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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 17, 2003
COMMONWEALTH INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 13-3245741
(State of incorporation) (I.R.S. Employer Identification No.)
500 West Jefferson Street
19th Floor
Louisville, Kentucky 40202-2823
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (502) 589-8100
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Item 9. Regulation FD Disclosure.
See the following press release, dated March 17, 2003, announcing that
Commonwealth Industries, Inc. sees greater-than-expected loss in the first
quarter of 2003:
NEWS RELEASE
Contact: Katherine R. Gould
Vice President
Organizational Development
(502) 589-8130
COMMONWEALTH INDUSTRIES SEES GREATER-THAN-EXPECTED LOSS IN THE FIRST
QUARTER OF 2003
LOUISVILLE, Ky. (March 17, 2003) - Commonwealth Industries, Inc. (NASDAQ/NM:
CMIN) today announced that it expects to report a net loss of in the range of
$0.42 to $0.47 per share for the first quarter ending March 31, 2003.
Previously, the Company had forecasted a net loss for the quarter comparable to
the net loss of $0.28 per share it reported in the first quarter of 2002
(excluding the cumulative effect of the Company's adoption in 2002 of Statement
of Financial Accounting Standards No. 142 "Goodwill and Other Intangible
Assets").
The Company said the greater-than-expected loss for the first quarter
of 2003 reflects the impact of a weak commercial construction market on
Commonwealth's electrical products business, Alflex. First quarter shipments at
Alflex are currently projected to be approximately 113 million feet, or about
10% less than the year-earlier level of 126 million feet and below the Company's
original forecast for a slight improvement over first quarter shipments last
year.
To a lesser extent, the change in outlook for the first quarter of 2003
also reflects unanticipated weakness in some of the Company's markets for
aluminum products, most notably welded tube for original equipment
manufacturers, where sales and margins have been below expectations. Shipments
of aluminum sheet are trending toward approximately 185 million pounds for the
first quarter, or about 12% less than the 209.5 million pounds shipped in the
first quarter of 2002. The Company expected some decline in aluminum sheet
shipments for the first quarter considering planned equipment downtime for
maintenance and the stronger shipments registered in the first quarter of 2002,
but the decline now appears to be greater than anticipated.
Commonwealth expects to report full results for the first quarter on
April 22, 2003.
Commonwealth Industries is one of North America's leading manufacturers
of aluminum sheet for distributors and the transportation, construction, and
consumer durables end-use markets. The Company has direct-chill casting
facilities in Kentucky and continuous casting mini-mills in Ohio and California.
Commonwealth also is a leading manufacturer of innovative electrical products
through its Alflex operations in California and North Carolina. For more
information about the Company, visit Commonwealth's website at
www.ciionline.com.
Certain statements set forth above, may constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act, as amended. All
statements regarding the Company's and its subsidiaries' expected future
financial position, results of operation, cash flows, funds from operations,
dividends, financing plans, business strategy, budgets, projected costs, capital
expenditures, competitive positions and growth opportunities are forward-looking
statements. Such forward-looking statements are based on management's current
expectations and include known and unknown risks, uncertainties and other
factors, many of which the Company is unable to predict or control, that may
cause the Company's actual results or performance to materially differ from any
future results or performance expressed or implied by such statements. Such
factors may include, without limitation, the effect of global economic
conditions, the effect (including possible increases in the cost of doing
business) resulting from war or terrorist activities or political uncertainties,
the ability to successfully implement new marketing and sales strategies, the
impact of competitive products and pricing, product development and
commercialization, availability and cost of critical raw materials, the rate of
technology change, product demand and market acceptance risks, capacity and
supply constraints or difficulties, the success of the Company in implementing
its business strategy, and other risks as detailed in the Company's various
filings with the Securities and Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
COMMONWEALTH INDUSTRIES, INC.
By /s/ Mark V. Kaminski
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Mark V. Kaminski, President and
Chief Executive Officer
Date: March 17, 2003