0000912057-01-536241.txt : 20011029
0000912057-01-536241.hdr.sgml : 20011029
ACCESSION NUMBER: 0000912057-01-536241
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20011022
ITEM INFORMATION: Other events
FILED AS OF DATE: 20011023
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: STEWART & STEVENSON SERVICES INC
CENTRAL INDEX KEY: 0000094328
STANDARD INDUSTRIAL CLASSIFICATION: ENGINES & TURBINES [3510]
IRS NUMBER: 741051605
STATE OF INCORPORATION: TX
FISCAL YEAR END: 0131
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-11443
FILM NUMBER: 1763851
BUSINESS ADDRESS:
STREET 1: 2707 N LOOP W
CITY: HOUSTON
STATE: TX
ZIP: 77008
BUSINESS PHONE: 7138687700
MAIL ADDRESS:
STREET 1: P O BOX 1637
CITY: HOUSTON
STATE: TX
ZIP: 77251-1637
8-K
1
a2061648z8-k.txt
8K
================================================================================
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 22, 2001
STEWART & STEVENSON SERVICES, INC.
(Exact name of registrant as specified in its charter)
TEXAS 0-8493 74-1051605
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
2707 NORTH LOOP WEST
HOUSTON, TEXAS 77008
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (713) 868-7700
================================================================================
Item 5. OTHER EVENTS.
On October 22, 2001, Stewart & Stevenson Services, Inc. (the "Company") issued
the press release attached hereto as Exhibit 99.1 announcing the Company's
Fiscal Third Quarter Outlook.
Item 7. EXHIBITS.
EXHIBIT 99.1 COMPANY PRESS RELEASE DATED OCTOBER 22, 2001, TITLED STEWART &
STEVENSON SERVICES PROVIDES FISCAL THIRD QUARTER OUTLOOK.
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 hereto duly authorized.
STEWART & STEVENSON SERVICES, INC.
Date: October 22, 2001 By: /s/ John H. Doster
Name: John H. Doster
Title: Senior Vice President and Chief
Financial officer
EX-99.1
3
a2061648zex-99_1.txt
EXH. 99.1
EXHIBIT INDEX
Company Press Release dated October 22, 2001, titled Stewart & Stevenson
Services Provides Fiscal Third Quarter Outlook.
NEWS FROM: STEWART & STEVENSON
[LOGO] CORPORATE HEADQUARTERS
P.O. BOX 1637
HOUSTON, TX 77251-1637
Client: Stewart & Stevenson Services, Inc.
Contact: John Doster, CFO
David Stewart, Treasurer
Stewart & Stevenson Services, Inc.
FOR IMMEDIATE RELEASE 713-868-7700
Ken Dennard / kdennard@easterly.com
Lisa Elliott / lisae@easterly.com
Easterly Investor Relations
713-529-6600
STEWART & STEVENSON SERVICES
PROVIDES FISCAL THIRD QUARTER OUTLOOK
HOUSTON - OCTOBER 22, 2001 - STEWART & STEVENSON SERVICES, INC.
(NASDAQ: SSSS), a leading manufacturer, distributor, and service provider of
industrial and energy related equipment; oilfield and airline ground support
equipment; and medium tactical vehicles for the U.S. Army, announced today its
financial outlook for its fiscal third quarter ending October 27, 2001.
Upon preliminary review, the Company expects diluted earnings per
share for the third quarter to range between $0.16 and $0.20 before special
adjustments. As discussed during management's public conference call on August
23, 2001, fiscal third quarter results will benefit from an $18.5 million
settlement with the U.S. Government pertaining to changes in the drive line
components of its FMTV truck. The Company plans to use a portion of this
settlement to cover costs associated with accelerated implementation of
information management system upgrades and rationalization of certain
manufacturing activities.
Michael L. Grimes, President and Chief Executive Officer, stated,
"While our Tactical Vehicle Systems Segment continues to meet the needs of its
customer with volume and margin rates in the range of our internal estimates,
our Airline Products, Petroleum Equipment and Power Products segments have
experienced cancelled orders, delayed orders or higher costs, resulting in
reduced margin rates and lower than anticipated earnings per share for the
third quarter. Actions are underway in these three business segments to
reassess staffing, improve cost structures, improve project implementation
and work with customers to more efficiently meet their needs.
"Looking forward, global economic conditions and the reactions to the
terrorist attacks of September 11, especially within the airline and petroleum
sectors, have created uncertainty in the short term," continued Mr. Grimes.
"However, our Company and balance sheet remain strong and we have confidence
that the continued implementation of our five initiatives will benefit our
shareholders long term."
The Company is scheduled to report actual third quarter results on
November 29, 2001.
CONFERENCE CALL
Stewart & Stevenson has scheduled a conference call for Tuesday,
October 23, 2001 at 9:30 a.m. eastern time to review this release.
Participating in the call will be Michael Grimes, Chief Executive Officer, and
John Doster, Chief Financial Officer.
To take part in the conference call, dial 1-800-589-4298 at least ten
minutes before the call begins and request the Stewart & Stevenson Services
conference call. A replay will be available approximately two hours after the
live broadcast ends and will be accessible until October 30, 2001. To access
the replay, dial 719-457-0820 using a pass code of 799534.
Investors, analysts and the general public will also have the
opportunity to listen to the conference call over the Internet by visiting the
company's website at http://www.ssss.com. To listen to the live call on the
web, please visit the website at least fifteen minutes early to register,
download and install any necessary audio software. For those who cannot
listen to the live webcast, an archive will be available shortly after the
call. For more information, please contact Karen Roan at Easterly Investor
Relations at (713) 529-6600 or email KAREN@EASTERLY.COM.
This press release contains forward-looking statements that are based
on management's current expectations, estimates, and projections. These
statements are not guarantees of future performance and involve a number of
risks, uncertainties and assumptions and are made pursuant to the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995. Many
factors, including those discussed more fully elsewhere in this release and in
the Company's filings with the Securities and Exchange Commission,
particularly its latest annual report on Form 10-K, as well as others, could
cause results to differ materially from those stated. Specific important
factors that could cause actual results, performance, or achievements to
differ materially from such forward-looking statements include risk of
competition, risks relating to technology, risks of general economic
conditions, risks relating to personnel, risks of dependence on government,
inherent risks of government contracts, risks of claims and litigation, risks
as to global trade matters, risks as to cost controls, risks as to
acquisitions, risks as to currency fluctuations, risks as to environmental and
safety matters, and risks as to distributorships, all as more specifically
outlined in the Company's latest annual report on Form 10-K. In addition, such
forward-looking statements could be affected by general industry and market
conditions and growth rates, general domestic and international conditions
including interest rates, inflation and currency exchange rates and other
future factors. Actual outcomes and results may differ materially from what
is expressed or forecasted in such forward-looking statements.
# # #