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
December 31, 1998 (December 31, 1998)
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Date of Report (Date of earliest event reported)
MERRIMAC INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
New Jersey 0-11201 22-1642321
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
41 Fairfield Place, West Caldwell, New Jersey 07006-6287
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (973) 575-1300
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
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Registrant's press release dated December 31, 1998 is filed herewith as
Exhibit 20 and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
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20. Press Release of Registrant dated December 31, 1998.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this Current Report to be signed on its
behalf by the undersigned thereunto duly authorized.
MERRIMAC INDUSTRIES, INC.
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(Registrant)
By /s/ Robert V. Condon
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Robert V. Condon
Vice President, Finance and
Chief Financial Officer
Date: December 31, 1998
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EXHIBIT INDEX
Sequentially
Exhibit Numbered Page
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20 Press Release of Registrant dated
December 31, 1998
Exhibit 20
Merrimac Vice Chairman Announces Retirement; Company Revises
Restructuring Charge and Future Savings Estimate
West Caldwell, N.J., December 31, 1998: Merrimac Industries, Inc. (Amex: MRM)
announces that it has accepted the early retirement of Eugene W. Niemiec, the
Company's Vice Chairman and Chief Technology Officer. Mr. Niemiec will continue
to serve as a member of its Board of Directors.
Mason N. Carter, Chairman and CEO commented: "Gene Niemiec has served Merrimac
well for almost two decades in various executive officer and engineering
positions and as a fellow Board Member. We will miss him in our daily operations
and look forward to his continued contribution as a Director of the Company."
The Company previously announced a reduction of its workforce. It also offered
early retirement packages to certain employees during the fourth quarter of
1998. Since the earlier announcement, the Company has revised upwards the
restructuring charge for the fourth quarter of 1998 from approximately $200,000
to approximately $500,000 before taxes as a result of the reduction in workforce
and voluntary early retirements. The saving in costs for future fiscal years
from these events should approximate $1,100,000 annually. A portion of these
savings will be utilized toward the hiring for critical positions during the
next fiscal year. Mr. Carter commented: "This restructuring addresses both
current market conditions and the strategic focus of our technology and market
development. Management is taking appropriate action without losing sight of our
many accomplishments and the strategic progress we continue to make."
Merrimac Industries, Inc., with locations in West Caldwell, NJ and San Jose,
Costa Rica, has approximately 155 co-workers in the design and manufacture of
signal processing components, micro-multifunction modules (MMFM(TM)) and
subsystems providing Total Integrated Packaging Solutions for high-performance,
mission-critical applications in communications, defense, and aerospace markets.
Merrimac (MRM) is listed on the American Stock Exchange.
Contact: Mason N. Carter Fax: (973) 882-5989
Chairman and CEO Email: [email protected]
Phone:(973)575-1300, ext.202 Internet: http://www.merrimacind.com
Note: Merrimac Industries, Inc. news releases are available in fax form by
calling Company News On-Call. Dial (800) 758-5804, ext. 567525. These news
releases are also available on the Internet at: http://www.prnewswire.com.
