-----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, R3Qb+GFDkmKFEcJlArAcw70NTCtH3S/OaynsXAOyY4YfLCyBrCRKiLlGDmpxHgag DMYyNeJFV3iURUPKcUC/ZA== /in/edgar/work/0000950144-00-013553/0000950144-00-013553.txt : 20001114 0000950144-00-013553.hdr.sgml : 20001114 ACCESSION NUMBER: 0000950144-00-013553 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20001030 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20001113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DORSEY TRAILERS INC CENTRAL INDEX KEY: 0000924117 STANDARD INDUSTRIAL CLASSIFICATION: [3715 ] IRS NUMBER: 582110729 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-24354 FILM NUMBER: 761708 BUSINESS ADDRESS: STREET 1: ONE PACES WEST STE 1700 STREET 2: 2727 PACES FERRY RD CITY: ATLANTA STATE: GA ZIP: 30339 BUSINESS PHONE: 7704389595 MAIL ADDRESS: STREET 1: 2727 PACES FERRY RD STREET 2: ONE PACES W SUITE 1700 CITY: ATLANTA STATE: GA ZIP: 30339 8-K 1 g65419e8-k.txt DORSEY TRAILERS, INC. 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): October 30, 2000 Commission File Number: 0-24354 -------------------------------------------------------- DORSEY TRAILERS, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 58-2110729 - -------------------------------- ------------------------- (State of Incorporation) (IRS Employer Identification Number) One Paces West, Suite 1700 2727 Paces Ferry Road Atlanta, Georgia 30339 - -------------------------------- ------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (770) 438-9595 ------------------------- 2 DORSEY TRAILERS, INC. FORM 8-K ITEM 5. OTHER INFORMATION On October 30, 2000, Dorsey Trailers, Inc. issued the press release attached as Exhibit 99.1 to this report. On November 8, 2000, Dorsey Trailers, Inc. issued the press release attached as Exhibit 99.2 to this report. ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits a) Financial Statements. None. b) Pro Forma Financial Information. None. c) Exhibits. 99.1 Press Release 99.2 Press Release
3 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 thereunto duly authorized. DORSEY TRAILERS, INC. Date: November 13, 2000 By: /s/ G. Allen Cain --------------------- ---------------------------------------- G. Allen Cain Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) EX-99.1 2 g65419ex99-1.txt PRESS RELEASE 1 EXHIBIT 99.1 FOR IMMEDIATE RELEASE CONTACT: JOHN L. PUGH (770) 438-9595 DORSEY ENGAGES TURNAROUND FIRM Dorsey Trailers, Inc. announces it has engaged The Recovery Group, a crisis management and turnaround-consulting firm, to assist in a restructuring of the Company. Mr. John L. Pugh, Chief Executive Officer for Dorsey states, "The U.S. trucking has been in a precipitous decline this year. This decline has been driven by higher fuel costs, increasing interest rates, and driver shortages. These factors have affected the truck trailer industry resulting in a significant reduction in demand for new equipment. This downturn in the industry has had a dramatic affect on Dorsey's operating performance and has restrained the Company's liquidity position. This has led us to engage The Recovery Group. They are a highly regarded international firm with many years of experience and have worked with a large number of manufacturing companies who have faced the same kind of difficulties that we are now experiencing." Mr. Pugh went on to say, "The Recovery Group is working with the management team in reviewing our current position. We are looking at all actions necessary to improve our current cash position and provide a roadmap for improving our operating performance. The Company does not foresee a significant increase in trailers purchased during the remainder of the year into the first quarter of 2001; therefore, all actions are being predicated on a continued soft demand for new product. Dorsey Trailers, Inc. designs, manufacturers, and markets one of the broadest lines of high-quality, customized truck trailers through three plants located in Alabama, Georgia, and South Carolina. Certain statements in this press release and statements by the Company in reports to its stockholders and public filings, as well as, oral public statements by Company representatives may be deemed to be forward-looking statements, as defined by the Private Securities Litigation Reform act of 1995. Any forward-looking statements included herein have been included based upon facts available to management as of the date of the statement. Any forward looking statement is, however, inherently subject to the uncertainty of future events, whether economic, competitive or otherwise, many of which are beyond the control of the Company, or which may involve determinations which may be made by management in the future. There can, therefore, be no assurances that the events or results described in such forward-looking statements will occur and actual events or results may vary materially from those included herein. 2 PAGE 2 Without limitation, the following are some of the factors which may affect whether the events or results described in such forward-looking statements will occur: increased competition, dependence on key management, continued availability of credit from vendors, continued advancement of funds from lender, reliance on certain customers, shortages of raw materials, component prices, labor shortages or work stoppage, dependence on current industry trends and demand for product, manufacturing interruption due to unfavorable natural events, unfavorable results of outstanding litigation, government regulations and new technologies or products. Readers should review and consider the various disclosures made by the Company in this press release and in its reports to stockholders and periodic reports on Form 10-K and 10-Q. EX-99.2 3 g65419ex99-2.txt PRESS RELEASE 1 EXHIBIT 99.2 FOR IMMEDIATE RELEASE CONTACT: JOHN L. PUGH NOVEMBER 8, 2000 (770) 438-9595 DORSEY BEGINS RESTRUCTURING AND ANNOUNCES MANAGEMENT CHANGES Dorsey announces the initial phase of its restructuring plan after engaging a crisis management and turnaround firm, The Recovery Group from Boston, MA. John L. Pugh, Dorsey's Chief Executive Officer, providing some of the details of the initial restructuring reported, "The Recovery Group and management have spent an intense two weeks reviewing Dorsey's status. We have concluded that staffing cuts in management, salaried employees and administrative employees will be implemented immediately. These staffing cuts will affect approximately 50% of this employee grouping." Pugh cautioned, "This is not the complete and final restructuring plan, which is still under development; however, we feel we must take this action now to reduce general administrative expenses to the bare minimum in order for the final restructuring plan to succeed. We do anticipate reductions in the hourly work force, as well as renegotiating the union contract; however, the backlog and production levels in the manufacturing plants will dictate the number of hourly workers affected." Pugh continued by stating, "The implementation of any restructuring plan is painful, and this one will be no exception. I feel very strongly that the pain should be felt at the top first. The Atlanta corporate office will become primarily a national sales office with limited administrative and finance functions. All other corporate functions will be handled from our manufacturing plants." Senior management changes were announced by Pugh, "Ms. Lorri Palko, our President and COO since 1997, tendered her resignation earlier in the year but has graciously stayed on to oversee the production of a major contract. This major contract is coming to a successful end this month, so Ms. Palko will be leaving this month. In addition, our CFO, Mr. Allen Cain, will be leaving the Company this month. The duties of Ms. Palko and Mr. Cain will be assumed by Mr. Keith Lonergan, VP-Manufacturing; Ms. Allyson Turnbull, Corporate Controller; Ms. Laura Roan, VP-Sales; as well as myself." Dorsey Trailers, Inc. designs, manufacturers, and markets one of the broadest lines of high quality, customized truck trailers through three plants located in Alabama, Georgia and South Carolina. Certain statements in this press release and statements by the Company in reports to its stockholders and public filings, as well as, oral public statements by Company representatives may be deemed to be forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. Any forward-looking statements included herein have been included based upon facts available to management as of the date of the statement. Any forward looking statements are, however, inherently subject to the uncertainty of future events, whether economic, competitive or otherwise, many of which are beyond the control of the Company, or which may involve determinations which may be 2 NOVEMBER 8, 2000 PAGE 2 described in such forward-looking statements will occur and actual events or results may vary materially from those included herein. Without limitation, the following are some of the factors which may affect whether the events or results described in such forward-looking statements will occur: increased competition, dependence on key management, continued availability of credit from vendors, continued advancement of funds from lender, reliance on certain customers, shortages of raw materials, component prices, labor shortages or work stoppage, dependence on current industry trends and demand for product, manufacturing interruption due to unfavorable natural events, unfavorable results of outstanding litigation, government regulations and new technologies or products. Readers should review and consider the various disclosures made by the Company in this press release and in its reports to stockholders and periodic reports on Form 10-K and 10-Q. -----END PRIVACY-ENHANCED MESSAGE-----