<PAGE> 1
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) December 22, 1997
KOFAX IMAGE PRODUCTS, INC.
(Exact name of Registrant as specified in its charter)
Delaware 000-23119 33-0114967
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No)
3 Jenner Street, Irvine, California 92618
------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (714) 727-1733
Not Applicable
(Former name or former address, if changed since last report)
Page 1 of 6
Exhibit Index on Page 4
<PAGE> 2
ITEMS 1 THROUGH 4 AND 6 THROUGH 9 NOT APPLICABLE.
ITEM 5 OTHER EVENTS.
Reference is made to the press release issued to the public by the
registrant on December 22, 1997, the text of which is attached hereto as Exhibit
99.1 for a description of the events reported pursuant to this Form 8-K.
Page 2 of 6
<PAGE> 3
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.
KOFAX IMAGE PRODUCTS, INC.
Date: January 12, 1998 By: /s/ DAVID S. SILVER
-----------------------------
David S. Silver
President and Chief Executive
Officer
Page 3 of 6
<PAGE> 4
EXHIBIT INDEX
SEQUENTIAL
EXHIBIT NO. DESCRIPTION PAGE NO.
- ----------- ----------- --------
99.1 Press Release dated December 22, 1997. 5
Page 4 of 6
<PAGE> 1
EXHIBIT 99.1
KOFAX IMAGE PRODUCTS, INC. ANNOUNCES
EXPECTED SECOND QUARTER RESULTS
IRVINE, CALIF., DECEMBER 22, 1997 - Kofax Image Products, Inc.
(NASDAQ:KOFX), today announced that it expects net revenues for its second
fiscal quarter ending December 31, 1997 to be in the range of $7.8 to 8.1
million and earnings to be in the range of $.12 to .14 per share compared to
analyst estimates of approximately $8.9 million for revenue and $.14 for
earnings.
The majority of our revenue shortfall was in our accelerator board
business", said David Silver, President and CEO. "The Company believes that the
slower than expected sales of accelerator boards was primarily due to a major
vendor of imaging scanners experiencing production difficulties, which caused a
slowdown in shipments of scanners. The Company believes the vendor's problems
are short-term and believes they should be rectified over the next two quarters.
"In addition, our new family of accelerator boards, which we sell under
the brand name `Adrenaline', is ramping up more slowly than we expected. The
slow adoption of the Adrenaline family has not only affected our overall
hardware revenue, but has also hampered our efforts at generating the
incremental accelerator board revenue that we expected to get from the SCSI
market.
"Historically, our business has been subject to occasional quarterly
fluctuations and we believe that the factors that contributed to the second
quarter revenue shortfall are of a temporary nature. We are confident that the
fundamentals of our business remain sound."
Final results for the second quarter of fiscal 1998 will be announced
after the close of the market on Thursday, January 22, 1998, as previously
planned.
This news release contains forward-looking statements that involve risks
and uncertainties. Such statements are predictions and actual events or results
may differ materially. Reference is made to documents the Company files from
time to time with the SEC, specifically the Prospectus dated October 10, 1997
filed with the Company's registration statement for its initial public offering
and the Form 10-Q for the quarter ended September 30, 1997. These documents
describe important factors that could cause actual results to differ materially
from those contained in the Company's projections or forward-looking statements.
Page 5 of 6
<PAGE> 2
Kofax Image Products, Inc. (http://www.kofax.com) is a leading supplier
of both document imaging application software and scanner enhancement products
for the imaging and document management market. The Company specializes in the
document capture segment of the market, which involves converting paper
documents into digital electronic images, enhancing and indexing the images, and
then compressing them for routing and storage.
Page 6 of 6
