-----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, El8X8SNedd5x/whDVrB/PKJaIkSjie1zAZPGjU+eLLxuiLuJP5vM2Ylm5pzSjfHU Woqho/jmie9Xus084aporQ== 0000950153-00-000535.txt : 20000418 0000950153-00-000535.hdr.sgml : 20000418 ACCESSION NUMBER: 0000950153-00-000535 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000417 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIMULA INC CENTRAL INDEX KEY: 0000885080 STANDARD INDUSTRIAL CLASSIFICATION: PUBLIC BUILDING AND RELATED FURNITURE [2531] IRS NUMBER: 860320129 STATE OF INCORPORATION: AZ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12410 FILM NUMBER: 603451 BUSINESS ADDRESS: STREET 1: 2700 NORTH CENTRAL AVE STREET 2: STE 1000 CITY: PHOENIX STATE: AZ ZIP: 85004 BUSINESS PHONE: 6027528918 MAIL ADDRESS: STREET 1: 2700 NORTH CENTRAL AVE STREET 2: STE 1000 CITY: PHOENIX STATE: AZ ZIP: 85004 8-K 1 8-K 1 U.S. 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): April 17, 2000 (April 14, 2000) SIMULA, INC. (Exact name of Registrant as specified in its charter)
ARIZONA COMMISSION FILE NO. 1-12410 86-0320129 (State of Incorporation) (I.R.S. Employer Identification No.) 2700 NORTH CENTRAL AVENUE, SUITE 1000 PHOENIX, ARIZONA 85004 (Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (602) 631-4005 2 INFORMATION TO BE INCLUDED IN THE REPORT ITEM 5. OTHER EVENTS. Registrant's press release dated April 14, 2000 is filed herewith as Exhibit 20 and is incorporated herein by reference. The press release relates to the registrant's clarification of additional charge and expense reflected in its financial statement for the year ended December 31, 1999. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. The following Exhibit is included pursuant to Item 601 of Regulation S-K.
NO. DESCRIPTION --- ----------- *20. Press Release dated April 14, 2000.
* Filed herewith. 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, thereunto duly authorized. SIMULA, INC. (Registrant) By /s/ Bradley P. Forst ----------------------------------------- Bradley P. Forst Executive Vice President, General Counsel and Secretary EX-20 2 EX-20 1 EXHIBIT 20 CONTACT: James C. Dodd, CFO Philip Bourdillon/Eugene Heller Simula, Inc. Silverman Heller Associates 602-631-4005 310-208-2550 SIMULA, INC. REPORTS ADDITIONAL CHARGE AGAINST 1999 FINANCIAL RESULTS PHOENIX, ARIZONA -- APRIL 14, 2000 -- SIMULA, INC. (NYSE: SMU) today announced that it has filed its 1999 Form 10-K, which had been extended to allow auditors time to complete their review of the Company's financial statements. These audited financial statements reflect an additional charge of approximately $4.3 million against fourth-quarter and year-end 1999 results. The charge -- which stems from the Company's determination that an additional adjustment to income was appropriate to reflect the risk and uncertainty of the timely recovery of the entire principle and interest from Notes received in the sale of the assets of a former subsidiary, Coach and Car Equipment Company -- was not included in the unaudited results presented by the Company in a news release dated March 29, 2000. The Company said that, notwithstanding the current charge which reduces the carrying value of the Notes to zero, the sales contract remains fully enforceable, and any future recoveries on the Notes will be accounted for following the cost recovery method of accounting. The Company's audited financial statements reflect a net loss for the quarter of <$25.1 million>, or <$2.36> per share, on revenues of $32.3 million, compared to a net loss of <$21.0 million>, or <$2.12> per share, on revenues of $28.7 million in the three months ended December 31, 1998. The net loss also reflects a previously announced restructuring charge of $18.3 million (pre-tax) occasioned by the sale of substantially all the assets of Airline Interiors (a subsidiary engaged in the manufacture of 16g commercial airliner seats), a loss from discontinued operations of $7.2 million, and an income tax benefit of $9.9 million. -- more -- 2 SIMULA REPORTS ADDITIONAL CHARGE AGAINST 1999 FINANCIAL RESULTS / 3 For the year, the Company's audited financial statements reflect a net loss of <$23.1 million>, or <$2.26> per share, on revenues of $131.4 million compared to a net loss of <$27.7 million>, or <$2.80> per share, on revenues of $100.1 million in 1998. Simula, Inc. is a leader in developing and commercializing protective systems and energy absorption technologies that safeguard human lives. Products include advanced occupant seating and restraint systems for military and automotive applications. Additional information on Simula, Inc. may be found at www.simula.com. Statements made in this news release, including forward-looking statements concerning the enforceability of the contract with the buyer of Coach and Car Equipment Corporation and the status of any future recoveries on the Notes received in the sale, are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in such statements. Other factors that may cause actual results to differ from anticipated results include those described in the Company's registration statements and periodic reports filed with the U.S. Securities and Exchange Commission, including the Company's most recent Form 10-K. (Audited Financial Statements Follow) 3 SIMULA, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31 DECEMBER 31 ----------------------------- ------------------------------ 1999 1998 1999 1998 ------------ ------------ ------------- ------------- Revenue $ 32,268,896 $ 28,682,677 $ 131,392,426 $ 100,644,678 Cost of revenue 30,940,241 31,843,231 102,984,129 85,723,846 ------------ ------------ ------------- ------------- ............. Gross margin 1,328,655 (3,160,554) 28,408,297 14,920,832 Administrative expenses 8,406,533 6,194,931 26,679,304 20,420,763 Restructuring Charge 18,377,239 -- 18,377,239 -- ------------ ------------ ------------- ------------- Operating income (25,455,117) (9,355,485) (16,648,246) (5,499,931) Interest expense (2,161,963) (1,532,145) (7,246,105) (5,099,194) ------------ ------------ ------------- ------------- Earnings (loss) before taxes and discontinued operations (27,617,080) (10,887,630) (23,894,351) (10,599,125) Income tax benefit 9,926,000 3,902,000 8,437,000 3,786,000 ------------ ------------ ------------- ------------- Earnings (loss) from continuing operations (17,691,080) (6,985,630) (15,457,351) (6,813,125) Discontinued operations: Loss from discontinued operations, net of tax -- (163,000) -- (2,319,388) Estimated loss on disposal, net of tax (7,238,109) (13,896,000) (7,238,109) (18,576,000) ------------ ------------ ------------- ------------- Extraordinary loss on early extinguishment of debt, net of tax (151,295) -- (151,295) -- ------------ ------------ ------------- ------------- Net earnings (loss) (25,080,484) (21,044,630) (22,846,755) (27,708,513) Dividends on preferred stock 74,497 -- 279,536 -- ------------ ------------ ------------- ------------- Net earnings (loss) available for common shareholders $(25,154,981) $(21,044,630) $ (23,126,291) $ (27,708,513) ============ ============ ============= ============= Earnings (loss) per common share - Basic: Earnings (loss) from continuing operations $ (1.67) $ (0.70) $ (1.54) $ (0.69) Discontinued operations: Loss from discontinued operations, net of tax $ -- $ (0.02) $ -- $ (0.23) Estimated loss on disposal, net of tax $ (0.68) $ (1.40) $ (0.71) $ (1.88) Earnings (loss) from early extinguishment of debt, net $ (0.01) $ -- $ (0.01) $ -- of tax ============ ============ ============= ============= Net earnings (loss) $ (2.36) $ (2.12) $ (2.26) $ (2.80) ============ ============ ============= ============= Weighted average shares - basic 10,649,753 9,915,391 10,230,720 9,880,283
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