-----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, LxHH610y2GFrWh/O+Vj9Xv0njf64au3Anqpo9gNlHk2hKeoMH77Fjt+E2hlr5yuO CTjCoJSuSvgx0pOOC8PePg== 0000931763-98-003034.txt : 19981123 0000931763-98-003034.hdr.sgml : 19981123 ACCESSION NUMBER: 0000931763-98-003034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981120 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MOHAWK INDUSTRIES INC CENTRAL INDEX KEY: 0000851968 STANDARD INDUSTRIAL CLASSIFICATION: CARPETS AND RUGS [2273] IRS NUMBER: 521604305 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-13697 FILM NUMBER: 98756212 BUSINESS ADDRESS: STREET 1: 160 S INDUSTRIAL BLVD STREET 2: PO BOX 12069 CITY: CALHOUN STATE: GA ZIP: 30701 BUSINESS PHONE: 7066297721 MAIL ADDRESS: STREET 1: P O BOX 12069 CITY: CALHOUN STATE: GA ZIP: 30703 8-K 1 MOHAWK INDUSTRIES, INC. SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Act of 1934 Date of Report (Date of earliest event reported): November 20, 1998 MOHAWK INDUSTRIES, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 01-19826 52-1604305 - ----------------- ------------------------ ------------------- (State or other (Commission File Number) (IRS Employer jurisdiction of Identification No.) incorporation) 160 South Industrial Blvd., Calhoun, Georgia 30701 ----------------------------------------------------------------------- (Address, including zip code, of principal executive offices) (706) 629-7721 -------------------------------------------------------------- (Registrant's telephone number, including area code) Item 5. Other Events ------------ On November 20, 1998, Mohawk Industries, Inc. ("Mohawk") issued a press release containing certain supplemental statement of earnings data for the year and each of the four quarters in the year ended December 31, 1997, and the nine months and each of the three quarters in the nine months ended September 26, 1998. The supplemental statement of earnings data has been restated to include the accounts and results of operations of World Carpets, Inc., which Mohawk acquired on November 12, 1998. A copy of such press release is included as an exhibit to this report and incorporated herein by reference. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. ------------------------------------------------------------------- C. Exhibits 99.1 Press Release dated November 20, 1998 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. Mohawk Industries, Inc. Date: November 20, 1998 By: /s/ Frank H. Boykin ------------------------- Frank H. Boykin Corporate Controller INDEX TO EXHIBITS ----------------- Exhibit ------- 99.1 Press Release dated November 20, 1998 EX-99.1 2 PRESS RELEASE DATED NOVEMBER 20, 1998 EXHIBIT 99.1 Mohawk Industries, Inc. Press Release dated November 20, 1998 NEWS RELEASE - ------------ [LOGO OF MOHAWK INDUSTRIES INC. APPEARS HERE] POST OFFICE BOX 12069 SOUTH INDUSTRIAL BLVD. CALHOUN, GA 30703 (706) 629-7721 FOR RELEASE: IMMEDIATELY CONTACT: JOHN D. SWIFT, CHIEF FINANCIAL OFFICER MOHAWK INDUSTRIES, INC. RESTATES 1997 AND 1998 STATEMENTS OF EARNINGS FOR WORLD CARPETS, INC. MERGER Calhoun, Georgia, November 20, 1998 - Mohawk Industries, Inc. (NYSE: MHK) exchanged 4,899,992 shares of its common stock for all of the outstanding capital stock of World Carpets, Inc., on November 12, 1998, in a business combination accounted for under the pooling-of-interests basis of accounting. On November 12, 1998, the Securities and Exchange Commission declared effective a registration statement to register for resale 4,899,992 shares of Mohawk's common stock issued in connection with the merger. The supplemental consolidated financial statements included in the registration statement give retroactive effect to the merger. Generally accepted accounting principles proscribe giving effect to a consummated business combination accounted for by the pooling-of-interests method in financial statements that do not include the date of consummation. The financial statements included in the registration statement and attached to the press release do not extend through the date of consummation. However, they will become the historical consolidated financial statements of Mohawk after financial statements covering the date of consummation of the business combination are issued. The attached consolidated statements of earnings data of Mohawk for the year and each of the fiscal quarters in the year ended December 31, 1997 and the nine months and each of the fiscal quarters in the nine month period ended September 26, 1998 have been restated to give retroactive effect to the merger of Mohawk and World. Mohawk is a leading producer of woven and tufted broadloom carpet and rugs for residential and commercial applications. The Company designs, manufactures and markets carpet in a broad range of colors, textures and patterns and is widely recognized through its premier brand names, some of which include "Aladdin," "Alexander Smith," "Bigelow," "Galaxy," "Harbinger," "Helios," "Horizon," "Karastan," "Mohawk," "Mohawk Commercial" and "World." Mohawk offers a broad line of washable accent and bath rugs through Aladdin and Newmark & James; area rugs through Karastan, American Rug Craftsmen and American Weavers; and decorative throws, placemats, table runners and kitchen chair pads through American Weavers. Mohawk also offers a complete laminate product line under the INSIGNIA brand name and distributes carpet padding and ceramic tile. The Company markets its products primarily through retailers and commercial dealers. ##### MOHAWK INDUSTRIES, INC. CONSOLIDATED SUPPLEMENTAL STATEMENTS OF EARNINGS DATA NINE MONTHS ENDED SEPTEMBER 26, 1998 (in thousands, except per share data)
Fiscal Quarters Ended Nine --------------------------------- Months Ended March 28, June 27, Sept. 26, Sept. 26, 1998 1998 1998 1998 -------- -------- -------- ---------- C> Net sales $559,963 $660,441 $689,994 $1,910,398 Cost of sales $435,096 $494,735 $522,936 $1,452,767 -------- -------- -------- ---------- Gross profit $124,867 $165,706 $167,058 $ 457,631 Selling, general and administrative expenses $ 91,337 $102,713 $101,973 $ 296,023 -------- -------- -------- ---------- Operating income $ 33,530 $ 62,993 $ 65,085 $ 161,608 -------- -------- -------- ---------- Other expense: Interest expense $ 7,561 $ 7,604 $ 6,836 $ 22,001 Other expense (income), net $ (240) $ 444 $ 598 $ 802 -------- -------- -------- ---------- $ 7,321 $ 8,048 $ 7,434 $ 22,803 -------- -------- -------- ---------- Earnings before income taxes $ 26,209 $ 54,945 $ 57,651 $ 138,805 Income taxes $ 11,614 $ 21,450 $ 22,928 $ 55,992 -------- -------- -------- ---------- Net earnings $ 14,595 $ 33,495 $ 34,723 $ 82,813 ======== ======== ======== ========== Basic earnings per share $ 0.26 $ 0.59 $ 0.61 $ 1.45 ======== ======== ======== ========== Weighted-average common shares outstanding 57,116 57,227 57,285 57,210 ======== ======== ======== ========== Diluted earnings per share $ 0.25 $ 0.58 $ 0.60 $ 1.43 ======== ======== ======== ========== Weighted-average common and dilutive potential common shares outstanding 57,827 58,024 58,019 57,957 ======== ======== ======== ==========
MOHAWK INDUSTRIES, INC. CONSOLIDATED SUPPLEMENTAL STATEMENTS OF EARNINGS DATA YEAR ENDED DECEMBER 31, 1997 (in thousands, except per share data)
Fiscal Quarters Ended ---------------------------------------------- Year Ended March 29, June 28, Sept. 27, Dec. 31, Dec. 31, 1997 1997 1997 1997 1997 -------- -------- -------- -------- ---------- Net sales $514,993 $581,539 $600,843 $629,966 $2,327,341 Cost of sales $405,112 $451,687 $464,612 $486,726 $1,808,137 -------- -------- -------- -------- ---------- Gross profit $109,881 $129,852 $136,231 $143,240 $ 519,204 Selling, general and administrative expense $ 85,042 $ 86,775 $ 90,748 $ 91,963 $ 354,528 Carrying value reduction of assets held for sale $ 5,500 $ 5,500 Compensation expense for stock option exercises $ 2,600 $ 2,600 -------- -------- -------- -------- ---------- Operating income $ 24,839 $ 43,077 $ 45,483 $ 43,177 $ 156,576 -------- -------- -------- -------- ---------- Other expense: Interest expense $ 9,640 $ 9,458 $ 8,618 $ 6,835 $ 34,551 Other expense (income), net $ (725) $ 556 $ 535 $ 81 $ 447 -------- -------- -------- -------- ---------- $ 8,915 $ 10,014 $ 9,153 $ 6,916 $ 34,998 -------- -------- -------- -------- ---------- Earnings before income taxes $ 15,924 $ 33,063 $ 36,330 $ 36,261 $ 121,578 Income taxes $ 7,193 $ 14,164 $ 14,146 $ 12,651 $ 48,154 -------- -------- -------- -------- ---------- Net earnings $ 8,731 $ 18,899 $ 22,184 $ 23,610 $ 73,424 ======== ======== ======== ======== ========== Basic earnings per share $ 0.15 $ 0.33 $ 0.39 $ 0.41 $ 1.29 ======== ======== ======== ======== ========== Weighted-average common shares outstanding 56,679 56,707 56,835 57,029 56,812 ======== ======== ======== ======== ========== Diluted earnings per share $ 0.15 $ 0.33 $0.39 $0.41 $ 1.28 ======== ======== ======== ======== ========== Weighted-average common and dilutive potential common shares outstanding 57,214 57,078 57,354 57,568 57,303 ======== ======== ======== ======== ==========
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