-----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, E1gexjKxRA0Z4XEqWTnKPMluvhK80Ddqmr+IWWGtMsL8zsCxWkl4stVv1/mNeKax LNk7M4Y3wS93Oggd+2UtNg== 0000950144-99-008741.txt : 19990713 0000950144-99-008741.hdr.sgml : 19990713 ACCESSION NUMBER: 0000950144-99-008741 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990707 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990712 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KELLSTROM INDUSTRIES INC CENTRAL INDEX KEY: 0000918275 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT ENGINES & ENGINE PARTS [3724] IRS NUMBER: 133753725 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-23764 FILM NUMBER: 99662670 BUSINESS ADDRESS: STREET 1: 1100 INTERNATIONAL PARKWAY CITY: SUNRISE STATE: FL ZIP: 33325 BUSINESS PHONE: 9548450427 MAIL ADDRESS: STREET 1: 1100 INTERNATIONAL PARKWAY CITY: SUNRISE STATE: FL ZIP: 33325 FORMER COMPANY: FORMER CONFORMED NAME: ISRAEL TECH ACQUISITION CORP DATE OF NAME CHANGE: 19940301 8-K 1 KELLSTROM INDUSTRIES, INC. FORM 8-K 07/07/99 1 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): July 7, 1999 KELLSTROM INDUSTRIES, INC. - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 0-23764 13-3753725 - ----------------------------- ------------------------- -------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 1100 International Parkway, Sunrise, Florida 33323 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (954) 845-0427 -------------------------- - -------------------------------------------------------------------------------- (Former Name or Former Address; if Changed Since Last Report) 2 ITEM 5. OTHER EVENTS. On July 7, 1999, Kellstrom Industries, Inc. (the "Registrant") issued a press release announcing that it had settled a lawsuit brought by the Estate of the late Co-Chairman of the Registrant. A copy of the Press Release issued by the Registrant is attached hereto as Exhibit 99, and is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) EXHIBITS. The Exhibits to this Form 8-K are listed on the Exhibit Index and are incorporated herein by reference. 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 hereunto duly authorized. Date: July 9, 1999 KELLSTROM INDUSTRIES, INC. By: /s/ Zivi R. Nedivi ------------------------------------- Zivi R. Nedivi President and Chief Executive Officer 2 3 EXHIBIT INDEX EXHIBIT NO.: - ------------ 99 Press Release issued by the Registrant on July 7, 1999 3 EX-99 2 PRESS RELEASE DATED 07/07/99 1 (LOGO) KELLSTROM INDUSTRIES, INC. FOR IMMEDIATE RELEASE KELLSTROM INDUSTRIES SETTLES LAWSUIT Sunrise, FL - July 7, 1999 -- Kellstrom Industries, Inc. [NASDAQ:KELL] today announced that it has settled a lawsuit brought by the Estate of the late Co-Chairman of Kellstrom, with respect to, among other things, a claim alleging entitlement to a stock option grant in late 1996. In settling the case, the Company continues to deny all of the allegations contained in the lawsuit. As reported in the Company's 1998 Form 10-K, the Company believes that the claims are without merit. The settlement, however, was entered into in order to limit the expense of litigating the suit as well as the protracted use of management's time and related corporate resources. For the second quarter ended June 30, 1999, the Company expects to record an estimated one-time pre-tax charge of approximately $2.2 million (which translates to approximately 8 cents per diluted share on a one-time after-tax basis) to fulfill its obligation under the settlement and for accrued legal expenses. Kellstrom Industries, Inc. is a leader in the airborne equipment segments of the international aviation services after-market. Kellstrom's principal business is the purchasing, overhauling (through subcontractors), reselling and leasing or aircraft, avionics and aircraft rotables, and engines and engine parts. The Company is also a leading international after-market reseller of turbo-jet engines and turbo-jet engine parts for helicopters and large cargo transport aircraft for which it also supplies airframe material. The Company specializes in providing engines and parts for large turbo-fan engines manufactured by CFMI, General Electric, Pratt & Whitney and Rolls Royce. The Company is also an approved supplier to an international customer base including major domestic and international airlines, original equipment manufacturers and engine overhaul shops. The Company, from time to time, may discuss forward-looking information. This press release contains forward-looking statements. These forward-looking statements are based on many assumptions and factors, and are subject to many conditions, including the Company's continuing ability to effectively integrate the acquired companies, acquire adequate inventory and to obtain favorable pricing for such inventory, the ability to arrange for the repair of aircraft engines by third-party contractors prior to resale or lease, competitive pricing for the Company's products, customer concentration, demand for the Company's products which depends upon the condition of the airline industry, ability to collect receivables, government regulation, and the effects of increased indebtedness as a result of the Company's business acquisitions. Except for the historical information contained in this release, all forward-looking information are estimates by the Company's management and are subject to various risks and uncertainties that may be beyond the Company's control and may cause results to differ from management's current expectations. #### #### #### #### CONTACT: or KELL'S INVESTOR RELATIONS COUNSEL: Kellstrom Industries, Inc. The Equity Group Inc. (954) 845-0427 Linda Latman (212) 836-9609 Zivi R. Nedivi, Pres. & CEO Bob Goldstein (212) 371-8660 Michael W. Wallace, CFO www.theequitygroup.com Yoav Stern, Chairman www.kellstrom.com 1100 INTERNATIONAL PARKWAY * SUNRISE, FLORIDA 32323 TEL 954 845 0427 * FAX 954 858 2449 -----END PRIVACY-ENHANCED MESSAGE-----