-----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, HQ4qFQrdvOPjpfb3GOkAPBPS2PchivszdtvZPf4hBDeznMV2gmOQnpjUmde2QqlL YpQjVkR6+44i6OSoVXbR+g== 0000950134-03-008656.txt : 20030529 0000950134-03-008656.hdr.sgml : 20030529 20030529092221 ACCESSION NUMBER: 0000950134-03-008656 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030529 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASV INC /MN/ CENTRAL INDEX KEY: 0000926763 STANDARD INDUSTRIAL CLASSIFICATION: CONSTRUCTION MACHINERY & EQUIP [3531] IRS NUMBER: 411459569 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25620 FILM NUMBER: 03722482 BUSINESS ADDRESS: STREET 1: P O BOX 5160 STREET 2: 840 LILY LANE CITY: GRAND RAPIDS STATE: MN ZIP: 55744-5160 BUSINESS PHONE: 2183273434 MAIL ADDRESS: STREET 1: PO BOX 5160 STREET 2: 840 LILY LANE CITY: GRAND RAPIDS STATE: MN ZIP: 55744-5160 8-K 1 c77454e8vk.txt FORM 8-K 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): May 29, 2003 A.S.V., INC. (Exact name of registrant as specified in its charter) Minnesota 0-25620 41-1459569 (State or other jurisdiction (Commission file number) (I.R.S. Employer of incorporation) Identification No.) 840 Lily Lane, Grand Rapids, Minnesota 55744 (Address of principal executive offices) Registrant's telephone number, including area code: (218) 327-3434 Item 7. Financial Statements and Exhibits. --------------------------------- c. Exhibits Exhibit Description of Exhibit ------- ---------------------- 99 Press release dated May 29, 2003 Item 9. Regulation FD Disclosure. ------------------------ On May 29, 2003, A.S.V., Inc. ("ASV") issued a press release disclosing it has revised its outlook for its level of anticipated net sales and earnings per share for its second quarter of 2003 and its fiscal year 2003. For additional information, see the press release included as Exhibit 99 hereto. The attached Exhibit is furnished pursuant to Item 12 on Form 8-K. 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: May 29, 2003 A.S.V., INC. By: /s/ Gary Lemke ----------------------------- Its: President ----------------------- EXHIBIT INDEX Exhibit Description of Exhibit ------- ---------------------- 99 Press release dated May 29, 2003 EX-99 3 c77454exv99.txt PRESS RELEASE Exhibit 99 For more information Jay Lemke Carmichael Lynch Spong (612) 375-8529 jlemke@clynch.com ASV Raises Outlook for 2003 Net Sales Expectation Increased to $65-72 million EPS Expectation Increased to $.43-.49 per diluted share Grand Rapids, MN (May 29, 2003) -- ASV, Inc. (Nasdaq: ASVI) today reported it has raised its net sales and earnings expectation for 2003. Based on increased demand for its R-Series Posi-Track products, and increased demand for its rubber track undercarriages used on Caterpillar Inc.'s (NYSE: CAT) Multi Terrain Loaders (MTL), ASV has raised its expected sales to the range of $65-72 million for the twelve months ending December 31, 2003. ASV has also raised its expected earnings to the range of $.43-.49 per diluted share for the twelve months ending December 31, 2003. ASV's previously announced ranges for net sales had been $57-65 million for fiscal 2003 and earnings per share of $.33-.43 per diluted share for fiscal 2003. Commenting on the above figures, ASV President Gary Lemke stated "We are pleased to announce the upward revision of our expected sales and earnings for 2003. It appears the marketplace is definitely embracing the rubber track concept, a concept we helped pioneer over 15 years ago. In 2001, construction equipment analyst Charles Yengst estimated the North American market for rubber track loaders would be approximately 4,900 units in the year 2003. We now believe the North American market for rubber track loaders could be in the range of 8,000 to 9,000 units for 2003. We believe our strategic alliance with Caterpillar has positioned ASV well to capitalize on this opportunity for growth." With the revision in net sales and earnings for fiscal 2003, ASV is increasing its anticipated net sales for the second quarter of 2003 to the range of $20-22 million. Earnings per share for the second quarter of 2003 are anticipated to be in the range of $.13-.16 per diluted share. ASV will provide further guidance for its anticipated net sales and earnings per share for its third and fourth quarter of 2003 during its second quarter conference call, which is expected to take place on Thursday, July 24, 2003. Commenting further on the revision, Lemke states "Our increased expectations now include MTL undercarriage sales to Caterpillar in the range of $39-41 million for the twelve months ending December 31, 2003. This represents an increase of approximately $10 million from our previously announced expectations. In addition, we currently have order backlogs for our RC-50 and RC-100 products totaling approximately $7 million and have hired additional production personnel to satisfy these orders." About ASV ASV designs, manufactures and sells all-purpose crawlers and related accessories and attachments. ASV also manufactures rubber track undercarriages which are a primary component on Caterpillar's Multi Terrain Loaders. With its patented undercarriage technology, ASV leads all rubber-tracked, all-purpose crawlers in technology and innovation. ASV's products are able to traverse nearly any terrain with minimal damage to the ground, making it effective in industries such as construction, landscaping and agriculture. For more information, visit ASV's website at www.asvi.com. Note: The statements set forth above regarding ASV's future expected sales and earnings levels are forward-looking statements based on current expectations and assumptions, and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Certain factors may affect whether these anticipated events occur including ASV's ability to successfully manufacture the machines, unanticipated delays, costs or other difficulties in the manufacture of the machines, market acceptance of the machines, deterioration of the general market and economic conditions, corporate developments at ASV or Caterpillar and ASV's ability to realize the anticipated benefits from its relationships with Caterpillar. Any forward-looking statements provided from time-to-time by the Company represent only management's then-best current estimate of future results or trends. Additional information regarding these risk factors and uncertainties is detailed from time to time in the Company's SEC filings, including but not limited to, its report on Form 10-Q for the period ended June 30, 2002. -----END PRIVACY-ENHANCED MESSAGE-----