-----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, Jylc2TZdoszGPm0HLmrlcUFvKYh3R0iHMWY+UHEhy3gCuLEmXi2Gv0qajdeookEj lQitEUESbzw1OEYz5awzPA== 0000868780-05-000004.txt : 20050429 0000868780-05-000004.hdr.sgml : 20050429 20050429120735 ACCESSION NUMBER: 0000868780-05-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050429 DATE AS OF CHANGE: 20050429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: R & B INC CENTRAL INDEX KEY: 0000868780 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 232078856 STATE OF INCORPORATION: PA FISCAL YEAR END: 1226 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18914 FILM NUMBER: 05783679 BUSINESS ADDRESS: STREET 1: 3400 E WALNUT ST CITY: COLMAR STATE: PA ZIP: 18915 BUSINESS PHONE: 2159971800 MAIL ADDRESS: STREET 1: 3400 E WALNUT ST CITY: COLMAR STATE: PA ZIP: 18915 8-K 1 sec8k42905.txt 8-K FOR Q1 2005 EARNINGS RELEASE =============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report: Apirl 29, 2005 R & B, Inc. (Exact name of registrant as specified in its charter) Pennsylvania 000-18914 23-2078856 ------------ --------- ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 3400 East Walnut Street Colmar, Pennsylvania 18915 (Address of principal executive offices) Registrant's telephone number, including area code: 215-997-1800 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 (see General Instruction A.2. below): |_| 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)) ================================================================================ Item 2.02. Results of Operation and Financial Condition. The information being furnished in this Item 2.02 and in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act except as shall be expressly set forth by specific reference in such filing. On April 29, 2005, R&B, Inc. (the "Company") issued a press release announcing its operating results for the first quarter ending March 26, 2005. A copy of thepress release is attached hereto as Exhibit 99.1 and incorporated by reference herein. Item 9.01. Financial Statements and Exhibits Exhibit Number Description 99.1 Press Release Dated April 29, 2005 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, R&B, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. R&B, Inc. Dated: April 29, 2005 By: /s/ Mathias J. Barton ------------------------------------- Mathias J. Barton Chief Financial Officer and Principal Accounting Officer EXHIBIT INDEX Exhibit Number Description 99.1 Press Release Dated April 29, 2005 EX-99 2 press42905.txt NEWS RELEASE R&B, INC. Corporate Headquarters: R&B, Inc. 3400 East Walnut Street Colmar, Pennsylvania 18915 Fax: (215) 997-8577 For Further Information Contact: Visit our Home Page: Mathias J. Barton, CFO www.rbinc.com (215) 997-1800 x 5132 E-mail: MBarton@rbinc.com R&B, Inc. Reports Sales and Earnings for the First Quarter Ended March 26,2005 Colmar, Pennsylvania (April 29, 2005) -- R&B, Inc., (NASDAQ:RBIN) today announced financialresults for the first quarter ended March 26, 2005. For the first quarter ended March 26, 2005, salesincreased 9% to $61.2 million from $56.0 million in the same period last year. Net income in the first quarter of 2005 was $3.5 million compared to net income of $3.3 million in the same period last year. Diluted earnings per share in the first quarter increased 6% to $0.19 from $0.18 in the same period last year. Prior year earnings per share and common stock information have been adjusted to reflect the 2-for-1 stock split that occurred in March of 2005. The 9% sales increase is primarily the result of increased sales volume from new products. Net income increased at a slower rate than sales due to a 13% increase in selling, general and administrative expenses ("SG&A"). The SG&A increase is the result of the Company's decision to invest additional resources in new product development and promotional support, as well as volume-driven variable expense increases and inflationary increases in wages and other costs. Mr. Richard Berman, Chairman, President and Chief Executive Officer said, "Sales growth in the first quarter continued as customer acceptance of our new products remains high. We believe that we have an opportunity to further grow our new product sales. As a result, we have set a strategic goal of delivering twice as many new parts in half the time by the end of 2006. We set the foundation for this strategy last year and continued the initiative in the first quarter of 2005 with further investments in personnel and resources. Although these investments have a negative short-term impact on profits, we are confident that this is the right long-term decision for the business." R&B, Inc. is a leading supplier of OE Dealer "Exclusive" automotive replacement parts, automotive hardware and brake products to the automotive aftermarket and household hardware to the general merchandise markets. R&B's products are marketed under more than thirty proprietary brand names, through its Motormite, Dorman, Allparts, Scan-Tech, MPI and Pik-A-Nut businesses. Forward looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward looking statements which speak only as of the date hereof. Factors that cause actual results to differ materially include, but are not limited to, those factors discussed in the Company's Annual Report on Form 10-K under "Business Risk Factors." R&B, INC. AND SUBSIDIARIES Consolidated Statements of Operations (in thousands, except per-share amounts) 13 Weeks 13 Weeks First Quarter (unaudited) 3/26/05 Pct. 3/27/04 Pct. Net sales $61,231 100.0 $56,005 100.0 Cost of goods sold 38,538 62.9 35,390 63.2 Gross profit 22,693 37.1 20,615 36.8 Selling, general and administrative expenses 16,623 27.2 14,658 26.2 Income from operations 6,070 9.9 5,957 10.6 Interest expense, net 607 1.0 761 1.3 Income before income taxes 5,463 8.9 5,196 9.3 Provision for income taxes 2,009 3.3 1,878 3.4 Net income $ 3,454 5.6 $ 3,318 5.9 Earnings per share Basic $ 0.19 - $ 0.19 - Diluted $ 0.19 - $ 0.18 - Average shares outstanding Basic 17,885 - 17,562 - Diluted 18,449 - 18,312 - R&B, INC. AND SUBSIDIARIES Consolidated Balance Sheets (in thousands) 3/26/05 12/25/04 Assets: (Unaudited) Cash and cash equivalents $ 5,604 $ 7,152 Accounts receivable 56,467 60,962 Inventories 64,385 61,436 Prepaid expenses and other 9,536 10,026 Total current assets 135,992 139,576 Property & equipment 26,518 25,698 Goodwill 29,233 29,410 Other assets 686 720 Total assets $192,429 $195,404 Liability & Shareholders' Equity: Current portion of long-term debt$ 9,052 $ 9,045 Accounts payable 10,887 15,599 Accrued expenses and other 10,804 13,347 Total current liabilities 30,743 37,991 Long-term debt and other 26,487 25,714 Deferred income taxes 6,890 6,472 Shareholders' equity 128,309 125,227 Total Liabilities and Equity $192,429 $195,404 Selected Cash Flow Information: (in thousands) 13 Weeks (unaudited) -------------------- 3/26/05 3/27/04 Depreciation and amortization $ 1,326 $1,080 Capital Expenditures $ 2,160 $1,762 -----END PRIVACY-ENHANCED MESSAGE-----