UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 28, 1997
HIRSCH INTERNATIONAL CORP.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-23434 11-2230715
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
200 WIRELESS BOULEVARD, HAUPPAUGE, NEW YORK 11788
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (516) 436-7100
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(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
On May 28, 1997, Hirsch International Corp. (the "Company") issued a press
release announcing its quarterly results for its first quarter ended April 30,
1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release, dated May 28, 1997, announcing the Company's quarterly
results for its first quarter ended April 30, 1997.
<PAGE>
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.
HIRSCH INTERNATIONAL CORP.
/s/Henry Arnberg
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By: Henry Arnberg, President
Date: May 30, 1997
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
HIRSCH INTERNATIONAL CORP. ANNOUNCES
CONTINUED RECORD RESULTS FOR THE
FIRST QUARTER ENDED APRIL 30, 1997
HAUPPAUGE, N.Y., May 28, 1997 -- Hirsch International Corp. (NASDAQ: HRSH)
("Hirsch" or the "Company"), the leading single source supplier to the
embroidery industry, today announced record results for the first quarter ended
April 30, 1997. This represents thirteen consecutive quarters in which Hirsch
has reported record results.
Net income for the first quarter was approximately $2.6 million, or $0.32
per share, a 32.7 percent increase over the $2.0 million, or $0.25 per share,
reported in the first quarter of the prior year. Revenues for the first quarter
were up 54.2 percent to $38.1 million, compared with $24.7 million in last
year's first quarter. The weighted average number of common shares outstanding
for the fiscal 1998 and 1997 quarters was 8.3 million and 7.8 million,
respectively.
Earnings per share and weighted average number of common shares outstanding
for the prior year were retroactively adjusted to reflect a five-for-four stock
split effected in the form of a 25 percent stock dividend which was paid on July
22, 1996.
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HIRSCH ANNOUNCES/2
During the first quarter, HAPL Leasing Co., Inc. ("HAPL"), the Company's
leasing subsidiary, entered into approximately $11.4 million of lease
agreements, representing about 32.9 percent of total machine sales. To date,
HAPL has sold approximately 89 percent of its leases to third-party financial
institutions on a non-recourse basis. Henry Arnberg, Chairman, President and
Chief Executive Officer commented, "Our growth continues in the first quarter of
fiscal 1998. We are starting to reap the benefits of increasing revenues in our
acquired territories."
(Table Follows)
This release may consist of forward-looking statements that involve risks
and uncertainties. These statements may differ materially from actual future
events or results. Readers are referred to the documents filed by Hirsch with
the SEC, specifically, Hirsch's Registration Statement on Form S-3, Registration
No. 333-26539 and Hirsch's most recent Form 10-K, which identify important risk
factors that could cause actual results to differ from those contained in the
forward-looking statements.
<PAGE>
HIRSCH INTERNATIONAL CORP.
Financial Highlights
(In thousands, except per share data and current ratio)
<TABLE>
<CAPTION>
For the three months ended
April 30,
1997 1996
(Unaudited)
Operating Results
<S> <C> <C>
Net sales $37,145 $23,868
Int. inc. related to sales-type leases 928 821
------ ------
Total revenue $38,073 $24,689
====== ======
Cost of goods sold 24,317 15,644
Selling, general & administrative 8,911 5,729
Other, net 299 (5)
------ -------
Total expenses $33,527 $21,368
====== ======
Income before provision for income taxes 4,546 3,321
Provision for income taxes 1,932 1,351
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Net income $ 2,614 $ 1,970
====== ======
Net income per share (a) $ 0.32 $ 0.25
====== ======
Weighted average number of shares
used in the calculation of net
income per share (a) $ 8,281 $ 7,766
====== ======
</TABLE>
(a) All amounts adjusted to reflect the 25 percent stock dividend paid on
July 22, 1996
<TABLE>
<CAPTION>
Financial Position
4/30/97 1/31/97
(Unaudited)
<S> <C> <C>
Working capital $22,888 $22,959
Total assets $91,366 $83,696
<PAGE>
Long-term debt, less current maturities $13,303 $13,194
Stockholders' equity $44,479 $41,682
Current ratio 1.68:1 1.80:1
</TABLE>
