-----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, FITbVofCmYZVEUPy64XkbuEz2RO/ZYvEE0Q4pMhFrKh8qMupsYnuPViChBy0J6fI u8AALvYkWSaFphpjYUZlgg== 0001104659-07-086325.txt : 20071130 0001104659-07-086325.hdr.sgml : 20071130 20071130161105 ACCESSION NUMBER: 0001104659-07-086325 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071130 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071130 DATE AS OF CHANGE: 20071130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN LOCKER GROUP INC CENTRAL INDEX KEY: 0000008855 STANDARD INDUSTRIAL CLASSIFICATION: PARTITIONS, SHELVING, LOCKERS & OFFICE AND STORE FIXTURES [2540] IRS NUMBER: 160338330 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00439 FILM NUMBER: 071278033 BUSINESS ADDRESS: STREET 1: 608 ALLEN STREET CITY: JAMESTOWN STATE: NY ZIP: 14701 BUSINESS PHONE: 7166649600 MAIL ADDRESS: STREET 1: 608 ALLEN STREET CITY: JAMESTOWN STATE: NY ZIP: 14701 FORMER COMPANY: FORMER CONFORMED NAME: AVM CORP DATE OF NAME CHANGE: 19850520 8-K 1 a07-30478_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

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 (Date of earliest event reported):   November 30, 2007

 

American Locker Group Incorporated

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware

 

0-439

 

16-0338330

 

(State of Incorporation)

 

(Commission File Number)

 

(IRS employer identification no.)

 

 

 

815 S. Main Street

Grapevine, Texas 76051

(Address of Principal Executive Offices)

 

Registrant’s Telephone Number, Including Area Code:    (817) 329-1600

 

 

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 8.01 Other Events.

 

                On November 30, 2007, American Locker Group Incorporated (the “Company”) issued as press release, which is attached hereto as Exhibit 99.1, announcing that the United States Postal Service (“USPS”) rejected the Company’s application to manufacture the USPS-B-1118 Cluster Box Unit (“CBU”).  As disclosed by the Company in previous public filings, the Company had sought to become a licensed manufacturer of the USPS-B-1118 CBU as a result of the USPS’s previous decertification of its predecessor Model “E” CBU effective September 8, 2007.

 

                The Company expects the USPS’s decision to have a material adverse effect on the Company’s revenue and profitability through 2008, though the Company does not anticipate that the decision will materially affect the performance of its other operating subsidiaries, American Locker Security Systems and Canadian Locker Company.  The Company anticipates that it will record a charge to earnings in the fourth quarter of 2007 resulting from the write-off of costs relating to the development of the USPS-B-1118 CBU that had been previously capitalized.

 

                The USPS did advise the Company that it could resubmit its application within a reasonable time.  Accordingly, the Company intends to evaluate the feasibility of reapplying to become a licensed manufacturer of the USPS-B-1118 CBU at a later date.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)  Exhibits.

 

Exhibit No.

 

Description

 

 

 

 

 

99.1

 

Press release, dated November 30, 2007.

 

 

 

 

 

 

2



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 hereunto duly authorized.

 

 

 

 

 

 

 

AMERICAN LOCKER GROUP INCORPORATED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date: November 30, 2007

 

 

 

 

 

By:

/s/ Edward F. Ruttenberg

 

 

 

 

 

 

 

 

Name:

Edward F. Ruttenberg

 

 

 

 

 

 

 

 

Title:

Chairman, Chief Executive Officer,

 

 

 

 

 

 

 

 

 

Chief Operating Officer and Treasurer

 

 

 

3



EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

 

 

99.1

 

Press release, dated November 30, 2007.

 

 

 

4


EX-99.1 2 a07-30478_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Grapevine, Texas — November 30, 2007American Locker Group Incorporated (OTC: ALGI.PK) ( “American Locker” or the “Company”) announced today that the United States Postal Service (“USPS”) had rejected the Company’s application to manufacture the USPS-B-1118 Cluster Box Unit (“CBU”).  As previously disclosed, the Company had sought to become a licensed manufacturer of the USPS-B-1118 CBU as a result the of the USPS’ decertification, effective September 8, 2007, of the predecessor Model “E” CBU.

 

In rejecting the Company’s application, the USPS cited weaknesses in the Company’s financial and inventory controls that existed in 2005 and 2006.  Although the Company remedied these material weaknesses and significant deficiencies during the 2007 fiscal year, the USPS noted the remedies had not been in place long enough to be subjected to review as part of the Company’s annual audit. However, the USPS did advise the Company that it could resubmit its application within a reasonable period of time.  Accordingly, the Company intends to evaluate the feasibility of reapplying to manufacture the USPS-B-1118 CBU at a later time.

 

As a result of the USPS decision, the Company will not be licensed to manufacture the Model USPS-B-1118 CBU, which will have a material and adverse effect on the Company’s revenue and profitability through 2008.  However, since September 9, 2007, when the Company ceased selling the Model “E” CBU (the predecessor to the USPS-B-1118 CBU), the Company has implemented a series of operational changes for the purpose of streamlining operations and lowering costs.  These changes include the adoption of lean manufacturing processes and a reduction in administrative costs. The Company  will continue these efforts through the fourth quarter of 2007 and into 2008.

 

 

 



 

 

Edward Ruttenberg, Chairman and CEO, commented that “we will move forward by increasing our focus on selling value-added niche products which have higher margins than the USPS licensed CBUs and improving the Company’s sales and distribution efforts, so that we can soften, to some extent, the adverse effects of the loss of USPS sales and develop an improved platform for future growth.”

 

The Company believes that the adverse impact on revenues and profitability caused by the USPS decision will not materially affect the performance of its other operating subsidiaries, American Locker Security Systems and Canadian Locker Company. In addition, the USPS decision will not affect the Company’s ability to manufacture and sell other USPS-approved products, such as the Company’s Horizontal 4C unit, which is the latest USPS-approved indoor apartment style mailbox.

 

As a result of the USPS decision, the Company anticipates that in the fourth quarter of 2007 it will record a charge to earnings resulting from the write-off of previously capitalized costs of developing the USPS-B-1118 CBU.  The Company believes that cost reductions from increased manufacturing efficiencies and reduced administrative costs, its increased emphasis on sales and distribution efforts, and its existing credit facility will afford it sufficient capital resources for its current and expected operating needs.

 

About American Locker Group Incorporated

American Locker is the world’s premier supplier of secure storage lockers under the American Locker Security Systems and Canadian Locker brands.  American Locker’s systems range from classic coin-operated lockers to computer/electronic-controlled distribution systems to employee and personal lockers. American Locker is known for its iconic orange keys and is viewed as the industry standard for secure storage.  Its Security Manufacturing Corporation subsidiary is a leading provider of commercial mailboxes through a national distribution network. Security Manufacturing offers a line of U.S. Postal Service approved mailboxes including horizontal and vertical apartment mailboxes, plus multi-styles for the private sectors and universities.

 

 



 

Further information about American Locker and its subsidiaries is available at www.americanlocker.com, www.securitymanufacturing.com and www.canadianlocker.com .

Contacts:

 

American Locker Group Incorporated

Edward Ruttenberg, Chairman and CEO, (817) 329-1600

Paul Zaidins, Chief Financial Officer, (817) 329-1600

In the interests of providing Company shareholders and potential investors with information regarding the Company, including the Company’s assessment of its and its subsidiaries’ future plans and operations, certain statements included in this press release may constitute forward-looking information or forward-looking statements (collectively, “forward-looking statements”). All statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate”, “believe”, “expect”, “estimate” and similar expressions are generally intended to identify forward-looking statements. Actual events or results may differ materially.  Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.  Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company and the foregoing list of important factors is not exhaustive. These forward-looking statements made as of the date hereof disclaim any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.  Company shareholders and potential investors should carefully consider the information contained in the Company’s filings with United States securities administrators at www.sec.gov before making investment decisions with regard to the Company.

 

 

 


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