-----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, DEqUsLY94AcFJdHm+hFE4LD8ddb1q8cMfTyGH9s9EjFDSG8l9hoESptKYKAnytAQ 5023nSOEM7sLKR7WS4MSUA== 0000930413-09-001135.txt : 20090302 0000930413-09-001135.hdr.sgml : 20090302 20090302170519 ACCESSION NUMBER: 0000930413-09-001135 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090302 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090302 DATE AS OF CHANGE: 20090302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CURTISS WRIGHT CORP CENTRAL INDEX KEY: 0000026324 STANDARD INDUSTRIAL CLASSIFICATION: MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590] IRS NUMBER: 130612970 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00134 FILM NUMBER: 09648450 BUSINESS ADDRESS: STREET 1: 4 BECKER FARM ROAD STREET 2: 3RD FLOOR CITY: ROSELAND STATE: NJ ZIP: 07068 BUSINESS PHONE: 9735974700 MAIL ADDRESS: STREET 1: 4 BECKER FARM ROAD STREET 2: 3RD FLOOR CITY: ROSELAND STATE: NJ ZIP: 07068 8-K 1 c56804_8k.htm c56804_8k.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

 

 
 


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): March 2, 2009
CURTISS-WRIGHT CORPORATION
(Exact Name of Registrant as Specified in Its Charter)

Delaware   1-134         13-0612970  
State or Other   Commission File       IRS Employer
Jurisdiction of   Number       Identification No.
Incorporation or            
Organization            
 
4 Becker Farm Road
       
Roseland, New Jersey
 
07068
 
Address of Principal Executive Offices
  Zip Code  

Registrant's telephone number, including area code: (973) 597-4700

--------------

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 (see General Instruction A.2. below):

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

1


SECTION 8 – OTHER EVENTS

ITEM 8.01. OTHER EVENTS.

On March 2, 2009, Management of Curtiss-Wright Corporation (the “Company”) concluded that the previously issued financial information contained in the Company’s Press Release dated February 17, 2009, announcing the Company’s 2008 fourth quarter and year-end financial results, require revision and should no longer be relied upon. On February 25, 2009, the Company was informed that Eclipse Aviation Corp. (“Eclipse”) will not contest a motion by senior secured creditors to convert Eclipse’s bankruptcy status from Chapter 11 to Chapter 7, essentially forcing liquidation. As a result, the Company increased its inventory reserves by $2.6 million, which will reduce the Company’s 2008 pre-tax earnings by $2.6 million, or $.04 per diluted share, from the amounts that were previously announced.

The decision to revise the financial statements was made by the Company's management and approved by the Board of Directors.

A copy of the Company's March 2, 2009 press release with respect to these revisions is attached as Exhibit 99.1 and is incorporated by reference into this Item 8.01.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

           (a)      Not applicable.
 
  (b)      Not applicable.
 
  (c)      Exhibits.
 
    99.1 Press Release dated March 2, 2009
 

2


SIGNATURE

     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.

 
CURTISS-WRIGHT CORPORATION
   
   
  By: /s/ Glenn E. Tynan
             Glenn E. Tynan
 
           Vice-President and
             Chief Financial Officer

Date: March 2, 2009

3


    EXHIBIT INDEX  
Exhibit      
Number   Description  
       
99.1   Press Release, dated March 2, 2009  

4


EX-99.1 2 c56804_ex99-1.htm c56804_ex99-1.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

FOR IMMEDIATE RELEASE

CURTISS-WRIGHT REVISES 2008
- - -
FULL YEAR AND FOURTH QUARTER FINANCIAL RESULTS

ROSELAND, NJ – March 2, 2009 – Curtiss-Wright Corporation (NYSE: CW) revises its financial results for the fourth quarter and full year ended December 31, 2008.

On February 25, 2009, Curtiss-Wright Corporation (NYSE: CW) was informed that Eclipse Aviation Corp. (“Eclipse”) will not contest a motion by senior secured creditors to convert Eclipse’s bankruptcy status from Chapter 11 to Chapter 7, essentially forcing liquidation. This recent event relates to the fact that Eclipse’s potential acquirer, EclipseJet Aviation International Inc., was unable to obtain the necessary financing to complete the purchase. Eclipse has since suspended all business operations and expects the U.S. Bankruptcy Court in Delaware to promptly appoint a trustee to oversee the liquidation of assets.

In November 2008, Eclipse filed for protection under Chapter 11 of the bankruptcy law. At the time, the Company had $1.1 million in receivables and $2.6 million in inventory designed for Eclipse. Upon Eclipse’s filing for protection under Chapter 11, the Company recorded a reserve against the receivables, but did not record a reserve for the inventory. The Company determined that an inventory reserve was not necessary as it was expected that once Eclipse was purchased, it would begin operations again, which did not occur. As a result, the Company increased its inventory reserves by $2.6 million, which will reduce the Company’s 2008 pre-tax earnings by $2.6 million, or $.04 per diluted earnings per share, from the amounts that were previously announced. As such, our previously issued financial statements included in our press release issued on February 17, 2009, require revision, a summary of which is presented below.

Although there may be some impact on our 2009 results, the Company affirms the guidance it previously provided.

Summary of Revised 2008 Financial Results for Curtiss-Wright Corporation:
 
                                                           (in 000's)
Q4
 
2008
Cost of Sales $ 335,013          $ 1,214,061
Operating Income $ 57,973   $ 196,562
Provision for Income taxes $ 17,803   $ 59,712
Net Earnings $ 33,011   $ 109,390
 
Earnings per Basic Share $ 0.74   $ 2.45
Earnings per Diluted Share $ 0.73   $ 2.41
 
Summary of Revised 2008 Financial Results for Motion Control Segment:    
 
                                                           (in 000's)
Q4
 
2008
Motion Control Operating Income $ 19,476  
$
65,539
Operating Margin   11.3%     10.3%



Curtiss-Wright Corporation, Page 2

About Curtiss-Wright

Curtiss-Wright Corporation is a diversified company headquartered in Roseland, New Jersey. The Company designs, manufactures and overhauls products for motion control and flow control applications and provides a variety of metal treatment services. The firm employs approximately 8,000 people. More information on Curtiss-Wright can be found at www.curtisswright.com.

###

Certain statements made in this release, including statements about future revenue, organic revenue growth, quarterly and annual revenue, net income, organic operating income growth, future business opportunities, cost saving initiatives, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and subsequent reports filed with the Securities and Exchange Commission.

This press release and additional information is available at www.curtisswright.com.

Contact:   Alexandra M. Deignan
    (973) 597-4734
    adeignan@curtisswright.com


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