-----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, UjqJnSnP8n1wQcJk480MnYgS1hFtx7RcnaePuoL4IWsjgiF7U/PfQ9eoDyNUrS2n ePxa6ukD/lC4nSVIoco8gw== 0001072613-03-000857.txt : 20030520 0001072613-03-000857.hdr.sgml : 20030520 20030520145147 ACCESSION NUMBER: 0001072613-03-000857 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030514 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KINARK CORP CENTRAL INDEX KEY: 0000055805 STANDARD INDUSTRIAL CLASSIFICATION: COATING, ENGRAVING & ALLIED SERVICES [3470] IRS NUMBER: 710268502 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03920 FILM NUMBER: 03712202 BUSINESS ADDRESS: STREET 1: 2250 EAST 73RD STREET STREET 2: SUITE 300 CITY: TULSA STATE: OK ZIP: 74136-6832 BUSINESS PHONE: (918)494-0964 MAIL ADDRESS: STREET 1: 2250 EAST 73RD STREET STREET 2: SUITE 300 CITY: TULSA STATE: OK ZIP: 74136-6832 FORMER COMPANY: FORMER CONFORMED NAME: KIN ARK OIL CO DATE OF NAME CHANGE: 19690601 FORMER COMPANY: FORMER CONFORMED NAME: KIN ARK OIL & GAS CO DATE OF NAME CHANGE: 19680906 8-K 1 form8-k_11931.txt KINARK CORPORATION FORM 8-K SATED MAY 14, 2003 ================================================================================ UNITED STATES 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): May 14, 2003 Commission file number: 333-04937 KINARK CORPORATION (Exact name of Registrant as specified in its charter) DELAWARE 71-0268502 - -------------------------------------------------------------------------------- (State of other jurisdiction (I.R.S. Employer of incorporation) Identification No.) 2250 EAST 73RD STREET TULSA, OKLAHOMA 74136 - -------------------------------------------------------------------------------- (Address of principal (Zip Code) executive offices) (918) 494-0964 (Registrant's telephone number, including area code) NOT APPLICABLE (Former name, former address and former fiscal year, if changes since last report) ================================================================================ ITEM 9. REGULATION FD DISCLOSURE On May 14, 2003, Kinark Corporation issued a press release in the form attached as Exhibit 99.1, which is incorporated herein by reference. The furnishing of this information shall not be deemed an admission as to the materiality of the information included in this Current Report. This information is not filed but is furnished pursuant to Regulation FD. 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. Kinark Corporation Date: May 20, 2003 By: /s/ Paul R. Chastain --------------------------------- Paul R. Chastain Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 Press release, dated May 14, 2003, of Kinark Corporation EX-99.1 3 exh99-1_11931.txt PRESS RELEASE DATED MAY 14, 2003 EXHIBIT 99.1 ------------ KINARK ANNOUNCES FIRST QUARTER RESULTS Tulsa, Oklahoma, May 14, 2003 - Kinark Corporation (AMEX-KIN), announced today that continued weakness in the capital goods sector of the economy negatively affected its galvanizing and coatings business in the first quarter ended March 31, 2003. Unaudited results are sales of $8,040,000, a decrease of $1,177,000 from sales of $9,217,000 in the first quarter of 2002. The Company incurred a net loss of $327,000, or $.05 per share for the first quarter of 2003 compared to net income of $224,000, or $.03 per share for the first quarter a year ago. Ronald J. Evans, president and chief executive officer, said, "Considerable weakness in capital spending in a number of the major market sectors we serve resulted in a first-quarter downturn in galvanizing demand. As a result, total production tonnage across most of our facilities declined." Although quotation activity from fabricators shows some signs of increasing, the chief executive cautioned that, "The Company remains guarded as to the timing and strength of any broad-based market recovery and we are taking measures within the organization in an effort to reduce our cost structure and lower our breakeven point." The Company also announced that in April it had decided to discontinue operations at its previously idled older galvanizing facility in Houston. The Houston-Cunningham plant had been temporarily idled in December 2001 due to weak market demand. In late April 2003, new events, combined with a further contraction of the galvanizing business in the Houston market, resulted in the likely inability to maintain the plant as part of the Company's continuing operations. Accordingly, the Company will record a pre-tax write-down of approximately $1.23 million ($710,000 after tax) in the second quarter of 2003 related to these events and circumstances. Kinark is a leading provider of hot dip galvanizing and coatings for corrosion protection of fabricated steel products through its North American Galvanizing Company subsidiary. The Company conducts its galvanizing and coating business through a network of plants located in Denver, Hurst (Dallas/Forth Worth), Houston, Kansas City, Louisville, Nashville, St. Louis and the Tulsa area. Hot dip galvanizing provides metals corrosion protection for many product applications used in commercial, construction and industrial markets. North American Galvanizing Company can also be reached through our website, WWW.NAGALV.COM. Cautionary Statement. Statements in this news release that are not strictly historical may be "forward looking" statements, which involve risks and uncertainties. These include economic and regulatory conditions, issues with suppliers, market demand, pricing and competitive factors, among others, which are set forth in the Company's Securities and Exchange filings. - M O R E - KINARK CORPORATION AND SUBSIDIARY Consolidated Statements of Operations (Unaudited) Three Months Ended March 31 ---------------------------- (Dollars in Thousands Except per Share Amounts) 2003 2002 - -------------------------------------------------------------------------------- Sales $ 8,040 $ 9,217 Cost of sales 6,005 6,365 Selling, general & administrative expenses 1,467 1,398 Depreciation expense 823 805 ---------- ---------- Total Costs and Expenses 8,295 8,568 ---------- ---------- Operating Income (Loss) (255) 649 Interest expense, net 308 287 ---------- ---------- Income before Income Taxes (563) 362 Income tax expense (benefit) (236) 138 ---------- ---------- Net Income (Loss) $ (327) $ 224 ========== ========== Net Income (Loss) Per Common Share Basic $ (.05) $ .03 Diluted $ (.04) $ .03 - END - -----END PRIVACY-ENHANCED MESSAGE-----