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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): FEBRUARY 1, 1999
AMERICAN BANK NOTE HOLOGRAPHICS, INC.
(Exact Name of Registrant as specified in its charter)
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<S> <C> <C>
DELAWARE 1-14227 13-3317668
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
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399 EXECUTIVE BOULEVARD, ELMSFORD, NEW YORK 10523
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (914) 592-2355
(Former name or former address, if changed since last report)
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ITEM 5
Press Release, dated February 1, 1999, incorporated by reference herein
and attached hereto as Exhibit 99.1.
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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 HOLOGRAPHICS, INC.
Date: February 1, 1999 /s/ MORRIS WEISSMAN
MORRIS WEISSMAN, CHIEF EXECUTIVE OFFICER
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Exhibit Index
Exhibit Description
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99.1 Press release of American Bank Note Holographics, Inc.
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FOR IMMEDIATE RELEASE -- FEBRUARY 1, 1999
ELMSFORD, NY -- American Bank Note Holographics (NYSE: ABH) announced today
that, based on currently available information, approximately $6 million of
revenue previously included in the Company's results of operations for the year
ended December 31, 1997 should instead have been included in 1998. The Company
currently estimates that as a result of this adjustment, together with other
adjustments, net income of the Company for the year ended December 31, 1997 may
have been overstated by in excess of 50 percent, rather than approximately 10
percent, as previously announced.
The Company stated that such a revenue shift from 1997 to 1998 may result in
adjusted 1998 revenue exceeding adjusted 1997 revenue.
The Company stated that its Audit Committee's investigation into revenue
recognition practices is progressing. As previously announced, the Company's
interim financial statements for each of the first three quarters of 1998 will
require restatement and should no longer be relied upon, and the Company's
financial statements as of December 31, 1997 and 1996, and for each of the
three years in the period ended December 31, 1997 and the related Report of
Independent Auditors should no longer be relied upon, as such financial
statements will also require restatements.
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 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 Exchange Commission.
Contact:
American Bank Note Holographics, Inc. Media and Investor Relations Counsel
Morris Weissman Robinson Lerer & Montgomery
212-593-5700 Walter Montgomery
212-484-6721
