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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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): November 18, 1999
HMI INDUSTRIES INC
(Exact name of registrant as specified in its charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
2-30905 36-1202810
(Commission File Number) (IRS Employer Identification No.)
3631 PERKINS AVE.
CLEVELAND, OHIO 44114
(Address of Principal Executive Offices and Zip Code)
Registrant's telephone number, including area code: (216) 432-1990
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ITEM 5. OTHER EVENTS.
On November 18, 1999, HMI Industries Inc. issued a press release to announce its
approximated earnings for the fourth quarter ended September 30, 1999, intended
facilities relocation and changes in sales management. HMI also announced that
it expects to offer for sale up to 2,500,000 shares of its common stock in a
transaction exempt from the registration requirements under federal securities
law. The press release is attached as Exhibit 99 and this form 8-K incorporates
by reference the press release.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
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99 Press release of HMI Industries Inc. dated Attached
November 18, 1999.
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.
HMI INDUSTRIES INC.
(Registrant)
Date: November 23, 1999 By: /s/ Julie A. McGraw
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Julie A. McGraw
Vice President - Corporate Controller
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EXHIBIT 99
Contact: HMI Industries Inc.
James R. Malone
Carl H. Young III
(216) 361-5555
FOR IMMEDIATE RELEASE
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HMI Industries Inc. Announces Profitable Fourth Quarter, New Facilities
and Sales Management Change
CLEVELAND, Ohio, November 18, 1999... HMI Industries Inc. today reported
revenues which approximated $9,500,000 and net income of approximately $200,000,
or $.04 per share (diluted), for its fourth quarter results for the fiscal year
ended September 30, 1999. This is the first time in sixteen quarters that HMI
has had profitable earnings from continuing operations. HMI also announced that
it expects to offer for sale up to 2,500,000 shares of its common stock in a
transaction exempt from the registration requirements under federal securities
law. HMI expects to conclude the sale of its shares before December 31, 1999.
"Quality improvements and dramatic product cost reductions, combined with the
continual focus of reducing non-sales growth expenses have yielded larger
contribution margins and positive earnings," said Mr. Malone, Chairman and CEO.
"However, in order to be completely successful and obtain profitable earnings
quarter over quarter, we must continue to reduce costs while we focus on
increasing sales volume worldwide".
Last week, as part of the continued focus on quality and cost reduction, HMI
signed a lease for a new operations facility in Strongsville, Ohio. The new
location offers HMI an opportunity to design an efficient, state-of-the-art
assembly operation. The new facility has 72,000 square feet and will employ
approximately 100 in operations and manufacturing. The move is planned for the
first week in January. HMI is seeking another site near the city of Cleveland
for its sales, marketing, finance and executive personnel. HMI anticipates
obtaining landlord approval, in late November, on a sublease for a 13,000 square
foot Class A office space.
It was also announced today by Mr. Malone that there have been certain
leadership changes in the sales management of HMI's worldwide direct selling
business. Mr. Gary Moore's employment as President of the Americas Division has
been terminated effective immediately. Mr. Moore's role will be assumed by Mr.
Malone. In addition, Mr. Tim Duggan has been promoted to Director of Sales
Administration, Americas Division.
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HMI is a globally oriented, direct selling company engaged in the manufacture
and sale of high filtration portable surface cleaners, central vacuum cleaning
systems and portable room air cleaners. The company's high filtration portable
surface cleaner and portable room air cleaner are sold under the trade names
Filter Queen(R), Princess(R), Majestic(R), Empress(R) and Defender(R) and its
central vacuum cleaning system is sold under the trade names Vacu-Queen(R) and
Majestic II(R). The company's shares are traded on the OTC Bulletin Board under
the symbol "HMII.OB."
Some statements in this press release are forward-looking statements that
involve risks and uncertainties, and actual results may differ materially. Among
other factors that could cause actual results to differ materially are the
following: business and economic conditions; unanticipated costs; and other risk
factors listed from time to time in the company's SEC reports, including, but
not limited to, the report on Form 10-Q for the fiscal quarter ended June 30,
1999 (Part I, Item 2, MD&A section).
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