1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For Quarter Ended JULY 1, 2000
--------------------------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from TO
------------------------------------------------
Commission file number 1-5325
--------------------------------------------------------
HUFFY CORPORATION
-----------------
(Exact name of registrant as specified in its charter)
OHIO 31-0326270
- ------------------------------------------- -----------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
225 BYERS ROAD, MIAMISBURG, OHIO 45342
---------------------------------------
(Address of principal executive offices) (Zip Code)
(937) 866-6251
--------------
(Registrant's telephone number, including area code)
No Change
-----------
(Former name, former address and former fiscal year, if changed since
last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities 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
--- ---
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes No
--- ---
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Outstanding Shares: 10,195,428 as of August 11, 2000
------------------------ ---------------------------
2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED). COMPANY FOR WHICH REPORT IS FILED:
--------------------
HUFFY CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollar Amounts in Thousands, Except Per Share Data)
Three Months Six Months Ended
---------------------------------- ---------------------------------
July 1, July 3, July 1, July 3,
2000 1999 2000 1999
--------------- -------------- --------------- ---------------
Net sales $ 166,974 $ 172,131 $ 309,180 $ 321,464
Cost of sales 138,505 143,577 257,467 270,924
------------ ------------ ------------ ------------
Gross profit 28,469 28,554 51,713 50,540
Selling, general and administrative expenses 16,018 18,236 35,025 37,283
Plant closure and manufacturing
reconfiguration 1,610 621 3,328 2,708
------------ ------------ ------------ ------------
Operating income 10,841 9,697 13,360 10,549
Other expense (income)
Interest expense 3,929 1,390 7,048 3,072
Interest income (76) (51) (48) (118)
Other (288) (224) (445) (89)
------------ ------------ ------------ ------------
Earnings before income taxes 7,276 8,582 6,805 7,684
Income tax expense 2,765 3,291 2,586 2,958
------------ ------------ ------------ ------------
Earnings from continuing
operations 4,511 5,291 4,219 4,726
------------ ------------ ------------ ------------
Discontinued operations:
Loss from discontinued operations, net of
income tax benefit of $208 -- -- -- (312)
Gain on disposal of discontinued
operations, net of income tax
expense of $2,338 -- -- -- 3,028
Extraordinary loss from early
extinguishment of debt, net of income
tax benefit of $519 -- -- (848)
------------ ------------ ------------ ------------
Net earnings $ 4,511 $ 5,291 $ 3,371 $ 7,442
============ ============ ============ ============
Earnings per common share:
Basic:
Weighted average number of
common shares 10,171,570 10,495,552 10,168,012 11,127,747
============ ============ ============ ============
Earnings from continuing operations $ 0.44 $ 0.50 $ 0.41 $ 0.42
Earnings from discontinued operations -- -- -- 0.24
Extraordinary loss from early
extinguishment of debt -- -- (0.08) --
------------ ------------ ------------ ------------
Net earnings per common share $ 0.44 $ 0.50 $ 0.33 $ 0.66
============ ============ ============ ============
Diluted:
Weighted average number of
common shares 10,265,031 10,656,838 10,253,238 11,289,033
============ ============ ============ ============
Earnings from continuing operations $ 0.44 $ 0.50 $ 0.41 $ 0.42
Earnings from discontinued operations -- -- -- 0.24
Extraordinary loss from early
extinguishment of debt -- -- (0.08) --
------------ ------------ ------------ ------------
Net earnings per common share $ 0.44 $ 0.50 $ 0.33 $ 0.66
============ ============ ============ ============
Page 2 of 12
3
HUFFY CORPORATION
CONSOLIDATED BALANCE SHEET
(Dollar Amounts In Thousands)
July 1, December 31,
2000 1999
--------- ---------
ASSETS
- ------
Current assets:
Cash and cash equivalents $ 2,227 $ 20,190
Accounts and notes receivable, net 95,402 65,862
Inventories 30,498 23,354
Prepaid expenses and federal income taxes 34,423 34,426
--------- ---------
Total current assets 162,550 143,832
--------- ---------
Property, plant and equipment, at cost 78,628 97,855
Less: accumulated depreciation and amortization 49,320 67,460
--------- ---------
Net property, plant and equipment 29,308 30,395
Excess of cost over net assets acquired, net 30,391 31,347
Deferred federal income taxes 13,443 13,443
Other Assets 6,640 4,764
--------- ---------
$ 242,332 $ 223,781
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
- -------------------------------------
Current liabilities:
Notes payable $ 40,826 $ 21,902
Current installments of long-term obligations 50,964 9,141
Accounts payable 40,100 34,397
Accrued expenses and other current liabilities 47,071 46,260
--------- ---------
Total current liabilities 178,961 111,700
--------- ---------
Long-term obligations, less current installments 669 52,028
Other long-term liabilities 21,626 22,571
--------- ---------
Total liabilities 201,256 186,299
--------- ---------
Shareholders' equity:
Common stock 16,672 16,667
Additional paid-in capital 66,306 66,242
Retained earnings 52,096 48,571
Accumulative comprehensive income (2,854) (2,854)
--------- ---------
Less: cost of treasury shares 91,144 91,144
Total shareholders' equity 41,076 37,482
--------- ---------
$ 242,332 $ 223,781
========= =========
Page 3 of 12
4
HUFFY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar Amounts in Thousands)
Six Months Ended
-----------------------------------------------
July 1, July 3,
2000 1999
---------------------- --------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings from continuing operations $ 4,219 $ 4,726
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization 4,765 6,862
(Gain) Loss on sale of property, plant and equipment (518) 601
Extraordinary charge for early extinguishment of debt (848) --
Deferred federal income tax expense -- (2,499)
Changes in assets and liabilities:
Accounts and notes receivable, net (29,540) (25,500)
Inventories (7,144) (21,785)
Prepaid expenses and federal income taxes 3 (3,380)
Other assets (1,876) (23)
Accounts payable 5,703 36,350
Accrued expenses and other current liabilities (2,977) 5,113
Other long-term liabilities 2,430 (1,864)
Other 154 --
------------ ------------
Net cash used in continuing operating activities (25,629) (1,399)
Discontinued operations:
Gain on disposal of discontinued operations 3,028
Loss from discontinued operations (312)
Items not affecting cash, net --
Cash provided by discontinued operations 70,338
------------ ------------
Net cash provided by discontinued operating activities -- 73,054
Net cash provided by (used in) operating activities (25,629) 71,655
===========================================================================================================================
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (2,667) (5,946)
Proceeds from sale of property, plant and equipment 1,732 6,267
------------ ------------
Net cash provided by (used in) investing activities (935) 321
===========================================================================================================================
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in short-term borrowings 18,924 (43,790)
Reduction of long-term debt (9,536) (12,051)
Issuance of long-term debt -- --
Issuance of common shares 69 265
Purchase of treasury shares -- (19,962)
Dividends paid (856) (1,995)
------------ ------------
Net cash provided by (used in) financing activities 8,601 (77,533)
===========================================================================================================================
Net change in cash and cash equivalents (17,963) (5,557)
Cash and cash equivalents:
Beginning of the year 20,190 17,834
------------ ------------
End of the six month period $ 2,227 $ 12,277
===========================================================================================================================
Page 4 of 12
5
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Dollar Amounts in Thousands)
Note 1: Footnote disclosure, which would substantially duplicate the
disclosure contained in the Annual Report to Shareholders for the
year ended December 31, 1999, has not been included. The unaudited
interim consolidated financial statements reflect all adjustments
which, in the opinion of management, are necessary to a fair
statement of the results for the periods presented and to present
fairly the consolidated financial position of Huffy Corporation as of
July 1, 2000. All such adjustments are of a normal recurring nature.
Note 2: Inventories of Huffy Bicycle Company and Huffy Sports Company are
at cost (not in excess of market) determined by the FIFO method. The
components of inventories are as follows:
December 31,
July 1, 2000 1999
--------------- ---------------
Finished Goods $27,160 $17,345
Work-in-Progress 106 106
Raw Materials & Supplies 3,232 5,903
--------------- ---------------
$30,498 $23,354
=============== ===============
Note 3: During the fourth quarter of 1999, the Company closed its remaining
domestic bicycle manufacturing facilities in Farmington, Missouri and
Southaven, Mississippi and reorganized its bicycle operations. During
the first quarter of 2000, the Company increased imports from a global
network of sourcing partners to offset this loss of production
capacity. Closing the plants eliminated the costs required to operate
the facilities and completed Huffy Bicycle Company's transformation
from a single brand manufacturer and marketer of bicycles, to a
multi-brand design, marketing and distribution company. During the
second quarter of 2000, reorganization charges included severance and
related benefits ($239); and facility shutdown and related costs
($1,371). During the first half of 2000, reorganization charges
included severance and related benefits ($872); and facility shutdown
and related costs ($2,456). It is anticipated that the Company will
continue to incur costs associated with this transformation through
2000.
During the second quarter of 1998, the Company took action to maximize
operational efficiency by eliminating excess production capacity and
annual operating costs by closing its manufacturing facility in Celina,
Ohio. Throughout 1999, the Company incurred charges in support of this
action. During the first half of 1999 the Company incurred the
following costs: facility shutdowns and asset write-downs ($95); new
facility startup and equipment, personnel, and inventory relocation
($1,351); and severance and related benefits ($1,262).
Page 5 of 12
6
Note 4. The Company has classified its operations into the following business
segments:
Consumer Products - bicycles, backboards and related products.
Service for Retail - in-store assembly, repair, and
display services and inventory counting services.
Earnings (loss)
Before Income
Sales Taxes
--------- ---------
SIX MONTHS ENDED
JULY 1, 2000
Consumer Products $ 173,965 $ 4,810
Service for Retail 135,663 11,318
Eliminations (448)
Interest, net (7,000)
General Corporate (2,323)
--------- ---------
$ 309,180 $ 6,805
========= =========
SIX MONTHS ENDED
JULY 3, 1999
Consumer Products $ 196,524 $ 3,245
Service for Retail 125,314 8,615
Eliminations (374)
Interest, net (2,954)
General Corporate (1,222)
--------- ---------
$ 321,464 $ 7,684
========= =========
Note 5: The components of comprehensive income are immaterial and are therefore
not disclosed.
Page 6 of 12
7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
THREE AND SIX MONTHS ENDED JULY 1, 2000
COMPARED TO THE
THREE AND SIX MONTHS ENDED JULY 3, 1999
(Dollar Amounts in Thousands, Except Per Share Data)
NET EARNINGS
For the second quarter of 2000, Huffy Corporation ("Huffy" or "Company") had net
earnings of $4,511, or $.44 per common share versus earnings of $5,291 or $0.50
for the same period last year. Earnings for the second quarter of 2000 include a
pretax charge of $1,610, or approximately $0.10 per common share for the
reconfiguration of the bicycle business, while the same period in 1999 includes
a reconfiguration charge of $621, or $0.04 per common share.
For the six months ended July 1, 2000 net earnings were $3,371 or $.33 per
common share compared to $7,442 or $.66 per common share for the same period in
1999. First half net earnings for the current year include a pretax charge of
$3,328 ($2,063 after tax), or $0.20 per common share, for charges related to the
bicycle reorganization, and a pretax charge of $541 ($335 after tax), or $0.03
per common share for charges related to the Company's refinancing. Net earnings
for the first six months of 2000 were also negatively impacted by $4,046 ($2,509
after tax), or $.24 per common share, due to higher interest costs associated
with new financing put in place in January 2000; and extraordinary charges
associated with the early extinguishment of debt of $0.08 per common share. In
1999, earnings for the six months ended June 30, 2000 included $0.24 of earnings
per share from discontinued operations, reflecting the sale of the True Temper
Hardware business.
NET SALES
Consolidated net sales for the quarter ended July 1, 2000 were $166,974, a
decrease of 3.0% over sales of $172,131 for the same quarter in 1999. For the
three months ended July 1, 2000, net sales in the Consumer Products segment
decreased $14,012 compared to the same period in the prior year. This sales
decrease was primarily the result of Huffy Bicycle Company's plan to reduce the
portion of its business done in low margin and opening price point units, and by
softness in the basketball backboard business. In the Services for Retail
segment, net sales increased $9,043, or 13.5%, reflecting strong demand for
assembly, merchandising, and inventory counting services. The merchandising
portion of the Services for Retail segment reported record sales during the
second quarter.
Consolidated net sales for the six months ended July 1, 2000 were $309,180, a
decrease of 3.8% from sales of $321,464 for the same period in 1999. For the six
months ended July 1, 2000, net sales in the Consumer Products segment decreased
$22,559 compared to the same period in the prior year. On a year-to-date basis,
this sales decrease was primarily the result of overall softness in the sporting
goods industry negatively impacting Huffy Sports Company's basketball backboard
business. A secondary factor in this decrease was Huffy Bicycle Company's
decision to reduce the portion of its business done in low margin SKU's. In the
Services for Retail segment, net sales increased $10,349, reflecting stronger
demand for merchandising, assembly and inventory counting services. Sales growth
at Washington Inventory Services was fueled in part by a new service agreement
with RJR Reynolds, which expands the WIS product offering beyond traditional
Page 7 of 12
8
inventory counting, and by record first half sales in the merchandising portion
of the Services for Retail segment.
GROSS PROFIT
Gross profit for the quarter ended July 1, 2000 was $28,469, virtually the same
as the $28,554 in the second quarter of 1999. As a percent of net sales, gross
profit for the second quarter of 2000 was 17.0% compared to 16.6% for the second
quarter of 1999. Gross profit as a percent of net sales for the Consumer
Products segment increased to 13.2% from 12.9% for the same period in the prior
year. Cost containment throughout the Consumer Products segment and improved
product mix at Huffy Bicycle Company, coupled with the favorable impact of the
bicycle business reorganization, were sufficient to offset volume driven margin
declines at Huffy Sports Company. In the Services for Retail segment, gross
margins as a percent of net sales were up slightly with significant improvements
in field productivity at Washington Inventory Service, offset by increased costs
and field inefficiency in the assembly services business.
Gross profit for the six months ended July 1, 2000 was $51,713, up from $50,540
for the same period in 1999. As a percent of net sales, 2000 year to date gross
profit was 16.7% compared to 15.7% for the same period last year. Gross profit
as a percent of net sales for the Consumer Products segment increased to 14.9%
from 14.4% for the same period in the prior year. This improvement is directly
related to the favorable impact of the bicycle business reorganization and the
elimination of domestic manufacturing. This favorable impact was partially
offset by volume driven margin declines at Huffy Sports. In the Services for
Retail segment, gross margins as a percent of net sales increased by 1.7
percentage points, primarily as a result of significant improvements in field
productivity at Washington Inventory Service. At Huffy Service First, field
efficiency was unfavorably impacted by higher costs for travel and training,
offsetting against the improved margins generated at Washington Inventory
Service.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses were $16,018 for the second quarter
of 2000, compared to $18,236 for the same period in 1999. As a percent of net
sales, selling, general and administrative expenses (SG&A) for the quarter ended
July 1, 2000 were 1.0 percentage point lower than the same period in the prior
year, 9.6% versus 10.6%, respectively. This improvement is the result of the
Huffy Bicycle Company reorganization, as well as strong cost containment at all
Huffy Companies. This improvement was also favorably impacted by a change during
the quarter to the Company's post retirement medical plan, which favorably
impacted SG&A expenses at all Huffy Companies.
Year to date selling, general and administrative expenses were down from $37,283
in 1999 to $35,025 in 2000. As a percent of net sales, selling, general and
administrative expenses for the six months ended July 1, 2000 were 11.3% versus
11.6% for the same period in 1999. The reasons for this improvement are
essentially the same as those described for the second quarter.
PLANT CLOSURE AND MANUFACTURING RECONFIGURATION
During the third quarter of 1999, the Company implemented the final step in its
reorganization of the bicycle operations, eliminating U.S. bicycle
manufacturing. Huffy Bicycle Company closed its U.S. production facilities in
Farmington, Missouri and Southaven, Mississippi in December of 1999 and offset
the lost capacity in the first quarter of 2000 with increased imports from a
global network of sourcing partners. Closing the plants
Page 8 of 12
9
eliminated the costs required to operate the facilities and completed Huffy
Bicycle Company's transformation from a single brand manufacturer to a
multi-brand design, marketing and distribution company. During the second
quarter of 2000, these closure charges included severance and related benefits
($239); and facility shutdown and related costs ($1,371). For the six months
ended July 1, 2000, these charges included severance and related benefits
($872); and facility shutdown and related costs ($2,456).
During the second quarter of 1998, the Company implemented a plan to maximize
operational efficiency by eliminating excess production capacity thus closing
the Celina, Ohio bicycle manufacturing facility and implementing other actions
to reduce operating costs. During the first six months of 1999, charges for this
reorganization included facility shutdown and asset write-downs $(95); new
facility startup and equipment, personnel, and inventory relocation $(1,351);
and severance and related benefits $(1,262).
SALE OF TRUE TEMPER HARDWARE
In March 1999, the Company sold the assets of its lawn and garden tool and
wheelbarrow business, True Temper Hardware Company, to U.S. Industries, Inc. The
purchase price was $100 million cash and was subject to certain post-closing
adjustments based on closing date financial statements.
The net earnings from continuing operations exclude True Temper Hardware
operating results and the gain on the sale of the Company's lawn and garden tool
and wheelbarrow business. The first quarter 1999 gain on the sale of the lawn
and garden tool and wheelbarrow business was $3,028, offset by a loss from
discontinued operations of $312, for a net of $0.24 per common share.
LIQUIDITY AND CAPITAL RESOURCES
On January 26, 2000, the Company signed a new $170 million, 18 month, secured
lending facility. Management believes that the new facility provides adequate
liquidity to fund the Company's operations throughout the term of the agreement.
As of July 1, 2000, the Company had $ 38,210 of senior term debt and $9,704 of
subordinated debt outstanding. In addition, the Company has a $100,000 secured
credit facility with availability of $85,173 of which $40,826 was outstanding as
of July 1, 2000. Other obligations at July 1, 2000 totaled $3,719.
ENVIRONMENTAL
The Company, along with others, has been designated as a potentially responsible
party ("PRP") by the U.S. Environmental Protection Agency (the "EPA") with
respect to claims involving the discharge of hazardous substances into the
environment in the Baldwin Park Operable Unit of the San Gabriel Valley
Superfund site ("Superfund"). On May 15, 1997, the Company, along with other
PRPs, received special notice letters from the EPA requesting a good faith of
remediation for the Superfund. A group of PRPs, including the Company, filed a
good faith offer on September 9, 1999 for remediation of the Baldwin Park
Operable Unit, and the offer was accepted. This acceptance committed the PRPs
and the EPA to negotiate a final consent decree. On June 30, 2000, the EPA
issued a Unilateral Administrative Order ("Order") pursuant to Section 106 of
the Comprehensive Environmental Response, Compensation and Liability Act of
1980, as amended, and Section 1003 of the Solid Waste Disposal Act, as amended,
to all PRPs for the Superfund directing such PRPs, jointly and severally, to
complete the remedial design and make arrangements for the construction and
operation of the Superfund remediation systems and facilities. The Company has
responded to the EPA that it will comply
Page 9 of 12
10
with the lawful provisions of the Order, while denying liability and reserving
all rights and defenses related to the Superfund, and is cooperating with other
PRPs in responding to the Order's requirements. At this time, the relative
liabilities of the parties are uncertain as to the allocation of remediation
costs for the Superfund site and other potential environmental liabilities
related thereto. The Company estimates its environmental remediation costs at
approximately $8,000 at July 1, 2000. In developing its estimate of
environmental remediation costs, the Company considers, among other things,
currently available technological solutions, alternative cleanup methods and
risk-based assessments of the contamination and, as applicable, an estimation of
its proportionate share of remediation costs. The Company may also make use of
external consultants, and consider, when available, estimates by other PRPs and
governmental agencies and information regarding the financial viability of other
PRPs. The Company believes it is unlikely that it will incur substantial
previously unanticipated costs as a result of failure by other PRPs to satisfy
their responsibilities for remediation costs. Based upon information currently
available, such future costs are not expected to have a material adverse effect
on the results of operations in future periods. However, such costs could
materially impact liquidity and the Company's financial condition.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
-----------------
The Company along with numerous California water companies and numerous other
defendants have been served in 10 civil lawsuits which allege claims related to
the contaminated groundwater in the Azusa, California area. On March 12, 1998,
the Public Utilities Commission ("PUC") issued an Order Instituting
Investigation ("OII"), stating that because the toxic tort lawsuits relate to
water quality, public health and safety, and the operations and practices of the
public utilities subject to the PUC's jurisdiction, the PUC intends to pursue
its jurisdiction by investigating the operations and practices of the named
defendant public utilities, their compliance with the PUC standards and policies
regarding water quality, and whether those standards and policies regarding
water quality continue to be adequate to protect the public health and safety.
The PUC investigation and decision is expected to conclude in 2000. As a result
of the PUC OII, a majority of the lawsuits were stayed pending the PUC
determination, and in one case the regulated water companies were dismissed
based upon the Court's finding that the PUC had assumed jurisdiction. The
decisions in these cases resulted in an appeal and numerous writs being taken.
In September 1999, the Court of Appeal found that a lower court that had
dismissed the regulated water companies from the action and issued a stay had
ruled correctly. The Court of Appeal issued peremptory writs of mandate in other
actions to reconsider the various motions, demurrers and stays in view of the
Court of Appeal findings. Petitions for review were filed before the California
Supreme Court and were granted on December 15, 1999. To date, the matters are in
their initial stage. It is impossible to currently predict the outcome of the
litigation.
ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits - The Exhibits, as shown in the "Index of Exhibits", attached
hereto as page 12, are filed as a part of this Report.
b. The Company filed one report on Form 8-K in the second quarter, which
reported the presentations at the annual shareholders meeting. The
report was dated April 26, 2000 and was filed with the Securities and
Exchange Commission on April 27, 2000.
Page 10 of 12
11
Please see the Company's meaningful cautionary statements regarding forward
looking statements contained in the Company's report on Form 8-K filed with the
Securities and Exchange Commission on April 27, 2000 which is hereby
incorporated herein by reference.
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 thereunto duly authorized.
HUFFY CORPORATION, Registrant
AUGUST 15, 2000 /s/ TIMOTHY G. HOWARD
- ------------------------------------- -------------------------------
Date Timothy G. Howard
Vice President - Corporate Controller
(Principal Accounting Officer)
Page 11 of 12
12
INDEX OF EXHIBITS
Exhibit
No. Item
- --------- -----------------------------------------------------------
[S] [C]
(2) Not applicable
(3) Not applicable
(4) Not applicable
(10)(a) Form of Severance Pay Agreements, as revised and restated,
between Huffy Corporation and certain of its Officers.
(10)(b) 1998 Subscription Agreement between Huffy Corporation and Don
R. Graber.
(10)(c) 1999 Subscription Agreement between Huffy Corporation and Don
R. Graber.
(10)(d) Ninth Amendment to Huffy Corporation Supplemental/Excess
Benefit Plan, effective as of March 1, 2000.
(10)(e) Tenth Amendment to Huffy Corporation Supplemental/Excess
Benefit Plan, effective as of May 25, 2000.
(11) Not applicable
(15) Not applicable
(18) Not applicable
(19) Not applicable
(22) Not applicable
(23) Not applicable
(24) Not applicable
(27) Financial Data Schedule
(99) Schedule of certain documents substantially identical to filed
documents with parties thereto.
Page 12 of 12