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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): February 25, 1997
Sun Coast Industries, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-12476 59-192968
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2700 South Westmoreland Avenue
Dallas, Texas 75233
(Address, including zip code, of principal executive offices)
Registrant's telephone number, including area code: (214) 373-7864
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Item 5. OTHER EVENTS.
On February 25, 1997, Sun Coast Holdings, Inc. and Plastics
Manufacturing Company, subsidiaries of Sun Coast Industries, Inc.
(collectively, the "Company") sold to Carlisle Foodservice Products,
Incorporated (the "Buyer") substantially all the equipment, molds, inventory
and intellectual property rights used by the Company's Foodservice Division,
which manufactured and sold melamine dinnerware and injection molded plastic
drinkware to restaurants, hotels, schools, hospitals, nursing homes and
correctional facilities. Subject to post-closing adjustments, the Buyer paid
the Company $2,104,108 in cash, which the Company has used to reduce
outstanding indebtedness. Additionally, the Company and Buyer entered into a
Noncompetition Agreement with a three-year term.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Item Exhibit
10.1 Agreement for Purchase and
Sale of Assets among Carlisle
Foodservice Products,
Incorporated and Sun Coast
Holdings, Inc. And Plastics
Manufacturing Company dated
as of February 25, 1997
10.2 Noncompetition Agreement
among Carlisle Foodservice
Products, Incorporated and
Sun Coast Holdings, Inc. And
Plastics Manufacturing
Company dated as of February
25, 1997
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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.
SUN COAST INDUSTRIES, INC.
Date: March 10, 1997 By: /s/ Cynthia R. Morris
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Cynthia R. Morris,
Executive Vice President, Secretary,
Treasurer and Chief Financial Officer
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INDEX TO EXHIBITS
Item
Number Exhibit
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10.1 Agreement for Purchase and Sale of Assets among
Carlisle Foodservice Products, Incorporated and Sun
Coast Holdings, Inc. And Plastics Manufacturing
Company dated as of February 25, 1997
10.2 Noncompetition Agreement among Carlisle Foodservice
Products, Incorporated and Sun Coast Holdings, Inc.
And Plastics Manufacturing Company dated as of
February 25, 1997