FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): April 20, 1994
Zenith Electronics Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-4115 36-1996520
(State or jurisdiction (Commission File (IRS Employer
of incorporation) Number) identification No.)
1000 Milwaukee Avenue
Glenview, Illinois 60025
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code (708) 391-7000
Not applicable
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
On April 20, 1994, Zenith Electronics Corporation issued a press
release, which is attached as Exhibit 20 hereto and is incorporated
by reference herein.
Item 7. Financial Statements, Pro forma Financial Information
and Exhibits.
(c) The following exhibits are included as part of this report:
Exhibit 20 - Zenith Electronics Corporation Press Release dated
April 20, 1994.
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.
ZENITH ELECTRONICS CORPORATION
By: /s/ David S. Levin
--------------------------
David S. Levin, Secretary
Date: April 20, 1994
<PAGE>
Exhibit Index
Exhibit
Number Exhibit Description
- ------- ---------------------------------------
20 Press Release dated April 20, 1994
FOR IMMEDIATE RELEASE
---------------------
ZENITH REPORTS HIGHER REVENUES,
IMPROVED FIRST-QUARTER RESULTS
GLENVIEW, Ill., April 20, 1994 -- First-quarter 1994 revenues for Zenith
Electronics Corporation's core business increased significantly, and the
company reported a $10 million improvement in operating results, compared
with the same period of 1993.
Total revenues in the quarter were $297 million in 1994, compared with
$290 million in 1993. Core business revenues increased by $29 million,
even after absorbing $8 million of lower color television selling prices
from the first quarter of 1993. Sales for non-core business areas decreased
by $22 million in the quarter.
The increase in core business sales, primarily higher color television
unit shipments, reflects the excellent acceptance of Zenith's color TV
product line and the continued strength of the Zenith brand name, the
company said.
The first-quarter 1994 net loss narrowed to $11.9 million, or 32 cents
per share, from a first-quarter 1993 net loss of $21.8 million, or 72 cents
per share.
(MORE)
<PAGE>
-2-
Cost reductions achieved in the quarter were on plan as the company
continued to implement major re-engineering actions in the core Consumer
Electronics and Cable/Network Systems business. These actions should
continue to benefit future quarters.
First-quarter financing activities included the continuation of programs
launched in 1993 to sell equity and debt. The company sold senior
subordinated convertible debentures in a private placement and, pursuant
to shelf offerings, sold common stock to investors. The company had no
short-term debt at the end of the first quarter, compared with $23 million
of short-term debt a year ago.
-30-
MEDIA CONTACT: John Taylor (708) 391-8181
INVESTOR CONTACT: Bill McNitt (708) 391-7713
<PAGE>
ZENITH ELECTRONICS CORPORATION
STATEMENTS OF CONSOLIDATED OPERATIONS
(In millions, except per share amounts)
(Unaudited)
Three Months Ended
-----------------------
April 2, April 3,
1994 1993
----------- ----------
Net sales $ 297.1 $ 290.5
Costs, expenses and other:
Cost of products sold 276.3 278.5
Selling, general and administrative 23.8 22.5
Engineering and research 11.4 12.9
Other operating expense (income), net (5.9) (4.8)
Restructuring and other charges - -
----------- ----------
Operating income (loss) (8.5) (18.6)
Interest expense (3.4) (3.2)
Interest income - -
----------- ----------
Income (loss) before income taxes (11.9) (21.8)
Income taxes (credit) - -
----------- ----------
Net income (loss) $ (11.9) $ (21.8)
=========== ==========
Net income (loss)
per share of common stock $ (.32) $ (.72)
=========== ==========
Average shares outstanding 37.7 30.3
