Innovative Micro Technology Inc – ‘8-K’ for 1/7/00

On:  Monday, 7/31/00, at 3:27pm ET   ·   For:  1/7/00   ·   Accession #:  889810-0-180   ·   File #:  1-06635

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Current Report   —   Form 8-K
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Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         4     14K 

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8-K
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 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, 2000 

 Applied Magnetics Corporation
(Exact name of registrant as specified in its charter)

 Delaware                      1-6635                 95-1950506
 (State or other              (Commission              (IRS Employer
  jurisdiction of              File Number)             Identification
incorporation)                                           Number)  

75 Robin Hill Road
Goleta, California 93117
 (Address of principal executive office)(Zip code)

Registrant's telephone number, including area code: (805) 681-2837

8-K
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Item 3.  Bankruptcy or Receivership.                                            

         On January 7, 2000, Applied Magnetics Corporation (the "Company") filed
a voluntary  petition for  reorganization  under Chapter 11 of the United States
Bankruptcy Code in the United States  Bankruptcy  Court for the Central District
of California - Santa Barbara  Division (Case No.  ND00-1066-RR).  In connection
with the  Chapter 11 filing,  the  Company  issued a press  release  (the "Press
Release"). A copy of the Press Release is filed as Exhibit 99.1 hereto.         

         The  Company  expects to propose a plan of  reorganization  in the near
future. The plan involves the creation of a new manufacturing  operation focused
on providing volume production capabilities of micro-electro  mechanical systems
for design houses and consumers (the "MEMs  Business").  Under the proposed plan
as currently contemplated, all common stock, warrants and options outstanding on
the date of the filing would be canceled and no  stockholder,  warrant holder or
option holder of the Company would receive any distribution  with respect to the
common stock, warrants or options outstanding on the date of the filing.        

         The  Company is not  current  in its  Securities  Exchange  Act of 1934
periodic reporting requirements;  the Company has not filed its Annual Report on
Form 10-K for the year ended  October 2, 1999 or its  Quarterly  Reports on Form
10-Q for the quarters ended January 2, 2000 and April 2, 2000.                  

         There is no assurance  that the plan of  reorganization  expected to be
filed will be filed, or if filed, that it will not be amended, or if filed, that
it will be  confirmed,  or that the MEMs Business  contemplated  by the proposed
plan, if commenced, will be successful.                                         

Item 7.  Financial Statements and Exhibits.                                     

   99.1     News Release issued January 7, 2000 by Applied Magnetics
Corporation                                 

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SIGNATURES

         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.                                           

Date: July 31, 2000                           APPLIED MAGNETICS CORPORATION     

                                By:  /s/ John Foster
                                                  ----------------------------

                                        Its: Chief Operating Officer
                                                  ----------------------------

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 Business Wire January 7, 2000, Friday

Copyright 2000 Business Wire, Inc.
 Business Wire

 January 7, 2000, Friday

         Applied  Magnetics  Corporation  (NYSE:APM) today announced that it has
filed a  voluntary  petition  for  protection  under  Chapter 11 of the  Federal
Bankruptcy Code with the United States Bankruptcy Court in Santa Barbara.       

         Operations at the Company's Goleta facility have been  discontinued and
most of the employees  there have been laid off. The Company expects to continue
limited operations in Malaysia and Korea for the purpose of fulfilling  existing
customer  commitments.  The Company  will  continue to seek new  financing in an
effort to resume full operations,  but there is no assurance its efforts will be
successful.                                                                     

         "In the past two years,  magnetic  recording  head  manufacturers  have
suffered  from  excess  capacity  and  slowing  demand  from the hard disk drive
industry.  These market  conditions have severely hampered the Company's efforts
in qualifying  its GMR technology on new products and have prevented the Company
from achieving its planned sales  volume," said Craig Crisman,  Chairman and CEO
of the Company.                                                                 

         Applied  Magnetics  Corporation  is  an  independent   manufacturer  of
magnetic  recording  heads,   head-gimbal   assemblies  ("HGAs")  and  headstack
assemblies  ("HSAs") for computer  hard disk  drives.  Founded in 1957,  Applied
Magnetics  is the oldest  independent  U.S.-based  supplier of disk heads to the
merchant  market.  The Company has offshore  facilities  in Malaysia,  Korea and
China.                                                                          

         Forward-looking  statements  included  in this  release  are  based  on
estimates and  assumptions  made by management of the Company,  which,  although
believed to be reasonable,  are  inherently  uncertain and difficult to predict.
Therefore,  undue  reliance  should  not be  placed  upon such  estimates.  Such
statements  are  subject  to certain  risks and  uncertainties  inherent  in the
Company's  business that could cause actual  results to differ  materially  from
those projected.                                                                

CONTACT:  Applied Magnetics, Goleta                                             
Craig D. Crisman, 805/683-5353                                                  

URL:  http://www.businesswire.com                                               
---------------------------                                         

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Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		7/31/00		3
		4/2/00		2
For Period End:		1/7/00		1		4
		1/2/00		2
		10/2/99		2					NT 10-K,  NT 11-K
									List all Filings