-----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, E7ZW2w34fMw8JxIfLAqRpb1VNMUXDXWXnNwInP8UR8ItshJHWcK4+WTO6LIwcSFx /rPBXTXqc4m2fWUZhvierg== 0000912057-99-008822.txt : 19991213 0000912057-99-008822.hdr.sgml : 19991213 ACCESSION NUMBER: 0000912057-99-008822 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991209 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991210 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: 99771803 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 8-K - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Date of report (Date of earliest event reported): December 9, 1999 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 December 9, 1999, Aftermarket Technology Corp. (the "Company") issued a press release announcing, among other things, that it expects earnings for 2000 of approximately $1.25 per share and further improvement of earnings of approximately 50% in 2001. The Company also announced that it expects to record restructuring charges of approximately $9.5 million in the fourth quarter of 1999. The Company still expects 1999 earnings to be $0.70 per share before these and other special charges recorded earlier in the year. A copy of the press release is attached to this Form 8-K as Exhibit 99. Following the issuance of the press release, Michael T. DuBose, Chairman of the Board, President and Chief Executive Officer of the Company, and Barry C. Kohn, Chief Financial Officer of the Company, conducted a telephonic conference with securities analysts and large institutional stockholders during which they stated that the Company expects earnings for the first quarter of 2000 to be approximately $0.25 per share, as compared to earnings before special charges of $0.10 per share in the first quarter of 1999. FORWARD LOOKING STATEMENT NOTICE The above paragraphs contain 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, 1998 and other filings made by the Company with the Securities and Exchange Commission. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) EXHIBITS 99 Press Release issued by Aftermarket Technology Corp. on December 9, 1999. 2 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: December 9, 1999 By: /s/ Joseph Salamunovich ----------------------- Joseph Salamunovich Vice President 3 EX-99 2 EXHIBIT 99 [AFTERMARKET LOGO] EXHIBIT 99 NEWS RELEASE - ------------ FOR MORE INFORMATION: FOR IMMEDIATE RELEASE MARY RYAN 630/734-2383 AFTERMARKET TECHNOLOGY CORP. ISSUES GUIDANCE FOR 2000 -ANTICIPATES 80% EARNINGS GROWTH IN 2000- WESTMONT, IL, THURSDAY, DECEMBER 9, 1999 - Aftermarket Technology Corp. today announced its earnings guidance for 2000 and identified its performance objectives for 2001. The Company said that it expects to achieve earnings of $1.25 per diluted share in 2000 and that improvements and restructuring recently completed and in process should drive further improvement in earnings of approximately 50% in 2001. The Company also reaffirmed the 1999 consensus EPS estimate of $0.70 per diluted share before charges. The Company announced it expects to record restructuring charges of approximately $9.5 million in the fourth quarter of 1999, associated with initiatives designed to improve operating efficiencies. These charges, which consist primarily of severance, facility closure costs and associated asset write-offs, result from finalization of the Company's 2000 planning process. The profit improvement initiatives driving these charges include consolidation of one of the Company's aftermarket transmission remanufacturing facilities into one of the Company's more efficient remanufacturing facilities. In addition, the Company will prune its product offering of remanufactured engines, enabling it to reduce costs by focusing on higher volume engine models. Collectively, the restructuring charges are expected to result in 2000 operating income improvement of approximately $11 million. Commenting on the Company's 2000 outlook, Mike DuBose, Chairman, President and CEO said, "As we wind up ATC's transition year, I am pleased with the progress being made in restoring the Company to health. During 1999, we made tremendous advances that provide the building blocks for our success in 2000. We still have work to do in some of our businesses, but feel that our systems improvements, enhanced employee training, strengthening field management and strict cost and working capital controls will significantly contribute to ATC's performance in 2000." "There are a number of 2000 business plan initiatives that support further performance improvement and lay the foundation for achievement of our long-term goals. These include numerous initiatives in the Distribution Group such as operations improvement "tiger teams", enhanced products and manual transmission parts roll-out through our recently acquired All Trans division as well as significant company-wide productivity initiatives. Assuming the economy continues under its present course, we expect these and other initiatives to continue our top line growth rate of approximately 10-15%, drive growth in EBITDA of approximately 40% and in EPS of approximately 80% in 2000. We are targeting continued progress into 2001 with further earnings growth of approximately 50%," DuBose concluded. 2 In other news, the Company announced that it recently completed the previously announced purchase of the assets of All Automatic Transmission Parts, Inc. This is the companion acquisition to the Company's All Trans purchase, which occurred on October 1, 1999. ATC is headquartered in Westmont, Illinois. The Company's principal products include remanufactured transmissions, torque converters and engines, as well as remanufactured and new parts for the repair of automotive drive train assemblies. ATC also remanufactures electronic control modules, instrument and display clusters and radios. In addition, the Company provides third party distribution and material recovery services. The Company's customers include original equipment manufacturers and independent transmission rebuilders, as well as wholesale distributors and retail automotive parts stores. Established in 1994, the Company maintains more than 65 distribution centers throughout the United States and Canada. ATC posted 1998 revenues of $486.8 million. ### 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, 1998 and other filings made by the Company with the Securities and Exchange Commission. 3 -----END PRIVACY-ENHANCED MESSAGE-----