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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): May 23, 1998
SUN HYDRAULICS CORPORATION
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(Exact name of registrant as specified in its charter)
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Florida 0-21835 59-2754337
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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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 May 26, 1998, the Company issued the press release attached hereto
as Exhibit 99.1 announcing a $0.04 per share dividend on its common stock
payable on July 15, 1998, to shareholders of record on June 30, 1998, and the
election of John S. Kahler and Ferdinand E. Megerlin as Directors of the
Company.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Businesses Acquired.
None.
(b) Pro Forma Financial Information.
None.
(c) Exhibits.
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Exhibit
Number Exhibit Description
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99.1 Press Release of the Registrant dated May 26, 1998.
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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: May 28, 1998
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EXHIBIT INDEX
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Exhibit
Number Exhibit Description
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<S> <C>
99.1 Press Release of the Registrant dated May 26, 1998.
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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 ANNOUNCES 2ND QUARTER DIVIDEND,
ELECTS TWO NEW BOARD MEMBERS
SARASOTA, FLA, May 26, 1998 - At its annual meeting of shareholders on Saturday,
May 23, 1998, Sun Hydraulics Corporation (Nasdaq: SNHY) announced a 2nd quarter
dividend of $0.04 per share of its common stock. The dividend is payable on July
15, 1998, to shareholders of record as of June 30, 1998.
At the annual meeting at the Company's manifold manufacturing facility in
Sarasota, Florida, two new members were elected to the Board of Directors. John
S. Kahler, President, CEO and a Director of Cincinnati Incorporated was elected
to the board with a term expiring in the year 2000, and was appointed to the
Company's Audit Committee. Ferdinand E. Megerlin, Chairman and Joint Managing
Director of Linde AG's Industrial Trucks and Hydraulics Division was elected to
the board with a term expiring in the year 2001, and was appointed to the
Company's Compensation Committee. In addition to the two new board members,
Clyde G. Nixon, Sun Hydraulics Corporation President, was reelected to another
term as a director of the Company with a term expiring in 2001. Price Waterhouse
LLP was again appointed as the Company's independent certified public
accountants for the year 1998.
Sun Hydraulics is a leading designer and manufacturer of high performance
screw-in hydraulic cartridge valves and manifolds for global industrial and
mobile markets.
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 the Company's filings with the Securities and Exchange Commission,
including but not limited to information under the headings "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, 1997, and
"Management's Discussion and Analysis" in the Company's Form 10-Q for the
quarter ended March 31, 1998.
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