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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: February 4, 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: 3
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Item 5. Other Events
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See the press release announcing operating results for the
quarter ended December 31, 1999, attached hereto as Exhibit A.
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: February 4, 2000 By: /s/ Mark Mikelait
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Mark Mikelait
Treasurer
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FOR IMMEDIATE RELEASE
NASDAQ CONTACT: MARK MIKELAIT
Symbol MCCL TREASURER
TEL: (419) 468-2120
FAX: (419) 468-4895
MCCLAIN INDUSTRIES, INC.
ANNOUNCES RECORD SALES FOR FIRST QUARTER IN FISCAL 2000
Sterling Heights, Michigan, February 4, 2000 - McClain Industries, Inc., NASDAQ
Symbol (MCCL), today announced record sales for the first quarter ended December
31, 1999.
Sales for the first quarter in fiscal 2000 increased 9% to a record $29,592,618
from $27,156,906 for the same quarter in fiscal 1999. Net income for the first
quarter of fiscal 2000 was $478,270 or $.10 a share, compared to net income of
$561,786 or $.12 a share during the same quarter in fiscal 1999.
"The first quarter sales increase of 9% from the previous years first quarter
was within our projections," said Kenneth D. McClain, President and Chief
Executive officer. "While demand for our products is up, net income was down due
to higher interest expense on inventories of expected sales in our truck
division, which will be shipped during the second quarter of fiscal 2000. We
expect the sales and earnings trend of fiscal 1999 to continue during fiscal
2000."
McClain Industries is one of the nation's leading manufacturers of solid waste
handling and transportation equipment for the waste disposal and recycling
industry and of a diversified line of dump truck bodies.
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Ended
December 31,
1999 1998
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<S> <C> <C>
Net Sales $ 29,592,618 $ 27,156,906
Cost of Sales 24,005,434 22,314,809
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Gross Profit 5,587,184 4,842,097
Selling, general and
administrative expenses 3,929,930 3,446,543
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Income from operations 1,657,254 1,395,554
Other expense, net (931,984) (544,768)
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Income before income taxes 725,270 850,786
Income taxes 247,000 289,000
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Net income $ 478,270 $ 561,786
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Net income per common share $ .10 $ .12
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Weight average common share 4,637,217 4,682,160
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</TABLE>
