SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(Mark One)
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended August 29, 2009
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number 0-5109
MICROPAC INDUSTRIES, INC.
Delaware 75-1225149
- ------------------ -----------------------------------
(State of Incorporation) (IRS Employer Identification No.)
905 E. Walnut, Garland, Texas 75040
- ----------------------------- ------------------
(Address of Principal Executive Office)
(Zip Code)
Registrant's Telephone Number, including Area Code (972) 272-3571
------------------
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 the past 90 days. Yes |X| No |_|
Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of
this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files). Yes |X| No |_|
Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer [ ] Accelerated filer [ ]
Non-accelerated filer [ ] Smaller reporting company [ ]
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes |_| No |X|
On October 13, 2009 there were 2,578,315 shares of Common Stock, $.10 par value
outstanding.
MICROPAC INDUSTRIES, INC.
FORM 10-Q
August 29, 2009
INDEX
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
Condensed Balance Sheets as of August 29, 2009 and
November 30, 2008
Condensed Statements of Operations for the three and
nine months ended August 29, 2009 and August 30,
2008 (unaudited)
Condensed Statements of Cash Flows for the nine
months ended August 29, 2009 and August 30, 2008
(unaudited)
Notes to Condensed Financial Statements
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 4 - CONTROLS AND PROCEDURES
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
ITEM 5 - OTHER INFORMATION
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURES
EXPLANATORY NOTE TO AMENDMENT NO. 1 ON FORM 10-Q/A
This is Amendment No. 1 to the Registrant's quarterly report on Form 10-Q for
the quarter ended August 29, 2009, which was originally filed with the
Securities and Exchange Commission on October 13, 2009. This Amendment No. 1 is
being filed to change a typographical error on the cash flow statement changes
in other accrued liabilities.
8/29/09 8/30/08
------- --------
Other accrued liabilities (143) (4)
2
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
MICROPAC INDUSTRIES, INC.
CONDENSED BALANCE SHEETS
(Dollars in thousands)
ASSETS
(Unaudited)
CURRENT ASSETS 08/29/09 11/30/08
-------- --------
Cash and cash equivalents $ 5,912 $ 6,522
Short-term investment 1,000 0
Receivables, net of allowance for doubtful accounts of $89 2,977 3,243
Inventories:
Raw materials 3,134 2,368
Work-in process 2,547 2,696
-------- --------
Total Inventories 5,681 5,064
Prepaid expenses and other current assets 78 123
Deferred income tax 631 632
-------- --------
Total current assets 16,279 15,584
-------- --------
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land 80 80
Buildings 498 498
Facility improvements 882 796
Machinery and equipment 6,558 6,488
Furniture and fixtures 623 603
-------- --------
Total property, plant, and equipment 8,641 8,465
Less accumulated depreciation (7,261) (7,069)
-------- --------
Net property, plant, and equipment 1,380 1,396
-------- --------
Total assets $ 17,659 $ 16,980
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 942 $ 1,169
Accrued compensation 382 631
Other accrued liabilities 167 310
Deferred revenue 1,181 204
Income taxes payable 82 94
-------- --------
Total current liabilities 2,754 2,408
-------- --------
DEFERRED INCOME TAXES 97 97
SHAREHOLDERS' EQUITY
Common stock, ($.10 par value), authorized 10,000,000 shares, 308 308
3,078,315 issued and 2,578,315 outstanding at August 29, 2009
and November 30, 2008
Paid-in capital 885 885
Treasury stock, 500,000 shares, at cost (1,250) (1,250)
Retained earnings 14,865 14,532
-------- --------
Total shareholders' equity 14,808 14,475
-------- --------
Total liabilities and shareholders' equity $ 17,659 $ 16,980
======== ========
See accompanying notes to financial statements.
3
MICROPAC INDUSTRIES, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands except share data)
(Unaudited)
Statement of Operations Statement of Operations
For the three months ended For the nine months ended
08/29/09 08/30/08 08/29/09 08/30/08
----------- ----------- ----------- -----------
NET SALES $ 3,812 $ 5,321 $ 13,299 $ 14,103
COST AND EXPENSES:
Cost of goods sold (2,763) (3,396) (9,469) (9,498)
Research and development (165) (110) (400) (327)
Selling, general & administrative expenses (872) (872) (2,565) (2,466)
----------- ----------- ----------- -----------
Total cost and expenses (3,800) (4,378) (12,434) (12,291)
----------- ----------- ----------- -----------
OPERATING INCOME BEFORE INTEREST 12 943 865 1,812
AND INCOME TAXES
Interest and other income 36 35 58 129
----------- ----------- ----------- -----------
INCOME BEFORE TAXES $ 48 $ 978 $ 923 $ 1,941
Provision for taxes (17) (330) (332) (677)
----------- ----------- ----------- -----------
NET INCOME $ 31 $ 648 $ 591 $ 1,264
=========== =========== =========== ===========
NET INCOME PER SHARE, BASIC AND DILUTED $ 0.01 $ 0.25 $ 0.23 $ 0.49
DIVIDENDS PER SHARE $ 0.00 $ 0.00 $ 0.10 $ 0.10
WEIGHTED AVERAGE OF SHARES, Basic and diluted 2,578,315 2,578,315 2,578,315 2,578,315
See accompanying notes to financial statements.
4
MICROPAC INDUSTRIES, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
For nine months ended
8/29/09 8/30/08
------- -------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 591 $ 1,264
Adjustments to reconcile net income to
cash provided by (used in) operating activities:
Depreciation and amortization 192 190
Gain on sale of equipment 0 (2)
Changes in current assets and liabilities:
Accounts receivable 266 (724)
Inventories (617) (709)
Prepaid expenses and other current assets 46 (28)
Deferred revenue 977 (175)
Accounts payable (227) 214
Accrued compensation (249) (41)
Other accrued liabilities (143) (4)
Income taxes payable (12) (93)
------- -------
Net cash provided by (used in) operating 824 (108)
------- -------
activities
CASH FLOWS FROM INVESTING ACTIVITIES:
(Purchases)/sales of investments (1,000) 1,621
Proceeds from sale of equipment 0 9
Additions to property, plant and equipment (176) (346)
------- -------
Net cash provided by (used in) investing (1,176) 1,284
------- -------
activities
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividend (258) (258)
------- -------
Net cash used in financing activities (258) (258)
------- -------
Net change in cash and cash equivalents (610) 918
Cash and Cash Equivalents at beginning of period 6,522 4,394
------- -------
Cash and Cash Equivalents at end of period $ 5,912 $ 5,312
======= =======
Supplemental Cash Flow Disclosure
Cash Paid For Income Taxes $ 345 $ 805
======= =======
See accompanying notes to financial statements.
5
MICROPAC INDUSTRIES, INC.
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 1 BASIS OF PRESENTATION
In the opinion of management, the unaudited financial statements include all
adjustments (consisting of only normal, recurring adjustments) necessary to
present fairly the financial position as of August 29, 2009, the cash flows for
the nine months ended August 29, 2009 and August 30, 2008, and the results of
operations for the three months and nine months ended August 29, 2009 and August
30, 2008. Unaudited financial statements are prepared on a basis substantially
consistent with those audited for the year ended November 30, 2008. Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with U.S. generally accepted accounting principles in the
United States have been condensed or omitted pursuant to the rules and
regulations promulgated by the Securities and Exchange Commission. However,
management believes that the disclosures contained are adequate to make the
information presented not misleading.
Note 2 SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates
- ----------------
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of sales and expenses during the reporting
period. Actual results could differ from those estimates.
Revenue Recognition
- -------------------
Revenues are recorded as deliveries are made based upon contract prices. Any
losses anticipated on fixed price contracts are provided for currently. Sales
are recorded net of sales returns, allowances and discounts.
Inventories
- -----------
Inventories are stated at lower of cost or market value and include material,
labor and manufacturing overhead. All inventories are valued using the FIFO
(first-in, first-out) method of inventory valuation. The Company provides an
allowance for obsolete and overstocked inventory.
Income Taxes
- ------------
The Company accounts for income taxes using the asset and liability method.
Under this method the Company records deferred income taxes for the temporary
differences between the financial reporting basis and the tax basis of assets
and liabilities at enacted tax rates expected to be in effect when such amounts
are realized or settled. The resulting deferred tax liabilities and assets are
adjusted to reflect changes in tax law or rates in the period that includes the
enactment date.
Property, Plant, and Equipment
- ------------------------------
Property, plant, and equipment are carried at cost, and depreciation is provided
using the straight-line method at rates based upon the following estimated
useful lives (in years) of the assets:
Buildings............................................................15
Facility improvements..............................................8-15
Machinery and equipment............................................5-10
Furniture and fixtures..............................................5-8
Repairs and maintenance are charged against income when incurred. Improvements
which extend the useful life of property, plant, and equipment are capitalized.
Research and Development Costs
- ------------------------------
Costs for the design and development of new products are expensed as incurred.
6
Note 3 RELATED PARTY TRANSACTIONS
Mr. Eugene Robinson, a director of the Company and member of the Company's audit
committee, provides advisory services to the Company. Mr. Robinson has been paid
$6,250 for the nine months ended August 29, 2009.
Note 4 STOCK-BASED COMPENSATION
On March 1, 2001, the Company's shareholders approved the 2001 Employee Stock
Option Plan (the "Stock Plan"). As of August 29, 2009 there were 500,000 options
available to be granted. No options have been granted to date.
Note 5 COMMITMENTS
On June 1, 2008 the Company renewed an uncollateralized $3,000,000 line of
credit agreement with a bank for a term of two (2) years. The interest rate is
equal to the prime rate less 1/4%. The line of credit requires that the Company
maintain certain financial ratios. The financial covenants require the Company
to maintain a quick ratio of at least 1:1, maintain a tangible net worth of
$10,000,000 plus 75% of future net income, and maintain a total liabilities to
tangible net worth of less than 1.25:1. The Company is in compliance with these
covenants. The Company has not, to date, used any of the available line of
credit.
Note 6 EARNINGS PER COMMON SHARE
Basic and diluted earnings per share are computed based upon the weighted
average number of shares outstanding during the year. Diluted earnings per share
gives effect to all dilutive potential common shares. For the three and nine
months ended August 29, 2009 and August 30, 2008, the Company had no dilutive
potential common stock.
Note 7 SHAREHOLDERS' EQUITY
On December 19, 2007, the Board of Directors of Micropac Industries, Inc.
approved the payment of a $.10 per share dividend to all shareholders of record
on January 25, 2008. The dividend payment was paid to shareholders on February
8, 2008.
On January 12, 2009, the Board of Directors of Micropac Industries, Inc.
approved the payment of a special dividend of $0.10 per share for shareholders
of record as of January 26, 2009. The dividend payment was paid to shareholders
on February 9, 2009.
7
MICROPAC INDUSTRIES, INC.
(Unaudited)
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
- --------------------------------------------------------------------------------
Business
- --------
Micropac Industries, Inc. (the "Company"), a Delaware corporation, manufactures
and distributes various types of hybrid microelectronic circuits, solid state
relays, power operational amplifiers, and optoelectronic components and
assemblies. The Company's products are used as components in a broad range of
military, space and industrial systems, including aircraft instrumentation and
navigation systems, power supplies, electronic controls, computers, medical
devices, and high-temperature (200o C) products. The Company's products are
either custom (being application specific circuits designed and manufactured to
meet the particular requirements of a single customer) or standard, proprietary
components such as catalog items.
The Company's facilities are certified and qualified by Defense Supply Center
Columbus (DSCC) to MIL-PRF-38534 (class K-space level), MIL-PRF-19500 JANS
(space level), and MIL-PRF-28750 (class K space level) and is certified to ISO
9001-2002. Micropac is a NASA core supplier, and is registered to
AS9100-Aerospace Industry standard for supplier certification.
The Company's core technology is the packaging and interconnect of miniature
electronic components, utilizing thick film and thin film substrates, and
forming microelectronics circuits. Other technologies include light emitting and
light sensitive materials and products, including light emitting diodes and
silicon phototransistors used in the Company's optoelectronic components and
assemblies.
Results of Operations
- ---------------------
Three months ended Nine months ended
8/29/2009 8/30/2008 8/29/2009 8/30/2008
--------- --------- --------- ---------
NET SALES 100.0% 100.0% 100.0% 100.0%
COST AND EXPENSES:
Cost of Goods Sold 72.5% 63.8% 71.2% 67.3%
Research and development 4.3% 2.1% 3.0% 2.3%
Selling, general & administrative expenses 22.9% 16.4% 19.3% 17.5%
----- ----- ----- -----
Totalcost and expenses 99.7% 82.3% 93.5% 87.1%
OPERATING INCOME BEFORE INTEREST
AND INCOME TAXES 0.3% 17.7% 6.5% 12.9%
Interest and other income 0.9% 0.7% 0.4% 0.9%
INCOME BEFORE TAXES 1.2% 18.4% 6.9% 13.8%
Provision for taxes 0.4% 6.2% 2.5% 4.8%
NET INCOME 0.8% 12.2% 4.4% 9.0%
Sales for the third quarter and nine months ended August 29, 2009 totaled
$3,812,000 and $13,299,000, respectively. Sales for the third quarter decreased
28.4% or $1,509,000 below sales for the same period of 2008, while sales for the
first nine months of 2009 decreased 5.7% or $804,000 below the first nine months
of 2008. Sales were 12% in the commercial market, 50% in the military market,
and 38% in the space market for the nine months ending August 29, 2009. The
major decreases in sales were to international customers and optoelectronic
products sold through the distribution channels. The company expects an increase
in sales for the fourth quarter of 2009 with the increase in new orders in the
third quarter of 2009.
8
Cost of goods sold for the third quarter 2009 versus 2008 totaled 72.5% and
63.8% of net sales, respectively, while cost of goods sold for the nine months
ended August 29, 2009 versus August 30, 2008 totaled 71.2% and 67.3%,
respectively. The cost of goods sold increase is attributable to changes in
product mix with lower sales volume of standard optoelectronic products sold
through the distributions channels and space level sales to international
customers. With the increase in new orders in the third quarter, the company
expects an increase in gross margin for the fourth quarter of 2009.
Selling, general and administrative expenses for the third quarter and first
nine months of 2009 totaled 22.9% and 19.3% of net sales, respectively, compared
to 16.4% and 17.5% for the same periods in 2008. In actual dollars expensed,
selling, general and administrative expenses increased $99,000 for the first
nine months of 2009, versus 2008. The majority of the increase was associated
with a cost of living adjustment, associated employment taxes and an increase in
employee health insurance costs in May 2009.
Net income for the third quarter and year to date 2009 totaled $31,000 and
$591,000, respectively, compared to $648,000 and $1,264,000 for the comparable
periods in 2008. Net income per share totaled $0.23 and $0.49 for the comparable
nine months of 2009 and 2008.
Liquidity and Capital Resources
- -------------------------------
Cash and short-term investments as of August 29, 2009 totaled $6,912,000
compared to $6,522,000 on November 30, 2008, an increase of $390,000. Cash flow
from operations were $824,000 for the first nine months offset by a cash
dividend of $258,000 and $176,000 invested in automated production equipment and
facility improvements, and $1,000,000 invested in short-term investments.
The increase in cash and short term investments was primarily attributable to
cash from operations of $824,000, with a decrease in accounts receivable of
$266,000, decrease in prepaid expense of $46,000, an increase in deferred
revenue of $977,000, offset by use of cash with a decrease in accounts payable
of $227,000, a decrease of $249,000 in accrued payroll, a decrease of $143,000
in other accrued liabilities, an increase in inventory of $617,000, and a
decrease of $12,000 in provision for income taxes.
On June 1, 2008 the Company renewed an uncollateralized $3,000,000 line of
credit agreement with a bank for a term of two (2) years. The interest rate is
equal to the prime rate less 1/4%. The line of credit requires that the Company
maintain certain financial ratios. The financial covenants require the Company
to maintain a quick ratio of at least 1:1, maintain a tangible net worth of
$10,000,000 plus 75% of future net income, and maintain a total liabilities to
tangible net worth of less than 1.25:1. The Company is in compliance with these
covenants. The Company has not, to date, used any of the available line of
credit.
The Company expects to generate adequate amounts of cash from the sale of
products and services and the collection thereof to meet its liquidity needs.
Outlook
- -------
New orders for the third quarter and year-to-date 2009 totaled $7,746,000 and
$15,044,000, respectively, compared to $6,048,000 and $17,954,000 for the
comparable periods of 2008 or an increase of 28.1% and a decrease of 16.2%,
respectively. The increase in new orders from the third quarter of 2008 was
associated with an order for one military contract for an existing product. The
decrease in new orders compared to year to date 2008 is associated with lower
orders from international customers and lower sales volume through the company's
distribution channels.
Backlog totaled $11,438,000 on August 29, 2009 compared to $11,755,000 as of
August 30, 2008 and $9,723,000 on November 30, 2008. The majority of the backlog
is expected to be shipped in the next twelve (12) months and represents a good
mix of the company's products and technologies with 5% in the commercial market,
62% in the military market, and 33% in the space market compared to 6% in the
commercial market, 50% in the military market, and 44% in the space market at
August 30, 2008.
The Company cannot assure that the results of operations for the interim period
presented are indicative of total results for the entire year due to
fluctuations in customer delivery schedules, or other factors over which the
Company has no control.
Cautionary Statement
- --------------------
This Form 10-Q contains forward-looking statements that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Actual results could differ materially. Investors are warned that
forward-looking statements involve risks and unknown factors including, but not
limited to, customer cancellation or rescheduling of orders, problems affecting
delivery of vendor-supplied raw materials and components, unanticipated
manufacturing problems and availability of direct labor resources.
9
Such risks and uncertainties include, but are not limited to historical
volatility and cyclicality of the semiconductor and semiconductor capital
equipment markets that are subject to significant and often rapid increases and
decreases in demand. In addition, the Company produces silicon phototransistors
and light emitting diode die for use in certain military, standard and custom
products. Fabrication efforts sometimes may not result in successful results,
limiting the availability of these components. Competitors offer commercial
level alternatives and our customers may purchase our competitors' products if
the Company is not able to manufacture the products using these technologies to
meet the customer demands. Approximately $879,000 of the Company's backlog is
dependent on these semiconductors.
The Company disclaims any responsibility to update the forward-looking
statements contained herein, except as may be required by law.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
----------------------------------------------------------
Not applicable
ITEM 4. CONTROLS AND PROCEDURES
-----------------------
(a) Evaluation of disclosure controls and procedures.
The Chief Executive Officer and Chief Financial Officer of the Company
evaluated the Company's disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15 (e) as of August 29, 2009 and, based on
this evaluation, concluded that the Company's disclosure controls and
procedures are functioning in an effective manner to ensure that the
information required to be disclosed by the Company in the reports that
it files or submits under the Exchange Act, is recorded, processed,
summarized and reported, within the time periods specified in the SEC's
rules and forms.
(b) Changes in internal controls.
There has been no change in the Company's internal control over
financial reporting that has materially affected, or is reasonably
likely to materially affect, the Company's internal control over
financial reporting during the three-month period ended August 29,
2009.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
-----------------
The Company is not involved in any material current or pending
legal proceedings.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
-----------------------------------------------------------
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
31.1 Certification of Chief Executive Officer pursuant to
Section 302 of the Sarbanes- Oxley Act of 2002
10
31.2 Certification of Chief Accounting Officer pursuant to
Section 302 of the Sarbanes- Oxley Act of 2002
32.1 Certification of Chief Executive Officer pursuant to
18 U.S.C. section 1350, as adopted pursuant to
section 906 of the Sarbanes-Oxley act of 2002.
32.2 Certification of Chief Accounting Officer pursuant to
18 U. S. C. section 1350, as adopted pursuant to
section 906 of the Sarbanes-Oxley act of 2002.
(b) Reports on Form 8-K
Effective October 10, 2007, the Company's majority
shareholder, Mr. Heinz-Werner Hempel, transferred all of the
shares of the Company's common stock, $.10 par value and
consisting of 1,952.577 shares to "Micropac Industries, Inc."
Vermoegensverwaltungsgesellschaft buergerlichen Rechts. This
Partnership is composed of Mr. Hempel, his son and his
daughter. As the consideration for this transfer, Mr. Hempel
received a 99.98% share in this partnership and retains the
sole voting and management control. His son and daughter each
own 0.01% in this Partnership.
On December 19, 2007, the Board of Directors of Micropac
Industries, Inc. approved the payment of a $.10 per share
dividend to all shareholders of record on January 25, 2008.
The dividend payment was paid to shareholders on February 8,
2008.
On January 23, 2008, Mr. Nadolsky announced his plan not to
run for re-election as a Director and Chairman of the Board of
Micropac Industries, Inc. (the "Company") due to health
reasons. Mr. Nadolsky continued to serve in such positions
until the Company's Annual Shareholder Meeting held on March
7, 2008.
On October 15, 2008, the Board of Directors elected Mr. Eugene
A. Robinson, 69, as a director to the board.
On January 12, 2009 the Board of Directors of Micropac
Industries, Inc. approved the payment of a special dividend of
$0.10 per share for shareholders of record as of January 26,
2009. The dividend payment was paid to shareholders on
February 09, 2009.
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 duly authorized.
MICROPAC INDUSTRIES, INC.
October 13, 2009 /s/ Mark King
-------------
Date Mark King
Chief Executive Officer
October 13, 2009 /s/ Patrick Cefalu
------------------
Date Patrick Cefalu
Chief Financial Officer
11