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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 12, 2000
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 May 16, 2000, the Registrant issued the press release attached
hereto as Exhibit 99.1 announcing (1) a $0.04 per share dividend on its common
stock payable on July 15, 2000, to shareholders of record on June 30, 2000, and
(2) the appointment of Clyde Nixon as Chairman and Allen Carlson as President
and CEO.
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 May 16, 2000.
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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 17, 2000
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EXHIBIT INDEX
Exhibit
Number Exhibit Description
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99.1 Press Release of the Registrant dated May 16, 2000.
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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' BOARD OF DIRECTORS APPOINTS CLYDE G. NIXON CHAIRMAN
ALLEN J. CARLSON APPOINTED PRESIDENT, CEO
ANNOUNCES DIVIDEND OF $0.04
SARASOTA, FLA, May 16, 2000 -- Sun Hydraulics Corporation (NASDAQ: SNHY), at
its annual meeting of shareholders, announced that the Company's board of
directors had appointed new executive officers, created an additional board
seat and declared a dividend of $0.04 per share of common stock. The dividend
is payable July 15, 2000, to shareholders of record as of June 30, 2000.
Clyde G. Nixon was appointed Chairman of the Board, after having served as
President and CEO of the Company for the past 12 years. Allen J. Carlson,
Company vice president, was appointed President and CEO. Robert Koski formally
retired as Chairman but was elected to continue to serve as a director of the
Company. Mr. Koski was also given the honorary position of Chairman Emeritus.
The board of directors also expanded the number of board seats to eight, and
Christine L. Koski was elected to fill the newly created board position. Ms.
Koski is the daughter of Robert Koski. Approximately 70 people attended the
meeting, which took place May 13, 2000 at the company's Manatee facility.
Commenting on the improved business conditions the Company has been
experiencing, Clyde Nixon said, "The demand for our products remains
exceptionally strong in all major global markets. At this point, we expect the
increased order rate to continue and believe shipments will increase
accordingly. We remain focused on meeting our obligations to our customers."
Dick Dobbyn, Sun Hydraulics' Chief Financial Officer, commented that the
Company is in agreement with analysts' current expectations for net income per
share of between $0.70 - $0.75 for the year 2000 and $1.00 for the year 2001.
"With our capacity expansion programs now essentially in place, we expect
earnings will improve due to increased productivity."
Sun Hydraulics Corporation, with manufacturing and distribution facilities in
Sarasota, Florida, Coventry, England, Erkelenz, Germany, and Inchon, Korea, is
a leading designer and manufacturer of high performance screw-in hydraulic
cartridge valves and manifolds for worldwide mobile and industrial 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
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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; and (vi) 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 customer orders, lead times and sales volume; (ii) conditions in the
capital markets, including the interest rate environment and the availability
of capital; (iii) changes in the competitive marketplace that could affect the
Company's revenue and/or cost bases, such as increased competition, lack of
qualified engineering, marketing, management or other personnel, and increased
labor and raw materials costs; (iv) changes in technology or customer
requirements, such as standardization of the cavity into which screw-in
cartridge valves must fit, which could render the Company's products or
technologies noncompetitive or obsolete; (v) new product introductions, product
sales mix and the geographic mix of sales nationally and internationally; and
(vi) changes relating to the Company's international sales, including changes
in regulatory requirements or tariffs, trade or currency restrictions,
fluctuations in exchange rates, and tax and collection issues. Further
information relating to factors that could cause actual results to differ from
those anticipated is included but not limited to information under the headings
"Business," particularly under the subheading, "Business Risk Factors" in the
Company's Form 10-K for the year ended January 1, 2000, and "Management's
Discussion and Analysis of Financial Conditions and Results of Operations" in
the Company's Form 10-Q for the quarter ended April 1, 2000. The Company
disclaims any intention or obligation to update or revise forward-looking
statements, whether as a result of new information, future events or otherwise.
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