<PAGE>
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: DECEMBER 8, 1999
ACORN PRODUCTS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 0-22717 22-3265462
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(STATE OR OTHER (COMMISSION FILE NO.) (IRS EMPLOYER
JURISDICTION OF IDENTIFICATION NUMBER)
INCORPORATION OR
ORGANIZATION)
390 Dublin Avenue
Columbus, Ohio 43215
(614) 222-4400
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER
INCLUDING AREA CODE OF REGISTRANT'S
PRINCIPAL EXECUTIVE OFFICES)
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS.
On December 8, 1999, Acorn Products, Inc. issued a press release
announcing management's financial forecast for transition 2000 and Fiscal Year
2000. The press release is included as Exhibit 99 to this Form 8-K and is
incorporated herein by this reference.
ITEM 7. EXHIBITS.
(C) EXHIBITS.
EXHIBIT NO. DESCRIPTION
99 Press Release, dated December 8, 1999, entitled "Acorn Products
Announces Earnings Projections"
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 hereunto duly authorized.
ACORN PRODUCTS, INC.
Date: December 8, 1999 By: /s/ John G. Jacob
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John G. Jacob, Vice President and CFO
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99 Press Release, dated December 8, 1999, entitled "Acorn
Products Announces Earnings Projections"
-3-
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EXHIBIT 99
ACORN PRODUCTS ANNOUNCES EARNINGS PROJECTIONS
Acorn Products, Inc.'s (NASDAQ: ACRN) management announced today its
financial forecast for transition 2000 and Fiscal Year 2000.
During the five month transition period, the Company anticipates the
completion of its manufacturing consolidation, the continued re-vitalizing and
strengthening of management and the rest of the organization of the Company, and
the refocusing on restoring its customers confidence and service levels to
acceptable or even advantageous performance levels. Management believes that for
the five month transition period, including the three months ended October 29,
1999, the Company's net loss will be $10 million, or $1.65 per share.
In Fiscal 2000, the Company intends to focus on improving customer
satisfaction and significantly increasing its sales levels. The Company believes
that these steps will allow it to generate a modest operating profit, but $2.0
million in non-cash amortization and over $6.0 million in interest, will result
in a net loss of approximately $6.4 million ,or $1.07 per share.
The Company will evaluate and act upon cost reduction opportunities and
any business relationship that are not advantageous to the business in order to
drive the profitability of the business upwards. The Company expects to continue
to see a dramatic improvement in profitability year to year in 2001.
Acorn Products, Inc., through its operating subsidiary UnionTools,
Inc., is a leading manufacturer and marketer of non-powered lawn and garden
tools in the United States. Acorn's principal products include long handle tools
(such as forks, hoes, rakes and shovels), snow tools, posthole diggers,
wheelbarrows, striking tools, cutting tools and watering products. Acorn sells
its products under a variety of well-known brand names, including
Razor-Back-TM-, Union-TM-, Yard 'n Garden-TM-, Perfect Cut-TM- and, pursuant to
a license agreement, Scotts-TM-. In addition, Acorn manufactures private label
products for a variety of retailers. Acorn's customers include mass merchants,
home centers, buying groups and farm and industrial suppliers.
Razor-Back-TM-, Union-TM-, Yard 'n Garden-TM- and Perfect Cut-TM- are
registered trademarks of Acorn. Scotts-TM- is a registered trademark of The
Scotts Company.
The statements contained herein that are not purely historical are
forward looking statements within the meaning of the Securities Exchange Act
of 1934, including statements regarding Acorn's expectations, beliefs, hopes,
intentions or strategies regarding the future. All forward looking statements
contained herein are based upon information available to Acorn as of the date
hereof, and Acorn assumes no obligation to update any such forward looking
statements. Actual results could differ materially from Acorn's current
expectations. Factors that could cause or contribute to such differences
include, but are not limited to, the factors and risks discussed in Acorn's
Annual Report on Form 10-K for the fiscal year ended July 31, 1998, Acorn's
Current Report on Form 8-K dated September 18, 1997, as amended on October
29, 1998 and November 12, 1999, and as may be amended from time to time, and
the other reports filed from time to time by Acorn with the Securities and
Exchange Commission.
Contact: John G. Jacob, Vice President and Chief Financial Officer of Acorn
Products, Inc. (614) 222-4400.
