-----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, V3oGsKHRHQgyplcl8YqNcmLfyCOAQa8wMQXabaYF7Hqq2hXr9bzD7suZ71lQo2B1 M5pVpJ18KX7cBDZqJWxYhg== 0001193125-09-210407.txt : 20091020 0001193125-09-210407.hdr.sgml : 20091020 20091020170118 ACCESSION NUMBER: 0001193125-09-210407 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20091020 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091020 DATE AS OF CHANGE: 20091020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NAVISTAR INTERNATIONAL CORP CENTRAL INDEX KEY: 0000808450 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 363359573 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09618 FILM NUMBER: 091128424 BUSINESS ADDRESS: STREET 1: 4201 WINFIELD ROAD STREET 2: POST OFFICE BOX 1488 CITY: WARRENVILLE STATE: IL ZIP: 60555 BUSINESS PHONE: 630-753-5000 MAIL ADDRESS: STREET 1: 4201 WINFIELD ROAD STREET 2: POST OFFICE BOX 1488 CITY: WARRENVILLE STATE: IL ZIP: 60555 FORMER COMPANY: FORMER CONFORMED NAME: NAVISTAR INTERNATIONAL CORP /DE/NEW DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NAVISTAR HOLDING INC DATE OF NAME CHANGE: 19870528 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

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): October 20, 2009

 

 

LOGO

NAVISTAR INTERNATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-9618   36-3359573

(State or other jurisdiction of

incorporation or organization)

  (Commission File No.)  

(I.R.S. Employer

Identification No.)

 

4201 Winfield Road, P.O. Box 1488, Warrenville, Illinois   60555
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code (630) 753-5000

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


EXPLANATORY NOTE

In connection with the filing of our registration statement on Form S-3 and in accordance with Article 11 of Regulation S-X, Navistar International Corporation (“Navistar” or the “Company”) is providing updated pro forma financial information related to the June 2009 acquisition of additional equity interest in Blue Diamond Parts (“BDP”) for the nine month period ended July 31, 2009. This Current Report on Form 8-K is being filed to include the required financial information under Item 9.01 as further described below.

 

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(b) Pro Forma Financial Information

 

  1) The required pro forma information for the nine months ended July 31, 2009 is filed as Exhibit 99.1 to this Current Report.

 

(d) Exhibits

 

Exhibit No.

  

Description

99.1

   Unaudited pro forma combined statement of operations for the nine months ended July 31, 2009

 

PAGE 2


Forward Looking Statements

Information provided and statements contained in this report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this report and the Company assumes no obligation to update the information included in this report. Such forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or similar expressions. These statements are not guarantees of performance or results and they involve risks, uncertainties, and assumptions. For a further description of these factors, see Item 1A, Risk Factors, of our Form 10-K for the fiscal year ended October 31, 2008, which was filed on December 30, 2008, and Item 1A, Risk Factors, included within our Form 10-Q for the period ended July 31, 2009, which was filed on September 9, 2009. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. All future written and oral forward-looking statements by us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Except for our ongoing obligations to disclose material information as required by the federal securities laws, we do not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events.

 

PAGE 3


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.

 

  NAVISTAR INTERNATIONAL CORPORATION
  Registrant
Date: October 20, 2009  

/s/    ANDREW J. CEDEROTH        

 

Andrew J. Cederoth

Chief Financial Officer

 

PAGE 4

EX-99.1 2 dex991.htm UNAUDITED PRO FORMA Unaudited pro forma

Exhibit 99.1

Navistar International Corporation and Subsidiaries

Unaudited Pro Forma Combined Statement of Operations

On January 13, 2009, Navistar International Corporation (“Navistar” or the “Company”) announced that Navistar and Ford Motor Company (“Ford”) reached an agreement (“settlement agreement”) to restructure their ongoing business relationship and settle all existing litigation between the companies. On June 9, 2009, pursuant to the provisions of the settlement agreement, Navistar entered into the Fifth Amendment to the Blue Diamond Joint Venture Agreement with Ford to increase the Company’s equity interest in Blue Diamond Parts (“BDP”) from 49% to 75%, effective June 1, 2009. The receipt of additional equity interest from Ford was among the various components of the settlement agreement, and no additional consideration was paid to Ford in connection with the increase in equity interest in BDP. The following unaudited pro forma combined statement of operations is based on the historical financial statements of Navistar and BDP after giving effect to the assumptions, reclassifications, and adjustments described in the accompanying notes to the unaudited pro forma combined statement of operations.

At the time of the agreement, Navistar and BDP had different fiscal year ends. In conjunction with the agreement, BDP adopted the Company’s fiscal year end of October 31. The unaudited pro forma combined statement of operations for the nine months ended July 31, 2009 is presented as if the Company’s increased equity interest in BDP had occurred on November 1, 2008 and is based on the Company’s and BDP’s historical unaudited consolidated statements of operations for the nine months ended July 31, 2009. The historical consolidated financial statements of BDP have been adjusted to reflect certain reclassifications to conform to the Company’s financial statement presentation.

The unaudited pro forma combined statement of operations is prepared by management for informational purposes only in accordance with Article 11 of Regulation S-X and is not necessarily indicative of future results or of actual results that would have been achieved had the increased equity interest been consummated as of the dates presented, and should not be taken as representative of future consolidated results or operations of financial position of the Company.

 

E-1


Navistar International Corporation and Subsidiaries

Unaudited Pro Forma Combined Statement of Operations

For the Nine Months Ended July 31, 2009

 

     Historical                   
     Navistar
International
Corporation(G)
    Blue
Diamond
Parts, LLC(F)
   Adjustments
for
Acquisition
    Notes     Pro
Forma
Consolidated
 
(in millions, except per share data)                              

Sales and revenues

           

Sales of manufactured products, net

   $ 8,069      $ 117    $ 16      (D   $ 8,202   

Finance revenues

     215        —        —            215   
                                 

Sales and revenues, net

     8,284        117      16          8,417   
                                 

Costs and expenses

           

Costs of products sold

     6,737        —        16      (D     6,753   

Restructuring charges

     55        —        —            55   

Selling, general and administrative expenses

     985        13      3      (C     1,001   

Engineering and product development costs

     339        —        —            339   

Interest expense

     206        2      —            208   

Other income, net

     (232     —        23      (E     (209
                                 

Total costs and expenses

     8,090        15      42          8,147   

Equity in income of non-consolidated affiliates

     56        —        (50   (B     6   
                                 

Income before income tax, minority interest, and extraordinary gain

     250        102      (76       276   

Income tax expense (benefit)

     32        —        —            32   
                                 

Income before minority interest and extraordinary gain

     218        102      (76       244   

Minority interest in net income of subsidiaries, net of tax

     (7     —        (25   (A     (32
                                 

Income before extraordinary gain

     211        102      (101       212   

Extraordinary gain, net of tax

     23        —        —            23   
                                 

Net income

   $ 234      $ 102    $ (101     $ 235   
                                 

Basic earnings per share:

           

Income before extraordinary gain

   $ 2.98             $ 2.98   

Extraordinary gain, net of tax

     0.33               0.33   
                       

Net income

   $ 3.31             $ 3.31   
                       

Diluted earnings per share:

           

Income before extraordinary gain

   $ 2.95             $ 2.96   

Extraordinary gain, net of tax

     0.32               0.32   
                       

Net income

   $ 3.27             $ 3.28   
                       

Weighted average shares outstanding

           

Basic

     71.0               71.0   

Diluted

     71.7               71.7   

See accompanying notes to the unaudited pro forma combined statement of operations.

 

E-2


Navistar International Corporation and Subsidiaries

Notes to Unaudited Pro Forma Combined Statement of Operations

For the Nine Months Ended July 31, 2009

 

(A) Reflects Ford’s 25% minority interest in the earnings of BDP.

 

(B) Reflects elimination of income in equity-method investment related to BDP.

 

(C) Represents the amortization of intangible assets related to customer relationships with a useful life of nine years.

 

(D) Reflects core charges previously netted against net service revenues.

 

(E) Represents the elimination of the gain recognized in connection with the receipt of additional equity interest from Ford.

 

(F) Effective June 1, 2009, BDP changed its fiscal year from December 31 to October 31. The unaudited pro forma combined statement of operations for the nine months ended July 31, 2009, as presented above, reflects the change in fiscal year and includes the historical unaudited consolidated statements of operations of BDP for the seven months ended May 31, 2009.

 

(G) Effective June 1, 2009, BDP is accounted for as a consolidated subsidiary and its results are included within the consolidated results of Navistar.

 

E-3

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