histresults8k.htm

UNITED STATES
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
       
Date of Report (Date of earliest event reported):  December 15, 2009
       
       
GERBER SCIENTIFIC, INC.
(Exact name of Registrant as specified in its charter)
 
CONNECTICUT
1-5865
06-0640743
(State or other jurisdiction of incorporation)
(Commission File No.)
(I.R.S. Employer Identification No.)
       
       
83 Gerber Road West, South Windsor, Connecticut
  
06074
(Address of principal executive offices)
  
(Zip Code)
       
       
Registrant’s Telephone Number, including area code:
  
(860) 644-1551
       
Not Applicable
(Former name or former address, if changed since last report)
       
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


 
 
 

Item 2.02  Results of Operations and Financial Condition

The following table presents fiscal 2010 quarterly and year-to-date unaudited condensed consolidated statements of operations for the periods indicated, as adjusted for previously announced discontinued operations of FOBA, ND Graphics and Spandex Poland.

   
For the Fiscal Quarters Ended
    
For the Six Months Ended
  
In thousands except per share data
  
July 31, 2009
    
October 31, 2009
    
October 31, 2009
  
Revenue:
                  
  Product sales
   $ 93,764     $ 103,546     $ 197,310  
  Service sales
     16,824       16,614       33,438  
      110,588       120,160       230,748  
Cost of Sales:
                        
  Cost of products sold
     68,784       74,646       143,430  
  Cost of services sold
     9,777       10,294       20,071  
      78,561       84,940       163,501  
                         
Gross profit
     32,027       35,220       67,247  
                         
Selling, general and administrative expenses
     24,150       27,817       51,967  
Research and development
     4,428       4,532       8,960  
Operating income
     3,449       2,871       6,320  
                         
Other income (expense), net
     (1,005 )     (394 )     (1,399 )
Interest expense
     (942 )     (918 )     (1,860 )
Income from continuing operations before
   income taxes
     1,502       1,559       3,061  
Income tax expense (benefit)
     359       (374 )     (15 )
Income from continuing operations
     1,143       1,933       3,076  
Loss from discontinued operations, net of
   taxes
     (629 )     (1,474 )     (2,103 )
Net income
   $ 514     $ 459     $ 973  
                         
Basic earnings (loss) per common share:
                        
  Continuing operations
   $ 0.05     $ 0.08     $ 0.12  
  Discontinued operations
     (0.03 )     (0.06 )     (0.08 )
Basic earnings per common share
   $ 0.02     $ 0.02     $ 0.04  
Diluted earnings (loss) per common share:
                        
  Continuing operations
   $ 0.05     $ 0.08     $ 0.12  
  Discontinued operations
     (0.03 )     (0.06 )     (0.08 )
Diluted earnings per common share
   $ 0.02     $ 0.02     $ 0.04  




 
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The following table presents fiscal 2009 unaudited condensed consolidated statements of operations for the periods indicated, as adjusted for previously announced discontinued operations of FOBA, ND Graphics and Spandex Poland.

   
For the Fiscal Quarters Ended
    
For the Fiscal Year Ended
  
 
In thousands except per share data
  
July 31, 2008
    
October 31, 2008
    
January 31, 2009
    
April 30, 2009
    
April 30, 2009
  
Revenue:
                              
  Product sales
   $ 129,190     $ 123,760     $ 88,752     $ 91,664     $ 433,366  
  Service sales
     18,975       18,793       17,439       16,182       71,389  
      148,165       142,553       106,191       107,846       504,755  
Cost of Sales:
                                        
  Cost of products sold
     94,813       88,811       63,674       67,374       314,672  
  Cost of services sold
     13,008       12,337       10,291       9,738       45,374  
      107,821       101,148       73,965       77,112       360,046  
                                         
Gross profit
     40,344       41,405       32,226       30,734       144,709  
                                         
Selling, general and administrative expenses
     32,563       30,155       27,162       26,535       116,415  
Research and development
     6,233       5,698       4,847       4,345       21,123  
Operating income
     1,548       5,552       217       (146 )     7,171  
                                         
Other income (expense), net
     (125 )     (412 )     (2,470 )     (64 )     (3,071 )
Interest expense
     (539 )     (748 )     (654 )     (1,188 )     (3,129 )
Income from continuing operations before
   income taxes
     884       4,392       (2,907 )     (1,398 )     971  
Income tax expense (benefit)
     160       (1,973 )     (1,616 )     (470 )     (3,899 )
Income from continuing operations
     724       6,365       (1,291 )     (928 )     4,870  
Loss from discontinued operations, net of
   taxes
     (43 )     (271 )     (941 )     (1,379 )     (2,634 )
Net income
   $ 681     $ 6,094     $ (2,232 )   $ (2,307 )   $ 2,236  
                                         
Basic earnings (loss) per common share:
                                        
  Continuing operations
   $ 0.03     $ 0.27     $ (0.05 )   $ (0.04 )   $ 0.20  
  Discontinued operations
     ---       (0.02 )     (0.04 )     (0.05 )     (0.11 )
Basic earnings (loss) per common share
   $ 0.03     $ 0.25     $ (0.09 )   $ (0.09 )   $ 0.09  
Diluted earnings (loss) per common share:
                                        
  Continuing operations
   $ 0.03     $ 0.26     $ (0.05 )   $ (0.04 )   $ 0.20  
  Discontinued operations
     ---       (0.01 )     (0.04 )     (0.05 )     (0.11 )
Diluted earnings (loss) per common share
   $ 0.03     $ 0.25     $ (0.09 )   $ (0.09 )   $ 0.09  


 
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The following table presents fiscal 2010 quarterly and year-to-date unaudited revenue and operating income by reportable segment for the periods indicated, as adjusted for previously announced discontinued operations of FOBA, ND Graphics and Spandex Poland.

   
For the Fiscal Quarters Ended
    
For the Six Months Ended
  
In thousands
  
July 31, 2009
    
October 31, 2009
    
October 31, 2009
  
Sign Making and Specialty Graphics:
                  
  Gerber Scientific Products
   $ 10,887     $ 13,375     $ 24,262  
  Spandex
     53,138       55,689       108,827  
Sign Making and Specialty Graphics
     64,025       69,064       133,089  
Apparel and Flexible Materials
     35,060       37,094       72,154  
Ophthalmic Lens Processing
     11,503       14,002       25,505  
     Consolidated revenue
   $ 110,588     $ 120,160     $ 230,748  
                         
Sign Making and Specialty Graphics:
                        
  Gerber Scientific Products
   $ (1,222 )   $ (1,240 )   $ (2,462 )
  Spandex
     3,033       3,492       6,525  
Sign Making and Specialty Graphics
     1,811       2,252       4,063  
Apparel and Flexible Materials
     4,159       3,298       7,457  
Ophthalmic Lens Processing
     695       1,625       2,320  
     Segment operating income
     6,665       7,175       13,840  
Corporate operating expenses
     (3,216 )     (4,304 )     (7,520 )
     Consolidated operating income
   $ 3,449     $ 2,871     $ 6,320  
 
 
The following table presents fiscal 2009 unaudited revenue and operating income by reportable segment for the periods indicated, as adjusted for previously announced discontinued operations of FOBA, ND Graphics and Spandex Poland.

   
For the Fiscal Quarters Ended
    
For the Fiscal Year Ended
  
 
In thousands
  
July 31, 2008
    
October 31, 2008
    
January 31, 2009
    
April 30, 2009
    
April 30, 2009
  
Sign Making and Specialty Graphics:
                              
  Gerber Scientific Products
   $ 14,565     $ 18,954     $ 11,938     $ 12,003     $ 57,460  
  Spandex
     69,111       62,581       45,430       49,665       226,787  
Sign Making and Specialty Graphics
     83,676       81,535       57,368       61,668       284,247  
Apparel and Flexible Materials
     48,949       45,382       36,437       32,197       162,965  
Ophthalmic Lens Processing
     15,540       15,636       12,386       13,981       57,543  
     Consolidated revenue
   $ 148,165     $ 142,553     $ 106,191     $ 107,846     $ 504,755  
                                         
Sign Making and Specialty Graphics:
                                        
  Gerber Scientific Products
   $ (1,365 )   $ 150     $ 334     $ (1,509 )   $ (2,390 )
  Spandex
     3,453       2,675       704       3,453       10,285  
Sign Making and Specialty Graphics
     2,088       2,825       1,038       1,944       7,895  
Apparel and Flexible Materials
     3,666       4,929       2,778       1,501       12,874  
Ophthalmic Lens Processing
     115       1,773       737       573       3,198  
     Segment operating income
     5,869       9,527       4,553       4,018       23,967  
Corporate operating expenses
     (4,321 )     (3,975 )     (4,336 )     (4,164 )     (16,796 )
     Consolidated operating income
   $ 1,548     $ 5,552     $ 217     $ (146 )   $ 7,171  


 
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Item 8.01  Other Events

The information furnished pursuant to Item 2.02 is incorporated by reference in, and made a part of, this Item 8.01.
 

 
 

 
 

 

 
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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.
 

 
GERBER SCIENTIFIC, INC.
     
Date:  December 15, 2009
By:
/s/    Michael R. Elia
   
Michael R. Elia
    Executive Vice President and Chief Financial Officer
   (On behalf of the Registrant and as
           Duly Authorized Officer)


 
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