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EX-99.1 - PRESS RELEASE OF SOLITRON DEVICES, INC. ISSUED ON MAY 31, 2017 - SOLITRON DEVICES INCf8k053117ex99i_solitron.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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 31, 2017

 

Solitron Devices, Inc.

 

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware   001-04978   22-1684144
(State or Other Jurisdiction
of Incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

3301 Electronics Way, West Palm Beach, Florida   33407
(Address of Principal Executive Offices)   (Zip Code)

 

(561) 848-4311

 

(Registrant’s Telephone Number, Including Area Code)

 

 

 

(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 (see General Instruction A.2. below):

 

       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))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company  ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

 

 

 

Section 2 – Financial Information

 

Item 2.02.Results of Operations and Financial Condition.

 

On May 31, 2017, Solitron Devices, Inc. ("Solitron" or the "Company") issued a press release announcing that it expects to take a charge to inventory due to excess and obsolescence ("E&O") and wafer yield loss, providing certain financial information, including the fiscal 2017 amount of year-end inventory, net of reserves, sales information for the fourth quarter and fiscal 2017 and backlog for fiscal 2017 year-end, and guidance for the first quarter of fiscal 2018 relating to net sales and bookings.

 

A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

Section 7 – Regulation FD

 

Item 7.01Regulation FD Disclosure.

 

The information set forth under "Item 2.02 Results of Operations and Financial Condition" of this Current Report on Form 8-K is incorporated by reference into this Item 7.01.

 

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Section 9 – Financial Statements and Exhibits

 

Item 9.01.Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
     
99.1   Press Release of Solitron Devices, Inc., issued on May 31, 2017.

 

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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.

 

June 1, 2017 SOLITRON DEVICES, INC.
   
  /s/ Tim Eriksen
  Tim Eriksen
  Chief Executive Officer and
  Interim Chief Financial Officer

 

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EXHIBIT INDEX

 

Exhibit No.   Description
     
99.1   Press Release of Solitron Devices, Inc. issued on May 31, 2017.

 

 

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