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
SEPTEMBER 2, 1997
(DATE OF EARLIEST EVENT REPORTED)
TECH-SYM CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
NEVADA 74-1509818
(STATE OR OTHER JURISDICTION OF (IRS EMPLOYER IDENTIFICATION NO.)
INCORPORATION)
1-4371
(COMMISSION FILE NUMBER)
10500 WESTOFFICE DRIVE, SUITE 200
HOUSTON, TEXAS 77042
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE AND ZIP CODE)
(713) 785-7790
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
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ITEM 5. OTHER EVENTS.
The information set forth in the press release of the registrant dated
September 2, 1997, which is filed as an exhibit hereto, is incorporated hereby
by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) The following exhibit is filed with this report:
99 -- Press Release, dated September 2, 1997, issued by Tech-Sym
Corporation.
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: /S/RAY F. THOMPSON
Ray F. Thompson
(Vice President, Chief
Financial Officer and
Treasurer)
Date: September 3, 1997
PAGE 2
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
99 Press Release, dated September 2, 1997, issued by
Tech-Sym Corporation.
EXHIBIT 99
TECH-SYM COMMENTS ON
EXPECTED RESULTS FOR 1997
Houston, Texas, September 2, 1997 - Tech-Sym Corporation (NYSE: TSY) today
announced preliminary results for its third quarter ended September 30, 1997,
and commented on the outlook for the balance of the year.
Revenue from continuing operations for the quarter ended September 30, 1997 is
expected to be approximately $69 million compared to revenue of $73.7 million
for the quarter ended June 30, 1997, and revenue of $83.1 million for the
quarter ended September 30, 1996.
The decrease in revenue is primarily due to the Company's majority-owned
subsidiary, GeoScience Corporation (NASDAQ: GSCI). The decrease in revenue at
GeoScience is driven by approximately $16 million of anticipated sales being
diverted to the fourth quarter of 1997 and the first quarter of 1998. Changes in
the schedules and vessel availability of GeoScience's customers have caused the
delay in sales. Management believes the requirements of the GeoScience customers
to be firm and delayed orders are expected to be placed in time for deliveries
in the fourth quarter of 1997 and first quarter of 1998.
The Company also anticipates an increase in manufacturing costs at GeoScience
will affect the operating results for the third quarter. The increased
manufacturing costs at GeoScience results from design changes to certain
products and other factors caused by GeoScience's efforts to meet the growth in
the business. The design changes made are expected to enhance product
reliability and performance and should also improve the margins going forward.
Given the attainment of the expected GeoScience orders and the design
improvements, the Company should achieve improved operating results in future
periods.
As a result of the decrease in sales and the increased manufacturing costs at
GeoScience, the Company anticipates earnings from continuing operations in the
range of $.16 to $.23 per share for the quarter ended September 30, 1997.
Operating results for the fourth quarter of 1997 are expected to improve
compared to the fourth quarter of 1996.
Tech-Sym Corporation is a high technology Company that designs, develops and
manufactures electronic systems and components used in diverse markets including
oil and gas exploration and production, communications and defense systems.
Forward-looking statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors
are cautioned that all forward-looking statements involve risks and
uncertainties, including, without limitation, risks associated with the
uncertainty of market acceptance of the Company's products, risk of delays of
orders by customers, limited number of customers, as well as risks of downturns
in economic conditions generally, risks associated with competition and
competitive pricing pressures, and other risks detailed in the Company's filings
with the Securities and Exchange Commission.
