UNITED STATES
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) April 26, 1996, (April 26,
1996)
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Robinson Nugent, Inc.
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(Exact name of registrant as specified in its charter)
Indiana 0-9010 35-0957603
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
No.)
800 East Eighth Street, New Albany, Indiana 47151-1208
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (812) 945-0211
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Not applicable
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(Former name or former address, if changed since last report)
The Index to Exhibits is located at page 3 in the sequential numbering system.
Page 1 of 7 sequentially numbered pages.
Item 5. Other Events.
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The information contained in the press release dated April 26, 1996 filed
as exhibit 99 hereto is incorporated by reference herein.
Signatures
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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.
ROBINSON NUGENT, INC.
By:
===========================
Anthony J. Accurso
Vice President, Treasurer and
Chief Financial Officer
Date: April 26, 1996
PAGE 2
form 8-k
index to exhibits
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Exhibit Number Page Number in
Assigned in Sequential
Regulation S-K Numbering
Item 601 Description of Exhibit
System
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(1) Not applicable.
(2) Not applicable.
(4) Not applicable.
(16) Not applicable.
(17) Not applicable.
(21) Not applicable.
(23) Not applicable.
(24) Not applicable.
(27) Not applicable.
(99) Press release dated
April 26, 1996 4
Page 3
Robinson Nugent, Inc. - 4 -
<PAGE>
FOR MORE INFORMATION, CONTACT:
==================================
Larry W. Burke
President & Chief Executive Officer
OR
Anthony J. Accurso
Vice President, Treasurer & CFO
(812) 945-0211
FOR IMMEDIATE RELEASE
========================
Robinson Nugent, Inc. Reports Third Quarter Results and Planned Common
Share Buyback
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NEW ALBANY, Ind. (April 26, 1996) -- Robinson Nugent, Inc. (OTC:
RNIC) has reported net income in the third quarter of $332,000 (6 cents
per common share), compared to net income of $742,000
(14 cents per common share), in the same quarter a year ago. Net sales
in the quarter ended March 31, 1996 increased 4 percent to $21,178,000
compared to $20,434,000 in the comparable prior period.
The lower net income when compared to prior year reflects the
additional cost of the Company's expansion in the European and Asian
markets, the higher levels of depreciation associated with new products,
and competitive price pressure in various product lines.
For the nine months ended March 31, 1996 net sales were $61,725,000
up 5 percent over net sales of $58,958,000 in the same nine months of
the prior year. Net income for the nine months was at $1,076,000 (20
cents per share) compared to $2,777,000 (51 cents per share) in the
prior period.
(More)
Page 4
<PAGE>
"The results of the third fiscal quarter, while improved over the
second quarter, did not meet our expectations. The sales increase
quarter to quarter was less than prior years and reflects a slowing in
the electronic markets we serve. We have continued our strategy of
investing in new products and expanding
our efforts in the Pacific Rim. We continue to believe this is the
right course for Robinson Nugent." stated Larry W. Burke, President and
Chief Executive Officer.
Incoming customer orders in the third quarter ended March 31, 1996
amounted to $22.3 million, down slightly from orders of $22.5 million in
the same quarter a year ago, however they were up 4 percent from orders
of $21.6 million in the second quarter. Customer orders for the nine
months ended March 31, 1996 were $63.4 million compared to $59.8 million
in the prior year period, an increase of $3.6 million or
6 percent. Backlog of unshipped orders at March 31, 1996 amounted to
$16.9 million compared to
$14.5 million at March 31, 1995.
The Company's Board of Directors has also authorized the purchase
of up 500,000 of the outstanding Common Shares of the Company in open
market, or privately negotiated, transactions. The number of shares
purchased, if any, will be dependent upon market conditions and will be
subject to such terms and prices as management determines are
appropriate. Purchases may be made from time to time between May 1,
1996 and April 30, 1997.
Larry W. Burke, President of Robinson Nugent, Inc. said: "It
appears to the Board of Directors that our shares are currently
undervalued. We have resources that can be applied to the repurchase of
shares without adversely affecting our other business objectives and we
view this program as an investment in our future."
(More)
Page 5
<PAGE>
Shares acquired in this program will be designated as treasury
shares and will be available for general corporate purposes including
use in the Company's stock option and employee stock purchase plans.
As of March 31, 1996, the Company had 5,391,608 shares outstanding.
The common shares of Robinson Nugent, Inc. are traded on the NASDAQ
system under the symbol RNIC.
In other matters, the Company's Board of Directors declared a
quarterly cash dividend of three cents per common share payable May 24,
1996 to shareholders of record May 10, 1996.
Robinson Nugent, Inc. designs, manufactures, and markets electronic
connectors, integrated circuit sockets and cable assemblies. Its
products are sold throughout the world for use by manufacturers of
computers, networks and telecommunications equipment, automobiles and
industrial controls, and a wide variety of other products to
interconnect components of electronic systems.
Financial Highlights Follow
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Page 6
Robinson Nugent, Inc.
Financial Highlights*
March 31, 1996
(In thousands except per share data)
<TABLE>
<CAPTION>
Three Months Ended Nine Months
Ended
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3/31/96 3/31/95 3/31/96 3/31/95
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<S> <C> <C> <C> <C>
Sales $21,178 $20,434 $61,725
$58,958
Gross profit 4,744 5,066 14,277
15,904
GP% 22.4% 24.8% 23.1%
27.0%
Selling, general & administrative expenses 3,952 3,449 11,738
11,206
Pretax income 796 1,323 2,205
4,558
Net income 332 742 1,076
2,777
Net income per share $ .06 $ .14 $ .20
$ .51
Weighted average shares outstanding5,414 5,393 5,433
5,372
</TABLE>
* Unaudited
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