-----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, G2nbqiGrt5l3kKStrUl0QHz22LLTCzs4VRcRxmdfxlMCDV0i77qiX37svSYfuDPL /jL2y/+YzJtmffWlQLzVEA== 0000062418-99-000003.txt : 19990421 0000062418-99-000003.hdr.sgml : 19990421 ACCESSION NUMBER: 0000062418-99-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990228 ITEM INFORMATION: FILED AS OF DATE: 19990420 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARK IV INDUSTRIES INC CENTRAL INDEX KEY: 0000062418 STANDARD INDUSTRIAL CLASSIFICATION: GASKETS, PACKAGING AND SEALING DEVICES & RUBBER & PLASTIC HOSE [3050] IRS NUMBER: 231733979 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08862 FILM NUMBER: 99597226 BUSINESS ADDRESS: STREET 1: 501 JOHN JAMES AUDUBON PKWY STREET 2: P O BOX 810 CITY: AMHERST STATE: NY ZIP: 14266-0810 BUSINESS PHONE: 7166894972 MAIL ADDRESS: STREET 1: 501 JOHN JAMES AUDUBON PARKWAY STREET 2: P O BOX 810 CITY: AMHERST STATE: NY ZIP: 14266-0810 FORMER COMPANY: FORMER CONFORMED NAME: MARK FOUR HOMES INC DATE OF NAME CHANGE: 19770921 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 F O R M 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): April 20, 1999 -------------------- MARK IV INDUSTRIES, INC. - --------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware - --------------------------------------------------------------------- (State or other jurisdiction of incorporation) 1-8862 23-1733979 - ----------------------- ------------------------ (Commission File Number) (IRS Employer Identification No.) 501 John James Audubon Pkwy., Amherst, New York 14226-0810 - ------------------------------------------------ ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (716) 689-4972 ------------------- ____________________________________________________________________________ (Former name or former address, if changed since last report.) 2 Item 5 - Other Events - --------------------- Registrant's unaudited consolidated balance sheets as of February 28, 1999 and 1998, and unaudited consolidated income statement data for the fiscal years ended February 28, 1999, 1998 and 1997, are attached hereto as Exhibits 99.1 and 99.2. This unaudited financial statement information is being filed as a prelude to the registrant's audited financial statements to be included in the Company's Annual Report on Form 10-K which will be filed with the Securities and Exchange Commission no later than its May 29, 1999 due date. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS - --------------------------------------------------------------------------- (a) Financial Statements of Business Acquired. - Not applicable. (b) Pro Forma Financial Information. - Not applicable. (c) Exhibits. 99.1 Copy of the Registrant's unaudited consolidated balance sheets as of February 28, 1999 and 1998. 99.2 Copy of the Registrant's unaudited consolidated income statement data for the fiscal years ended February 28, 1999, 1998 and 1997. 3 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 hereunto duly authorized. MARK IV INDUSTRIES, INC. BY: /s/Richard L. Grenolds ------------------------- Richard L. Grenolds Vice President and Chief Accounting Officer Dated: April 20, 1999 EX-99.1 2 4 EXHIBIT 99.1 MARK IV INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) FEBRUARY 28, 1999 and 1998 (Dollars in Thousands) ASSETS 1999 1998 ---- ---- Current Assets: Cash and short-term investments $ 125,700 $ 120,900 Accounts receivable 406,000 466,400 Inventories 297,600 393,400 Other current assets 133,300 105,600 ---------- ---------- Total current assets 962,600 1,086,300 Pension and other non-current assets 185,500 226,600 Property, plant and equipment, net 562,300 668,400 Cost in excess of net assets acquired 369,300 439,200 ---------- ---------- TOTAL ASSETS $2,079,700 $2,420,500 ========== ========== LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities: Notes payable and current maturities $ 57,800 $ 133,800 8-3/4% Notes, called for redemption - 73,100 Accounts payable 219,900 222,400 Compensation related liabilities 79,000 75,500 Accrued interest 23,200 28,600 Other current liabilities 92,100 94,500 ---------- ---------- Total current liabilities 472,000 627,900 ---------- ---------- Long-Term Debt: Senior debt 24,700 21,400 Subordinated debt 772,800 772,500 ---------- ---------- Total long-term debt 797,500 793,900 ---------- ---------- Other non-current liabilities 213,500 246,700 ---------- ---------- Stockholders' Equity: Preferred stock - $.01 par value; Authorized 10 million shares; No issued shares - - Common stock - $.01 par value; Authorized 200 million shares; Issued 53.4 million shares in 1999 and 62.9 million shares in 1998 500 600 Additional paid-in capital 440,700 617,800 Retained earnings 203,300 167,100 Foreign currency translation adjustment (47,800) (33,500) ---------- ---------- Total stockholders' equity 596,700 752,000 ---------- ---------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $2,079,700 $2,420,500 ========== ========== EX-99.2 3 5 Exhibit 99.2 MARK IV INDUSTRIES, INC. CONSOLIDATED INCOME STATEMENT DATA (Unaudited) (Amounts in thousands, except per share data)
Fiscal Year Ended February 28, ------------------------------- 1999 1998(A) 1997(A) ---- ------ ------ Sales from continuing operations $1,948,600 $1,844,300 $1,717,900 Operating income (B) $ 196,200 $ 207,900 $ 191,000 Interest expense $ 53,900 $ 49,700 $ 45,800 Operating income (before repositioning and restructuring charges), net of interest expense $ 142,300 $ 158,200 $ 145,200 Income from continuing operations (C): Before repositioning and restructuring charges $ 91,100 $ 97,800 $ 88,600 Repositioning and restructuring charges(D) (38,700) - (67,500) ---------- ---------- ---------- Total continuing 52,400 97,800 21,100 ---------- ---------- ---------- Discontinued operations (C): Before divestitures 4,100 11,400 17,500 Gain/(loss) on divestitures (6,300) - 17,500 ---------- ---------- ---------- Total discontinued (2,200) 11,400 35,000 ---------- ---------- ---------- Extraordinary loss (C) (2,600) (10,600) - ---------- ---------- ---------- Net income $ 47,600 $ 98,600 $ 56,100 ========== ========== ========== Basic earnings per share: Continuing operations: Before repositioning and restructuring charges $ 1.60 $ 1.52 $ 1.34 Repositioning and restructuring charges (.68) - (1.02) ---------- ---------- ---------- Total continuing .92 1.52 .32 ---------- ---------- ---------- Discontinued operations: Before divestitures .07 .18 .26 Gain/(loss) on divestitures (.11) - .26 ---------- ---------- ---------- Total discontinued (.04) .18 .52 ---------- ---------- ---------- Extraordinary loss (.04) (.16) - ---------- ---------- ---------- Net income $ .84 $ 1.54 $ .84 ========== ========== ========== Diluted earnings per share: Continuing operations: Before repositioning and restructuring charges(E) $ 1.51 $ 1.49 $ 1.33 Repositioning and restructuring charges (.59) - (1.01) ---------- ---------- ---------- Total continuing .92 1.49 .32 ---------- ---------- ---------- Discontinued operations: Before divestitures .06 .17 .26 Gain/(loss) on divestitures (.09) - .26 ---------- ---------- ---------- Total discontinued (.03) .17 .52 ---------- ---------- ---------- Extraordinary loss (.04) (.16) - ---------- ---------- ---------- Net income $ .85 $ 1.50 $ .84 ========== ========== ========== Weighted average number of shares outstanding: Basic 56,900 64,100 66,300 ========== ========== ========== Diluted 65,500 67,400 66,700 ========== ========== ========== ___________________________ (A) Restated to reflect the sale in fiscal 1999 of the Automotive Filter Business and certain other business units, accounted for as discontinued operations. (B) Income from continuing operations before interest expense, taxes, and the repositioning charge in fiscal 1999 and restructuring charge in fiscal 1997. Includes non-cash depreciation and amortization expense from continuing operations of $80.5 million, $66.3 million and $58.2 million in fiscal 1999, 1998, and 1997, respectively. (C) Net of related tax effects (D) Represents a pre-tax repositioning charge of $63.8 million recognized in fiscal 1999, and pre-tax restructuring charge of $112.5 million recognized in fiscal 1997. An additional $2.2 million repositioning charge ($1.3 million net of taxes) is included in discontinued operations in fiscal 1999. (E) On a pro forma basis, applying the net proceeds from the divestitures to reduce indebtedness as of the beginning of the fiscal years, earnings per share would be $1.56 and $1.55 for the fiscal years ended February 28, 1999 and 1998, respectively.
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