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 earliest event reported: May 16, 2002
LMI AEROSPACE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Missouri
(State or Other Jurisdiction of Incorporation)
0-24293 43-1309065
(Commission File Number) (I.R.S. Employer Identification No.)
3600 Mueller Road, St. Charles, Missouri 63302-0900
(Address of Principal Executive Offices) (Zip Code)
(636) 946-6525
(Registrant's Telephone Number, Including Area Code)
_____________________
Item 5. Other Events.
On May 16, 2002, LMI Aerospace, Inc. issued a press release announcing
its acquisition of Versaform Corporation. The text of the announcement is
attached hereto as Exhibit 99.1.
Exhibit Number Description
99.1 Text of Press Release, dated May 16, 2002,
issued by LMI Aerospace, Inc.
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.
Date: May 16, 2002
LMI AEROSPACE, INC.
By: /s/ Lawrence E. Dickinson
--------------------------------------
Lawrence E. Dickinson
Chief Financial Officer and Secretary
EXHIBIT INDEX
Exhibit Description
99.1 Text of Press Release, dated May 16, 2002,
issued by LMI Aerospace, Inc.
Exhibit 99.1
LMI Aerospace, Inc.
Post Office Box 900
St. Charles, Missouri 63302
Contact:
Ed Dickinson, Chief Financial Officer, (636) 916-2150
FOR IMMEDIATE RELEASE
LMI AEROSPACE ACQUIRES VERSAFORM CORPORATION
Seeks further diversification of customer base and product offerings
ST. LOUIS, May 15, 2002 - LMI Aerospace, Inc. (Nasdaq:LMIA) today
announced that it has acquired Versaform Corporation and affiliates, which are
privately held aerospace metal forming companies based in Southern California
and British Columbia, Canada. Terms of the transaction, in which LMI acquired
the common stock of Versaform, were not disclosed.
The Versaform group produces large, formed metal components for
regional jet, business jet and military markets from its main plants in Southern
California, as well as aerospace and architectural components from a plant in
British Columbia. Sales in the twelve months ended April 30, 2002, were
approximately $12 million.
"This transaction will be immediately accretive to earnings per share
and add new core competencies," said Ronald Saks, President and Chief Executive
Officer of LMI Aerospace. "Based on the acquisition, we project LMI's future
sales distribution will be approximately 29 percent military OEM and spares
components, 28 percent commercial OEM and spares, 28 percent regional and
business jet, and 15 percent semiconductor and laser components. This mix is
consistent with our stated strategy to expand and diversify our customer base
and provide higher level value added products to those customers.
"The Versaform-LMI combination creates a supplier which can offer a
wide range of metal products to a more diverse customer base, thus helping
ensure continued growth for LMI Aerospace," Saks said. "LMI will benefit by
adding the ability to make larger stretch products, gaining new customers and a
larger share of Gulfstream work, and having facilities near LMI customers in
Southern California and Canada."
Saks noted that LMI will bring significant improvements to Versaform's
production, financial and marketing operations. These include expertise in lean
manufacturing and engineering, front-end tooling production and back-end
chemical milling and finishing capabilities, a source of additional production
for both the California and Canadian Versaform sites, financial resources for
expanding product offerings, the consolidation of two Oceanside, California
facilities, and new marketing expertise. The combination also will provide for
near-term expansion into foreign markets.
The Company plans to fund the acquisition through a secured note with
its lender. Versaform is LMI's fourth acquisition since the company's initial
public offering in 1998.
LMI Aerospace, Inc. is a leading supplier of quality components to the
aerospace and technology industries. The Company operates eight manufacturing
facilities that fabricate, finish and integrate close tolerance aluminum and
specialty alloy components for commercial, corporate, regional and military
aircraft, and for laser equipment used in the semiconductor and medical
industries. Its products include leading edge wing slats and lens assemblies;
cockpit window frame assemblies; fuselage skins and supports; passenger and
cargo door frames and supports; and excimer laser components.
This press release includes forward-looking statements related to LMI
Aerospace's outlook for 2002 and future periods, which are based on current
management expectations. Such forward-looking statements are subject to various
risks and uncertainties, many of which are beyond the control of LMI Aerospace,
Inc. Actual results could differ materially from the forward-looking statements
as a result, among other things, of the factors detailed from time to time in
LMI Aerospace's filings with the Securities and Exchange Commission.