-----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, Cuxp4cjmI4HtMeMReZImH/dhT6PqLqHit4s48JSRjTqOyx6mNnB/8Mn9dpvuHyaE h9JIjm/2pOseNFhiZXJ4Nw== 0000202932-02-000006.txt : 20020414 0000202932-02-000006.hdr.sgml : 20020414 ACCESSION NUMBER: 0000202932-02-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020125 ITEM INFORMATION: FILED AS OF DATE: 20020125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRO FAC COOPERATIVE INC CENTRAL INDEX KEY: 0000202932 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-GROCERIES & RELATED PRODUCTS [5140] IRS NUMBER: 160845824 STATE OF INCORPORATION: NY FISCAL YEAR END: 0626 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20539 FILM NUMBER: 02516951 BUSINESS ADDRESS: STREET 1: 90 LINDEN OAKS STREET 2: P O BOX 682 CITY: ROCHESTER STATE: NY ZIP: 14625 BUSINESS PHONE: 7163831850 8-K 1 pf8kjanuary2002.txt ITEM 9 Page 1 of 4 Pages 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): January 25, 2002 PRO-FAC COOPERATIVE, Inc. (Exact Name of Registrant as Specified in Charter) New York 0-20539 16-6036816 - ------------------------------------------ -------------------------- ------------------------------------ (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number)
90 Linden Oaks, Rochester, New York 14625 ------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number Including Area Code: (585) 383-1850 2 Item 9. Regulation FD Disclosure. The information attached to this Report as Exhibit 99 will be presented by Earl L. Powers, Executive Vice President Finance and Chief Financial Officer of Agrilink Foods, Inc. ("Agrilink Foods"), a wholly owned subsidiary of Pro-Fac Cooperative, Inc., to attendees of the 2002 Regional Annual Meetings of the members of Pro-Fac Cooperative. The 2002 Regional Annual Meetings of Pro-Fac Cooperative members will be held on Friday, January 25, 2002 through and including Thursday, February 28, 2002. The information contains fiscal 2002 actual and plan operating results for Agrilink Foods. Agrilink Food's unaudited consolidated financial statements for its quarter ended and the six months ended December 29, 2001 are expected to be filed with the Securities and Exchange Commission on or before February 12, 2002 under cover of Form 10-Q. Some of the information presented at the 2002 Regional Annual Meetings of Pro-Fac Cooperative members include "forward-looking statements" within the meaning of section 21E of the Exchange Act and section 27A of the Securities Act. These statements are based on management's current expectations and projections about future events based on information currently available to management and are subject to uncertainty and changes in circumstances. These forward-looking statements are not guarantees of future results or performances. And, although management believes that its expectations and projections are based upon reasonable assumptions, actual results may vary materially from the expectations expressed in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the ability of Agrilink Foods to meet its obligations under its credit agreement with Harris Bank; weather conditions and its impact on the volume and quality of raw products; the state of the economy generally, and its impact on consumer spending; and the impact of strong competition in the food industry. Detailed information about factors pertinent to the business of Pro-Fac Cooperative and Agrilink Foods that could cause actual results to differ is set forth in Pro-Fac Cooperative's and Agrilink Foods' filings with the Securities and Exchange Commission including their Annual Reports on Form 10-K for the fiscal year ended June 30, 2001, the risk factors section of Pro-Fac's prospectus dtaed October 26, 2001, as well as other reports and information filed by Agrilink Foods and Pro-Fac Cooperative with the Securities and Exchange Commission. 3 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 thereunto duly authorized. PRO-FAC COOPERATIVE, INC. Dated: January 25, 2002 By: /s/ Earl L. Powers ---------------- --------------------------------------- Earl L. Powers, TREASURER (Principal Financial Officer and Principal Accounting Officer) 4 INDEX TO EXHIBITS Exhibit No. Description 99 Fiscal 2002 Actual and Plan Operating Results. EX-99 2 exhibit998kjanuary2002.txt FISCAL 2002 ACTUAL AND PLAN OPERATING RESULTS Exhibit 99 Agrilink Financial Highlights -------------------- Unaudited Six Months Year-to-Date December 2001 (Dollars in Millions) Variance ------------------------- 6 Mos. 6 Mos. vs. vs. Actual Plan Prior Year ------ -------- ---------- Equivalent Units Brand 20.7 (2.1) (1.9) Non-Brand 26.0 (2.8) (8.0) ------- ------- ------ Total 46.7 (4.9) (9.9) Net Sales $543.8 $(60.1) $(46.9) Gross Margin 116.5 (11.8) 5.1 Gross Margin % 21.4% 0.2% 2.6% Earnings Before Split 18.1 5.8 5.5 EBITDA 69.8 (1.8) (2.5) Based on results for the first six months, management believes the fiscal 2002 plan EBITDA will be achieved. Agrilink Gross Margin Percentage ----------------------- Unaudited Year-to-Date December 2001 July August September October November December January February March April May June ---- ------ --------- ------- -------- -------- ------- -------- ----- ----- ----- ---- Actual 17.2% 17.4% 20.3% 23.9% 24.8% 23.1% Prior Year 20.4% 18.5% 17.4% 18.4% 18.9% 19.9% 17.5% 19.9% 22.5% 17.4% 16.5% 16.6%
Agrilink Consolidated Earnings Before Split ---------------------------------- Unaudited Year-to-Date Six Months Ending December (Dollars in Millions) 2002 2002 2001 Actual Plan Actual -------- -------- -------- Business Unit EBITDA $ 69.8 $ 71.6 $ 72.3 Interest (35.7) (39.1) (39.5) Depreciation (15.4) (15.3) (15.2) Amortization (0.6) (4.9) (5.0) ------ ------ ------ Earnings Before Split $ 18.1 $ 12.3 $ 12.6 ====== ====== ====== Agrilink EBITDA Variance --------------- Unaudited Year-to-Date Six Months Ending December 2001 (Dollars in Millions) YTD December YTD December vs. Plan vs. Prior Year ------------ -------------- Actual EBITDA $ 69.8 $ 69.8 2002 Plan EBITDA/2001 Actual EBITDA 71.6 72.3 ------ ------ Variance (1.8) (2.5) Major Variances Volume/Mix/Pricing/Other $ (8.0) $ 16.9 Production Costs 1.2 (4.6) Freight & Warehousing (1.8) (6.2) Marketing 1.2 (7.0) Fixed Expenses 1.1 1.5 Gain from Pension Curtailment 2.5 2.5 Severance (0.8) (2.7) All Other 2.8 (2.9) ------ ------ Variance $ (1.8) $ (2.5) ====== ====== Agrilink Consolidated Balance Sheet -------------------------- (Excluding AgriFrozen in Prior Year) Unaudited December (Dollars in Millions) 2002 2002 2001 Actual Plan Actual --------- --------- ---------- Assets Cash $ 5.9 $ 7.8 $ 5.8 Accounts Receivable 99.6 127.7 134.6 Inventories 388.7 384.8 360.5 Other Current 25.9 31.4 37.8 --------- --------- --------- Total Current 520.1 551.7 538.7 Fixed Assets 297.3 304.4 309.5 Intangibles 248.2 243.9 253.7 Other Non-Current 44.0 41.8 50.5 --------- --------- --------- Total Assets $ 1,109.6 $ 1,141.8 $ 1,152.4 ========= ========= ========= Liabilities Short-Term Debt $ 114.8 $ 108.0 $ 103.7 Current Portion LTD 15.6 15.6 16.6 Other Current 135.7 173.5 162.8 --------- --------- --------- Total Current 266.1 297.1 283.1 Long-Term Debt 629.4 629.4 637.3 Other Non-Current 55.4 60.6 67.3 --------- --------- --------- Total Liabilities 950.9 987.1 987.7 Pro-Fac Equity 158.7 154.7 164.7 --------- --------- --------- Total Liabilities and Equity $ 1,109.6 $ 1,141.8 $ 1,152.4 ========= ========= ========= Agrilink Key Ratios ---------- Unaudited Year-to-Date December 2001 Bank Covenant Actual ------------- ------ Key Financial Ratios LTM EBITDA (adjusted for non-cash severance) $110.0 Min. $121.2 Leverage Ratio (Debt/EBITDA) 5.90 Max. 5.33 Interest Coverage Ratio (EBITDA/Interest) 1.55 Min 1.80 Fixed Charge Coverage Ratio 1.00 Min 1.18 -----END PRIVACY-ENHANCED MESSAGE-----