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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): March 19, 1999
NUMATICS, INCORPORATED
(Exact name of registrant as specified in its charter)
Michigan
(State or other jurisdiction of incorporation or organization)
333-51355 38-2955710
(Commission File Number) (IRS Employer Identification Number)
1450 North Milford Road, Milford, Michigan 48357
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (248)887-4111
Not applicable
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
Numatics, Incorporated today reports preliminary unaudited financial
results for the quarter and year ended December 31, 1998.
For the fourth quarter ended December 31, 1998 Numatics had net sales of
$32.3 million and operating income of $4.2 million. This compares with net
revenues of $36.5 million and operating income of $3.9 million in the fourth
quarter of 1997. EBITDA (earnings before interest, taxes, depreciation, and
amortization) was $5.5 million in the quarter ended December 31, 1998 compared
with $5.3 million in the fourth quarter of 1997. The sales decrease resulted
from a continuation of the overall softness in the pneumatic market which
started during the second quarter of 1998. Operating income and EBITDA both
improved in spite of the lower sales levels due primarily to cost containment
efforts.
Net Sales for the year ended December 31, 1998 were $139.4 million compared
to $147.1 million for the year 1997. This 5.2% decrease in sales was primarily
due to the weakness in the pneumatic market during 1998. Operating income for
the year ended December 31, 1998 was $21.3 million compared to $20.5 million in
1997. This $.8 million increase was principally the result of the decrease in
single business tax expense during 1998. EBITDA for the year ended December 31,
1998 was $26.1 million compared with $26.5 million in 1997.
Total debt outstanding at December 31, 1998 was $160.4 million compared
with $142.8 million outstanding at December 31, 1997. This increase was caused
by costs and expenditures associated with the refinancing of the Company's debt
together with a $6.0 dividend paid in March 1998.
Final audited results for the year 1998 will be available at the end of
March 1998 when the Company files its annual report on Form 10-K.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
NUMATICS, INCORPORATED
Date: March 19, 1999 By: /s/ John H. Welker
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John H. Welker
President and Chief Executive Officer
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