0000893220-01-500701.txt : 20011008
0000893220-01-500701.hdr.sgml : 20011008
ACCESSION NUMBER: 0000893220-01-500701
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20010907
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20010917
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: SL INDUSTRIES INC
CENTRAL INDEX KEY: 0000089270
STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC LIGHTING & WIRING EQUIPMENT [3640]
IRS NUMBER: 210682685
STATE OF INCORPORATION: NJ
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-04987
FILM NUMBER: 1738719
BUSINESS ADDRESS:
STREET 1: 520 FELLOWSHIP ROAD
STREET 2: SUITE A114
CITY: MT LAUREL
STATE: NJ
ZIP: 08054
BUSINESS PHONE: 8567271500
MAIL ADDRESS:
STREET 1: 520 FELLOWSHIP ROAD
STREET 2: SUITE A114
CITY: MT LAUREL
STATE: NJ
ZIP: 08054
FORMER COMPANY:
FORMER CONFORMED NAME: GL ELECTRONICS CO INC
DATE OF NAME CHANGE: 19670928
FORMER COMPANY:
FORMER CONFORMED NAME: GL INDUSTRIES INC
DATE OF NAME CHANGE: 19710111
FORMER COMPANY:
FORMER CONFORMED NAME: SGL INDUSTRIES INC
DATE OF NAME CHANGE: 19841008
8-K
1
w53298e8-k.txt
FORM 8-K DATED SEPTEMBER 7, 2001
1
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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): September 7, 2001
SL INDUSTRIES, INC.
(Exact name of issuer as specified in its charter)
New Jersey 1-4987 21-0682685
(STATE OR OTHER JURISDICTION OF (COMMISSION (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) FILE NUMBER) IDENTIFICATION NUMBER)
520 Fellowship Road, Suite A114
Mount Laurel, New Jersey 08054
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE)
(856) 727-1500
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
2
ITEM 5. OTHER EVENTS.
On September 7, 2001, SL Industries, Inc. (the "Company") issued a press
release announcing the sale of its SL Waber business unit. The Company sold
substantially all of the operating assets of SL Waber and the stock of SL
Waber's Mexican subsidiary, Waber de Mexico, for cash and future contingent
payments.
A copy of the press release appears as Exhibit 99 to this Report and is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) The following is filed as an Exhibit to this Report:
Exhibit Number Description
99 Press Release dated September 7, 2001.
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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, in the Township of Mount Laurel, State
of New Jersey, on the 14th day of September, 2001.
SL INDUSTRIES, INC.
By: /s/ Owen Farren
---------------------------------------
Owen Farren
Chairman of the Board, President
and Chief Executive Officer
4
EXHIBIT INDEX
Exhibit Number Description
99 Press Release dated September 7, 2001.
EX-99
3
w53298ex99.txt
PRESS RELEASE
1
For Immediate Release
INVESTOR RELATIONS CONTACT: COMPANY CONTACT:
Neil Berkman or Melanie Beeler Owen Farren
Neil Berkman Associates President & CEO
(313)277-5162 (856)727-1500
info@BerkmanAssociates.com www.slpdq.com
SL INDUSTRIES ANNOUNCES SALE OF SL WABER
MT. LAUREL, NEW JERSEY, September 7, 2001 . . . SL INDUSTRIES, INC.
(NYSE & PHLX:SL) today announced the sale of its SL Waber business unit to Tripp
Lite - a world leader in the manufacture of power protection equipment. SL Waber
is engaged in the design and sale of surge suppressors and power distribution
units. The Company sold substantially all of the operating assets of SL Waber
and the stock of SL Waber's Mexican subsidiary, Waber de Mexico, for cash and
future contingent cash payments. As a result, the Company will record an
additional non-cash impairment of asset charge in the third quarter. The amount
of the additional charge, net of tax benefit, is anticipated to be less than
$1,800,000.
Owen Farren, President and Chief Executive Officer of SL Industries,
Inc., said, "The sale of SL Waber is another step in the Company's restructuring
plans in response to the sudden slowdown in the telecommunications industry.
Last year SL Waber implemented a new business plan, which involved exiting the
low-margin mass merchandise market and concentrating on higher margin sales to
electronics distributors and original equipment manufacturers. Unfortunately,
these markets have been severely depressed in the current economic environment.
As it became clear that this downturn would be prolonged, the Company decided to
sell SL Waber to reduce its overall exposure to these markets."
Keelin Wyman, Tripp Lite Executive Vice President, said, "The
acquisition of SL Waber adds additional breadth to Tripp Lite's already
substantial line of surge suppressors and power strips. Additionally, SL Waber's
success in the OEM power distribution (PDU) market creates many new
opportunities for Tripp Lite."
Owen Farren added, "We believe the sale of SL Waber creates a win-win
situation for all the parties. The sale will have an immediate impact on the
financial performance and cash flow of SL Industries. In addition, SL Waber is
now combined with Tripp Lite, an excellent organization with a proven 80-year
history of market leadership focused on developing SL Waber's product niches.
The sale should allow Tripp Lite to diversify SL Waber's customer base and
continue to offer the quality products and customer service that SL Waber's
customers expect. We wish our former employees well with their new careers at
Tripp Lite."
ABOUT SL INDUSTRIES
SL Industries, Inc. designs, manufactures and markets Power and Data
Quality (PDQ) equipment and systems for industrial, medical, aerospace and
consumer applications. For more information about SL Industries, Inc. and its
products, please visit the Company's web site at www.SLpdq.com.
(more)
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SL INDUSTRIES ANNOUNCES SALE OF SL WABER
September 7, 2001
Page 2
FORWARD-LOOKING STATEMENTS
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on current expectations, estimates and
projections about the Company's business based, in part, on assumptions made by
management. These statements are not guarantees of future performance and
involve risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from what is
expressed or forecasted in such forward-looking statements due to numerous
factors, including those described above and the following: the effectiveness of
the cost reduction initiatives undertaken by the Company, changes in demand for
the Company's products, product mix, the timing of customer orders and
deliveries, the impact of competitive products and pricing, constraints on
supplies of critical components, excess or shortage of production capacity,
difficulties encountered in the integration of acquired businesses and other
risks discussed from time to time in the Company's Securities and Exchange
Commission filings and reports. In addition, such statements could be affected
by general industry and market conditions and growth rates, and general domestic
and international economic conditions. Such forward-looking statements speak
only as of the date on which they are made, and the Company does not undertake
any obligation to update any forward-looking statement to reflect events or
circumstances after the date of this release.
* * * * *