-----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, KXkBC4Jvkjm59z9mUFBhb8yhSr4Q0CycaVLUSEMmNPjHAx8hX2yp0manl8/eSagG SD9MroeWJFXgJx7A5RfJfA== 0001116502-05-000938.txt : 20050503 0001116502-05-000938.hdr.sgml : 20050503 20050503164235 ACCESSION NUMBER: 0001116502-05-000938 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050503 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050503 DATE AS OF CHANGE: 20050503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENN ENGINEERING & MANUFACTURING CORP CENTRAL INDEX KEY: 0000077106 STANDARD INDUSTRIAL CLASSIFICATION: BOLTS, NUTS, SCREWS, RIVETS & WASHERS [3452] IRS NUMBER: 230951065 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05356 FILM NUMBER: 05795635 BUSINESS ADDRESS: STREET 1: PO BOX 1000 CITY: DANBORO STATE: PA ZIP: 18916 BUSINESS PHONE: 2157663675 MAIL ADDRESS: STREET 1: P O BOX 1000 CITY: DANBORO STATE: PA ZIP: 18916 8-K 1 penn8k.txt REPORT DATED 5-3-2005 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 event reported): May 3, 2005 ----------- Penn Engineering & Manufacturing Corp. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 1-5356 23-0951065 -------------------------- ---------- ------------------- (State or other jurisdiction (Commission (IRS employer of incorporation) file number) identification no.) P.O. Box 1000, Danboro, Pennsylvania 18916 --------------------------------------- ----- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (215) 766-8853 -------------- N/A ------------------------------------------------------------- (Former name or former address, if changed since last report) Item 2.02 Results of Operations and Financial Condition. On May 3, 2005, the Company issued a press release regarding the Company's financial results for its first quarter ended March 31, 2005. The press release is attached as Exhibit 99.1 to this Form 8-K Current Report. The information in this report shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference in any filing under the Securities Act of 1933. Item 9.01 Financial Statements and Exhibits. (c) Exhibits. The following exhibit is filed herewith: Exhibit No. Description ----------- ----------- 99.1 Press release issued by Penn Engineering & Manufacturing Corp. (the "Company") dated May 3, 2005. 2 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. PENN ENGINEERING & MANUFACTURING CORP. Date: May 3, 2005 By: /s/ Kenneth A. Swanstrom --------------------------- Kenneth A. Swanstrom, Chairman of the Board and Chief Executive Officer 3 EXHIBIT INDEX ------------- Exhibit Number Description - ------ ------------ 99.1 Press release dated May 3, 2005 issued by the Company. EX-99.1 2 ex991.txt PRESS RELEASE EXHIBIT 99.1 PRESS RELEASE Contact: Investor Relations Department, Penn Engineering & Manufacturing Corp. Mark W. Simon, Senior Vice President Richard F. Davies, Treasurer (215) 766-3660 Page 1 of 2 For Immediate Release - --------------------- PENNENGINEERING ANNOUNCES RESULTS FOR FIRST QUARTER 2005 DANBORO, PA. May 3, 2005 - Penn Engineering & Manufacturing Corp. (NYSE: PNN, NYSE: PNNA) today reported net income of $4,830,000 or $0.27 per diluted share, on quarterly net sales of $63,832,000 for the first quarter ended March 31, 2005. For the comparable 2004 quarterly period, net income was $5,867,000 or $0.33 per diluted share, on quarterly net sales of $63,307,000. For the Fastening Technologies segment, sales and operating income for the quarter ended March 31, 2005 were $34,986,000 and $8,931,000 respectively, versus $33,608,000 and $8,681,000 respectively, for the quarter ended March 31, 2004. For the Distribution segment, sales and operating income for the quarter ended March 31, 2005 were $15,057,000 and $1,093,000 respectively, versus $17,142,000 and $1,728,000 respectively, for the quarter ended March 31, 2004. For the Motor Technologies segment, sales and operating income for the quarter ended March 31, 2005 were $13,789,000 and $1,291,000 respectively, versus $12,557,000 and $723,000 respectively, for the quarter ended March 31, 2004. For the first quarter ended March 31, 2005, net income was negatively affected by $975,000 or $.05 per diluted share, of merger transaction expenses included in general and administrative expenses which are non-deductible for income tax purposes. Three Months Ended March 31, 2005 March 31, 2004 -------------- -------------- - ------------------------------------------------------------------------- Net Sales $63,832 $63,307 - ------------------------------------------------------------------------- Cost of Products Sold 40,684 40,785 ------ ------ - ------------------------------------------------------------------------- Gross Profit 23,148 22,522 ------ ------ - ------------------------------------------------------------------------- - ------------------------------------------------------------------------- Selling Expenses 6,226 6,409 - ------------------------------------------------------------------------- General, and Administrative Expense 8,754 7,371 ----- ----- - ------------------------------------------------------------------------- Operating Income 8,168 8,742 ----- ----- - ------------------------------------------------------------------------- Other (Expense) Income: - ------------------------------------------------------------------------- Interest income 89 49 - ------------------------------------------------------------------------- Interest expense (49) (96) - ------------------------------------------------------------------------- Other, net (588) (128) ----- ----- - ------------------------------------------------------------------------- Total Other (Expense) Income (548) (175) ----- ----- - ------------------------------------------------------------------------- - ------------------------------------------------------------------------- Income Before Income Taxes 7,620 8,567 - ------------------------------------------------------------------------- Provision for Income Taxes 2,790 2,700 ----- ----- - ------------------------------------------------------------------------- Net Income 4,830 $5,867 ----- ------ - ------------------------------------------------------------------------- - ------------------------------------------------------------------------- Per Share Data: - ------------------------------------------------------------------------- Basic earnings $0.27 $ 0.33 - ------------------------------------------------------------------------- Diluted earnings $0.27 $ 0.33 - ------------------------------------------------------------------------- - ------------------------------------------------------------------------- Weighted Avg. Shares Outstanding: - ------------------------------------------------------------------------- Basic shares 17,854 17,557 - ------------------------------------------------------------------------- Diluted shares 18,111 17,820 - ------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----