SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 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): April 20, 1999
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MARK IV 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)
1-8862 23-1733979
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(Commission File Number) (IRS Employer Identification No.)
501 John James Audubon Pkwy., Amherst, New York 14226-0810
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (716) 689-4972
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____________________________________________________________________________
(Former name or former address, if changed since last report.)
<PAGE>2
Item 5 - Other Events
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Registrant's unaudited consolidated balance sheets as of February 28, 1999
and 1998, and unaudited consolidated income statement data for the
fiscal years ended February 28, 1999, 1998 and 1997, are attached hereto as
Exhibits 99.1 and 99.2. This unaudited financial statement information is
being filed as a prelude to the registrant's audited financial
statements to be included in the Company's Annual Report on Form 10-K which
will be filed with the Securities and Exchange Commission no later than
its May 29, 1999 due date.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
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(a) Financial Statements of Business Acquired. - Not applicable.
(b) Pro Forma Financial Information. - Not applicable.
(c) Exhibits.
99.1 Copy of the Registrant's unaudited consolidated balance
sheets as of February 28, 1999 and 1998.
99.2 Copy of the Registrant's unaudited consolidated income
statement data for the fiscal years ended February
28, 1999, 1998 and 1997.
<PAGE>3
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MARK IV INDUSTRIES, INC.
BY: /s/Richard L. Grenolds
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Richard L. Grenolds
Vice President and Chief
Accounting Officer
Dated: April 20, 1999
<PAGE>4
EXHIBIT 99.1
MARK IV INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
FEBRUARY 28, 1999 and 1998
(Dollars in Thousands)
ASSETS 1999 1998
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Current Assets:
Cash and short-term investments $ 125,700 $ 120,900
Accounts receivable 406,000 466,400
Inventories 297,600 393,400
Other current assets 133,300 105,600
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Total current assets 962,600 1,086,300
Pension and other non-current assets 185,500 226,600
Property, plant and equipment, net 562,300 668,400
Cost in excess of net assets acquired 369,300 439,200
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TOTAL ASSETS $2,079,700 $2,420,500
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LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Notes payable and current maturities $ 57,800 $ 133,800
8-3/4% Notes, called for redemption - 73,100
Accounts payable 219,900 222,400
Compensation related liabilities 79,000 75,500
Accrued interest 23,200 28,600
Other current liabilities 92,100 94,500
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Total current liabilities 472,000 627,900
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Long-Term Debt:
Senior debt 24,700 21,400
Subordinated debt 772,800 772,500
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Total long-term debt 797,500 793,900
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Other non-current liabilities 213,500 246,700
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Stockholders' Equity:
Preferred stock - $.01 par value;
Authorized 10 million shares;
No issued shares - -
Common stock - $.01 par value;
Authorized 200 million shares;
Issued 53.4 million shares in 1999 and
62.9 million shares in 1998 500 600
Additional paid-in capital 440,700 617,800
Retained earnings 203,300 167,100
Foreign currency translation adjustment (47,800) (33,500)
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Total stockholders' equity 596,700 752,000
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TOTAL LIABILITIES
& STOCKHOLDERS' EQUITY $2,079,700 $2,420,500
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<PAGE>5
Exhibit 99.2
MARK IV INDUSTRIES, INC.
CONSOLIDATED INCOME STATEMENT DATA (Unaudited)
(Amounts in thousands, except per share data)
<TABLE>
<CAPTION>
Fiscal Year Ended
February 28,
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1999 1998(A) 1997(A)
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<S> <C> <C> <C>
Sales from continuing operations $1,948,600 $1,844,300 $1,717,900
Operating income (B) $ 196,200 $ 207,900 $ 191,000
Interest expense $ 53,900 $ 49,700 $ 45,800
Operating income (before
repositioning and restructuring
charges), net of interest expense $ 142,300 $ 158,200 $ 145,200
Income from continuing
operations (C):
Before repositioning and
restructuring charges $ 91,100 $ 97,800 $ 88,600
Repositioning and
restructuring charges(D) (38,700) - (67,500)
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Total continuing 52,400 97,800 21,100
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Discontinued operations (C):
Before divestitures 4,100 11,400 17,500
Gain/(loss) on divestitures (6,300) - 17,500
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Total discontinued (2,200) 11,400 35,000
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Extraordinary loss (C) (2,600) (10,600) -
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Net income $ 47,600 $ 98,600 $ 56,100
========== ========== ==========
Basic earnings per share:
Continuing operations:
Before repositioning and
restructuring charges $ 1.60 $ 1.52 $ 1.34
Repositioning and
restructuring charges (.68) - (1.02)
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Total continuing .92 1.52 .32
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Discontinued operations:
Before divestitures .07 .18 .26
Gain/(loss) on divestitures (.11) - .26
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Total discontinued (.04) .18 .52
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Extraordinary loss (.04) (.16) -
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Net income $ .84 $ 1.54 $ .84
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Diluted earnings per share:
Continuing operations:
Before repositioning and
restructuring charges(E) $ 1.51 $ 1.49 $ 1.33
Repositioning and
restructuring charges (.59) - (1.01)
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Total continuing .92 1.49 .32
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Discontinued operations:
Before divestitures .06 .17 .26
Gain/(loss) on divestitures (.09) - .26
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Total discontinued (.03) .17 .52
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Extraordinary loss (.04) (.16) -
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Net income $ .85 $ 1.50 $ .84
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Weighted average number of
shares outstanding:
Basic 56,900 64,100 66,300
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Diluted 65,500 67,400 66,700
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___________________________
<FN>
(A) Restated to reflect the sale in fiscal 1999 of the Automotive Filter
Business and certain other business units, accounted for as
discontinued operations.
(B) Income from continuing operations before interest expense, taxes, and the
repositioning charge in fiscal 1999 and restructuring charge in fiscal
1997. Includes non-cash depreciation and amortization expense from
continuing operations of $80.5 million, $66.3 million and $58.2 million
in fiscal 1999, 1998, and 1997, respectively.
(C) Net of related tax effects
(D) Represents a pre-tax repositioning charge of $63.8 million recognized in
fiscal 1999, and pre-tax restructuring charge of $112.5 million recognized
in fiscal 1997. An additional $2.2 million repositioning charge ($1.3
million net of taxes) is included in discontinued operations in fiscal
1999.
(E) On a pro forma basis, applying the net proceeds from the divestitures to
reduce indebtedness as of the beginning of the fiscal years, earnings
per share would be $1.56 and $1.55 for the fiscal years ended
February 28, 1999 and 1998, respectively.
</FN>
</TABLE>
