-----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, HHQOp1AqJiz2VH7T80XPS1IFwT9pjiMEeVmuL60DpY/Hs80qUTAOe8ZF5baCrgql eFFGc0rXCIBmTquBeun7OQ== 0000905722-00-000007.txt : 20000413 0000905722-00-000007.hdr.sgml : 20000413 ACCESSION NUMBER: 0000905722-00-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 ITEM INFORMATION: FILED AS OF DATE: 20000412 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HUNTCO INC CENTRAL INDEX KEY: 0000905722 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 431643751 STATE OF INCORPORATION: MO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-13600 FILM NUMBER: 599025 BUSINESS ADDRESS: STREET 1: 14323 SOUTH OUTER FORTY STREET 2: STE 600 N CITY: TOWN & COUNTRY STATE: MO ZIP: 63017 BUSINESS PHONE: 3148780155 MAIL ADDRESS: STREET 1: 14323 S OUTER FORTY STREET 2: STE 600N CITY: TOWN & COUNTRY STATE: MO ZIP: 63017 8-K 1 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 12, 2000 ------------------------- HUNTCO INC. ---------------- (Exact name of registrant as specified in its charter) Missouri 1-13600 43-1643751 - ----------------- ---------------------- -------------- (State or other (Commission File Number) (IRS Employer jurisdiction of Identification No.) incorporation) 14323 S. Outer Forty, Suite 600N, Town & Country, Missouri 63017 ------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (314) 878-0155 ------------------------- Not applicable ------------------------------------------------------------ (Former name or former address, if changed since last report) Item 5. Other Events Huntco Inc. (the "Company") issued a news release on April 12, 2000, with respect to its release of earnings for its quarter ended March 31, 2000, and to provide certain forward-looking information for the year ending December 31, 2000. This news release is incorporated herein by reference to Exhibit 99 attached hereto. - ------------------------------------------------------------------------------ SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HUNTCO INC. By: /s/ Anthony J. Verkruyse ------------------------------------- Anthony J. Verkruyse, Vice President & CFO Date: April 12, 2000 - ------------------------------------------------------------------------------ EXHIBIT INDEX These Exhibits are numbered in accordance with the Exhibit Table of Item 601 of Regulation S-K: Exhibit No. Description ----------- --------------------------------- 99 News release of April 12, 2000 EX-99 2 PRESS RELEASE HUNTCO INC. 14323 SOUTH OUTER FORTY - SUITE 600N TOWN & COUNTRY, MISSOURI 63017 NEWS RELEASE FOR IMMEDIATE RELEASE: HUNTCO REPORTS FIRST QUARTER NET INCOME TOWN & COUNTRY, MISSOURI, April 12, 2000. . . . . Huntco Inc. (NYSE:"HCO"), an intermediate steel processor, today announced results of operations for its first quarter ended March 31, 2000. The Company reported net income available for common shareholders for the 2000 first quarter of $.6 million, or $.06 per share both basic and diluted, in contrast to a net loss for common shareholders of $3.2 million, or $.36 per share, both basic and diluted, reported in the prior year's first quarter. The Company realized income from operations of $3.5 million in the 2000 first quarter, versus a loss from operations of $2.6 million in the 1999 first quarter. The 2000 first quarter income from operations represents the largest operating profit realized by the Company since the third quarter of 1997. The Company realized EBITDA of $6.1 million in the quarter ended March 31, 2000 in comparison to 1999 first quarter EBITDA of $0.2 million. Net working capital increased to $85.0 million at the end of the 2000 first quarter, versus $68.9 million as of March 31, 1999. Investment in inventories at March 31, 2000 decreased by $31.2 million in relation to March 31, 1999 balances, while accounts payable decreased by $44.7 million over this same time period. The Company achieved these improvements despite a year-over-year net sales decrease of $4.5 million, or 5.0%. The decrease in net sales in the 2000 first quarter was primarily attributable to the sale of the Company's former South Carolina facility, which sale took place during the 1999 fourth quarter, offset by higher average selling prices. The former South Carolina facility contributed $7.5 million in net sales in the first quarter of 1999. The Company processed and shipped 263,139 tons of steel in the quarter, a decrease of 20.3% in comparison to the prior year's first quarter. Approximately one-half of this decrease is attributable to volume sold from the Company's former South Carolina facility, which facility was sold in December of 1999. Reduced tolling volume was another major factor in the 2000 first quarter volume decrease. Approximately 21.2% of the tons processed in the first quarter of 2000 represented customer-owned material processed on a per ton, fee basis, versus a tolling percentage of 26.1% in the comparable period of the prior year. Average selling prices for the Company's products increased approximately 9.0% in the 2000 first quarter, in comparison to the 1999 first quarter. The Company also sold 69,606 tons of cold rolled products during the first quarter of 2000, which compares to 61,820 tons in the prior year's first quarter. Gross profit expressed as a percentage of net sales was 9.4% for the quarter ended March 31, 2000, which compares to 2.4% for the prior year's first quarter. While the Company benefited from generally rising steel prices in the 2000 first quarter, versus falling prices in the 1999 first quarter, management's commitment to operating its plants with more rapid inventory turns and with a more cost effective overhead structure has also begun to positively impact gross profit margins. Gross profit margins also improved due to improved capacity utilization at the Company's cold rolling operation, which is primarily attributed to initial production and sales under the new tolling arrangements that the Company previously announced. Management continues to be optimistic concerning its prospects for continuing improvement in its operating results over the balance of 2000. Sales volume at the Company's cold rolling mill is expected to continue to increase, and could average over 30,000 tons per month by the third quarter of 2000, including 15,000 - 20,000 tons per month under tolling commitments. This press release contains certain statements that are forward-looking and involve risks and uncertainties. Words such as "expects," "believes," and "anticipates," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on current expectations and projections concerning the Company's plans for 2000 and about the steel processing industry in general, as well as assumptions made by Company management and are not guarantees of future performance. Therefore, actual events, outcomes, and results may differ materially from what is expressed or forecasted in such forward-looking statements. The Company encourages those who make use of this forward-looking data to make reference to a complete discussion of the factors which may cause the forward-looking data to differ materially from actual results, which is contained in the Company's Annual Report on Form 10-K for the year ended December 31, 1999. Huntco Inc. is a major, intermediate steel processor, specializing in the processing of flat rolled carbon steel. HUNTCO INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except per share amounts)
Three Months Ended March 31, 2000 1999 -------- -------- Net sales $85,860 $90,377 Cost of sales 77,792 88,230 ------- ------- Gross profit 8,068 2,147 Selling, general and administrative expenses 4,547 4,789 ------- ------- Income (loss) from operations 3,521 (2,642) Interest, net (2,507) (2,197) ------- ------- Income (loss) before income taxes 1,014 (4,839) Provision (benefit) for income taxes 390 (1,662) ------- ------- Net income (loss) 624 (3,177) Preferred dividends 50 50 ------- ------- Net income (loss) available for common shareholders $ 574 $(3,227) ======= ======= Earnings (loss) per common share: Basic and diluted $ .06 $(.36) ===== ===== Weighted average common shares outstanding: (basic and diluted) 8,942 8,942 ===== =====
HUNTCO INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
March 31, December 31, 2000 1999 ---------- ----------- (unaudited) (audited) ASSETS Current assets: Cash $ 900 $ 414 Accounts receivable, net 43,547 41,835 Inventories 79,459 77,832 Other current assets 2,398 2,380 -------- -------- 126,304 122,461 Property, plant and equipment, net 122,055 123,548 Other assets 10,498 10,725 -------- -------- $258,857 $256,734 ======== ======== LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 38,009 $ 43,279 Accrued expenses 3,059 2,657 Current maturities of long-term debt 205 248 -------- -------- 41,273 46,184 -------- -------- Long-term debt 111,930 105,470 Deferred income taxes 1,166 1,166 -------- -------- 113,096 106,636 -------- -------- Shareholders' equity: Series A preferred stock (issued and outstanding, 225; stated at liquidation value) 4,500 4,500 Common stock: Class A (issued and outstanding, 5,292) 53 53 Class B (issued and outstanding, 3,650) 37 37 Additional paid-in-capital 86,530 86,530 Retained earnings 13,368 12,794 -------- -------- 104,488 103,914 -------- -------- $258,857 $256,734 ======== ========
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