-----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, C1yJZk22XylDHWxntpw86EpeW7mpph7RTEqiqDGf+WmUKxwo8hE9ks2b1q1EHH4Y v3y0FnOu7DSsISIyns3CEQ== 0000950134-01-505929.txt : 20010829 0000950134-01-505929.hdr.sgml : 20010829 ACCESSION NUMBER: 0000950134-01-505929 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010828 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20010828 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EVTC INC CENTRAL INDEX KEY: 0000888956 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-CHEMICALS & ALLIED PRODUCTS [5160] IRS NUMBER: 223005943 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20986 FILM NUMBER: 1725203 BUSINESS ADDRESS: STREET 1: 121 S NORWOOD DR CITY: HURST STATE: TX ZIP: 76053 BUSINESS PHONE: 7323703400 MAIL ADDRESS: STREET 1: 121 S NORWOOD DR CITY: HURST STATE: TX ZIP: 76053 FORMER COMPANY: FORMER CONFORMED NAME: ENVIRONMENTAL TECHNOLOGIES CORP DATE OF NAME CHANGE: 19960515 8-K 1 d90363e8-k.txt FORM 8-K 1 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): August 28, 2001 EVTC, INC. (Exact name of registrant as specified in its charter) Delaware 0-20986 22-3005943 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 3125 W. Bolt Street, Fort Worth, Texas 76110 --------------------------------------- -------- (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code: (817) 759-8900 N/A ------------------------------------------------------------- (Former name or former address, if changed since last report) 1 2 Item 1. Changes in Control of Registrant Not Applicable Item 2. Acquisition or Disposition of Assets Not Applicable. Item 3. Bankruptcy or Receivership Not Applicable Item 4. Changes in Registrant's Certifying Accountant Not Applicable Item 5. Other Events We announced a corporate restructuring on August 28, 2001. A copy of the press release relating to this announcement is attached as an exhibit to this report. Item 6. Resignations of Registrant's Directors Not Applicable Item 7. Financial Statements and Exhibits (a) Financial statements of business acquired. Not Applicable (b) Pro forma financial information Not Applicable (c) Exhibits 99 - Press Release dated August 28, 2001 Item 8. Change in Fiscal Year Not Applicable 2 3 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. EVTC, INC. By: /s/ Bobby G. Stephens ------------------------------------ Bobby G. Stephens, Chief Executive Officer Dated: August 28, 2001 3 4 INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION - -------- ----------- 99 Press Release dated August 28, 2001
EX-99 3 d90363ex99.txt PRESS RELEASE DATED AUGUST 28, 2001 1 EXHIBIT 99 COMPANY RESTRUCTURES ITS WAREHOUSE, REFRIGERANT DISTRIBUTION AND RECLAMATION OPERATIONS, REDUCING WORKFORCE BY 18%, AND CLOSING FOUR REMOTE, FULL-SERVICE WAREHOUSE LOCATIONS; EXPECTS ANNUALIZED SAVINGS OF $2 MILLION FT. WORTH, TX. - EVTC, Inc., a national provider of complete refrigerant solutions, today announced a business restructuring initiative to align the Company with current market conditions and prepare it for future profitable growth. The Company will close four remote, full-service warehouse locations and, in conjunction with those closings, is reducing its workforce by 18%. These actions are being taken to take advantage of the excess capacity it has at its Ft. Worth, Texas, facility and to utilize a more efficient refrigerant distribution and reclamation business model. The Company is closing full-service warehouse operations in four locations across the country. This action reflects a realignment in strategy for its distribution and reclaim network by integrating its on-site service business model, utilizing a fleet of refrigerant recovery trucks and public warehouse facilities, for all of its Full Circle subsidiary refrigerant operations. This is consistent with the business strategy adopted with the acquisition of its RMS subsidiary made last year. The Company expects to realize annualized pre-tax savings of $2 million from these actions. "We are integrating the more cost efficient business model represented by our existing on-site service operations," said Bob Stephens, CEO. "We're continuing to take significant measures to adapt our business in the face of changing conditions. While we deeply regret the impact of these actions on the employees we have had to release, we must focus on this cost and expense structure, creating a business model that will ensure the long-term health of our Company and make it possible to continue to invest strategically for the future." BUSINESS RESTRUCTURING INITIATIVES Warehouse operation closures: EVTC is taking steps to contain costs and expenses and integrate a more efficient business operating model. Each warehouse closure is designed to eliminate duplicate operating activities that are more efficiently performed at its Ft. Worth facility. This move is also designed to take advantage of the under-utilized capacity of its warehouse and refrigerant reclaim operations at that facility. Reduction of workforce levels: As the Company realigns its refrigerant distribution and reclamation operations, it will reduce its workforce by 18%, a total of 28 employees. EVTC's total workforce prior to this action was 152. The releases are expected to be completed by September 30, 2001. 2 "We remain optimistic about the long-term growth opportunities for our industry and our business," said Stephens. "With our unique strengths and the actions we're taking today, we believe we will be strongly and competitively positioned for the future." ABOUT EVTC, INC. EVTC, Inc. is a national provider of complete refrigerant solutions. The Company markets and sells refrigerants and provides refrigerant reclamation services. The Company markets a complete line of reclaimed and virgin refrigerants to HVAC/R wholesalers, mechanical contractors and large institutional and government users of refrigerants and into the automotive aftermarket. The Company also recycles fluorescent lamps and PCB ballasts. FORWARD LOOKING STATEMENTS Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, the Company's industry position, financial condition and structure. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Such risks include, without limitation, risks associated with the Company not being able to successfully implement its new strategies, the risk that new acquisitions, if any, will not be successfully integrated into the Company, the seasonality of the Company's sales, the Company's competition, the Company's dependence on supplier relationships and risks related to the Company's borrowings. CONTACT: EVTC, INC. T/A ENVIRONMENTAL TECHNOLOGIES, CORP. INVESTOR RELATIONS PHONE (817) 759-8900 FAX (817) 759-8901 ir@evtc.com -----END PRIVACY-ENHANCED MESSAGE-----