-----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, PyUSaIIfvIScSK8IY4DPHcjUErp8OJuCP36bmmkDPe7+TlU53o7EGmt5ye4/xtH1 Htjdb2d2MXfO+rEf5NAtyw== 0000950152-03-003949.txt : 20030404 0000950152-03-003949.hdr.sgml : 20030404 20030404100326 ACCESSION NUMBER: 0000950152-03-003949 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030401 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030404 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEXINGTON PRECISION CORP CENTRAL INDEX KEY: 0000012570 STANDARD INDUSTRIAL CLASSIFICATION: FABRICATED RUBBER PRODUCTS, NEC [3060] IRS NUMBER: 221830121 STATE OF INCORPORATION: DE FISCAL YEAR END: 0814 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-03252 FILM NUMBER: 03639504 BUSINESS ADDRESS: STREET 1: 767 THIRD AVE 29TH FL CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2123194657 MAIL ADDRESS: STREET 1: 30195 CHAGRIN BLVD STREET 2: SUITE 208W CITY: CLEVELAND STATE: OH ZIP: 44124-5755 FORMER COMPANY: FORMER CONFORMED NAME: BLASIUS INDUSTRIES INC DATE OF NAME CHANGE: 19890116 8-K 1 l00109ae8vk.txt LEXINGTON PRECISION CORPORATION 04-01-2003 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) April 1, 2003 ------------- Lexington Precision Corporation - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Delaware 0-3252 22-1830121 - ------------------------------------------------------------------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 767 Third Avenue, New York, NY 10017 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (212) 319-4657 -------------- - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 9. Regulation FD Disclosure - This information is being provided under Item 9 in place of Item 12 in accordance with interim guidance provided by the SEC in Release No. 33-8216. On April 1, 2003, Lexington Precision Corporation issued a press release announcing its results of operations for the quarter and year ended December 31, 2002. Attached hereto and incorporated by reference herein as Exhibit 99.1 is a copy of the press release announcing the results of operations for the quarter and the year ended December 31, 2002. -2- 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. Dated: April 2, 2003 LEXINGTON PRECISION CORPORATION By: /s/ Dennis J. Welhouse -------------------------- Dennis J. Welhouse Chief Financial Officer -3- EXHIBIT INDEX
Exhibit Number Exhibit Name Location 99.1 Press release dated April 1, 2003 Filed herewith
-4- EX-99.1 3 l00109aexv99w1.txt EX-99.1 PRESS RELEASE OF APRIL 1, 2003 FOR IMMEDIATE RELEASE LEXINGTON PRECISION REPORTS RESULTS FOR FOURTH QUARTER AND YEAR NEW YORK, April 1, 2003 -- Lexington Precision Corporation reported a net loss of $375,000, or 8 cents per diluted common share, for the fourth quarter ended December 31, 2002, compared to a net loss of $1,993,000, or 41 cents per diluted common share, for the fourth quarter of 2001. Net sales for the fourth quarter of 2002 were $29,270,000, compared to $29,333,000 for the fourth quarter of 2001, a decrease of less than 1%. Net sales of the company's Rubber Group increased by 8% to $23,149,000, while net sales of the Metals Group decreased by 22% to $6,121,000. During the fourth quarter of 2002, income from operations totaled $388,000, compared to a loss from operations of $19,000 for the fourth quarter of 2001. The Rubber Group's income from operations decreased to $1,727,000 from $2,563,000. The Metals Group reported a loss from operations of $802,000, compared to a loss of $3,313,000 for the fourth quarter of 2001. The Metals Group's operating results for the fourth quarter of 2001 included a pretax impairment charge of $2,047,000 to reduce to fair market value the carrying value of the land, building, and certain metal machining equipment at the company's facility in Casa Grande, Arizona, which was closed during the first quarter of 2002. The Corporate Office reported a loss from operations of $537,000 for the fourth quarter of 2002 compared to income from operations of $731,000 for 2001. Income from operations reported by the Corporate Office for the fourth quarter of 2001 included a pretax gain of $1,274,000 resulting from the demutualization of an insurance company. Net cash provided by operating activities for the fourth quarter of 2002 totaled $4,719,000, compared to $7,716,000 for the fourth quarter of 2001, a decrease of 39%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fourth quarter of 2002 totaled $3,354,000, compared to $3,256,000 for the fourth quarter of 2001, an increase of 3%. EBITDA for the Rubber Group decreased 21% to $3,674,000, while EBITDA for the Metals Group increased to $208,000 from a negative $2,171,000 in the fourth quarter of 2001. EBITDA for the Corporate Office was negative $528,000 compared to positive $753,000 in the fourth quarter of 2001. The company reported a net loss of $1,567,000, or 32 cents per diluted common share, for the year ended December 31, 2002, compared to a net loss of $2,151,000, or 45 cents per diluted common share, for 2001. Lexington Precision Corporation April 1, 2003 Page 2 Net sales for 2002 were $124,852,000, compared to $126,202,000 for 2001, a decrease of 1%. Net sales of the Rubber Group increased by 8% to $98,880,000, while net sales of the Metals Group decreased by 25% to $25,972,000. During 2002, income from operations totaled $4,867,000, compared to $6,463,000 for 2001. The Rubber Group's income from operations increased to $10,765,000 from $10,389,000. The Metals Group reported a loss from operations of $3,434,000, compared to a loss from operations of $3,070,000 for 2001. The Metals Group's operating results for 2002 included a loss from operations of $1,290,000 at the Casa Grande facility, which resulted from minimal sales and below normal operating efficiencies during the shut-down period and plant closing costs of $609,000. The Metals Group's operating results for 2001 included a pretax impairment charge of $2,047,000 to reduce to fair market value the carrying value of the land, building, and certain metal machining equipment at the Casa Grande facility. The loss from operations for the Corporate Office increased to $2,464,000 from $856,000. The loss from operations reported by the Corporate Office for 2001 includes a pretax gain of $1,274,000 resulting from the demutualization of an insurance company. Net cash provided by operating activities for 2002 totaled $16,231,000, compared to $17,561,000 for 2001, a decrease of 8%. EBITDA for the year ended December 31, 2002, totaled $16,732,000, compared to $19,566,000 for 2001, a decrease of 14%. EBITDA for the Rubber Group decreased 2% to $18,551,000, while EBITDA for the Metals Group decreased 59% to $592,000. EBITDA for the Corporate Office decreased to a negative $2,411,000 from negative $768,000. Tables setting forth our condensed consolidated statements of operations and selected consolidated and segment financial data, including information concerning our cash flows from operations and a reconciliation of consolidated income from operations to consolidated EBITDA, are attached. EBITDA is not a measure of performance under accounting principles generally accepted in the United States and should not be considered in isolation or used as a substitute for income from operations, net income, net cash provided by operating activities, or other operating or cash flow statement data prepared in accordance with generally accepted accounting principles. We have presented EBITDA because this measure is used by investors, as well as our own management, to evaluate the operating performance of our business, including its ability to incur and to service debt. Our definition of EBITDA may not be the same as the definition of EBITDA used by other companies. Lexington Precision Corporation manufactures rubber and metal components that are used primarily by manufacturers of automobiles, automotive replacement parts, and medical devices. Contact: Warren Delano, President (212) 319-4657 - 2 - LEXINGTON PRECISION CORPORATION CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
QUARTER ENDED YEAR ENDED DECEMBER 31 DECEMBER 31 ----------- ----------- 2002 2001 2002 2001 ---- ---- ---- ---- (UNAUDITED) Net sales $ 29,270 $ 29,333 $ 124,852 $ 126,202 Cost of sales 26,957 25,988 110,718 109,055 ------ ------ ------- ------- Gross profit 2,313 3,345 14,134 17,147 Selling and administrative expenses 1,925 2,591 8,658 9,911 Impairment of long-lived assets -- 2,047 -- 2,047 Income from insurance company demutualization -- (1,274) -- (1,274) Plant closure costs -- -- 609 -- ------ ------ ------- ------- Income (loss) from operations 388 (19) 4,867 6,463 Interest expense (1,479) (1,955) (7,220) (8,534) Gain on sale of securities 248 -- 248 -- ------ ------ ------- ------- Loss before income taxes (843) (1,974) (2,105) (2,071) Income tax provision (benefit) (468) 19 (538) 80 ------ ------ ------- ------- Net loss $ (375) $ (1,993) $ (1,567) $ (2,151) ====== ====== ======= ======= Basic and diluted net loss per share applicable to common stockholders $ (0.08) $ (0.41) $ (0.32) $ (0.45) ====== ====== ======= =======
-3- LEXINGTON PRECISION CORPORATION SELECTED CONSOLIDATED AND SEGMENT FINANCIAL DATA (IN THOUSANDS)
QUARTER ENDED YEAR ENDED DECEMBER 31 DECEMBER 31 ----------- ----------- 2002 2001 2002 2001 ---- ---- ---- ---- (UNAUDITED) Net sales: Rubber Group $ 23,149 $ 21,435 $ 98,880 $ 91,532 Metals Group 6,121 7,898 25,972 34,670 -------- -------- --------- --------- Consolidated net sales $ 29,270 $ 29,333 $ 124,852 $ 126,202 ======== ======== ========= ========= Net cash provided by operating activities $ 4,719 $ 7,716 $ 16,231 $ 17,561 ======== ======== ========= ========= Operating profit (loss): Rubber Group $ 1,727 $ 2,563 $ 10,765 $ 10,389 Metals Group (802) (3,313) (3,434) (3,070) Corporate Office (537) 731 (2,464) (856) -------- -------- --------- --------- Consolidated operating profit (loss) 388 (19) 4,867 6,463 -------- -------- --------- --------- Add back depreciation and amortization included in income from operations: Rubber Group 1,947 2,111 7,786 8,484 Metals Group 1,010 1,142 4,026 4,531 Corporate Office 9 22 53 88 -------- -------- --------- --------- Consolidated depreciation and amortization 2,966 3,275 11,865 13,103 -------- -------- --------- --------- Earnings before income taxes, depreciation, and amortization (EBITDA) (1): Rubber Group 3,674 4,674 18,551 18,873 Metals Group 208 (2,171) 592 1,461 Corporate Office (528) 753 (2,411) (768) -------- -------- --------- --------- Consolidated EBITDA $ 3,354 $ 3,256 $ 16,732 $ 19,566 ======== ======== ========= ========= Capital expenditures: Rubber Group $ 1,204 $ 1,272 $ 3,690 $ 5,116 Metals Group 203 214 1,536 1,281 Corporate Office -- 8 4 11 -------- -------- --------- --------- Consolidated capital expenditures $ 1,407 $ 1,494 $ 5,230 $ 6,408 ======== ======== ========= =========
(1) EBITDA, is not a measure of performance under accounting principles generally accepted in the United States and should not be considered in isolation or used as a substitute for income from operations, net income, net cash provided by operating activities, or other operating or cash flow statement data prepared in accordance with generally accepted accounting principles. We have presented EBITDA because this measure is used by investors, as well as our own management, to evaluate the operating performance of our business, including its ability to incur and to service debt. Our definition of EBITDA may not be the same as the definition of EBITDA used by other companies. # # # -4- -----END PRIVACY-ENHANCED MESSAGE-----