-----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, KVDLcOfByfoGcr6pCnHXEtjo/vSBNK72h78OzBLoE9IzXuURDlZBfWtevicgtKKC vVQQim9nrPVy/TW2uQ3/6w== 0000947871-99-000094.txt : 19990304 0000947871-99-000094.hdr.sgml : 19990304 ACCESSION NUMBER: 0000947871-99-000094 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990226 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990303 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BE AEROSPACE INC CENTRAL INDEX KEY: 0000861361 STANDARD INDUSTRIAL CLASSIFICATION: PUBLIC BUILDING AND RELATED FURNITURE [2531] IRS NUMBER: 061209796 STATE OF INCORPORATION: DE FISCAL YEAR END: 0222 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-18348 FILM NUMBER: 99556525 BUSINESS ADDRESS: STREET 1: 1400 CORPORATE CTR WY CITY: WELLINGTON STATE: FL ZIP: 33414 BUSINESS PHONE: 5617915000 MAIL ADDRESS: STREET 1: 1300 CORPORATE CENTER WAY STREET 2: 1300 CORPORATE CENTER WAY CITY: WELLINGTON STATE: FL ZIP: 33414 FORMER COMPANY: FORMER CONFORMED NAME: BE AVIONICS INC DATE OF NAME CHANGE: 19920608 8-K 1 FORM 8-K 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): February 26, 1999 BE AEROSPACE, INC. (Exact name of registrant as specified in charter) DELAWARE 0-18348 06-1209796 (State or other (Commission File Number) (I.R.S. Employer jurisdiction Identification No.) of incorporation) 1400 Corporate Center Way, Wellington, Florida 33414 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (561) 791-5000 Exhibit Index Appears on page [___]. Item 2. Acquisition or Disposition of Assets. B/E Aerospace Inc. (the "Company") announced on February 26, 1999 that it has completed its previously announced transaction to sell a 51% interest in its In-Flight Entertainment ("IFE") business to a wholly owned subsidiary of Sextant Avionique, S.A. ("Sextant"). Sextant, which supplies complete avionics systems for both military and civil aircraft, is one of the world's leading suppliers of aircraft avionics systems and the largest supplier of avionics systems to Airbus Industrie. Item 7. Financial Statements and Exhibits. (c) Exhibits. Exhibit No. Description ----------- ----------- 99.1 Press Release, dated February 26, 1999. 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. BE AEROSPACE, INC. By: /s/ Thomas P. McCaffrey ----------------------------- Name: Thomas P. McCaffrey Title: Corporate Senior Vice President of Administration and Chief Financial Officer EXHIBIT INDEX Exhibit No. Description of Exhibits Page - ------------- ----------------------- 99.1 Press Release, dated February 26, 1999. EX-99.1 2 PRESS RELEASE EXHIBIT 99.1 NEWS RELEASE CONTACT: Jay Jacobson FOR IMMEDIATE RELEASE Financial Relations (914) 722-2737 B/E AEROSPACE, INC. ANNOUNCES COMPLETION OF SALE OF 51% INTEREST IN ITS IN-FLIGHT ENTERTAINMENT GROUP TO SEXTANT AVIONIQUE FOR $62 MILLION WELLINGTON, Fla., Feb. 26, 1999--B/E Aerospace, Inc. (Nasdaq-NMS: BEAV) today announced that it has completed its previously announced transaction to sell a 51-percent interest in its In-Flight Entertainment (IFE) business to a wholly owned subsidiary of Sextant Avionique, S.A. (Sextant). Sextant, which supplies complete avionics systems for both military and civil aircraft, is one of the world's leading suppliers of aircraft avionics systems and the largest supplier of such systems to Airbus Industrie. B/E Chief Executive Officer Robert J. Khoury stated, "We believe this partnership will generate substantial shareholder value. Sextant In-Flight Systems, LLC (SIFS) now has the only true video on demand system in service in the world, and it is believed to be the most reliable interactive system flying. B/E's and Sextant's respective leadership positions in the commercial aircraft cabin interior products and cockpit avionics systems markets will expand SIFS's standing as a major industry participant in in-flight entertainment products. Sextant's state-of-the-art technologies, access to Thomson CSF technologies and their outstanding relationship with Airbus are also expected to benefit the new venture and dramatically add value to the partners. This is a classic example of the whole becoming substantially greater than the sum of its parts." Khoury continued, "We believe the combination of the access to Sextant's technologies and B/E's position as a market leader will enable the joint venture to (more) -2- become the market leader as the industry grows to a $2-billion-per-year level, thereby dramatically increasing the value of B/E's remaining 49-percent interest, while at the same time reducing B/E's risk and research and development spending in the near term. The proceeds from the sale will allow us to substantially reduce our bank borrowings, adding further to an already comfortable level of liquidity." B/E Aerospace, Inc. is the world's leading manufacturer of cabin interior products, serving virtually all the world's airlines and aircraft manufacturers. B/E designs, develops, manufactures, sells and services a broad line of passenger cabin interior products for both commercial and general aviation aircraft and provides interior design, reconfiguration and conversion services to its customers throughout the world. This Report contains forward-looking statements that involve risks and uncertainties. The Company's actual experience may differ materially from that anticipated in such statements. Factors that might cause such a difference include, but are not limited to, those discussed in the Company's filings with the Securities and Exchange Commission, including its most recent Form 10-Q, proxy statement and Form 10-K/A, and in "Risk Factors" in both its Form S-3 filed on December 28, 1998, relating to the registration of the Company's common stock, and S-4 filed on January 13, 1999, relating to the registration of the Company's senior subordinated notes, as well as future events that have the effect of reducing the Company's available operating income and cash balances, such as unexpected operating losses, delays in the integration of the Company's acquired businesses, conditions in the airline industry, delivery of the Company's MDDS interactive video system, delays in the implementation of the Company's Year 2000 readiness program, customer delivery requirements, new or expected refurbishments or capital expenditures or cash expenditures related to possible future acquisitions. -----END PRIVACY-ENHANCED MESSAGE-----