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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 ACT OF 1934
Date of Report (date of earliest event reported): May 18, 1998
BANCTEC, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-9859 75-1559633
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
4851 LBJ FREEWAY, 12TH FLOOR
DALLAS, TEXAS 75244
(Address of principal executive offices, including zip code)
(972) 341-4000
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
FACTORS AFFECTING THE COMPANY'S BUSINESS AND PROSPECTS
There are many factors that affect the BancTec, Inc.'s (the "Company")
business and the results of its operations as described in the Company's filings
with the Securities and Exchange Commission including, without limitation, the
Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1997
(the "Filings"). In addition to the factors discussed in the Company's Filings,
the following is a description of some of the important factors that may cause
the actual results of the Company's operations in future periods to differ
materially from those currently expected or desired.
General Economic Conditions
The Company's business partly depends on general economic and business
conditions. The Company's sales are to businesses in a wide variety of
industries, including banking, financial services, insurance, healthcare,
governmental agencies and others. General economic conditions that cause
customers in such industries to reduce or delay their investments in products
such as those offered by the Company could have a material adverse effect on the
Company.
International Activities
The Company's international operations have provided a significant part of
the Company's growth during recent fiscal years. The success and profitability
of international operations are subject to numerous risks and uncertainties,
such as economic and labor conditions, political instability, tax laws
(including U.S. taxes on foreign subsidiaries) and changes in the value of the
U.S. dollar versus the local currency in which products are sold. Any adverse
change in one or more of these factors could have a material adverse effect on
the Company.
Fluctuations in Operating Results
The Company's operating results may fluctuate from period to period and
will depend on numerous factors, including customer demand and market acceptance
of the Company's products, new product introductions, product obsolescence,
varying product mix, foreign currency exchange rates and other factors. The
Company's business is sensitive to the spending patterns of its customers, which
in turn are subject to prevailing economic conditions and other factors beyond
the Company's control. Any adverse change in one or more of these factors could
have a material adverse effect on the Company.
Technological Changes and Product Transitions
The Comany's industry is characterized by continuing improvement in
technology, which results in the frequent introduction of new products, short
product life cycles and continual improvement in product price/performance
characteristics. The Company must incorporate these new technologies into its
products in order to remain competitive. There can be no assurance that the
Company will be able to continue to effectively manage technology transitions.
A failure on the part of the Company to effectively manage the transition of its
product lines to new technologies on a timely basis could have a material
adverse effect on the Company.
Product Development Activities
The strength of the Company's overall business is partially dependent on
the Company's ability to develop products based on new or evolving technology
and the market's acceptance of those products. There can be no assurance that
the Company's product development activities will be successful, that new
technologies will be available to the Company, that the Company will be able to
deliver commercial quantities of new products in a timely manner, that those
products will adhere to generally accepted industry standards or that the
products will achieve market acceptance. The Company believes that it is
necessary for its products to adhere to generally accepted industry standards,
which are subject to change in ways that are beyond the control of the Company.
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SIGNATURE
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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.
Date: May 18, 1998
BANCTEC, INC.
By: /s/ TOD V. MONGAN
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Tod V. Mongan
Senior Vice President, Secretary
and General Counsel
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