-----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, SAavmvjoQj8JtMeV825meAicCIBaJW5YxrQVmF9fPfD6y94xUzI7O0mjF5HLkUBE 4xbvLIo9CIOfQhU6cziHSQ== 0000912057-01-007007.txt : 20010307 0000912057-01-007007.hdr.sgml : 20010307 ACCESSION NUMBER: 0000912057-01-007007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010222 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AFTERMARKET TECHNOLOGY CORP CENTRAL INDEX KEY: 0000933405 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 954486486 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-21803 FILM NUMBER: 1558538 BUSINESS ADDRESS: STREET 1: ONE OAK HILL CENTER STREET 2: SUITE 400 CITY: WESTMONT STATE: IL ZIP: 60559 BUSINESS PHONE: 6304556000 MAIL ADDRESS: STREET 1: ONE OAK HILL CENTER STREET 2: SUITE 400 CITY: WESTMONT STATE: IL ZIP: 60559 8-K 1 a2040389z8-k.txt 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Date of report (Date of earliest event reported): FEBRUARY 22, 2001 AFTERMARKET TECHNOLOGY CORP. (Exact Name of Registrant as Specified in Its Charter) Delaware 0-21803 95-4486486 (State or Other Jurisdiction of (Commission (I.R.S. Employer Incorporation or Organization) File Number) Identification No.) ONE OAK HILL CENTER, SUITE 400, WESTMONT, IL 60559 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code: (630) 455-6000 ================================================================================ AFTERMARKET TECHNOLOGY CORP. FORM 8-K ITEM 5. OTHER EVENTS. On February 22, 2001, Aftermarket Technology Corp. issued a press release announcing its financial results for the quarter and year ended December 31, 2000. Attached as Exhibit 99 hereto is a copy of such press release. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits Exhibit 99 Press release dated February 22, 2001 FORWARD LOOKING STATEMENT NOTICE The exhibit hereto contains forward-looking statements that involve risks and uncertainties because such statements are based upon assumptions as to future events that may not prove to be accurate. There can be no assurance that actual results will not differ materially from those projected or implied by such statements. The factors that could cause actual results to differ are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 1999 and other filings made by the Company with the Securities and Exchange Commission. 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, thereunto duly authorized. AFTERMARKET TECHNOLOGY CORP. Dated: February 28, 2001 By: /s/Joseph Salamunovich ---------------------------- Joseph Salamunovich Vice President -2- EX-99 2 a2040389zex-99.txt EX-99 EXHIBIT 99 [LOGO] NEWS RELEASE FOR MORE INFORMATION: FOR IMMEDIATE RELEASE MARY RYAN 630/734-2383 AFTERMARKET TECHNOLOGY CORP. REPORTS 2000 YEAR END RESULTS - RECORD EPS FOR COMPANY REALIZED - 2000 YIELDS IMPROVED REVENUE, MARGINS AND BALANCE SHEET WESTMONT, Illinois, Thursday, February 22, 2001--Aftermarket Technology Corp. (NASDAQ:ATAC) today reported financial results for the year ended December 31, 2000. For the year ended December 31, 2000, revenue from continuing operations increased by $15.4 million to $343.4 million from $328.0 million for 1999. Gross profit from continuing operations, as a percentage of sales, increased to 35.1% from 34.1%. Excluding special charges of $4.0 million recorded during the year ended December 31, 1999, income from continuing operations increased 11.9% to $26.4 million for the year ended December 31, 2000 as compared to $23.6 million for the prior year. Income from continuing operations reached an all-time-high of $1.25 per diluted share for the year ended December 31, 2000 versus $1.11 per diluted share for the year ended December 31, 1999, excluding special charges. Total revenue from continuing operations was $92.6 million in the fourth quarter of 2000 versus $86.2 million in the prior year's fourth quarter. Income from continuing operations was $7.0 million versus $9.2 million, before special charges, in the prior year's fourth quarter. As a result, on a per share basis, income from continuing operations was $0.33 per diluted share for the three months ended December 31, 2000 as compared to $0.43 per diluted share before special charges for the three months ended December 31, 1999. Key factors in the quarter over quarter change in EPS included improved Logistics revenues offset by weaker demand in our Drivetrain Remanufacturing segment and the favorable resolution of certain non-recurring events recorded in the fourth quarter of 1999. Mike DuBose, Chairman, President and CEO said, "We have successfully completed year two of the ATC transition. During the year, our Drivetrain Remanufacturing business faced some difficult challenges due to unusually mild weather, high fuel prices during the summer peak driving months, unusual inventory and pricing policy changes by our OE customers and the general turmoil facing our OE customers due to weakening demand for new automobiles. However, this segment ended the year with market demand for our remanufactured products beginning to increase and with our targeted installed base reaching an all-time-high. The installed base growth will help protect us from the cyclical nature of the automotive segment and will provide a sound foundation for growth into the future". 2 "During 2000, we had numerous business wins, including new contracts covering remanufactured transmissions and other drivetrain components, remanufactured engines for the European market, value-added third-party fulfillment and reverse logistics services." DuBose continued, "With the proceeds from the October sale of our Distribution Group, we have paid down debt by approximately $60 million and are realizing a tax benefit of approximately $44 million. The sale of this under-performing asset allowed us to focus on our core strengths and to reposition the Company into two reportable segments-Drivetrain Remanufacturing and Logistics. We look with particular pride to our Logistics segment, which has experienced a 36% compounded annual growth rate over the past two years." DuBose concluded, "As we enter 2001, we are committed to four initiatives that will drive our continued transformation: 1) implementation of lean and continuous improvement principles across the organization; 2) focused effort on our customer delight initiative designed to further improve our customer focused performance and strengthen our customer relationships; 3) continued strategic growth of our logistics businesses; and 4) the protection and continued growth of our drivetrain remanufacturing business. We are excited by the prospects that 2001 holds for our Company and our shareholders and hope to build on the solid achievements of the past two years." In related news, the Company reaffirmed its estimate for the first quarter and full year 2001 earnings per share of $0.27 and $1.30, respectively. 3 ATC is headquartered in Westmont, Illinois. The Company's continuing operations include drivetrain remanufacturing, third-party logistics and material recovery services. ATC also remanufactures electronic control modules, instrument and display clusters and radios. ### The preceding paragraphs contain statements that are not related to historical results and are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those that are predictive or express expectations, that depend upon or refer to future events or conditions, or that concern future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, or possible future Company actions. Forward-looking statements involve risks and uncertainties because such statements are based on current expectations, projections and assumptions regarding future events that may not prove to be accurate. Actual results may differ materially from those projected or implied in the forward-looking statements. The factors that could cause actual results to differ are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 1999 and other filings made by the Company with the Securities and Exchange Commission. 4 AFTERMARKET TECHNOLOGY CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA)
For the three months ended December 31, For the twelve months ended December 31, 2000 1999 2000 1999 ------------ ------------ ------------ ------------ (Unaudited) Net sales $ 92,612 $ 86,155 $ 343,357 $ 328,024 Cost of sales 60,274 53,601 222,939 216,217 Special charges - 113 113 ------------ ------------ ------------ ------------ Gross profit 32,338 32,441 120,418 111,694 Selling, general and administrative expense 13,990 11,035 48,971 47,026 Amortization of intangible assets 1,256 1,321 5,025 5,065 Special charges - 1,730 - 3,864 ------------ ------------ ------------ ------------ Income from operations 17,092 18,355 66,422 55,739 Other income (expense), net 195 202 173 323 Interest expense 6,127 5,932 23,900 22,774 ------------ ------------ ------------ ------------ Income from continuing operations, before income taxes 11,160 12,625 42,695 33,288 Income tax expense 4,202 4,636 16,249 12,224 ------------ ------------ ------------ ------------ Income from continuing operations 6,958 7,989 26,446 21,064 Loss from discontinued operations, net of income taxes - (8,246) (123,329) (14,257) ------------ ------------ ------------ ------------ Net income (loss) $ 6,958 $ (257) $ (96,883) $ 6,807 ============ ============ ============ ============ Per common share - basic: Income from continuing operations $ 0.34 $ 0.39 $ 1.28 $ 1.04 Loss from discontinued operations - (0.40) (5.97) (0.71) ------------ ------------ ------------ ------------ Net income (loss) $ 0.34 $ (0.01) $ (4.69) $ 0.33 ============ ============ ============ ============ Weighted average number of common shares outstanding 20,751 20,418 20,663 20,325 ============ ============ ============ ============ Per common share - diluted: Income from continuing operations $ 0.33 $ 0.38 $ 1.25 $ 1.00 Loss from discontinued operations - (0.39) (5.83) (0.68) ------------ ------------ ------------ ------------ Net income (loss) $ 0.33 $ (0.01) $ (4.58) $ 0.32 ============ ============ ============ ============ Weighted average number of common and common equivalent shares outstanding 20,925 21,228 21,163 21,164 ============ ============ ============ ============
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