-----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, FmRf6RH1gKcO4dEFTbS5HNeH1EY0Ckme7ClFHrv58ekn7ih7HUUKa2eRNwKMaEGo zOMd1nQ0qUm75eAVG1JRrA== 0001045969-01-000342.txt : 20010329 0001045969-01-000342.hdr.sgml : 20010329 ACCESSION NUMBER: 0001045969-01-000342 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010327 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010328 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FULLER H B CO CENTRAL INDEX KEY: 0000039368 STANDARD INDUSTRIAL CLASSIFICATION: ADHESIVES & SEALANTS [2891] IRS NUMBER: 410268370 STATE OF INCORPORATION: MN FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-09225 FILM NUMBER: 1581677 BUSINESS ADDRESS: STREET 1: 1200 WILLOW LAKE BLVD CITY: ST PAUL STATE: MN ZIP: 55110-5132 BUSINESS PHONE: 6126453401 8-K 1 0001.txt FORM 8-K 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 27, 2001 H.B. Fuller Company (Exact name of registrant as specified in its charter) Minnesota 0-3488 41-0268370 (State of (Commission (I.R.S. Employer Incorporation) file number) Identification No.) 1200 Willow Lake Boulevard, St. Paul, Minnesota 55110-5101 (Address of principal executive offices) (Zip Code) (651) 236-5900 (Registrant's telephone number, including area code) Item 5. Other Events On March 27, 2001, H.B. Fuller Company. announced its earnings for the first quarter ending March 3, 2001. A copy of the press release that discusses these matters is filed as an exhibit to, and incorporated by reference in, this report. Item 7. Financial Statements and Exhibits. Exhibit 99 Press Release dated March 27, 2001 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. H.B. FULLER COMPANY Date: March 27, 2001 By: /s/ Richard C. Baker Richard C. Baker Vice President, General Counsel, and Secretary EX-99 2 0002.txt PRESS RELEASE DATED MARCH 27, 2001 EXHIBIT 99 [HB Fuller Logo] H.B. Fuller Company Contact: Scott Dvorak Corporate Headquarters Investor Relations 651-236-5150 P.O 64683 St. Paul, Minnesota 55164-0683 - -------------------------------------------------------------------------------- NEWS For Immediate Release March 27, 2001 - -------------------------------------------------------------------------------- Note: H.B. Fuller will host a conference call March 28, 2001 at 9:30 a.m. central time (10:30 a.m. eastern time). The call can be heard live over the Internet at H.B. Fuller's website at http://www.hbfuller.com under the section shareholder information or at www.streetevents.com. H.B. Fuller Reports First Quarter Results ST. PAUL, Minn. -- H.B. Fuller Company today reported net earnings for the first quarter ended March 3, 2001 of $5.5 million or $0.39 per share (diluted). Last year's first quarter net earnings were $9.5 million or $0.68 per share (diluted), excluding a nonrecurring restructuring credit of $0.2 million ($0.3 million pretax). The reduction in earnings was mainly caused by the increased cost of raw materials, reduced demand attributed to the slowing economy and the continued weakness of foreign currencies.
- -------------------------------------------------------------------------------------------------------------- Net earnings EPS (diluted) --------------------- ----------------- Excluding 2000 nonrecurring restructuring credit Q1, 2001 $5.5 million $0.39 Q1, 2000 $9.5 million $0.68 Change -41.8% -42.6% - --------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------- Net earnings EPS (diluted) --------------------- ----------------- Including 2000 nonrecurring restructuring credit Q1, 2001 $5.5 million $0.39 Q1, 2000 $9.7 million $0.69 Change -43.0% -43.5% - --------------------------------------------------------------------------------------------------------------
1 Al Stroucken, chairman, president and chief executive officer remarked, "The first quarter results are reflective of the economic pressures, increased raw material costs and unfavorable currency factors that we anticipated at the end of last year. There is nothing to indicate at this point that the environment will noticeably improve in the second quarter. We will continue to manage these issues and are committed to staying focused on our goals: growth, profit and people." First Quarter Revenues - ---------------------- Sales amounted to $306.9 million, a 5.2 percent decrease from the first quarter last year. Reduced volume and negative currency effects accounted for a combined 7.5 percent decline. The impact from volume and currency was partially offset by price increases of 2.0 percent. First Quarter Segment Sales - --------------------------- >> North America Adhesives sales decreased 6.4 percent compared to last year. o Pricing was up 2.0 percent. o Volume decreased 8.2 percent and currency had a negative 0.2 percent impact. >> Europe Adhesives sales decreased 8.2 percent compared to last year. o Selling prices increased 3.5 percent and volume decreased 4.3 percent. o Weakness in the European currencies against the U.S. dollar had a negative 7.4 percent impact. >> Latin America Adhesives sales increased 2.8 percent compared to last year. o Pricing declined 0.1 percent. o Volume growth was 2.9 percent. >> Asia/Pacific Adhesives sales decreased 4.1 percent compared to last year. o Pricing increased 2.1 percent. o Volume increased 4.2 percent. o Currency effects were negative 10.4 percent. 2 >> Specialty Group sales decreased 3.6 percent compared to last year. o Pricing increased 1.4 percent. o Volume decreased 4.9 percent. o Currency effects were negative 0.9 percent. o Acquisitions, net of divestitures, resulted in a 0.8 percent increase. Operating earnings declined in all five segments compared to last year, a direct result of higher raw material costs, reduced demand and negative currency effects. H.B. Fuller Company is a worldwide manufacturer and marketer of adhesives, sealants, coatings, paints and other specialty chemical products, with fiscal 2000 sales of $1.353 billion. Common stock is traded on the NASDAQ exchange under the symbol FULL. For more information about the company, visit our website at: http://www.hbfuller.com. Safe Harbor for Forward-Looking Statement Certain statements in this document are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks and uncertainties, including but not limited to the following: political and economic conditions; product demand and industry capacity; competitive products and pricing; manufacturing efficiencies; new product development; product mix; availability and price of raw materials and critical manufacturing equipment; new plant startups; accounts receivable collection; the company's relationships with its major customers and suppliers; changes in tax laws and tariffs; patent rights that could provide significant advantage to a competitor; devaluations and other foreign exchange rate fluctuations (particularly with respect to the euro, the Japanese yen, the Australian dollar and the Brazilian real); the regulatory and trade environment; and other risks as indicated from time to time in the company's filings with the Securities and Exchange Commission. All forward-looking information represents management's best judgment as of this date based on information currently available that in the future may prove to have been inaccurate. Additionally, the variety of products sold by the company and the regions where the company does business makes it difficult to determine with certainty the increases or decreases in sales resulting from changes in the volume of products sold, currency impact, changes in product mix and selling prices. However, management's best estimates of these changes as well as changes in other factors have been included. References to volume changes includes volume and product mix changes, combined. 3 HB FULLER COMPANY FINANCIAL INFORMATION Dollars in thousands, except per share amount 13 Weeks 13 Weeks Ended Ended 3-Mar-01 26-Feb-00 ---------- ----------- Net sales $ 306,934 $ 323,630 Cost of sales (224,359) (230,508) ---------- ---------- Gross profit 82,575 93,122 Selling, administrative and other expenses (68,291) (69,617) Nonrecurring (charges) credits -- 300 Interest expense (5,663) (6,041) Other income (expense), net (521) (2,464) ---------- ---------- Income before income taxes and minority interests 8,100 15,300 Income taxes (2,997) (5,967) Minority interests in consolidated income (15) (328) Income from equity investments 462 725 ---------- ---------- Net income $ 5,550 $ 9,730 ========== ========== Basic income per common share $ 0.40 $ 0.70 Diluted income per common share $ 0.39 $ 0.69 Dividends per common share $ 0.210 $ 0.205 Weighted-average common shares outstanding Basic 13,966 13,862 Diluted 14,126 14,101 Select Balance Sheet Information (subject to change prior to filing of the - -------------------------------------------------------------------------- quarterly report on Form 10-Q) - ------------------------------ Inventory $ 159,180 $ 166,428 Trade accounts receivable, net 214,332 226,361 Trade accounts payable 119,435 122,646 Total assets 1,007,529 1,020,127 Long-term debt 253,410 279,561 Stockholders' equity 410,901 380,904 - -------------------------------------------------------------------------------- Pursuant to FASB Emerging Issues Task Force Issue No. 00-10, Accounting for Shipping and Handling Fees and Costs, the company has reclassified freight billed to customers from selling, administrative and other expenses to net sales, and has reclassified related freight costs from selling, administrative and other expenses to cost of sales. - -------------------------------------------------------------------------------- 4 -----END PRIVACY-ENHANCED MESSAGE-----