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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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: May 5, 2000
McCLAIN INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Michigan 0-7770 38-1867649
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(State or other (Commission (I.R.S. Employer
Jurisdiction File Number) Identification No.)
of incorporation)
6200 Elmridge Road
Sterling Heights, Michigan 48313
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(Address of principal (Zip Code)
Executive offices)
Registrant's telephone number, including area code (810) 264-3611
Total pages: 4
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Item 5. Other Events
See the press release announcing operating results for the quarter
ended March 31, 2000, attached hereto as Exhibit 99.A.
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SIGNATURE
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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.
McCLAIN INDUSTRIES, INC.
(Registrant)
Date: May 5, 2000 By: Mark Mikelait
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Mark Mikelait
Treasurer
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EXHIBIT 99.A
FOR IMMEDIATE RELEASE
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NASDAQ Traded Contact: Mark Mikelait
Symbol: MCCL Treasurer
Tel: (419) 468-2120
Fax: (419) 468-4895
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McCLAIN INDUSTRIES, INC.
ANNOUNCES EARNINGS FOR THE SECOND QUARTER IN FISCAL 2000
Sterling Heights, Michigan, May 5, 2000 - McClain Industries, Inc. NASDAQ
Symbol (MCCL) today announced it's sales and earnings for the second quarter
and six months ended March 31, 2000.
Sales for the second quarter ended March 31, 2000, were a record $38,334,080
compared to $31,856,781 for the same quarter a year earlier. Net income for the
quarter was $799,614 or $.17 a share compared to $958,655 or $.20 a share for
quarter ending March 31, 1999. Sales for the six months ended March 31, 2000
were a record $67,926,698 compared to $59,013,687 for the six months ended
March 31, 1999. Net income for the six months ended March 31, 2000 was
$1,277,884 or $.28 a share compared to $1,520,0441 or $.32 a share for the same
period in the prior year.
"While record sales are indicative of the demand for our products and the order
backlog continues at a strong pace, higher interest rates and increased
borrowings on inventories of trucks continued to affect our net income," said
Kenneth D. McClain, President and Chief Executive Officer. "During the
remainder of Fiscal 2000, we expect to continue the improvements in our sales
and customer base."
McClain Industries is one of the nation's leading manufacturers of solid waste
handling and transportation equipment for the solid waste disposal and recycling
industry and of a diversified line of dump truck bodies.
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Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
March 31, March 31,
2000 1999 2000 1999
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Net Sales $38,334,080 $31,856,781 $67,926,698 $59,013,687
Cost of Sales 31,809,115 26,080,107 55,814,549 48,394,916
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Gross Profit 6,524,965 5,776,674 12,112,149 10,618,771
Selling & Administrative 4,251,512 3,891,727 8,184,442 7,338,270
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Operating Profit 2,273,453 1,884,947 3,930,707 3,280,501
Other Income (Expense) (1,062,839) (432,292) (1,994,823) (977,060)
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Income Before Income Taxes 1,210,614 1,452,655 1,935,884 2,303,441
Provision for Income Taxes 411,000 494,000 658,000 783,000
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Net Income $ 799,614 $ 958,655 $ 1,277,884 $ 1,520,441
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Earnings Per Share $ .17 $ .20 $ .28 $ .32
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Shares Outstanding 4,600,268 4,667,427 4,600,268 4,667,427
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