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): May 9, 2003
Featherlite, Inc.
(Exact name of Registrant as Specified in its Charter)
Minnesota
(State or Other Jurisdiction of Incorporation)
000-24804 (Commission File Number) | 41-1621676 (IRS Employer Identification No.) |
Highways 63 and 9
Cresco, Iowa 52136
(Address of Principal Executive Offices and Zip Code)
(563) 547-6000
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Item 7. Financial Statements and Exhibits.
(a) Financial statements: None.
(b) Pro forma financial information: None.
(c) Exhibits:
99.1 Press Release dated May 7, 2003
Item 9. Regulation FD Disclosure.
The following information is furnished in satisfaction of Item 12 “Disclosure of Results of Operations and Financial Condition” of Form 8-K and is being presented under Item 9 “Regulation FD Disclosure” of Form 8-K as instructed in the Securities and Exchange Commission’s guidance provided in Release No. 33-8216.
On May 7, 2003, Featherlite, Inc. issued a press release announcing its 2003 first quarter financial results. The full text of the press release is set forth in Exhibit 99.1 attached hereto and is incorporated in this Report as if fully set forth herein.
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.
Dated: May 9, 2003
FEATHERLITE, INC. | ||
By | /S/ CONRAD D. CLEMENT | |
Conrad D. Clement President and Chief Executive Officer | ||
Limitation on Incorporation by Reference.
Pursuant to general instruction B.2. of Form 8-K, the information in this report shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FEATHERLITE, INC.
EXHIBIT INDEX TO FORM 8-K
Date of Report: | Commission File No.: | |
May 9, 2003 | 000-24804 |
Exhibit | Item | |
99.1 | Press Release dated May 7, 2003 |
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FEATHERLITE, INC.
Condensed Balance Sheets
(Unaudited)
(In thousands)
March 31, 2003 | Dec. 31, 2002 | |||||
ASSETS | ||||||
Current assets | ||||||
Cash | $ | 525 | $ | 218 | ||
Receivables |
| 4,189 |
| 6,117 | ||
Refundable income taxes |
| 379 |
| 1,129 | ||
Inventories |
| 61,355 |
| 61,459 | ||
Prepaid expenses |
| 1,483 |
| 2,010 | ||
Total current assets |
| 67,931 |
| 70,933 | ||
Property and equipment, net |
| 16,632 |
| 16,697 | ||
Other assets |
| 4,564 |
| 4,641 | ||
$ | 89,127 | $ | 92,271 | |||
LIABILITIES AND SHAREHOLDER’S EQUITY | ||||||
Current liabilities | ||||||
Wholesale financing and other notes payable | $ | 24,414 | $ | 25,963 | ||
Current maturities of long-term debt |
| 7,640 |
| 7,886 | ||
Bank line of credit |
| 5,314 |
| 6,799 | ||
Subordinated convertible debt |
| 1,500 |
| 1,500 | ||
Checks issued not yet presented |
| 1,962 |
| 1,408 | ||
Accounts payable |
| 3,222 |
| 3,423 | ||
Motorcoach shell costs payable |
| 7,035 |
| 5,655 | ||
Current portion trade creditor repayment plan |
| 2,446 |
| 2,515 | ||
Accrued liabilities |
| 7,329 |
| 8,375 | ||
Customer deposits |
| 1,775 |
| 1,317 | ||
Total current liabilities |
| 62,637 |
| 64,841 | ||
Long-term debt, net of current maturities |
| 7,535 |
| 7,230 | ||
Trade creditor plan, net of current portion |
| 1,605 |
| 2,170 | ||
Other long-term liabilities |
| 72 |
| 75 | ||
Shareholders’ equity |
| 17,278 |
| 17,955 | ||
$ | 89,127 | $ | 92,271 | |||
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FEATHERLITE, INC
Condensed Statements of Income
(Unaudited)
(In Thousands, except for per share data)
Three months Ended March 31 | ||||||||
2003 | 2002 | |||||||
Net Sales | $ | 41,710 |
| $ | 60,605 |
| ||
Cost of Sales |
| 36,572 |
|
| 52,779 |
| ||
Gross profit |
| 5,138 |
|
| 7,826 |
| ||
Selling and administrative expenses |
| 5,530 |
|
| 5,310 |
| ||
Income (loss) from operations |
| (392 | ) |
| 2,516 |
| ||
Other income(expense) | ||||||||
Interest |
| (684 | ) |
| (811 | ) | ||
Other, net |
| 145 |
|
| 43 |
| ||
Total other expense |
| (539 | ) |
| (768 | ) | ||
Income (loss) before taxes |
| (931 | ) |
| 1,748 |
| ||
Provision (benefit) for income taxes |
| (255 | ) |
| 647 |
| ||
Net income (loss) | $ | (676 | ) | $ | 1,101 |
| ||
Net income(loss)per share— | ||||||||
Basic | $ | (0.10 | ) | $ | 0.17 |
| ||
Diluted | $ | (0.09 | ) | $ | 0.17 |
| ||
Weighted average shares outstanding— | ||||||||
Basic |
| 6,535 |
|
| 6,535 |
| ||
Diluted |
| 7,328 |
|
| 6,535 |
| ||
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