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: April 01, 2002
JORE CORPORATION
000-26889 81-0465233
(Commission File Number) (IRS Employer Identification No.)
A Montana Corporation
45000 Highway 93 South, Ronan, MT 59864
406/528-4397
Item 5. Other Events
Press Release -------------------------- Ronan, Montana - April 01, 2002 - Jore
Corporation announces record earnings and sales for the first quarter.
JORE CORPORATION ANNOUNCES RECORD FIRST QUARTER EARNINGS AND SALES
Earnings (EBITDA) for the first quarter are projected to be POSITIVE $820,000
versus a LOSS of $2,590,173 for the quarter the prior year.
According to Jore Corporation President and Chief Executive Officer the
significant improvement in earnings validates major achievements in the
company's turnaraound and restructuring efforts. In spite of tight cash
constraints imposed by current financial lines, the company has reduced its
operating expenses from over 40% of sales for the first quarter of 2001 to under
19% of sales for the first quarter of 2002. Inventory levels, a major
contributor to Jore's chapter 11 problems have been reduced from $22.0 million
at 3/31/2001 to an appropiate level of $9.5 million at 3/31/2002.
The company has excited the unnecessary and costly Distribution Center in
Missoula, reloacted its assembly operations in to the company's manufacturing
facility, reducing handling, cost, and improving efficiency. Over $2.7 million
of additional cost savings are identified and ready to implement immediately
following a successful reorganization.
Sales for the first quarter of 2002 were a record $11,372,163 compared to
$6,480,856 for the same period in 2001 an increase of 76%.
Sales to all major customers are up significantly due to strong retail sell
through and early postioning orders from Home Depot. Compared to the prior year,
sales of the company's product to Sears are up 72%, Home Depot 13% and sales to
Lowe's, which was not a Jore customer during the first quarter of 2001, are
nearly 35% over their plan.
The company has demonstrated its commitment to its customers by increasing its
service levels to record levels 99.3% at Sears, 98.3% at Home Depot. The
customers have responded with strong support for the ongonig viability of the
company.
CONTACTS:
Gerald J. McConnell Barbara York
President/CEO Human Resources Manager
406-528-4480 406-528-4213
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. JORE CORPORATION
April 01, 2002 By: /s/ Kelly Grove
Kelly Grove
Controller
About Jore Corporation
Jore Corporation is a leader in the design and manufacture of innovative power
tool accessories and hand tools for the do-it-yourself and professional
craftsman markets. Jore sells its products under the licensed Stanley brand,
Ryobi and Porter Cable brands as well as under various private labels of the
industry's largest retailers and power tool manufactures, including Sears, The
Home Depot, Lowe's, Canadian Tire, Makita and more.