-----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, Ux6EuTtIyRJqE0p9/jpKZ09fwb9bqJe9gz3+b7HWJbRNW9ABHbYacA92NN4VAA1J Gy4Dmo3W9y3hQuK8llfoMA== 0000950159-03-000835.txt : 20031021 0000950159-03-000835.hdr.sgml : 20031021 20031021113928 ACCESSION NUMBER: 0000950159-03-000835 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031016 ITEM INFORMATION: FILED AS OF DATE: 20031021 FILER: COMPANY DATA: COMPANY CONFORMED NAME: K TRON INTERNATIONAL INC CENTRAL INDEX KEY: 0000000020 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 221759452 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-09576 FILM NUMBER: 03949148 BUSINESS ADDRESS: STREET 1: ROUTE 55 & 553 STREET 2: BOX 888 CITY: PITMAN STATE: NJ ZIP: 08071-0888 BUSINESS PHONE: 8562563318 MAIL ADDRESS: STREET 1: ROUTE 55 & 553 STREET 2: P O BOX 888 CITY: PITMAN STATE: NJ ZIP: 08071-0888 8-K 1 ktron8k.txt 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): October 16, 2003 ---------------- K-TRON INTERNATIONAL, INC. ------------------------------------------- (Exact Name of Registrant Specified in Charter) New Jersey 0-9576 22-1759452 (State or Other (Commission File (I.R.S. Employer Jurisdiction of Number) Identification No.) Incorporation) - ----------------------------- -------------------------- ----------------------- Routes 55 & 553 P.O. Box 888 Pitman, New Jersey 08071-0888 ------------------------ ---------- (Address of Principal Executive Offices) (Zip Code) - -------------------------------------------------------------------------------- Registrant's telephone number, including area code: (856) 589-0500 ------------- Not Applicable ---------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Item 12. Results of Operations and Financial Condition. On October 16, 2003, K-Tron International, Inc. issued a press release announcing its third quarter and first nine months 2003 financial results. The press release is being filed with this Current Report on Form 8-K as Exhibit 99.1 and is hereby incorporated herein by reference. -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. K-TRON INTERNATIONAL, INC. By /s/ Edward B. Cloues, II ---------------------------- Edward B. Cloues, II Chairman of the Board and Chief Executive Officer Dated: October 21, 2003 -3- Exhibit Index -------------- Exhibit ------- 99.1 Press Release, dated October 16, 2003, issued by K-Tron International, Inc. EX-99 3 exhibit99.txt EXHIBIT 99.1 Exhibit 99.1 K-TRON INTERNATIONAL, INC. Routes 55 & 553, PO Box 888 Pitman, NJ 08071-0888 (856) 589-0500 FAX (856) 582-7968 www.ktron.com E-mail: ktii@ktron.com For Release: Immediately Contact: Ronald Remick, Senior Vice President and Chief Financial Officer Tel: (856) 256-3311 E-mail: remick@ktron.com K-TRON REPORTS $ 0.36 PER SHARE THIRD QUARTER EARNINGS Pitman, New Jersey - - October 16, 2003 - - K-Tron International, Inc. (NASDAQ-KTII) today reported third quarter 2003 net income of $0.910 million, or $0.36 per share (diluted), on revenues of $22.16 million compared to net income of $0.836 million, or $0.34 per share (diluted), on revenues of $16.91 million for the same period in 2002. For the first nine months of 2003, K-Tron reported net income of $2.610 million, or $1.05 per share (diluted), on revenues of $68.22 million compared to $2.401 million, or $0.97 per share (diluted), on revenues of $50.56 million for the same period in 2002. In announcing the above results, the Company pointed out that if the average foreign currency exchange rates for the third quarter and first nine months of 2002 were applied to the same periods in 2003, the Company's revenues would have increased approximately 28 percent for the third quarter of 2003 instead of 31 percent and would have increased approximately 27 percent for the first nine months of 2003 instead of 35 percent, in each case compared to the numbers reported for the same periods in 2002, and its net income and earnings per share for the first nine months of 2003 (but not the third quarter) would have been lower than reported. This is due to a significantly weaker U.S. dollar in the first nine months of 2003 compared to the same period in 2002 against the Swiss franc, the euro and other relevant foreign currencies. Commenting on the Company's results, K-Tron Chairman and Chief Executive Officer Edward B. Cloues, II said, "K-Tron turned in another good performance in the third quarter, despite continued sluggishness in capital equipment spending affecting nearly all of the major industrial markets that we serve. Net income was up almost nine percent over last year's third quarter, while earnings per share increased approximately six percent. For the first nine months of 2003, both net income and earnings per share were up between eight and nine percent compared to the same period in 2002. So far this year, the key to our success has been our January 2, 2003 acquisition of Pennsylvania Crusher Corporation. While Penn Crusher's 2003 results have been somewhat impacted by weaker than normal spending for its size reduction equipment by electric utilities, its revenues and still solid profitability during the first three quarters have more than offset the lower revenues and profits in the feeder and pneumatic conveying parts of our material handling business." In addition to his comments on operating results, Mr. Cloues noted that K-Tron had reduced its worldwide debt by $1.55 million in the third quarter, from $31.22 million to $29.67 million, while at the same time improving its cash position by $660 thousand from $5.95 million to $6.61 million. Foreign exchange was not a significant factor in either of these changes. K-Tron International, Inc. and its subsidiaries design, produce, market and service material handling equipment and systems for a wide variety of industrial markets. The Company has manufacturing facilities in the United States, Switzerland, the United Kingdom and Canada, and its equipment is sold throughout the world. * * * * * (Financial Data Follows) 2
K-TRON INTERNATIONAL, INC. & SUBSIDIARIES FINANCIAL SUMMARY (Unaudited) (Dollars in thousands, except share data) Three Months Ended Nine Months Ended ------------------ ------------------ September 27, September 28, September 27, September 28, 2003 2002 2003 2002 ---- ---- ---- ---- Revenues $22,158 $16,905 $68,217 $50,560 ======= ======= ======= ======= Operating income $1,794 $1,276 $4,937 $3,761 Interest expense 429 104 1,209 406 ------- ------- ------- ------- Income before income taxes 1,365 1,172 3,728 3,355 Income taxes 455 336 1,118 954 ------- ------- ------- ------- Net income $ 910 $ 836 $2,610 $2,401 ======= ======= ======= ======= Basic earnings per share $ 0.37 $ 0.34 $ 1.07 $ 0.99 ======= ======= ======= ======= Diluted earnings per share $ 0.36 $ 0.34 $ 1.05 $ 0.97 ======= ======= ======= ======= Average number of common 2,439,000 2,432,000 2,434,000 2,432,000 shares outstanding (basic) ========= ========= ========= ========= Average number of common 2,508,000 2,468,000 2,494,000 2,463,000 & common equivalent ========= ========= ========= ========= shares outstanding (diluted)
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