-----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, E85ae5rqwqOBdd4MLnVnyUqwCnBNA9cGrbmGMcWR1aSdoju4v6Tkrpaa/v1uzuDW uyrqOiM3txUp9zljrWDX6Q== 0000352825-98-000016.txt : 19980625 0000352825-98-000016.hdr.sgml : 19980625 ACCESSION NUMBER: 0000352825-98-000016 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980624 ITEM INFORMATION: FILED AS OF DATE: 19980624 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: FOSTER L B CO CENTRAL INDEX KEY: 0000352825 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051] IRS NUMBER: 251324733 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 000-10436 FILM NUMBER: 98653293 BUSINESS ADDRESS: STREET 1: 415 HOLIDAY DR CITY: PITTSBURGH STATE: PA ZIP: 15220 BUSINESS PHONE: 4129283417 MAIL ADDRESS: STREET 1: 415 HOLIDAY DR CITY: PITTSBURGH STATE: PA ZIP: 15220 8-K/A 1 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K/A (AMENDMENT NO. 2) CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) June 9, 1998 L. B. FOSTER COMPANY (Exact name of registrant as specified in its charter) PENNSYLVANIA 0-1043 25-13224733 (State or jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) Registrant's telephone number, including area code 412-928-3417 ______________________________________________________________ (Former name or former address, if changed since last report. Item 7. Financial Statements and Exhibits. (b) Pro Forma Financial Information The following unaudited pro forma condensed consolidated financial statements are filed with this report: Pro Forma Condensed Consolidated Balance Sheet as of March 31, 1998 Page 3 Pro Forma Condensed Consolidated Statement of Income: Year Ended December 31, 1997 Page 4 Three Months Ended March 31, 1998 Page 5 The Pro Forma Condensed Consolidated Balance Sheet of the Registrant as of March 31, 1998 reflects the financial position of the Registrant after giving effect to the sale of certain assets of the Fosterweld Division of L. B. Foster Company, and assumes the sale took place on March 31, 1998. The Pro Forma Condensed Consolidated Statements of Income for the year ended December 31, 1997 and three months ended March 31, 1998 assume that the sale occurred on January 1, 1997. The unaudited pro forma condensed consolidated financial statements have been prepared by the Registrant based upon the assumptions required. The unaudited pro forma condensed consolidated financial statements presented herein are shown for illustrative purposes only and are not necessarily indicative of future financial position or future results of operations of the Registrant, or of the financial position or results of operations of the Registrant that would have actually occurred had the transaction been in effect for the periods presented. The unaudited pro forma condensed consolidated financial statements should be read in conjunction with the historical financial statements and related notes of the Registrant. (c) Exhibits (10) Asset Purchase Agreement, dated as of June 5, 1998, by and among the Registrant and Northwest Pipe Company as filed on Form 8-K, June 18, 1998. Page 1 SIGNATURES Pursuant to the requirements of the Securities Act of 1934, the Registrant has duly caused this report to be filed on its behalf by the undersigned hereunto duly authorized. L. B. FOSTER COMPANY By:/s/ Roger F. Nejes ___________________________ Roger F. Nejes Title: Senior Vice President and Chief Financial Officer Page 2 Pro Forma Financial Information L.B. Foster Company Pro Forma Condensed Consolidated Balance Sheet March 31, 1998 (Unaudited, in thousands) Fosterweld Assets Historical Division Adjustments Total - --------------------------------------------------------------- Current Assets: Cash and Cash Equivalents $ 1,841 $ 1,841 Accounts Receivable 46,010 (2,633) 43,377 Inventories 41,486 (1,389) 40,097 Property Held for Resale 3,256 (3,256) 0 Other Current Assets 766 766 - --------------------------------------------------------------- Total Current Assets 93,359 (7,278) 86,081 Property, Plant and Equipment-at cost 20,276 20,276 Property Held for Resale 615 615 Goodwill and Intangibles 4,370 4,370 Investments 1,693 1,693 Other Assets 3,386 3,386 - --------------------------------------------------------------- Total Assets $123,699 ($7,278) $ 0 $116,421 - --------------------------------------------------------------- - --------------------------------------------------------------- Liabilities and Stockholders' Equity - --------------------------------------------------------------- Current Liabilities: Short-term borrow- ings $ 1,287 $ 1,287 Current maturities of long-term debt 10,500 (8,798)(a) 1,702 Accounts Payable -trade 14,929 (180) 14,749 Other accrued liabilities 4,212 700 (b) 4,912 - --------------------------------------------------------------- Total Current Liabilities 30,928 (180) (8,098) 22,650 Long-Term Debt 19,251 19,251 - --------------------------------------------------------------- Other Long Term Liabilities 2,687 2,687 - --------------------------------------------------------------- Stockholders' Equity: Class A Common stock 102 102 Paid-in capital 35,500 35,500 Retained earnings 36,331 1,000 (c) 37,331 Treasury stock (1,100) (1,100) - --------------------------------------------------------------- Total Stockholders' Equity 70,833 0 1,000 71,833 - --------------------------------------------------------------- Total Liabilities and Stockholders' Equity $123,699 ($180) ($7,098) $116,421 - --------------------------------------------------------------- - --------------------------------------------------------------- (a) Decrease from reduced revolving credit borrowings (b) Increase for estimated tax at statutory rates (c) Increase for estimated net profit prior to final adjusted inventory purchase price Page 3 Pro Forma Financial Information L. B. Foster Company Pro Forma Condensed Consolidated Statement of Income Twelve Months Ended December 31, 1997 (Unaudited, in thousands, except per share amounts) Fosterweld Historical Division Adjustments Total - --------------------------------------------------------------- Net Sales $220,343 ($12,225) $208,118 - --------------------------------------------------------------- Costs and Expenses: Cost of goods sold 191,266 (10,421) 180,845 Selling and ad- ministrative expenses 21,913 (486) (145)(a) 21,282 Interest expense 2,495 (171)(b) 2,324 Other (income) expense (475) 47 (428) - --------------------------------------------------------------- 215,199 (10,860) (316) 204,023 - --------------------------------------------------------------- Income Before Income Taxes 5,144 (1,365) 316 4,095 Income Tax Expense 1,857 399 (c) 1,458 - --------------------------------------------------------------- Net Income $3,287 ($1,365) $715 $2,637 - --------------------------------------------------------------- - --------------------------------------------------------------- Basic Earnings per Common Share $ 0.32 $ 0.26 Diluted Earnings per Common Share $ 0.32 $ 0.26 (a) Decrease from performance related accruals (b) Decrease from reduced revolving credit borrowings (c) Income tax applied at statutory rates Page 4 Pro Forma Financial Information L. B. Foster Company Pro Forma Condensed Consolidated Statement of Income Three Months Ended March 31, 1998 (Unaudited, in thousands, except per share amounts) Fosterweld Historical Division Adjustments Total - --------------------------------------------------------------- Net Sales $49,341 ($2,157) $47,184 - --------------------------------------------------------------- Costs and Expenses: Cost of goods sold 42,247 (1,817) 40,430 Selling and ad- ministrative expenses 5,656 (117) (41) (a) 5,498 Interest expense 590 (34) (b) 556 Other (income) expense (333) 19 (314) - --------------------------------------------------------------- 48,160 (1,915) (75) 46,170 - --------------------------------------------------------------- Income Before Income Taxes 1,181 (242) 75 1,014 Income Tax Expense 475 63 (c) 412 - --------------------------------------------------------------- Net Income $ 706 ($ 242) $138 $ 602 - --------------------------------------------------------------- - --------------------------------------------------------------- Basic Earnings per Common Share $ 0.07 $ 0.06 Diluted Earnings per Common Share $ 0.07 $ 0.06 (a) Decrease from performance related accruals (b) Decrease from reduced revolving credit borrowings (c) Income tax applied at statutory rates Page 5 -----END PRIVACY-ENHANCED MESSAGE-----