-----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, M1yCzTBI9tXrPoDmisQOtSjAyfzEQozgL42XgwbZfRJkRMIpTiDby6QQmxb3kmvN EduZiXIM337CMzbaqwKFHA== 0000950172-99-000329.txt : 19990330 0000950172-99-000329.hdr.sgml : 19990330 ACCESSION NUMBER: 0000950172-99-000329 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990329 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990329 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEXCEL CORP /DE/ CENTRAL INDEX KEY: 0000717605 STANDARD INDUSTRIAL CLASSIFICATION: METAL FORGING & STAMPINGS [3460] IRS NUMBER: 941109521 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08472 FILM NUMBER: 99575478 BUSINESS ADDRESS: STREET 1: 281 TRESSER BOULEVARD STREET 2: C/O TWO STAMFORD PLZ CITY: STAMFORD STATE: CT ZIP: 06901 BUSINESS PHONE: 2039690666 MAIL ADDRESS: STREET 1: 5794 W LAS POSITAS BLVD CITY: PLEASANTON STATE: CA ZIP: 945888781 8-K 1 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 March 29, 1999 (March 26, 1999) ------------------------------------------------ Date of report (Date of earliest event reported) Hexcel Corporation ------------------------------------------------------ (Exact Name of Registrant as Specified in Charter) Delaware 1-8472 94-1109521 -------------- --------------------- ------------------ (State of (Commission File No.) (IRS Employer Incorporation) Identification No.) Two Stamford Plaza 281 Tresser Boulevard Stamford, Connecticut 06901-3238 ------------------------------------------------------------ (Address of Principal Executive Offices and Zip Code) (203) 969-0666 ---------------------------------------------------- (Registrant's telephone number, including area code) N/A ------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events. A copy of the press release issued by Hexcel Corporation, a Delaware corporation (the "Company") on March 26, 1999 is filed as Exhibit 99.1 to this Current Report and is incorporated herein by reference. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits 99.1 Press Release issued by the Company on March 26, 1999. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: March 29, 1999 HEXCEL CORPORATION By: /s/ Ira J. Krakower Name: Ira J. Krakower Title: Senior Vice President, General Counsel and Secretary EXHIBIT INDEX Exhibit No. Description 99.1 Press Release issued by the Company on March 26, 1999 EX-99 2 EXHIBIT 99.1 - PRESS RELEASE Exhibit 99.1 Contacts Investors: Stephen C. Forsyth 203-969-0666 ext. 425 stephen.forsyth@hexcel.com Media: Ronald S. Ziemba 203-969-0666 ext. 405 ron.ziemba@hexcel.com HEXCEL UPDATES 1999 FIRST QUARTER OUTLOOK STAMFORD, CT, March 26, 1999 Hexcel Corporation (NYSE/PCX: HXL) today provided guidance on the anticipated performance of its business in the first quarter of 1999. Mr. John Lee, Chairman & CEO advised "During the quarter, demand in most of the markets Hexcel serves, including commercial aerospace, has been in line with our expectations. In addition, we have continued to make progress in our business consolidation and integration action plans. However, competitive conditions in the global market for electronic fiberglass materials have remained intense, impacting sales volumes and margins to a greater extent than we previously expected. As a result, we now anticipate that the company's net sales for the quarter will be in the range of $305 to $315 million with gross margins in the range of 21% to 22% of net sales. This is expected to result in Adjusted EBITDA (earnings before interest expense, taxes, depreciation, amortization and business acquisition and consolidation expenses) for the quarter of between $42 and $45 million." Mr. Lee continued "Electronic market competitive conditions resulting from the Asian economic situation are also impacting the performance of our joint venture companies in Europe and Japan, reducing the amount of equity income that we recognize for these joint ventures in our financial statements. This impact, combined with lower than anticipated operating profitability, is anticipated to result in Adjusted Diluted EPS (diluted earnings per share excluding business acquisition and consolidation expenses) in the range of $0.13 to $0.18 per share for the quarter." During the quarter, Hexcel has continued the consolidation and integration of its global reinforcement materials operations. On March 16, 1999, Hexcel expanded these actions, announcing its plan to close its Cleveland, Georgia manufacturing facility. As a result, the company anticipates recording in its first quarter financial statements about $3 million of business acquisition and consolidation charges primarily reflecting the costs of closing this facility, of which $1.8 million will be non-cash charges. These first quarter of 1999 charges will equate to about $0.05 per diluted share. A further charge related to this plant closure of about $1 million is anticipated in the second and/or third quarter of 1999. In concluding, Mr. Lee noted "Hexcel remains focused on improving performance by continuing to reduce costs and improving productivity through our Lean Enterprise initiatives. We have substantially completed the business consolidation actions we announced in the fourth quarter of 1998 and continue to seek further opportunities to eliminate cost. We remain targeted on achieving Adjusted Diluted EPS of at least $1.00 per share in 1999." Hexcel expects to report the results of its first quarter of 1999 on the evening of Tuesday, April 20, 1999. * * * Hexcel Corporation is the world's leading advanced structural materials company. It develops manufactures and markets lightweight, high-performance reinforcement products, , composite materials and engineered products for use in commercial aerospace, space and defense, electronics, recreation and general industrial applications. DISCLAIMER ON FORWARD LOOKING STATEMENTS This press release contains statements that are forward looking, including statements relating to market conditions, sales, gross margin percentage, EBITDA, diluted earnings per share, and expenses associated with business acquisition and consolidation programs. These statements are not projections or assured results. Actual results may differ materially from the results anticipated in the forward looking statements due to a variety of factors, including but not limited to, changing market conditions, particularly in Asia and Europe, increased competition, product mix and currency. Additional risk factors are described in the company's filings with the SEC. The company does not undertake an obligation to update its forward looking statements to reflect future events or circumstances. -----END PRIVACY-ENHANCED MESSAGE-----