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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
May 14, 1997
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Date of Report
(Date of Earliest Event Reported)
TOPRO, INC.
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(Exact name of Registrant as specified in its charter)
Colorado 0-19167 84-1042227
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) File No.) I.D. Number
2525 West Evans Avenue, Denver, Colorado 80219
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(Address of principal executive offices) (zip code)
(303) 935-1221
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
After market close on May 14, 1997 the Company announced results of
operations for the quarter and nine month period ended March 31, 1997. The
Company's Press Release dated May 14, 1997, which is filed as Exhibit 20.1
hereto, is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits. The following exhibit is filed with this Report:
20.1 Press Release dated May 14, 1997
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Topro, Inc.
Date: May 14, 1997 By: /s/ John Jenkins
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John Jenkins
President and CEO
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EXHIBIT 20.1
PRESS RELEASE
TOPRO, INC.
Topro, Inc.
2525 W. Evans Ave.
Denver, CO 80219
TOPRO, INC. REPORTS RECORD THIRD QUARTER &
NINE-MONTH RESULTS
REVENUE UP 90% AND RECORD $493,000 NET PROFIT FOR THIRD-QUARTER
May 14, 1997 - DENVER, CO - Topro Inc. (Nasdaq-TPRO), a leading provider of
automation and information technology solutions to industry, today announced
results for the third quarter and nine-month period ending March 31, 1997.
Third quarter revenues were up 90% to $11,183,000 from $5,859,000 in the same
quarter last year. The company reported a net profit of $493,000, or $0.05
per share compared to a net loss of $1,054,000 the prior year period.
Through nine months, Topro, Inc. reported a 143% increase in revenue to
$27,287,000 versus $11,236,000 for the previous year period. Through nine
months for fiscal 1997 the company reported a net profit of $489,000 or $0.05
per share versus a net loss of $1,676,000 for the same period last year.
"The March 31 results represent the first full quarter of consolidated
operations in the company's 12-month acquisition program designed to
establish Topro as a leading nationwide provider of automation and
information technology services," said John Jenkins, CEO. Jenkins also noted
that revenue and gross margins were solid as a result of a good product mix
across most of the organization, and that semiconductor application projects
for IBM and Matsushista contributed significantly to revenues. Gross margins,
as a percentage of sales, reached 37% for the quarter, and operating income
(EBITDA) exceeded 9% of sales, or more than $1,000,000.
"We are pleased with the progress of our financial performance," reports
Jenkins. "Most importantly, while we have yet to fully leverage the combined
strengths of our new organization, we have a plan and are executing it well.
Additionally, we have completed a warrant exercise and a private placement of
preferred equity in the month following the close of the quarter, which has
had a significant positive impact on the balance sheet."
Jenkins further noted that during the quarter, the company made significant
progress in developing major new strategic alliances in addition to a very
successful roll-out of its new Line-One-TM- product for the beverage
packaging industry.
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Statements made in this news release that are not historical facts may be
forward looking statements. Actual events may differ materially from those
projected in any forward looking statement. There are a number of important
factors beyond the control of the Company that could cause actual events to
differ materially from those anticipated by any forward looking information. A
description of risks and uncertainties attendant to Topro, Inc. and its
industry and other factors which could affect the Company's financial results
are included in the Company's Securities and Exchange Commission Filings.
EARNINGS RECAP:
3 MONTHS ENDING 9 MONTHS ENDING
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3/31/97 3/31/96 3/31/97 3/31/96
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Revenues 11,183,000 5,859,000 27,287,000 11,236,000
Cost of Sales 7,049,000 4,852,000 17,730,000 8,552,000
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Gross Profit 4,134,000 1,007,000 9,557,000 2,684,000
Expenses 3,133,000 1,396,000 8,023,000 3,299,000
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Operating Income 1,001,000 (389,000) 1,534,000 (615,000)
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Gain/Loss on Sale 0 6,000 7,000 85,345
Interest Expense (402,000) (53,000) (780,000) (148,000)
Goodwill Amortization (152,000) 0 (326,000) 0
Other Income 46,000 47,000 54,000 53,000
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Total Other Income/Expenses (508,000) 0 (1,045,000) (10,000)
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Net Income (Loss) Before Taxes 493,000 (389,000) 489,000 (625,000)
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Discontinued Operations (Loss) 0 (665,000) 0 (1,051,000)
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Net Income/(Loss) 493,000 (1,054,000) 489,000 (1,676,000)
Primary Earnings Per Share $0.05 ($0.26) $0.05 ($0.42)
Weighted Average
Shares Outstanding 10,750,000 4,016,000 9,131,000 4,016,000
Contacts:
Topro, Inc. Pacific Consulting Group, Inc.
John Jenkins Scott Liolios
(303) 935-1221 (714) 574-3860
