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): April 12, 2006
DHB INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 001-13112 11-3129361
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(State of Incorporation) (Commission File Number) (IRS Employer
Identification Number)
400 Post Avenue, Suite 303, Westbury, New York 11590
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(Address of principal executive office) (Zip Code)
(516) 997-1155
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(Registrant's telephone number, including area code)
Not Applicable
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(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))
ITEM 2.04. TRIGGERING EVENTS THAT ACCELERATE OR INCREASE A DIRECT FINANCIAL
OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT.
On April 12, 2006, DHB Industries, Inc. (the "Company") and its
subsidiaries received a Notice of Events of Default and Reservation of Rights
(the "Notice") from Lasalle Business Credit, LLC, the lender (the "Lender"),
under the Loan and Security Agreement, dated as of September 24, 2001, as
amended (the "Loan Agreement"), by and among the Lender, certain subsidiaries of
the Company, as borrowers, and the Company, as guarantor. The Notice asserted
that certain events of default (the "Events of Default") exist under the Loan
Agreement as a result of (1) the matters disclosed in (a) the Company' Current
Report on Form 8-K filed on April 3, 2006, relating to non-reliance on 2005
interim financial statements and a delay in the filing of the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2005, and (b) the
Company's Current Report on Form 8-K filed on April 7, 2006, relating to the
receipt by the Company of notice from the American Stock Exchange of failure to
satisfy certain continued listing standards, as well as (2) the failure of the
Company to deliver copies of the disclosure contained in such Current Reports
and related notices to the Lender.
The Notice stated that, effective April 12, 2006, all loans under the
Loan Agreement will bear interest at the rate of 2% per annum in excess of the
rate otherwise payable on such loans. As of April 12, 2006, such default rate of
interest would be 9.75% per annum.
The Notice also advised the Company that the Lender reserves all of its
rights and remedies under the Loan Agreement arising as a result of the Events
of Default or any other event of default under the Loan Agreement. Under the
Loan Agreement, upon the occurrence of an "Event of Default" (as defined
therein), the Lender may, at its option, declare all loans and other amounts
owed under the Loan Agreement immediately due and payable.
As of April 18, 2006, loans in the aggregate amount of $20,547,915 were
outstanding under the Loan Agreement.
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.
DHB INDUSTRIES, INC.
By: /s/ LARRY R. ELLIS
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Larry R. Ellis
President
Dated: April 18, 2006