SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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):
September 29, 1998
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THERMO INSTRUMENT SYSTEMS INC.
(Exact name of Registrant as specified in its charter)
Delaware 1-9786 04-2925809
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification Number)
incorporation or
organization)
860 West Airport Freeway
Suite 301
Hurst, Texas 76054
(Address of principal executive offices) (Zip Code)
(817) 485-6663
(Registrant's telephone number
including area code)
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This Form 8-K contains forward-looking statements that involve a number of
risks and uncertainties. Important factors that could cause actual results to
differ materially from those indicated by such forward-looking statements are
set forth under the heading "Forward-looking Statements" in Exhibit 13 to Thermo
Instrument Systems Inc.'s Annual Report on Form 10-K for the year ended January
3, 1998. These include risks and uncertainties relating to: Thermo Instrument's
acquisition and spinout strategies, competition and technological change,
intellectual property rights and litigation, dependence on certain key
industries and international operations, possible changes in governmental
regulations, capital spending and government funding policies, and the potential
impact of the year 2000 on processing date-sensitive information.
Item 5. Other Events
On September 29, 1998, Thermo Instrument Systems Inc. ("Thermo Instrument")
issued a press release announcing that it will record approximately $28 million
in pretax restructuring and other charges in the third quarter, ending October
3, 1998. Thermo Instrument will incur approximately $17 million in severance
expenses resulting from a reduction in its workforce of approximately seven
percent (between 650 and 700 employees). In addition, Thermo Instrument will
record approximately $11 million of inventory write-downs and facility closing
costs. These charges will reduce third quarter 1998 diluted earnings per share
by approximately $.10. Thermo Instrument estimates that these actions will
result in 1999 operating savings of approximately $28 million.
Each Thermo Instrument subsidiary has examined its own circumstances and
has defined the actions necessary to reduce costs and improve operating income.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired: not
applicable.
(b) Pro Forma Financial Information: not applicable.
(c) Exhibits: not applicable.
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SIGNATURE
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, thereunto duly authorized, on this 29th day of September, 1998.
THERMO INSTRUMENT SYSTEMS INC.
By: /s/ Kenneth J. Apicerno
Kenneth J. Apicerno
Treasurer
