-----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, PgVG1gM+uBZ3obghfS2x4ITWmiq98Mao7S1wQCN5SQrhvEyJagUDMOQ0A9N9kpyl n83pDb3PHFFAQRaV8rip/w== 0000950123-03-012765.txt : 20031114 0000950123-03-012765.hdr.sgml : 20031114 20031114155853 ACCESSION NUMBER: 0000950123-03-012765 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031114 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DIAMOND TRIUMPH AUTO GLASS INC CENTRAL INDEX KEY: 0001109531 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AUTOMOTIVE REPAIR, SERVICES & PARKING [7500] IRS NUMBER: 232758853 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-33572 FILM NUMBER: 031004574 BUSINESS ADDRESS: STREET 1: 220 DIVISION STREET CITY: KINGSTON STATE: PA ZIP: 18704 BUSINESS PHONE: 5702879915 MAIL ADDRESS: STREET 1: 220 DIVISION STREET CITY: KINGSTON STATE: PA ZIP: 18704 8-K 1 y91787e8vk.txt DIAMOND TRIUMPH AUTO GLASS, INC. UNITED STATES 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 reported) November 14, 2003 Diamond Triumph Auto Glass, Inc. (Exact name of registrant as specified in its chapter) Delaware 333-33572 23-2758853 - ------------------------------------ --------------------------------- --------------------------------- (State or other jurisdiction of (Commission File Number) (IRS Employer Identification incorporation) No.) 220 Division Street Kingston, Pennsylvania 18704 - ------------------------------------------------ ---------------------------------------------- (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (570) 287 9915 ------------------------------------------------------- (Former name or former address, if changed since last report) ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (C) EXHIBITS. 99.5 Press release of Diamond Triumph Auto Glass, Inc. (the "Diamond") dated November 14, 2003. ITEM 12. RESULT OF OPERATIONS AND FINANCIAL CONDITION On November 14, 2003, Diamond issued a press release announcing its financial results for the quarter ended September 30, 2003. A copy of Diamond's press release is attached as Exhibit 99.5 to this Current Report. The information in this Current Report, including the exhibit attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a 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. DIAMOND TRIUMPH AUTO GLASS, INC. (Registrant) /s/ Michael A. Sumsky ----------------------------------------- (Signature) Michael A. Sumsky ----------------------------------------- (Name) President - Chief Financial Officer ----------------------------------------- (Title) Date November 14, 2003 --------------------------------- EX-99.5 3 y91787exv99w5.txt PRESS RELEASE STRICTLY CONFIDENTIAL - --------------------- [DIAMOND TRIUMPH LOGO] DIAMOND TRIUMPH AUTO GLASS, INC. ANNOUNCES THIRD QUARTER 2003 RESULTS Kingston, PA - November 14, 2003 - Diamond Triumph Auto Glass, Inc. announced today that net sales for the nine months ended September 30, 2003 increased $15.5 million, or 10.0%, to $171.0 million as compared to $155.5 million for the nine months ended September 30, 2002. Net sales for the third quarter ended September 30, 2003 increased $4.1 million, or 7.7%, to $57.1 million as compared to $53.0 million for the third quarter of 2002. Net income for the nine months ended September 30, 2003 increased by $0.8 million, or 34.8%, to $3.1 million from $2.3 million for the nine months ended September 30, 2002. Net income for the third quarter ended September 30, 2003 increased by $0.3 million, or 795.5%, to $.3 million as compared to $.0 million for the third quarter of 2002. EBITDA for the nine months ended September 30, 2003 decreased by $0.9 million, or 6.6%, to $12.8 million from $13.7 million for the nine months ended September 30, 2002. EBITDA for the third quarter of 2003 decreased by $.3 million, or 8.8%, to $3.1 million from $3.4 million for the third quarter of 2002. DIAMOND TRIUMPH AUTO GLASS, INC. ($ IN MILLIONS)
NINE MONTHS ENDED THREE MONTHS ENDED September 30, September 30, ------------------------- -------------------------- 2003 2002 2003 2002 ------------ ----------- ---------- ------------- (UNAUDITED) (UNAUDITED) Net Sales $171.0 $155.5 $57.1 $53.0 Cost of Sales 52.3 44.5 17.5 15.9 ------------ ----------- ------------ ------------ Gross Profit 118.7 111.0 39.6 37.1 Operating Expenses 108.0 99.6 37.1 34.6 ------------ ----------- ------------ ------------ Income From Operations $10.7 $11.4 $2.5 $2.5 ============ =========== ============ ============ Net Income $3.1 $2.3 $0.3 $0.0 ============ =========== ============ ============ EBITDA (1) $12.8 $13.7 $3.1 $3.4 ============ =========== ============ ============ Total Long-Term Debt $79.8 $100.0 $79.8 $100.0 ============ =========== ============ ============
Norm Harris, Diamond Triumph's Chief Executive Officer, had the following comments regarding the Company. "We are pleased with the continued increase in our unit volume versus last year, which has enabled us to achieve a record high nine-month sales volume despite the challenging pricing environment impacting our industry. Overall pricing continues to be a very challenging variable for our industry." Michael Sumsky, Diamond Triumph's President and Chief Financial Officer added, "Our cash flow remained strong during the third quarter enabling the Company to repurchase $2.2 million in aggregate principal amount of senior notes at a financial statement gain. We will continue to explore opportunities to de-lever the Company." Diamond Triumph Auto Glass, Inc. headquartered in Kingston, PA, is a leading provider of automotive glass replacement and repair services. Diamond Triumph currently operates 277 company owned automotive glass service centers, approximately 1,100 mobile installation vehicles and six distribution centers in 46 states. For more information about Diamond Triumph, visit our website at WWW.DIAMONDTRIUMPH.COM. (1) EBITDA is defined as earnings before interest expense, taxes, depreciation and amortization, which for Diamond Triumph is income from operations plus depreciation and amortization and interest income. EBITDA is not a measurement of financial performance under accounting principles generally accepted in the United States of America, or GAAP, and should not be considered in isolation or as an alternative to income from operations, net income, cash flows from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. EBITDA is presented because Diamond Triumph believes it is an indicative measure of its operating performance and its ability to meet its debt service requirements and is used by investors and analysts to evaluate companies in its industry as a supplement to GAAP measures. Not all companies calculate EBITDA using the same methods; therefore, the EBITDA figures set forth herein may not be comparable to EBITDA reported by other companies. A substantial portion of Diamond Triumph's EBITDA must be dedicated to the payment of interest on its outstanding indebtedness and to service other commitments, thereby reducing the funds available to Diamond Triumph for other purposes. Accordingly, EBITDA does not represent an amount of funds that is available for management's discretionary use.
Nine Months Ended Three Months Ended September 30, September 30, ------------------------------------------- 2003 2002 2003 2002 ------------------------------------------- (dollars in millions) (dollars in millions) Income from operations $ 10.7 $ 11.4 $ 2.5 $ 2.5 Depreciation and amortization 2.1 2.1 0.6 0.8 Interest Income 0.0 0.2 0.0 0.1 --------------------------------------------- EBITDA $ 12.8 $ 13.7 $ 3.1 $ 3.4 =============================================
Contacts: Michael A. Sumsky, President / Chief Financial Officer (570) 287-9915 Ext. 3182 -----END PRIVACY-ENHANCED MESSAGE-----