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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) January 19, 1999
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AMERCAN BANK NOTE HOLOGRAPHICS, INC.
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(Exact Name of Registrant as specified in charter)
Delaware 1-14227 13-3317668
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(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
399 Executive Boulevard, Elmsford, New York 10523
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (914) 592-2355
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(Former name or former address, if changed since last report.)
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Item 5
Press Release, dated January 19, 1999, incorporated by reference herein and
filed as Exhibit 1 hereto.
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EXHIBIT INDEX
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EXHIBIT DESCRIPTION
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99.1 January 19, 1999 press release of American Bank Note
Holographics, Inc.
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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.
AMERICAN BANK NOTE HOLOGRAHPICS, INC.
Date: January 20, 1999 /s/ MORRIS WEISSMAN
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MORRIS WEISSMAN, CHEIF EXECUTIVE OFFICER
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[ABNH COMPANY LOGO]
January 19, 1999
AMERICAN BANK NOTE HOLOGRAPHICS TO RESTATE REVENUES
AND NET INCOME FOR THE SECOND AND THIRD QUARTERS OF 1998
COMPANY EXPECTS FOURTH QUARTER REVENUE AND NET INCOME TO
DECLINE
American Bank Note Holographics (NYSE-ABH) announced today that its Audit
Committee has retained Kramer Levin Natfalis & Frankel LLP, as special legal
counsel, and Deloitte & Touche LLP, its auditors, to investigate certain
transactions during the second and third quarters of 1998 which resulted in the
inappropriate recognition of revenue during such quarters.
Based upon currently available information resulting from the in-progress
1998 audit of the Company's financial statements, sales and net income of the
Company have been over-stated for the second and third quarters of 1998. These
over-statements may be material and will require re-statements of the Company's
finanical statements for such periods. Since the investigation is in a
preliminary stage, the Company cannot estimate the amount of any adjustments or
changes to its financial statements that will be required. Revised financial
statements will be issued upon completion of the investigation. The Company
indicated that the results of the investigation could impact future results of
operations. Additionally, based on available information, the Company expects
that revenues and net income for the fourth quarter of 1998 will be
significantly lower than that of the fourth quarter of 1997.
Morris Weissman, Chairman and CEO said "While I am extremely disappointed
regarding these events, we are committed to performing a complete investigation
as quickly as possible. Our financial condition is strong, and we are confident
regarding the Company's future."
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American Bank Note Holographics News Release Page 2
January 19, 1999
American Bank Note Holographics is a world leader in the origination,
production, and marketing of mass-produced secure holograms, based on its
significant market share. The Company's holograms are used for security
applications, such as counterfeiting protection for credit and other transaction
cards, identification cards and documents of value, as well as for tamper
resistance and authentication of high-value consumer and industrial products.
Certain matters discussed in this press release contain forward looking
statements that involve risk and uncertainties including but not limited to
future revenues, earnings prospects and the Company's ability to execute its
business plan. Although the Company believes that its expectations are based on
reasonable assumptions, it can give no assurance that anticipated results will
occur. Parties receiving this release are encouraged to review all filings made
by the Company with the Securities and Exhchange Commission.
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CONTACT:
AMERICAN BANK HOLOGRAPHICS -or- MEDIA AND INVESTOR
Morris Weissman, Chairman RELATIONS COUNSEL
(212) 593-5700 Robinson Lerer & Montgomery
Walter Montgomery (212)484-6721
