0001637655-15-000066.txt : 20151014 0001637655-15-000066.hdr.sgml : 20151014 20151014163446 ACCESSION NUMBER: 0001637655-15-000066 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151007 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151014 DATE AS OF CHANGE: 20151014 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Horizon Global Corp CENTRAL INDEX KEY: 0001637655 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37427 FILM NUMBER: 151158437 BUSINESS ADDRESS: STREET 1: 39400 WOODWARD AVENUE STREET 2: SUITE 100 CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48304 BUSINESS PHONE: 2485938820 MAIL ADDRESS: STREET 1: 39400 WOODWARD AVENUE STREET 2: SUITE 100 CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48304 8-K 1 hzn_102015x8kx2014xquarter.htm 8-K 8-K


 
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) October 7, 2015
 
HORIZON GLOBAL CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
 
001-37427
 
47-3574483

(State or other jurisdiction
 
(Commission
 
(IRS Employer
of incorporation)
 
File Number)
 
Identification No.)
 
 
39400 Woodward Avenue, Suite 100 Bloomfield Hills, Michigan
 
48304
 
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code (248) 593-8820
 

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:
 
o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))









Item 2.02.
Results of Operations and Financial Condition.
On June 30, 2015, Horizon Global Corporation (the “Corporation”) was spun off from its former parent, TriMas Corporation (“former parent”), through a distribution of 100% of former parent’s interest in the Corporation to holders of former parent’s common shares (the “Spin-Off”).  Upon completion of the Spin-Off, the Corporation became an independent publicly traded company. Exhibit 99.1 to this Current Report on Form 8-K provides annual and quarterly financial information for 2014, presenting the Corporation's combined results prepared on a stand-alone basis derived from our former parent's consolidated financial statements and accounting records.

The Corporation uses certain non-GAAP financial information to provide supplemental information regarding financial and business trends used in assessing its financial condition and results of operations. Exhibit 99.2 to this Current Report on Form 8-K provides annual and quarterly historical non-GAAP financial information for 2014.
The information furnished pursuant to this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Corporation under the Securities Act of 1933 or the Exchange Act.


Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 7, 2015, the Compensation Committee of the Board of Directors of the Corporation approved stock option grants to certain domestic-based Corporation employees, including the Corporation’s named executive officers, under the Corporation’s 2015 Equity and Incentive Compensation Plan. The stock options have a ten-year term and an exercise price equal to the closing price of the Corporation’s common stock on the date of grant of October 7, 2015 ($9.20 per share). In general, the stock options are scheduled to vest in full on March 5, 2017. The number of shares of the Corporation’s common stock subject to each named executive officer’s stock option award is as follows: 30,314 shares for Mark Zeffiro, President and Chief Executive Officer of the Corporation; 2,559 shares for David Rice, Chief Financial Officer of the Corporation; and 491 shares for Jay Goldbaum, Legal Director and Corporate Secretary of the Corporation.

Item 9.01.     Financial Statements and Exhibits.


(d)    Exhibits. The following exhibits are furnished herewith:
Exhibit No.
 
Description
 
 
 
 
 
99.1
 
Condensed Combined Financial Statements of Horizon Global Corporation
 
 
 
 
 
99.2
 
Company and Business Segment Information of Horizon Global Corporation

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.

 
 
 
 
HORIZON GLOBAL CORPORATION
 
 
 
 
 
 
 
Date:
 
October 14, 2015
 
By:
 
/s/ David G. Rice
 
 
 
 
Name:
 
David G. Rice
 
 
 
 
Title:
 
Chief Financial Officer




EXHIBIT INDEX
Exhibit
Number
 
Description
99.1
 
Condensed Combined Financial Statements of Horizon Global Corporation
99.2
 
Company and Business Segment Information of Horizon Global Corporation



 EX-99.1 2 hzn_102015xexhibit991x2014.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1

Horizon Global Corporation
Condensed Combined Balance Sheets
(Dollars in thousands)


 
 
September 30,
2014
 
December 31,
2014
Assets
 
(unaudited)
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
10,640

 
$
5,720

Receivables, net
 
81,690

 
63,840

Inventories
 
114,790

 
123,530

Deferred income taxes
 
4,220

 
4,840

Prepaid expenses and other current assets
 
6,680

 
5,690

Total current assets
 
218,020

 
203,620

Property and equipment, net
 
58,980

 
55,180

Goodwill
 
7,140

 
6,580

Other intangibles, net
 
69,800

 
66,510

Other assets
 
13,360

 
11,940

Total assets
 
$
367,300

 
$
343,830

Liabilities and Shareholders' Equity
 
 
 
 
Current liabilities:
 
 
 
 
Current maturities, long-term debt
 
$
2,570

 
$
460

Accounts payable
 
67,980

 
81,980

Accrued liabilities
 
33,590

 
37,940

Total current liabilities
 
104,140

 
120,380

Long-term debt
 
280

 
300

Deferred income taxes
 
11,850

 
8,970

Other long-term liabilities
 
31,960

 
25,990

Total liabilities
 
148,230

 
155,640

Total shareholders' equity
 
219,070

 
188,190

Total liabilities and shareholders' equity
 
$
367,300

 
$
343,830




1
Exhibit 99.1

 
Horizon Global Corporation
Condensed Combined Statements of Income
(Dollars in thousands, except per share amounts)


 
 
September 30, 2014
 
December 31, 2014
 
 
Three months ended
 
Nine months ended
 
Three months ended
 
Year ended
 
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
 
Net sales
 
$
157,860

 
$
484,210

 
$
127,570

 
$
611,780

Cost of sales
 
(119,690
)
 
(363,720
)
 
(99,970
)
 
(463,690
)
Gross profit
 
38,170

 
120,490

 
27,600

 
148,090

Selling, general and administrative expenses
 
(30,310
)
 
(93,330
)
 
(29,560
)
 
(122,890
)
Net gain/(loss) on dispositions of property and equipment
 
10

 
(60
)
 
(680
)
 
(740
)
Operating profit/(loss)
 
7,870

 
27,100

 
(2,640
)
 
24,460

Other expense, net:
 
 
 
 
 
 
 
 
Interest expense
 
(150
)
 
(510
)
 
(210
)
 
(720
)
Other expense, net
 
(810
)
 
(2,290
)
 
(860
)
 
(3,150
)
Other expense, net
 
(960
)
 
(2,800
)
 
(1,070
)
 
(3,870
)
Income/(loss) before income tax (expense)/benefit
 
6,910

 
24,300

 
(3,710
)
 
20,590

Income tax (expense)/benefit
 
(1,700
)
 
(5,890
)
 
650

 
(5,240
)
Net income/(loss)
 
$
5,210

 
$
18,410

 
$
(3,060
)
 
$
15,350



2
 EX-99.2 3 hzn_102015xexhibit992.htm EXHIBIT 99.2 Exhibit
Exhibit 99.2

Horizon Global Corporation
Company and Business Segment Financial Information
(Unaudited - dollars in thousands)


 
 
September 30, 2014
 
December 31, 2014
 
 
 
Three months ended
 
Nine months ended
 
Three months ended
 
Year ended
 
Cequent Americas
 
 
 
 
 
 
 
 
 
Net sales
 
$
113,580

 
$
356,660

 
$
90,010

 
$
446,670

 
Operating profit (loss)
 
$
8,540

 
$
31,090

 
$
(280
)
 
$
30,810

 
Special Items to consider in evaluating operating profit:
 
 
 
 
 
 
 
 
 
Severance and business restructuring costs
 
$
360

 
$
2,800

 
$
790

 
$
3,590

 
Excluding Special Items, operating profit would have been
 
$
8,900

 
$
33,890

 
$
510

 
$
34,400

 
 
 
 
 
 
 
 
 
 
 
Cequent APEA
 
 
 
 
 
 
 
 
 
Net sales
 
$
44,280

 
$
127,550

 
$
37,560

 
$
165,110

 
Operating profit (loss)
 
$
3,140

 
$
7,770

 
$
(120
)
 
$
7,650

 
Special Items to consider in evaluating operating profit:
 
 
 
 
 
 
 
 
 
Severance and business restructuring costs
 
$
380

 
$
380

 
$
470

 
$
850

 
Excluding Special Items, operating profit would have been
 
$
3,520

 
$
8,150

 
$
350

 
$
8,500

 
 
 
 
 
 
 
 
 
 
 
Corporate Expenses
 
 
 
 
 
 
 
 
 
Operating loss
 
$
(3,810
)
 
$
(11,760
)
 
$
(2,240
)
 
$
(14,000
)
 
 
 
 
 
 
 
 
 
 
 
Total Company
 
 
 
 
 
 
 
 
 
Net sales
 
$
157,860

 
$
484,210

 
$
127,570

 
$
611,780

 
Operating profit (loss)
 
$
7,870

 
$
27,100

 
$
(2,640
)
 
$
24,460

 
Total Special Items to consider in evaluating operating profit:
 
$
740

 
$
3,180

 
$
1,260

 
$
4,440

 
Excluding Special Items, operating profit/(loss) would have been
 
$
8,610

 
$
30,280

 
$
(1,380
)
 
$
28,900