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 30, 1997
PSC Inc.
(Exact name of Registrant as Specified in its Charter)
New York
(State or other jurisdiction of Incorporation)
0-9919 16-0969362
(Commission File Number) (IRS Employer Identification No.)
675 Basket Road, Webster, New York 14580
(Address of Principal Executive Offices)
(716) 265-1600
(Registrant's Telephone Number, including Area Code)
<PAGE>
Item 5. Other Events
On April 30, 1997, L. Michael Hone resigned as Chief Executive
Officer, as Chairman of the Board of Directors, and as a member of the Board of
Directors of the Registrant, and as an officer and director of all of the
Registrant's subsidiaries and affiliates. On the same date, Robert S. Ehrlich,
formerly the Registrant's Vice Chairman, was elected Chairman of the Board and
Robert C. Strandberg, formerly the Registrant's Executive Vice President, was
elected as interim President and chief Executive Officer of the Registrant.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 New Release entitled "PSC Announces Management
Reorganization" issued by the Registrant on April 30, 1997.
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.
PSC Inc.
(Registrant)
Date: May 7, 1997 By: /s/ William J. Woodard
William J. Woodard, Vice President,
Chief Financial Officer and Treasurer
FOR IMMEDIATE RELEASE
For Information Contact:
William J. Woodard, Vice President and Chief Financial Officer
Charis W. Copin, Director - Investor Relations
716-265-1600
PSC ANNOUNCES MANAGEMENT REORGANIZATION
Rochester, New York - April 30, 1997 - PSC Inc. (Nasdaq: PSCX) - and L. Michael
Hone today announced Mr. Hone has decided to resign his positions as Chairman
and CEO, as the Company has achieved his goals for its growth. Mr. Hone has
agreed to work with the Company on a consulting basis to insure a smooth
transition with key customer accounts.
PSC also announced that Robert S. Ehrlich, formerly the Company's Vice Chairman,
has been elected Chairman of the Board and that Robert C. Strandberg, Executive
Vice President, would serve as interim President and Chief Executive Officer of
the Company. Mr. Hone recruited Mr. Strandberg to PSC in 1996 as Executive Vice
President. From 1991 to 1996, Mr. Strandberg was Chairman, President and Chief
Executive Officer of Datamax, an Orlando, Florida manufacturer of bar code
printers. Mr. Strandberg holds a B.S. degree from Cornell University and an
M.B.A. from Harvard University.
Robert Ehrlich stated, "During the past several years Mr. Hone has guided the
Company through its growth from approximately $5 million to over $210 million of
revenues in 1996. This was accomplished through both internal growth and
strategic acquisitions. We appreciate the 16 years of service Mike has given to
the Company, and we look forward to continuing to work with Mike."
Mr. Hone commented, "Now that the foundation has been laid and the strategic
direction set, PSC is poised for continued growth that should enhance
shareholder value. Rob Strandberg will provide sound leadership for the Company
at this point. At this stage of my career I look forward to identifying another
opportunity to build an entrepreneurial company from the ground up."
PSC manufactures the world's most comprehensive line of laser based handheld and
fixed position bar code scanners, bar code engines and verifiers and automated
carton dimensioning systems. These products are used in automatic data
collection solutions in the retail, manufacturing, transportation, distribution
and health care industries, and government. Headquartered in Rochester, New
York, PSC has manufacturing facilities in Rochester and Eugene, Oregon. PSC has
sales and service offices throughout the Americas, Europe, Asia and Australia.
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