-----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, IKeEE7IPhmYSFt9Vij8gdtOU5p1k0R+XHRvj5ntItK8dR4VQ5MRIEkUuilLPMqOh RCpDkU+QRpSo0BwD6zz7Lw== 0000905722-97-000009.txt : 19970819 0000905722-97-000009.hdr.sgml : 19970819 ACCESSION NUMBER: 0000905722-97-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970731 ITEM INFORMATION: Other events FILED AS OF DATE: 19970818 SROS: NYSE 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: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13600 FILM NUMBER: 97665910 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 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) August 18, 1997 ------------------------- 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) 2 Item 5. Other Events Huntco Inc. (the "Company") issued a news release on August 18, 1997, with respect to its release of earnings for its first quarter ended July 31, 1997, and provided an update of its outlook for the balance of fiscal 1998. 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/ Robert J. Marischen ------------------------------------- Robert J. Marischen, Vice Chairman & Chief Financial Officer Date: August 18, 1997 - ------------------------------------------------------------------------------ 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 August 18, 1997 EX-99 2 PRESS RELEASE 1 HUNTCO INC. 14323 SOUTH OUTER FORTY - SUITE 600N TOWN & COUNTRY, MISSOURI 63017 FOR IMMEDIATE RELEASE: HUNTCO REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED APRIL 30, 1997. PROVIDES FORWARD-LOOKING DATA FOR FISCAL 1998. $.035 DIVIDEND DECLARED. TOWN & COUNTRY, MISSOURI, August 18, 1997 . . . . . Huntco Inc. (NYSE:"HCO"), a Town & Country based intermediate steel processor, today announced results of operations for its first quarter of fiscal 1998, which quarter ended July 31, 1997. Net sales for the quarter were $90.5 million, an increase of 15.4% in comparison to the prior year's first quarter net sales of $78.4 million. Net income available for common shareholders for the quarter was $1.8 million, or $.20 per share, which compares to net income available for common shareholders of $2.6 million, or $.29 per share in the prior year's first quarter. The Company declared a dividend of $.035 per common share for common shareholders of record on August 29, 1997 and payable on September 15, 1997. The Company attributes the increase in net sales to higher levels of tons processed, primarily at its new facilities in Kentucky, which opened in July, 1996, and South Carolina, which opened in January, 1997, and at its cold rolling operation at its Blytheville facility. The Company processed and shipped a record 266,595 tons of steel in the quarter ended July 31, 1997, an increase of 15.3% in comparison to the quarter ended July 31, 1996. Approximately 24.0% of the tons processed in the first quarter of fiscal 1998 represented customer-owned material processed on a per ton, fee basis, versus a tolling percentage of 23.3% in the prior year first quarter. The Company sold 56,650 tons of cold rolled products during the quarter ended July 31, 1997 which compares to 40,241 tons in the prior year first quarter. Average per ton selling values were generally the same in the quarter ended July 31, 1997 when compared to average per ton selling values for the quarter ended July 31, 1996. Gross profit expressed as a percentage of net sales was 10.0% for the quarter ended July 31, 1997, which compares to 11.5% for the quarter ended July 31, 1996 and 9.0% for the quarter ended April 30, 1997. The Company expects that its net sales for fiscal 1998 will increase by approximately 20% over fiscal 1997 net sales and believes that second quarter net sales will reflect an increase over prior year second quarter net sales near the expected annual percentage rate of increase. The Company anticipates that its gross profit margins in the second quarter of fiscal 1998 could decline somewhat due to cold rolled steel price competition, likely ranging from 9.0% to 10.0% of net sales. Construction of the second coil pickling line at the Company's Blytheville facility remains on schedule with completion expected around the end of the second quarter of fiscal 1998 and with start-up occurring in the third quarter. 2 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 fiscal 1998 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 and in Form 10-K, both for the year ended April 30, 1997. Huntco Inc. is a major, intermediate steel processor, specializing in the processing of flat rolled carbon steel. * * * * * for further information contact: Robert J. Marischen - Vice Chairman (314) 878-0155 3 HUNTCO INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited, in thousands, except per share amounts)
Three Months Ended July 31, 1997 1996 ------- ------- Net sales $90,514 $78,430 Cost of sales 81,444 69,437 ------- ------- Gross profit 9,070 8,993 Selling, general and administrative expenses 4,311 3,631 ------- ------- Income from operations 4,759 5,362 Interest, net (1,855) (1,201) ------- ------- Income before income taxes 2,904 4,161 Provision for income taxes 1,083 1,591 ------- ------- Net income 1,821 2,570 Preferred dividends 50 - ------- ------- Net income available for common shareholders $ 1,771 $ 2,570 ======= ======= Earnings per common share $ .20 $ .29 ===== ===== Weighted average common shares outstanding 8,942 8,953 ===== =====
4 HUNTCO INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
July 31, April 30, 1997 1997 ---------- ---------- (unaudited) (audited) ASSETS Current assets: Cash $ 1,339 $ 1,124 Accounts receivable, net 42,718 46,452 Inventories 99,189 105,569 Other current assets 2,350 3,983 -------- -------- 145,596 157,128 Property, plant and equipment, net 142,383 141,436 Other assets 9,185 8,754 -------- -------- $297,164 $307,318 ======== ======== LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 50,676 $ 72,569 Accrued expenses 4,047 4,868 Current maturities of long-term debt 200 189 -------- -------- 54,923 77,626 -------- -------- Long-term debt 111,818 100,877 Deferred income taxes 7,904 7,754 -------- -------- 119,722 108,631 -------- -------- 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 31,399 29,941 -------- -------- 122,519 121,061 -------- -------- $297,164 $307,318 ======== ========
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