UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Amendment No. 1 to
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 24, 2002
LASER TECHNOLOGY, INC.
(Exact name of Registrant as specified in charter)
DELAWARE 1-11642 84-0970494
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7070 SOUTH TUCSON WAY, ENGLEWOOD, COLORADO 80112
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 649-1000
FORM 8-K/A
Item 5. Other Events
Following a review of its three quarterly reports on Form 10-Q for the
2002 fiscal year, Laser Technology, Inc. (the "Company") has determined that the
weighted average number of outstanding shares set forth in its financial
statements inadvertently included treasury shares.
In calculating earnings per share on the consolidated statements of
operations, the weighted average shares outstanding was set forth as 5,710,867
shares in each of the Company's Form 10-Q reports for the periods ended December
31, 2001, March 31, 2002 and June 30, 2002. However, this figure included
224,650 treasury shares, that should have been deducted before presentation.
Thus, when the treasury shares are properly subtracted, the weighted average
shares outstanding should have been 5,486,217 shares. Because the weighted
average number of shares outstanding was overstated, the reported loss per share
was understated by approximately 4% for each of the three periods. However, due
to rounding of fractions, only the loss per share for the nine months ended
June 30, 2002 was understated.
The following table sets forth the calculations for earnings per share as
reported in the Company's Form 10-Qs for fiscal 2002 using 5,710,867 weighted
average shares outstanding, and as they should have appeared if the treasury
shares were subtracted, resulting in 5,486,217 weighted average shares
outstanding.
Three Months Six Months Nine Months
Ended Ended Ended
Dec. 31, 2001 Mar. 31, 2002 June 30, 2002
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Earnings Per Share (Loss) As Reported:
Net Loss $ (110,604) $ (439,295) $ (528,076)
Weighted Average Shares Outstanding 5,710,867 5,710,867 5,710,867
Earnings Per Share (to five decimal points) $ (0.01937) $ (0.07692) $ (0.09247)
Financial Statement Presentation $ (0.02) $ (0.08) $ (0.09)
Earnings Per Share (Loss)
Adjusted for Treasury Shares:
Net Loss $ (110,604) $ (439,295) $ (528,076)
Weighted Average Shares Outstanding 5,486,217 5,486,217 5,486,217
Earnings Per Share (to five decimal points) $ (0.02016) $ (0.08007) $ (0.09626)
Financial Statement Presentation $ (0.02) $ (0.08) $ (0.10)
Difference:
Earnings Per Share (to five decimal points) (1) $ (0.00079) $ (0.00315) $ (0.00379)
Percentage Difference (2) 4.09% 4.09% 4.09%
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(1) The difference in "Earnings Per Share (to five decimal points)" is
calculated by subtracting the "As Reported" earnings per share from
the adjusted earnings per share. As the summary demonstrates, the
resulting difference is, in all quarters, less than one half of one
cent and only affects the rounded financial statement presentation
in the third quarter in that the exact calculation is increased to a
value greater than $0.095, and is thus rounded up to $0.10 per
share.
(2) The "Percentage Difference" is calculated by dividing the difference
in "Earnings Per Share (to five decimal points)" by the "As
Reported" earnings per share.
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As depicted in the table above, the actual increase in loss per share for
the first three months and first half of fiscal 2002, when adjusted, was $
0.00079 and $ 0.00315, respectively. As a result of rounding the fractional
numbers, there is no net change in the adjusted loss per share for theses
periods.
The actual increase in loss per share for the nine months ended June 30,
2002, when adjusted, was $ 0.00379. However, due to rounding, the adjusted loss
per share increased to $ 0.10 per share compared to $ 0.09 per share as
previously reported. Thus, the Company has determined that due to the $ 0.01
increase in the loss per share caused by the adjustment and rounding of the
fractional amount, the financial statements for the period ended June 30, 2002
will be restated. Accordingly, the Company is filing an amended Form 10-Q for
the third quarter that will reflect the restated financial statements.
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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.
Date: December 24, 2002 LASER TECHNOLOGY, INC.
By: /S/ ERIC MILLER
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Eric Miller, President
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