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) March 15, 1996
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Adage, Inc.
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(Exact name of registrant as specified in its charter)
Pennsylvania 33-31797 04-2225121
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(State or other jurisdiction of (Commission (I.R.S. Employer
Incorporation or organization) File Number) Identification Number)
400 Willowbrook Lane, West Chester, Pa 19382
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(Address of principal executive officers) (Zip Code)
Registrant's telephone number, including area code 610-430-3900
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(Former name or former address, if changed since last report.)
<PAGE>
ITEM 5 - OTHER EVENTS
THE REGISTRANT ISSUED A PRESS RELEASE DATED MARCH 14, 1996
REPORTING FIRST QUARTER 1996 EARNINGS. THE PRESS RELEASE IS
APPENDED AS EXHIBIT 1.
<PAGE>
ADAGE, INC.
Condensed Financial Statement
(Unaudited)
($000 Omitted - Except Per Share Data)
THREE MONTHS ENDED
March 31,
1996 1995
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Sales $ 21,402 $ 20,267
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Cost of Sales $ 16,471 $ 16,407
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Net Income (Loss) from
Continuing Operations $ 202 $ (254)
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Income from
Discontinued Operations $ -- $ 376
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Net Income $ 202 $ 122
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Per Share
Continuing Operations $ .04 $ (.05)
Discontinued Operations $ -- $ .07
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Net Income $ .04 $ .02
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Weighted Average Common
Shares Outstanding 5,125,234 5,107,846
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<PAGE>
Pursuant to the requirements of securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
ADAGE, INC.
/s/ Robert T. Holland
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Robert T. Holland
Vice President - Finance
Date: May 15, 1996
EXHIBIT 1
Summary: Adage, Inc. (NASDAQ)
Sales increase 5.6% in first
quarter. Earnings improve.
[LETTERHEAD OF ADAGE, INC.]
Company Contact:
Donald F.U. Goebert
Chairman & President
Adage, Inc.
(610) 430-3900
FOR IMMEDIATE RELEASE:
WEST CHESTER, PENNSYLVANIA, May 14, 1996..... ADAGE, INC.
(NASDAQ:ADGE), Donald Goebert, President of Adage, Inc., announced today that
sales for the first quarter of 1996 were $21,400,000 compared with $20,300,000
for the first quarter of 1995. Earnings from continuing operations were $202,000
or $0.04 per share compared with a loss of $254,000 or ($0.05) per share in
1995.
RELM Communications, Inc. had record sales for the first quarter which
improved operating efficiencies and lowered manufacturing costs. RELM
Communications has been building a significant backlog of orders to be delivered
through the first quarter of 1997.
Fort Orange Paper Co. was able to significantly improve operating
margins as the cost of recycled fiber has steadily decreased from its
peak in the third quarter of 1995.
Sales and earnings are expected to improve in 1996.
Adage, Inc. is a producer of wireless communications equipment,
electronic products and recycled paperboard.
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