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): February 25, 2003
Commission File Number: 0-22429
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DHB INDUSTRIES, INC.
____________________
(Exact name of registrant as specified in its charter)
Delaware 11-3129361
____________________________ __________________________
(State of organization) (I.R.S. Employer
Identification No.)
555 Westbury Avenue, Carle Place, New York 11514
____________________________________________ __________________________
(Address of principal executive office) (Zip Code)
(516) 997-1155
____________________________________________
(Registrant's telephone number, including area code)
(Page 1)
ITEM 5. OTHER EVENTS.
DHB Industries, Inc. (the "Company") has entered into a second
amendment (the "Amendment"), dated as of February 17, 2003, to that certain Loan
and Security Agreement, dated as of September 24, 2001 (the "Loan Agreement")
(previously filed as Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q
for the fiscal quarter ended September 30, 2001, filed with the Securities and
Exchange Commission on November 14, 2001), by and among the Company, LaSalle
Business Credit, LLC, a Delaware limited liability company (successor by merger
to LaSalle Business Credit, Inc., a Delaware corporation) ("LaSalle"), and the
Company's subsidiaries, Protective Apparel Corporation of America ("PACA"),
Point Blank Body Armor, Inc. ("Point Blank") and NDL Products, Inc. ("NDL", and
together with PACA and Point Blank, the "Borrowers"). The Company anticipates
that the Amendment will assist the Company in meeting increased short-term
working capital requirements.
Pursuant to the Amendment, among other things, the maximum amount of
revolving credit advances which may be provided by LaSalle to the Borrowers has
been increased from $25,000,000, as previously provided in the Loan Agreement,
to $35,000,000. This increased amount will decrease to $30,000,000 on September
1, 2003 and to $25,000,000 on December 1, 2003. In connection with the
Amendment, the Borrowers have agreed to pay LaSalle an amendment fee in the
amount of $25,000. In the event the Borrowers terminate the Loan Agreement and
prepay all of their liabilities thereunder on or before February 28, 2004, the
Borrowers have agreed to pay to LaSalle a prepayment fee of 1% of the Maximum
Revolving Loan Limit (as that term is defined in the Loan Agreement) in effect
at that time. Further pursuant to the Amendment, the minimum collection
percentage during any sixty-day period to avoid a "Triggering Event" (as that
term is defined in the Amendment) has been increased from 70% to 90%. The
Amendment, including the availability of the increase in the revolving credit
facility, became effective on February 25, 2003.
The foregoing description of certain provisions of the Amendment and
the Loan Agreement is qualified in its entirety by the full text of the
Amendment and the Loan Agreement, respectively filed as Exhibit 4.1 hereto, and
as Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q for the fiscal
quarter ended September 30, 2001, filed with the Securities and Exchange
Commission on November 14, 2001, both of which are incorporated herein by
reference.
This report contains "forward-looking statements" based on the
Company's current expectations and projections about future events. These
forward-looking statements are subject to a number of risks and uncertainties
which could cause the Company's actual results to differ materially from
historical results or those anticipated and certain of which are beyond the
Company's control. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
(Page 2)
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not Applicable
(b) Not Applicable
(c) The following Exhibits are filed as part of this Current Report
on Form 8-K:
4.1 Second Amendment to Loan and Security Agreement, dated
February 17, 2003.
(Page 3)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DHB INDUSTRIES, INC.
By: /s/ DAWN M. SCHLEGEL
_______________________
Dawn M. Schlegel
Chief Financial Officer
Dated: February 25, 2003
(Page 4)
EXHIBIT INDEX
Page No.
4.1 Second Amendment to Loan and Security 6
Agreement, dated February 17, 2003.
(Page 5)