-----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, COixgis8CXMu4a4FG+8DFhK1+xCUZT19adfLHdN1VBzmT9VK+f4vG1yrvaI3+cmP UpJO4qh6Mt/c+umwKRqFfg== 0001072613-02-000107.txt : 20020414 0001072613-02-000107.hdr.sgml : 20020414 ACCESSION NUMBER: 0001072613-02-000107 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020201 ITEM INFORMATION: Other events FILED AS OF DATE: 20020201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIMONDS INDUSTRIES INC CENTRAL INDEX KEY: 0001067919 STANDARD INDUSTRIAL CLASSIFICATION: METALWORKING MACHINERY & EQUIPMENT [3540] IRS NUMBER: 050484518 STATE OF INCORPORATION: DE FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-62795 FILM NUMBER: 02524830 BUSINESS ADDRESS: STREET 1: 135 INTERVALE RD CITY: FITCHBURG STATE: MA ZIP: 01420 BUSINESS PHONE: 9783433731 MAIL ADDRESS: STREET 1: 135 INTERVALE RD CITY: FITCHBURG STATE: MA ZIP: 01420 8-K 1 form8-k_11011.txt FORM 8-K (DATED FEBRUARY 1, 2002) ================================================================================ 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) FEBRUARY 1, 2002 SIMONDS INDUSTRIES INC. ----------------------------------------- (Exact name of registrant as specified in charter) MASSACHUSETTS --------------------------- (State or other jurisdiction of incorporation) 333-62759 05-0484518 --------- ---------- (Commission file number) (IRS employer identification number) 135 INTERVALE STREET, FITCHBURG, MA 01420 ----------------------------------- ----- (Address of principal executive offices) (Zip code) (978) 343-3731 -------------------- (Registrant's telephone number, including area code) ================================================================================ ITEM 5. OTHER EVENTS On February 1, 2002, Simonds Industries Inc. (the "Company") issued a press release announcing that it has defaulted on its semi-annual interest payment under its 10-1/4% Senior Subordinated Notes due in 2008 and that the Company has retained the firm of Credit Suisse First Boston in order to examine alternatives to strengthen its balance sheet. A copy of the Company's press release is attached hereto and incorporated herein in its entirety. FORWARD LOOKING INFORMATION This news release includes forward-looking statements. Statements that describe future expectations, plans or strategies are considered "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 and releases issued by the Securities and Exchange Commission. The words "believe," "expect," "anticipate," "intend," "estimate," and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Such statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated. Factors that could affect actual results include, among others, changes in customers' demand for the Company's products, changes in raw material costs and availability, seasonal changes in customer orders, pricing actions by competitors, changes in copyright laws, consolidation among customers and competitors, success in integration of acquired businesses, changes in technology, and general changes in economic conditions. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements will prove to be accurate. The forward-looking statements included herein are made as of the date hereof, and the Company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. -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. SIMONDS INDUSTRIES INC. ------------------------------- (Registrant) Date: February 1, 2002 By: /s/ Henry Botticello ------------------------------- Name: Henry Botticello Title: Chief Financial Officer EXHIBIT INDEX EXHIBIT NO. DESCRIPTION - ----------- ----------- 99.1 Press Release of Simonds Industries Inc., dated February 1, 2002 EX-99.1 3 exh99-1_11011.txt PRESS RELEASE EXHIBIT 99.1 ------------ For further information contact: Raymond Martino President and Chief Executive Officer or Henry Botticello Chief Financial Officer (978) 343-3731 www.simonds.cc -------------- NEWS RELEASE FITCHBURG, Mass - February 1, 2002 - Simonds Industries Inc. announced today that it has defaulted on its semi-annual interest payment under its 10-1/4% Senior Subordinated Notes due in 2008, and that as of today, as a result of such non-payment, an event of default exists with respect to those notes under the terms of the indenture. The Company has retained Credit Suisse First Boston to examine alternatives to strengthen its balance sheet. The Company has initiated discussions with representatives of the noteholders. The Company does not anticipates that there will be any noticeable impact on company operations as a result of a recapitalization. The Company believes that it has adequate liquidity to finance operating and working capital needs during the restructuring period. The Company's Chief Operating Officer, Ray Martino, expressed confidence that the Company's long-term prospects will be enhanced by a less levered capital structure. -----END PRIVACY-ENHANCED MESSAGE-----