SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): June 20, 2002 (June 12, 2002)
CTS CORPORATION
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(Exact Name of Registrant as Specified in Its Charter)
Indiana 1-4639 35-0225010
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(State or Other Jurisdiction (Commission File Numbers) (I.R.S. Employer
of Incorporation) Identification Nos.)
905 West Boulevard North
Elkhart, Indiana 46514
(Address of Principal Executive Offices) (Zip Code)
Registrants' Telephone Number, Including Area Code: (574) 293-7511
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
On June 12, 2002, CTS Corporation issued a press
release announcing expected financial results for the second
quarter of 2002 as more fully described in the press release,
a copy of which is filed as Exhibit 99.1 hereto and which
information is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Financial Statements of Business Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits.
The following exhibits are filed with this report:
Exhibit No. Exhibit Description
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99.1 Press Release dated June 12, 2002
SIGNATURES
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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 thereunto duly authorized.
CTS CORPORATION
/s/ Richard G. Cutter
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By: Richard G. Cutter
Vice President, Secretary and General Counsel
Date: June 20, 2002
EXHIBIT INDEX
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Exhibit No. Exhibit Description
99.1 Press Release dated June 12, 2002
Exhibit 99.1
newsrelease
CTS CORPORATION Elkhart,Indiana 46514 (574) 293-7511
June 12, 2002
FOR RELEASE: Immediately
CTS SEES SALES UP FROM FIRST QUARTER BUT LESS THAN EXPECTED
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Elkhart, IN...CTS Corporation today announced that it expects second quarter
sales to be up modestly from the first quarter, the first sequential quarterly
increase in six quarters. A loss in the range of $.08 to $.11 per share for the
second quarter is also expected.
"While we are happy to see revenue growth returning after five down quarters,
sales are lower than we had expected due to lingering softness in the
communications and computing markets we serve. Communications infrastructure
markets have actually continued to weaken. Continued weak end-customer demand
for handsets and financial difficulties within the mobile communications sector
are all contributing to a very soft market," commented Don Schwanz, CTS Chairman
and Chief Executive Officer. "As a result of the softer sales, earnings will not
show the volume-driven improvement that we had been looking for in the second
quarter," added Schwanz.
Commenting on the outlook for the year Schwanz said, "The continued softness in
the communications and computer markets makes it unlikely that we will achieve
the sales growth target of 3% to 8% that we had indicated for the year, though
we are expecting sales growth going forward. Our cost reduction initiatives
remain on track and are expected to yield continuing earnings improvements. At
this point I still expect the Company to return to net profitability before the
end of the year."
"On the positive side, our automotive and EMS businesses are doing very well and
we are seeing a very positive customer response to a number of new products with
significant future growth potential," Schwanz added.
# # # #
Statements about the Company's earnings outlook and its plans, estimates and
beliefs concerning the future are forward-looking statements, within the meaning
of the Private Securities Litigation Reform Act of 1995, based on the Company's
current expectations. Actual results may differ materially from those stated in
the forward-looking statements due to a variety of factors which could affect
the Company's operating results, liquidity and financial condition. We undertake
no obligations to publicly update or revise any forward-looking statements.
Factors that could impact future results include among others: the general
market conditions in the communications, computer and automotive markets, and in
the overall economy; whether the Company is able to implement measures to
improve its financial condition and flexibility; the Company's successful
execution of its restructuring, consolidation and cost-reduction plans; pricing
pressures and demand for the Company's products, especially if economic
conditions worsen or do not recover in the key markets for the Company's
products; and risks associated with our international operations, including
trade and tariff barriers, exchange rates and political risks. Investors are
encouraged to examine the Company's SEC filings, which more fully describe the
risks and uncertainties associated with the Company's
business.
# # # #
CTS Corporation is a leading designer and manufacturer of electronic components
and assemblies for the communications, computer and automotive markets. The
Company manufactures products in North America, Europe and Asia. Worldwide sales
coverage is accomplished through a network of direct sales personnel,
independent manufacturers' representatives and electronic distributors. The
Company's stock is traded on the NYSE under the ticker symbol "CTS." To find out
more, visit the Company's website at www.ctscorp.com.
Contact: Vinod M. Khilnani, Sr. Vice President and Chief Financial Officer, or
George T. Newhart, Vice President Investor Relations
CTS Corporation
905 West Boulevard North
Elkhart, In 46514
Telephone (574) 293-7511 FAX (574) 293-6146
www.ctscorp.com