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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
June 24, 1996
Date of Report (date of earliest event reported)
ADAPTIVE SOLUTIONS, INC.
(Exact name of Registrant as specified in its charter)
Oregon 0-22472 93-0981962
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification
No.)
1400 N.W. Compton Drive, Suite 340
Beaverton, Oregon 97006
(Address of principal executive offices) (Zip Code)
(503) 690-1236
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events
On June 24, 1996, Adaptive Solutions, Inc., an Oregon corporation (the
"Registrant"), announced a revised business strategy and expense reductions and
that lower second quarter revenues were expected.
Exhibits
99.1 Press Release dated June 24, 1996, relating to the Event.
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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 hereunto duly authorized.
Dated: July 17, 1996 ADAPTIVE SOLUTIONS, INC.
By: /c/ Norm Rush
----------------------------------------
Norm Rush
Controller
(Principal Financial and Accounting
Officer)
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ADAPTIVE SOLUTIONS, INC.
EXHIBIT INDEX
Sequentially
Numbered
Document Page
- - -------- ------------
99.1 Press Release dated June 24, 1996, relating to the Event. 6
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
EXHIBITS
to
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
________________________
ADAPTIVE SOLUTIONS, INC.
________________________
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Exhibit 99.1
ADAPTIVE SOLUTIONS.
Press Release
For further information, contact:
Fletcher Chamberlin
Investor Relations Counsel
Harris Massey Herinckx
(503) 295-1922
Adaptive Solutions Announces Revised Business Strategy and Expense Reductions;
Lower Second Quarter Revenues Expected
Beaverton, OR - June 24, 1996 - Adaptive Solutions, Inc. (NASDAQ-ADSO) today
announced that it is restructuring the company and adopting a revised business
strategy aimed at improving the company's operating results.
The new direction will build on the company's expertise in data parallel
processing to offer a higher level and broader range of software solutions
focused on segments of the forms processing market. In addition to creating
solutions using its own CNAPS technology, the company will support industry
standard data parallel architectures, such as the Intel MMX platform.
The new business strategy, created by new Adaptive Solutions president and
chief executive John Migliore, also will include a financial strategy aimed at
aggressively cutting costs and growing the company's revenue stream.
Adaptive Solutions will expand its internal software application
development efforts and partner with other companies to provide more complete
solutions for forms processing customers. Traditionally, the company has
supplied technology enabling components which customers were required to
engineer into specific solutions. In its new direction, Adaptive Solutions and
its partners will provide more complete solutions which customers will
integrate into their systems.
(more)
ADAPTIVE SOLUTIONS, INC.
1400 N.W. Compton Drive, Suite 340 Telephone: 503-690-1236
Beaverton, Oregon 97006 Facsimile: 503-690-1249
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Adaptive Solutions Strategy/Expense Reductions/Lower Revenues - page 2
Under its new strategy, Adaptive Solutions will combine its proprietary
CNAPS parallel processing microprocessor capabilities with products based on
Intel's emerging mainstream MMX parallel processing chip. As a result, the
company can provide customers with a broader range of optimized forms
processing solutions, using the technology which most effectively solves
customers' problems.
The company expects current revenue for the quarter ending June 30, 1996
to be below the most recent quarters because of lower than expected OEM
shipments and a slowdown in PowerShop sales. In response, the company plans to
significantly reduce its employment and cost base. Approximately 30 people
will be laid off. The company employed 51 people before the planned
reductions.
"The layoffs are difficult but necessary in light of our current
performance and new direction," said Migliore. "Our new strategy will build on
our strengths and move us closer to our customers and the solutions they need.
These changes in strategy give our customers the benefits of a mainstream
processor while retaining the current strengths of our CNAPS technology."
The company believes these changes can yield improvements in operating
results over the long term. However, the company expects revenues to continue
to be below recent quarters at least through 1996.
This press release contains forward-looking statements which involve risks
and uncertainties that could cause actual results to differ materially from
those anticipated in the forward-looking statements, including, without
limitation, changes in the forms processing solutions markets, successful
implementation of the company's new strategy, continued expansion and
maintenance of partnerships and availability of necessary hardware.
