-----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, RJHqRc0X1lOjUC5XDpn2IIee6MO+Y/7i+6Dd+wk9+uCJlp6ewgkaARbeRl9A1OLt IAqIqqox8A8ywmhwDtawTQ== 0000922907-05-000688.txt : 20051102 0000922907-05-000688.hdr.sgml : 20051102 20051102163417 ACCESSION NUMBER: 0000922907-05-000688 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20051102 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051102 DATE AS OF CHANGE: 20051102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLLINS INDUSTRIES INC CENTRAL INDEX KEY: 0000021759 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 430985160 STATE OF INCORPORATION: MO FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12619 FILM NUMBER: 051173654 BUSINESS ADDRESS: STREET 1: 15 COMPOUND DR CITY: HUTCHINSON STATE: KS ZIP: 67502 BUSINESS PHONE: 6206635551 MAIL ADDRESS: STREET 1: 15 COMPOUND DRIVE STREET 2: PO BOX 648 CITY: HUTCHINSON STATE: KS ZIP: 67502 8-K 1 form8k_110205.htm FORM 8-K Form 8-K for Collins Industries, Inc.


--------------------------------------------------------------------------------
                                  UNITED STATES
                       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): November 2, 2005
                     --------------------------------------

                            Collins Industries, Inc.
             (Exact name of registrant as specified in its charter)
                     --------------------------------------

          Missouri                     0-12619                     43-0985160
(State or other jurisdiction         (Commission                 (IRS Employer
     of incorporation)               File Number)            Identification No.)

      15 Compound Drive, Hutchinson, KS                             67502
  (Address of principal executive offices)                       (Zip Code)

       Registrant's telephone number, including area code: (620) 663-5551

                                 Not Applicable
         (Former name or former address, if changed since last report.)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR
     240.14a-12)

[ ]  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))

--------------------------------------------------------------------------------


                                       1





Item 8.01 Other Events.

On November 2, 2005,  Collins  Industries,  Inc.,  a Missouri  corporation  (the
"Company"),  issued  a press  release  announcing  that the  Company's  Board of
Directors  has approved  (i) a 1-for-300  reverse  stock split of the  Company's
outstanding common stock to be followed immediately by a 300-for-1 forward stock
split of the  Company's  outstanding  common stock (the  "Reverse/Forward  Stock
Split") and (ii) a standing  option for the Company to repurchase  any shares of
common  stock   proposed  to  be   transferred   by  a  shareholder   after  the
Reverse/Forward  Stock  Split if after  such  proposed  transfer  the  number of
shareholders  of record of the Company's  common stock would equal or exceed 250
(the "Right of First Refusal").

Pursuant to the  Reverse/Forward  Stock Split,  shareholders  of record  holding
fewer than 300 shares of the  Company's  outstanding  common  stock  immediately
before the transaction  would have such shares  cancelled and converted into the
right to receive  from the  Company a cash  payment of $7.70 for each such share
owned before the reverse stock split. Shareholders of record holding 300 or more
shares  of  the  Company's  outstanding  common  stock  immediately  before  the
transaction  will continue to hold the same number of shares of that class after
completion  of the  transaction  and will not receive any cash payment for their
shares of that class. Beneficial owners of shares held in street name may or may
not have their shares affected by the Reverse/Forward  Stock Split. However, the
Company  plans to work with brokers and nominees to offer to treat  shareholders
holding shares in street name in  substantially  the same manner as shareholders
whose shares are registered in their names.

The Board of Directors created a special  committee of independent  directors to
review the proposed  Reverse/Forward Stock Split and Right of First Refusal. The
special  committee  received  a fairness  opinion  from its  financial  advisor,
Stifel, Nicolaus & Company, Incorporated,  that the per share cash consideration
to be paid in the proposed Reverse/Forward Stock Split is fair, from a financial
point of view,  to the  Company's  shareholders  that  would be cashed  out as a
result of the  Reverse/Forward  Stock  Split.  If a  majority  of the issued and
outstanding shares of the Company's common stock approve the proposed amendments
to the Company's Articles of Incorporation and the  Reverse/Forward  Stock Split
is implemented,  the Company  anticipates  having fewer than 300 shareholders of
record, which would enable the Company to voluntarily terminate the registration
of its common stock under the Securities Exchange Act of 1934, as amended.  Even
if the  shareholders  approve the  Reverse/Forward  Stock Split and the Right of
First  Refusal,  the Board of  Directors  reserves  the right to defer or not to
implement either transaction.

A copy of the press release issued by the Company is attached  hereto as Exhibit
99.1.

Item 9.01 Financial Statements and Exhibits.

     (c)    Exhibits.

     99.1   Press Release of Collins Industries, Inc. dated November 2, 2005.


                                       2





                                    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.


                                       COLLINS INDUSTRIES, INC.


Date:  November 2, 2005
                                       By:     /s/ Cletus C. Glasener
                                          --------------------------------------
                                       Name:   Cletus C. Glasener
                                       Title:  Vice President of Finance and
                                               Chief Financial Officer


                                       3


EX-99 2 form8kexh991_110205.htm EXHIBIT 99.1 Exhibit 99.1
NEWS RELEASE


Collins Industries, Inc.                   Contact:  Kent Tyler
15 Compound Drive                                    Vice President of Marketing
Hutchinson, Kansas 67502-4349                        620-663-5551

For Immediate Release
November 2, 2005


                  Collins Proposes Plan to Deregister with the
                       Securities and Exchange Commission

Hutchinson, Kansas, November 2, 2005 ...... Collins Industries, Inc. (OTC: COLL)
announced today that its Board of Directors has approved a plan to terminate the
Company's obligation to file reports with the Securities and Exchange Commission
(the "SEC"). This would be accomplished  through a 1-for-300 reverse stock split
of the  Company's  outstanding  common  stock to be  followed  immediately  by a
300-for-1  forward  stock  split (the  "Reverse/Forward  Stock  Split").  If the
transaction  is  completed,   the  Company   expects  to  have  fewer  than  300
shareholders of record. As a result,  the Company would no longer be required to
file periodic reports and other  information with the SEC,  although the Company
anticipates  that its stock  will  continue  to be  quoted  on the Pink  Sheets.
Completion of the transaction is subject to the fulfillment of all of the filing
requirements of the SEC.

President  and CEO Donald Lynn  Collins  stated,  "In  addition  to  significant
anticipated  cost savings  resulting  from the  elimination  of these  reporting
requirements,  we expect that the reduced  burden on  management  will allow our
officers to focus more  attention on improving  our  operating  performance  and
serving our customers and the communities where we operate. Further, the Company
will be able to avoid significant costs associated with  Sarbanes-Oxley  Section
404 compliance."

In the  Reverse/Forward  Stock Split,  shareholders with less than 300 shares of
the Company's common stock held of record in their name  immediately  before the
transaction  will receive a cash  payment  equal to $7.70 per  pre-split  share.
Shareholders   holding  300  or  more  shares  of  the  Company's  common  stock
immediately  before the  transaction  will not  receive  cash  payment  and will
continue to hold the same number of shares after completion of the transaction.

The Board of  Directors  has  received a  fairness  opinion  from its  financial
advisor,  Stifel,  Nicolaus  &  Company,  Incorporated,  that the per share cash
consideration to be paid in the proposed Reverse/Forward Stock Split transaction
is fair,  from a financial  point of view,  to the Company's  shareholders  that
would be cashed out as a result of the Reverse/Forward Stock Split.

The Board of Directors has also approved an amendment to the Company's  Articles
of Incorporation to take effect immediately  following the Reverse/Forward Stock
Split that would grant to the company a standing option to repurchase any shares
of  common  stock  proposed  to  be  transferred  by  a  shareholder  after  the
Reverse/Forward  Stock  Split if after  such  proposed  transfer  the  number of
shareholders  of record of the Company's  common stock would equal or exceed 250
(the "Right of First Refusal").

The proposed  Reverse/Forward Stock Split and Right of First Refusal are subject
to approval by the holders of a majority of the issued and outstanding shares of
the  Company's  common  stock.   Shareholders  will  be  asked  to  approve  the
Reverse/Forward  Stock Split and Right of First Refusal at a special  meeting of
shareholders,  currently  expected  to be held  January  19,  2006.  Even if the
shareholders approve the Reverse/Forward Stock Split and Right of First Refusal,
the Board of Directors  reserves  the right to defer or not to implement  either
transaction.


                                       1





This press release is only a description of the proposed  transaction and is not
an offer to acquire any shares of common  stock.  The Company  intends to file a
preliminary  proxy  statement  and  Schedule  13E-3 with the SEC  outlining  the
transaction. All shareholders are advised to read the definitive proxy statement
and Schedule 13E-3 at the SEC's web site at  www.sec.gov.  The Company will also
mail a copy of the definitive  proxy  statement  prior to the special meeting to
its shareholders entitled to vote at the meeting.

Collins  Industries,  Inc. is a leading  manufacturer  of ambulances  (including
medical attack  vehicles,  rescue vehicles and fire emergency  vehicles),  North
America's  largest  producer of Type "A" small school buses, the nation's second
largest  manufacturer of terminal  trucks and a leader in the road  construction
and  industrial   sweeper  markets.   Since  1971,  the  Company  has  grown  to
approximately  1000 employees in six plants comprising over one million combined
square feet of manufacturing  space.  The Company sells its products  throughout
the United States and abroad.

This press release  contains  historical and  forward-looking  information.  The
forward-looking  statements  are made pursuant to the safe harbor  provisions of
the Private  Securities  Litigation Reform Act of 1995. The Company believes the
assumptions underlying these forward-looking statements are reasonable; however,
any of the assumptions  could be inaccurate,  and therefore,  actual results may
differ materially from those projected in the forward-looking  statements due to
certain risks and uncertainties, including, but not limited to, the availability
of key raw  materials,  components  and  chassis,  changes in funds  budgeted by
Federal, state and local governments,  changes in competition, various inventory
risks  due  to  changes  in  market  conditions,   changes  in  product  demand,
substantial  dependence  on third  parties for product  quality,  interest  rate
fluctuations,  adequate direct labor pools, development of new products, changes
in tax and other governmental  rules and regulations  applicable to the Company,
reliability and timely fulfillment of orders and other risks as indicated in the
Company's  filings  with the  Securities  and Exchange  Commission.  The Company
undertakes   no   obligation   to  publicly   release  any   revisions   to  any
forward-looking  statements  contained herein to reflect events or circumstances
occurring after the date released or to reflect the occurrence of  unanticipated
events.


                                   ##########


                                       2


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-----END PRIVACY-ENHANCED MESSAGE-----