UNITED STATES 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 16, 1999
PAMECO CORPORATION
(Exact name of registrant as specified in its charter)
Commission File No: 001-12837
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GEORGIA 51-0287654
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(State or other jurisdiction (I.R.S. employer
of incorporation or identification
organization) number)
1000 CENTER PLACE
NORCROSS, GA 30093
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(Address of principal executive offices)
(770)-798-0700
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(Registrant's telephone number, including area code)
Not applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On March 16, 1999, the Registrant issued a Press Release
regarding its Preliminary Fourth Quarter and Full Year Revenues,
attached hereto as Exhibit 99.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
PAMECO CORPORATION
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(Registrant)
By: /s/ THEODORE R. KALLGREN
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Theodore R. Kallgren
Chief Financial Officer
March 17, 1999 (Mr. Kallgren has been duly authorized
to sign on behalf of the registrant)
PAMECO
CORP
CONTACT:
Theodore R. Kallgren, CFO Van Negris / Philip J. Denning
Pameco Corporation Kehoe, White, Van Negris & Company,
Inc.
(770) 798-0600 (212) 396-0606
FOR IMMEDIATE RELEASE
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PAMECO ANNOUNCES PRELIMINARY FISCAL 1999 FOURTH QUARTER
AND FULL YEAR REVENUES, MANAGEMENT CHANGE;
RETAINS CONSULTANTS TO AID IN RESOLUTION OF NEW MIS SYSTEM
AND ASSESSMENT OF INFORMATION TECHNOLOGY STRATEGIES
NORCROSS, GA - MARCH 16, 1999 - Pameco Corporation (NYSE: PCN) today
announced that the Company preliminarily expects to report revenues
for the fiscal 1999 fourth quarter and fiscal year ended February 28,
1999 of approximately $121 million and $625 million respectively. The
Company also expects to report that same store sales grew by
approximately 5.0 percent for the fiscal 1999 fourth quarter and 9.5
percent for the 1999 fiscal year.
As previously announced, the Company preliminarily expects to report
an operating loss for the fiscal 1999 fourth quarter ended February
28th, principally as a result of significantly higher than planned
labor and interest expenses, increased operating expense and other
operating inefficiencies principally related to the effect at all
levels of the Company of continuing problems with implementation of
the Company's new enterprise-wide management information system (MIS).
For the full fiscal year ended February 28, 1999, the Company expects
to report a profit from operations.
The Company also announced that it has retained two highly respected
consulting organizations to help assure that Pameco's portfolio of
information technology initiatives will be able to meet the challenges
of its growing business. CD Group, Inc., which has successfully
implemented over 65 JD Edwards enterprise software solutions, will
assist in the resolution of Pameco's new MIS system. Computer
Associates International, Inc., a leader in mission-critical business
computing and client/server solutions, will assess Pameco's overall
information technology strategies.
In a separate development, the Company announced that Theodore R.
Kallgren has resigned as Chief Financial Officer to pursue other
interests. Mr. Kallgren will continue to work with the Company during
a transition period and will be available to serve as a consultant
after that time.
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Pameco Corporation
March 16, 1999
Page Two
The Company stated that it will continue to report to shareholders bi-
weekly through press releases updating the status of the Company's
operating results. To further insure strict compliance with the
disclosure policy, neither the Company nor any officer or director of
the Company will comment on the status of operations outside the
content of the bi-weekly releases until after the final audited
results for the fiscal year are published and filed with the SEC in a
Form 10-K report.
Pameco Corporation has established a leading position in the
consolidating distribution segment of the climate control industry,
building a centralized national distribution network. Pameco's products
include a complete range of heating, air conditioning and refrigeration
("HVAC/R") equipment, parts and supplies for the light commercial and
residential HVAC markets and commercial refrigeration market. The
products sold by Pameco are used principally for the repair and
replacement of existing HVAC/R and for new construction. The Company
has 361 branches and 6 distribution centers in 47 states and in 95 of
the top 100 population centers in the United States.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995: Certain statements and other information contained in this
press release are "forward-looking" statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that involve risks and
uncertainties including, without limitation, the Company's plans for
future business development activities, product mix, margin
enhancements, the timely review of the Company's MIS and the successful
implementation of the MIS and any additional enterprise wide software
required to enhance the functionality thereof, eventual improvements to
the Company's logistics and delivery system through the MIS, the
Company's ability to operate acquired companies in a profitable manner,
and other risks and uncertainties described in the Company's reports and
filings with the Securities and Exchange Commission. Investors are
cautioned that any such forward-looking statements are not guarantees of
future performance, involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such forward-
looking statements. The projections contained herein speak only to the
Company's expectations as of the date of this press release. The
Company expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any such statement to reflect any
change in the Company's expectations or any change in events, conditions
or circumstances on which any such statement is based.
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