-----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, SCG+wNEehO8z6qapZ0tFC5YhVZ/OKN6E61wXG6hQLIXu2GKzhqYclL8OElzsw5+y h10aaSKX2NE7BTAomr2Yog== /in/edgar/work/20000913/0000889429-00-000022/0000889429-00-000022.txt : 20000922 0000889429-00-000022.hdr.sgml : 20000922 ACCESSION NUMBER: 0000889429-00-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000816 ITEM INFORMATION: FILED AS OF DATE: 20000913 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARAGON TRADE BRANDS INC CENTRAL INDEX KEY: 0000889429 STANDARD INDUSTRIAL CLASSIFICATION: [2670 ] IRS NUMBER: 911554663 STATE OF INCORPORATION: DE FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-11368 FILM NUMBER: 722169 BUSINESS ADDRESS: STREET 1: 180 TECHNOLOGY PARLWAY CITY: NORCROSS STATE: GA ZIP: 30092 BUSINESS PHONE: 6789695000 MAIL ADDRESS: STREET 1: 180 TECHNOLOGY PKWY CITY: NORCROSS STATE: GA ZIP: 30092 8-K 1 0001.txt CURRENT REPORT 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 16, 2000 PARAGON TRADE BRANDS, INC. (Exact name of registrant as specified in charter) DELAWARE (State or other jurisdiction of incorporation) 1-11368 (Commission File Number) 91-1554663 (IRS Employer Identification No.) 180 TECHNOLOGY PARKWAY, NORCROSS, GA 30092 (Address of principal executive offices) (Zip Code) (678) 969-5000 (Registrant's telephone number, including area code) Page 1 Exhibit Index is at Page 3 ITEM 5. OTHER EVENTS. On August 16, 2000, Paragon Trade Brands, Inc. (the "Company") issued a press release announcing its plans to exit the feminine care business. A copy of such press release is included as an exhibit to this report and incorporated herein by reference. As part of this exit, the Company will shut down its Gaffney, South Carolina feminine care manufacturing operations before the end of the year. The Company expects to take a third quarter charge of approximately $16 million for severance, the writedown of certain feminine care assets and other related expenditures. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits EXHIBIT NUMBER DESCRIPTION -------------- ----------- 99.1 Press Release dated August 16, 2000 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. PARAGON TRADE BRANDS, INC. (Registrant) By: /S/ ALAN J. CYRON ---------------------------- Name: Alan J. Cyron Title: Chief Financial Officer Dated: September 13, 2000 -2- EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION - -------------- ----------- 99.1 Press Release dated August 16, 2000 -3- EX-99.1 2 0002.txt PRESS RELEASE DATED AUGUST 16, 2000 NEWS FOR IMMEDIATE RELEASE CONTACT: Kurt P. Ross Guy B. Lawrence ROSS & LAWRENCE tel: (212) 308-3333 E-mail: kpross@rosslawpr.com PARAGON ANNOUNCES PLAN TO EXIT FEMININE CARE BUSINESS MOVE CONSISTENT WITH FOCUS ON DIAPER AND TRAINING PANT GROWTH Norcross, GA, August 16, 2000 - Paragon Trade Brands, Inc. (OTC Bulletin Board: PGTR) today announced it plans to exit the feminine care business. The Company anticipates completing this process by year-end and is in discussions with several interested purchasers. The orderly transition from this business will enable the Company to focus its resources on the continued growth and expansion of its core diaper and pant businesses. Commenting on the decision Chairman and Chief Executive Officer Michael Riordan noted, "Since emerging from Chapter 11 earlier this year Paragon's primary focus has been on growing our business and returning it to profitability as well as servicing our customers' needs. Thanks largely to the outstanding performance of our diaper and pant product lines we have recorded significant increases in revenues and cashflow and have achieved a major turn around. "A recent in depth review of our business has resulted in our determination that our feminine care business does not fit into our future core strategies. The decision to exit this business is an extremely difficult one, particularly in light of the efforts of our employees at our Gaffney, South Carolina facility as well as the tremendous support of customers. However, I am confident that the best way for us to excel and to grow shareholder value is by narrowing our focus and becoming the best possible supplier of store brand diapers and pants to our retail customers. Focusing our energies, technology and capital resources exclusively on our core businesses will help us achieve that status." Paragon Announces Plan to Exit Feminine Care Business Page 2 Paragon Trade Brands is the leading manufacturer of store brand infant disposable diapers and training pants in North America. Paragon manufactures a line of premium and economy diapers and training pants, which are distributed throughout North America through grocery and food stores, mass merchandisers, warehouse clubs and drug stores that market the products under their own store brand names. Through its international joint ventures, Paragon is also a leading supplier of infant disposable diapers and other absorbent personal care products in Mexico, Argentina, Brazil and China. Statements made in this press release, other than those concerning historical information, should be considered forward-looking statements. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in the Company's forward-looking statements. Factors which could affect the Company's financial results, including, but not limited to: increased raw material prices and product costs; new product and packaging introductions by competitors; increased price and promotion pressure from competitors; new competitors in the market; increased financial leverage; and patent litigation, are described in the Company's periodic filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof, and which are made by management pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. ### ALAN J. CYRON EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER PARAGON TRADE BRANDS, INC. 180 TECHNOLOGY PARKWAY NORCROSS, GA 30092 678/969-5200 -----END PRIVACY-ENHANCED MESSAGE-----