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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
April 10, 1998
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(Date of Earliest Event Reported)
Objective Communications, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 000-22235 52-1707962
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(State of (Commission (I.R.S. Employer
Incorporation) File Number) Identification Number)
50 International Drive, Portsmouth, New Hampshire 20151
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(Address of Principal Executive Offices) (Zip Code)
(603) 334-6700
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(Registrant's Telephone Number, Including Area Code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
Reference is made to Exhibit 99.1, a press release relating to
shipments made by the Company during the first quarter of 1998 and revenue
recognition for the period.
This Current Report on Form 8-K and the press release filed as an
exhibit hereto include forward-looking statements that may involve a number of
risks and uncertainties. Actual results may vary significantly based on a
number of factors, including, but not limited to, risks in product and
technology development, market acceptance of new products and continuing
product demand, the impact of competitive products and pricing, changing
economic conditions, including changes in short term interest rates and other
risk factors detailed in the Company's other filings with the Securities and
Exchange Commission.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
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(c) Exhibit No. Description.
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<S> <C>
99.1 Press release dated April 10, 1998
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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, hereunto duly authorized.
OBJECTIVE COMMUNICATIONS, INC.
Date: April 15, 1998 By: /s/ Steven A. Rogers
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Steven A. Rogers
President and Chief Executive Officer
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NEWS RELEASE
FOR RELEASE: IMMEDIATE
Contact: Elizabeth Youngs, Director of Public Relations
(703)227-3061, e-mail: [email protected]
Contact: Vincent Daniels/John Nesbett
Lippert/Heilshorn & Associates, Inc. (212) 838-3777
OBJECTIVE COMMUNICATIONS, INC. ANNOUNCES FIRST QUARTER SHIPMENTS
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Portsmouth, NH, April 13, 1998 -- Objective Communications, Inc.
("Objective") (Nasdaq NM: OCOM), today announced continued shipments of its
award-winning VidPhone(R) system during the first quarter of 1998. First
quarter shipments consisted of fourteen new VidPhone systems and significant
quantities of back-ordered system components for the forty VidPhone systems
shipped in the fourth quarter of 1997. Total fourth quarter and first quarter
shipments of fifty-four VidPhone systems are in-line with the Company's
internal projections for the two quarters combined.
The Company's revenue recognition policy for initial shipments of its
new video networking system technology continues to be predicated upon
long-term customer acceptance of installed systems. The Company will recognize
only minimal revenue from these combined shipments in the first quarter.
Consistent with its policy and with its fourth quarter earnings announcement,
the Company expects to recognize revenue from all fourth quarter 1997 and first
quarter 1998 shipments in the first half of 1998.
Objective developed the patented VidPhone(R) system that supports high
quality cost-effective video broadcast, retrieval and conferencing to desktops
and conference rooms, over the same wire used by existing telephone systems.
The Company is selling the VidPhone system through channel partners, which
include telephone companies, PBX manufacturers, networking integrators and
other value added resellers. The Company's common stock is listed on the
Nasdaq National Market under the symbol OCOM. For more information, contact
Elizabeth Youngs, Director of Public Relations, (703) 227-3061, or e-mail:
[email protected].
Except for the historical information herein, the matters discussed in
this news release include forward-looking statements that may involve a number
of risks and uncertainties. Actual results may vary significantly based on a
number of factors, including, but not limited to, risks in product and
technology development, market acceptance of new products and continuing
product demand, the impact of competitive products and pricing, changing
economic conditions, including changes in short term interest rates and other
risk factors detailed in the Company's most recent annual report and other
filings with the Securities and Exchange Commission.
