1 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: February 4, 2000 McCLAIN INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Michigan 0-7770 38-1867649 -------- ------- ---------- (State or other (Commission (I.R.S. Employer Jurisdiction File Number) Identification No.) of incorporation) 6200 Elmridge Road Sterling Heights, Michigan 48313 ------------------------------- ------- (Address of principal (Zip Code) Executive offices) Registrant's telephone number, including area code (810) 264-3611 Total pages: 3 -------- 2 Item 5. Other Events ------------ See the press release announcing operating results for the quarter ended December 31, 1999, attached hereto as Exhibit A. 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. McCLAIN INDUSTRIES, INC. (Registrant) Date: February 4, 2000 By: /s/ Mark Mikelait -------------------- ----------------------- Mark Mikelait Treasurer 3 FOR IMMEDIATE RELEASE NASDAQ CONTACT: MARK MIKELAIT Symbol MCCL TREASURER TEL: (419) 468-2120 FAX: (419) 468-4895 MCCLAIN INDUSTRIES, INC. ANNOUNCES RECORD SALES FOR FIRST QUARTER IN FISCAL 2000 Sterling Heights, Michigan, February 4, 2000 - McClain Industries, Inc., NASDAQ Symbol (MCCL), today announced record sales for the first quarter ended December 31, 1999. Sales for the first quarter in fiscal 2000 increased 9% to a record $29,592,618 from $27,156,906 for the same quarter in fiscal 1999. Net income for the first quarter of fiscal 2000 was $478,270 or $.10 a share, compared to net income of $561,786 or $.12 a share during the same quarter in fiscal 1999. "The first quarter sales increase of 9% from the previous years first quarter was within our projections," said Kenneth D. McClain, President and Chief Executive officer. "While demand for our products is up, net income was down due to higher interest expense on inventories of expected sales in our truck division, which will be shipped during the second quarter of fiscal 2000. We expect the sales and earnings trend of fiscal 1999 to continue during fiscal 2000." McClain Industries is one of the nation's leading manufacturers of solid waste handling and transportation equipment for the waste disposal and recycling industry and of a diversified line of dump truck bodies. CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended December 31, 1999 1998 ---- ---- Net Sales $ 29,592,618 $ 27,156,906 Cost of Sales 24,005,434 22,314,809 ------------ ------------ Gross Profit 5,587,184 4,842,097 Selling, general and administrative expenses 3,929,930 3,446,543 ------------ ------------ Income from operations 1,657,254 1,395,554 Other expense, net (931,984) (544,768) ------------ ------------- Income before income taxes 725,270 850,786 Income taxes 247,000 289,000 ------------ ------------ Net income $ 478,270 $ 561,786 ============ ============ Net income per common share $ .10 $ .12 ============ ============ Weight average common share 4,637,217 4,682,160 ============ ============