-----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, PSwvB0OlW5fYuP8nC7GoQQCex3wLIzKdilNZCC5IY5COdcc7rDp1tCD7k9k0ibR6 h+igpR/OLXAcdSIaJ/tzng== 0000910647-03-000326.txt : 20030909 0000910647-03-000326.hdr.sgml : 20030909 20030909162259 ACCESSION NUMBER: 0000910647-03-000326 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030909 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030909 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTERBEKE CORP CENTRAL INDEX KEY: 0000796502 STANDARD INDUSTRIAL CLASSIFICATION: MOTORS & GENERATORS [3621] IRS NUMBER: 041925880 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15046 FILM NUMBER: 03888246 BUSINESS ADDRESS: STREET 1: AVON INDUSTRIAL PARK STREET 2: 41 LEDIN DRIVE CITY: AVON STATE: MA ZIP: 02322 BUSINESS PHONE: 5085887700 MAIL ADDRESS: STREET 1: AVON INDUSTRIAL PARK CITY: AVON STATE: MA ZIP: 02322 8-K 1 west-8k6.txt FORM 8-K 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 9, 2003 WESTERBEKE CORPORATION (Exact name of Registrant as specified in its Charter) Delaware 0-15046 04-1925880 (State or other Jurisdiction) (Commission (IRS Employer of Incorporation) File Number) Identification No.) Myles Standish Industrial Park 150 John Hancock Road Taunton, MA 02780 (Address of principal executive offices) Registrant's telephone number, including area code: (508) 823-7677 ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits. The following exhibit is filed with this report: 99.1 Press release, dated September 9, 2003, regarding the Company's results for the quarter and nine-months ended July 26, 2003. 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. WESTERBEKE CORPORATION Date: September 9, 2003 By: /s/ Gregory Haidemenos Gregory Haidemenos Principal Financial and Accounting Officer EX-99 3 westk699.txt PRESS RELEASE EXHIBIT 99 CONTACT: Gregory Haidemenos FOR IMMEDIATE RELEASE WESTERBEKE CORPORATION (508) 823-7677 ext. 240 WESTERBEKE REPORTS THIRD QUARTER RESULTS TAUNTON, MASS., September 9, 2003 - Westerbeke Corporation (NASDAQ:WTBK) announced today the results of its operations for the third fiscal quarter ended July 26, 2003. Net sales for the quarter ended July 26, 2003 were $5,698,000 compared to $7,783,900 for the quarter ended July 27, 2002, a decrease of 27%. The Company reported a net loss of $230,000, or $0.12 per share, for the quarter ended July 26, 2003, compared to net income of $370,800, or $0.19 per share, for the quarter ended July 27, 2002. For the nine months ended July 26, 2003, net sales were $15,442,600 compared to $19,887,000 for the nine months ended July 27, 2002. The Company reported a net loss of $708,000, or $0.36 per share, for the nine months ended July 26, 2003, compared to net income of $432,500, or $0.22 per share, for the nine months ended July 27, 2002. Included in the net loss, for the nine-months ended July 26, 2003, as a credit to the Company's tax provision, is a $108,500 credit for research and development expenditures. Included in net income, for the nine-months ended July 27, 2002, as a credit to the Company's tax provision, is a $353,700 credit for research and development expenditures. For the nine-months ended July 26, 2003, the Company has incurred $408,900 of costs to date associated with the proposed merger with Westerbeke Acquisition Corporation. Due to the uncertainty as to whether the proposed merger transcaction will ultimately be completed, the costs incurred to date have been expensed and included in selling, general and administrative expenses. Westerbeke Corporation designs, manufactures and markets marine engine and air conditioning products intended principally for recreational marine applications. WESTERBEKE CORPORATION COMPARATIVE INCOME HIGHLIGHTS
Three Months Ended ------------------ July 26, July 27, 2003 2002 ---------- ---------- Net sales $ 5,698,000 $ 7,783,900 Net income (loss) $ (230,000) $ 370,800 Income (loss) per common share, basic $ (0.12) $ 0.19 Income (loss) per common share, diluted $ (0.12) $ 0.19 Weighted average common shares, basic 1,954,809 1,954,809 Weighted average common shares, diluted 1,954,809 1,989,227
Nine Months Ended ----------------- July 26, July 27, 2003 2002 ---------- ---------- Net sales $15,442,600 $19,887,000 Research and development credit $ 108,500 $ 353,700 Net income (loss) $ (708,000) $ 432,500 Income (loss) per common share, basic $ (0.36) $ 0.22 Income (loss) per common share, diluted $ (0.36) $ 0.22 Weighted average common shares, basic 1,954,809 1,947,151 Weighted average common shares, diluted 1,954,809 1,981,569
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