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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): August 11, 1999
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 34243
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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 August 11, 1999, the Company issued the press release attached
hereto as Exhibit 99.1 announcing results for the quarter ended July 3, 1999.
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
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99.1 Press Release of the Registrant dated August 11, 1999.
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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: August 13, 1999
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EXHIBIT INDEX
Exhibit
Number Exhibit Description
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99.1 Press Release of the Registrant dated August 11, 1999.
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Exhibit 99.1
FOR RELEASE: Immediately
Contact:
Richard K. Arter Investor Relations 941-362-1200
Richard J. Dobbyn Chief Financial Officer 941-362-1200
SUN HYDRAULICS CORPORATION RELEASES SECOND QUARTER RESULTS
SARASOTA, FLA, August 11, 1999 - Sun Hydraulics Corporation (NASDAQ: SNHY)
today announced net sales were $15.9 million for the quarter ended July 3,
1999, representing a 9.5% decrease compared to second quarter 1998 net sales of
$17.6 million. The Company incurred a net loss of $0.2 million for the second
quarter of 1999, compared to net income of $1.2 million in the same quarter of
1998. Basic and diluted net losses per share for the second quarter of 1999
were ($0.03), compared to basic and diluted net income per share of $0.19 and
$0.18, respectively, in the second quarter of 1998.
"The second quarter loss was mainly a result of missed shipments and
productivity issues related to the implementation of our new Y2K compliant
operating system," said Clyde Nixon, Sun Hydraulics President. "As we stated in
our July 29th press release, we experienced many small difficulties during the
implementation, but shipments have recently returned to pre-implementation
levels. We believe that once fully implemented, the new system will provide
significant long-term benefits.
Sun Hydraulics Corporation, with manufacturing and distribution facilities in
Sarasota and Manatee County, Florida, Coventry, England, Erkelenz, Germany and
Incheon, Korea, is a leading designer and manufacturer of high performance
screw-in hydraulic cartridge valves and manifolds for worldwide industrial and
mobile markets.
FORWARD-LOOKING INFORMATION
Certain oral statements made by management from time to time and
certain statements contained herein that are not historical facts are
"forward-looking statements" within the meaning of Section 21E of the
Securities Exchange Act of 1934 and, because such statements involve risks and
uncertainties, actual results may differ materially from those expressed or
implied by such forward-looking statements. Forward-looking statements,
including those in Management's Discussion and Analysis of Financial Condition
and Results of Operations are statements regarding the intent, belief or
current expectations, estimates or projections of the Company, its Directors or
its Officers about the Company and the industry in which it operates, and
assumptions made by management, and include among other items, (i) the
Company's strategies regarding growth, including its intention to develop new
products; (ii) the Company's financing plans; (iii) trends affecting the
Company's financial condition or results of operations; (iv) the Company's
ability to continue to control costs and to meet its liquidity and other
financing needs; (v) the declaration and payment of dividends; (vi) the
Company's Year 2000 readiness plans and costs; and (vii) the Company's ability
to respond to changes in customer demand domestically and internationally,
including as a result of standardization. Although the Company believes that
its expectations are based on reasonable assumptions, it can give no assurance
that the anticipated results will occur.
Important factors that could cause the actual results to differ
materially from those in the forward-looking statements include, among other
items, (i) the economic cyclicality of the capital goods industry in general
and the hydraulic valve and manifold industry in particular, which directly
affect
