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) December 15, 2000
VISKASE COMPANIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-5485 95-2677354
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(State or other jurisdiction of (Commission (I.R.S.
incorporation or organization) File No.) Employer
Identification
No.)
6855 West 65th Street, Chicago, Illinois 60638
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (708) 496-4200
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Page 1 of 4
Item 5. - Other Events
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On December 15, 2000, Viskase Companies, Inc. announced that it is
implementing significant cost reduction measures in an attempt to offset a
projected shortfall in earnings before depreciation, interest, amortization
and taxes for fiscal year 2001 from the estimated fiscal year 2000 for
continuing operations. A copy of the press release relating to the
announcement is attached hereto as Exhibit 99.
Item 7. - Financial Statements and Exhibits
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(c) Exhibits
EX-99 Press release dated December 15, 2000
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.
VISKASE COMPANIES, INC.
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Registrant
By: /s/ Gordon S. Donovan
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Gordon S. Donovan
Vice President, Chief
Financial Officer and
Treasurer
December 21, 2000
Exhibit No. Description of Exhibits Page
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EX-99 Press release dated December 15, 2000. 4
EXHIBIT 99
VISKASE COMPANIES, INC. ANNOUNCES
EARNINGS OUTLOOK FOR FISCAL YEAR 2001
CHICAGO, ILLINOIS, December 15, 2000 - Viskase Companies, Inc. (VCIC) today
announced that it is implementing significant cost reduction measures in an
attempt to offset a projected shortfall in earnings before depreciation,
interest, amortization and taxes (EBDIAT) for fiscal year 2001 from the
estimated fiscal year 2000 EBDIAT for continuing operations. Unless these
cost reduction measures are successful, EBDIAT for fiscal year 2001 could be
as much as 20% lower than fiscal year 2000. These cost reduction measures
are necessary due to continued deterioration in the cellulosic casings
market, specifically, continued competitive price pressure and increases in
the cost of raw materials and other production costs. In addition, the
Company is closely monitoring the negative impact that the "mad cow disease"
situation in Europe will have on the demand for the Company's products in
2001.
One significant cost cutting measure the Company will take is to "mothball"
its NUCEL(r) production facility until market conditions improve. An
improved market environment is necessary to provide the Company with the
resources to fully complete the development of this important new technology.
Other cost measures include reduced staffing on a worldwide basis.
F. Edward Gustafson, President, Chief Executive Officer and Chairman of the
Company stated, "We are very disappointed that the cost reductions implemented
to date have not been enough to offset the decrease in prices over the past
several years."
The Company has scheduled a conference call for Monday, December 18, 2000 at
9:00 a.m. (CST) to discuss this new release. The dial-in number for the
conference call is 888-699-9169 and the access password is Viskase
Conference. No replay of the conference call will be available.
Forward-looking statements in this press release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are not guarantees of future performance and
are subject to risks and uncertainties that could cause actual results and
company plans and objectives to differ materially from those projected. Such
risks and uncertainties include, but are not limited to, general business and
economic conditions; competitive pricing pressures for the Company's products;
changes in other costs; and opportunities that may be presented to and pursued
by the Company; determinations by regulatory and governmental authorities; and
the ability to achieve synergistic and other cost reductions and efficiencies.
Viskase Companies, Inc. has its major interests in food packaging. Principal
products manufactured are cellulosic and plastic casings used in the
preparation and packaging of processed meat products.
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