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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported) June 5, 1996
Commission File Number 0-25104
CONTINENTAL INFORMATION SYSTEMS
CORPORATION
(Exact name of registrant)
New York 16-0956508
(State of incorporation) (I.R.S. Employer Identification Number)
One Northern Concourse, P.O. Box 4785, Syracuse, New York 13221-4785
(Address of principal executive offices and zip code)
(315) 455-1900
(Registrant's telephone number)
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ITEM 5. OTHER EVENTS
Continental Information Systems Corporation incorporates herein by
reference the information contained in the press release filed as Exhibit 99 to
this Current Report.
ITEM 7. EXHIBITS
Exhibit No.
99 Press Release by Continental Information Systems
Corporation dated June 5, 1996, announcing
fourth quarter charge
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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 hereunto duly authorized.
CONTINENTAL INFORMATION SYSTEMS
CORPORATION
BY: /s/ Frank J. Corcoran
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Frank J. Corcoran
Senior Vice President,
Chief Financial Officer
and Treasurer
Dated: June 5, 1996
Exhibit 99
FOR IMMEDIATE RELEASE
For Further Information Contact:
Frank J. Corcoran
Senior Vice President and Chief Financial Officer
(315) 455-4882
CONTINENTAL INFORMATION SYSTEMS CORPORATION
ANNOUNCES FOURTH QUARTER CHARGE
SYRACUSE, NEW YORK, June 5, 1996 -- Continental Information Systems Corporation
(NASDAQ - CISC) disclosed that it has abandoned its efforts to sell its Aviron
Computer Technologies, Inc., subsidiary and will instead liquidate the
operation. The Company anticipates a fourth quarter net loss from discontinued
operations of approximately $700,000 in connection with the liquidation of
Aviron. Earlier this year, the Company had announced its decision to discontinue
the business which had sold and serviced used computer equipment.
"Our efforts to sell this subsidiary, as disclosed on April 3, 1996, were
unsuccessful so we have decided to liquidate the assets," said Thomas J.
Prinzing, President and CEO. "This decision completes our exit from the computer
hardware business. The computer business, which had been such a significant part
of CIS in the 1980's and early 1990's, no longer provides sufficient rewards for
the necessary risk."
Prinzing added, "With the closure of our last computer related business, we can
focus management's attention and utilize our capital on further expansion of the
trading and leasing of our air, telecommunication and printing businesses."
Continental Information Systems Corporation is engaged in the business of buying
and selling telecommunications equipment, printing systems, and commercial
aircraft, and providing leasing services in connection with such equipment, and
certain other industrial equipment.
