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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) December 13, 2000
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Leggett & Platt, Incorporated
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(Exact name of registrant as specified in its charter)
Missouri 1-7845 44-0324630
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
No. 1 Leggett Road, Carthage, MO 64836
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (417) 358-8131
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(Former name or former address, if changed since last report.)
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Item 5. OTHER EVENTS
The Company issued a press release today, December 13, 2000, selected
portions of which follow:
The Company announced that fourth quarter sales and earnings will be below
management's earlier expectations. Including benefits from acquisitions,
sales for the quarter should be approximately $1 billion, which equates to
growth of about 4% versus last year's fourth quarter. Same location sales
are likely to be down about 5%, as demand is weakening in most of the
markets the Company serves. The Company's management expects soft market
conditions to continue through the first half of 2001.
Profit margins are being impacted by production cutbacks and lower plant
utilization in all business segments. Fourth quarter earnings are expected
to be 21 to 26 cents per diluted share, down from 37 cents in 1999. Prior
to this announcement, analysts' estimates of fourth quarter earnings were
31 to 35 cents, and the consensus was 33 cents.
The Company's reduced expectations still result in record full year sales
of approximately $4.3 billion, an increase of 13% versus the prior year.
This year's expected earnings of $1.31 to $1.36 per diluted share, though
down 6-10%, will be second only to the record of $1.45 achieved in 1999.
The Company's management will host a conference call to discuss these
developments at 8:00 a.m. Central (9:00 a.m. Eastern) on Thursday, December
14. The discussion can be accessed (live or replay) from the Investor
Relations portion of Leggett's website at www.leggett.com, or at
www.streetfusion.com. Fourth quarter results will be released on January
31, with a conference call on February 1.
This report includes "forward-looking" statements that involve
uncertainties and risks. Actual results could differ materially from the
Company's expectations, and the Company undertakes no obligation to update
or revise these forward-looking statements. Factors that could cause such
differences include the Company's ability to improve operations and realize
cost savings, competitive and general economic conditions, future growth of
acquired companies, and other risks described in the Company's Annual
Report on Form 10-K.
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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.
Leggett & Platt, Incorporated
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(Registrant)
Date December 13, 2000 /s/ Michael A. Glauber
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Senior Vice President, Finance &
Administration
(Signature)
