UNITED STATES
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): November 8, 2005
Headwaters Incorporated
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(Exact name of registrant as specified in its charter)
Delaware 1-32459 87-0547337
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
10653 South River Front Parkway, Suite 300
South Jordan, UT 84095
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (801) 984-9400
Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Certain statements contained in this Current Report on Form 8-K are
forward-looking statements within the meaning of federal securities laws and
Headwaters intends that such forward-looking statements be subject to the
safe-harbor created thereby.
Forward-looking statements include Headwaters' expectations as to the
managing and marketing of coal combustion products, the production and marketing
of building materials and products, the licensing of technology and chemical
sales to alternative fuel facilities, the receipt of product sales, license fees
and royalty revenues, the development, commercialization, and financing of new
technologies and other strategic business opportunities and acquisitions, and
other information about Headwaters. Such statements that are not purely
historical by nature, including those statements regarding Headwaters' future
business plans, the operation of facilities, the availability of tax credits,
the availability of feedstocks, and the marketability of the coal combustion
products, building products, and synthetic fuel, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995
regarding future events and our future results that are based on current
expectations, estimates, forecasts, and projections about the industries in
which we operate and the beliefs and assumptions of our management. Actual
results may vary materially from such expectations. Words such as "expects,"
"anticipates," "targets," "goals," "projects," "believes," "seeks," "estimates,"
or variations of such words and similar expressions, are intended to identify
such forward-looking statements. Any statements that refer to projections of our
future financial performance, our anticipated growth and trends in our
businesses, and other characterizations of future events or circumstances, are
forward-looking.
In addition to matters affecting the coal combustion products,
alternative fuel, and building products industries or the economy generally,
factors which could cause actual results to differ from expectations stated in
forward-looking statements include, among others, the risk factors described in
Item 7 in Headwaters' Annual Report on Form 10-K for the fiscal year ended
September 30, 2004, Quarterly Reports on Form 10-Q, and other periodic filings
and prospectuses. Although Headwaters believes that its expectations are based
on reasonable assumptions within the bounds of its knowledge of its business and
operations, there can be no assurance that our results of operations will not be
adversely affected by such factors. Unless legally required, we undertake no
obligation to revise or update any forward-looking statements for any reason.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this report.
Item 1.01. Entry into a Material Definitive Agreement.
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On October 26, 2005, Headwaters and it senior secured lenders amended
the credit agreement for Headwaters' senior first lien term loan. The amendment
permits Headwaters to participate in joint venture investments, subject to
certain conditions, and increases the amount of capital expenditures Headwaters
may make each year for the remaining term of the loan. The amendment is attached
hereto as Exhibit 10.93.2.
Item 2.02. Results of Operations and Financial Condition.
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On November 8, 2005, we issued our September 30, 2005 earnings press
release. A copy of that press release is attached hereto as Exhibit 99.1. The
information in Item 2.02 of this Current Report, including Exhibit 99.1 attached
hereto, is being furnished and shall not be deemed "filed" for the purposes of
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Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that Section. The information in Item 2.02 of this
Current Report, including Exhibit 99.1 attached hereto, shall not be
incorporated by reference into any registration statement or other document
filed pursuant to the Securities Act of 1933, except as shall be expressly set
forth by specific reference in such a filing.
Item 7.01. Regulation FD Disclosure.
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To supplement our condensed consolidated financial statements presented
in accordance with generally accepted accounting principles ("GAAP"), we use a
non-GAAP measure called EBITDA. EBITDA is net income adjusted by adding net
interest expense, income taxes, depreciation and amortization ("EBITDA").
Management uses EBITDA internally to measure the amount of cash generated by
Headwaters and to make decisions about the amount of capital expenditures
Headwaters will make and where to allocate capital. EBITDA is also provided to
enhance the user's overall understanding of our current financial performance,
our ability to service our debt, our compliance with current debt covenants and
our ability to fund future growth. Therefore, we believe that EBITDA provides
useful information to our investors regarding our performance and overall
results of operations. The EBITDA measure presented in the press release may not
be comparable to similarly titled measures presented by other companies.
The information in Item 7.01 of this Current Report, including Exhibit
99.1 attached hereto, is being furnished and shall not be deemed "filed" for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that Section. The information in Item
7.01 of this Current Report, including Exhibit 99.1 attached hereto, shall not
be incorporated by reference into any registration statement or other document
filed pursuant to the Securities Act of 1933, except as shall be expressly set
forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
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(c) Exhibits.
Exhibit 10.93.2: Amendment No. 4 to the Credit Agreement
among Headwaters and various lenders dated
as of October 26, 2005
Exhibit 99.1: Press release announcing Headwaters'
financial results for the quarter and fiscal
year ended September 30, 2005
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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 hereunto duly authorized.
Date: November 8, 2005 HEADWATERS INCORPORATED
(Registrant)
By: /s/ Kirk A. Benson
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Kirk A. Benson
Chief Executive Officer
(Principal Executive Officer)
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