raymond A. Link
Sr. Vice President-Finance
and Chief Financial Officer
June 25, 2001
Exhibit 99.1
Conference Call Comments
June 19, 2001
Conference Leader: Kimon Anemogiannis, President & Chief Executive Officer
Comments from Kimon Anemogiannis:
Thank you for listening to our conference call today. Joining me is Ray Link,
our Chief Financial Officer, and Brian Balut, our VP of Sales & Marketing, who
will provide a more detailed analysis of our current outlook.
The purpose of this conference call is to update investors on our progress since
our last conference call on May 23, 2001. At that time, we revised our outlook
for the quarter citing reduced orders and backlog from our original projections
on April 9, 2001 resulting from the continued slow down in the wireless
communication sector. The revised projection had revenue for this quarter at
somewhere between $17 million and $19 million, our gross profit between 33% and
39%, and earnings per share between $0.06 to $0.08. At this time, we are
maintaining the same numbers as previously noted.
Our backlog has been rising slightly with orders starting with a slow, but
somewhat steady, recovery. The pushout and cancellation activity that we have
experienced since January 2001 has essentially stopped. In general, it appears
that we have stabilized, indicating that we have bottomed, but it may be
premature to signal that we are starting to ramp-up. Our orders over the past 30
days have been predominately from the handset segment and within this segment
the split is about 50/50 between RF and IF filters. Base stations are slow to
develop with some consolidation at the operator level and limitations on their
ability to finance expansion.
We have taken numerous actions to align our business to the current environment,
including a reduction in force at our Orlando and Costa Rican facilities. This
is in addition to an early retirement program in Orlando and a previous
reduction in Costa Rica earlier this year. We have also reduced operating
expenses and voluntarily reduced officers' salaries.
Ray will now comment on our financial projections.
Ray Link, our Chief Financial Officer, will now comment on our forecast:
Comments on Forward-Looking Statements:
I would like to point out that this conference call contains forward-looking
statements made pursuant to the Safe Harbor provisions of the Private Securities
Litigation Act of 1995. Investors are cautioned that forward-looking statements
such as statements of the Company's plans, objectives, expectations and
intentions involve risks and uncertainties. The cautionary statements made in
this release should be read as being applicable to all related statements
wherever they appear. Statements containing terms such as "believes," "does not
believe," "no reason to believe," "expects," "plans," "projects," " intends,"
"estimates," " anticipates," or similar terms, are considered to contain
uncertainty and are forward-looking statements. The actual results could differ
materially from those discussed. Factors that could contribute to such
differences include the following: a decline in either the growth of wireless
communications or the acceptance of CDMA technology; the demand for
semiconductors for applications such as optical networks and wireless
communication and the performance of our manufacturing facilities; our ability
to successfully integrate with TriQuint Semiconductor, Inc. following the
pending merger; our dependence on a few large customers; competitive products or
technologies that could reduce demand for our products such as direct conversion
or digital filtering technology; increased sales through consignment agreements;
our ability to successfully develop and bring new products to market; our
dependence on a limited number of suppliers for certain key raw materials; risks
associated with international sales; declining selling prices for some of our
key products; decreased manufacturing yields; cancellation of purchase orders by
our customers; our inability to protect our intellectual property or if we
infringe on the intellectual property of others; increased competition from
other suppliers; risks associated with our Costa Rican operations; risk of
natural disasters, and other risks discussed in the SEC filings of the
respective companies including Form 10-K and Form 10-Q, which can be accessed at
the SEC website at www.sec.gov.
A participant of this conference call should understand that it is not possible
to predict or identify all such risk factors. We do not assume the obligation to
update any forward-looking statement.
Our current projection of revenue of $17 million to $19 million and gross profit
of 33% to 39% and earnings per share of $0.06 to $0.08 is based on what we
believe to be firm orders in backlog, plus our actual shipments for April and
through today. As we previously announced, our revenue is continuing to be
affected by
the overall slowdown in the wireless communications sector. Our gross profit
margin is impacted by lower revenues coupled with unabsorbed fixed costs and may
end up at the low end of the range, which could push EPS to the low end of the
range. The projected net income of $0.06 - $0.08 for the quarter excludes any
impact of merger related costs, which will be expensed in the September quarter.
These projections are unchanged from our last conference call on May 23, 2001.
At this time, we will not be providing guidance on Sawtek for the next quarter,
as we will be included in the consolidated results of TriQuint Semiconductor,
Inc. assuming the merger on July 19, 2001.
The management portion of this conference call is now completed. Thank you for
attending. Operator, please open the call for questions and answers.
End