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 1, 2000
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THERMO ECOTEK CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 1-13572 04-3072335
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification Number)
incorporation or
organization)
245 Winter Street
Waltham, Massachusetts 02451
(Address of principal executive offices) (Zip Code)
(781) 622-1000
(Registrant's telephone number
including area code)
<PAGE>
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
Ecotek Corporation's Annual Report on Form 10-K, as amended, for the fiscal year
ended October 2, 1999. These include risks and uncertainties relating to:
transition of business focus, the Registrant's acquisition strategy, government
regulation and approvals, project development and operations, access to capital,
community support, the impact of competition, increased fuel prices and reduced
availability of fuel, international operations, the biopesticides business, and
dependence on utility customers.
Item 5. Other Events
On May 1, 2000, the Registrant issued a press release, attached hereto as
Exhibit 99, regarding its financial results for the quarter ended April 1, 2000.
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
99 Press Release dated May 1, 2000.
<PAGE>
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 2nd day of May, 2000.
THERMO ECOTEK CORPORATION
By: /s/ Theo Melas-Kyriazi
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Theo Melas-Kyriazi
Chief Financial Officer
<PAGE>
Exhibit 99
Investor Contact: 781-622-1111
Media Contact: 781-622-1252
Thermo Ecotek Announces Second Quarter Results
WALTHAM, Mass., May 1, 2000 - Thermo Ecotek Corporation (ASE-TCK), a Thermo
Electron company, today reported revenues of $25.9 million for the quarter ended
April 1, 2000, compared with $41.0 million for the same period in fiscal 1999.
Income from continuing operations, which excludes the results of the company's
biopesticides segment because of plans to sell this business, was $1.1 million,
or $.03 per diluted share, versus $1.9 million, or $.05 per diluted share, last
year. The decrease in revenues was primarily due to the expiration or
termination of fixed price power-sales agreements at the company's California
plants.
<TABLE>
<CAPTION>
Consolidated Statement of Operations
(unaudited)
Three Months Ended Six Months Ended
<S> <C> <C> <C> <C>
(In thousands except per share amounts) April 1, 2000 April 3, 1999 April 1, 2000 April 3, 1999
Revenues $ 25,949 $ 41,036 $ 64,559 $ 81,411
-------- -------- -------- --------
Costs and Operating Expenses:
Cost of revenues 20,311 33,077 50,412 63,576
Selling, general, and administrative
expenses 3,616 4,223 7,433 8,387
Restructuring costs and other unusual
income, net (312) - (312) -
-------- --------- -------- --------
23,615 37,300 57,533 71,963
-------- --------- -------- --------
Operating Income 2,334 3,736 7,026 9,448
Interest Income 687 827 1,544 1,590
Interest Expense (801) (1,504) (2,174) (3,395)
-------- --------- -------- --------
Income from Continuing Operations Before
Income Taxes and Minority Interest 2,220 3,059 6,396 7,643
Provision for Income Taxes 818 845 2,536 2,348
Minority Interest Expense 320 343 358 357
-------- --------- -------- --------
Income from Continuing Operations 1,082 1,871 3,502 4,938
Loss from Discontinued Operations (net
of income tax benefit and minority interest
of $143, $605, and $726) - (117) (495) (674)
Provision for Loss on Disposal of
Discontinued Operations (net of
income tax benefit of $2,700) - - (12,600) -
-------- --------- -------- --------
Net Income (Loss) $ 1,082 $ 1,754 $ (9,593) $ 4,264
======== ========= ======== ========
Basic and Diluted Earnings per Share
from Continuing Operations $ .03 $ .05 $ .10 $ .14
======== ========= ======== ========
Basic and Diluted Earnings (Loss) per
Share $ .03 $ .05 $ (.27) $ .12
======== ========= ======== ========
Weighted Average Shares:
Basic 35,976 35,944 35,974 35,935
======== ========= ======== ========
Diluted 36,167 36,194 36,167 36,220
======== ========= ======== ========
</TABLE>
Note: The results of the company's biopesticides segment, which consists of its
Thermo Trilogy Corporation subsidiary, have been classified as "discontinued
operations" as a result of the decision to sell this business. Prior-period
amounts have been restated to reflect this accounting treatment.
<PAGE>
Thermo Ecotek Corporation is involved in the repowering of electric
plants, natural gas gathering, and biopesticide production. Thermo Ecotek
Corporation is a public subsidiary of Thermo Electron Corporation. More
information is available on the Internet at
http://www.thermo.com/subsid/tck1.html.
The following constitutes a "Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995: This press release 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 the company's annual report on Form 10-K, as
amended, for the fiscal year ended October 2, 1999. These include risks and
uncertainties relating to: transition of business focus, the company's
acquisition strategy, government regulation and approvals, project development
and operations, access to capital, community support, competition, increased
fuel prices and reduced availability of fuel, international operations, the
biopesticides business, and dependence on utility customers.
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