Innovative Micro Technology Inc – ‘8-K’ for 9/8/99

On:  Tuesday, 9/14/99   ·   For:  9/8/99   ·   Accession #:  889810-99-262   ·   File #:  1-06635

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         6     16K 

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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):   September 8, 1999

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

Delaware                                      1-6635      
--------                                      ------      
(State or other jurisdiction of                 (Commission file number)        
incorporation or organization)                                                  

95-1950506  
----------  
(I.R.S. Employer Identification No.)  

75 Robin Hill Road, Goleta, CA 93117  
------------------------------------  
(Address of principal executive office)  (Zip Code) 

Registrant's telephone number, including area code: (805) 683-5353  

Exhibit Index on Page 4   

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Item 5.     Other Events.                                                       

           On September 8, 1999, Applied Magnetics Corporation (the "Company")
announced that it had completed its Rights Offering of common stock to its      
stockholders, which raised approximately $18.1 million in additional equity.    
Pursuant to the Rights Offering, approximately 12.3 million shares were issued  
at a fixed subscription price of $1.00 per share and approximately 6.9 million  
shares were issued at a fixed subscription price of $0.85 per share.            

    The Company also announced that it has reached agreements in
principal with respect to individual private placements of new convertible debt 
instruments and common stock, which together with the Rights Offering, will     
provide the Company with approximately $30.5 million in new financing.          

Item 7.     Financial Statements and Exhibits.                                  
---------------------------------                       

(c) Exhibits                                            

99.1  Press Release dated September 8, 1999, Relating to
           Completion of Rights Offering and Additional Financing.

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SIGNATURE 

    Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, the registrant has duly caused this registration statement
to be signed on its behalf by the undersigned, thereto duly authorized.         

                     APPLIED MAGNETICS CORPORATION

                    By:   /s/ Peter T. Altavilla
                             -------------------------
                             Name:  Peter T. Altavilla

                                   Title: Secretary and Controller

Date: September 8, 1999                                                         

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EXHIBIT INDEX 

Exhibit   Description                                                 Page
-------   -----------                                                 ----

99.1     Press Release dated September 8, 1999, Relating to           5 
Completion of Rights Offering and Additional          
Financing.                                            

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                                                                    Exhibit 99.1
                                                                    ------------

APPLIED MAGNETICS CORPORATION ANNOUNCES COMPLETION OF 
RIGHTS OFFERING AND ADDITIONAL FINANCING

GOLETA, California, September 8, 1999 APPLIED MAGNETICS CORPORATION (APM:NYSE)  
today announced the completion of the Company's previously announced Rights     
Offering of common stock to its stockholders. Approximately 12.3 million shares 
were issued at a fixed subscription price of $1.00 per share and approximately  
6.9 million shares were issued at a fixed subscription price of $0.85 per share.
The Company raised approximately $18.1 million in additional equity. Following  
the offering, Applied Magnetics will have 64.9 million common shares            
outstanding, an increase of 19.2 million as a result of the Rights Offering.    
Stockholders who submitted subscriptions under the offering should expect to    
receive certificates for the newly issued shares, or postings to their brokerage
account, within three weeks.                                                    

Additionally, the Company has reached agreements in principle with respect to   
individual private placements of new convertible debt instruments and common    
stock. These transactions, together with the Rights Offering, will provide the  
Company with a total of approximately $30.5 million in new financing. The       
agreements in principle provide, in part, for the redemption of $5 million par  
value of the Company's 7% convertible subordinated debentures and the Company   
will not be required to pay the semi-annual interest on September 15, 1999 on   
those debentures. The Company will also realize immediate cash savings of       
approximately $805,000 as it has agreed in principle to issue shares of common  
stock to another holder of the 7% convertible subordinated debentures in lieu of
the September 15, 1999 interest payment.                                        

"We are very pleased with the results of our recent financing efforts. These    
proceeds will enable us to concentrate fully on our mission of manufacturing the
best heads in the industry" said Craig Crisman, Chairman and CEO of the Company.

Proceeds from these transactions will be used to fund production of MR and GMR  
products, including related working capital. As announced on August 10, 1999,   
the Company has received production orders for MR heads pending completion of   
qualification for delivery starting in the fourth fiscal quarter of 1999. The   
Company is currently in the process of qualifying GMR product at capacities     
ranging from 8.6 to 10.2 gigabytes per 3.5" disk and anticipates initial        
production volumes of GMR in the first quarter of fiscal 2000.                  

- more -  

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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. These factors   
include, but are not limited to: successful transition to volume production of  
MR and GMR disk head products with profitable yields; the limited number of     
customers and customer changes in short range and long range plans; competitive 
pricing pressures; changes in business conditions affecting the Company's       
financial position or results of operations which significantly increase the    
Company's working capital needs; the Company's inability to generate or obtain  
sufficient capital to fund its working capital needs; the Company's ability to  
control inventory levels; domestic and international competition in the         
Company's product areas; risks related to international transactions; and       
general economic risks and uncertainties.                                       

Applied Magnetics Corporation is an independent manufacturer of magnetic        
recording heads, head-gimbal assemblies ("HGAs") and headstack assemblies       
("HSA's") 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.
Headquartered in Goleta, California, the Company employs over 3000 people around
the world, with facilities in Malaysia, Korea, Singapore and China. The         
Company's worldwide web site can be found at www.appmag.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
		9/15/99		5
Filed on:		9/14/99
For Period End:		9/8/99		1		5
		8/10/99		5					S-1/A
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