-----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, WeJyoVMZxRW5zLYrQuWdmQGYnCqCSs0WfAdlQb5PPBGiovLfG+seCr7LSVUDJFVV itwPspKVJKJJ8Y4CBBw9Aw== 0001017710-03-000011.txt : 20030501 0001017710-03-000011.hdr.sgml : 20030501 20030501165411 ACCESSION NUMBER: 0001017710-03-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20030501 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REMINGTON PRODUCTS CO LLC CENTRAL INDEX KEY: 0001017710 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC HOUSEWARES & FANS [3634] IRS NUMBER: 061451076 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-07429 FILM NUMBER: 03677391 BUSINESS ADDRESS: STREET 1: 60 MAIN STREET CITY: BRIDGEPORT STATE: CT ZIP: 06604 BUSINESS PHONE: 2033674400X492 MAIL ADDRESS: STREET 1: 60 MAIN STREET CITY: BRIDGEPORT STATE: CT ZIP: 06604 8-K 1 eightkmay2003.txt MAY 1, 2003 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 1, 2003 Commission file number 333-07429 333-07429-01 Remington Products Company, L.L.C. ---------------------------------- Remington Capital Corp. ----------------------- (Exact name of registrant as specified in their charters) 06-1451076 Delaware 06-1451079 - -------------------------------------- --------------------- (State or other jurisdiction of (IRS Employer incorporation or organization) identification Nos.) 60 Main Street, Bridgeport, Connecticut 06604 - --------------------------------------- ------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (203) 367-4400 ------------- Item 9. Regulation FD Disclosure; Item 12. Results of Operations and Financial Condition On May 1, 2003, the Company issued a press release on its first quarter 2003 results which is attached hereto as Exhibit 99.1. Item 7. Financial Statements and Exhibits (a) Not applicable. (b) Not applicable. (c) Exhibits. 99.1 Press Release, dated May 1, 2003 of Remington Products Company, L.L.C. 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, thereunto duly authorized. REMINGTON PRODUCTS COMPANY, L.L.C. By: /s/ Kris J. Kelley ------------------------------------------ Kris J. Kelley, Vice President and Controller Date: May 1, 2003 EX-99 3 pressreleasemay03.txt PRESS RELEASE NEWS RELEASE Contact: Alexander Castaldi Executive Vice President, Chief Financial and Administrative Officer Remington Products Company, L.L.C. (203) 332-9731 REMINGTON PRODUCTS COMPANY ANNOUNCES FIRST QUARTER RESULTS BRIDGEPORT, CT, May 1, 2003 -- Remington Products Company, L.L.C. announced today that net sales for the first quarter of 2003 were $47.7 million, down $6.1 million from last year's first quarter. Operating income was $1.3 million, compared to $1.7 million in last year's quarter. The decrease in sales was due primarily to lower sales in the Company's North American segment, where sales decreased by $6.1 million to $24.5 million. The decline was due in part to lower wellness sales as a result of the Company's decision to de-emphasize this product line. Additionally, shaver and grooming sales were down as a result of higher year end inventories at certain retail accounts stemming from a slow Christmas retail environment and lower returns. The Company noted, however, that retail sell through of the Company's shaver and grooming products to the consumer are generally ahead of the prior year within the North American segment. Net sales in the Company's International segment were $1.3 million higher than the prior year's first quarter. This increase was the result of a positive $2.6 million impact of foreign currencies partially offset by a decline in sales of wellness and other non-core products. Net sales in the Company's U.S. Service Stores segment declined 20% or $1.3 million, due to the combination of fewer stores versus the prior year's first quarter, and a decrease in same store sales. Despite the decrease in sales, gross profit declined by only $0.2 million as a result of a gross margin percentage increase of almost 5% to 44.7% of net sales, compared to 40.0% of net sales in the first quarter of 2002. This increase was attributable to a better sales mix including the significant reduction in sales of the lower margin wellness products. As a result of the lower gross profit and a slight increase in operating expenses operating income declined by $0.4 million for the first quarter of 2003 compared to the same period in 2002. Net Interest expense was $5.5 million in the first quarter of 2003, compared to $6.1 million in last year's quarter. The decrease was due primarily to lower average borrowings. Foreign currency gains in the Company's International segment were the result of the weaker U.S. dollar and resulted in other income of $0.5 million compared to $0.1 million in the same period of the prior year. The provision for income taxes was $0.1 million in the first quarter of 2003 compared to a benefit of $0.2 million in the prior year as a result of improved operations in certain international countries. Due to the highly seasonal nature of its business, the Company typically loses money in the first part of the year. For the quarter ended March 31, 2003, the Company reported a net loss of $3.8 million compared to a net loss of $4.1 million in the same quarter of 2002. Debt was $180.5 million at March 31, 2003, a reduction of $26.1 million from March 31, 2002. At the same time cash increased by $22.3 million to $30.0 million. This total improvement of $48.4 million was due to improvements in earnings and working capital management. Neil DeFeo, Remington's Chairman, Chief Executive Officer and President, commented: "While our top line sales for the quarter were down versus last year, our sell through to the consumer is broadly ahead of last year indicating our products continue to be popular with the consumer. We are very pleased with the substantial increase in our gross margin percentage. As we look ahead in 2003 we expect to continue to see growing sell through to the consumer as we introduce new products in the second half of the year". Further, Mr. DeFeo commented: "We continue to focus on controlling our working capital and are pleased with our current position. Compared to last year our borrowings are down $26.1 million and our cash is up $22.3 million." Remington Products Company, L.L.C. is a leading consumer products company focusing on the development and marketing of personal care products. The Company designs and distributes electric shavers and accessories, grooming products, hair care appliances, and other small electrical consumer appliances. The Company's headquarters are located at 60 Main Street, Bridgeport, Connecticut. This news release may contain forward-looking statements, which include assumptions about future market conditions, operations and results. These statements are based on current expectations and are subject to risks and uncertainties. They are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please refer to our filings made with the Securities and Exchange Commission for a statement of the factors that could cause actual results to differ materially from any forward-looking statements made herein. The Company assumes no obligation to update any such forward-looking statements or advise of changes in the assumptions on which they were based. EX-99 4 constopmay03.txt STATEMENT OF OPERATIONS REMINGTON PRODUCTS COMPANY, L.L.C. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED $ IN MILLIONS) Quarter Ended March 31, 2003 2002 ------ ------ Net sales North America $24.5 $30.6 International 18.1 16.8 U.S. Service Stores 5.1 6.4 ------ ------ 47.7 53.8 Cost of sales 26.4 32.3 ------ ------ Gross profit 21.3 21.5 Selling, general and administrative 19.9 19.7 Amortization of intangibles 0.1 0.1 ------ ------ Operating income 1.3 1.7 Interest expense, net 5.5 6.1 Other expense (income) (0.5) (0.1) ------ ------ Loss before income taxes (3.7) (4.3) Provision (benefit) for income taxes 0.1 (0.2) ------ ------ Net loss ($3.8) ($4.1) ====== ====== EX-99 5 conbalsheetmarch03.txt CONSOLIDATED BALANCE SHEET REMINGTON PRODUCTS COMPANY, L.L.C. CONSOLIDATED BALANCE SHEETS (UNAUDITED $ IN MILLIONS) March 31, December 31, March 31, 2003 2002 2002 --------- ------------ --------- ASSETS Cash and cash equivalents $30.0 $32.9 $7.7 Accounts receivable, net 31.7 73.2 37.2 Inventories 53.3 49.1 71.0 Prepaid and other assets 6.1 3.5 4.4 ------- ------- ------- Total current assets 121.1 158.7 120.3 Property, plant and equipment, net 12.0 12.3 13.0 Goodwill, net 27.7 27.7 27.7 Intangibles, net 24.3 24.4 24.8 Other assets 11.3 12.0 13.8 ------- ------- ------- Total assets $196.4 $235.1 $199.6 ======= ======= ======= LIABILITIES AND MEMBERS' DEFICIT Accounts payable $14.5 $24.2 $9.0 Short-term borrowings - 1.6 2.6 Current portion of long-term debt 0.3 0.3 0.3 Accrued liabilities 29.8 50.0 29.3 ------ ------ ------- Total current liabilities 44.6 76.1 41.2 Long-term debt 180.2 185.2 203.7 Other liabilities 0.8 0.8 0.9 Members' deficit (29.2) (27.0) (46.2) ------- ------- ------- Total liabilities and members' deficit $196.4 $235.1 $199.6 ======= ======= ======= EX-99 6 concashflowsmarch03.txt CONSOLIDATED CASH FLOWS REMINGTON PRODUCTS COMPANY, L.L.C. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED $ IN MILLIONS)
Quarter Ended March 31, ----------------------- 2003 2002 -------- -------- Cash flows from operating activities: Net loss ($3.8) ($4.1) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation & amortization 0.8 0.8 Amortization of deferred financing costs 0.6 0.6 Other, net (0.2) (0.2) ------ ------ (2.6) (2.9) Changes in assets & liabilities: Accounts receivable 42.5 41.2 Inventories (3.9) 4.0 Accounts payable, accruals & other, net (31.9) (31.8) ------ ------ Cash provided by operating activities $4.1 $10.5 Cash flows from investing activities: Capital expenditures (0.3) (0.7) Cash flows from financing activities: Net change in borrowings (6.8) (6.1) Other, net - (0.1) ------ ------ Cash used in financing activities (6.8) (6.2) Effect of exchange rate changes on cash 0.1 - ------ ------ Increase (decrease) in cash and cash equivalents (2.9) 3.6 Cash and cash equivalents beginning of year 32.9 4.1 ------ ------ Cash and cash equivalents end of period $30.0 $7.7 ====== ======
-----END PRIVACY-ENHANCED MESSAGE-----