-----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, DMGaMXdEJL57HU0DMZmUhteSepA+lhOLTNTENSfYmGP+lAUgriUZevj95stCxSjx l0ZhEz6rdaFV480dJgN4nw== /in/edgar/work/0001054422-00-000020/0001054422-00-000020.txt : 20000927 0001054422-00-000020.hdr.sgml : 20000927 ACCESSION NUMBER: 0001054422-00-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000901 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000922 FILER: COMPANY DATA: COMPANY CONFORMED NAME: U S AGGREGATES INC CENTRAL INDEX KEY: 0001054422 STANDARD INDUSTRIAL CLASSIFICATION: [1400 ] IRS NUMBER: 570990958 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-15217 FILM NUMBER: 727107 BUSINESS ADDRESS: STREET 1: 400 SOUTH EL CAMINO REAL, SUITE 500 CITY: SAN MATEO STATE: CA ZIP: 94402 BUSINESS PHONE: 6506854880 8-K 1 0001.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 1, 2000 ----------------- U.S. AGGREGATES, INC. ------------------------------------------------------ (Exact Name of Registrant as Specified in Its Charter) Delaware 001-15217 57-0990958 - -------------------------------------------------------------------------------- (State or Other (Commission File Number) (I.R.S. Employer Jurisdiction of Incorporation) Identification No.) 400 SOUTH EL CAMINO REAL, SUITE 500, SAN MATEO, CA 94402 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (650) 685-4880 - -------------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 5. OTHER EVENTS. Press Release Issued Regarding Outlook For Second Half And Full Year - ------------------------------------------------------------------------------ On September 1, 2000, U.S. Aggregates, Inc. (the "Company") issued a press release commenting on the outlook for the second half and full year and announcing the retention of Deutsche Banc Alex. Brown to evaluate strategic alternatives. A copy of the press release is attached hereto as Exhibit 10.1. ITEM 7. EXHIBITS. Exhibit 10.1 Press Release 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. U.S. AGGREGATES, INC. Date: September 21, 2000 By: /s/ Michael J. Stone -------------------- -------------------------------- Michael J. Stone Chief Financial Officer, Treasurer and Secretary EX-10.1 2 0002.txt PRESS RELEASE EXHIBIT 10.1 ------------ SAN MATEO, Calif., Sept. 1 /PRNewswire/ --U.S. Aggregates, Inc. (NYSE:AGA), a leading producer of aggregates, today announced that following a strong first half, U.S. Aggregates, Inc. is experiencing some slow down in demand and cost increases (especially energy and fuel prices), which will have a negative impact on the Company's results for the second half and full fiscal year 2000. While the Company expects that volumes for processed aggregates, as well as its flow through products, asphalt and ready mix, will experience increases over 1999 levels, the amount of increases will be lower than originally anticipated. For the full fiscal year 2000, total processed aggregate volumes are expected to increase 11%. This includes the new Pride Quarry, which came on line in late 1999. Asphalt volumes are projected to increase 4% over 1999. Ready mix concrete volumes are also projected to increase 4%, after adjusting for the sale of Birmingham Ready Mix, which occurred in April 2000. Revised Management Expectations for 2000 - -------------------------------------------- While year over year volumes are up versus 1999, the Company's current volume forecast represents a decline from management's original expectations for the year. Total processed aggregates are expected to be 3% lower than management's original expectation, but volumes for the year should approach 18.5 million tons. Management expects asphalt volumes to be 7% lower than original expectations and ready mix concrete 3% lower (after adjustment for the sale of Birmingham Ready Mix). Current projections are that total shipments of asphalt will be 2.3 million tons and total shipments of ready mix will be 1.7 million cu. yds. These volume revisions in ready mix concrete and asphalt versus our original objective for the year are primarily due to the effect of higher interest rates, which affect new construction and rising oil prices, which impact the demand for asphalt. Liquid asphalt costs are forecasted to be 55% higher in the last half of 2000 than in the last half of the prior year. The Company is also experiencing substantial increases in energy costs and fuel prices, which it has been unable to fully pass on to its customers due to increasing competitive pressures. The Company estimates that its combined energy and fuel costs incurred in the production and delivery of aggregates, asphalt and concrete in full fiscal year of 2000 will increase approximately $4 million over 1999. Management expects to partially compensate for these cost increases through improved efficiencies, particularly in the aggregate operations. Somewhat offsetting the downward revision of estimated volumes and variable cost increases, are lower sales and administrative expenses, which the Company estimates will decline $2.5 million from management's original forecast. As a result of both lower than anticipated volume increases as well as significantly higher energy costs, management currently estimates full year fully diluted earnings per share will be approximately $1.14. The Company also announced that it hired Deutsche Banc Alex. Brown earlier this year to assist the Company in a review of strategic alternatives including the possible sale of part or all of the business. "Consolidation continues to be an important theme impacting our industry", said James A. Harris, Chairman and Chief Executive Officer. "Just as we have developed our business to date through a series of complementary acquisitions and asset purchases, we are likewise considering a partner to allow our business to develop to the next level." The Company has had preliminary discussions with several potential parties, although no agreement has been reached and there is no assurance that a transaction will be accomplished. Founded in 1994, U.S. Aggregates, Inc. ("USAI") is a leading producer of aggregates. Aggregates consist of crushed stone, sand and gravel. The Company's products are used primarily for construction and maintenance of highways and other infrastructure projects as well as for commercial and residential construction. USAI serves local markets in nine states in two fast growing regions of the U.S., the Mountain states and the Southeast. For more information on U.S. Aggregates please visit the Company's Web site at www.usaggregates.com. Certain matters discussed in this release contain forward-looking statements and information based on management's belief as well as assumptions made by and information currently available to management. Such statements are subject to risks, uncertainties and assumptions including, among other matters, future growth in the construction industry; the ability of U.S. Aggregates to complete acquisitions and effective integration of acquired companies operations; successful implementation of strategic business alternatives; and general risks related to the markets in which U.S. Aggregates operates. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those projected. Additional information regarding these risk factors and other uncertainties may be found in the Company's filings with the Securities and Exchange Commission. -----END PRIVACY-ENHANCED MESSAGE-----