-----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, JryD3VvNfpnTYqHwxv2jh78wTfau2ngX4HUc3J79AC2z9Rhy8e/4d4qhgFSqqOxV Fvr9uHZSIAYenJpwmyWq1A== 0000914760-04-000064.txt : 20040421 0000914760-04-000064.hdr.sgml : 20040421 20040421104102 ACCESSION NUMBER: 0000914760-04-000064 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040421 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: THOMAS INDUSTRIES INC CENTRAL INDEX KEY: 0000097886 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC LIGHTING & WIRING EQUIPMENT [3640] IRS NUMBER: 610505332 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05426 FILM NUMBER: 04744398 BUSINESS ADDRESS: STREET 1: 4360 BROWNBORO ROAD STREET 2: SUITE 300 CITY: LOUISVILLE STATE: KY ZIP: 40207 BUSINESS PHONE: 5028934600 MAIL ADDRESS: STREET 1: 4360 BROWNBORO ROAD STREET 2: SUITE 300 CITY: LOUISVILLE STATE: KY ZIP: 40207 8-K 1 t19339_8kapril21.txt APRIL 21, 2004 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) APRIL 21, 2004 ---------------- THOMAS INDUSTRIES INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE - -------------------------------------------------------------------------------- (State or other jurisdiction of incorporation) 1-5426 61-0505332 - ------------------------------------------ -------------------------------- (Commission File Number) (IRS Employer Identification No.) 4360 BROWNSBORO ROAD, SUITE 300 LOUISVILLE, KENTUCKY 40207 - ------------------------------------------ --------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 502/893-4600 -------------- N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits Exhibit Number Description -------------- ----------- 99.1 Press Release dated April 21, 2004 announcing first quarter results. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On April 21, 2004, Thomas Industries Inc. issued a press release announcing first quarter results. A copy of the press release is filed herewith as Exhibit 99.1 and is hereby incorporated by reference. The information in this Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this Form 8-K shall not be incorporated by reference in any other filing under the Securities Exchange Act or Securities Act of 1933 except as shall be expressly set forth by specific reference to this Form 8-K in such filing. 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 hereunto duly authorized. THOMAS INDUSTRIES INC. (Registrant) By: /s/ Phillip J. Stuecker ------------------------------------ Phillip J. Stuecker, Vice President of Finance, Chief Financial Officer, and Secretary Dated: April 21, 2004 EX-99.1 3 t19339_8kapril21x99.txt PRESS RELEASE RE 1ST QTR EARNINGS RELEASE N E W S r e l e a s e [THOMAS LOGO] THOMAS INDUSTRIES INC. EXECUTIVE OFFICE 4360 Brownsboro Road, Suite 300 Louisville, Kentucky 40207-1642 502/893-4600 o Fax: 502/895-6618 THOMAS INDUSTRIES ANNOUNCES RECORD FIRST QUARTER EARNINGS Louisville, Kentucky, April 21, 2004 - Thomas Industries Inc. (NYSE: TII) today reported that earnings for the first quarter of 2004 were the highest for any quarter in the Company's history, while sales were a record for any quarter for the pump and compressor business. Net income for the three months ending March 31, 2004, was up 21 percent, to $10,650,000, or $.60 per share, versus $8,806,000, or $.50 per share in the comparable 2003 period. Net sales for the quarter were $109,518,000, up 19% from $92,346,000 posted in the first quarter of 2003. The increase in net sales was positively impacted for the quarter due to the strength of the Euro. Timothy C. Brown, Chairman, President, and Chief Executive Officer commented, "Operating income for our pump and compressor business increased 13 percent, and includes costs of $818,000 incurred by the previously announced shutdown of our plant in Wuppertal, Germany. We anticipate approximately $2.4 million of related shutdown costs for the remainder of the year. Overall, exchange rates had a negligible impact on our operating results." Brown added, "All three of our geographic groups posted nice gains in sales, led by our Asia Pacific Group which is seeing a resurgence in the sale of pumps for medical applications. Our European Group had a particularly strong performance in printing and environmental applications. In addition, the past due backlog that plagued our facility in Schopfheim, Germany, last year has been substantially decreased, which benefited sales in the quarter. North America also experienced strong sales in the medical and environmental markets." In commenting on the Company's lighting joint venture, Brown said, "We are pleased with the continued strong performance of Genlyte Thomas Group, which contributed a 21 percent increase in equity income over the first quarter of 2003." In regard to the outlook for the balance of the year, Brown added, "We do have concern going forward over increases in commodity prices for steel, copper, aluminum and energy, all of which impact our component costs. Also, as reported previously, in 2004 we could lose an estimated four--five million dollars of sales to one large OEM in the medical market. That said, we are encouraged that orders and shipments for the first quarter were higher than anticipated, although we don't expect to see quite as robust activity for the remainder of the year. Clearly we have benefited from improving economies around the world." Thomas Industries Inc., headquartered in Louisville, Kentucky, designs, manufactures and markets RIETSCHLE THOMAS brand pumps and compressors for use in global OEM applications, supported by worldwide sales and service for key customer applications and end-user markets. High quality automotive component castings are also a key offering. Other products include WELCH laboratory equipment and OBERDORFER bronze and high alloy liquid pumps. Thomas has wholly-owned operations in 20 countries, spanning five continents. The Company also owns a 32 percent interest in Genlyte Thomas Group LLC, the third largest lighting fixture manufacturer in North America. # # # The statements in this press release with respect to future results and future expectations may be regarded as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and actual results may differ materially from those currently expected. They are subject to various risks, such as the ability of Thomas Industries and the joint venture to meet business sales goals, fluctuations in commodity prices, increased interest costs arising from a change in the companies' leverage or change in rates, the timing of the magnitude of capital expenditures, a slowing of the overall economy including interruptions to commerce resulting from wars or terrorist attacks, as well as other risks discussed in Thomas' filing with the Securities and Exchange Commission, including its Annual Report and 10-K for the year ended December 31, 2003. Thomas Industries makes no commitment to disclose any revisions to forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. 2 THOMAS INDUSTRIES INC. COMPARATIVE SALES AND INCOME (In Thousands Except Per Share Data)
For the three months ended March 31: 2004 2003 % Change ---- ---- -------- Net Sales $109,518 $92,346 18.6% Cost of Product Sold 71,135 59,231 -------- ------- Gross Profit 38,383 33,115 SG&A Expenses 29,000 24,578 Equity Income from Lighting (1) 7,422 6,143 -------- ------- Operating Income 16,805 14,680 14.5% Interest Expense 1,026 1,086 Interest Income & Other 606 (39) -------- ------- Income Before Income Taxes 16,385 13,555 20.9% Income Taxes 5,735 4,742 -------- ------- Net Income Before Minority Interest 10,650 8,813 Minority Interest, net of tax 0 7 -------- ------- Net Income $ 10,650 $ 8,806 20.9% ======== ======= Net Income Per Share: -- Basic $ .61 $ .51 19.6% -- Diluted $ .60 $ .50 20.0% Dividends Per Share $ .095 $ .085 Weighted average number of common shares outstanding (2): -- Basic 17,318 17,139 -- Diluted 17,779 17,507
THOMAS INDUSTRIES INC. COMPARATIVE INDUSTRY SEGMENT INFORMATION (In Thousands)
For the three months ended March 31: 2004 2003 % Change ---- ---- -------- Sales & Operating Revenues: Pumps and Compressors $109,518 $92,346 18.6% Lighting - - - - -------- ------- Total $109,518 $92,346 18.6% ======== ======= Operating Income (Loss): Pumps and Compressors $ 11,643 $10,325 12.8% Lighting (1) 7,422 6,143 20.8% Corporate (2,260) (1,788) 26.4% -------- ------- Total $ 16,805 $14,680 14.5% ======== ======= (1) Consists of equity income of $7,512,000 in 2004 and $6,222,000 in 2003 from our 32 percent interest in Genlyte Thomas Group LLC (GTG) joint venture less $90,000 in 2004 and $79,000 in 2003 related to expense recorded for Thomas Industries stock options issued to GTG employees. (2) As of April 19, 2004, the actual common shares outstanding are 17,363,601.
THE FOREGOING UNAUDITED FIGURES HAVE BEEN APPROVED BY THE MANAGEMENT OF THOMAS INDUSTRIES INC. FOR OFFICIAL RELEASE ON THE DATE INDICATED. 3 -----END PRIVACY-ENHANCED MESSAGE-----