-----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, Ig2f3VgTZGmsSK/HOACYPq3vwF+ItFLUmsUZghuxUHblyXa9Sz+wjTk0le4qjrAR iNT7JixtbV1yc4kHZb7OPg== 0000027425-04-000142.txt : 20040330 0000027425-04-000142.hdr.sgml : 20040330 20040330151129 ACCESSION NUMBER: 0000027425-04-000142 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040323 ITEM INFORMATION: FILED AS OF DATE: 20040330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMCAST INDUSTRIAL CORP CENTRAL INDEX KEY: 0000027425 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FABRICATED METAL PRODUCTS [3490] IRS NUMBER: 310258080 STATE OF INCORPORATION: OH FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09967 FILM NUMBER: 04700461 BUSINESS ADDRESS: STREET 1: 7887 WASHINGTON VILLAGE DR CITY: DAYTON STATE: OH ZIP: 45459 BUSINESS PHONE: 9372917000 MAIL ADDRESS: STREET 1: 7887 WASHINGTON VILLAGE DRIVE CITY: DAYTON STATE: OH ZIP: 45459 FORMER COMPANY: FORMER CONFORMED NAME: DAYTON MALLEABLE INC DATE OF NAME CHANGE: 19831219 FORMER COMPANY: FORMER CONFORMED NAME: DAYTON MALLEABLE IRON CO DATE OF NAME CHANGE: 19741216 8-K 1 form8k.txt PRESS RELEASE DATED MARCH 23, 2004 =============================================================================== 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 23, 2004 AMCAST INDUSTRIAL CORPORATION (Exact name of registrant as specified in its charter) Ohio 1-9967 31-0258080 - ---------------------- --------------------------- ------------------------ (State or other (Commission File Number) (I.R.S. Employer jurisdiction of Identification No.) incorporation) 7887 Washington Village Drive, Dayton, Ohio 45459 - ------------------------------------------------- ---------------------- (Address of principal executive offices) (Zip Code) (937) 291-7000 ------------------------------- (Registrant's telephone number, including area code) =============================================================================== Item 12. Results of Operations and Financial Condition. On March 23, 2004, Amcast Industrial Corporation issued an earnings release announcing its financial results for the quarter and six months ended February 29, 2004. A copy of the earnings release is attached hereto as Exhibit 99.1 and hereby incorporated by reference. This information is being furnished pursuant to Item 12 of Form 8-K, "Results of Operations and Financial Condition." The information is not filed for purposes of the Securities and Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference to such filing. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. AMCAST INDUSTRIAL CORPORATION Date: March 30, 2004 By: /s/ Francis J. Drew -------------- ---------------------------------------- Francis J. Drew Vice President, Finance and Chief Financial Officer 2 INDEX TO EXHIBITS 99 ADDITIONAL EXHIBITS 99.1 Press Release of Amcast Industrial Corporation, dated March 23, 2004. 3 EX-99 3 pressrelease.txt PRESS RELEASE DATED MARCH 23, 2004 AMCAST INDUSTRIAL CORPORATION NEWS RELEASE AMCAST REPORTS FISCAL 2004 SECOND QUARTER RESULTS DAYTON, OHIO, March 23, 2004 - Amcast Industrial Corporation, (AICO.OB) today reported financial results for its fiscal 2004 second quarter ended February 29, 2004. Sales of $94.4 million in the second quarter were 4.7% lower than the prior year quarter sales of $99.1 million. Operating income in the second quarter of $2.4 million was up by almost 31% over the prior-year quarter. The operating income improvement was the result of an improved gross margin due to reduced manufacturing costs and lower selling, general and administrative costs. The profit improvement at the operating level was much more dramatic than the after-tax level because tax benefits were significantly higher in the prior year. The net loss of $1.2 million, or $0.13 per share, improved by 6.7% over the net loss from continuing operations in last year's quarter of $1.3 million, or $0.15 per share. The quarterly sales decline resulted from lower aluminum components sales, primarily in the gravity-cast operations. This decline was partly offset by strong demand for plumbing products and pistons for automotive air conditioning compressors. By segment, Flow Control sales grew by over 18%, but Engineered Components sales fell by almost 15%. During the second quarter last year, the Company recorded a loss on the sale of Speedline, its European wheel business. Accordingly, Speedline was classified as a discontinued operation. The after-tax loss in fiscal 2003 from discontinued operations was $54.6 million, or $6.17 per share, for the second quarter and $56.7 million, or $6.82 per share, for the first six months. Amcast Industrial Corporation News Release - Page 2 of 5 March 23, 2003 Year-to-date sales were $207.4 million, down by 1.9% versus the prior year. Sales in the Flow Control segment were up by 14%, while Engineered Components sales declined by 8%. Year-to-date operating income of $7.3 million grew from $2.7 million last year, or by 165%. Both an improved gross margin and lower selling, general and administrative expenses contributed to the increase. Year to date, the Company's net loss from continuing operations was $0.2 million, or $0.02 per share, compared with a net loss from continuing operations of $3.2 million, or $0.36 per share, in the prior year. Joseph R. Grewe, President and Chief Executive Officer, said, "The operating income increase reflects better manufacturing performance, and it is important to recognize that operating income increased during a period of declining sales. We are still, however, turning the corner to profitability at the net income line. Management has continued to focus on lower spending. During the quarter selling, general and administrative expenses decreased by almost 7%, and fell to 9.1% of sales from 9.3% of sales in the prior-year quarter. Year-to-date selling, general and administrative expenses were 8.1% of sales. Productivity increased over last year by almost 14% year to date as measured by sales per full-time-equivalent employee. Continued implementation of lean manufacturing concepts as well as internal quality improvements helped improve performance." Byron Pond, Chairman, commented, "Amcast's balance sheet continued to improve in the quarter. Net operating assets decreased by 1% during the quarter as capital spending was held to 34% of depreciation. Amcast also reduced debt by $3 million in the quarter, and debt has been lowered by over $5 million year to date." Mr. Grewe concluded, "Amcast just missed net income break-even for the first six months. However, this was the Company's ninth consecutive quarter of positive operating income. Traditionally, the second quarter is our most difficult quarter, and this year was no exception. Clearly, the Amcast Production System, and our relentless efforts to reduce costs are producing operating and financial benefits. Our plans are to continue these successful programs as well as focus on process improvements, better quality, and improved customer service." Amcast Industrial Corporation News Release - Page 3 of 5 March 23, 2003 A conference call to discuss the fiscal 2004 second quarter financial performance will be held Wednesday, March 24 at 3 p.m. EST. The webcast can be accessed through www.amcast.com. Amcast Industrial Corporation is a leading manufacturer of technology-intensive metal products. Its two business segments are brand name Flow Control Products marketed through national distribution channels and Engineered Components for original equipment manufacturers. The company serves the automotive, construction, and industrial sectors of the economy. This release includes "forward-looking statements" which are subject to change based on various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors include, among others: general economic conditions less favorable than expected, fluctuating demand in the automotive and housing industries, competitive pricing pressures in the Company's automotive and flow control businesses, effectiveness of production improvement plans, inherent uncertainties in connection with international transactions, and labor availability and relations at the company and its customers, and the impact of homeland security measures. Contact-- Media and Investors: Michael Higgins 937/291-7015 Amcast Industrial Corporation News Release - Page 4 of 5 March 23, 2003 STATEMENTS OF OPERATIONS ($ in thousands except per share amounts)
Three Months Ended Six Months Ended February 29 March 2 February 29 March 2 2004 2003 2004 2003 ----------- ----------- ----------- ----------- Net Sales $ 94,444 $ 99,145 $ 207,380 $ 211,367 Cost of sales 83,503 88,143 183,251 189,236 ----------- ----------- ----------- ----------- Gross Profit 10,941 11,002 24,129 22,131 Selling, general, and administrative expenses 8,575 9,194 16,802 19,363 ----------- ----------- ----------- ----------- Operating Income 2,366 1,808 7,327 2,768 Other (income) expense (15) 9 (18) (23) Interest expense 3,694 3,888 7,551 7,859 ----------- ----------- ----------- ----------- Loss Before Income Taxes, Discontinued Operations, and Cumulative Effect of Accounting Change (1,313) (2,089) (206) (5,068) Income taxes (benefit) (65) (752) (4) (1,891) ----------- ----------- ----------- ----------- Loss From Continuing Operations (1,248) (1,337) (202) (3,177) Discontinued Operations Loss from operations, net of tax - (4,766) - (10,118) Loss on sale of assets, net of tax - (49,822) - (49,822) ----------- ----------- ----------- ----------- Loss Before Cumulative Effect of Accounting Change (1,248) (55,925) (202) (63,117) Cumulative effect of accounting change, net of tax - - - (46,536) ----------- ----------- ----------- ----------- Net Loss $ (1,248) $ (55,925) $ (202) $(109,653) =========== =========== =========== =========== Basic and Diluted Earnings (Loss) Per Share Continuing operations $ (0.13) $ (0.15) $ (0.02) $ (0.36) Discontinued operations - (6.17) - (6.82) ----------- ----------- ----------- ----------- Before cumulative effect of accounting change (0.13) (6.32) (0.02) (7.18) Cumulative effect of accounting change - - - (5.30) ----------- ----------- ----------- ----------- Net earnings (loss) $ (0.13) $ (6.32) $ (0.02) $ (12.48) =========== =========== =========== =========== Average number of shares outstanding - Basic and Diluted 9,290 8,852 9,280 8,784
Amcast Industrial Corporation News Release - Page 5 of 5 March 23, 2003 CONDENSED BALANCE SHEETS ($ in thousands) February 29 August 31 2004 2003 ---------- ---------- ASSETS Current Assets Cash and cash equivalents $ 7,039 $ 5,697 Accounts receivable 39,364 39,979 Inventories 19,163 19,004 Other current assets 4,069 5,338 ---------- ---------- Total Current Assets 69,635 70,018 Fixed Assets, (net) 130,668 139,397 Restricted Cash 6,000 7,078 Deferred Taxes 4,204 4,204 Other Assets 8,484 9,627 ---------- ---------- Total Assets $ 218,991 $ 230,324 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Current Liabilities Accounts payable $ 27,820 $ 31,419 Current debt 5,900 2,456 Other current liabilities 19,967 21,011 ---------- ---------- Total Current Liabilities 53,687 54,886 Long-Term Debt 166,690 175,184 Deferred Liabilities 40,619 42,189 Shareholders' Equity (Deficit) (42,005) (41,935) ---------- ---------- Total Liabilities and Shareholders' Equity (Deficit) $ 218,991 $ 230,324 ========== ========== -----END PRIVACY-ENHANCED MESSAGE-----