-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HY/vgmeCaF77RUth9A1BzfFOO7BQVuY5mrO6omLYYu8JTQYIJyQNbActfyjMu3CZ qgm8AiFQzEwDdFt7Oo51Eg== /in/edgar/work/0000894579-00-000121/0000894579-00-000121.txt : 20001116 0000894579-00-000121.hdr.sgml : 20001116 ACCESSION NUMBER: 0000894579-00-000121 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL KNIFE & SAW INC CENTRAL INDEX KEY: 0001027909 STANDARD INDUSTRIAL CLASSIFICATION: [3420 ] IRS NUMBER: 570697252 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 333-17305 FILM NUMBER: 768786 BUSINESS ADDRESS: STREET 1: 1299 COX AVENUE CITY: ERLANGER STATE: KY ZIP: 41018 BUSINESS PHONE: 6063710333 MAIL ADDRESS: STREET 1: 1299 COX AVENUE CITY: ERLANGER STATE: KY ZIP: 41018 10-Q 1 0001.txt FORM 10-Q FOR INTERNATIONAL KNIFE & SAW, INC. ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended September 30, 2000 [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from ______ to _______ Commission file number: 333-17305 International Knife & Saw, Inc. (Exact name of registrant as specified in its charter) Delaware 57-0697252 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1299 Cox Avenue Erlanger, Kentucky 41018 (Address of principal executive offices) (859) 371-0333 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- As of October 31, 2000, there were 481,971 shares of the registrant's common stock outstanding, all of which were owned by an affiliate of the registrant. ================================================================================ International Knife & Saw, Inc. and Subsidiaries Index
Page No. -------- Part I. Financial Information Item 1. Financial Statements Consolidated Balance Sheets 3 Consolidated Statements of Income 5 Consolidated Statements of Cash Flows 6 Notes to Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3. Quantitative and Qualitative Disclosures about Market Risk 13 Part II. Other Information Item 1. Legal Proceedings 14 Item 2. Change in Securities 14 Item 3. Defaults Upon Senior Securities 14 Item 4. Submission of Matters to a Vote of Security Holders 14 Item 5. Other Information 14 Item 6. Exhibits and Reports on Form 8-K 14 (a) Exhibits (b) Reports on Form 8-K 14 Signatures 15
2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements International Knife & Saw, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited)
September 30, December 31, 2000 1999 ------------------------------------- Assets (in thousands) Current assets: Cash and cash equivalents $ 3,273 $ 1,862 Accounts receivable, trade, less allowances for doubtful accounts of $2,079 and $1,856 26,658 25,620 Inventories 29,963 27,922 Due from parent 1,154 1,159 Other current assets 2,802 2,759 ------------------------------------- Total current assets 63,850 59,322 Other assets: Goodwill 14,373 17,015 Debt issuance costs 2,387 2,736 Other noncurrent assets 2,697 2,163 ------------------------------------- 19,457 21,914 Property, plant and equipment-net 45,017 46,382 ------------------------------------- Total assets $ 128,324 $ 127,618 =====================================
See accompanying notes. 3 International Knife & Saw, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited)
September 30, December 31, 2000 1999 --------------------------------------- (in thousands, except share amounts) Liabilities and shareholder's deficit Current liabilities: Notes payable $ 12,560 $ 4,362 Current portion of long-term debt 2,381 2,465 Accounts payable 11,007 13,007 Accrued liabilities 15,260 10,619 --------------------------------------- Total current liabilities 41,208 30,453 Long-term debt, less current portion 109,555 112,391 Other liabilities 9,446 6,557 --------------------------------------- Total liabilities 160,209 149,401 Minority interest 1,111 1,063 Shareholder's deficit: Common stock, no par value - authorized - 580,000 shares; issued - 526,904 shares; outstanding - 481,971 shares 5 5 Additional paid-in capital 10,153 10,153 Accumulated deficit (34,132) (25,898) Accumulated other comprehensive loss (5,590) (3,674) Treasury stock, at cost (3,432) (3,432) --------------------------------------- Total shareholder's deficit (32,996) (22,846) ======================================= Total liabilities and shareholder's deficit $ 128,324 $ 127,618 =======================================
See accompanying notes. 4 International Knife & Saw, Inc. and Subsidiaries Consolidated Statements of Income (Unaudited)
Quarter ended Nine months ended September 30, September 30, 2000 1999 2000 1999 --------------------------------------------------------------------- (in thousands, except per share amounts) Net sales $ 36,934 $ 37,473 $ 121,850 $ 113,989 Cost of sales 27,098 26,299 89,287 80,809 --------------------------------------------------------------------- Gross profit 9,836 11,174 32,563 33,180 Selling, general and administrative expenses 8,721 8,478 29,746 25,093 --------------------------------------------------------------------- Operating income 1,115 2,696 2,817 8,087 Other expenses (income): Interest income (30) (33) (96) (90) Interest expense 3,242 3,093 9,606 9,404 Minority interest 59 75 193 256 --------------------------------------------------------------------- 3,271 3,135 9,703 9,570 --------------------------------------------------------------------- Loss before income taxes (2,156) (439) (6,886) (1,483) Provision (benefit) for income taxes 178 (150) 1,346 (506) ===================================================================== Net loss $ (2,334) $ (289) $ (8,232) $ (977) ===================================================================== Net loss per common share $ (4.84) $ (.60) $ (17.08) $ (2.03)
See accompanying notes. 5 International Knife & Saw, Inc. and Subsidiaries Consolidated Statements of Cash Flows (Unaudited)
Nine months ended September 30, 2000 1999 ---------------------------- (in thousands) Operating activities Net loss $ (8,232) $ (977) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 5,780 5,030 Loss on disposition of businesses 1,981 - Loss on sale of property, plant and equipment 63 34 Minority interest in income of subsidiary 193 256 Changes in operating assets and liabilities, net of effects from purchases and dispositions of operations: Accounts receivable 337 (2,482) Inventories 1,254 1,844 Accounts payable (2,495) (1,267) Accrued liabilities 605 5,378 Other 568 514 ---------------------------- Net cash provided by operating activities 54 8,330 Investing activities Purchases of operations, net of cash acquired (956) - Purchases of property, plant and equipment (4,043) (4,646) Proceeds from sale of property, plant and equipment 628 428 Proceeds from disposition of businesses 1,290 - Decrease (increase) in notes receivable and other assets (283) 233 ---------------------------- Net cash used by investing activities (3,364) (3,985) Financing activities Decrease (increase) in amounts due from parent 5 (1,712) Increase in notes payable and long-term debt 21,289 15,351 Repayment of notes payable and long-term debt (16,247) (16,865) Cash received from investees 51 ---------------------------- Net cash provided (used) by financing activities 5,098 (3,226) Effect of exchange rates on cash and cash equivalents (377) (58) ---------------------------- Increase in cash and cash equivalents 1,411 1,061 Cash and cash equivalents at beginning of period 1,862 2,032 ---------------------------- Cash and cash equivalents at end of period $ 3,273 $ 3,093 ============================ See accompanying notes.
6 International Knife & Saw, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Unaudited) (in thousands) 1. Basis of Presentation The unaudited interim consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, which are, in the opinion of the management of International Knife & Saw, Inc. and its consolidated subsidiaries ("the Company"), necessary to present fairly the consolidated financial position and consolidated results of operations and cash flows of the Company. Results of operations for the periods presented are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company's Form 10-K for the year ended December 31, 1999. The consolidated balance sheet at December 31, 1999, has been derived from the audited consolidated financial statements at that date. Certain 1999 amounts have been reclassified to conform to the current year presentation. In June, 2000, the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB) No. 101- Revenue Recognition in Financial Statements, which is required to be adopted no later than the fourth fiscal quarter of fiscal years beginning after December 15, 1999. The statement requires companies to recognize revenue upon delivery of products to the customer, which is when title passes. The Company does not anticipate the adoption of the new SAB will have a significant impact on its earnings or financial position. In June 1998, the Financial Accounting Standards Board issued Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, which is required to be adopted in fiscal years beginning after June 15, 2000. The Statement will require the Company to recognize any derivatives on the balance sheet at fair value. The Company does not anticipate that the adoption of the new Statement will have a significant effect on its earnings or financial position. 2. Acquisitions In January 2000, the Company's German subsidiary acquired all of the shares of Boehler Miller Messer und Saegen GmbH ("BMMS"). BMMS is headquartered in Waidhofen, Austria. The purchase price consisted of 13,300 Austrian Schillings (approximately $956) in cash, net of cash acquired, and 63,000 Austrian Schillings (approximately $4,530) in assumed debt. The Company's lines of credit were increased in order to finance the cash payment. Additional consideration is contingent upon BMMS achieving certain annual earnings and would be payable in 2002. BMMS produces knives, saws and ground flats for the wood, paper and metal industries with annual sales of approximately 300,000 Austrian Schillings (approximately $21,600). The acquisition was accounted for under the purchase method. There was no goodwill on this acquisition. 7 International Knife & Saw, Inc. and Subsidiaries Notes to Consolidated Financial Statements (continued) (Unaudited) (in thousands) 3. Comprehensive Income The Company includes minimum pension liabilities and foreign currency translation adjustments in other comprehensive income. For the quarters ended September 30, 2000 and 1999, total comprehensive (losses) income amounted to ($3,368) and $127, respectively, including ($1,032) and $417 of other comprehensive (losses) income related to foreign currency translation adjustments. For the nine months ended September 30, 2000 and 1999, total comprehensive losses amounted to $10,150 and $2,074, respectively, including $1,916 and $1,096 of other comprehensive losses related to foreign currency translation adjustments. 4. Notes Payable and Long -Term Debt
September 30, December 31, 2000 1999 -------------------------------------- Notes payable: Notes payable on demand in German Marks to a German bank, issued under revolving credit agreements, interest payable quarterly $ 5,449 $ 1,347 Notes payable on demand in Chinese Yuan Renminbi to Chinese banks, issued under revolving credit agreements, interest payable monthly 2,112 1,765 Notes payable on demand in Austrian Schillings to an Austrian bank 1,285 - Notes payable on demand in U.S. Dollars to a German bank, issued under revolving credit agreements, interest payable quarterly 3,614 1,250 Notes payable on demand in U.S. Dollars to a U.S. Bank 100 - -------------------------------------- $12,560 $ 4,362 ======================================
8 International Knife & Saw, Inc. and Subsidiaries Notes to Consolidated Financial Statements (continued) (Unaudited) (in thousands) 4. Notes Payable and Long -Term Debt (continued)
September 30, December 31, 2000 1999 -------------------------------------- Long-term debt: 11-3/8% Senior Subordinated Notes due 2006 $ 90,000 $ 90,000 Notes payable in German Marks to a German bank 13,998 16,399 Notes payable in Chinese Yuan Renminbi to Chinese banks 1,017 1,680 Capitalized lease obligations in U.S. dollars to U.S. lenders 3,469 4,261 Notes payable in Austrian Schillings to an Austrian bank 1,735 - Promissory note payable in Dutch Guilders to a former shareholder of the Diacarb Company 1,667 2,414 Other 50 102 -------------------------------------- 111,936 114,856 Less current portion 2,381 2,465 ====================================== $ 109,555 $ 112,391 ======================================
At September 30, 2000, the Company had committed global, multi-currency credit facilities of US $38,222. Unused committed lines of credit from these facilities were US $15,009, compared to US $16,801 at December 31, 1999. A facility fee of 0.25% per annum is charged on the unused portion of the U.S. dollar component of the facility. 5. Income Taxes IKS Corporation, of which the Company is a wholly-owned subsidiary, files a consolidated Federal income tax return which includes the Company. The Company's provision/benefit for income taxes includes U.S. federal, state, and local income taxes as well as non-U.S. income taxes in certain jurisdictions. The current and deferred tax provision and benefit for the Company are record as if it filed on a stand-alone basis. All participants in the consolidated income tax return are separately liable for the full amount of the taxes, including penalties and interest, if any, which may be assessed against the consolidated group. The current provision/benefit for United States income taxes is recorded to the intercompany account with IKS Corporation. The Company did not record a tax benefit related to the pre-tax losses in the United States for the nine months ended September 30, 2000 in accordance with income tax accounting rules. 9 International Knife & Saw, Inc. and Subsidiaries Notes to Consolidated Financial Statements (continued) (Unaudited) (in thousands) 6. Inventories September 30, December 31, 2000 1999 --------------------------------------- Finished goods $ 17,929 $ 17,120 Work in process 5,550 5,088 Raw materials and supplies 6,484 5,714 --------------------------------------- $ 29,963 $ 27,922 ======================================= 7. Disposition of Businesses and Other Non-recurring Charges The operating loss for the nine months ended September 30, 2000, includes second quarter non-recurring charges of $2,600, comprised primarily of a $1,981 loss on the sale of certain service centers and $449 in severance costs related to the resignation of the Company's former CEO. In May and June, 2000 the Company completed the sale of six service centers for a combined selling price of $1,480, comprised of $1,290 in cash and a $190 note receivable. These service centers were located in Illinois, Wisconsin, Oregon, Virginia, Tennessee and Georgia. The decision to sell the service centers was made in order to redeploy assets to the Company's strategic core initiatives. On April 25, 2000, P. Daniel Miller, the Company's President and CEO, submitted his resignation to the Board of Directors of the Company effective May 1, 2000. As of that date, the Board of Directors established an executive committee comprised of Messrs. Thomas W.G. Meyer, Executive Vice President, Europe and Asia; William M. Schult, Executive Vice President-CFO, Treasurer and Secretary; Bradley H. Widmann, Vice President - Operations for the Americas; and Jeffrey H. Welday, Vice President of Sales and Marketing for the Americas. This committee is responsible for all operations of the Company and reports directly to the Board of Directors. 10 The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward looking statements. Certain matters discussed in this filing could be characterized as forward looking statements, such as statements relating to plans for future expansion, other capital spending, financing sources and effects of regulation and competition. Such forward looking statements involve important risks and uncertainties that could cause actual results to differ materially from those expressed in such forward looking statements. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company's Form 10-K as of and for each of the three years in the period ended December 31, 1999. General The Company is a global leader in the manufacturing, servicing and marketing of industrial and commercial machine knives and saws. The Company has been manufacturing knives and saws for nearly 100 years, beginning in Europe and expanding its presence to the United States in the 1960s. The Company operates on an international basis with facilities in North America, Europe, Asia and South America and sells products in over 75 countries. The Company offers a broad range of products, used for various applications in numerous markets. Presence outside the U.S. The Company's North American operations account for 58% of its net sales and 10.4% of its operating income for the first nine month of 2000, excluding the effect of $2.6 million of second quarter non-recurring charges discussed in Note 7. Its other international operations account for the remainder and are located primarily in Europe, 38% of first nine months of net sales, and 77% of first nine months of 2000 operating income, excluding the effect of the $2.6 million of non-recurring charges. The Company's operating results are subject to fluctuations in foreign currency exchange rates as well as the currency translation of its foreign operations into U.S. Dollars. The Company manufactures products in the U.S., Germany, Austria, Canada and China and exports products to more than 75 countries. The Company's foreign sales, the majority of which occur in European countries, are subject to exchange rate volatility. In addition, the Company consolidates German, Austrian, Dutch, French, Canadian, Mexican, Chinese and other Asian operations and changes in exchange rates relative to the U.S. Dollar have impacted financial results. As a result, a decline in the value of the U.S. Dollar relative to these other currencies can have a favorable effect on the profitability of the Company and an increase in the value of the U.S. Dollar relative to these other currencies can have a negative effect on the profitability of the Company. Comparing exchange rates for the first nine months of 2000 to the first nine months of 1999, there was a negative impact of $4.4 million (net of the currency impact on the BMMS sales) on sales with a minimal impact on net income. In addition, in the first nine months of 2000 there was a decrease in shareholder's equity from December 31, 1999 due to a $1.9 million change in foreign currency translation adjustment. To mitigate the short-term effect of changes in currency exchange rates on the Company's foreign currency based purchases and its functional currency based sales, the Company occasionally hedges its exposure by entering into foreign exchange and U.S. Dollar forward contracts to hedge a portion of its budgeted (future) net foreign exchange and U.S. Dollar transactions over periods ranging from one to fifteen months. Results of Operations As used in the following discussion of the Company's results of operations, (i) the term "gross profit" means the dollar difference between the Company's net sales and cost of sales and (ii) the term "gross margin" means the Company's gross profit divided by its net sales. 11 Third quarter and nine months ended September 30, 2000 compared to third quarter and nine months ended September 30, 1999 Net Sales: Net sales decreased 1.4% to $36.9 million for the third quarter and increased 6.9% to $121.9 million for the first nine months of 2000 from $37.5 and $114.0 million for the same periods in 1999 primarily attributable to the acquisition of BMMS in January 2000 and offset by continuing problems in the North American organization and market. The Company experienced sales reductions in its North American operations (14.5% to $21.3 million) for the third quarter and (6.0% to $70.3 million) for the first nine months of 2000 compared to the same periods in 1999 primarily attributable to continuing organizational issues and to softness in the North American market. The Company experienced sales improvements (24.6% to $15.7 million) in its other operations for the third quarter and (31.6% to $51.6 million) for the first nine months of 2000 compared to the same period in 1999 primarily attributable to the BMMS acquisition. Gross Profit: Gross profit decreased to $9.8 and $32.6 million for the third quarter and first nine months of 2000 from $11.2 and $33.2 million for the same periods in 1999. Excluding the effect of the non-recurring charges discussed in Note 7, gross profit would have been $33.1 million for the first nine months of 2000. Gross margin decreased to 26.6% and 26.7% for the third quarter and first nine months of 2000 compared to 29.8% and 29.1% for the same periods in 1999 primarily attributable to the factors noted above and the second quarter non-recurring charges. Excluding the second quarter non-recurring charges, gross profit for the first nine months of 2000 would have been 27.1%. The Company experienced gross profit declines in its North American operations (24.6% to $4.9 million) for the third quarter and (17.6% to $16.4 million) for the first nine months of 2000 compared to the same periods in 1999 primarily attributable to the factors noted above. Excluding the second quarter non-recurring charges, the North American operations decline in gross profit would have been 15.1% to $16.9 million in the first nine months of 2000. The Company experienced gross profit improvements (6.4% to $5.0 million) in its other operations for the third quarter and (21.8% to $16.2 million) for the first nine months of 2000 compared to the same periods in 1999 primarily attributable to the BMMS acquisition in January 2000. Selling, General and Administrative Expenses: Selling, general and administrative expenses were $8.7 and $29.7 million for the third quarter and first nine months of 2000 compared to $8.5 and $25.1 million for the same periods in 1999. The increase, net of the second quarter non-recurring charges, is primarily attributable to the BMMS acquisition. Selling, general and administrative expenses increased to 23.6% and 24.4% from 22.6% and 22.0% of sales for the respective periods. Excluding the second quarter non-recurring charges, selling, general and administrative expenses would have only increased to 22.7% for the first nine months of 2000. Interest Expense, net: Net interest expense remained relatively constant at $3.2 and $9.5 million for the third quarter and first nine months of 2000 compared to the same periods in 1999 . Income Taxes: Due to pre-tax losses in the United States in the third quarter and first nine months of 2000 for which the Company did not record the related current tax benefits in accordance with income tax accounting rules, and as a result of pre-tax income in the Company's other operations for which the Company recorded related tax provisions, the Company has recorded a consolidated provision for income tax on a consolidated pre-tax loss of $6.9 million. Due to pre-tax losses in the United States in the third quarter and first nine months of 1999, the Company recorded related tax benefits which resulted in a consolidated tax benefit at effective tax rates of 34.2% and 34.1% respectively. The significant change in income taxes from 1999 is due to the above factors and the recording of tax benefits related to the pre-tax losses in the United States in 1999, but not in 2000. 12 Liquidity and Capital Resources The Company's principal capital requirements are to fund working capital needs, to meet required debt and interest payments, and to complete planned maintenance and expansion expenditures. The Company anticipates that its operating cash flow, together with available borrowings of $15.0 million under existing credit facilities, will be sufficient to meet its capital requirements. As of September 30, 2000, the Company's total long term debt and shareholder's deficit was $111.9 and $33.0 million, respectively. Net cash flow provided in operations aggregated $.1 million for the first nine months of 2000 compared to net cash flow provided of $8.3 million provided by operations for the same period in 1999. This decrease was primarily attributable to a $7.3 million increase in net loss and a $3.7 million increase in working capital offset by the $2.0 million loss on the disposition of businesses. Cash used in investing activities for the first nine months of 2000 was $3.4 million compared to $4.0 million for the same period in 1999. The decreased use of cash is primarily due to a decrease in net capital expenditures compared to 1999. Cash provided by financing activities for the first nine months of 2000 was $5.1 million compared to cash used of $3.2 million for the same period in 1999. The increase in cash provided compared to the prior year is primarily due to increased net borrowings in 2000 compared to 1999 due to the BMMS acquisition and increased working capital needs. Item 3. Quantitative and Qualitative Disclosures about Market Risk Information required by Item 3 is included in Item 2 on page 11 of this Form 10-Q. 13 PART II. OTHER INFORMATION Item 1. Legal Proceedings The Company is from time to time involved in legal proceedings arising in the normal course of business. The Company believes there is no outstanding litigation which could have a material impact on its financial position or results of operations. Item 2. Change in Securities and Use of Proceeds None. Item 3. Defaults Upon Senior Securities None. Item 4. Submission of Matters to a Vote of Security Holders Not applicable. Item 5. Other Information None. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits. Exhibit No. Description ------- ------------------------------------------------ 10.15 Summary of Permitted Indebtedness, Commitments from Banks, and Availability at September 30, 2000 10.16 Letter agreement dated November 16, 1998 between Deutsche Bank and IKS Klingelnberg GmbH. 10.17 Letter agreement dated January 19, 1999 between Deutsche Bank and the Company. 10.18 Letter agreement dated May 12, 1999 between Deutsche Bank and the Company. 10.19 Letter agreement dated March 16, 2000 between Deutsche Bank and IKS Klingelnberg GmbH. 27 Financial Data Schedule (b) Reports on Form 8-K None. 14 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, thereunto duly authorized. INTERNATIONAL KNIFE & SAW, INC. By: /s/ William M. Schult -------------------------------------- William M. Schult Executive Vice President - Chief Financial Officer, Treasurer and Secretary (Principal Financial and Accounting Officer, and Executive Committee member) November 14, 2000 15 EXHIBIT INDEX Exhibit No. Description ------- ------------------------------------------------ 10.15 Summary of Permitted Indebtedness, Commitments from Banks, and Availability at June 30, 2000 10.16 Letter agreement dated November 16, 1998 between Deutsche Bank and IKS Klingelnberg GmbH. 10.17 Letter agreement dated January 19, 1999 between Deutsche Bank and the Company. 10.18 Letter agreement dated May 12, 1999 between Deutsche Bank and the Company. 10.19 Letter agreement dated March 16, 2000 between Deutsche Bank and IKS Klingelnberg GmbH. 27 Financial Data Schedule 16 EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
5 OTHER DEC-31-2000 JAN-01-2000 SEP-30-2000 3,273,000 0 28,737,000 2,079,000 29,963,000 63,850,000 80,931,000 (35,914,000) 128,324,000 41,208,000 0 0 0 5,000 (33,001,000) 128,324,000 121,850,000 121,850,000 89,287,000 89,287,000 29,746,000 0 9,510,000 (6,886,000) 1,346,000 (8,232,000) 0 0 0 (8,232,000) (17.08) (17.08)
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