SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Under Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report December 22, 2006
Commission File No. 0-8190
WILLIAMS INDUSTRIES, INCORPORATED
---------------------------------
(Exact name of registrant as specified in its charter)
Virginia 54-0899518
- ----------------------------- -------------------------
(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) Number)
8624 J.D. Reading Drive 20109
- --------------------------------- ----------------------
(Address of Principal Executive (Zip Code)
Offices)
P.O. Box 1770 20108
- --------------------------------- ----------------------
(Mailing Address of Principal (Zip Code)
Executive Offices)
(703) 335-7800
----------------------------------------------------
(Registrant's telephone Number, including area code)
Item 8.01 Other Events.
On December 21, 2006, the Company's subsidiary SIP, Inc. of Delaware
closed the sale/leaseback of its property in Wilmington, Delaware, to an
unaffiliated party for $1.35 Million. The transaction resulted in a gain
in excess of $1 million, recognition of which may be deferred under
sale/leaseback accounting rules. As reported in the Company's Form 10-Q
for the quarter ended October 31, 2006, SIP had entered into a line of
credit from which SIP had already paid United Bank $750,000, which reduced
the Company's debt to United Bank to approximately $3 million, which is
due June 30, 2007. After accounting for this $750,000 advanced by SIP,
50% of the net proceeds of the sale, or approximately $273,000 was paid
to the Williams Family LP, reducing the principal owed by SIP to the
Williams Family LP, which is due September 30, 2007, to approximately
$233,000. The leaseback is for one year with two one year extension
options. SIP intends to find property in the region to relocate its
Delaware facility during the term of the lease in order efficiently to
continue to serve its market area, which extends from the Gulf coast
throughout the eastern seaboard.
Safe Harbor for Forward-Looking Statements
The Company is including the following cautionary
statements to make applicable and take advantage of the safe
harbor provisions within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 for any forward-looking statements made by,
or on behalf of, the Company in this document and any materials
incorporated herein by reference. Forward-looking statements
include statements concerning plans, objectives, goals,
strategies, future events or performance and underlying
assumptions and other statements, which are other than
statements of historical facts. Such forward-looking statements
may be identified, without limitation, by the use of the words
"anticipates," "estimates," "expects," "intends," and similar
expressions. From time to time, the Company or one of its
subsidiaries individually may publish or otherwise make
available forward-looking statements of this nature. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the Company or its subsidiaries, are
expressly qualified by these cautionary statements and any other
cautionary statements which may accompany the forward-looking
statements. In addition, the Company disclaims any obligation
to update any forward-looking statements to reflect events or
circumstances after the date hereof.
Forward-looking statements made by the Company are subject
to risks and uncertainties that could cause actual results or
events to differ materially from those expressed in, or implied
by, the forward-looking statements. These forward-looking
statements may include, among others, statements concerning the
Company's revenue and cost trends, cost reduction strategies and
anticipated outcomes, planned capital expenditures, financing
needs and the availability of such financing, and the outlook
for future activity in the Company's market areas. Investors or
other users of forward-looking statements are cautioned that
such statements are not a guarantee of future performance by the
Company and that such forward-looking statements are subject to
risks and uncertainties that could cause actual results to
differ materially from those expressed in, or implied by, such
statements. Some, but not all of the risks and uncertainties,
in addition to those specifically set forth above, include
general economic and weather conditions, market prices,
environmental and safety laws and policies, federal and state
regulatory and legislative actions, tax rates and policies,
rates of interest and changes in accounting principles or the
application of such principles to the Company.
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.
Williams Industries, Incorporated
-----------------------------------
Registrant
Dated December 22, 2006
/s/ FRANK E. WILLIAMS, III
-----------------------------------
Frank E. Williams, III, President