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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): June 23, 1997
SUN HYDRAULICS CORPORATION
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(Exact name of registrant as specified in its charter)
Florida 0-21835 59-2754337
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1500 West University Parkway
Sarasota, Florida 34232
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 941-362-1200
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ITEM 5. OTHER EVENTS.
PRESS RELEASE
On June 23, 1997, the Registrant issued the press release attached
hereto as Exhibit 99.1 announcing a $0.035 per share dividend on its common
stock payable on July 15, 1997, to shareholders of record on July 3, 1997, and
reporting comments made by management at the Registrant's annual shareholders'
meeting held on June 21, 1997.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Businesses Acquired.
None.
(b) Pro Forma Financial Information.
None.
(c) Exhibits.
Exhibit
Number Exhibit Description
99.1 Press Release of the Registrant dated June 23, 1997
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SIGNATURE
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 thereunto duly authorized.
SUN HYDRAULICS CORPORATION
By: /s/ Richard J. Dobbyn
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Richard J. Dobbyn
Chief Financial Officer (Principal
Financial and Accounting Officer)
Dated: July 9, 1997
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EXHIBIT INDEX
Exhibit
Number Exhibit Description
99.1 Press Release of the Registrant dated June 23, 1997.
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EXHIBIT 99.1
[SUN HYDRAULICS CORPORATION LETTERHEAD]
FOR RELEASE: Immediately
Contact:
Richard K. Arter Investor Relations 941-362-1200
Richard J. Dobbyn Chief Financial Officer 941-362-1200
SUN HYDRAULICS CORPORATION
HOLDS FIRST ANNUAL SHAREHOLDERS MEETING
DECLARES SECOND QUARTERLY DIVIDEND
COMPLETES CAPACITY EXPANSION
SARASOTA, FLA, June 23, 1997-- At its first annual meeting of shareholders since
its initial public offering in January 1997, Sun Hydraulics Corporation
(NASDAQ:SNHY) announced a $0.035 per share dividend on its common stock, payable
in July 15, 1997, to shareholders of record on July 3, 1997.
The meeting took place June 21, 1997, in the company's new 60,000 square foot
Sarasota manifold facility and was attended by more than 80 shareholders. Clyde
Nixon, president and chief executive officer, commented that worldwide demand
levels continue to be very strong and outpace increasing shipments.
"The strong demand rate is not all good news for Sun," Nixon said. "Our backlog
has grown and shipments are not increasing fast enough to offer the level of
service Sun has historically
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provided its customers. The implementation of manufacturing systems in the new
U.S. manifold plant, and the hiring and training of new personnel, has slowed
the rate of production increase at both U.S. facilities.
"To improve the reliability of our lead times and the coordination among all of
our facilities, we are consolidating some order entry and scheduling functions
with the U.S. cartridge operation. We believe that these measures will provide
more accurate information for our customers and give us more time to integrate
our computer systems.
"From a personnel standpoint, publicity from our initial public offering has
helped increase interest in employment at Sun Hydraulics. At the same time, we
are bringing in additional outside resources to expand our capability to
interview and train new employees.
"In spite of the challenges accompanying the company's capacity expansion and
new systems, the implementation of cellular production in the U.S. cartridge
facility has resulted in significant production volume increases as planned.
Overall, we expect our second quarter shipments to be strong.
Sun Hydraulics Corporation, with manufacturing and distribution facilities in
Sarasota, Florida, Coventry, England and Erkelenz, Germany, is a leading
designer and manufacturer of high performance screw-in hydraulic cartridge
valves and manifolds for global mobile and industrial
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markets. In January 1997, the Company reorganized its capital structure and
completed a public offering of 2,300,000 shares of common stock at $9.50 per
share.
Certain statements in this release that are not historical facts are
"forward-looking statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934. Because such statements regarding the intent, belief or
current expectations of the Company, its Directors or its Officers involve risks
and uncertainties, actual results may differ materially from those expressed in
or implied by such forward-looking statements. Risks and uncertainties include,
but are not limited to, changing economic conditions, changes in capital
markets, changes in or the failure to comply with governmental regulations, and
the impact of competitive products and pricing. Further information relating to
factors that could cause actual results to differ from those anticipated is
included in but not limited to information under the heading "Risk Factors" in
the Form S-1 Registration Statement and Prospectus for the Company's initial
public offering, effective January 9, 1997 (SEC File No. 333-14183), and
"Business" in the Company's Form 10-k for the year ended December 31, 1996, and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's Form 10-Q for the quarter ended March 31, 1997.
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