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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) April 1, 2001
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BELDEN & BLAKE CORPORATION
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(Exact name of registrant as specified in its charter)
Ohio 0-20100 34-1686642
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
5200 Stoneham Road, North Canton, Ohio 44720
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(Address of principal executive offices) (Zip Code)
(330) 499-1660
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Registrant's telephone number, including area code
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BELDEN & BLAKE CORPORATION
Item 5. Other Events
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EXECUTIVE RETIREMENTS
Effective April 1, 2001, the following senior management members of
Belden & Blake Corporation (the "Company") have verbally accepted early
retirements from the Company: Joseph M. Vitale, Senior Vice President, General
Counsel and Secretary; James C. Ewing, Vice President Human Resources; and
Charles P. Faber, Vice President Corporate Development. John L. Schwager,
President and Chief Executive Officer, along with other members of the
management team, will assume their responsibilities. To assist in the
transition, the three executives have agreed to provide periodic consulting
services to the Company over the next six months. As part of the retirement
agreement, Mr. Vitale is expected to resign from the Company's Board of
Directors.
Since the beginning of 1999, the Company has reduced its work force by
approximately one third through the sale of various subsidiaries and through
general staff reductions. During that time period, the Company has also changed
its strategic focus from a rapidly expanding, acquisition-oriented company, to a
drilling and production growth organization which limited its requirements for
senior administrative management.
These retirements will result in a cash charge of approximately $760,000
and an additional non-cash charge of $179,000 related to the acceleration of
certain stock options. The Company expects to reduce its future general and
administrative expenses by over $500,000 annually beginning in the second
quarter of 2001 as a result of the retirements.
The Company expects to record a total nonrecurring cash charge of $1.2
million in the first quarter of 2001 related to the these retirement agreements
and other severance charges incurred, and a total non-cash charge of
approximately $265,000 will be recorded related to the acceleration of certain
stock options.
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Signatures
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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.
Date: April 16, 2001 BELDEN & BLAKE CORPORATION
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By: /s/ John L. Schwager
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John L. Schwager
Director, President and Chief Executive Officer
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