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
FEBRUARY 22, 1996
(Date of earliest event reported)
TECH-SYM CORPORATION
(Exact Name of Registrant as Specified in Charter)
NEVADA 74-1509818
(State or Other Jurisdiction of (IRS Employer Identification No.)
Incorporation)
1-4371
(Commission File Number)
10500 Westoffice Drive
Houston, Texas 77042
(Address of Principal Executive Office)
(713) 785-7790
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS.
The information set forth in the press release of the registrant dated
February 22, 1996, which is filed as an exhibit hereto, is incorporated
herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
The following exhibits are filed herewith:
99.1 -- Press release issued by the registrant dated February 22, 1996.
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.
TECH-SYM CORPORATION
By: R. F. THOMPSON
Name: R. F. Thompson
Title: Vice President, Treasurer
Chief Financial Officer
February 22, 1996
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
99.1 -- Press release issued by the registrant dated February 22, 1996.
Exhibit 99.1
PRESS RELEASE
TECH-SYM CORPORATION
ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
Houston, Texas, February 22, 1996--Tech-Sym Corporation (NYSE:TSY),
today announced operating results for the fourth quarter and year ended
December 31, 1995.
Sales for the fourth quarter ended December 31, 1995 were $69,332,000
compared to $58,555,000 reported for the year ago period. Net income for
the latest quarter was $4,646,000, or $0.71 per share, compared to
$3,420,000 or, $0.52 per share, for the fourth quarter of 1994.
Sales for the year were $246,487,000 compared to $213,605,000 reported
in 1994. Net income for the latest year increased to $13,035,000, or $2.00
per share, from $12,115,000 or $1.86 per share, a year ago.
The Company stated that revenue, operating expenses, and net income
for the first quarter ended March 31, 1995 and the second quarter ended
June 30, 1995 and for the year ended December 31, 1995 have been reduced
primarily as the result of the deferral of revenue recognition on certain
sales of its Syntron, Inc., subsidiary where the right of exchange for
credit on the purchase of certain newly designed products existed. As a
result, previously reported net income was reduced by $1,457,000, or $0.22
per share, for the quarter ended March 31, 1995, and by $385,000, or $0.06
per share, for the quarter ended June 30, 1995. Conversely, net income for
the quarter ended December 31, 1995, increased $613,000, or $0.09 per share
as a result of the recognition of a portion of such deferrals in the fourth
quarter. The remaining deferred revenue totaling approximately $4,000,000
is expected to be recognized during 1996.
The deferral of revenue recognition had the effect of reducing net
income and earnings per share for the full year 1995 by $1,229,000, or
$0.19 per share. In addition, during the quarter ended December 31, 1995,
the Company benefited from improved results from the communications area,
as well as a slightly lower effective tax rate on earnings, which caused
fourth quarter earnings to be higher than previously estimated.
Wendell W. Gamel, Chairman and President commented, "We have been
successful in our goal of developing a broad range of products and services
offered to our customers. Since the beginning of 1995, we have made several
acquisitions, leaving the Company well-positioned to recognize improvements
in operations in 1996 and beyond."
Tech-Sym Corporation is a high technology company that designs,
develops and manufactures electronic systems and components used in diverse
markets including seismic exploration, communications, and defense systems.
(See table on reverse side)
TECH-SYM CORPORATION
CONSOLIDATED SUMMARY OF RESULTS*
(in thousands, except per share data)
Three Months Ended December 31, 1995 1994
Sales $69,332 $58,555
Income before income taxes 6,646 5,645
Provision for income taxes 2,000 2,225
Net income $4,646 $3,420
===== =====
Earnings per common share:
Net income $ .71 $ .52
==== ====
Average common shares outstanding 6,548 6,485
===== =====
Year Ended December 31, 1995 1994
Sales $246,487 $213,605
Income before income taxes 18,935 18,433
Provision for income taxes 5,900 6,318
Net income $13,035 $12,115
====== ======
Earnings per common share:
Net income $2.00 $1.86
==== ====
Average common shares outstanding 6,522 6,498
===== =====
*Financial results have been restated to reflect the acquisition of
CogniSeis Development, Inc., in June 1995, which was accounted for
as a pooling of interests.
For further information contact:
Wendell W. Gamel Robert P. Jones/Adam Steinberg
Chairman and President Lee Foley - Media Relations
Tech-Sym Corporation Morgen-Walke Associates
10500 Westoffice Drive 380 Lexington Avenue
Houston, Texas 77042 New York, New York 10168
(713) 785-7790 (212) 850-5600
