10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)

	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the Fiscal Quarter Ended September 30, 2001
or
	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

GLASSTECH, INC.
(Exact name of registrant as specified in its charter)

Delaware	33-32185-01	13-3440225
(State or other jurisdiction of incorporation or organization)	(Commission file number)	(IRS Employer Identification No.)

Ampoint Industrial Park, 995 Fourth Street, Perrysburg, Ohio
(Address of principal executive offices) 43551
(Zip Code)

Registrant’s telephone number, including area code: (419)-661-9500

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes    No

The number of shares common stock, $.01 par value as of November 9, 2001 was 1,000.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
	ITEM 1. FINANCIAL STATEMENTS
		CONDENSED CONSOLIDATED BALANCE SHEETS
		CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
		NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
	ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
	ITEM 3. MARKET RISK EXPOSURES
PART II — OTHER INFORMATION
	ITEM 1. LEGAL PROCEEDINGS
	ITEM 5. OTHER INFORMATION
	ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURES
EXHIBIT 10.1.5 6TH AMEND TO FINANCING & SECURITY

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

         The condensed consolidated financial statements presented herein are unaudited but, in the opinion of management, reflect all adjustments necessary to present fairly such information for the periods and at the dates indicated. Since the following condensed unaudited financial statements have been prepared in accordance with Article 10 of Regulation S-X, they do not contain all information and footnotes normally contained in annual consolidated financial statements. Accordingly they should be read in conjunction with the Consolidated Financial Statements and notes thereto appearing in the Annual Report on Form 10-K for the fiscal year ended June 30, 2001, as filed with the Securities and Exchange Commission on September 28, 2001. The interim results of operations are not necessarily indicative of results for the entire year.

2

GLASSTECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)

				September 30, 2001			June 30, 2001
				(Unaudited)
Assets
Current assets:
	Cash and cash equivalents			$	85		$	6,197
	Accounts receivable:
		Contracts:
			Uncompleted, including unbilled amounts of $2,556 and $1,563		3,729			6,637
			Completed		1,120			1,371
		Trade, less allowance of $40 for doubtful accounts			1,843			1,810
					6,692			9,818
	Inventory:
		Replacement and service parts			1,959			1,798
		Furnace and other			680			680
					2,639			2,478
	Prepaid expenses				515			341
Total current assets					9,931			18,834
Property, plant and equipment, net					4,422			4,656
Other assets:
	Patents, less accumulated amortization of $7,340 and $6,908				10,943			11,375
	Goodwill, less accumulated amortization of $10,805 and $10,176				39,620			40,249
	Deferred financing costs and other				1,761			1,919
Total other assets					52,324			53,543
				$	66,677		$	77,033
Liabilities and capital deficiency
Current liabilities:
	Revolving Credit Facility			$	1,527		$	3,000
	Accounts payable				4,387			3,772
	Billings in excess of costs and estimated earnings on uncompleted contracts				1,240			4,344
	Accrued liabilities:
		Interest			2,231			4,462
		Contract costs			1,733			1,844
		Salaries and wages			854			1,315
		Other			904			893
					5,722			8,514
Total current liabilities					12,876			19,630
Long-term debt					69,705			69,679
Nonpension postretirement obligation					502			493
Capital deficiency:
	Common stock $.01 par value; 1,000 shares authorized, issued and outstanding				—			—
	Additional capital				11,722			11,722
	Note receivable from parent				(656	)		(656	)
	Deficit				(27,472	)		(23,835	)
Total capital deficiency					(16,406	)		(12,769	)
				$	66,677		$	77,033

See accompanying notes.

3

GLASSTECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands)
(Unaudited)

	Three Months Ended
	September 30,
	2001			2000
Net revenue	$	9,788		$	10,415
Cost of goods sold		7,143			7,153
Gross profit		2,645			3,262
Selling, general and administrative expenses		1,814			2,056
Research and development expenses		975			887
Amortization expense		1,061			1,061
Operating loss		(1,205	)		(742	)
Interest expense		(2,444	)		(2,417	)
Other income – net		12			26
Net loss	$	(3,637	)	$	(3,133	)

See accompanying notes.

4

GLASSTECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)

					Three Months Ended September 30,
					2001			2000
Operating activities:
Net loss					$	(3,637	)	$	(3,133	)
Adjustments to reconcile net loss to net cash used in operating activities:
		Depreciation and amortization				1,458			1,501
		Accretion of debt discount				26			27
		Nonpension postretirement benefit obligation expense in excess of payments				9			9
		Changes in assets and liabilities affecting operations:
				Accounts receivable		3,126			(3,568	)
				Inventory		(161	)		(178	)
				Prepaid expenses		(174	)		(149	)
				Accounts payable		615			(82	)
				Billings in excess of costs and estimated earnings on uncompleted contracts		(3,104	)		3,843
				Accrued liabilities		(2,792	)		(2,593	)
Net cash used in operating activities						(4,634	)		(4,323	)
Investing activities
Additions to property, plant and equipment						(6	)		(34	)
Other						1			1
Net cash used in investing activities						(5	)		(33	)
Financing activities
Revolving credit facility						(1,473	)		-
Net cash used in financing activities						(1,473	)		-
Decrease in cash and cash equivalents						(6,112	)		(4,356	)
Cash and cash equivalents at beginning of period						6,197			5,668
Cash and cash equivalents at end of period					$	85		$	1,312
Supplemental disclosure of cash flow information:
	Cash paid during the period for the following:
			Interest		$	4,489		$	4,463

See accompanying notes.

5

GLASSTECH, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
(Unaudited)

1. Background and Basis of Presentation

         Effective July 2, 1997, Glasstech, Inc. (the “Company”) was acquired by Glasstech Holding Co. (“Holding”) (the “Transaction”). In connection with the Transaction, Holding, a holding company formed for the purpose of completing the Transaction, formed a wholly owned subsidiary, Glasstech Sub Co. (“Sub Co.”) which acquired all of the outstanding stock of the Company. Subsequently, Sub Co. was merged into the Company. Holding conducts no significant activities other than managing its investment in the Company. The acquisition was accounted for under the purchase method of accounting for financial reporting purposes and the purchase price was allocated to the underlying net assets acquired. The Transaction resulted in the Company having substantial goodwill and increased debt.

         The condensed consolidated balance sheet as of June 30, 2001 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

         In June 2001 the FASB issued Statement of Financial Accounting Standards (SFAS) No. 142, “Goodwill and Other Intangible Assets.” Under the new rule, goodwill and indefinite lived intangible assets are no longer amortized but are reviewed annually for impairment. Separable intangible assets that are not deemed to have an indefinite life will continue to be amortized over their useful lives. The Company will apply the new accounting rules for goodwill beginning July 1, 2002 but has not yet determined the effects of these statements on the earnings and financial position of the Company.

2. Notes Payable and Long-Term Debt

         In connection with the Transaction, the Company issued $70,000 of 123/4% Senior Notes due 2004. Interest on the Senior Notes is payable semi-annually on each January 1 and July 1. The terms of the Senior Notes do not require any scheduled principal payments prior to maturity.

         The Company also entered into a revolving credit facility (the “Credit Facility”) in connection with the Transaction. The Credit Facility is available to fund working capital requirements as needed, and to secure standby letters of credit. The Credit Facility provides for borrowings up to $13,000 (including standby letters of credit), subject to a borrowing base of certain qualifying assets up to a maximum of $7,000. Any borrowings or standby letters of credit above $7,000 must be cash collateralized. The Credit Facility provides for interest on outstanding borrowings at the LIBOR rate plus 2.5% (6.0% at September 30, 2001), payable monthly. The Credit Facility is secured by substantially all of the assets of the Company. At September 30, 2001, the borrowing base approximated $6,356, on which the Company had outstanding borrowings of $1,527 and standby letters of credit of $1,300.

         The Senior Notes and Credit Facility, as amended, contain numerous financial and other covenants which include the maintenance of certain levels of earnings as defined, restrictions on the payment of dividends and the incurrence of additional indebtedness as well as other types of business activities and investments. In November 2001, in order to remain in compliance, the Company’s Credit Facility was amended to modify the fixed charge coverage ratio covenant for the first fiscal quarter ended September 30, 2001. Furthermore, the amendment permitted the Company to borrow under the Credit Facility until February 14, 2002 without regard to whether or not it is in compliance with the fixed charge coverage ratio for the second fiscal quarter ending December 31, 2001. The Company believes that it is in material compliance with all covenants as amended.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements

         Certain statements in this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) section and the attached financial statements, in the Company’s press releases and in oral statements made by or with the approval of an authorized executive officer of the Company constitute “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995. These may include statements projecting, forecasting or estimating the Company’s performance and industry trends. The achievement of projections, forecasts or estimates is subject to certain risks and uncertainties. Actual results and events may differ materially from those that were projected, forecasted or estimated. The applicable risks and uncertainties include general economic and industry conditions that affect all international businesses, as well as matters that are specific to the Company and the markets it serves.

         General risks that may impact the achievement of such forecasts include: compliance with new laws and regulations; significant raw material price fluctuations; currency exchange rate fluctuations; business cycles; and political uncertainties. Specific risks to the Company include the risk of recession in the markets and industries in which its products are sold; the concentration of a significant portion of the Company’s revenues from customers whose equipment needs are located in the Asia-Pacific region; the concentration of a substantial percentage of the Company’s sales with a few major customers, several of whom have significant manufacturing presence in the Asia-Pacific region; the timing of new system orders and the timing of payments due on such orders; changes in installation schedules, which could lead to deferral of progress payments or unanticipated production costs; new or emerging technologies from current competitors, customers’ in-house engineering departments and others; competition from current competitors, customers’ in-house engineering departments and others; and the emergence of a substitute for glass. In light of these and other uncertainties, the inclusion of a forward-looking statement herein should not be regarded as a representation by the Company that the Company’s plans and objectives will be achieved.

         The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report and in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2001, as filed with the Securities and Exchange Commission on September 28, 2001. The interim results of operations, historical results and percentage relationships set forth in this MD&A section and the financial statements, including trends that might appear, should not be taken as indicative of future operations.

General Overview

         The Company designs and assembles glass bending and tempering (i.e., strengthening) systems that are used by glass manufacturers and processors in the conversion of flat glass into safety glass. Systems are sold worldwide, primarily to automotive glass manufacturers and processors and, to a lesser extent, to architectural glass manufacturers and processors. Revenues generated by the sale of new systems are referred to below as “Original Equipment.”

         The Company has an installed base of approximately 400 systems in 45 countries on six continents. As a result of its installed base and the relatively long useful life of a system, the Company also engages in sales of aftermarket products and services (retrofit of systems with upgrades, tooling used to shape glass parts, replacement parts and technical services). Revenues generated by these types of products are referred to below as “Aftermarket.”

         In this MD&A section all dollars amounts are in thousands, unless otherwise indicated.

7

Revenues

         For financial reporting purposes, the Company includes in income the ratable portion of profits on uncompleted contracts determined in accordance with the stage of completion measured by the percentage of costs incurred to estimated total costs of each contract (generally, Original Equipment, system retrofits and tooling). Unbilled amounts included in uncompleted contract accounts receivables represent revenues recognized in excess of amounts billed. Billings in excess of costs and estimated earnings on uncompleted contracts represent amounts billed in excess of revenues recognized. Revenue from sales other than contracts (spare parts and engineering services) is recognized when the products are shipped.

Selling Expense

         The Company maintains an in-house sales staff and uses the services of commissioned agents around the world for the sale of Original Equipment and Aftermarket products and services. In addition, the Company maintains a sales and engineering support office in the United Kingdom. The substantial majority of the Company’s Original Equipment is sold directly to the largest glass manufacturers and processors in the world or their affiliates.

Research and Development

         The Company believes it is the technological leader in the design and assembly of glass bending systems. The Company works with customers to identify product needs and market requirements. Periodically, the Company enters into joint development agreements with customers. From time to time, the Company allocates a portion of its research and development resources to complete the transition from new product development to new product introduction. When the Company does this, these expenses are charged directly to the contracts relating to the introduction of new products. The Company considers research and development expenses and new product introductions a very integral part of its future success.

Management Estimates

         The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

8

Results of Operations

         The following table sets forth the amounts and the percentage of total net revenue for certain revenue and expense items for the periods indicated:

			Three months Ended
			September 30,
			2001					2000
Net revenue (a)
	Original Equipment		$	5,914		60.4	%	$	5,611		53.9	%
	Aftermarket			3,874		39.6			4,804		46.1
		Total net revenue		9,788		100.0			10,415		100.0
Cost of goods sold (a)				7,143		73.0			7,153		68.7
Gross profit				2,645		27.0			3,262		31.3
Selling, general and administrative				1,814		18.5			2,056		19.7
Research and development expense				975		10.0			887		8.5
Amortization expense (b)				1,061		10.8			1,061		10.2
		Operating loss		(1,205	)	(12.3	)		(742	)	(7.1	)
Amortization expense (b)				1,061		10.8			1,061		10.2
Depreciation expense				238		2.5			282		2.7
		EBITDA	$	94		1.0	%	$	601		5.8	%

(a)	Contract revenues and cost of goods sold are recognized on a percentage completion basis measured by the percentage of costs incurred to the estimated total costs of each contract.
(b)	Amortization expense excludes the amortization of deferred financing costs, which is included with interest expense.

Three months Ended September 30, 2001 compared with the Three months Ended September 30, 2000

         Net revenue for the three months ended September 30, 2001 decreased $627, or 6.0%, to $9,788 from $10,415 for the three months ended September 30, 2000. Original Equipment revenue increased $303, or 5.4%, to $5,914 for the three months ended September 30, 2001 compared to $5,611 for the three months ended September 30, 2000. Aftermarket revenue decreased $930, or 19.4% to $3,874 for the three months ended September 30, 2001 from $4,804 for the three months ended September 30, 2000. The decrease in aftermarket revenue was primarily the result of a decrease in retrofit and tooling revenue partially offset by slight increases in other aftermarket revenue. Retrofit and tooling revenues fluctuate based on customer demands and are influenced by a variety of factors, including economic conditions and the customers’ retrofit schedules and the timing of automotive manufacturers’ design changes, which may impact the release of tooling orders.

         A significant portion of the Company’s net revenue is generated from customers outside the United States. For the three months ended September 30, 2001, Original Equipment revenue from foreign customers decreased to $3,213 (54.3% of total Original Equipment revenue) as compared to $4,024 (71.7% of total Original Equipment revenue) for the three months ended September 30, 2000. The percentage of aftermarket revenue from foreign customers increased to 60.1% of total aftermarket revenue for the three months ended September 30, 2001 compared to 57.9% for the three months ended September 30, 2000. The portion of the Company’s net revenue generated from customers outside the United States can fluctuate from time to time depending on location of contract signings.

         Gross profit decreased $617 to $2,645, at a gross margin percentage of 27.0% for the three months ended September 30, 2001 compared to $3,262, at a gross margin of 31.3% for the three months ended September 30, 2000. The decline in the gross profit and gross margin is the result of the current mix of contracts.

         Selling, general and administrative expenses decreased $242, or 11.8%, to $1,814 for the three months ended September 30, 2001 as compared to $2,056 for the three months ended September 30, 2000. This decrease in fiscal 2002 was primarily the result of non-recurring sales and marketing expense related to a bi-annual trade show in fiscal year 2001.

9

         Research and development expenses increased $88 or 9.9% to $975 for the three months ended September 30, 2001 as compared to $887 for the three months ended September 30, 2000, due to an increase in project costs partially offset by decreases in utilities, depreciation and other costs.

         Operating loss increased $463 to $1,205 for the three months ended September 30, 2001 as compared to $742 for the three months ended September 30, 2000. The increase in operating loss was the result of the decline in gross profit as well as the increase in research and development expenses, partially offset by the decrease in selling, general and administrative expenses.

         No income tax expense or benefit has been provided in the three months ended September 30, 2001 and 2000 due to the recorded loss and the uncertainty related to the future realization of such amounts.

         Net loss was $3,637 for the three months ended September 30, 2001 compared to a net loss of $3,133 for the three months ended September 30, 2000. The increase in net loss was the result of the increase in the operating loss.

         EBITDA, which is defined as operating profit plus depreciation and amortization, was $94 for the three months ended September 30, 2001 compared to $601 for the three months ended September 30, 2000. The decrease in EBITDA was the result of the increase in operating loss.

Liquidity and Capital Resources

         The Transaction and the operating results of the current quarter and fiscal 2001 have significantly impacted the Company’s liquidity and capital resources. The Company’s primary sources of liquidity are funds provided by operations and amounts available under the Credit Facility. The Senior Notes do not require any principal payments prior to maturity. Interest payments on the Senior Notes of $4,464 are due each January 1, and July 1. The Credit Facility is available to fund working capital requirements as needed and to secure standby letters of credit. The Credit Facility provides for borrowings up to $13,000 (including standby letters of credit), subject to a borrowing base of certain qualifying assets up to a maximum of $7,000. Any borrowings or standby letters of credit above $7,000 must be cash collateralized. The Credit Facility is secured by substantially all of the assets of the Company. At September 30, 2001, the borrowing base approximated $6,356, on which the Company had outstanding borrowings of $1,527 and standby letters of credit of $1,300. The Company believes it is in material compliance with all covenants.

         The Company’s ability to generate positive cash flow has been negatively affected by the lower level of contract signings in fiscal 2001 and 2000. In addition, the Company has incurred significant losses in fiscal 2001 and the first quarter of fiscal 2002. Management has been actively working on these matters, and has implemented cost reduction and revenue growth initiatives. Furthermore, management is negotiating to expand amounts available under its Credit Facility as well as seeking other sources of financing.

         In September 2001, the Company’s Credit Facility was amended to modify the fixed charge coverage ratio covenant for the fourth fiscal quarter ended June 30, 2001. This amendment permits the Company to borrow under the Credit Facility until November 14, 2001 without regard to whether or not it is in compliance with the fixed charge coverage ratio for the first fiscal quarter ending September 30, 2001. In November 2001, the Company further amended the Credit Facility to modify the fixed charged coverage ratio covenant for the fiscal quarter ended September 30, 2001 and permit the Company to borrow under the Credit Facility until February 14, 2002.

         At September 30, 2001, the Company had only a nominal amount of cash on hand and $3,529 available to borrow under the Credit Facility. If the Company’s cash flow from operations does not improve substantially during the quarter ending December 31, 2001 or the Company is unable to expand its borrowing ability under its existing Credit Facility then, absent some other type of cash infusion, it will not have sufficient cash to make its interest payment due under the Senior Notes on January 2, 2002.

         The Company’s ability to continue as a going concern is dependent on its ability to generate cash from new contract signings coupled with the success of the initiatives described above. There can be no assurance, however, that the Company will be able to successfully achieve new signings or implement any of these initiatives.

10

         Net cash provided by operating activities can vary significantly from quarter to quarter due to the number of new system signings and the amount and timing of new system payments. In most instances, progress payments on new system orders are invoiced or received in advance of revenue recognition. When progress payments are invoiced or received in advance of such revenue recognition, the Company increases current liabilities represented by its billings in excess of costs and estimated earnings on uncompleted contracts. When the revenue is earned, the Company recognizes the revenue and reduces the billings in excess of costs and estimated earnings on uncompleted contract balances. Net cash used in operating activities for the three months ended September 30, 2001 was $4,634 whereas for the three months ended September 30, 2000, net cash used in operating activities was $4,323. This increase in net cash used in operating activities for the three months ended September 30, 2001 was due in part to the decrease in new original equipment signings and the timing of new system payments.

         The Company has a backlog (on a percentage of completion basis) at September 30, 2001 of $9,433 as compared to $13,455 at June 30, 2001. The Company expects to complete a substantial majority of this backlog within the next 12 months. Original equipment and aftermarket signings for the three months ended September 30, 2001 were $5,871 compared to $22,595 for the three months ended September 30, 2000. The mix of signings by type and breakdown by geographic region for the first quarter of fiscal 2002 compared to the first quarter of fiscal 2001 is as follows:

• Automotive signings, as a percentage of total signings, decreased to 60% for the first quarter of fiscal 2002 compared to 92% for the first quarter of fiscal 2001. Architectural signings, as a percentage of total signings, increased to 40% for the first quarter of fiscal 2002 compared to 8% for the first quarter of fiscal 2001.

• The mix of signings by geographic region, as a percentage of total signings, changed significantly between the periods. Signings in the Americas (North, Central and South America) increased to 55% for the first quarter of fiscal 2002 compared to 11% for the first quarter of fiscal 2001. Signings in Europe increased to 13% for the first quarter of fiscal 2002 compared to 9% for the first quarter of fiscal 2001. Signings in the Asia-Pacific region decreased to 32% for the first quarter of fiscal 2002 compared to 80% for the first quarter of fiscal 2001. The Company continues to see quoting activity and contract signings for the Asia-Pacific region and the Company believes that given world demographics and long term economic trends, the Asia-Pacific region will continue to represent a significant market for the Company’s products.

         Capital expenditures, including demonstration furnaces classified as fixed assets, were $6 for the three months ended September 30, 2001 and $34 for the three months ended September 30, 2000. Future capital expenditures, excluding demonstration furnaces, used to replace or improve operating equipment and facilities are estimated to be less than $250 for the year. In addition, the Company intends to make periodic replacements and improvements on demonstration furnaces, which are used for customer demonstrations and research and development purposes. Demonstration furnaces, which outlive their usefulness for customer demonstrations or research and development purposes, or both, may be refurbished and sold or put to other applicable uses.

         As of June 30, 2001, the Company had net operating loss (“NOL”) carryforwards for regular and alternative minimum tax purposes of approximately $61,657 and $58,070, respectively, which expire in the years 2009 through 2016.

         The Company’s business is subject to rapid fluctuations due to changes in the world markets for the end products produced by its equipment (largely in the cyclical markets of automobiles and construction), currency fluctuations, the local economies of those countries where users and potential users of the Company’s equipment are located, geopolitical events and other macroeconomic forces largely beyond the ability of the Company to predict or control. Except as discussed above, management is not currently aware of any trends, demands, commitments or uncertainties which will or which are reasonably likely to result in a material change in the Company’s liquidity.

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ITEM 3. MARKET RISK EXPOSURES

         Based on the Company’s current operations and business practices, the Company does not believe that it has any significant exposure to interest rate, foreign currency, commodity price, or equity price market risks.

12

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

         The Company is subject to legal proceedings and claims that arise from time to time in the ordinary course of its business. Management believes that the amount of any ultimate liability with respect to these actions will not have a material adverse effect on the financial condition or results of operations of the Company.

ITEM 5. OTHER INFORMATION

         The Company may, from time to time, repurchase its Senior Notes in the open market, in privately negotiated transactions or by other means, depending on market conditions. To date, the Company has not purchased any Senior Notes.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits

2.1(a)	Agreement and Plan of Merger
2.2(a)	Amendment to Agreement and Plan of Merger
3.1(a)	Restated Certificate of Incorporation of the Registrant
3.2(a)	By-laws of the Registrant
4.1(a)	Indenture (including form of Note)
4.2(a)	First Supplemental Indenture
10.1(a)	Financing and Security Agreement between Bank of America, N.A., (f/k/a NationsBank, N.A.) and the Registrant
10.1.1(b)	Second Amendment to Financing and Security Agreement between Bank of America, N.A., (f/k/a NationsBank, N.A.) and the Registrant
10.1.2(c)	Third Amendment to Financing and Security Agreement between Bank of America, N.A., (f/k/a NationsBank, N.A.) and the Registrant
10.1.3(d)	Fourth Amendment to Financing and Security Agreement between Bank of America, N.A., (f/k/a NationsBank, N.A.) and the Registrant
10.1.4(e)	Fifth Amendment to Financing and Security Agreement between UPS Capital Corporation (successor-in-interest to Bank of America, N.A., f/k/a NationsBank, N.A.) and the Registrant
10.1.5(f)	Sixth Amendment to Financing and Security Agreement between UPS Capital Corporation (successor-in-interest to Bank of America, N.A., f/k/a NationsBank, N.A.) and the Registrant
10.2(a)	Plant and Office Lease
10.3(a)	Warehouse Lease
10.4(a)	Advisory Agreement between the Registrant and Key Equity Capital Corporation
10.5(a)	Form of Exchange Agent Agreement between United States Trust Company of New York and the Registrant
10.6(a)	Employment Agreement among Glasstech Holding Co., the Registrant and John S. Baxter
10.7(a)	Employment Agreement among Glasstech Holding Co., the Registrant and Mark D. Christman
10.8(a)	Employment Agreement among Glasstech Holding Co., the Registrant and Larry E. Elliott
10.9(a)	Employment Agreement among Glasstech Holding Co., the Registrant and Ronald A. McMaster
10.10(a)	Employment Agreement among Glasstech Holding Co., the Registrant and James P. Schnabel, Jr.
10.11(a)	Employment Agreement among Glasstech Holding Co., the Registrant and Diane S. Tymiak
10.12(a)	Employment Agreement among Glasstech Holding Co., the Registrant and Kenneth H. Wetmore
10.13(a)	Securities Purchase Agreement between the Registrant, as successor to Glasstech Sub Co., and CIBC Wood Gundy Securities Corp.
10.14(a)	Registration Rights Agreement between the Registrant, as successor to Glasstech Sub Co., and CIBC Wood Gundy Securities Corp.

(a)	Incorporated by reference from the Company’s Registration Statement on Form S-4 (Registration No. 333-34391) (the “Form S-4”) filed on August 26, 1997. Each of the above exhibits has the same exhibit number in the Form S-4.
(b)	Incorporated by reference from the Company’s Quarterly Report on Form 10-Q filed on February 11, 1999.
(c)	Incorporated by reference from the Company’s Annual Report on Form 10-K filed on September 23, 1999.
(d)	Incorporated by reference from the Company’s Quarterly Report on Form 10-Q filed on November 13, 2000.
(e)	Incorporated by reference from the Company’s Annual Report on Form 10-K filed on September 28, 2001.
(f)	Filed herewith

(b) No reports on Form 8-K were filed during the fiscal quarter covered by this report.

13

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 thereunto duly authorized.

	GLASSTECH, INC., a Delaware Corporation
Date: November 14, 2001	/s/ Mark D. Christman Mark D. Christman President and Chief Executive Officer
Date: November 14, 2001	/s/ Diane S. Tymiak Diane S. Tymiak Vice President, Treasurer and Chief Financial Officer (Principal Accounting Officer)

14 EX-10.1.5 3 l91374aex10-1_5.txt EXHIBIT 10.1.5 6TH AMEND TO FINANCING & SECURITY EXHIBIT 10.1.5 SIXTH AMENDMENT TO FINANCING AND SECURITY AGREEMENT THIS SIXTH AMENDMENT TO FINANCING AND SECURITY AGREEMENT (this "Agreement") is made as of November 12, 2001, by GLASSTECH, INC., a corporation organized under the laws of Delaware (the "Borrower"), and UPS CAPITAL CORPORATION, a Delaware corporation ("Lender"), as successor-in-interest to BANK OF AMERICA, N.A., a national banking association, formerly "NationsBank, N.A." ("BofA"). RECITALS A. The Borrower and BofA entered into a Financing and Security Agreement dated July 2, 1997 (the same, as amended, modified, substituted, extended and renewed from time to time, the "Financing Agreement"). Effective as of August 31, 2001, Lender assumed from BofA all of its right, title and interest in, to and under the Financing Agreement. The Financing Agreement provides for agreements between the Borrower and the Lender with respect to the "Loans" (as defined in the Financing Agreement). B. The Borrower has requested that the Lender amend certain financial covenants contained in the Financing Agreement. C. The Lender is willing to agree to the Borrower's request on the condition that this Agreement be executed. AGREEMENTS NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, receipt of which is hereby acknowledged, the Borrower and the Lender agree as follows: 1. The Borrower and the Lender agree that the Recitals above are a part of this Agreement. Unless otherwise expressly defined in this Agreement, terms defined in the Financing Agreement shall have the same meaning under this Agreement. 2. The Borrower represents and warrants to the Lender as follows: (a) The Borrower is a corporation duly organized, and validly existing and in good standing under the laws of the state in which it was organized and is duly qualified to do business as a foreign corporation in good standing in every other state wherein the conduct of its business or the ownership of its property requires such qualification and in which the failure to qualify would materially adversely affect the business, operations or properties of the Borrower and/or its Subsidiaries. (b) The Borrower has the power and authority to execute and deliver this Agreement and perform its obligations hereunder and has taken all necessary and appropriate corporate action to authorize the execution, delivery and performance of this Agreement. (c) The Financing Agreement, as amended by this Agreement, and each of the other Financing Documents remains in full force and effect, and each constitutes the valid and legally binding obligation of the Borrower, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties, and general principles of equity regardless of whether applied in a proceeding in equity or at law. 15 (d) After giving effect to this Agreement, all of the Borrower's representations and warranties contained in the Financing Agreement are true and correct on and as of the date of the Borrower's execution of this Agreement, except that the representations and warranties which relate to financial statements which are referred to in Section 4.1.11 of the Financing Agreement, shall also be deemed to cover financial statements furnished from time to time to the Lender pursuant to Section 6.1.1 (Financial Statements) of the Financing Agreement. (e) After giving effect to this Agreement, no Event of Default and no event which, with notice, lapse of time or both would constitute an Event of Default, has occurred and is continuing under the Financing Agreement or the other Financing Documents. (f) No right of setoff, defense, counterclaim, cross-claim or recoupment claim exists in favor of the Borrower in respect of its obligations under the Financing Agreement. 3. The Borrower acknowledges, consents to and agrees to be bound by the assignment of BofA to Lender of its right, title and interest as "Lender" under the Financing Agreement and in respect of the Obligations, effective as of August 31, 2001, and further agrees, in connection therewith, (a) to attorn to Lender as "Lender" under the Financing Agreement effective as of and from such assignment date, and (b) that Lender shall be released from, and shall have no liability to the Borrower for, any action (or inaction) taken (or omitted) by BofA as "Lender" in respect of Borrower or pursuant to the Financing Agreement prior to such assignment becoming effective. 4. Section 6.1.15 ("Financial Covenants") shall be amended by deleting in its entirety, the paragraph immediately following the end of existing subsection (a) thereof ("Fixed Charge Coverage Ratio"), added pursuant to the fifth amendment to the Financing Agreement, and substituting in its place, the following paragraph, effective retroactive to June 29, 2001: Notwithstanding the foregoing, in respect of (i) the fiscal quarter of the Borrower ending on June 30, 2001 and (ii) the fiscal quarter of the Borrower ending on September 30, 2001(and only for such fiscal quarters), compliance by Borrower with the financial covenant set forth in the aforesaid subsection (a) shall be waived if, but only if, the Borrowing Base, as then most recently reported, exceeds the aggregate principal amount of the Revolving Loan and Outstanding Letter of Credit Obligations on such fiscal quarter end date by at least $1,000,000. In addition to the foregoing, in respect of (i) the fiscal quarter of Borrower ending on September 30, 2001 and (ii) the fiscal quarter of the Borrower ending on December 31, 2001(and only for such fiscal quarters), notwithstanding anything contained in this Agreement to the contrary, until the date on which Borrower is required to submit a Compliance Certificate with respect to the quarterly period ending on December 31, 2001, under Section 6.1(c) of this Agreement (the "Report Date"), Borrower may disregard its compliance, or lack thereof, with the financial covenant set forth in subsection (a) above, to the extent that any such non-compliance or the failure to report the same, would constitute a Default, Event of Default or breach of any of Borrower's obligations under this Agreement, including, without limitation for purposes of (i) any Loan Notice, Borrowing Base Report or other written submission of Borrower to Lender, (ii) any requests by Borrower of Lender pursuant to this Agreement, including, without limitation, any requests for the advance of funds or for selection of an interest rate (as contemplated by Section 2.3.2) or otherwise, or (iii) any representation, warranty or covenant contained in the Financing Agreement, provided, however, that Borrower shall be required to comply with such financial covenant on the Report Date. 16 5. The Borrower shall pay at the time this Agreement is executed and delivered an amendment fee in the amount of $25,000, which amendment fee is fully earned and non-refundable. 6. The Borrower shall pay at the time this Agreement is executed and delivered all fees, commissions, costs, charges, taxes and other expenses incurred by the Lender and its counsel in connection with this Agreement, including, but not limited to, reasonable fees and expenses of the Lender's counsel, all recording fees, taxes and charges and costs of lien search reports. 7. This Agreement may be executed in any number of duplicate originals or counterparts, each of such duplicate originals or counterparts shall be deemed to be an original and taken together shall constitute but one and the same instrument. The parties agree that their respective signatures may be delivered by facsimile. Any party which chooses to deliver its signature by facsimile agrees to provide a counterpart of this Agreement with its inked signature promptly to each other party. IN WITNESS WHEREOF, the Borrower and the Lender have executed this Agreement under seal as of the date and year first written above. UPS CAPITAL CORPORATION By: /s/ Scott J. Mower -------------------------------------------- Name: Scott J. Mower Title: Managing Director GLASSTECH, INC. By: /s/ Mark D. Christman -------------------------------------------- Name: Mark D. 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EX-10.1.5

                                                                  EXHIBIT 10.1.5


               SIXTH AMENDMENT TO FINANCING AND SECURITY AGREEMENT

      THIS SIXTH AMENDMENT TO FINANCING AND SECURITY AGREEMENT (this
"Agreement") is made as of November 12, 2001, by GLASSTECH, INC., a corporation
organized under the laws of Delaware (the "Borrower"), and UPS CAPITAL
CORPORATION, a Delaware corporation ("Lender"), as successor-in-interest to BANK
OF AMERICA, N.A., a national banking association, formerly "NationsBank, N.A."
("BofA").

                                    RECITALS

      A.    The Borrower and BofA entered into a Financing and Security
Agreement dated July 2, 1997 (the same, as amended, modified, substituted,
extended and renewed from time to time, the "Financing Agreement"). Effective as
of August 31, 2001, Lender assumed from BofA all of its right, title and
interest in, to and under the Financing Agreement. The Financing Agreement
provides for agreements between the Borrower and the Lender with respect to the
"Loans" (as defined in the Financing Agreement).

      B.    The Borrower has requested that the Lender amend certain financial
covenants contained in the Financing Agreement.

      C.    The Lender is willing to agree to the Borrower's request on the
condition that this Agreement be executed.

                                   AGREEMENTS

      NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, receipt of which is hereby acknowledged, the Borrower
and the Lender agree as follows:

      1. The Borrower and the Lender agree that the Recitals above are a part of
this Agreement. Unless otherwise expressly defined in this Agreement, terms
defined in the Financing Agreement shall have the same meaning under this
Agreement.

      2. The Borrower represents and warrants to the Lender as follows:

            (a) The Borrower is a corporation duly organized, and validly
existing and in good standing under the laws of the state in which it was
organized and is duly qualified to do business as a foreign corporation in good
standing in every other state wherein the conduct of its business or the
ownership of its property requires such qualification and in which the failure
to qualify would materially adversely affect the business, operations or
properties of the Borrower and/or its Subsidiaries.

            (b) The Borrower has the power and authority to execute and deliver
this Agreement and perform its obligations hereunder and has taken all necessary
and appropriate corporate action to authorize the execution, delivery and
performance of this Agreement.

            (c) The Financing Agreement, as amended by this Agreement, and each
of the other Financing Documents remains in full force and effect, and each
constitutes the valid and legally binding obligation of the Borrower,
enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the
rights and remedies of creditors and secured parties, and general principles of
equity regardless of whether applied in a proceeding in equity or at law.


                                       15

            (d) After giving effect to this Agreement, all of the Borrower's
representations and warranties contained in the Financing Agreement are true and
correct on and as of the date of the Borrower's execution of this Agreement,
except that the representations and warranties which relate to financial
statements which are referred to in Section 4.1.11 of the Financing Agreement,
shall also be deemed to cover financial statements furnished from time to time
to the Lender pursuant to Section 6.1.1 (Financial Statements) of the Financing
Agreement.

            (e) After giving effect to this Agreement, no Event of Default and
no event which, with notice, lapse of time or both would constitute an Event of
Default, has occurred and is continuing under the Financing Agreement or the
other Financing Documents.

            (f) No right of setoff, defense, counterclaim, cross-claim or
recoupment claim exists in favor of the Borrower in respect of its obligations
under the Financing Agreement.

      3. The Borrower acknowledges, consents to and agrees to be bound by the
assignment of BofA to Lender of its right, title and interest as "Lender" under
the Financing Agreement and in respect of the Obligations, effective as of
August 31, 2001, and further agrees, in connection therewith, (a) to attorn to
Lender as "Lender" under the Financing Agreement effective as of and from such
assignment date, and (b) that Lender shall be released from, and shall have no
liability to the Borrower for, any action (or inaction) taken (or omitted) by
BofA as "Lender" in respect of Borrower or pursuant to the Financing Agreement
prior to such assignment becoming effective.

      4. Section 6.1.15 ("Financial Covenants") shall be amended by deleting in
its entirety, the paragraph immediately following the end of existing subsection
(a) thereof ("Fixed Charge Coverage Ratio"), added pursuant to the fifth
amendment to the Financing Agreement, and substituting in its place, the
following paragraph, effective retroactive to June 29, 2001:

      Notwithstanding the foregoing, in respect of (i) the fiscal quarter of the
      Borrower ending on June 30, 2001 and (ii) the fiscal quarter of the
      Borrower ending on September 30, 2001(and only for such fiscal quarters),
      compliance by Borrower with the financial covenant set forth in the
      aforesaid subsection (a) shall be waived if, but only if, the Borrowing
      Base, as then most recently reported, exceeds the aggregate principal
      amount of the Revolving Loan and Outstanding Letter of Credit Obligations
      on such fiscal quarter end date by at least $1,000,000. In addition to the
      foregoing, in respect of (i) the fiscal quarter of Borrower ending on
      September 30, 2001 and (ii) the fiscal quarter of the Borrower ending on
      December 31, 2001(and only for such fiscal quarters), notwithstanding
      anything contained in this Agreement to the contrary, until the date on
      which Borrower is required to submit a Compliance Certificate with respect
      to the quarterly period ending on December 31, 2001, under Section 6.1(c)
      of this Agreement (the "Report Date"), Borrower may disregard its
      compliance, or lack thereof, with the financial covenant set forth in
      subsection (a) above, to the extent that any such non-compliance or the
      failure to report the same, would constitute a Default, Event of Default
      or breach of any of Borrower's obligations under this Agreement,
      including, without limitation for purposes of (i) any Loan Notice,
      Borrowing Base Report or other written submission of Borrower to Lender,
      (ii) any requests by Borrower of Lender pursuant to this Agreement,
      including, without limitation, any requests for the advance of funds or
      for selection of an interest rate (as contemplated by Section 2.3.2) or
      otherwise, or (iii) any representation, warranty or covenant contained in
      the Financing Agreement, provided, however, that Borrower shall be
      required to comply with such financial covenant on the Report Date.


                                       16

      5. The Borrower shall pay at the time this Agreement is executed and
delivered an amendment fee in the amount of $25,000, which amendment fee is
fully earned and non-refundable.

      6. The Borrower shall pay at the time this Agreement is executed and
delivered all fees, commissions, costs, charges, taxes and other expenses
incurred by the Lender and its counsel in connection with this Agreement,
including, but not limited to, reasonable fees and expenses of the Lender's
counsel, all recording fees, taxes and charges and costs of lien search reports.

      7. This Agreement may be executed in any number of duplicate originals or
counterparts, each of such duplicate originals or counterparts shall be deemed
to be an original and taken together shall constitute but one and the same
instrument. The parties agree that their respective signatures may be delivered
by facsimile. Any party which chooses to deliver its signature by facsimile
agrees to provide a counterpart of this Agreement with its inked signature
promptly to each other party.

      IN WITNESS WHEREOF, the Borrower and the Lender have executed this
Agreement under seal as of the date and year first written above.


                                 UPS CAPITAL CORPORATION

                                 By: /s/ Scott J. Mower
                                    --------------------------------------------
                                    Name:  Scott J. Mower
                                    Title: Managing Director


                                 GLASSTECH, INC.

                                 By: /s/ Mark D. Christman
                                    --------------------------------------------
                                    Name:  Mark D. Christman
                                    Title: President and Chief Executive Officer


                                       17