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):
November
3, 2009
MEASUREMENT
SPECIALTIES, INC.
(Exact
name of registrant as specified in its charter)
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New
Jersey
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1-11906
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22-2378738
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(State
or other
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(Commission
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(IRS
Employer
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jurisdiction
of
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File
Number)
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Identification
No.)
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incorporation)
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1000
Lucas Way, Hampton, VA 23666
(Address
of principal executive offices) (Zip Code)
(757)
766-1500
Registrant's
telephone number, including area code
Not
applicable
(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):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c)under the Exchange Act (17 CFR
240.13e- 4(c))
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Item
1.01 Entry into a Material Definitive Agreement.
On November 3, 2009, Measurement
Specialties (China) Ltd. (the “Subsidiary”), a subsidiary of Measurement
Specialties, Inc. (the “Company”), entered into a two year credit facility
agreement (the “Credit Agreement”) with China Merchants Bank Co. Ltd
(“CMB”). The Credit Agreement permits the Subsidiary to borrow
up to RMB 68 million (approximately $10 million). Specific
covenants include customary limitations, compliance with laws and regulations,
use of proceeds for prescribed purposes, and timely payment of interest and
principal. The Company has pledged the Subsidiary’s Shenzhen facility
to CMB as collateral. The interest rate will be based on the London
Inter-bank Offered Rate (“LIBOR”) plus a LIBOR spread, depending on the term of
the loan when drawn. The purpose of the credit facility is primarily
to provide additional flexibility in funding operations of the
Subsidiary.
Item
2.02. Results of Operations and Financial Condition.
On
November 4, 2009, Company issued a press release announcing its results of
operations and financial condition for the three and six months ended September
30, 2009. The full text of the press release is attached hereto as Exhibit 99.1
and incorporated herein by reference.
In
accordance with General Instruction B.2. of Form 8-K, the information in Item
2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, as amended, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, except as expressly set forth by
specific reference in such a filing.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
99.1
Press release issued by Measurement Specialties, Inc., dated November 4,
2009.
99.2
Credit facility Agreement by and among Measurement Specialties (China) Ltd. and
China Merchants Bank Co. Ltd. dated November 3, 2009.
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.
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Measurement
Specialties, Inc.
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(Registrant)
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/s/
Mark Thomson
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Mark
Thomson
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Chief
Financial Officer
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Date:
November 4, 2009