-----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, Ek2JtYyQ83mABuUj3WWR4GhPAyFcCst9v07xR9YAuHK5zLUkKHWVv39WLTgETce6 o/S9/tQO92PmhSmbL8iWTQ== 0000944209-97-000389.txt : 19970328 0000944209-97-000389.hdr.sgml : 19970328 ACCESSION NUMBER: 0000944209-97-000389 CONFORMED SUBMISSION TYPE: 8-K CONFIRMING COPY: PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970222 ITEM INFORMATION: Other events FILED AS OF DATE: 19970327 SROS: NASD 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: 00000000 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 FORM 8-K (As last amended in Rel. No. 34-25113, eff. 1/30/95.) 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 February 22, 1997 Date of Report (Date of earliest event reported) TAITRON COMPONENTS INCORPORATED (Exact name of registrant as specified in its charter) California 0-25844 95-4249240 (State or Other (Commission File Number) (I.R.S. Employer Jurisdiction of Identification No.) Incorporation or Organization) 25202 Anza Drive, Santa Clarita, California 91355 (Address of Principal Executive Offices) (Zip Code) (805) 257-6060 Registrant's Telephone Number, including Area Code Item 5. Other Events For further information concerning the repurchase by the Company of its common stock in open market transactions, see the attached "News Releases" dated December 3, 1996 and February 14, 1997. 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. Taitron Components Incorporated (Registrant) By /s/ Stewart Wang ------------------------------------- Stewart Wang Its: Chief Executive Officer Date February 24, 1997 ----------------------------------- EX-99.1 2 DECEMBER 3 PRESS RELEASE EXHIBIT 99.1 [LETTERHEAD OF PONDEL PARSONS & WILKINSON] NEWS RELEASE Contact: David Batt Craig A. Parsons Chief Financial Officer Pondel Parsons & Wilkinson Taitron Components Incorporated (310) 207-9300 (805) 257-6060 FOR IMMEDIATE RELEASE TAITRON COMPONENTS ANNOUNCES STOCK REPURCHASE PLAN Los Angeles, California -- December 3, 1996 -- Taitron Components Incorporated (Nasdaq: TAIT) today announced that its Board of Directors has authorized the Company to repurchase up to 200,000 shares of its common stock from time to time in open market transactions. President and Chief Executive Officer Stewart Wang stated, "Based on Taitron's strong balance sheet and continued growth prospects, we believe it is an undervalued stock and, as such, a good investment." The stock purchases will be financed through available Company cash. Taitron has approximately 6.2 million shares outstanding. Taitron, based in Santa Clarita, California, is the "Discrete Semiconductor Superstore." The Company distributes a wide variety of transistors, diodes and other discrete semiconductors, and optoelectronic devices, to other electronic distributors and original equipment manufacturers in North America. Since its founding in 1989, Taitron's core strategy has been to maintain a substantial inventory of discrete semiconductor devices, an estimated $3 billion niche market often overlooked by other distributors. This strategy also enables Taitron to purchase inventory at prices generally lower than those commonly available to its competitors. # # # EX-99.2 3 FEBRUARY 14 PRESS RELEASE EXHIBIT 99.2 [LETTERHEAD OF PONDEL PARSONS & WILKINSON] NEWS RELEASE Contact: David Batt Craig A. Parsons Chief Financial Officer Pondel Parsons & Wilkinson Taitron Components Incorporated (310) 207-9300 (805) 257-6060 FOR IMMEDIATE RELEASE TAITRON COMPONENTS REPORTS 1996 RESULTS Los Angeles, California -- February 14, 1997 -- Taitron Components Incorporated (Nasdaq: TAIT) today reported results for the fourth quarter and year ended December 31, 1996 Fourth quarter sales were $7,296,000 versus $9,056,000 in the corresponding period last year. Net income was $440,000, or $.06 per share, compared with $1,309,000, or $.19 per share, in the comparable quarter last year. For the year ended December 31, 1996, sales were $30,128,000 compared with $35,936,000 in the prior year period. Net earnings were $2,158,000, or $.31 per share, versus $4,304,000, or $.69 per share, in 1995. Year-to-year comparisons reflect the fact that 1995 was an exceptionally good year for Taitron, because of market shortages across all discrete semiconductor product lines. Customers ordered more than their needs to prevent future shortages throughout 1995. Beginning with a weak market demand in 1996, suppliers had expanded their capacity, which caught up with demand and eventually resulted in built-up inventory among distributors and end-users. Taitron believes that relief from the over supply (more) 2-2-2 Taitron/4Q earnings situation began in late 1996, as suppliers had readjusted their capacity to match the demand. Management is focusing its efforts to gradually reduce the company's inventory while maintaining adequate stock to accommodate the company's historical high growth in the future when demand increases. During 1996, the company test marketed passive components, such as resistors, capacitors and inductors, a type of discrete component manufactured with non-semiconductor materials. The result of the test marketing was very encouraging, although the sales volume was not significant in 1996. Management believes that both passive components and discrete semiconductors can be marketed through existing channels, which in turn will reinforce the company's current relationship with its customers. The company will introduce a new catalog of all passive components during the first quarter of 1997 and expects growth in sales of this new product line in the future. "Taitron is well positioned to realize the profit opportunities in the market upturn," stated Stewart Wang, Taitron president and chief executive officer. "We have implement a new advanced computer system that is expected to increase overall efficiency, in our order and delivery systems." Taitron also reported that it has begun a repurchase of shares of its common stock under a previously announced repurchase program. Taitron, based in Santa Clarita, California, is the "Discrete Semiconductor Superstore," The company distributes a wide variety of transistors, diodes and other discrete semiconductors, optoelectronic devices and, beginning in 1997, a complete line of passives, to other electronic distributors and original equipment manufacturers in North America. (more) 3-3-3 Taitron/4Q earnings Since its founding in 1989, Taitron's core strategy has been to maintain a substantial inventory of discrete semiconductor devices, an estimated $3 billion niche market often overlooked by other distributors. This strategy also enables Taitron to purchase inventory at prices generally lower than those commonly available to its competitors. # # # TAITRON COMPONENTS INCORPORATED Statement of Earnings (In thousands, except share and per share data) (Unaudited)
Three Months Ended For the Year Ended December 31, December 31, ------------ ------------ 1996 1995 1996 1995 -------- -------- -------- -------- Net Sales $ 7,296 $ 9,056 $ 30,128 $ 35,936 Cost of Goods Sold 5,126 5,713 20,744 23,303 -------- -------- -------- -------- Gross Profit 2,170 3,343 9,384 12,633 Selling, General & Administrative Expenses 1,153 1,277 4,870 5,424 -------- -------- -------- -------- Earnings from Operations 1,017 2,066 4,514 7,209 Interest Expense (Income), net 338 (27) 942 128 Other Expense (Income), net (33) 31 (10) (30) -------- -------- -------- -------- Earnings before Income Taxes 712 2,062 3,582 7,111 Income Tax Expense 272 753 1,424 2,807 -------- -------- -------- -------- Net Earnings $ 440 $ 1,309 $ 2,158 $ 4,304 ======== ======== ======== ======== Earnings Per Share $ .06 $ .19 $ .31 $ .69 Weighted Average Shares Outstanding 6,940,000 7,027,000 6,940,000 6,273,000
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