DGT Holdings Reports Preliminary Fiscal 2013 Fourth Quarter And Fiscal Year Financial Results And Accelerated Termination Of Rights Agreement

Net income (loss) was $(142,000) and $6,515,000 for the quarter and year ended July 27, 2013, respectively.

FINANCIAL CONDITION

DGT Holdings' working capital at July 27, 2013 was $49,620,000 which included $8,997,000 of unrestricted cash, $1,250,000 of restricted cash and $38,611,000 of investments.

OTHER

Since the Company's two active business  operations have been sold, and due to the substantial gains realized on the sale of those operations, the Company's Board of Directors has determined that the Company's remaining net operating losses (NOLs) no longer have significant value to the Company. In addition, our majority shareholder, Steel Partners Holdings LP, has requested that the Board provide Steel Partners with greater flexibility to acquire additional shares of the Company's common stock from time to time, should it desire to do so, in privately negotiated or open market transactions or otherwise, and depending upon price and availability. To the extent such incremental acquisitions by Steel Partners could provide additional liquidity to the Company's minority shareholders, and since the value of the NOLs is no longer sufficient in the Board's judgment to justify the restrictions imposed by the Rights Agreement, dated as of January 22, 2007, between the Company and Mellon Investor Services LLC, the  Board , by unanimous vote of the independent directors, approved an amendment to the Rights Agreement accelerating the expiration date of the Rights Agreement from February 2, 2017 to November 1, 2013.   Accordingly, as of November 1, 2013, the rights issued pursuant to the Rights Agreement will expire and will no longer be outstanding, and the Rights Agreement will terminate.  Shareholders do not have to take any action as a result of this termination.

ABOUT DGT HOLDINGS

DGT Holdings Corp. previously manufactured proprietary high-voltage power conversion subsystems, including electronic filters, high voltage capacitors, pulse modulators, transformers and reactors, and a variety of other products designed for industrial, medical, military and other commercial applications through its Power Conversion Group's RFI Corporation subsidiary.  This business was sold on August 16, 2012.  The Company currently owns and leases two industrial buildings.

The Company's website is www.dgtholdings.com.

DGT Holdings Corp.
Terry Gibson
Chief Executive Officer
Chief Financial Officer
(408) 399-6490

DGT HOLDINGS CORP. STATEMENTS OF OPERATIONS (In thousands except per share amounts) (UNAUDITED)
	Three-month Period Ended				Fiscal Year Ended
	July 27, 2013		July 28, 2012		July 27, 2013		July 28, 2012
Sales	$             111		$             117		$             710		$             335
Cost of sales	175		22		453		64
Gross margin	(64)		95		257		271
Operating expenses:
General and administrative expenses	325		2,254		2,114		4,327
Loss from continuing operations	(389)		(2,159)		(1,857)		(4,056)
Interest and other income (expense), net	33		9		(98)		98
Loss from continuing operations before income taxes	(356)		(2,150)		(1,955)		(3,958)
Income tax (benefit) provision	(118)		47		3		91
Loss from continuing operations, net of taxes	(238)		(2,197)		(1,958)		(4,049)
Income from discontinued operations:
Income (loss) from discontinued operations, net of taxes	96		357		(322)		2,328
Gain on disposal of discontinued operations, net of taxes	-		-		8,795		6,837
Income from discontinued operations	96		357		8,473		9,165
Net income (loss)	$           (142)		$        (1,840)		$          6,515		$          5,116
Net income (loss) per basic and diluted share:
Loss from continuing operations, net of taxes	$          (0.08)		$          (0.57)		$          (0.54) Werbung Mehr Nachrichten zur DEL GLOBAL TECHS CORP Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 31.05.24 - dpa-AFX ROUNDUP/Aktien New York Schluss: Stabilisiert dank später Rally - Positiver Mai 31.05.24 - ARIVA.DE Redaktion Aktienmarkt: Euro Stoxx 50 tritt auf der Stelle (4.993 Pkt.) 31.05.24 - ARIVA.DE Redaktion Visa-Aktie: Kurs mit wenig Bewegung (249,5321 €) JETZT investieren!?    East Africa Metals: Widerstand gebrochen und neues Jahreshoch! weiterlesen» Anzeige wo-site-teaser-box-17129_site-teaser-box_2024-06-01_09%253A00%253A00_2024-06-02_09%253A00%253A59