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 April 19, 1994
(Date of earliest event reported) April 13, 1994
AUGAT INC.
(Exact name of registrant as specified in its charter)
Massachusetts
(State or other Jurisdiction of incorporation)
1-6176 04-2022285
(Commission File Number) (IRS Employer Identification No.)
89 Forbes Boulevard
P.O. Box 448
Mansfield, Massachusetts 02048
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(508) 543-4300
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Item 5 - Other Events
On April 13, 1994, the Registrant announced that the
State Supreme Judicial Court of the Commonwealth of Massachusetts
vacated a 1992 Superior Court judgement which had awarded Augat
Inc. compensatory damages of $14,140,000 in lost profits as the
result of unfair trade practices. Although the court let stand
its earlier decision that the conduct of defendants Aegis, Inc.
and Jeremy Scherer was a knowing violation of the state unfair
trade practices statute, the court held that the profits of
Isotronics, Inc., Augat's former subsidiary was limited to six
months, not twenty-seven, following the departure of three
employees. The Supreme Court sent the case to the Superior Court
and included in its opinion instructions about how to recalculate
the damage award. The award was not recorded in the company's
previously reported earnings. Enclosed as Exhibit 1 is a copy of
the news release covering the above item.
Item 7 - Financial Statements and Exhibits
(a) Financial Statements - None
(b) Exhibit 1 - The Registrant's news release dated
April 13, 1994.
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 thereto duly authorized.
Augat Inc.
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(Registrant)
By: Ellen B. Richstone
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Ellen B. Richstone
Vice President and
Chief Financial Officer
Date: April 19, 1994
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Exhibit 1
FOR IMMEDIATE RELEASE
Contact:
Marcel P. Joseph Ellen B. Richstone
Chairman of the Board and CEO Chief Financial Officer
Augat Inc. Augat Inc.
508/543-4300 508/543-4300
AUGAT ANNOUNCES SUPREME JUDICIAL COURT DECISION
MANSFIELD, Mass., April 13, 1994 - Augat Inc. (NYSE: AUG)
today announced that on April 12, 1994, the state Supreme
Judicial Court vacated a 1992 Superior Court judgment which had
awarded Augat Inc. compensatory damages of $14,140,000. That
award was doubled pursuant to Chapter 93A, and the resulting
final judgment included attorney's fees and interest on the award
at the rate of one percent per month, beginning in May 1985. The
award was not recorded in the company's previously reported
earnings.
Although it let stand its earlier decision that the conduct
of defendants Aegis, Inc. and Jeremy Scherer was a knowing
violation of the state unfair trade practices statute, the Court
rejected the Superior Court's finding that the profits of
Isotronics, Inc., Augat's former subsidiary, were affected for
twenty-seven months by the departure of three employees and held
that the impact of those departures was limited to six months.
The Supreme Court remanded the case to the Superior Court
and included in its opinion instructions to the Superior Court
about how to recalculate the damage award, taking into account,
among other things, the six-month damages period and certain
losses resulting from causes unrelated to the departures. The
award will be reduced when recalculated according to the
instructions of the Court.
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"Augat is evaluating its options including the possibility
that the company will ask the Supreme Judicial Court to
reconsider its decision," stated Marcel P. Joseph, Chairman of
the Board and Chief Executive Officer. Joseph concluded, "This
decision will not impact Augat's first quarter or full-year
earnings results".
One of the largest manufacturers of connector products in
the world, Augat Inc., is pursuing a strategy for growth in the
automotive, computer, industrial and telecommunications markets,
through customer partnerships, new product introductions,
strategic acquisitions and ongoing productivity measures.
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