-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, APDofMiZ4Y+FHaAP7TvRof1IyKTF1XQyML0CDsXoSOE0iwFlwQMK/tRgAAvM2xiM cKlZLZy5cI8WUxjhpAbFQg== 0000891092-04-002466.txt : 20040512 0000891092-04-002466.hdr.sgml : 20040512 20040512172250 ACCESSION NUMBER: 0000891092-04-002466 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040511 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TAITRON COMPONENTS INC CENTRAL INDEX KEY: 0000942126 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 954249240 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25844 FILM NUMBER: 04800212 BUSINESS ADDRESS: STREET 1: 25202 ANZA DR CITY: SANTA CLARITA STATE: CA ZIP: 91355 BUSINESS PHONE: 8052576060 MAIL ADDRESS: STREET 1: 25202 ANZA DR CITY: SANTA CLARITA STATE: CA ZIP: 91355 8-K 1 e17884_8k.txt FORM 8-K U.S. 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) May 11, 2004 TAITRON COMPONENTS INCORPORATED (Exact name of registrant as specified in its charter) California 0-25844 95-4249240 (State or other (Commission (I.R.S. Employer jurisdiction of File Number) Identification No.) incorporation) 28040 WEST HARRISON PARKWAY, VALENCIA, CALIFORNIA 91355 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (661) 257-6060 NONE (Former name or former address, if changed since last report) ITEM 7. Financial Statements and Exhibits (c) Exhibits 99 Press release of the Registrant, dated May 11, 2004. ITEM 12. Results of Operations and Financial Condition. Taitron Components Incorporated (the "Registrant") announced financial results for the first quarter ended March 31, 2004. A copy of the Registrant's press release issued on May 11, 2004 concerning the foregoing is attached hereto as Exhibit 99. 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. TAITRON COMPONENTS INCORPORATED Date: May 11, 2004 By: /s/ Stewart Wang -------------------------------------- Stewart Wang President, Chief Executive Officer and Chief Financial Officer Page 2 EX-99 2 e17884ex99.txt PRESS RELEASE Exhibit 99 Taitron Reports First Quarter 2004 Results LOS ANGELES, May 11 /PRNewswire-FirstCall/ -- Taitron Components Incorporated (Nasdaq: TAIT) today announced financial results for its first quarter ended March 31, 2004. The Company reported net sales of $2,491,000, for the quarter ended March 31, 2004, a decrease of 21% compared with $3,155,000 for the same quarter a year earlier. The Company also reported net earnings of $10,000 or $0.00 earnings per basic and diluted share for the quarter ended March 31, 2004, compared with net earnings of $6,000, or $0.00 earnings per basic and diluted share for the same quarter last year. Stewart Wang, president and chief executive officer, said, "In this quarter, our sales grew 29% sequentially from the 4th quarter last year. This is the first significant quarter-to-quarter sales increase since the last industry recession began in 2001. Our quarterly selling, general and administrative expenses decreased more than 20% when compared to the average quarterly expenses during 2003. Although the market demand was very strong in this quarter, we were focusing our efforts on reducing inventory and increasing cash holdings. While our first quarter profits were disappointing and lower than expected, we are optimistic about the recovery of the electronic components industry in 2004. To increase shareholder value, we'll continue to buy-back our stock in the open market. Our long-term growth strategy is to rely not only on the existing component fulfillment service, but also the value-added engineering service to support our existing small and medium size OEM customers in outsourcing their product design and manufacturing work offshore." Taitron, based in Valencia, California, is the "Discrete Components Superstore." The Company distributes a wide variety of transistors, diodes and other discrete semiconductors, optoelectronic devices and passive components to other electronic distributors, contract electronic manufacturers (CEMs) and original equipment manufacturers (OEMs), who incorporate them into their products. Statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. Potential risks and uncertainties include, but are not limited to, factors such as general economic conditions, fluctuations in product demand and market acceptance, the Company's ability to maintain customer and vendor relationships, technological advancements, impact of competitive products and pricing, risks of foreign operations and other information detailed from time to time in the Company's reports filed or to be filed with the U.S. Securities and Exchange Commission. The Company urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the Company faces. Additionally, the Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements, which may be made to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events. For further information, please contact Stewart Wang, CEO and President of Taitron Components Incorporated, +1-661-257-6060, or fax, +1-661-294-1108. Taitron Components Incorporated Condensed Consolidated Statements of Operations (Dollars in thousands, except per share amounts) Three months ended March 31, 2004 2003 (Unaudited) (Unaudited) Net sales $2,491 $3,155 Cost of goods sold 1,842 2,188 Gross profit 649 967 Selling, general and administrative expenses 609 849 Operating earnings 40 118 Interest expense, net (62) (108) Other income (expense), net 32 (4) Earnings before income taxes 10 6 Income tax provision -- -- Net earnings $10 $6 Earnings per share Basic $-- $-- Diluted $-- $-- Weighted average common shares outstanding Basic 5,479,708 5,659,683 Diluted 6,014,708 6,190,683 SOURCE Taitron Components Incorporated -0- 05/11/2004 /CONTACT: Stewart Wang, CEO and President of Taitron Components Incorporated, +1-661-257-6060, or fax, +1-661-294-1108/ (TAIT) CO: Taitron Components Incorporated ST: California IN: CPR SEM TLS ITE MLM OTC SU: ERN -----END PRIVACY-ENHANCED MESSAGE-----