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: November 17, 2000
(Date of earliest event reported)
HUFFY CORPORATION
(Exact name of Registrant as specified in its Charter)
| Ohio (State or other jurisdiction of incorporation) | 1-5325 (Commission File No.) | 31-0326270 (IRS Employer Identification Number) |
| 225 Byers Road, Miamisburg, Ohio | 45342-3657 |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (937) 866-6251
N/A
(Former name or former address, if changed since last report)
Item 5. Other Events
Huffy Corporation is filing herewith an unaudited proforma balance sheet. This filing is made in response to numerous inquiries from shareholders and investors regarding the impact that the recently announced sale of Washington Inventory Service is projected to have on indebtedness and shareholder equity. The attached proforma balance sheet reflects the reduction in debt and the increase in shareholder equity resulting from the application of sales proceeds and recording the gain on the sale. The gain on the Washington Inventory Service sale of $20.3 million is equivalent to $1.97 per share of common stock.
Item 7. Financial Statements and Exhibits
(b) Proforma financial information.
HUFFY CORPORATION
CONSOLIDATED PROFORMA BALANCE SHEET
(Dollars in thousands, except per share data)
(UNAUDITED)
| November 4, 2000 | September 30, 2000 | ||||
| Cash and cash equivalents | $ | 10,396 | $ | 4,322 | |
| Receivables, net | 86,388 | 73,582 | |||
| Inventories | 54,423 | 37,909 | |||
| Prepaid expenses and other expenses | 35,969 | 35,381 | |||
| Net assets of discontinued operations | 0 | 43,182 | |||
| Total current assets | 187,716 | 194,376 | |||
| Property, plant and equipment, net | 16,954 | 14,580 | |||
| Intangibles and others | 13,068 | 23,635 | |||
| Total assets | $ | 217,738 ====== | $ | 232,591 ======= | |
| Notes payable and current portion | |||||
| of long-term debt | $ | 4,119 | $ | 82,666 | |
| Accounts payable and accruals | 108,091 | 77,186 | |||
| Income taxes and other | 13,165 | 7,186 | |||
| Total current liabilities | 125,375 | 167,038 | |||
| Long-term debt | 0 | 0 | |||
| Other liabilities | 20,218 | 18,449 | |||
| Shareholders' equity | 72,145 | 47,104 | |||
| Total liabilities and shareholders' equity | $ | 217,738 ====== | $ | 232,591 ====== | |
| Equity per common share outstanding | $ | 7.07 | $ | 4.61 | |
| Working capital ratio | 1.5 | 1.2 | |||
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.
| Registrant | HUFFY CORPORATION |
| Date: November 17, 2000 | By: /s/ Timothy G. Howard Timothy G. Howard Vice President and Corporate Controller (Principal Accounting Officer) |
