===========================================================================
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: July 1, 1998
Date of Earliest Event Reported: June 29, 1998
GENERAL SEMICONDUCTOR, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-5442 13-3575653
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification Number)
incorporation or
organization)
10 Melville Park Road
Melville, New York 11747
(Address of principal executive offices)
Registrant's telephone number, including area code: (516) 847-3000
Item 5. Other Events.
On June 29, 1998, the registrant issued the press release filed
as Exhibit 99.1 hereto.
Item 7. Financial Statements and Exhibits.
Exhibit Description
------- -----------
99.1 Press Release issued June 29, 1998
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on behalf of
the undersigned hereunto duly authorized.
Dated: July 1, 1998.
GENERAL SEMICONDUCTOR, INC.
By: /s/ Andrew M. Caggia
--------------------------------
Andrew M. Caggia
Senior Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit Description
------- -----------
99.1 Press Release issued June 29, 1998
EXHIBIT 99.1
[GENERAL SEMICONDUCTOR, INC. LETTERHEAD]
FOR IMMEDIATE RELEASE CONTACT: PAM JAMESON
(516) 847-3169
GENERAL SEMICONDUCTOR ANNOUNCES SECOND QUARTER
EARNINGS OUTLOOK SOFTENS
MELVILLE, NY (June 29, 1998) - General Semiconductor, Inc. (NYSE:SEM), a
leading manufacturer of discrete semiconductors, today announced that it
expects earnings and sales for the second quarter ending June 30, 1998 to
be lower than reported results for the first quarter of 1998.
Management indicated that recently order trends have weakened significantly
and, with the normal summer slowdown approaching, it does not expect any
firming before September. Recent order patterns have reflected the crises
in Southeast Asia, the economic slowdown in Japan and difficulties in the
computer and computer peripheral industries.
While the quarter has not closed and results are not final, we believe that
sales for the quarter will be down approximately 8 percent from the first
quarter, although due to operating leverage, earnings could decline more
than 25 percent. Market indications for the second half of the year remain
uncertain, but earnings for the full year could be slightly below last
year's pro forma $0.84 per share before restructuring charges.
"Expenses management has always been a key to how we operate," stated
Ronald A. Ostertag, Chairman and Chief Executive Officer of General
Semiconductor. "We are a lean, buttoned-down organization. Nevertheless, at
the earliest indication of a softening in order trends, we initiated
additional programs to help us manage costs through this period. We believe
that our operations are among the most efficient in the discrete segment of
the semiconductor industry and we expect that the tight control of the
business will serve us well in these difficult market conditions. We are
committed to enhancing our position in the market," he continued.
General Semiconductor, Inc. is a market leader in the discrete segment of
the semiconductor industry with manufacturing facilities in China, France,
Germany, Ireland, Taiwan and the United States. The Company provides
customers with a broad array of power rectifiers, transient voltage
suppressors and small signal transistors and diodes. It has a diversified
customer base, in terms of geography and end-use markets. Customers include
leading manufacturers, located around the globe, of consumer electronics,
lighting, telecommunications equipment, computers, automotive and
automotive aftermarket products.
The information set forth above includes "forward-looking" information and,
accordingly, the cautionary statements contained in Exhibit 99 to the
Company's Form 10-K for the year ended December 31, 1997 are incorporated
herein by reference. General Semiconductor's actual results could differ
materially from the "forward-looking" information in this press release.
VISIT GENERAL SEMICONDUCTOR ON THE WEB AT WWW.GENSEMI.COM
