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As filed with the Securities and Exchange Commission on July 13, 2000.
Registration No. 333-38754
==============================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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AMENDMENT NO. 1
TO
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
----------------
UNIROYAL TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 65-0341868
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Two North Tamiami Trail, Suite 900
Sarasota, Florida 34236-5568
(941) 361-2100
(Address, including zip code, and telephone number,
including area code, of registrant's principal executive offices)
----------------
Oliver J. Janney, Esq.
Executive Vice President, Secretary and General Counsel
Uniroyal Technology Corporation
Two North Tamiami Trail, Suite 900
Sarasota, Florida 34236
(941) 361-2212
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
-----------------
Copy to:
Thomas E. Molner, Esq.
Kramer Levin Naftalis & Frankel LLP
919 Third Avenue
New York, New York 10022
(212) 715-9100
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Approximate date of commencement of proposed sale to the public: From time to
time after the effective date of this Registration Statement.
If the only securities being registered on this Form are being offered pursuant
to dividend or interest reinvestment plans, please check the following box. "
If any of the securities being registered on this form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box. |X|
If this Form is filed to register additional securities for an offering pursuant
to Rule 462(b) under the Securities Act, please check the following box and list
the Securities Act registration statement number of the earlier effective
registration statement for the same offering. "
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. "
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. "
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CALCULATION OF REGISTRATION FEE
- ------------------------------ ------------------ ---------------------- ---------------------- -----------------------
Title of each class Amount Proposed Proposed maximum Amount
- ----------------------------- to be maximum offering aggregate offering of
of securities to be registered (1) price per share price (2) registration fee
registered
- ------------------------------ ------------------ ---------------------- ---------------------- -----------------------
- ------------------------------ ------------------ ---------------------- ---------------------- -----------------------
Common Stock, par value $.01 4,531,656 $16.281 $73,775,360.68 $22,356.16
per share
- ------------------------------ ------------------ ---------------------- ---------------------- -----------------------
- -----------
(1) Includes up to 3,000,000 shares as may be sold, from time to time, by
the Registrant and 1,531,656 shares as may
be sold, from time to time, by the selling stockholders.
(2) The proposed maximum aggregate offering price has been estimated solely
to calculate the registration fee under Rule 457(c) of the Securities
Act, based upon the average of the highest and lowest price per share
of common stock on the Nasdaq National Market reported on June 5, 2000.
The Registrant hereby amends this Registration Statement on such date or dates
as may be necessary to delay its effective date until the Registrant shall file
a further amendment which specifically states that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section 8(a), may determine.
SUBJECT TO COMPLETION, DATED JULY 13, 2000
PROSPECTUS
4,531,656 SHARES
UNIROYAL TECHNOLOGY CORPORATION
COMMON STOCK
------------------
Uniroyal Technology Corporation may offer shares of common stock from
time to time.
Certain stockholders (the "selling stockholders") of Uniroyal may also
offer and sell a total of 1,531,656 shares of Uniroyal common stock under this
prospectus. These shares were originally issued to the selling stockholders in
connection with Uniroyal's recently completed acquisition of Sterling
Semiconductor, Inc. ("Sterling"). Uniroyal will not receive any of the proceeds
from the sale of the shares sold by these selling stockholders.
The specific terms and amounts of the common stock offered by Uniroyal,
and the identities of and other information regarding any selling stockholders,
will be fully described in a prospectus supplement that will accompany this
prospectus. Please read both the prospectus supplement and this prospectus
carefully before you invest. This prospectus may not be used to sell securities
unless accompanied by a prospectus supplement.
Uniroyal common stock is listed on the Nasdaq National Market under the
symbol "UTCI." On June 5, 2000, the closing sales price for Uniroyal common
stock, as reported on the Nasdaq National Market, was $16.125. We advise you to
obtain a current market quotation for Uniroyal common stock.
-------------------------------
Investing in Uniroyal common stock involves certain risks. See "Risk
Factors" beginning on page 2 of this prospectus.
-------------------------------
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved these securities or determined whether
this prospectus is truthful or complete. Any representation to the contrary is a
criminal offense.
-------------------------------
The information in this prospectus is not complete and may be changed.
This prospectus is not an offer to sell these securities, and it is not
soliciting an offer to buy these securities in any jurisdiction where the offer
or sale is not permitted.
-------------------------------
The date of this prospectus is July 13, 2000.
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TABLE OF CONTENTS
Page
Summary......................................................................1
Risk Factors.................................................................2
Forward-Looking Statements...................................................9
Use of Proceeds..............................................................9
Selling Stockholders.........................................................10
Plan of Distribution.........................................................17
Legal Matters................................................................17
Experts......................................................................17
Where You Can Find Additional Information....................................18
SUMMARY
This summary highlights selected information from this prospectus and
may not contain all of the information that is important to you. To understand
this offering fully, you should read the entire prospectus carefully, including
"Risk Factors" beginning on page 2. In addition, you should also read the
documents we have referred you to in "Where You Can Find Additional Information"
on page 11 for information on our company and our financial statements.
About Uniroyal Technology Corporation
Uniroyal Technology Corporation is a leader in the development,
manufacture and sale of a broad range of materials employing plastics, specialty
chemicals and compound semiconductor technologies used in the production of
consumer, commercial and industrial products.
We are organized into three primary business segments: Compound
Semiconductors and Optoelectronics, Coated Fabrics and Specialty Adhesives.
o The Compound Semiconductor and Optoelectronics segment
manufactures wafers, epitaxial wafers and package-ready dies
used in high brightness light emitting diodes ("HB-LEDs"),
switches and transformers. It was formerly known as the
Optoelectronics segment until May 31, 2000 when we changed the
name of the segment to the Compound Semiconductor and
Optoelectronics segment to reflect the acquisition of the
business of Sterling Semiconductor, Inc. ("Sterling").
o The Coated Fabrics segment manufactures a wide selection of
plastic vinyl coated fabrics for use in furniture and seating
applications.
o The Specialty Adhesives segment manufactures liquid adhesives
and sealants for use in the commercial roofing industry and in
the manufacture of furniture, truck trailers and recreational
vehicles.
The Coated Fabrics and Specialty Adhesives businesses are leading
suppliers in their markets because of their ability to provide specialized
materials with performance characteristics customized to the end user and their
ability to provide technical and customer support in connection with the use of
their products in manufacturing.
Uniroyal is a Delaware corporation. Our principal executive offices are
located at Two North Tamiami Trail, Suite 900, Sarasota, Florida 34236, and our
telephone number at that address is (941) 361-2100.
Recent Developments
On February 28, 2000, we sold to Spartech Corporation substantially all
the assets of our High Performance Plastics segment, for approximately $216.0
million, subject to adjustment based upon the closing balance sheet of the
business segment. Pursuant to the asset purchase agreement, Spartech Corporation
held back $5.0 million of the purchase price pending resolution of any
adjustments. We have been discussing these adjustments with Spartech and, while
we expect a reduction in the purchase price of at least $3.1 million, we do not
believe that these adjustments will involve reduction of the purchase price by
more than 5%. The High Performance Plastics division manufactured specialty and
general purpose thermoplastic sheet, injection molding resins, color
concentrates, extruded profiles and fabricated acrylic sheet for the aerospace,
marine, specialty and general purpose markets as well as acrylic rods and tubes.
On May 31, 2000, we acquired Sterling, a Virginia corporation, which is
a developer and manufacturer of silicon carbide ("SiC") semiconductor wafer
substrates, related semiconductor devices and substrates with epitaxial thin
film coatings. In addition to offering SiC wafers for sale, Sterling sells a
limited product line of epitaxial thin film coatings, the active materials used
in making functioning electronic devices, on SiC wafers. In connection with the
acquisition of Sterling, we have filed a registration statement, of which this
prospectus is a part, to register the shares of common stock acquired in a
private placement by certain former security holders of Sterling who are the
selling stockholders to be identified in a supplement to this prospectus.
RISK FACTORS
Investing in the common stock involves certain risks. You should carefully
consider the following risk factors, together with all of the other information
included in this prospectus and incorporated by reference into this prospectus,
in deciding whether to invest in the common stock.
General
Possible Volatility of Stock Price
The market price of Uniroyal's common stock has been and may continue
to be subject to wide fluctuations. Factors affecting the stock price may
include:
o variations in our operating results and our competitors from quarter
to quarter;
o changes in earnings estimates by securities analysts;
o market conditions in the compound semiconductor, coated fabrics and
specialty adhesives industries; and
o general economic conditions.
Uniroyal's stock price has fluctuated widely. For example, between the
first quarter of 1997 and the fourth quarter of 1998, the high and low sale
prices of our common stock fluctuated between approximately $1.063 and $5.438
per share. Between the first quarter of 1999 and the first quarter of 2000, the
high and low sale prices of our common stock fluctuated between approximately
$3.625 and $6.313 per share. From the first quarter of 2000 to the end of the
second quarter of 2000, the high and low sale prices of our common stock
fluctuated between approximately $4.500 and $35.563 per share. The prices have
been adjusted to give effect to the two-for-one stock split declared on March
10, 2000 for stockholders of record on March 20, 2000. The current market price
of our common stock may not be indicative of future market prices, and investors
may not be able to sustain or increase the value of their investment in the
common stock.
Competition
The coated fabrics, specialty adhesives, compound semiconductor and
optoelectronics industries, in general, are highly competitive. Many of our
competitors have substantially greater resources than we do. Oversupply and
intense price competition periodically characterize the coated fabrics and
specialty adhesives industries.
We believe that our reputation for high quality products, innovative
technology and strong customer technical service permits us to compete
successfully in the markets that we presently serve. However, we may not be able
to continue to compete successfully in such markets or to apply such strengths
successfully to additional markets. In addition, new entrants may come into the
markets that we serve. Companies may offer products based on alternative
technologies and processes that may be superior to ours in price, performance or
otherwise.
Joint Venture with Emcore Corporation
Uniroyal owns, through a wholly-owned subsidiary, the majority interest
in a joint venture company established with Emcore Corporation. The joint
venture company, together with the business of Sterling, comprises our Compound
Semiconductor and Optoelectronics business segment. The joint venture company is
governed by a board of managers with representatives from both Emcore and
Uniroyal. Certain decisions must be approved by both parties to the joint
venture, which means we will be unable to direct extraordinary changes in the
operation of the joint venture without the agreement of Emcore. If Uniroyal and
Emcore are unable to agree on important issues, the business of the joint
venture and accordingly, our Compound Semiconductor and Optoelectronics segment,
may be delayed or interrupted, which may materially and adversely affect
Uniroyal's business, financial condition and results of operations.
We have devoted and will be required to continue to devote significant
funds and technologies to the joint venture to develop and enhance its products.
In addition, the joint venture requires that some of Uniroyal's employees devote
much of their time to the joint venture's projects. This could place a strain on
Uniroyal's management and financial employees. If the joint venture is
unsuccessful in developing and marketing its products, our business, financial
condition and results of operations may be materially and adversely affected.
If the joint venture and accordingly our Compound Semiconductor and
Optoelectronics business is successful, we share only a portion of the benefits
in accordance with our 51% ownership interest in the joint venture.
Dependence on Management
The continued success of Uniroyal depends in part on our ability to
retain certain members of senior management. In particular, we are highly
dependent on the management services of Howard R. Curd, our Chairman of the
Board and Chief Executive Officer, Robert L. Soran, our President and Chief
Operating Officer, and George J. Zulanas, Jr., our Executive Vice President and
Chief Financial Officer. While we have entered into employment agreements with
Messrs. Curd, Soran and Zulanas, there can be no assurance that such employees
will not leave or compete with Uniroyal. Failure to retain senior management
could have a material adverse effect on Uniroyal's business, financial condition
and results of operations.
Dependence on Key Personnel
The continued success of Uniroyal depends in part on our ability to
attract and retain certain key personnel, including scientific, operational and
management personnel. For example, some of the equipment used in the production
of HB-LED and SiC products must be modified before it is put to use, and only a
limited number of employees possess the expertise needed to perform these
modifications. Furthermore, the number of individuals with experience in the
production of HB-LED and SiC products is limited. Accordingly, the future
success of the Compound Semiconductor and Optoelectronics segment depends in
part on retaining those individuals who are already employees.
The competition for attracting and retaining employees, especially
scientists for the Compound Semiconductor and Optoelectronics segment, is
intense. Because of this intense competition for these skilled employees, we may
be unable to retain our existing personnel or attract additional qualified
employees in the future. Specifically, we may experience increased costs in
order to attract and retain skilled employees. Failure to retain senior
management and skilled employees and attract additional qualified employees
could have a material adverse effect on Uniroyal's business, financial condition
and results of operations.
Intellectual Property
Trade Secrets. Uniroyal's success and competitive position depend on
protecting our trade secrets and other intellectual property. Particularly with
respect to the business of our Compound Semiconductor and Optoelectronics
segment, including Sterling, our strategy is to rely more on trade secrets than
patents to protect our manufacturing and sales processes and products, but
reliance on trade secrets is only an effective business practice insofar as
trade secrets remain undisclosed and a proprietary product or process is not
reverse engineered or independently developed. We take certain measures to
protect our trade secrets, including executing non-disclosure agreements with
our employees, joint venture partners, customers and suppliers. If parties
breach these agreements or the measures we take are not properly implemented, we
may not have an adequate remedy. Disclosure of our trade secrets or reverse
engineering of our proprietary products, processes or devices could materially
and adversely affect Uniroyal's business, financial condition and results of
operations.
Patent Protection. Although Uniroyal currently holds nine U.S. patents,
these patents do not protect any material aspects of the current or planned
commercial versions of our products for our Compound Semiconductor and
Optoelectronics business segment. We are actively pursuing patents on some of
our recent inventions, but these patents may not be issued. Even if these
patents are issued, they may be challenged, invalidated or circumvented. In
addition, the laws of certain other countries may not protect Uniroyal's
intellectual property to the same extent as U.S. laws.
Other companies may hold or obtain patents on inventions or may
otherwise claim proprietary rights to technology necessary to Uniroyal's
business, especially with respect to the business of our Compound Semiconductor
and Optoelectronics segment. We cannot assure you that third parties will not
attempt to assert infringement claims against us with respect to our current or
future products, including our core products. We cannot predict the extent to
which such assertions may require us to seek licenses or, if required, whether
such licenses will be offered or offered on acceptable terms or that disputes
can be resolved without litigation. Litigation against us or any of our
customers could impair our ability to sell our products. Litigation to determine
the validity of infringement claims alleged by third parties could result in
significant expense to us and divert the efforts of our technical and management
personnel, whether or not the litigation is ultimately determined in our favor.
We cannot predict the occurrence of future intellectual property claims that
could prevent us from selling products, result in litigation or give rise to
indemnification obligations or damage claims.
Protracted Product Qualification Periods
Many of the markets in which we compete are characterized by long lead
times for new products requiring significant working capital investment by
Uniroyal and extensive testing, qualification and approval by our customers and
the end users of products. We face a significant risk that we will incur
significant costs for research and development, manufacturing equipment,
training, facility-related overhead and other expenses to develop such products,
only to have our customers or end users not select them.
Even if our products are eventually approved and purchased by customers
and end users, our investment may fail to generate revenues for several years
while we develop and test such products.
Environmental Considerations
Our operations are subject to extensive federal, state and local laws
and regulations: (1) controlling the discharge of materials into the environment
or otherwise relating to the protection of the environment; and (2) regulating
conditions which may affect the health and safety of workers.
The operation of any manufacturing plant in the industries in which we
participate entails risks under such laws and regulations, many of which provide
for substantial fines and criminal sanctions for violation. For example, our
manufacturing processes involve the use of certain hazardous raw materials,
including, but not limited to, ammonia, phosphine and arsene. If the control
systems are unsuccessful in preventing a release of these materials into the
environment or other adverse environmental conditions occur, we could experience
interruptions in our operations and incur substantial remediation and other
costs. We believe that our current legal and environmental compliance and safety
programs adequately address such concerns and that we are in substantial
compliance with applicable laws and regulations. However, compliance with, or
any violation of, current and future laws or regulations could require us to
make material expenditures or otherwise have a material adverse effect on our
business, financial condition and results of operations.
Risks Associated with Acquisition Strategy
We are actively pursuing strategic acquisitions in the compound
semiconductor industry. Our business, operating results and financial condition
could be negatively impacted if we are unable to integrate businesses we
acquire. We may not achieve the anticipated benefits from any acquisition unless
we successfully combine the acquired businesses with those of Uniroyal in a
timely and efficient manner. The integration of acquisitions could require
substantial attention from our management. The diversion of the attention of
management, and any difficulties encountered in the transition process, could
negatively impact Uniroyal's business, operating results and financial
condition. In addition, the process of integrating various businesses could
cause the interruption of, or a loss of momentum in, the activities of some or
all of these businesses as well as our ongoing business.
Dividends
We have never paid any cash dividends on the common stock. The payment
of any future dividends will be subject to the discretion of our Board of
Directors and will depend on our results of operations, financial position and
capital requirements, general business conditions, legal restrictions on the
payment of dividends and other factors our Board of Directors deems relevant. We
can give no assurance that we will pay a dividend in the future.
Historical Performance No Indication
The historical share prices and earnings performances of Uniroyal are
not necessarily indicative of Uniroyal's future share price or earnings results.
Anti-Takeover Provisions
Provisions of Uniroyal's charter documents may have the effect of
delaying or preventing a change in control of Uniroyal or its management, which
could have a material adverse effect on the market price of the common stock.
These include provisions:
o eliminating the ability of stockholders to take actions by written
consent; and
o limiting the ability of stockholders to raise matters at a meeting of
stockholders without giving advance notice.
Anti-takeover provisions may adversely effect the stock price and make
it more difficult for a third party to acquire Uniroyal.
In addition, the Board of Directors has authority to issue up to 1,000
shares of preferred stock and to fix the rights, preferences, privileges and
restrictions, including voting rights, of these shares without any further vote
or action by the stockholders. The rights of the holders of common stock will be
subject to, and could be adversely affected by, the rights of the holders of any
preferred stock that Uniroyal may issue in the future. The issuance of preferred
stock, while providing desirable flexibility in connection with possible
acquisitions and other corporate purposes, could have the effect of making it
more difficult for a third party to acquire a majority of Uniroyal's outstanding
voting stock, thereby delaying, deferring or preventing a change in control of
Uniroyal.
Uniroyal's Stockholder Rights Plan has certain anti-takeover effects.
The plan grants to holders of common stock the right, when exercisable, to
purchase from Uniroyal a fraction of a share of Uniroyal's series C preferred
stock. This right will cause substantial dilution to a person or group that
attempts to acquire Uniroyal without conditioning the offer on the rights being
redeemed or a substantial number of rights being acquired. See "Description of
Capital Stock - Stockholder Rights Plan."
Risk Factors Associated with Uniroyal's Specialty Adhesives and/or Coated
Fabrics Business Segments
Labor Relations
We are a party to two collective bargaining agreements. During July
1999, negotiations with the United Steel Workers of America, United Rubber
Workers Division, in connection with the collective bargaining agreement
covering the hourly wage employees at our adhesives and sealants manufacturing
facility located in South Bend, Indiana, broke down, and a strike ensued for
approximately three weeks. The strike did not have a material adverse effect on
operations of the Specialty Adhesives business segment.
Although we believe our relationships with employees are good, we can
give no assurance that we will successfully negotiate the hourly wages and/or
benefits of employees at two of our facilities when the applicable collective
bargaining agreements expire. Moreover, the wages and/or benefits we may agree
upon might adversely affect the segments' profitability. Furthermore, if we were
the subject of another strike, we could incur significant costs.
Maturity of Business Sectors
Our Specialty Adhesives and Coated Fabrics segments compete in mature
business sectors. We believe the key to generating growth in such sectors
(besides acquiring other businesses) is to introduce new products or product
innovations that address unsatisfied market needs. We believe we will need to
continue to significantly increase revenues from product sales and increase
profitability in these sectors. We further believe that significant investment
in product development and/or acquisitions or a combination thereof over the
mid-term is necessary to do so. We can give no assurance that we will have
resources available for, or otherwise be successful in, any efforts to achieve
such growth.
Customer Concentration
Our Specialty Adhesives business segment sells splice and bonding
adhesives for the rubber roofing market exclusively to Firestone Building
Products Company. Approximately 68% of this segment's fiscal 1999 sales were
roofing product shipments to Firestone. The loss of Firestone as a customer
would have an adverse effect on Uniroyal.
Seasonality
The roofing adhesives business of the Specialty Adhesives segment is
seasonal. It increases in the warmer months of the year due to an increase in
roofing and other construction activities in such months, and is sensitive to
adverse weather conditions.
Cyclicality
The recreational vehicle, marine and roofing markets among others in
which the Coated Fabrics and Specialty Adhesives segments compete are sensitive
to changes in general economic conditions which affect demand for the commercial
and consumer items that the Coated Fabrics and Specialty Adhesives business
segments manufacture.
Risk Factors Associated with Uniroyal's Compound Semiconductor and
Optoelectronics Business Segment
Operating Results Depend on Development of New Products
The future success of the Compound Semiconductor and Optoelectronics
segment depends on our ability to develop new products and technology in the
optoelectronics and SiC industries. We must introduce new products in a timely
and cost-effective manner and secure production orders from our customers. The
development of new HB-LED and SiC products is a highly complex process. The
successful development and introduction of these products depends on a number of
factors, including the following:
o achievement of technology breakthroughs required to make commercially
viable devices;
o the accuracy of our predictions of market requirements and evolving
standards;
o acceptance of our new product designs;
o our ability to recruit qualified research and development personnel;
o timely completion of product designs and development;
o our ability to develop repeatable processes to manufacture new products
in sufficient quantities for commercial
sales;
o acceptance of the products of the Compound Semiconductor and
Optoelectronics segment's customers by the market;
and
o consistent cost-effective manufacturing processes.
If any of these or other factors become problematic, we may not be able
to develop and introduce these new products in a timely or cost-effective
manner.
Limited Operating History and Operating Losses
The Compound Semiconductor and Optoelectronics business segment started
operations in the second quarter of fiscal 2000 and has a limited operating
history. The segment will face risks and difficulties as an early stage business
in a high growth and rapidly evolving industry. Some of the specific risks and
difficulties for the segment include the following:
o building out our operational infrastructure;
o expanding our sales structure and marketing programs;
o increasing awareness of our products;
o providing services to our customers that are reliable and
cost-effective;
o responding to technological development or product offerings by
competitors; and
o attracting and retaining qualified personnel.
As of April 2, 2000, the Optoelectronics joint venture had an
accumulated deficit of approximately $11.1 million. It incurred losses of
approximately $4.5 million in fiscal 1999. We expect the joint venture to
continue to incur losses. As of December 31, 1999, Sterling's accumulated
deficit was approximately $4.9 million. It incurred losses of approximately $3.1
million in calendar year 1999 (Sterling's fiscal year was a calendar year end
prior to its acquisition by Uniroyal). We expect Sterling to continue to incur
losses. To support the segment's growth, we have increased our expense levels
and our investments in inventory and capital equipment. As a result, we will
need to significantly increase revenues and profit margins for the Compound
Semiconductor and Optoelectronics segment to become and stay profitable. If the
segment's sales and profit margins do not increase to support the higher levels
of operating expenses and if its new product offerings are not successful,
Uniroyal's business, financial condition and results of operations could be
materially and adversely affected.
Production and Expansion Risks
The Compound Semiconductor and Optoelectronics segment is experiencing
rapid growth. We have added a significant number of new employees to our
Compound Semiconductor and Optoelectronics business. We have a newly-constructed
plant in Tampa, Florida to manufacture epitaxial wafers and package-ready dies
for use in HB-LEDs. Various startup issues, including equipment and process
issues, have delayed commercial production at this facility. We expect to reach
commercial production levels by the end of 2000, although we cannot be certain
we will meet that schedule. We are planning to build additional capacity at the
Tampa facility within the next year. We are also planning to expand the physical
facilities for Sterling in the next year. Expansion activities such as these are
subject to a number of risks, including the following:
o unforeseen environmental or engineering problems relating to the
existing facilities;
o unavailability or late delivery of the advanced, and often customized,
equipment used in the production of the
segment's products;
o attracting and retaining qualified personnel;
o work stoppages and delays; and
o delays in bringing production equipment on-line.
This growth has placed and will continue to place a significant strain
on our management, financial, sales and other employees and on our internal
systems and controls. If we are unable to effectively manage the rapid growth of
the Compound Semiconductor and Optoelectronics segment, Uniroyal's business,
financial condition and results of operations could be materially and adversely
affected.
Rapid Changes in Technology
The Compound Semiconductor and Optoelectronics segment competes in
markets characterized by rapid technological change, evolving industry standards
and continuous improvements in products. Due to constant changes in these
markets, its future success depends on our ability to improve our manufacturing
processes and tools and our products. To remain competitive, we must continually
introduce manufacturing tools with higher capacity and better production yields.
Because we generally are unable to predict the amount of time required
and the costs involved in achieving certain research, development and
engineering objectives, actual development costs could exceed budgeted amounts,
and estimated product development schedules could be extended. Uniroyal's
business, financial condition and results of operations could be materially and
adversely affected if with respect to the Compound Semiconductor and
Optoelectronics business:
o we are unable to improve our existing products on a timely basis;
o our new products are not introduced on a timely basis;
o we incur budget overruns or delays in our research and development
efforts; or
o our new products experience reliability or quality problems.
Dependence on Key Suppliers
We depend on a limited number of suppliers for certain raw materials,
components and equipment used in the Compound Semiconductor and Optoelectronics
segment, including certain key materials and equipment used in our wafering,
polishing, epitaxial deposition, device fabrication and device test processes.
In addition, the availability of these materials, components and equipment to us
is dependent in part on our ability to provide our suppliers with accurate
forecasts of our future requirements. We endeavor to maintain ongoing
communication with our suppliers to guard against interruptions in supply and,
to date, generally have been able to obtain adequate supplies in a timely manner
from our existing sources. However, any interruption in the supply of these key
materials, components or equipment could have a significant adverse effect on
our operations.
Difficulty in Manufacturing Products
The manufacture of the Compound Semiconductor and Optoelectronics
segment's products is a highly complex and precise process. We are working to
manufacture all of our HB-LED epitaxial wafers and dies at our Tampa, Florida
facility. Minute impurities, difficulties in the production process, defects in
the layering of the wafers' and dies' constituent compounds, wafer breakage or
other factors can cause a substantial percentage of wafers and dies to be
rejected or numerous dies on each wafer to be non-functional. These factors can
result in lower than expected production yields, which would delay product
shipments and could materially and adversely affect our operating results.
Because the majority of the manufacturing costs for the Optoelectronics business
are relatively fixed, the number of shippable dies per wafer for a given product
is critical to the segment's financial results.
Additionally, because we manufacture most of our HB-LEDs at our
facility in Tampa, Florida, any interruption in manufacturing resulting from
fire, natural disaster, equipment failures or otherwise could materially and
adversely affect the Compound Semiconductor and Optoelectronics segment's
business, financial condition and results of operations.
FORWARD-LOOKING STATEMENTS
Certain statements contained in or incorporated by reference into this
prospectus are "forward looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995. Forward looking
statements include statements which are predictive in nature, which depend upon
or refer to future events or conditions, which include words such as "expects,"
"anticipates," "intends," "plans," "believes," "estimates," or similar
expressions. In addition, any statements concerning future financial performance
(including future revenues, earnings or growth rates), ongoing business
strategies or prospects, and possible future actions, which may be provided by
management, are also forward looking statements as defined by the United States
Private Securities Litigation Reform Act of 1995. Forward looking statements are
based on current expectations and projections about future events and are
subject to risks, uncertainties and assumptions about Uniroyal, economic and
market factors and the industries in which we do business, among other things.
These statements are not guaranties of future performance and we have no
specific intention to update these statements.
These forward looking statements, like any forward looking statements,
involve risks and uncertainties that could cause actual results to differ
materially from those projected or anticipated. Among the important factors
which could cause actual results to differ materially from those in the forward
looking statements are:
o cancellations, rescheduling or delays in product shipments;
o manufacturing capacity constraints;
o lengthy sales and qualification cycles;
o difficulties in the production process;
o the effectiveness of our capital expenditure programs;
o our future financial performance;
o delays in developing and commercializing new products;
o increased competition;
o the variability of future operating results;
o changes in the industries in which we compete or plan to compete,
especially the HB-LED and semiconductor
industries, including overall growth of the industries; and
o the continued acceptance of our products.
For a discussion of important factors that could cause actual results
to differ materially from the forward looking statements contained in or
incorporated by reference into this prospectus, please read the section entitled
"Risk Factors."
USE OF PROCEEDS
Unless otherwise specified in the applicable prospectus supplement, we
intend to use the net proceeds from the sale of the common stock by Uniroyal for
general corporate purposes. Funds not required immediately for such purposes may
be invested temporarily in short-term marketable securities.
We will not receive any proceeds from the sale of the common stock by
the selling stockholders.
SELLING STOCKHOLDERS
The selling stockholders are offering and selling a total of 1,531,656
shares of Uniroyal common stock under this prospectus. The shares being offered
under this prospectus were originally issued to the selling stockholders in
connection with Uniroyal's recently completed acquisition of Sterling. In
connection with the acquisition, we agreed to register these shares under the
Securities Act of 1933.
The following table sets forth, to the best of our knowledge, based on
information provided to us by the selling stockholders:
" the number of shares of Uniroyal common stock owned by each selling
stockholder; and
" the number of shares being offered by each selling stockholder under
this prospectus.
All information with respect to share ownership has been provided by
the selling stockholders. Except as described below, none of the selling
stockholders holds any position or office with, or has otherwise had a material
relationship with, Uniroyal or any of its predecessors or affiliates for the
past three years. Because the selling stockholders identified below may have
sold, transferred or otherwise disposed of all or a portion of the shares of
common stock owned by them since the date of which they provided the information
regarding their share ownership in transactions exempt from the registration
requirements of the Securities Act of 1933, no estimate can be given as to the
number of shares of common stock that will be held by the selling stockholders
after the offering.
- ------------------------------------------------------------------ ------------------------ --------------------------
Number of Shares of
Name of Selling Stockholder Common Stock Number of Shares of
Beneficially Owned Common Stock Being
Before Offering* Offered
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Elaine Abrahams 268 268
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Advantor Capital, LLP 90,569 90,569
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Philip B. Apple 2,247 2,247
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Linda Hawley Asay 1,196 1,196
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
James M. Ballentine 3,469 3,469
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Janet R. Beales 19 19
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
James H. Berson 3,589 3,589
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Mark Bloomfield 1,344 1,344
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Jon Blum 740 740
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Bob's Candies Ltd. 4,625 4,625
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Edward J. Bock 25,455 25,455
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Edward T. Broadmeadow 621 621
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Peter D. Bursik 2,431 2,431
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Mary K. Bush 45 45
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Oliver T. Carr, Jr. 1,481 1,481
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Catera Investment Corporation 13,301 13,301
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Daniel B. Cohen 7,496 7,496
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Todd G. Cole, Trustee 4,537 4,537
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Edward H. Crane 4,655 4,655
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Michael J. Cromwell, III 1,481 1,481
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Beverly Danielson 9,738 9,738
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Rudolph Demasi 4,999 4,999
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Dana Donovan 1,481 1,481
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Carl Eisdorfer 2,473 2,473
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Epitronics Corporation 166,848 166,848
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Harry S. Flemming 3,989 3,989
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Howard A. & Leslie E. Gabler JT WROS 1,244 1,244
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
IRA Howard A. Gabler, Salomon Smith Barney, Custodian 2,488 2,488
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Michael D. Gallivan 16,418 16,418
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Michael D. Gallivan c/f Michael D. Gallivan, Jr. 2,503 2,503
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Michael D. Gallivan c/f Meghan E. Gallivan 2,505 2,505
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Molly Jack Gallivan and Michael D. Gallivan, Trustees 2,503 2,503
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Pamela Kray Gallivan 10,096 10,096
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Sharee J. Gallivan 2,503 2,503
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Timothy Gallivan 10,096 10,096
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Linda Goodin 123 123
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Robert M. Griffin, III 24,272 24,272
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Guarantee & Trust Co., Trustee FBO Harry N. Walters PSP 740 740
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Guarantee & Trust Co., Trustee FBO Thomas P. Roddy R-IRA 1,481 1,481
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Thomas L. Hansberger 23,930 23,930
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Robert D. Hardie and Molly Goodwin-Hardie (JWRS) 1,481 1,481
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Stephen Hartwell 900 900
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
John F. Head, P.C. Defined Benefit Pension Plan 22,435 22,435
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Juhani Heinonen 2,359 2,359
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Kenneth W. Heretick 5,721 5,721
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Frank L. Herold 2,473 2,473
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
E. Ralph Hostetter 44,912 44,912
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Edward R. Hostetter 43,962 43,962
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Edward K. Hueber 10,308 10,308
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Richard B. Hughes 1,237 1,237
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Internet Investor LLC, Series 6 19,993 19,993
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
James Ivers, III 17,777 17,777
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
W. Braun Jones, Jr. - Prime Assets, LLC 4,153 4,153
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Kevin M. Kelly 24,529 24,529
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
W. Thomas Kelly 4,325 4,325
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
David B. Kinney 17,045 17,045
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Elizabeth P. Klemann 3,589 3,589
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Nancy B. Krieble 23,930 23,930
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Estate of Robert H. Krieble 132,272 132,272
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
James M. LeMunyon 5,683 5,683
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Norman F. Lent 7,255 7,255
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Richard B. Levine 5,413 5,413
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Gene E. Lewis 5,867 5,867
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Sonia Lewis 1,196 1,196
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Oleg V. Lozinsky 9,342 9,342
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Anthony T. Magann 7,490 7,490
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Mack F. Mattingly 358 358
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Walter Matzner & Selma Matzner 1,251 1,251
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Gregory McCormack 8,375 8,375
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Gilbert L. McDonough, Defined Benefit Trust 28,488 28,488
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Dr. Gilbert L. McDonough 13,281 13,281
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Gilbert L. McDonough, SEP-IRA 5,982 5,982
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
David I. Meisselman 4,153 4,153
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
David I. Meiselman 2,692 2,692
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
W. C. Meiselman Revocable Trust 2,236 2,236
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
D. Bruce Merrifield 3,191 3,191
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
William Meyersohn 9,446 9,446
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
J. William Middendorf 45 45
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
MIDMAR, LLC 740 740
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Mowell Financial Group N.A. Corp. 3,191 3,191
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Allen Newman 14,604 14,604
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Novecon Ltd. 2,393 2,393
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Novecon Management Co., Ltd. 4,038 4,038
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Novecon Corporation 47,453 47,453
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Thomas D. Nurmi 2,393 2,393
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Roderic E. Ordway 740 740
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Robert O. Otto 1,481 1,481
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
David M. Parker 4,430 4,430
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Jeffrey J. Parker 53,122 53,122
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Jeffrey J. Parker 6,183 6,183
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Jeffrey J. Parker 22,190 22,190
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
John D. Parker 16,531 16,531
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
John D. Parker Descendant Trust U/W/D Anne J. Parker (Deceased) 19,359 19,359
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Miles S. Parker 246 246
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Matthew S. Parker 246 246
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Philip J. Powell 2,249 2,249
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Charles M. Prather 1,240 1,240
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Bruce Prescott 2,492 2,492
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Richard W. Rahn 58,531 58,531
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Alfred S. Regnery 1,758 1,758
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Bruce C. Reid 1,236 1,236
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Walter L. Robb 3,191 3,191
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Paul Craig Roberts 144 144
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Margaret L. Rogers 896 896
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Thibaut de Saint Phalle 16,286 16,286
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Martha Seger 143 143
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
George P. Shafran 2,585 2,585
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Tom Shafran 2,473 2,473
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Silver King Group LLC 8,922 8,922
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Murray Silverstein 2,479 2,479
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Scott Silverstein 2,482 2,482
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Ben T. Slade, III 12,723 12,723
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Robert W. Spaeth 1,380 1,380
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Robert B. Stewart 865 865
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Theodore Suranyi-Unger & Mary Holman Suranyi-Unger 26,639 26,639
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Theodore & Mary Holman Suranyi-Unger 12,779 12,779
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Bahman Teimourian 12,779 12,779
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Ronald D. Utt 2,350 2,350
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Carlos F. Valeiras 3,833 3,833
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Horacio Valeiras 12,779 12,779
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Andrew F. Wahlquist 1,297 1,297
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Wallace Willmore Cromwell & Co., LLC 5,546 5,546
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Jonathan R. Wallace 2,221 2,221
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Peter J. Wallison 2,625 2,625
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Judith S. Weinstein 2,170 2,170
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Lloyd E. Williams, Jr. 617 617
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Bradford E. Willmore 1,481 1,481
- ------------------------------------------------------------------ ------------------------ --------------------------
- ------------------------------------------------------------------ ------------------------ --------------------------
Philip S. Wilson 11,566 11,566
- ------------------------------------------------------------------ ------------------------ --------------------------
* Generally, only selling stockholders identified in the foregoing table who
beneficially owned the shares of Uniroyal common stock set forth in the "Number
of Shares of Common Stock Being Offered" column may sell those shares pursuant
to the registration statement of which this prospectus forms a part. Uniroyal
may from time to time include additional selling stockholders in supplements or
amendments to this prospectus.
The selling stockholders acquired their shares of Uniroyal common stock
in connection with Uniroyal's recently completed acquisition of Sterling. As a
result of such acquisition, Sterling has become a wholly-owned subsidiary of
Uniroyal. The following selling stockholders have held the positions, offices
and other relationships with Sterling set forth below during the past three
years.
- ---------------------------------------------------------- -----------------------------------------------------------
Positions, Offices and Other Relationships
Selling Stockholders with Sterling Since July 1997
- ---------------------------------------------------------- -----------------------------------------------------------
- ---------------------------------------------------------- -----------------------------------------------------------
Gene E. Lewis Director, Chairman of the Board (to 2/00), Chief
Executive Officer
- ---------------------------------------------------------- -----------------------------------------------------------
- ---------------------------------------------------------- -----------------------------------------------------------
Estate of Robert Krieble May be deemed to have beneficially owned 10% or more of
Sterling's common stock
- ---------------------------------------------------------- -----------------------------------------------------------
PLAN OF DISTRIBUTION
Uniroyal and any selling stockholders may sell securities to or through
underwriters or dealers, and also may sell securities directly to other
purchasers or through agents. Each prospectus supplement will describe the
method of distribution of the offered securities to which it relates.
The distribution of the securities may be effected from time to time in
one or more transactions at a fixed price or prices, which may be changed, or at
market prices prevailing at the time of sale, at prices related to such
prevailing market prices or at negotiated prices.
In connection with the sale of securities, underwriters may receive
compensation from Uniroyal and any selling stockholders or from purchasers of
securities for whom they may act as agents in the form of discounts,
concessions, or commissions. Underwriters may sell securities to or through
dealers, and such dealers may receive compensation in the form of discounts,
concessions, or commissions from the underwriters and/or commissions from the
purchasers for whom they may act as agents. Dealers, and agents that participate
in the distribution of securities may be deemed to be underwriters, and any
discounts or commissions received by them from Uniroyal and any profit on the
resale of securities by them may be deemed to be underwriting discounts and
commissions, under the Securities Act of 1933. Any such underwriter or agent
will be identified, and any such compensation received from Uniroyal will be
described, in the applicable prospectus supplement.
Underwriters and agents who participate in the distribution of
securities may be entitled under agreements which may be entered into by
Uniroyal and the selling stockholders, if any, to indemnification by Uniroyal
and the selling stockholders, if any, against certain liabilities, including
liabilities under the Securities Act of 1933.
If so indicated in the applicable prospectus supplement, Uniroyal and
the selling stockholders, if any, will authorize underwriters or other persons
acting as agents to Uniroyal and the selling stockholders, if any, to solicit
offers by certain institutions to purchase offered securities from Uniroyal and
the selling stockholders, if any, pursuant to contracts providing for payment
and delivery on a future date. Institutions with which such contracts may be
made include:
" commercial and savings banks,
" insurance companies,
" pension funds,
" investment companies, and
" educational and charitable institutions and others,
but in all cases such institutions must be approved by Uniroyal and the selling
stockholders, if any. The obligations of any purchaser under any such contract
will be subject to the condition that the purchase of the offered securities
shall not at the time of delivery be prohibited under the laws of the
jurisdiction to which such purchaser is subject. The underwriters and such other
agents will not have any responsibility in respect of the validity or
performance of such contracts.
As used herein, "selling stockholders" includes donees and pledgees
selling shares received from selling stockholders named in a supplement to this
prospectus after the date of this prospectus. With respect to sale by the
selling stockholders, we will pay all expenses of registration of the shares
offered hereby, other than commissions, discounts and concessions of
underwriters, dealers or agents. Brokerage commissions and similar selling
expenses, if any, attributable to the sale of the shares will be borne by the
selling stockholders. We will not receive any of the proceeds from the sale of
the shares by the selling stockholders.
Because the selling stockholders may be deemed to be "underwriters"
within the meaning of Section 2(11) of the Securities Act of 1933, the selling
stockholders will be subject to the prospectus delivery requirements of the
Securities Act of 1933, which may include delivery through the facilities of the
Nasdaq National Market pursuant to Rule 153 under the Securities Act of 1933. We
have informed the selling stockholders that the anti-manipulative provisions of
Regulation M under the Securities Exchange Act of 1934 may apply to their sales
in the market.
The selling stockholders also may resell all or a portion of the shares
in open market transactions in reliance upon Rule 144 under the Securities Act
of 1933, provided that they meet the criteria and conform to the requirements of
that rule.
Upon being notified by any selling stockholder that such selling
stockholder has entered into any material arrangement with a broker-dealer for
the sale of the shares through a block trade, special offering, exchange
distribution or secondary distribution or a purchase by a broker or dealer, we
will file a supplement to this prospectus, if required, pursuant to Rule 424(b)
under the Securities Act of 1933, disclosing:
" the name of the selling stockholder and the participating
broker-dealers;
" the number of shares involved;
" the price at which the shares were sold;
" the commissions paid or discounts or concessions allowed to these
broker-dealers, where applicable;
" that the broker-dealers did not conduct any investigation to verify
the information set out or incorporated by reference in this
prospectus; and
" other facts material to the transaction.
We intend to keep the registration statement, of which this prospectus
is a part, effective for a period ending on May 31, 2002, subject to certain
exceptions and limitations.
DESCRIPTION OF CAPITAL STOCK
The description of Uniroyal's capital stock set forth in our Current
Report on Form 8-K filed with the Securities and Exchange Commission on June 6,
2000 is incorporated herein by reference.
LEGAL MATTERS
The validity of the securities being offered under this prospectus has
been passed upon by Oliver J. Janney, the general counsel of Uniroyal. As of May
31, 2000, Mr. Janney owned certain securities of Uniroyal.
EXPERTS
The consolidated financial statements of Uniroyal Technology
Corporation and subsidiaries, incorporated by reference in this prospectus from
the Current Report on Form 8-K filed April 27, 2000 and the consolidated
financial statement schedule, incorporated by reference in this prospectus from
the Current Report on Form 8-K filed June 6, 2000, have been audited by Deloitte
& Touche LLP, independent auditors, as stated in their reports, which are
incorporated by reference herein and have been so incorporated in reliance upon
the reports of such firm given upon their authority as experts in accounting and
auditing.
WHERE YOU CAN FIND ADDITIONAL INFORMATION
We file annual, quarterly and special reports and other information
with the SEC. You may read and copy any document that we file at the SEC's
public reference rooms in Washington, D.C., New York, New York and Chicago,
Illinois. Please call the SEC at 1-800-SEC-0330 for further information on the
public reference rooms. The SEC filings are also available to the public on the
SEC's Internet web site at http://www.sec.gov. The SEC allows us to "incorporate
by reference" the information we file with them, which means that we can
disclose important information to you by referring you to those documents. The
information incorporated by reference is an important part of this prospectus,
and information that we have filed, and that we will file, later with the SEC
automatically updates and supersedes this information. We incorporate by
reference the documents listed below and any future filings made by us with the
SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of
1934 until the offering of securities under this prospectus is terminated.
The following documents are incorporated by reference into this
prospectus:
" Annual Report on Form 10-K for the fiscal year ended September 26, 1999.
" Quarterly Reports on Form 10-Q for quarters ended January 2, 2000 and April 2,
2000.
" Current Reports on Form 8-K filed on December 27, 1999, March 14,
2000, April 18, 2000, April 27, 2000, June 6, 2000 and June 14,
2000 and on Form 8-K/A filed on April 27, 2000.
You may request a copy of these filings, at no cost, by writing or
telephoning us at the following address:
Uniroyal Technology Corporation
Two North Tamiami Trail, Suite 900
Sarasota, Florida 34236-5568
Attention: Oliver J. Janney, Secretary
(941) 361-2212
You should rely only on the information incorporated by reference or
provided in this prospectus. We have not authorized anyone else to provide you
with different or additional information. You should not assume that the
information in this prospectus is accurate as of any date other than the date on
the front of those documents.
II-3
II-1
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
The following table sets forth the costs and expenses, previously paid
or payable by the Registrant in connection with the sale of common stock being
registered under this registration statement. All amounts are estimates except
the SEC registration fee.
AMOUNT TO BE
PAID
SEC registration fee.......................... $ 22,356.16
Legal fees and expenses....................... 50,000.00
Miscellaneous expenses........................ 10,000.00
-------------
Total.............................................. $ 112,356.16
============
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Section 145 of the Delaware General Corporation Law (the "DGCL")
permits a corporation, under specified circumstances, to indemnify its
directors, officers, employees or agents against expenses (including attorneys'
fees), judgments, fines and amounts paid in settlements actually and reasonably
incurred by them in connection with any action, suit or proceeding brought by
third parties by reason of the fact that they were or are directors, officers,
employees or agents of the corporation, if such directors, officers, employees
or agents acted in good faith and in a manner they reasonably believed to be in
or not opposed to the best interests of the corporation and, with respect to any
criminal action or proceeding, had no reason to believe their conduct was
unlawful. In a derivative action, i.e., one by or in the right of the
corporation, indemnification may be made only for expenses actually and
reasonably incurred by directors, officers, employees or agents in connection
with the defense or settlement of an action or suit, and only with respect to a
matter as to which they will have acted in good faith and in a manner they
reasonably believed to be in or not opposed to the best interests of the
corporation, except that no indemnification will be made if such person will
have been adjudged liable to the corporation, unless and only to the extent that
the court in which the action or suit was brought will determine upon
application that the defendant directors, officers, employees or agents are
fairly and reasonably entitled to indemnity for such expenses despite such
adjudication of liability.
Uniroyal's certificate of incorporation and by-laws provide that its
directors will not be personally liable to it or its stockholders for monetary
damages resulting from breaches of their fiduciary duty as directors except (a)
for any breach of the duty of loyalty to it or its stockholders, (b) for acts or
omissions not in good faith or which involve intentional misconduct or a knowing
violation of law, (c) under Section 174 of the DGCL, which makes directors
liable for unlawful dividends or unlawful stock repurchases or redemptions, or
(d) for transactions from which directors derive improper personal benefit.
Uniroyal's certificate of incorporation and by-laws also provide that it will,
to the fullest extent permitted by law, indemnify all persons whom it may
indemnify pursuant thereto.
The Registrant maintains liability insurance for directors and officers
for certain losses arising from claims or charges made against them while acting
in their capacities as directors or officers of the Registrant.
ITEM 16. EXHIBITS
EXHIBIT NO. DESCRIPTION
3.1 (1) Amended and Restated Certificate of Incorporation of
Uniroyal as corrected by a Certificate of Correction of the
Amended and Restated Certificate of Incorporation of
Uniroyal.
3.2 (2) By-Laws of Uniroyal as amended March 28, 1997.
4.2 (3) Warrant Agreement, dated as of June 1, 1993, between
Uniroyal and The Bank of New York, as warrant agent.
5.1* Opinion of Oliver J. Janney, General Counsel of Uniroyal
regarding the validity of the securities being
23.1* Consent of Oliver J. Janney, General Counsel of Uniroyal
(contained in Exhibit 5.1)
23.2** Consent of Deloitte & Touche LLP.
- --------------
** Filed herewith.
* Previously filed with this Registration Statement.
(1) Incorporated by reference to Amendment No. 2 to Uniroyal's
Registration Statement on Form 10, dated September 25,
1992.
(2) Incorporated by reference to Uniroyal's Quarterly Report on Form 10-Q
for the quarterly period ended March 30,
1997 filed May 9, 1997.
(3) Contained in Uniroyal's Form 8-K, filed June 9, 1993.
ITEM 17. UNDERTAKINGS
Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act
and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration
Statement:
i. To include any prospectus required by Section
10(a)(3) of the Securities Act;
ii. To reflect in the prospectus any facts or events
arising after the effective date of the Registration
Statement (or the most recent post-effective
amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the
information set forth in the Registration Statement;
iii. To include any material information with respect to
the plan of distribution not previously
disclosed in the Registration Statement or any
material change to such information in the
Registration Statement;
provided, however, that clauses (i) and (ii) do not apply if
the Registration Statement is on Form S-3, Form S-8 or Form
F-3, and the information required to be included in a
post-effective amendment by such clauses is contained in
periodic reports filed with or furnished to the Commission by
the Registrant pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 that are incorporated by
reference in the Registration Statement;
(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be
deemed to be a new registration statement relating to the
securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona
fide offering thereof;
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain
unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant, pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act
and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
KL2:2045639.3
KL2:2045639.3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-3 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Sarasota, State of Florida on this 13th day of
July, 2000.
UNIROYAL TECHNOLOGY CORPORATION
By: /s/ George J. Zulanas, Jr.
______________________________
Name: George J. Zulanas, Jr.
Title: Executive Vice President,
Treasurer and Chief Financial Officer
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities indicated as of the 13th day of July, 2000.
Signature Title(s)
Chairman of the Board of Directors, Chief Executive
Officer
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* President, Chief Operating Officer and Director
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* Director
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* Director
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* Director
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* Director
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* Director
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* Director
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* By /s/ Howard R. Curd
____________________
Howard R. Curd,
Attorney-in-fact
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
3.1 (1) Amended and Restated Certificate of Incorporation of
Uniroyal as corrected by a Certificate of Correction of the
Amended and Restated Certificate of Incorporation of
Uniroyal.
3.2 (2) By-Laws of Uniroyal as amended March 28, 1997.
4.2 (3) Warrant Agreement, dated as of June 1, 1993, between
Uniroyal and The Bank of New York, as warrant agent.
5.1* Opinion of Oliver J. Janney, General Counsel of Uniroyal
regarding the validity of the securities being
23.1* Consent of Oliver J. Janney, General Counsel of Uniroyal
(contained in Exhibit 5.1)
23.2** Consent of Deloitte & Touche LLP.
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** Filed herewith.
* Previously filed with this Registration Statement.
(1) Incorporated by reference to Amendment No. 2 to Uniroyal's
Registration Statement on Form 10, dated September 25, 1992.
(2) Incorporated by reference to Uniroyal's Quarterly Report on Form 10-Q
for the quarterly period ended March 30, 1997 filed May 9, 1997.
(3) Contained in Uniroyal's Form 8-K, filed June 9, 1993.
EXHIBIT 23.2
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this amendment No. 1 to
Registration Statement No. 333-38754 of Uniroyal Technology Corporation on Form
S-3 of our report dated December 20, 1999 (April 12, 2000 as to Note 21)
appearing in the Current Report on Form 8-K of Uniroyal Technology Corporation
filed April 27, 2000 and our report dated December 20, 1999 appearing in the
Current Report on Form 8-K of Uniroyal Technology Corporation filed June 6,
2000.
We also consent to the reference to us under the heading "Experts" in the
Prospectus, which is part of this Registration Statement.
/s/ DELLOITTE & TOUCHE LLP
Tampa, Florida
July 13, 2000
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1 Pursuant to R. 457(c), the price is based on the high/low price on a date
within 5 business days of filing.