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) May 19, 1999
GLENAYRE TECHNOLOGIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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<CAPTION>
Delaware 0-15761 98-0085742
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<S> <C> <C>
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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5935 Carnegie Boulevard, Charlotte, North Carolina 28209
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (704) 553-0038
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Not applicable
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(Former name or former address, if changed since last report.)
Page 1 of 4 Pages
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ITEM 5. OTHER EVENTS.
The Registrant announced that it holds approximately $49 million in
receivables from CONXUS Communications, Inc. which filed for Chapter 11
Bankruptcy on May 18, 1999. The Registrant's News Release is filed herewith as
Exhibit 99 to this Report.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
99. Registrant's News Release dated May 19, 1999.
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 thereunto duly authorized.
GLENAYRE TECHNOLOGIES, INC.
By s/Billy C. Layton
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Billy C. Layton
Vice President
Dated: May 24, 1999
Page 2 of 4 Pages
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
EXHIBITS
FORM 8-K
CURRENT REPORT
Date of Report Commission File Number
May 19, 1999 0-15761
GLENAYRE TECHNOLOGIES, INC.
EXHIBIT INDEX
Exhibit No. Exhibit Description
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99 Glenayre Technologies, Inc. News Release dated May 19,
1999.
Page 3 of 4 Pages
EXHIBIT 99
CORPORATE HEADQUARTERS
(Glenayre Logo appears here) 5935 Carnegie Boulevard
Charlotte, NC 28209 USA
tel 704 553 0038
url www.glenayre.com
NEWS RELEASE
Contact: Mark Smalley, Glenayre
[email protected]
704 553 0038
Glenayre Confirms CONXUS Communications Bankruptcy
Charlotte, N.C., May 19, 1999 - Glenayre Technologies Inc. (NASDAQ: GEMS)
confirmed today that it holds approximately $49 million in receivables from
CONXUS Communications, which filed for Chapter 11 Bankruptcy yesterday.
Glenayre previously acknowledged this issue in its March 31, 1999, earnings
release. In that release, the company reported that a customer, which is now
identified as CONXUS, for whom it had provided approximately $49 million in
financing might be in financial difficulties. The company stated that the
customer was in weak financial condition due to continued operating losses, and
was dependent on continued financial support from its vendors and financial
institutions and its ability to secure other capital monies.
Glenayre also reported that an estimate of a possible range of the loss on the
receivables from this customer could not be determined at that time. The company
also indicated that a change in the estimate of the collectability of the
receivables from this customer could occur in the near term, with a significant
impact on Glenayre's results of operations in the quarter in which the change is
recorded. Glenayre has not yet determined the extent to which the bankruptcy
filing by CONXUS will change the company's estimate of the collectibility of its
receivables.
For over 30 years, Glenayre Technologies Inc. has been developing and providing
leading edge personal telecommunication systems, including products for paging,
digital and cellular networks. With over 2,200 employees and with products
installed in 100 countries, Glenayre's net sales exceeded $399 million in 1998.
Additional information about Glenayre is available on the company's Web site at:
http://www.glenayre.com.
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