0000950137-01-503772.txt : 20011009
0000950137-01-503772.hdr.sgml : 20011009
ACCESSION NUMBER: 0000950137-01-503772
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20010921
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20010928
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: TRUSERV CORP
CENTRAL INDEX KEY: 0000025095
STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-LUMBER, PLYWOOD, MILLWORK & WOOD PANELS [5031]
IRS NUMBER: 362099896
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 333-18397
FILM NUMBER: 1746897
BUSINESS ADDRESS:
STREET 1: 8600 WEST BRYN MAWR AVE
CITY: CHICAGO
STATE: IL
ZIP: 60631-3505
BUSINESS PHONE: 7736955000
MAIL ADDRESS:
STREET 1: 8600 W. BRYN MAWR AVENUE
CITY: CHICAGO
STATE: IL
ZIP: 60631-3505
FORMER COMPANY:
FORMER CONFORMED NAME: COTTER & CO
DATE OF NAME CHANGE: 19920703
8-K
1
c65199e8-k.txt
CURRENT REPORT
1
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 21, 2001
TRUSERV CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
2-20910 36-2099896
(Commission File Number) (I.R.S. Employer Identification No.)
8600 WEST BRYN MAWR AVENUE, CHICAGO, ILLINOIS 60631-3505
(Address of Principal Executive Offices) (Zip Code)
773-695-5000
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
2
Item 5. Other Events.
TruServ Corporation issued the attached press release in connection with its
August, 2001 financial results.
Matters discussed in the attached press release are forward-looking statements
within the meaning of the safe-harbor provisions of the Securities Exchange Act
of 1934. These forward-looking statements are subject to various risks and
uncertainties. Actual results may vary materially from the expectations
contained therein. The factors that could cause actual results to differ
materially from the projections, forecasts, estimates and expectations discussed
therein may include factors that are beyond the company's ability to control or
estimate precisely, such as the ultimate requirements of the company's lenders,
projections about the efficiencies that may be achieved by the company's
initiatives, expectations about member response to the company initiatives,
estimates of future market conditions in the hardware industry, the behavior of
other market participants in the industry and the actions and economic
conditions in the service territories of the company's members. Other risk
factors are detailed from time to time in the company's SEC reports. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as to the date of this document. The company does not undertake any
obligation to publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date of this letter.
Item 7. Exhibit
99.1 Press release, dated September 21, 2001
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.
TRUSERV CORPORATION
(Registrant)
Date: September 27, 2001 By /s/ Pamela Forbes Lieberman
----------------------------------
Name: Pamela Forbes Lieberman
Title: Chief Operating Officer,
Chief Financial Officer and
Senior Vice President
EX-99.1
3
c65199ex99-1.txt
PRESS RELEASE, DATED 9/21/01
1
EXHIBIT 99.1
[TRU*SERV LOGO]
EARNINGS RELEASE
TRUSERV REPORTS CONTINUED PROGRESS
IN COST AND DEBT REDUCTION IN AUGUST
CHICAGO, September 21, 2001 - TruServ Corporation today said it
continues to make progress in executing its strategies for returning the
member-owned hardware cooperative to profitable growth. TruServ reported
revenues of $187.2 million for the month of August, an 8.1 percent decline from
the prior-year period, after excluding net sales from the lumber business, which
was divested in December 2000. Despite lower revenue, the co-op reported an
improved mix of orders coming to its warehouses versus going directly to the
manufacturers. Including the lumber business, revenue compared to the same
period a year ago declined 34.1 percent.
The co-op's initiatives to restore profitability, combined with the
favorable sales mix, have more than offset the lower operating margin impact of
lower sales. For the month, the co-op reported a net loss of $1.9 million,
versus a loss of $1.2 million in the same period a year ago. After excluding the
direct earnings of $1.1 million from the lumber business in August 2000 and
after excluding unusual legal and refinancing costs of $644,000 incurred in
August 2001, the loss in August 2001 was $1 million lower than a year ago.
The co-op also reported a continuing strengthening of its balance
sheet, with outstanding senior debt of $393 million at the end of August versus
$491 million in the prior-year period, a 20 percent reduction.
"This is the lowest level of senior debt since December 1997," said
Pamela Forbes Lieberman, chief operating officer and chief financial officer for
TruServ.
- more -
2
August Earnings Report, page 2
September 21, 2001
MONTH OF AUGUST SUMMARY RESULTS
($ in millions)
----------------------------------------------------------------------------------------------------------------------
August 2001 August 2000 $ Change % Change
Comparative Revenue $187.2 $203.6 $(16.4) -8.1%
Lumber Business Revenue $80.4 $(80.4)
Reported Revenue $187.2 $284.0 $(96.8) -34.1%
Comparative Net Loss $(1.3) $(2.3) $1.0 45.5%
Direct Lumber Business $1.1 $(1.1)
Earnings
Unusual Legal Fees $(0.2) $(0.2)
Refinancing Fees $(0.4) $(0.4)
Reported Net Loss $(1.9) $(1.2) $(0.7) -72.7%
----------------------------------------------------------------------------------------------------------------------
This earnings release may contain forward-looking statements that involve risks
and uncertainties. The following factors could cause results to differ
materially from management expectations as projected in such forward-looking
statements: seasonal variations, competition, risks of new business areas, the
availability and cost of real estate and construction, and changes in federal or
state legislation or regulations. Members are referred to the "Cautionary Note
Regarding Forward-Looking Statements" in the Company's most recent Form 10-K
which Note is incorporated into this news release by reference.
###