-----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, TQnO2TPtrjmJSzz+QMFiSqDxsJRj/Ra8HhqisDjoOqbNCE62jrKMz3mFWyI5n9ur R03PfQ3UBVsFJ08oqSxiCA== 0001102624-09-000218.txt : 20090501 0001102624-09-000218.hdr.sgml : 20090501 20090501093210 ACCESSION NUMBER: 0001102624-09-000218 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090501 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090501 DATE AS OF CHANGE: 20090501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Dorman Products, Inc. CENTRAL INDEX KEY: 0000868780 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 232078856 STATE OF INCORPORATION: PA FISCAL YEAR END: 1207 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18914 FILM NUMBER: 09787001 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 FORMER COMPANY: FORMER CONFORMED NAME: R & B INC DATE OF NAME CHANGE: 19930328 8-K 1 dormanproducts8k.htm DORMAN PRODUCTS, INC. 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: May 01, 2009
(Date of earliest event reported)

Dorman Products, Inc.
(Exact name of registrant as specified in its charter)

PA
(State or other jurisdiction
of incorporation)
0-18914
(Commission File Number)
23-2078856
(IRS Employer
Identification Number)

3400 East Walnut Street Colmar, PA
(Address of principal executive offices)
  18915
(Zip Code)

215 997 1800
(Registrant's telephone number, including area code)

Not Applicable
(Former Name or Former Address, if changed since last report)



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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

The information being furnished in this Item 2.02 and in Exhibit 99.1 shall not be deemed "filed" for the 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 May 1, 2009, Dorman Products, Inc. (the "Company") issued a press release announcing its operating results for the first quarter ended March 28, 2009. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

Certain statements in this report constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. While forward-looking statements sometimes are presented with numerical specificity, they are based on various assumptions made by management regarding future circumstances over many of which the Company has little or no control. Forward-looking statements may be identified by words including "anticipate," "believe," "estimate," "expect," and similar expressions. The Company cautions readers that forward-looking statements, including, without limitation, those relating to future business prospects, revenues, working capital, liquidity, and income, are subject to certain risks and uncertainties that would cause actual results to differ materially from those indicated in the forward-looking statements. Factors that could cause actual results to differ from forward-looking statements include but are not limited to competition in the automotive aft ermarket industry, concentration of the Company's sales and accounts receivable among a small number of customers, the impact of consolidation in the automotive aftermarket industry, foreign currency fluctuations, dependence on senior management and other risks and factors identified from time to time in the reports the Company files with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. For additional information concerning factors that could cause actual results to differ materially from the information contained in this report, reference is made to the information in Part I, "Item 1A, Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 27, 2008.

Item 9.01. Financial Statements and Exhibits

Exhibit Number Description
99.1 Press Release dated May 1, 2009

(a) Financial statements:
            None
(b) Pro forma financial information:
            None
(c) Shell company transactions:
            None
(d) Exhibits
            99.1       Press Release of Dorman Products, Inc. dated May 01, 2009


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.


Dated: May 01, 2009
DORMAN PRODUCTS, INC.

By:  /s/ Mathias J Barton                    
     Mathias J Barton
     Sr. VP - Chief Financial Officer


Exhibit Index
Exhibit No. Description
99.1 Press Release of Dorman Products, Inc. dated May 01, 2009
EX-99 2 dormanproductsinc8k.htm DORMAN PRODUCTS, INC. PRESS RELASE

Dorman Products, Inc. Reports Sales and Earnings for the First Quarter Ended March 28, 2009

COLMAR, PA -- (Marketwire - May 01, 2009) - Dorman Products, Inc. (NASDAQ: DORM) today announced financial results for the first quarter ended March 28, 2009.

Excluding the impact of foreign currency exchange and the sale of our Canadian subsidiary, revenues increased 10.6% over the prior year. Reported sales increased 7.9% to $86.4 million for the three months ended March 28, 2009 from $80.1 million last year. The revenue growth was driven by overall strong demand for our products and higher new product sales.

Net income in the first quarter of 2009 was $4.6 million compared to net income of $2.7 million in the same period last year. Diluted earnings per share were up 67% in the first quarter of 2009 to $0.25 compared to $0.15 in the same period last year.

For the thirteen weeks ended March 28, 2009 and March 29, 2008:

- --  Gross profit margin was 32.9% in 2009 compared to 30.8% in the prior
    year.  The increase is primarily the result of lower charges for excess and
    obsolete inventory in 2009 and a reduction of $0.8 million in air freight
    costs over last year.
- --  Selling, general and administrative expenses in 2009 increased 4.8% to
    $20.9 million from $20.0 million in 2008.
- --  Interest expense, net, decreased to $0.1 million in 2009 from $0.3
    million in 2008 due to lower borrowing levels and interest rates.
- --  Our effective tax rate decreased to 38.3% from 39.7% in the prior
    year.  Our 2008 tax provision included a $0.1 million valuation allowance
    on the deferred tax assets of our Canadian subsidiary which resulted in a
    higher effective tax rate last year.
    

Mr. Richard Berman, Chairman and Chief Executive Officer, said, "We experienced strong demand for our products from a number of customers during the first quarter, which resulted in solid sales growth. The improvement in our order patterns along with recently-reported strong sales growth reported by some of our customers is encouraging. Operating cash flow during the quarter was $8.5 million as several recently-implemented inventory management changes have helped us improve inventory turns. As a result we ended the quarter with just $3.2 million in net debt; putting us in a position to capitalize on growth opportunities that may present themselves in this difficult economic environment. We continue to invest heavily in new product development to ensure that we maintain our leadership position in the aftermarket with innovative new products and solutions for our customers and end users."

Dorman Products, Inc. is a leading supplier of OE Dealer "Exclusive" automotive replacement parts, automotive hardware, brake products, and household hardware to the Automotive Aftermarket and Mass Merchandise markets. Dorman products are marketed under the OE Solutions™, HELP!®, AutoGrade™, First Stop™, Conduct-Tite®, Symmetry® and Scan-Tech® brand names.

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 could cause actual results to differ materially include, but are not limited to, those factors discussed in the Company's 2008 Annual Report on Form 10-K under Item 1A - Risk Factors.

                  DORMAN PRODUCTS, INC. AND SUBSIDIARIES
                  Consolidated Statements of Operations
                 (in thousands, except per-share amounts)


                                            13 Weeks           13 Weeks
                                        ----------------   ----------------
First Quarter (unaudited)               3/28/09     Pct.   3/29/08     Pct.
Net sales                               $86,431    100.0   $80,125    100.0
Cost of goods sold                       58,034     67.1    55,422     69.2
Gross profit                             28,397     32.9    24,703     30.8
Selling, general and administrative
 expenses                                20,934     24.3    19,984     24.9
Income from operations                    7,463      8.6     4,719      5.9
Interest expense, net                        81      0.1       268      0.3
Income before income taxes                7,382      8.5     4,451      5.6
Provision for income taxes                2,826      3.2     1,769      2.3
Net income                              $ 4,556      5.3   $ 2,682      3.3
Earnings per share
  Basic                                 $  0.26        -   $  0.15        -
  Diluted                               $  0.25        -   $  0.15        -
Average shares outstanding
  Basic                                  17,643        -    17,699        -
  Diluted                                17,965        -    18,087        -




                  DORMAN PRODUCTS, INC. AND SUBSIDIARIES
                  Condensed Consolidated Balance Sheets
                              (Unaudited)
                             (in thousands)

                                                       3/28/09    12/27/08
Assets:
Cash and cash equivalents                            $    4,731  $    5,824
Accounts receivable                                      80,980      77,101
Inventories                                              83,365      93,577
Deferred income taxes                                    11,684      11,626
Prepaid expenses                                          1,325       2,135
Total current assets                                    182,085     190,263
Property & equipment                                     25,095      25,053
Goodwill                                                 26,553      26,553
Other assets                                              1,508       1,553
Total assets                                         $  235,241  $  243,422

Liability & Shareholders’ Equity:
Current portion of long-term debt                    $       87  $       86
Accounts payable                                         15,908      21,900
Accrued expenses and other                                8,695       8,040
Total current liabilities                                24,690      30,026
Long-term debt and other                                  9,942      17,464
Deferred income taxes                                     8,333       8,088
Shareholders’ equity                                    192,276     187,844
Total Liabilities and Equity                         $  235,241  $  243,422


Selected Cash Flow Information:
(in thousands)                                13 Weeks (unaudited)
                                              --------------------
                                              3/28/09      3/29/08

Depreciation and  amortization                $ 1,890      $ 1,929
Capital Expenditures                          $ 1,911      $ 1,535

For Further Information Contact:
Mathias J. Barton
CFO
(215) 997-1800 x 5132
E-mail: MBarton@dormanproducts.com

Corporate Headquarters:
Dorman Products, Inc.
3400 East Walnut Street
Colmar, Pennsylvania 18915
Fax: (215) 997-8577

Visit our Home Page:
www.dormanproducts.com


-----END PRIVACY-ENHANCED MESSAGE-----