-----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, GH8swNAr9MEOIsIyQSDof6+C43dXOjPBL5hBeWOe1O0dLl6Ezsya54kWjEsyZ38V W9W9tT16hQC1p1BS5mUpZg== 0000215310-03-000047.txt : 20030919 0000215310-03-000047.hdr.sgml : 20030919 20030919124425 ACCESSION NUMBER: 0000215310-03-000047 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030915 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030919 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BMC INDUSTRIES INC/MN/ CENTRAL INDEX KEY: 0000215310 STANDARD INDUSTRIAL CLASSIFICATION: COATING, ENGRAVING & ALLIED SERVICES [3470] IRS NUMBER: 410169210 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08467 FILM NUMBER: 03902232 BUSINESS ADDRESS: STREET 1: ONE MERIDIAN CROSSING STREET 2: SUITE 850 CITY: MINNEAPOLIS STATE: MN ZIP: 55423 BUSINESS PHONE: 6128516000 MAIL ADDRESS: STREET 1: ONE MERIDIAN CROSSING STREET 2: SUITE 850 CITY: MINNEAPOLIS STATE: MN ZIP: 55423 FORMER COMPANY: FORMER CONFORMED NAME: BUCKBEE MEARS CO/MN DATE OF NAME CHANGE: 19830517 8-K 1 form_8k-091603.htm form_8-k 082803

 

 

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):  September 15, 2003

 

BMC Industries, Inc.

(Exact name of registrant as specified in its charter)

 

Minnesota

 

1-8467

 

41-0169210

(State of Incorporation)

 

(Commission file number)

 

(I.R.S. Employer Identification No.)

 

 

 

 

 

 

 

 

 

 

One Meridian Crossings, Suite 850

 

 

 

 

Minneapolis, Minnesota

 

 

 

55423

(Address of principal executive offices)

 

 

 

(Zip Code)

 

(952) 851-6000

(Registrant's telephone number)

 

 

Items 1-4.

Not Applicable.

 

 

Item 5.

Other Events.

The Registrant has entered into a Second Amended Agreement and Temporary Waiver and Deferral (the "Agreement"), dated as of September 15, 2003, with Deutsche Bank Trust Company Americas, as administrative agent for the lenders and a lender, Bank One, NA, as documentation agent and a Lender; and several banks and other financial institutions, providing an additional 60-day waiver on certain events of default that exist under the Third Amended and Restated Credit Agreement, dated September 27, 2002, as has been amended from time to time (the "Third Amended and Restated Credit Agreement").

The Agreement provides an additional extension of time, through November 15, 2003, for the Registrant to make certain scheduled principal payments and fees.  The Agreement also provides a continuation of the temporary deferral of interest payments through the November 15, 2003.

A press release announcing the temporary deferral was issued on September 16, 2003, a copy of which is being filed as Exhibit 99.1 to this Form 8-K and which is incorporated herein by reference in its entirety.

Item 6.

Not Applicable.

 

 

 

 

Item 7.

Financial Statements and Exhibits.

 

 

 

 

 

(a) - (b)  

Not Applicable.

 

 

 

 

 

(c)

Exhibits

 

 

 

 

Exhibit

Description

 

 

 

 

99.1

Press Release issued by BMC Industries, Inc., dated September 16, 2003.

 

 

 

Items 8-12.

Not Applicable.

 

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.

 

 

BMC INDUSTRIES, INC.

 

 

 

 

 

 

 

Dated:  September 16, 2003

 

By:

/s/Jon A. Dobson

 

 

 

 

Jon A. Dobson

 

 

 

 

Its:

Vice President, General Counsel

and Secretary

 

 

 

 

 

 

 

 


EXHIBIT INDEX

 

Exhibit

 

Description

 

Method of Filing

 

 

 

 

 

99.1

 

Press Release issued by BMC Industries, Inc., dated September 16, 2003

 

Electronic Transmission

 

EX-99.1 3 exhibt_99-1.htm BMC Vision-Ease Lens

BMC

 

BMC Industries, Inc.

 

One Meridian Crossings, Suite 850

 

Minneapolis, MN 55423

 

Website:  www.bmcind.com
 

 

 

NEWS RELEASE

 

CONTACT:

CURTIS E. PETERSEN

(OTCBB: BMMI)

 

(952) 851-6030

FOR IMMEDIATE RELEASE

BMC Industries Receives Additional Bank Waiver Extension

MINNEAPOLIS, September 16, 2003 -- BMC Industries, Inc. (OTC Bulletin Board: BMMI) today announced that its bank group has granted the company an additional 60-day waiver of required compliance with certain covenants under its credit agreement.  The company's banks granted an initial two-week waiver to BMC on June 30, 2003, and a subsequent 60-day waiver on July 15, 2003, following notice by BMC to its bank group that the company expected to fall outside of compliance with certain covenants and obligations under its credit agreement as of June 30, 2003.

 

The waiver announced today also extends the time period for BMC to make certain scheduled principal and fee payments and further defers all interest payment obligations until November 14, 2003, the termination date of this waiver extension.  The agreement defers interest totaling approximately $3.2 million, a combination of interest payments deferred to date and further interest payments coming due through November 14, 2003.  The earlier agreement, subject to certain conditions, had deferred interest payments until September 15, 2003.

 

As previously announced, the banks and the company have agreed that no additional borrowings will be extended during the waiver period.  Discussions continue between BMC, its banks and the company's advisors, regarding a longer-term resolution of the situation.

 

About BMC Industries

BMC Industries, Inc., founded in 1907, is comprised of two business segments:  Optical Products and Buckbee-Mears.  The Optical Products group, operating under the Vision-Ease Lens trade name, is a leading designer, manufacturer and distributor of polycarbonate and glass eyewear lenses.  Vision-Ease Lens also distributes plastic eyewear lenses.  Vision-Ease Lens is a technology and a market share leader in the polycarbonate lens segment of the market.  Polycarbonate lenses are thinner and lighter than lenses made of other materials, while providing inherent ultraviolet (UV) filtering and impact resistant characteristics.  The Buckbee-Mears group is the only North American manufacturer of aperture masks, a key component in color television picture tubes.  For more information about BMC Industries, Inc., visit the company's web site at www.bmcind.com.

 

Safe Harbor for Forward-Looking Statements

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Act of 1995.  Such forward-looking statements are not guarantees of future performance.  Actual results may differ materially from the forward-looking statements and any stated business strategy as a result of a number of risks and uncertainties, many of which are outside the company's control, including the risk that BMC's bank group does not grant any further waiver from the covenants contained in the company's credit agreement; that the bank group declares the company in default of the credit agreement; and that the bank group accelerates the repayment obligation of all amounts outstanding under the credit agreement.  Additional factors that could cause actual results to differ materially from those in forward-looking statements include those set forth in BMC's Annual Report and Form 10-K for the year ended December 31, 2002, and in other filings made, from time to time, by BMC with the Securities and Exchange Commission.  The forward-looking statements speak only as of the date when made and BMC does not undertake to update such statements.

 

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