-----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, QrjnOU0fNZ4AdyKif6mLoO3BapXeUqpxj0KwsvAP6H3EDCLIlH6QOMj+elowSUK+ 8X9lJf2GcjKzD5oiUvGucA== 0000950152-03-007014.txt : 20030723 0000950152-03-007014.hdr.sgml : 20030723 20030723170442 ACCESSION NUMBER: 0000950152-03-007014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030716 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRANSTECHNOLOGY CORP CENTRAL INDEX KEY: 0000099359 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728] IRS NUMBER: 954062211 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07872 FILM NUMBER: 03798853 BUSINESS ADDRESS: STREET 1: 700 LIBERTY AVENUE CITY: UNION STATE: NJ ZIP: 07083 BUSINESS PHONE: 908-688-2440 MAIL ADDRESS: STREET 1: 700 LIBERTY AVENUE CITY: UNION STATE: NJ ZIP: 07083 FORMER COMPANY: FORMER CONFORMED NAME: SPACE ORDNANCE SYSTEMS INC DATE OF NAME CHANGE: 19740717 8-K 1 l02274ae8vk.htm TRANSTECHNOLOGY CORPORATION 8-K TransTechnology Corporation 8-K
 

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 16, 2003     

TransTechnology Corporation

(Exact Name of Registrant as Specified in Charter)
         
Delaware
(State or Other Jurisdiction
Of Incorporation)		   1-7872
(Commission
File Number) 		  95-4062211
(IRS Employer
Identification No.)
         
700 Liberty Ave, Union, New Jersey       07083
     
(Address of Principal Executive Offices)       (Zip Code)

Registrant’s telephone number, including area code      (908) 688-2440     

 
(Former Name or Former Address, if Changed Since Last Report)

 

 

ITEM 7. Financial Statements and Exhibits.

     (c)  Exhibits.

       
Exhibit   Description  
 
99.1   Press Release issued July 16, 2003.

ITEM 12. Results of Operation and Financial Condition.

On July 16, 2003, the Registrant issued a press release announcing its financial results for the first quarter of the fiscal year ending March 31, 2004. The press release is attached hereto as Exhibit 99.1.

The press release presents the Company’s EBITDA (earnings before interest, taxes, depreciation and amortization), which is a non-GAAP measure. Management believes that providing this additional information is useful to investors, as it provides direct information regarding the Company’s ability to meet debt service requirements and so that investors may better assess and understand the Company’s underlying operating performance. The Registrant does not intend for the non-GAAP measures to be considered in isolation or as a substitute for the included GAAP measures. A reconciliation of EBITDA to income (loss) from continuing operations is set forth following the balance sheet information contained in the press release.

The information in this Report , including the Exhibit attached hereto, is furnished solely pursuant to Item 12 of this Form 8-K. Consequently, it is not deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934.

2

 

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.

   
  TRANSTECHNOLOGY CORPORATION
 
  By: /s/ Joseph F. Spanier
Joseph F. Spanier, Vice President, Chief
Financial Officer and Treasurer

Date: July 23, 2003

3 EX-99.1 3 l02274aexv99w1.txt EX-99.1 PRESS RELEASE Exhibit 99.1 PRESS RELEASE FOR IMMEDIATE DISTRIBUTION CONTACT: ROBERT L.G. WHITE PRESIDENT AND CEO PHONE: 908/624-4215 - -------------------------------------------------------------------------------- TRANSTECHNOLOGY REPORTS FISCAL 2004 FIRST QUARTER RESULTS; EPS FROM CONTINUING OPERATIONS REACH $.10 VERSUS $(.02) A YEAR AGO Union, New Jersey - July 16, 2003 - TransTechnology Corporation (NYSE:TT) today reported net income and income from continuing operations of $694,000 or $.10 per diluted share for the first quarter of the fiscal year ending March 31, 2004 compared with a loss from continuing operations of $143,000 or $.02 per share in the year earlier period. Including losses from discontinued operations in the first quarter of the prior fiscal year, the total net loss a year ago was $750,000 or $.12 per share. Net sales for the fiscal 2004 first quarter increased 16.1% to $16.1 million from $13.9 million for the corresponding period of last year. Robert L. G. White, President and Chief Executive Officer of the company, said, "Our business performed well in the first quarter, posting significant increases in both sales and operating income. A more favorable than expected mix of aftermarket to new product sales resulted in a higher than anticipated gross profit of 45.6%. The benefit of restructuring our corporate office is reflected in a 14.3% decline in these costs compared with last year's first quarter, despite a $375,000 charge associated with the settlement of a claim relative to a previously sold business included in current year results. Reflecting both the sales growth and cost controls, operating income increased 37.1% to $3.6 million from $2.6 million in last year's first quarter and earnings before interest, taxes, depreciation and amortization (EBITDA) increased 31.6% to $4.0 million from $3.0 million. We do not pay federal income taxes as a result of our large net operating loss carryforward." Mr. White continued, "Our focus now is to complete a restructuring of our burdensome debt facilities as quickly as possible. We have been evaluating various proposals and have now targeted completion of the restructuring of our debt by September 30. We expect such a restructuring to substantially reduce our interest expense and enhance our profitability in subsequent periods." TransTechnology Corporation - July 16, 2003 First Quarter Earnings FY `04 Page 2 of 4 TransTechnology Corporation (http://www.transtechnology.com) operating as Breeze-Eastern (http://www.breeze-eastern.com) is the world's leading designer and manufacturer of sophisticated lifting device for military and civilian aircraft, including rescue hoists, cargo hooks, and weapons-lifting systems. The company, which employs approximately 180 people at its facility in Union, New Jersey, reported sales from continuing operations of $55.0 million in the fiscal year ended March 31, 2003. In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles (GAAP), the company also discloses EBITDA (earnings before interest, taxes, depreciation and amortization) which is a non-GAAP measure. Management believes that providing this additional information is useful to investors, as it provides more direct information regarding the company's ability to meet debt service requirements and so that investors may better assess and understand the company's underlying operating performance. The company does not intend for the additional information to be considered in isolation or as a substitute for GAAP measures. A reconciliation of EBITDA to income (loss) from continuing operations is set forth following the balance sheet information in the financial statements contained in this press release. INFORMATION ABOUT FORWARD-LOOKING STATEMENTS CERTAIN STATEMENTS IN THIS PRESS RELEASE CONSTITUTE "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE SECURITIES ACT OF 1933, AS AMENDED, AND THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (THE "ACTS"). ANY STATEMENTS CONTAINED HEREIN THAT ARE NOT STATEMENTS OF HISTORICAL FACT ARE DEEMED TO BE FORWARD-LOOKING STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS PRESS RELEASE ARE BASED ON CURRENT BELIEFS, ESTIMATES, AND ASSUMPTIONS CONCERNING THE OPERATIONS, FUTURE RESULTS, AND PROSPECTS OF THE COMPANY. AS ACTUAL OPERATIONS AND RESULTS MAY MATERIALLY DIFFER FROM THOSE ASSUMED IN FORWARD-LOOKING STATEMENTS, THERE IS NO ASSURANCE THAT FORWARD-LOOKING STATEMENTS WILL PROVE TO BE ACCURATE. FORWARD-LOOKING STATEMENTS ARE SUBJECT TO THE SAFE HARBORS CREATED IN THE ACTS. ANY NUMBER OF FACTORS COULD AFFECT FUTURE OPERATIONS AND RESULTS, INCLUDING, WITHOUT LIMITATION, THE COMPANY'S ABILITY TO BE PROFITABLE WITH A SMALLER AND LESS DIVERSE BASE OF OPERATIONS THAT WILL GENERATE LESS REVENUE; THE COMPANY'S ABILITY TO SATISFY THE LISTING REQUIREMENTS OF THE NYSE OR ANY OTHER NATIONAL EXCHANGE ON WHICH ITS SHARES ARE OR WILL BE LISTED OR OTHERWISE PROVIDE A TRADING MARKET VENUE FOR ITS SHARES; THE VALUE OF REPLACEMENT OPERATIONS, IF ANY; DETERMINATION BY THE COMPANY TO DISPOSE OF ADDITIONAL EXISTING ASSETS; GENERAL INDUSTRY AND ECONOMIC CONDITIONS; EVENTS IMPACTING THE U.S. AND WORLD FINANCIAL MARKETS AND ECONOMIES; INTEREST RATE TRENDS; CAPITAL REQUIREMENTS; COMPETITION FROM OTHER COMPANIES; CHANGES IN APPLICABLE LAWS, RULES AND REGULATIONS AFFECTING THE COMPANY IN THE LOCATIONS IN WHICH IT CONDUCTS ITS BUSINESS; THE AVAILABILITY OF EQUITY AND/OR DEBT FINANCING IN THE AMOUNTS AND ON THE TERMS NECESSARY TO SUPPORT THE COMPANY'S FUTURE BUSINESS; AND THOSE SPECIFIC RISKS THAT ARE DISCUSSED IN THE COMPANY'S PREVIOUSLY FILED ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED MARCH 31, 2003. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE PUBLICLY ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION OR FUTURE EVENTS. TransTechnology Corporation - July 16, 2003 First Quarter Earnings FY `04 Page 3 of 4 TRANSTECHNOLOGY CORPORATION STATEMENTS OF CONSOLIDATED OPERATIONS (IN THOUSANDS OF DOLLARS EXCEPT SHARE DATA)
Three Months Ended 6/29/03 6/30/02 Net sales $ 16,119 $ 13,887 Cost of sales 8,772 7,676 ----------- ----------- Gross profit 7,347 6,211 General, administration and selling expenses 3,771 3,602 Interest expense 2,503 2,116 Interest and other income - net (47) (37) Forbearance fees -- 764 ----------- ----------- Income (loss) continuing operations before income taxes 1,120 (234) Provision for income taxes (benefit) 426 (91) ----------- ----------- Income (loss) from continuing operations 694 (143) Discontinued operations: Loss on disposal of discontinued businesses (less applicable tax benefit of $388 for the three month period ended June 30, 2002) -- (607) Net income (loss) $ 694 $ (750) =========== =========== BASIC EARNINGS PER SHARE: Income (loss) from continuing operations $ 0.10 $ (0.02) Loss from discontinued operations -- (0.10) ----------- ----------- Net income (loss) $ 0.10 $ (0.12) =========== =========== DILUTED EARNINGS PER SHARE: Income (loss) from continuing operations $ 0.10 $ (0.02) Loss from discontinued operations -- (0.10) ----------- ----------- Net income (loss) $ 0.10 $ (0.12) =========== =========== Weighted average basic shares 6,631,000 6,192,000 Weighted average diluted shares 6,631,000 6,192,000
TransTechnology Corporation - July 16, 2003 First Quarter Earnings FY `04 Page 4 of 4 BALANCE SHEET INFORMATION
6/29/03 3/31/03 Current assets $ 33,970 $ 36,504 Property, plant and equipment - net 2,283 2,349 Other assets 45,955 46,270 -------- -------- Total assets $ 82,208 $ 85,123 ======== ======== Current portion of long-term debt $ 79 $ 79 Other current liabilities 20,997 25,264 -------- -------- Total current liabilities 21,076 25,343 Long-term debt 54,187 53,487 Other liabilities 12,200 12,933 Redeemable common stock -- 1,283 Stockholders' deficit (5,255) (7,923) -------- -------- Total liabilities and stockholders' deficit $ 82,208 $ 85,123 ======== ========
RECONCILIATION OF REPORTED INCOME FROM CONTINUING OPERATIONS TO EBITDA
Three months ended 6/29/03 6/30/02 Net sales $ 16,119 $ 13,887 Cost of sales 8,772 7,676 -------- -------- Gross profit 7,347 6,211 -------- -------- SG&A - operations 2,294 1,878 Corporate office expenses 1,477 1,724 -------- -------- Total SG&A 3,771 3,602 -------- -------- Operating income 3,576 2,609 Add back: depreciation and amortization 412 421 -------- -------- EBITDA $ 3,988 $ 3,030 ======== ======== Income (loss) from continuing operations $ 694 $ (143) Provision for income taxes (benefit) 426 (91) Depreciation and amortization 412 421 Forbearance fees -- 764 Interest expense 2,503 2,116 Interest and other income - net (47) (37) -------- -------- EBITDA $ 3,988 $ 3,030 ======== ========
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