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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 20, 1999 (SEPTEMBER 9, 1999)
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ADVANCED COMMUNICATION SYSTEMS, INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
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(STATE OR OTHER JURISDICTION OF INCORPORATION)
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<S> <C>
0-22737 54-1421222
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(COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.)
10089 LEE HIGHWAY, FAIRFAX, VIRGINIA 22030
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
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(703) 934-8130
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(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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ITEM 5. OTHER EVENTS.
On September 9, 1999, Advanced Communication Systems, Inc. ("ACS") acquired all
the outstanding shares of Program Support Associates, Inc. ("PSA"), a Virginia
corporation, for $2.5 million in cash and additional earn-out payments upon
achievement of certain financial goals in the next sixteen months. The
transaction will be accounted for as a purchase.
PSA develops, installs and supports online, real time financial management
information systems to the Department of Defense. PSA is headquartered in
Charlottesville, Virginia, and has operations in Charlottesville, San Diego, and
the Washington, D.C. area. Its clients include Space and Naval Warfare Systems
Command and Centers, Naval Sea Systems Command, and the U.S. Army.
ITEM 7(c). EXHIBITS.
99.1 PRESS RELEASE
Press release dated September 9, 1999, announcing the acquisition of Program
Support Associates, Inc.
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.
Date: September 20, 1999 ADVANCED COMMUNICATION SYSTEMS, INC.
/S/ Dev Ganesan
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Dev Ganesan
Executive Vice President, Chief
Financial Officer and Treasurer
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE CONTACT: DEV GANESAN
CHIEF FINANCIAL OFFICER
(703) 934-8130
ACS ACQUIRES PROGRAM SUPPORT ASSOCIATES
STRENGTHENS COMPETITIVE ADVANTAGE
Fairfax, VA, September 9, 1999 - - Advanced Communication Systems, Inc. (ACS)
(Nasdaq: ACSC) announced that it has acquired all of the outstanding shares of
Program Support Associates Inc. (PSA) for $2.5 million in cash and additional
earn-out payments upon achievement of certain financial goals in the next 16
months.
PSA develops, installs and supports online, real time financial management
information systems to the Department of Defense. Headquartered in
Charlottesville, Virginia, PSA has operations in Charlottesville, San Diego, and
the Washington, D.C. area. Its clients include Space and Naval Warfare Systems
Command and Centers, Naval Sea Systems Command, and the U.S. Army.
George A. Robinson, President & CEO, said "We are extremely pleased with this
acquisition and are very enthusiastic about the competitive advantage PSA brings
to ACS." Robinson said that ACS expects to retain PSA's existing management
team. Lee H. Vyborny, President, and Vice President's Anne Kimber and Sherry
Murphy will continue in their management positions.
Vyborny, President of PSA stated, "The combination of ACS and PSA will provide
the means to improve financial management systems for a majority of the Program
Offices at the Navy Systems Commands. We will assist in the on-going
consolidation of financial management information systems and business processes
at these offices and their associated field activities. The competitive reach of
both companies has now been extended and we are enthusiastic about joining the
ACS family."
Advanced Communication Systems provides communication, information systems, and
avionics services and solutions, predominantly to U.S. Government agencies as
well as to commercial and international customers. The Company is headquartered
in Fairfax, Virginia and has a dedicated workforce of 1,900 employees in 53
locations in the United States.
Except for statements of historical facts, this news release contains
forward-looking statements about the Company. Such statements are subject to
significant risks and uncertainties including dependence on continued funding of
U.S. Government programs, government contract procurement and termination risks,
management of growth, risks associated with acquisition strategy and other risks
noted in the Company's SEC filings, which may cause actual results to differ
materially.
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