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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 Act of 1934
July 3, 1997
Date of Report (Date of earliest event reported)
XIRCOM, INC.
(Exact name of registrant as specified in its charter)
California 0-19856 95-4421884
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
2300 Corporate Center Drive
Thousand Oaks, CA 91320-1420
(Address of principal executive offices)
(805) 376-9300
(Registrant's telephone number, including area code)
Not Applicable
(Former name or address, if change since last report)
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Item 5. Other Events.
On June 30, 1997 Xircom completed the divestiture of the assets of
Netaccess, Inc., the Company's remote access subsidiary. A copy of the press
release is filed herewith as Exhibit 99.1 and is hereby incorporated by
reference to this Item 5.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 -- Press Release dated June 30, 1997 entitled "Xircom
Completes Sale of Netaccess"
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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.
XIRCOM, INC.
Dated: July 3, 1997 By: /s/ RANDALL H. HOLLIDAY
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Randall H. Holliday
Secretary and General Counsel
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INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
99.1 Press Release dated June 30, 1997 entitled "Xircom
Completes Sale of Netaccess"
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EXHIBIT 99.1
XIRCOM COMPLETES SALE OF NETACCESS
THOUSAND OAKS, CALIF., JUNE 30, 1997 - Xircom, Inc. (Nasdaq:XIRC) today
announced completion of the divestiture of Netaccess, Inc., the Company's remote
access subsidiary. Under the terms of the transaction, the assets of Netaccess,
Inc. have been sold to Brooktrout Technology, Inc. (Nasdaq:BRKT) for $11
million. Xircom will realize net cash proceeds of $9 million (including future
tax benefits retained by Xircom) from the sale and will record a loss from
discontinued operations of $0.27 per share. The effective date of the
transaction is June 30, 1997.
"With the closing of this transaction we have completed the two
corporate goals we established at the outset of this quarter -- to bring the PC
Card channel inventory back into our target range and to divest the Netaccess
business unit. We are exiting this quarter having accomplished both strategic
goals and are focused 100% on the rapidly growing market for PC Card
communications products." said Dirk Gates, chairman, president and chief
executive officer.
The above information contains forward-looking statements based on
current expectations that involve a number of risks and uncertainties which
could cause actual results to differ materially from those projected and
include, but are not limited to, the final determination of revenue, actual
costs and expenses incurred during the quarter for Netaccess, Inc., adjustments
to the purchase price, reserves for potential claims under indemnification
provisions, realization of future tax benefits, and other conditions and
contingencies associated with the Netaccess transaction as contained in the
agreement between the parties. Additional risks are described in the Company's
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SEC reports on Form 10-Q for the quarters ended March 31, 1997 and December 31,
1996, and the report on Form 10-K for the fiscal year ended September 30, 1996.
XIRCOM CORPORATE BACKGROUND. Xircom is the leading manufacturer of PC
Card and CardBus communications products for connecting mobile and remote
portable PC users to corporate networks, the Internet, and other online services
from a wide variety of locations. More information about Xircom may be found at
www.xircom.com.
FOR MORE INFORMATION CONTACT:
Kristi Cushing Craig Rexroad
Xircom Investor Relations Manning Selvage & Lee
(805) 376-9300 (213) 782-6600
[email protected]
http://www.xircom.com
Xircom is a registered trademark of Xircom, Inc., and Netaccess is a trademark
of Netaccess, Inc. Other company or product names have been used for
identification purposes only and may be trademarks of their respective
companies.
Xircom is headquartered in Thousand Oaks, Calif., and has regional offices in
Antwerp, Belgium; and Singapore. Sales: (800) 438-4526. Telephone: (805)
376-9300. Fax: (805) 376-9311.
