historicalresults8k.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):  January 7, 2011
       
       
GERBER SCIENTIFIC, INC.
(Exact name of Registrant as specified in its charter)
 
CONNECTICUT
001-05865
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 7.01  Regulation FD Disclosure

As previously reported, on December 31, 2010, Gerber Scientific International, Inc. (the “Seller”), a wholly-owned subsidiary of Gerber Scientific, Inc. (the “Company”), completed the sale of substantially all of the Seller’s assets, rights and interests primarily or solely related to the Seller’s ophthalmic lens processing unit, Gerber Coburn.

The following table presents unaudited condensed consolidated statements of operations for the fiscal 2011 periods indicated, as adjusted for previously announced discontinued operations of Gerber Coburn.

   
For the Fiscal Quarters Ended
    
For the Six Months Ended
  
In thousands except per share data
  
July 31, 2010
    
October 31, 2010
    
October 31, 2010
  
Revenue:
                  
  Product sales
   $ 92,160     $ 102,699     $ 194,859  
  Service sales
     14,168       14,841       29,009  
      106,328       117,540       223,868  
Cost of Sales:
                        
  Cost of products sold
     65,328       72,522       137,850  
  Cost of services sold
     8,882       9,839       18,721  
      74,210       82,361       156,571  
                         
Gross profit
     32,118       35,179       67,297  
                         
Selling, general and administrative expenses
     26,306       27,944       54,250  
Research and development
     3,791       3,792       7,583  
Restructuring and other expenses
     755       1,828       2,583  
Operating income
     1,266       1,615       2,881  
                         
Other income (expense), net
     409       (311 )     98  
Interest expense
     (470 )     (360 )     (830 )
Income from continuing operations before
   income taxes
     1,205       944       2,149  
Income tax expense (benefit)
     448       226       674  
Income from continuing operations
     757       718       1,475  
Gain (Loss) from discontinued operations, net
   of taxes
     767       (16,825 )     (16,058 )
Net income (loss)
   $ 1,524     $ (16,107 )     (14,583 )
                         
Basic earnings (loss) per common share:
                        
  Continuing operations
   $ 0.03     $ 0.03     $ 0.06  
  Discontinued operations
   $ 0.03     $ (0.67 )   $ (0.64 )
Basic earnings per common share
   $ 0.06     $ (0.64 )   $ (0.58 )
Diluted earnings (loss) per common share:
                        
  Continuing operations
   $ 0.03     $ 0.03     $ 0.06  
  Discontinued operations
   $ 0.03     $ (0.67 )   $ (0.64 )
Diluted earnings per common share
   $ 0.06     $ (0.64 )   $ (0.58 )




 
 
 

The following table presents unaudited condensed consolidated statements of operations for the fiscal periods indicated, as adjusted for previously announced discontinued operations of Gerber Coburn.

   
For the Fiscal Quarters Ended
    
For the Fiscal Year Ended
  
 
In thousands except per share data
  
July 31, 2009
    
October 31, 2009
    
January 31, 2010
    
April 30, 2010
    
April 30, 2010
  
Revenue:
                              
  Product sales
   $ 83,546     $ 90,869     $ 84,931     $ 94,640     $ 353,986  
  Service sales
     15,098       14,709       14,290       14,184       58,281  
      98,644       105,578       99,221       108,824       412,267  
Cost of Sales:
                                        
  Cost of products sold
     62,092       66,244       60,666       67,948       256,950  
  Cost of services sold
     8,299       8,848       8,792       9,077       35,016  
      70,391       75,092       69,458       77,025       291,966  
                                         
Gross profit
     28,253       30,486       29,763       31,799       120,301  
                                         
Selling, general and administrative expenses
     22,786       25,789       25,288       26,283       100,146  
Research and development
     3,580       3,612       3,717       4,021       14,930  
Restructuring and other expenses
     ---       542       1,472       1,213       3,227  
Operating income (loss)
     1,887       543       (714 )     282       1,998  
                                         
Other income (expense), net
     (947 )     (328 )     (33 )     589       (719 )
Interest expense
     (616 )     (592 )     (1,048 )     (601 )     (2,857 )
Income (Loss) from continuing operations
   before income taxes
     324       (377 )     (1,795 )     270       (1,578 )
Income tax expense (benefit)
     39       (860 )     (502 )     667       (656 )
Income (Loss) from continuing operations
     285       483       (1,293 )     (397 )     (922 )
Income (Loss) from discontinued operations,
   net of taxes
     229       (24 )     484       (1,225 )     (536 )
Net income (loss)
   $ 514     $ 459     $ (809 )   $ (1,622 )   $ (1,458 )
                                         
Basic earnings (loss) per common share:
                                        
  Continuing operations
   $ 0.01     $ 0.02     $ (0.05 )   $ (0.02 )   $ (0.04 )
  Discontinued operations
   $ 0.01       ---       0.02     $ (0.04 )   $ (0.02 )
Basic earnings (loss) per common share
   $ 0.02     $ 0.02     $ (0.03 )   $ (0.06 )   $ (0.06 )
Diluted earnings (loss) per common share:
                                        
  Continuing operations
   $ 0.01     $ 0.02     $ (0.05 )   $ (0.02 )   $ (0.04 )
  Discontinued operations
   $ 0.01       ---       0.02     $ (0.04 )   $ (0.02 )
Diluted earnings (loss) per common share
   $ 0.02     $ 0.02     $ (0.03 )   $ (0.06 )   $ (0.06 )


 
 
 

The following table presents quarterly and year-to-date unaudited revenue and operating income by reportable segment for the fiscal 2011 periods indicated, as adjusted for previously announced discontinued operations of Gerber Coburn.  The Unallocated costs included in segment operating income represent overhead costs previously allocated to the Ophthalmic Lens Processing segment.  These disclosures do not reflect any adjustments for overhead and administrative expense reductions arising as a result of the asset sale.

   
For the Fiscal Quarters Ended
    
For the Six Months Ended
  
In thousands
  
July 31, 2010
    
October 31, 2010
    
October 31, 2010
  
Sign Making and Specialty Graphics:
                  
  Gerber Scientific Products
   $ 9,994     $ 10,569     $ 20,563  
  Spandex
     52,292       58,451       110,743  
Sign Making and Specialty Graphics
     62,286       69,020       131,306  
Apparel and Flexible Materials
     44,052       48,520       92,572  
Intersegment revenue elimination
     (10 )     ---       (10 )
Consolidated revenue
   $ 106,328     $ 117,540     $ 223,868  
Sign Making and Specialty Graphics:
                        
  Gerber Scientific Products
   $ (872 )   $ (1,521 )   $ (2,393 )
  Spandex
     4,159       4,843       9,002  
Sign Making and Specialty Graphics
     3,287       3,322       6,609  
Apparel and Flexible Materials
     3,606       5,028       8,634  
Unallocated
     (584 )     (859 )     (1,443 )
     Segment operating income
     6,309       7,491       13,800  
Corporate operating expenses
     (5,043 )     (5,876 )     (10,919 )
Consolidated operating income
   $ 1,266     $ 1,615     $ 2,881  
 
 
The following table presents unaudited revenue and operating income by reportable segment for the fiscal 2010 periods indicated, as adjusted for previously announced discontinued operations of Gerber Coburn.  The Unallocated costs included in segment operating income represent overhead costs previously allocated to the Ophthalmic Lens Processing segment.  These disclosures do not reflect any adjustments for overhead and administrative expense reductions arising as a result of the asset sale.
   
For the Fiscal Quarters Ended
    
For the Fiscal Year Ended
  
 
In thousands
  
July 31, 2009
    
October 31, 2009
    
January 31, 2010
    
April 30, 2010
    
April 30, 2010
  
Sign Making and Specialty Graphics:
                              
  Gerber Scientific Products
   $ 8,858     $ 11,285     $ 7,014     $ 8,875     $ 36,032  
  Spandex
     52,697       55,109       49,785       54,390       211,981  
Sign Making and Specialty Graphics
     61,555       66,394       56,799       63,265       248,013  
Apparel and Flexible Materials
     37,338       39,719       42,610       45,559       165,226  
Intersegment revenue elimination
     (249 )     (535 )     (188 )     ---       (972 )
Consolidated revenue
   $ 98,644     $ 105,578     $ 99,221     $ 108,824     $ 412,267  
Sign Making and Specialty Graphics:
                                        
  Gerber Scientific Products
   $ (952 )   $ (926 )   $ (2,112 )   $ (1,496 )   $ (5,486 )
  Spandex
     3,042       3,461       2,727       3,231       12,461  
Sign Making and Specialty Graphics
     2,090       2,535       615       1,735       6,975  
Apparel and Flexible Materials
     4,837       3,932       4,712       4,808       18,289  
Unallocated
     (780 )     (555 )     (646 )     (1,161 )     (3,142 )
     Segment operating income
     6,147       5,912       4,681       5,382       22,122  
Corporate operating expenses
     (4,260 )     (5,369 )     (5,395 )     (5,100 )     (20,124 )
Consolidated operating income (loss)
   $ 1,887     $ 543     $ (714 )   $ 282     $ 1,998  

The information in this Item 7.01 of the Company’s Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, unless such subsequent filing specifically incorporates such information.

 
 
 


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:  January 7, 2011
By:
/s/    Michael R. Elia
   
Michael R. Elia
    Executive Vice President, Chief Financial Officer and Chief Accounting Officer
   (On behalf of the Registrant and as
           Duly Authorized Officer)