SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 2001
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 333-33572
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DIAMOND TRIUMPH AUTO GLASS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 23-2758853
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
220 DIVISION STREET, KINGSTON, PENNSYLVANIA 18704
(Address, including zip code of principal executive offices)
(570) 287-9915
(Telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports to be filed by Section 13 or Section 15(d) of the Securities and
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes [X] No [ ]
As of August 8, 2001, there were 1,000,000 shares outstanding of
Diamond's Common Stock ($.01 par value) and 35,000 shares outstanding of
Diamond's Series A 12% Senior Redeemable Cumulative Preferred Stock ($.01 par
value).
DIAMOND TRIUMPH AUTO GLASS, INC.
Form 10-Q
For the Quarter Ended June 30, 2001
INDEX
Page No.
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Part I. Financial Information
Item 1. Financial Statements
Condensed Balance Sheets - June 30, 2001
and December 31, 2000................................... 3
Condensed Statements of Operations -
Three Months Ended June 30, 2001
and 2000................................................ 4
Condensed Statements of Operations -
Six Months Ended June 30, 2001
and 2000................................................ 5
Condensed Statements of Cash Flows -
Six Months Ended June 30, 2001 and 2000................. 6
Notes to Condensed Financial Statements................. 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations..................... 8
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K........................ 12
Signature............................................... 13
2
PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DIAMOND TRIUMPH AUTO GLASS, INC.
CONDENSED BALANCE SHEETS
(Dollars in Thousands except per share amounts)
June 30, 2001 December 31, 2000
--------------- -----------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 6,038 $ 25
Accounts receivable, net 17,295 13,977
Other receivables 178 373
Inventories 16,685 14,581
Prepaid expenses 1,321 1,084
Deferred income taxes 2,241 3,285
--------------- --------------
Total current assets 43,758 33,325
--------------- --------------
Equipment and leasehold improvements, net 6,304 6,154
Deferred loan costs and senior notes discount, net 5,656 6,073
Deferred income taxes 39,352 42,039
Other assets 529 404
--------------- --------------
Total assets $ 95,599 $ 87,995
=============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 13,206 $ 11,952
Accrued expenses:
Payroll and related items 5,023 4,226
Accrued interest 2,317 2,329
Accrued income taxes 1,545 1,322
Other 738 492
--------------- --------------
Total accrued expenses 9,623 8,369
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Total current liabilities 22,829 20,321
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Long-term debt:
Credit facility - 500
Senior notes 100,000 100,000
--------------- --------------
Total long-term debt 100,000 100,500
--------------- --------------
Total liabilities 122,829 120,821
--------------- --------------
Series A 12% senior redeemable cumulative preferred
stock - par value $0.01 per share; authorized
100,000 shares; issued and outstanding 35,000
shares in 2001 and 2000, at liquidation preference
value 51,399 48,449
--------------- --------------
Stockholders' equity (deficit):
Common stock, 2001 and 2000 par value $0.01 per
share; authorized 1,100,000 shares; issued and
outstanding 1,000,000 shares 10 10
Additional paid-in capital 44,394 47,344
Retained earnings (accumulated deficit) (123,033) (128,629)
--------------- --------------
Total stockholders' equity (deficit) (78,629) (81,275)
--------------- --------------
Total liabilities and stockholders' equity (deficit) $ 95,599 $ 87,995
=============== ==============
See notes to condensed financial statements
3
Diamond Triumph Auto Glass, Inc.
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in Thousands except per share amounts)
Three Months Ended Three Months Ended
June 30, 2001 June 30, 2000
------------- -------------
Net sales $ 55,849 $ 49,153
Cost of sales 15,511 15,407
----------------- -----------------
Gross profit 40,338 33,746
Operating expenses 31,812 27,799
----------------- -----------------
Income from operations 8,526 5,947
Other (income) expense:
Interest income (70) (6)
Interest expense 2,574 2,677
----------------- -----------------
2,504 2,671
----------------- -----------------
Income before provision for income taxes 6,022 3,276
Provision for income taxes 2,409 1,306
----------------- -----------------
Net income 3,613 1,970
Preferred stock dividends 1,497 1,329
----------------- -----------------
Net income applicable to common stockholders $ 2,116 $ 641
================= =================
See notes to condensed financial statements
4
Diamond Triumph Auto Glass, Inc.
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in Thousands except per share amounts)
Six Months Ended Six Months Ended
June 30, 2001 June 30, 2000
------------- -------------
Net sales $ 105,906 $ 93,818
Cost of sales 29,842 29,271
--------------- ----------------
Gross profit 76,064 64,547
Operating expenses 61,657 53,838
--------------- ----------------
Income from operations 14,407 10,709
Other (income) expense:
Interest income (81) (44)
Interest expense 5,161 5,483
--------------- ----------------
5,080 5,439
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Income before provision for income taxes and
extraordinary loss on extinguishment of debt 9,327 5,270
Provision for income taxes 3,731 2,103
--------------- ----------------
Net income before extraordinary item 5,596 3,167
Extraordinary loss on extinguishment of debt,
net of income taxes of $336 - 504
--------------- ----------------
Net income 5,596 2,663
Preferred stock dividends 2,950 2,621
--------------- ----------------
Net income applicable to common stockholders $ 2,646 $ 42
=============== ================
See notes to condensed financial statements
5
Diamond Triumph Auto Glass, Inc.
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in Thousands except per share amounts)
Six Months Ended Six Months Ended
June 30, 2001 June 30, 2000
--------------- ---------------
OPERATING ACTIVITIES
Net cash provided by operating activities $ 7,969 $ 6,703
--------------- ---------------
INVESTING ACTIVITIES
Capital expenditures (1,486) (444)
Proceeds from sale of equipment 210 18
Increase in other assets (125) (8)
--------------- ---------------
Net cash used in investing activities (1,401) (434)
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FINANCING ACTIVITIES
Net proceeds from credit facility 2,500 8,750
Payments on credit facility (3,000) (14,750)
Deferred loan cost (55) (319)
--------------- ---------------
Net cash (used in) financing activities $ (555) $ (6,319)
--------------- ---------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 6,013 (50)
Cash and cash equivalents, beginning of period 25 94
--------------- ---------------
Cash and cash equivalents, end of period $ 6,038 $ 44
=============== ===============
See notes to condensed financial statements
6
Diamond Triumph Auto Glass, Inc.
NOTES TO FINANCIAL STATEMENTS (unaudited)
(Dollars in thousands except per share amounts)
Note 1.
Significant Accounting Policies
These interim financial statements are unaudited but, in the opinion
of management, reflect all adjustments (consisting only of normal
recurring adjustments) necessary to present fairly the data for
these periods. The interim financial statements should be read in
conjunction with the audited financial statements and notes thereto
contained in Diamond's Annual Report on Form 10-K for the fiscal
year ended December 31, 2000. Diamond's results for interim periods
are not normally indicative of results to be expected for the fiscal
year. Weather has historically affected Diamond's sales, net income
and EBITDA, with severe weather generating increased sales, net
income and EBITDA and mild weather resulting in lower sales, net
income and EBITDA. In addition, Diamond's business is somewhat
seasonal, with the first and fourth calendar quarters traditionally
its slowest periods of activity.
Preferred Stock - At June 30, 2001 and December 31, 2000, the
liquidation value of the Preferred Stock recorded on Diamond's
Balance Sheet was $51,399 and $48,449, respectively, which includes
dividends of $16,399 and $13,449, respectively, added to the
liquidation value.
Long-Term Debt:
Credit Facility - On March 27, 2000, Diamond entered into a
revolving credit facility (the "Credit Facility"). The Credit
Facility has an initial term of four years and provides for
revolving advances of up to the lesser of: (1) $25,000; (2) the sum
of 85% of Diamond's Eligible Accounts Receivable (as defined in the
Credit Facility) plus 85% of Diamond's Eligible Inventory (as
defined in the Credit Facility), less certain reserves; or (3) an
amount equal to 1.5 times Diamond's EBITDA (as defined in the Credit
Facility) for the prior twelve months. A portion of the Credit
Facility, not to exceed $3,000 is available for the issuance of
letters of credit, which generally have an initial term of one year
or less. Borrowings under the Credit Facility bear interest, at
Diamond's discretion, at either the Chase Manhattan Bank Rate (as
defined in the Credit Facility) or LIBOR, plus a margin of 0.25% for
the Chase Manhattan Rate and 2.0% for the LIBOR Rate. In addition, a
commitment fee of 0.25% is charged against any unused balance of the
credit facility. Interest rates are subject to increases or
reductions based upon Diamond meeting certain EBITDA levels. The
proceeds of the Credit Facility are available for working capital
requirements and for general corporate purposes. The Credit Facility
is secured by first priority security interests in all of Diamond's
tangible and intangible assets. In addition, the Credit Facility
contains certain restrictive covenants including, among other
things, the maintenance of a minimum EBITDA level for the prior
twelve months, as well as restrictions on additional indebtedness,
dividends and certain other significant transactions. Diamond was in
compliance with these covenants at June 30, 2001.
Note 2.
Recent Accounting Pronouncements
In January 2001, Diamond implemented Statement of Financial
Accounting Standards ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities." This standard requires all
derivatives be measured at fair value and recorded on a company's
balance sheet as an asset or liability, depending on the company's
underlying rights or obligations associated with the derivative
instruments. During the quarter ended June 30, 2001, Diamond had no
derivatives and there was no financial statement effect of
implementing SFAS No. 133.
7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Results of Operations
The following table summarizes Diamond's historical results of
operations and historical results of operations as a percentage of
sales for the six and three months ended June 30, 2001 and 2000.
Six Months Ended June 30, Three Months Ended June 30,
---------------------------- ----------------------------
2001 2000 2001 2000
------------- -------------- ------------- -------------
$ % $ % $ % $ %
------ --------------------- ------ ---------------------
(dollars in millions) (dollars in millions)
Net Sales................................. 105.9 100.0 93.8 100.0 55.8 100.0 49.1 100.0
Cost of Sales............................. 29.8 28.1 29.3 31.2 15.5 27.8 15.4 31.4
------ ------ ------ ------- ------ ------ ----- -------
Gross Profit............................. 76.1 71.9 64.5 68.8 40.3 72.2 33.7 68.6
Operating Expenses....................... 61.7 58.3 53.8 57.4 31.8 57.0 27.8 56.6
------ ------ ------ ------- ------ ------ ----- -------
Income From Operations................... 14.4 13.6 10.7 11.4 8.5 15.2 5.9 12.0
Interest Income.......................... (0.1) (0.1) - - (0.1) (0.2) - -
Interest Expense......................... 5.2 4.9 5.4 5.8 2.6 4.7 2.6 5.3
------ ------ ------ ------- ------ ------ ----- -------
5.1 4.8 5.4 5.8 2.5 4.5 2.6 5.3
------ ------ ------ ------- ------ ------ ----- -------
Income before provision for income taxes
and extraordinary loss on etinguishment
of debt................................... 9.3 8.8 5.3 5.7 6.0 10.8 3.3 6.7
Provision for income taxes................ 3.7 3.5 2.1 2.2 2.4 4.3 1.3 2.6
------ ------ ------ ------- ------ ------ ----- -------
Net income before extraordinary
item...................................... 5.6 5.3 3.2 3.4 3.6 6.5 2.0 4.1
Extraordinary loss on extinguishment of
debt, net of taxes........................ - - 0.5 0.5 - - - -
------ ------ ------ ------- ------ ------ ----- -------
Net income................................ 5.6 5.3 2.7 2.9 3.6 6.5 2.0 4.1
====== ====== ====== ======= ====== ====== ===== =======
EBITDA (1) 15.7 14.8 12.2 13.0 9.2 16.5 6.7 13.6
- --------------------
(1) EBITDA represents income before taxes, interest expense,
depreciation and amortization expense. While EBITDA is not intended
to represent cash flow from operations as defined by GAAP and should
not be considered as an indicator of operating performance or an
alternative to cash flow (as measured by GAAP) as a measure of
liquidity, it is included herein to provide additional information
with respect to Diamond's ability to meet its future debt service,
capital expenditure and working capital requirements.
Six Months Ended June 30, 2001 Compared to Six Months Ended June
30, 2000
Net Sales. Net sales for the six months ended June 30, 2001
increased by $12.1 million, or 12.9%, to $105.9 million from $93.8
million for the six months ended June 30, 2000. For the six months
ended June 30, 2001, installation units increased 3.2% and revenue
per installation unit increased an average of 10.7%. The increase in
Diamond's average revenue per installation unit is attributable to
stabilization of price compression and to its sales mix.
Gross Profit. Gross profit for the six months ended June 30,
2001 increased by $11.6 million, or 18.0%, to $76.1 million from
$64.5 million for the six months ended June 30, 2000. Gross profit
increased as a percentage of sales to 71.9% for the six months ended
June 30, 2001 from 68.8% for the six months ended June 30, 2000. The
increase in gross profit for the six months ended June 30, 2001 was
primarily due to the increased level of sales and average revenue
per installation unit compared to the six months ended June 30,
2000.
8
Operating Expenses. Operating expenses for the six months
ended June 30, 2001 increased by $7.9 million, or 14.7%, to $61.7
million from $53.8 million for the six months ended June 30, 2000.
Operating expenses increased as a percentage of sales to 58.3% for
the six months ended June 30, 2001 from 57.4% for the six months
ended June 30, 2000. The increase in operating expense during the
six months ended June 30, 2001 compared to the six months ended June
30, 2000 was due to higher wage expense caused by certain wage rate
pressures, including increased medical insurance and workers
compensation insurance costs, primarily at the service center level.
The increase in aggregate operating expenses was also due to an
increase in vehicle related expenses, including auto insurance,
increased promotional activity and greater service and distribution
center occupancy and maintenance costs due primarily to expansion.
Depreciation and amortization expense for the six month period
ending June 30, 2001 decreased by $0.2 million, or 14.3%, to $1.2
million from $1.4 million for the six months ended June 30, 2000.
This decrease is primarily related to a continuing decrease in owned
vehicles in favor of a vehicle lease program.
Income From Operations. Income from operations for the six
months ended June 30, 2001 increased by $3.7 million, or 34.6%, to
$14.4 million from $10.7 million for the six months ended June 30,
2000. This increase was primarily due to the increase in average
revenue per installation unit and was partially offset by an
increase in operating expenses as discussed above.
Interest Expense. Interest expense for the six months ended
June 30, 2001 decreased $0.2 million to $5.2 million from $5.4
million for the six months ended June 30, 2000. Cash interest
expense was $4.7 million for the six months ended June 30, 2001
compared to $5.0 million for the six months ended June 30, 2000. The
decrease was primarily due to a reduction in outstanding borrowings
under the credit facility during the six months ended June 30, 2001
compared to the six months ended June 30, 2000.
Net Income. Net income for the six months ended June 30, 2001
increased by $2.9 million to $5.6 million from $2.7 million for the
six months ended June 30, 2000. Net income as a percentage of sales
increased to 5.3% for the six months ended June 30, 2001 from 2.9%
for the six months ended June 30, 2000. The increase in net income
and net income margin during the six months ended June 30, 2001
compared to the six months ended June 30, 2000 was primarily due to
the impact of higher average revenue per installation unit that was
partially offset by an increase in operating expenses and in the
provision for income taxes.
EBITDA. EBITDA for the six months ended June 30, 2001
increased by $3.5 million, or 28.7%, to $15.7 million from $12.2
million for the six months ended June 30, 2000. EBITDA as a
percentage of sales increased to 14.8% for the six months ended June
30, 2001 from 13.0% for the six months ended June 30, 2000. The
increase in EBITDA and EBITDA margin for the six months ended June
30, 2001 was primarily due to the impact of higher average revenue
per installation unit that was partially offset by an increase in
operating expenses as discussed above.
Three Months Ended June 30, 2001 Compared to Three Months Ended
June 30, 2000
Net Sales. Net sales for the three months ended June 30, 2001
increased by $6.7 million, or 13.6%, to $55.8 million from $49.1
million for the three months ended June 30, 2000. During the three
months ended June 30, 2001, installation units increased by 4.3% and
revenue per installation unit increased an average of 10.0%. The
increase in Diamond's average revenue per installation unit is
attributable to stabilization of price compression and to its sales
mix.
Gross Profit. Gross profit for the three months ended June 30,
2001 increased by $6.6 million, or 19.6%, to $40.3 million from
$33.7 million for the three months ended June 30, 2000. Gross profit
increased as a percentage of sales to 72.2% for the three months
ended June 30, 2001 from 68.6% for the three months ended June 30,
2000. The increase in gross profit for the three months ended June
30, 2001 was primarily due to the increased level of sales and
average revenue per installation unit compared to the three months
ended June 30, 2000.
9
Operating Expenses. Operating expenses for the three months
ended June 30, 2001 increased by $4.0 million, or 14.4%, to $31.8
million from $27.8 million for the three months ended June 30, 2000.
Operating expenses increased as a percentage of sales to 57.0% for
the three months ended June 30, 2001 from 56.6% for the three months
ended June 30, 2000. The increase in operating expense during the
three months ended June 30, 2001 compared to the three months ended
June 30, 2000 was due to due to higher wage expense caused by
certain wage rate pressures, including increased medical insurance
and workers compensation insurance costs, primarily at the service
center level. The increase in aggregate operating expenses was also
due to an increase in vehicle related expenses, including auto
insurance, increased promotional activity and greater service and
distribution center occupancy and maintenance costs due primarily to
expansion.
Depreciation and amortization expense for the period ending
June 30, 2001 decreased by $0.1 million, or 14.3%, to $0.6 million
from $0.7 million for the three months ended June 30, 2000. This
decrease is primarily related to a continuing decrease in owned
vehicles in favor of a vehicle lease program.
Income From Operations. Income from operations for the three
months ended June 30, 2001 increased by $2.6 million, or 44.1%, to
$8.5 million from $5.9 million for the three months ended June 30,
2000. This increase was primarily due to the increase in average
revenue per installation unit and was partially offset by an
increase in operating expenses as discussed above.
Interest Expense. Interest expense for the three months ended
June 30, 2001 held constant at $2.6 million from for the three
months ended June 30, 2001 and 2000. Cash interest expense was $2.3
million for the three months ended June 30, 2001 compared to $2.4
million for the three months ended June 30, 2000. The decrease was
primarily due to a reduction in outstanding borrowings under the
credit facility during the three months ended June 30, 2001 compared
to the three months ended June 30, 2000.
Net Income. Net income for the three months ended June 30,
2001 increased by $1.6 million to $3.6 million from $2.0 million for
the three months ended June 30, 2000. Net income as a percentage of
sales increased to 6.5% for the three months ended June 30, 2001
from 4.1% for the three months ended June 30, 2000. The increase in
net income and net income margin during the three months ended June
30, 2001 compared to the three months ended June 30, 2000 was
primarily due to the impact of higher average revenue per
installation unit that was partially offset by an increase in
operating expenses and in the provision for income taxes.
EBITDA. EBITDA for the three months ended June 30, 2001
increased by $2.5 million, or 37.3%, to $9.2 million from $6.7
million for the three months ended June 30, 2000. EBITDA as a
percentage of sales increased to 16.5% for the three months ended
June 30, 2001 from 13.6% for the three months ended June 30, 2000.
The increase in EBITDA and EBITDA margin for the three months ended
June 30, 2001 was primarily due to the impact of higher average
revenue per installation unit that was partially offset by an
increase in operating expenses as discussed above.
Liquidity and Capital Resources
Diamond's need for liquidity will arise primarily from the
interest payable on its 9 1/4% Senior Notes (the "Notes"), the
credit facility and the funding of Diamond's capital expenditures
and working capital requirements. There are no mandatory principal
payments on the Notes prior to their maturity on April 1, 2008 and,
except to the extent that the amount outstanding under the credit
facility exceeds the borrowing base, no required payments of
principal on the credit facility prior to its expiration on March
27, 2004.
10
Net Cash Provided by Operating Activities. Net cash provided
by operating activities for the six months ended June 30, 2001
increased by $1.3 million to $8.0 million from $6.7 million for the
six months ended June 30, 2000. The increase was primarily
attributable to an increase in Diamond's net earnings, a $3.7
million increase in accrued expenses and a $1.3 million decrease in
deferred income taxes which was partially offset by a $3.4 million
increase in accounts receivable and a $2.1 million increase in
inventory.
Net Cash Used in Investing Activities. Net cash used in
investing activities for the six months ended June 30, 2001
increased $1.0 million to $1.4 million from $0.4 million used in
investing activities for the six months ended June 30, 2000. The
primary reason for the variance was an increase in capital
expenditures.
Net Cash Used in Financing Activities. Net cash used in
financing activities for the six months ended June 30, 2001
decreased $5.7 million to $0.6 million from $6.3 million used for
the six months ended June 30, 2000. The primary reason for this
variance was a decrease in credit facility payments over proceeds
for the six months ended June 30, 2001 to $0.5 million from $6.0
million for the six months ended June 30, 2000.
Capital Expenditures. Capital expenditures for the six months
ended June 30, 2001 were $1.5 million, as compared to $0.4 million
for the six months ended June 30, 2000. Capital expenditures for the
six months ended June 30, 2001 were made primarily to fund the
continued upgrade of Diamond's management information systems.
Liquidity. Management believes that Diamond will have adequate
capital resources and liquidity to satisfy its debt service
obligations, working capital needs and capital expenditure
requirements, including those related to the opening of new service
centers and distribution centers for the foreseeable future.
Diamond's capital resources and liquidity are expected to be
provided by Diamond's net cash provided by operating activities and
borrowings under the credit facility.
Forward-Looking Statements
Readers are cautioned that there are statements contained in
this report which are "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995 (the
"Act"). 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 Act. Forward-looking statements are based on
current expectations and projections about future events and are
subject to risks, uncertainties, and assumptions about Diamond,
economic and market factors and the industries in which Diamond does
business, among other things. These statements are not guarantees of
future performance and Diamond has 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.
The risks and uncertainties include the effect of overall economic
and business conditions, the demand for Diamond's products and
services, regulatory uncertainties, the impact of competitive
products and pricing, changes in customers' ordering patterns and
potential system interruptions. This list should not be construed as
exhaustive. Our annual report on Form 10-K in respect of the fiscal
year ended December 31, 2000 discusses certain of these risks and
uncertainties under the caption "Factors Affecting Future
Performance."
11
PART II
OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Reports on Form 8-K.
Not applicable.
12
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
DIAMOND TRIUMPH AUTO GLASS, INC.
Date: August 8, 2001 By: /s/ Michael A. Sumsky
-------------------------------------
Name: Michael A. Sumsky
Title: Executive Vice President
Chief Financial Officer and
General Counsel (Principal
Financial and Chief Accounting
Officer)
13