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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) January 30, 1997
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REPUBLIC INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
0-9787 73-1105145
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(Commission (IRS Employer
File Number) Identification No.)
450 East Las Olas Boulevard
Suite 1200
Ft. Lauderdale, FL 33301
- ----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (954) 713-5200
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N.A.
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On January 30, 1997, Republic Industries, Inc. issued a press release,
which is attached hereto as Exhibit 99 and incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
The Exhibits to this Report are listed in the Exhibit Index
set forth elsewhere herein.
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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 hereunto duly authorized.
REPUBLIC INDUSTRIES, INC.
By: /s/ Michael S. Karsner
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Michael S. Karsner
Senior Vice President and
Chief Financial Officer
Date: January 30, 1997
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REPUBLIC INDUSTRIES, INC.
EXHIBIT INDEX
Number and
Description of Exhibit
- ----------------------
1. None
2. None
4. None
16. None
17. None
21. None
23. None
24. None
27. None
99. Press Release, dated January 30, 1997.
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EXHIBIT 99
[LOGO] REPUBLIC
INDUSTRIES, INC.
450 East Las Olas Boulevard
Suite 1200
Fort Lauderdale, Florida 33301
954-713-5200
954-713-2115 FAX
FOR IMMEDIATE RELEASE CONTACTS: MICHAEL KARSNER
- --------------------- (954) 713-5230
J. RONALD CASTELL
(954) 713-5355
REPUBLIC INDUSTRIES, INC. REPORTS FOURTH QUARTER RESULTS
Ft. Lauderdale, Florida (January 30, 1997)--Republic Industries, Inc.
(NASDAQ:RWIN) today reported operating results for the three months and year
ended December 31, 1996.
Excluding the results of Alamo Rent-A-Car, Inc., which the Company
acquired last November, and one-time and extraordinary charges as previously
announced, the Company's net income for the fourth quarter was $16 million, or
six cents per share. These results were in line with analysts' expectations.
Revenue for the three months ended December 31, 1996 was $663 million
as compared to $438 million for the same period in 1995, an increase of 51%.
Revenue for the year ended December 31, 1996 was $2.4 billion, an increase of
33% over the $1.8 billion reported for 1995.
For the three months ended December 31, 1996, Republic incurred an
extraordinary charge of $32 million, net of income taxes, related to a
refinancing of debt assumed in connection with the Alamo acquisition. This debt
was refinanced in December 1996 at substantially lower interest rates. The
Company also incurred a one-time, pre-tax charge of approximately $88 million
related primarily to the integration of the operations of Alamo with Republic
as well as merger expenses associated with the acquisitions of Alamo, Addington
Resources, Inc. and Continental Waste Industries, Inc.
Due to the one-time and extraordinary charges, Republic posted a net
loss of $97 million for the three months ended December 31, 1996 and a net loss
of $59 million for the year ended December 31, 1996. The Company's operating
results for 1995 have been restated to reflect certain mergers which were
accounted for under the pooling of interests method of accounting.
H. Wayne Huizenga, Chairman and Co-Chief Executive Officer of Republic,
stated "We are extremely pleased with the performance of our solid waste and
electronic security divisions and the integration of Alamo. The pending
acquisition of National Car Rental System, Inc. provides a complementary fit
with Alamo and we are very excited about our prospects in the car rental
industry."
"We are aggressively developing our new car dealership network by
acquiring premier auto dealerships in markets where we intend to open
AutoNation USA megastores," Mr. Huizenga commented. He also added, "We believe
1997 is shaping up to be an outstanding year for Republic and we are poised to
take advantage of the opportunities that lie ahead in all of our business
segments."
Republic is a diversified company operating in the automotive, solid
waste, electronic security and out-of-home media industries.
--More--
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REPUBLIC INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended December 31, Year Ended December 31,
------------------------------- ------------------------
1996 1995 1996 1995
---- ---- ---- ----
(a) (a)
<S> <C> <C> <C> <C>
Revenue $663,064 $438,375 $2,365,520 $1,791,446
Expenses:
Cost of operations 415,310 214,655 1,232,861 853,759
Selling, general and administrative 295,470 227,302 1,096,767 921,477
Restructuring and merger expenses 30,712 3,264 38,335 3,264
-------- -------- ---------- ---------
741,492 445,221 2,367,963 1,778,500
Operating income (loss) (78,428) (6,846) (2,443) 12,946
Interest income 7,272 5,722 20,564 12,041
Interest expense (9,855) (7,710) (33,496) (23,249)
Other income (expense), net 739 (1,487) 5,135 975
-------- -------- ---------- ---------
Income (loss) from continuing operations
before income taxes and extraordinary charge (80,272) (10,321) (10,240) 2,713
Provision (benefit) for income taxes (15,313) (2,865) 17,665 4,176
-------- -------- ---------- ---------
Loss from continuing operations before
extraordinary charge (64,959) (7,456) (27,905) (1,463)
Extraordinary charge related to early
extinguishment of debt, net of taxes (31,592) -- (31,592) --
-------- -------- ---------- ---------
Loss from continuing operations (96,551) (7,456) (59,497) (1,463)
Loss from discontinued operations -- (801) -- (25,123)
-------- -------- ---------- ---------
Net loss ($96,551) ($8,257) ($59,497) ($26,586)
======== ======== ========== =========
Loss per common share:
Loss from continuing operations before
extraordinary charge ($.26) ($.03) ($.12) ($.01)
Extraordinary charge (.12) -- (.13) --
Loss from discontinued operations -- -- -- (.15)
-------- -------- ---------- ---------
Net loss ($.38) ($.03) ($.25) ($.16)
======== ======== ========== =========
Weighted average common shares 252,623 242,277 238,866 170,273
======== ======== ========== =========
</TABLE>
(a) Operating results for the three and twelve month periods ended December 31,
1995 have been restated to reflect business combinations accounted for
under the pooling of interests method of accounting.
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