-----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, J2O88XjAb+I35rEi+PL0kbCDxf5/H6sto8BatmCZ18hIb8hLba9rU0C1pPQvVu8i kwVkIi2T8tlK05zFhBZQNw== 0000912057-99-008672.txt : 19991209 0000912057-99-008672.hdr.sgml : 19991209 ACCESSION NUMBER: 0000912057-99-008672 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991208 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACORN PRODUCTS INC CENTRAL INDEX KEY: 0001036713 STANDARD INDUSTRIAL CLASSIFICATION: CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420] IRS NUMBER: 223265462 STATE OF INCORPORATION: DE FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-22717 FILM NUMBER: 99770955 BUSINESS ADDRESS: STREET 1: 390 DUBLIN AVENUE CITY: COLUMBUS STATE: OH ZIP: 43215*1930 BUSINESS PHONE: 6142224400 MAIL ADDRESS: STREET 1: 390 DUBLIN AVENUE CITY: COLUMBUS STATE: OH ZIP: 43215*1930 8-K 1 8-K 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: DECEMBER 8, 1999 ACORN PRODUCTS, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 0-22717 22-3265462 - ---------------- --------------------- ------------- (STATE OR OTHER (COMMISSION FILE NO.) (IRS EMPLOYER JURISDICTION OF IDENTIFICATION NUMBER) INCORPORATION OR ORGANIZATION) 390 Dublin Avenue Columbus, Ohio 43215 (614) 222-4400 (ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER INCLUDING AREA CODE OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES) (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT) ITEM 5. OTHER EVENTS. On December 8, 1999, Acorn Products, Inc. issued a press release announcing management's financial forecast for transition 2000 and Fiscal Year 2000. The press release is included as Exhibit 99 to this Form 8-K and is incorporated herein by this reference. ITEM 7. EXHIBITS. (C) EXHIBITS. EXHIBIT NO. DESCRIPTION 99 Press Release, dated December 8, 1999, entitled "Acorn Products Announces Earnings Projections" 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. ACORN PRODUCTS, INC. Date: December 8, 1999 By: /s/ John G. Jacob -------------------------------------------- John G. Jacob, Vice President and CFO -2- EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99 Press Release, dated December 8, 1999, entitled "Acorn Products Announces Earnings Projections" -3- EX-99 2 EX-99 EXHIBIT 99 ACORN PRODUCTS ANNOUNCES EARNINGS PROJECTIONS Acorn Products, Inc.'s (NASDAQ: ACRN) management announced today its financial forecast for transition 2000 and Fiscal Year 2000. During the five month transition period, the Company anticipates the completion of its manufacturing consolidation, the continued re-vitalizing and strengthening of management and the rest of the organization of the Company, and the refocusing on restoring its customers confidence and service levels to acceptable or even advantageous performance levels. Management believes that for the five month transition period, including the three months ended October 29, 1999, the Company's net loss will be $10 million, or $1.65 per share. In Fiscal 2000, the Company intends to focus on improving customer satisfaction and significantly increasing its sales levels. The Company believes that these steps will allow it to generate a modest operating profit, but $2.0 million in non-cash amortization and over $6.0 million in interest, will result in a net loss of approximately $6.4 million ,or $1.07 per share. The Company will evaluate and act upon cost reduction opportunities and any business relationship that are not advantageous to the business in order to drive the profitability of the business upwards. The Company expects to continue to see a dramatic improvement in profitability year to year in 2001. Acorn Products, Inc., through its operating subsidiary UnionTools, Inc., is a leading manufacturer and marketer of non-powered lawn and garden tools in the United States. Acorn's principal products include long handle tools (such as forks, hoes, rakes and shovels), snow tools, posthole diggers, wheelbarrows, striking tools, cutting tools and watering products. Acorn sells its products under a variety of well-known brand names, including Razor-Back-TM-, Union-TM-, Yard 'n Garden-TM-, Perfect Cut-TM- and, pursuant to a license agreement, Scotts-TM-. In addition, Acorn manufactures private label products for a variety of retailers. Acorn's customers include mass merchants, home centers, buying groups and farm and industrial suppliers. Razor-Back-TM-, Union-TM-, Yard 'n Garden-TM- and Perfect Cut-TM- are registered trademarks of Acorn. Scotts-TM- is a registered trademark of The Scotts Company. The statements contained herein that are not purely historical are forward looking statements within the meaning of the Securities Exchange Act of 1934, including statements regarding Acorn's expectations, beliefs, hopes, intentions or strategies regarding the future. All forward looking statements contained herein are based upon information available to Acorn as of the date hereof, and Acorn assumes no obligation to update any such forward looking statements. Actual results could differ materially from Acorn's current expectations. Factors that could cause or contribute to such differences include, but are not limited to, the factors and risks discussed in Acorn's Annual Report on Form 10-K for the fiscal year ended July 31, 1998, Acorn's Current Report on Form 8-K dated September 18, 1997, as amended on October 29, 1998 and November 12, 1999, and as may be amended from time to time, and the other reports filed from time to time by Acorn with the Securities and Exchange Commission. Contact: John G. Jacob, Vice President and Chief Financial Officer of Acorn Products, Inc. (614) 222-4400. -----END PRIVACY-ENHANCED MESSAGE-----