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): December 9, 2016
Dorman Products, Inc.
(Exact name of Registrant as Specified in Charter)
Pennsylvania | 000-18914 | 23-2078856 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
3400 East Walnut Street, Colmar, Pennsylvania 18915
(Address of Principal Executive Offices)
Registrants telephone number, including area code: (215) 997-1800
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. | Other Events. |
On December 9, 2016, the Company announced that its Board of Directors has approved a resolution to increase and extend its share repurchase program by an additional $100 million, raising the aggregate authorization under the program to $250 million. The Company has spent $98.6 million to date under the existing authorization.
The authorization is effective through December 31, 2018. Stock repurchases under the program may be made from time to time, as the Company deems appropriate, based on factors such as market conditions, share price, share availability and other factors. There can be no assurance as to the number of shares the Company will purchase, if any, and the program may be modified, renewed, suspended or terminated by the Company at any time without prior notice.
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995, including forward-looking statements regarding the share repurchase program. These statements are neither promises or guarantees and involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by the forward-looking statements, including, without limitation, risks relating to the Companys ability to implement and make appropriate, timely and beneficial decisions as to when, how and if to purchase shares under the share repurchase program; and other risks described in the Companys filings with the SEC.
Item 9.01 | Financial Statements and Exhibits. |
Exhibit Number | Description | |
99.1 | Press Release dated December 9, 2016 |
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.
DORMAN PRODUCTS, INC. | ||||||
Date: December 9, 2016 | By: | /s/ Kevin M. Olsen | ||||
Name: Kevin M. Olsen | ||||||
Title: Chief Financial Officer |
Exhibit Index
Exhibit Number | Description | |
99.1 | Press Release dated December 9, 2016 |
Exhibit 99.1
NEWS RELEASE
Contact: Kevin Olsen, CFO, kolsen@dormanproducts.com , (215) 997-1800. Visit our website at www.dormanproducts.com
Dorman Products, Inc. Announces
Expansion and Extension of Stock Repurchase Program
COLMAR, PENNSYLVANIA (December 9, 2016) Dorman Products, Inc. (the Company) (NASDAQ:DORM) today announced that its Board of Directors has approved a resolution to increase and extend its share repurchase program by an additional $100 million, raising the aggregate authorization under the program to $250 million. The Company has spent $98.6 million to date under the existing authorization.
The authorization is effective through December 31, 2018. Stock repurchases under the program may be made from time to time, as the Company deems appropriate, based on factors such as market conditions, share price, share availability and other factors. There can be no assurance as to the number of shares the Company will purchase, if any, and the program may be modified, renewed, suspended or terminated by the Company at any time without prior notice.
Dorman Products, Inc. is a leading supplier of Dealer Exclusive automotive replacement parts, automotive hardware, brake products, and household hardware to the Automotive Aftermarket and Mass Merchandise markets. Dorman products are marketed under the Dorman®, OE Solutions, HELP!®, AutoGrade, First Stop, Conduct-Tite®, TECHoice, Dorman® Hybrid Drive Batteries and Dorman HD Solutions brand names.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the Companys future growth rates. Words such as believe, demonstrate, expect, estimate, forecast, anticipate, should and likely and similar expressions identify forward-looking statements. In addition, statements that are not historical should also be considered forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, competition in the automotive aftermarket industry, concentration of the Companys sales and accounts receivable among a small number of customers, the impact of consolidation in the automotive aftermarket industry, foreign currency fluctuations, dependence on senior management and other risks detailed in the Companys filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 26, 2015. The Company is under no obligation to (and expressly disclaims any such obligation to) update any of the information in this press release if any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise.
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