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Previous: BIRMINGHAM UTILITIES INC, DEF 14A, 1998-04-16 |
Next: ARTISTIC GREETINGS INC, SC 13E3/A, 1998-04-16 |
<PAGE>
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): April 16, 1998
APPLIED POWER INC.
-----------------
(Exact name of Registrant as specified in its charter)
Wisconsin 1-11288 39-0168610
--------- ------- ----------
(State of incorporation) (Commission File No.) (I.R.S. Employer Id. No.)
13000 West Silver Spring Drive
Butler, Wisconsin 53007
Mailing address: P. O. Box 325, Milwaukee, Wisconsin 53201
------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(414) 781-6600
--------------
(Registrant's telephone number, including area code)
1
<PAGE>
Item 5. Other Events
- - ---------------------
Applied Power Inc. (the "Company") is filing this Current Report on Form 8-K to
restate its earnings per share information and to file as exhibits the related
restated financial data schedules for prior fiscal years and interim periods not
already so restated.
As disclosed in the Company's Quarterly Report on Form 10-Q for its second
quarter ended February 28, 1998, the Company adopted during that period
Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings Per
Share," as required, and, in that Form 10-Q included restated earnings per share
information for the three months and six months ended February 28, 1997 and
filed a restated financial data schedule for the six months ended February 28,
1997, as required by SFAS No. 128 and Item 601(c)(2)(iii) of Regulation S-K.
On January 8, 1998, the Board of Directors authorized a two-for-one stock split
effected in the form of a 100 percent stock dividend to shareholders of record
on January 22, 1998. To effect the stock split, a total of 13,891,578 shares of
the Company's common stock were issued on February 3, 1998. All references in
the following tables to the average number of common shares and related per
share amounts have been restated to reflect the stock split.
The following tables set forth the restated earnings per share information
required by SFAS No. 128 for the required fiscal years and for the interim
periods not previously restated:
2
<PAGE>
A. EARNINGS PER SHARE - for each of the last five fiscal years:
(In Millions, except per share amounts)
<TABLE>
<CAPTION>
For the years ended August 31,
---------------------------------------------------------
1997 1996 1995 1994 1993
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Earnings(Loss):
Continuing Operations 42.0 33.7 25.0 16.9 7.1 (1)
Discontinued Operations - - - (0.4) (3.8)
Extraordinary Loss - - (4.9) - -
Cumulative Effect of Accounting Change - - - - (4.4)
----- ----- ----- ----- ------
Net Earnings(Loss) $42.0 $33.7 $20.1 $16.5 $ (1.1)
===== ===== ===== ===== ======
Basic Earnings(Loss) Per Share:
Weighted average common shares outstanding 27.5 27.0 26.6 26.1 26.0
===== ====== ===== ===== ======
Continuing Operations $1.53 $1.25 $0.94 $0.65 $0.27 (1)
Discontinued Operations - - - (0.02) (0.14)
Extraordinary Loss - - (0.18) - -
Cumulative Effect of Accounting Change - - - - (0.17)
----- ----- ----- ----- ------
Net Earnings(Loss) Per Share $1.53 $1.25 $0.76 $0.63 $(0.04)
===== ===== ===== ===== ======
Diluted Earnings(Loss) Per Share:
Weighted average common and equivalent
shares outstanding 28.8 28.0 27.5 26.6 26.2
===== ===== ===== ===== ======
Continuing Operations $1.46 $1.21 $0.91 $0.64 $ 0.27 (1)
Discontinued Operations - - - (0.02) (0.14)
Extraordinary Loss - - (0.18) - -
Cumulative Effect of Accounting Change - - - - (0.17)
----- ----- ----- ----- ------
Net Earnings(Loss) Per Share $1.46 $1.21 $0.73 $0.62 $(0.04)
===== ===== ===== ===== ======
</TABLE>
(1) Earnings from Continuing Operations for 1993 reflect after-tax restructuring
charges of $5.0 ($0.19 per share).
3
<PAGE>
B. EARNINGS PER SHARE - for the quarter ended November 30, 1997 and for each
quarter of the last two fiscal years:
<TABLE>
<CAPTION>
(In Thousands, except per share amounts)
For the quarter ended
Nov 30,
1997
-------
<S> <C>
Net Earnings $12,186
Basic Earnings Per Share:
Weighted average common shares 27,682
outstanding
Net earnings per share $ 0.44
=======
Diluted Earnings Per Share:
Weighted average common and equivalent
shares outstanding 29,303
Net earnings per share $ 0.42
=======
</TABLE>
<TABLE>
<CAPTION>
For the quarters ended
------------------------------------------------------- Fiscal
Nov 30, Feb 28, May 31, Aug 31, 1997
1996 1997 1997 1997 Total
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Earnings $ 9,540 $ 9,469 $11,098 $11,931 $42,038
Basic Earnings Per Share:
Weighted average common shares outstanding 27,396 27,535 27,586 27,620 27,530
Net earnings per share $ 0.35 $ 0.34 $ 0.40 $ 0.43 $ 1.53
======= ======= ======= ======= =======
Diluted Earnings Per Share:
Weighted average common and equivalent
shares outstanding 28,372 28,691 28,809 29,076 28,754
Net earnings per share $ 0.34 $ 0.33 $ 0.39 $ 0.41 $ 1.46
======= ======= ======= ======= ========
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
For the quarters ended
---------------------------------------------------------- Fiscal
Nov 30, Feb 29, May 31, Aug 31, 1996
1995 1996 1996 1996 Total
----------- ---------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Net Earnings $ 7,710 $ 7,650 $ 9,145 $ 9,224 $33,729
Basic Earnings Per Share:
Weighted average common shares 26,819 26,841 26,942 27,214 26,957
outstanding
Net earnings per share $ 0.29 $ 0.29 $ 0.34 $ 0.34 $ 1.25
======= ======= ======= ======= =======
Diluted Earnings Per Share:
Weighted average common and equivalent
shares outstanding 27,985 27,845 27,989 28,042 27,967
Net earnings per share $ 0.28 $ 0.27 $ 0.33 $ 0.33 $ 1.21
======= ======= ======= ======= =======
</TABLE>
C. EARNINGS PER SHARE - calculation for each of the last three fiscal years:
<TABLE>
<CAPTION>
(In Thousands, except per share amounts)
For the years ended August 31,
-------------------------------------------------
1997 1996 1995
------------- ------------ ----------
<S> <C> <C> <C>
Numerator:
Net earnings before extraordinary loss $42,038 $33,729 $25,005
Extraordinary loss - - (4,920)
------- ------- -------
Net earnings for basic and diluted earnings per $42,038 $33,729 $20,085
share ======= ======= =======
Denominator:
Weighted average common shares outstanding for
basic earnings per share 27,530 26,957 26,559
Net effect of dilutive options based on the
treasury stock method using average 1,224 1,010 932
market price ------- ------- -------
Weighted average common and equivalent shares
outstanding for diluted earnings per share 28,754 27,967 27,491
======= ======= =======
Basic Earnings Per Share:
Net earnings before extraordinary loss $ 1.53 $ 1.25 $ 0.94
Extraordinary loss - - (0.18)
------- ------- -------
Net earnings per share $ 1.53 $ 1.25 $ 0.76
======= ======= =======
Diluted Earnings Per Share:
Net earnings before extraordinary loss $ 1.46 $ 1.21 $ 0.91
Extraordinary loss - - (0.18)
------- ------- -------
Net earnings per share $ 1.46 $ 1.21 $ 0.73
======= ======= =======
</TABLE>
5
<PAGE>
Item 7. Financial Statements and Exhibits
- - ------------------------------------------
(c) See Index to Exhibits on page 7, which is incorporated herein by reference.
SIGNATURE
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.
APPLIED POWER INC.
Date: April 16, 1998 By: /s/Robert C. Arzbaecher
-----------------------
Robert C. Arzbaecher,
Vice President and
Chief Financial Officer
6
<PAGE>
APPLIED POWER INC.
INDEX TO EXHIBITS
FORM 8-K CURRENT REPORT
Date of Report: April 16, 1998
<TABLE>
<CAPTION>
Exhibit Incorporated Herein
Number Description By Reference To Page No.
- - ---------- --------------------------------- ---------------------- ------------
<S> <C> <C> <C>
27.1 Restated Financial Data Schedule 8
(fiscal year ended August 31, 1997)
27.2 Restated Financial Data Schedule 9
(fiscal year ended August 31, 1996)
27.3 Restated Financial Data Schedule 10
(fiscal year ended August 31, 1995)
27.4 Restated Financial Data Schedule Exhibit 27.1 to
(six month period ended February 28, 1998) Registrant's Form 10-Q
for quarter ended
February 28, 1998
27.5 Restated Financial Data Schedule 11
(three month period ended November 30, 1997)
27.6 Restated Financial Data Schedule 12
(nine month period ended May 31, 1997)
27.7 Restated Financial Data Schedule Exhibit 27.2 to
(six month period ended February 28, 1997) Registrant's Form 10-Q
for quarter ended
February 28, 1998
27.8 Restated Financial Data Schedule 13
(three month period ended November 30, 1996)
27.9 Restated Financial Data Schedule 14
(nine month period ended May 31, 1996)
27.10 Restated Financial Data Schedule 15
(six month period ended February 29, 1996)
27.11 Restated Financial Data Schedule 16
(three month period ended November 30, 1995)
</TABLE>
7
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> This schedule contains restated summary financial information extracted
from the audited financial statements of Applied Power Inc. for the year ended
August 31, 1997 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<CASH> 5,846
<SECURITIES> 0
<RECEIVABLES> 89,026
<ALLOWANCES> 4,329
<INVENTORY> 115,761
<CURRENT-ASSETS> 225,906
<PP&E> 191,336
<DEPRECIATION> 100,756
<TOTAL-ASSETS> 463,592
<CURRENT-LIABILITIES> 128,274
<BONDS> 101,663
0
0
<COMMON> 2,763
<OTHER-SE> 201,346
<TOTAL-LIABILITY-AND-EQUITY> 463,592
<SALES> 672,316
<TOTAL-REVENUES> 672,316
<CGS> 419,420
<TOTAL-COSTS> 419,420
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 12,003
<INCOME-PRETAX> 62,743
<INCOME-TAX> 20,705
<INCOME-CONTINUING> 42,038
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 42,038
<EPS-PRIMARY> 1.53
<EPS-DILUTED> 1.46
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> This schedule contains restated summary financial information extracted
from the audited financial statements of Applied Power Inc. for the year ended
August 31, 1996 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> AUG-31-1996
<CASH> 1,001
<SECURITIES> 0
<RECEIVABLES> 68,747
<ALLOWANCES> 4,179
<INVENTORY> 120,648
<CURRENT-ASSETS> 206,905
<PP&E> 168,125
<DEPRECIATION> 91,889
<TOTAL-ASSETS> 381,241
<CURRENT-LIABILITIES> 107,729
<BONDS> 76,548
0
0
<COMMON> 2,730
<OTHER-SE> 165,725
<TOTAL-LIABILITY-AND-EQUITY> 381,241
<SALES> 571,215
<TOTAL-REVENUES> 571,215
<CGS> 351,283
<TOTAL-COSTS> 351,283
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8,456
<INCOME-PRETAX> 49,167
<INCOME-TAX> 15,438
<INCOME-CONTINUING> 33,729
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 33,729
<EPS-PRIMARY> 1.25
<EPS-DILUTED> 1.21
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> This schedule contains restated summary financial information extracted
from the audited financial statements of Applied Power Inc. for the year ended
August 31, 1995 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-END> AUG-31-1995
<CASH> 911
<SECURITIES> 0
<RECEIVABLES> 71,000
<ALLOWANCES> 3,593
<INVENTORY> 103,358
<CURRENT-ASSETS> 190,464
<PP&E> 153,374
<DEPRECIATION> 84,939
<TOTAL-ASSETS> 332,946
<CURRENT-LIABILITIES> 97,447
<BONDS> 74,156
2,681
0
<COMMON> 0
<OTHER-SE> 129,005
<TOTAL-LIABILITY-AND-EQUITY> 332,946
<SALES> 527,058
<TOTAL-REVENUES> 527,058
<CGS> 325,621
<TOTAL-COSTS> 325,621
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 10,291
<INCOME-PRETAX> 36,873
<INCOME-TAX> 11,868
<INCOME-CONTINUING> 25,005
<DISCONTINUED> 0
<EXTRAORDINARY> (4,920)
<CHANGES> 0
<NET-INCOME> 20,085
<EPS-PRIMARY> 0.76
<EPS-DILUTED> 0.73
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
unaudited financial statements of Applied Power Inc. for the three month period
ended November 30, 1997 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> NOV-30-1997
<CASH> 5,143
<SECURITIES> 0
<RECEIVABLES> 74,491
<ALLOWANCES> 4,380
<INVENTORY> 122,715
<CURRENT-ASSETS> 220,037
<PP&E> 251,375
<DEPRECIATION> 132,077
<TOTAL-ASSETS> 595,375
<CURRENT-LIABILITIES> 135,200
<BONDS> 204,983
0
0
<COMMON> 2,773
<OTHER-SE> 214,545
<TOTAL-LIABILITY-AND-EQUITY> 595,375
<SALES> 208,689
<TOTAL-REVENUES> 208,689
<CGS> 135,698
<TOTAL-COSTS> 135,698
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,147
<INCOME-PRETAX> 18,748
<INCOME-TAX> 6,562
<INCOME-CONTINUING> 12,186
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12,186
<EPS-PRIMARY> 0.44
<EPS-DILUTED> 0.42
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
unaudited financial statements of Applied Power Inc. for the nine month period
ended May 31, 1997 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> MAY-31-1997
<CASH> 5,622
<SECURITIES> 0
<RECEIVABLES> 86,777
<ALLOWANCES> 4,019
<INVENTORY> 120,128
<CURRENT-ASSETS> 224,471
<PP&E> 194,050
<DEPRECIATION> 106,605
<TOTAL-ASSETS> 455,618
<CURRENT-LIABILITIES> 110,409
<BONDS> 122,351
0
0
<COMMON> 2,759
<OTHER-SE> 191,628
<TOTAL-LIABILITY-AND-EQUITY> 455,618
<SALES> 484,105
<TOTAL-REVENUES> 484,105
<CGS> 298,443
<TOTAL-COSTS> 298,443
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8,963
<INCOME-PRETAX> 45,274
<INCOME-TAX> 15,167
<INCOME-CONTINUING> 30,107
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 30,107
<EPS-PRIMARY> 1.09
<EPS-DILUTED> 1.06
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
unaudited financial statements of Applied Power Inc. for the three month period
ended November 30, 1996 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> NOV-30-1996
<CASH> 1,894
<SECURITIES> 0
<RECEIVABLES> 74,104
<ALLOWANCES> 4,211
<INVENTORY> 123,538
<CURRENT-ASSETS> 211,715
<PP&E> 174,308
<DEPRECIATION> 95,442
<TOTAL-ASSETS> 431,202
<CURRENT-LIABILITIES> 108,601
<BONDS> 115,847
0
0
<COMMON> 2,749
<OTHER-SE> 175,393
<TOTAL-LIABILITY-AND-EQUITY> 431,202
<SALES> 153,096
<TOTAL-REVENUES> 153,096
<CGS> 92,458
<TOTAL-COSTS> 92,458
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,625
<INCOME-PRETAX> 14,346
<INCOME-TAX> 4,806
<INCOME-CONTINUING> 9,540
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,540
<EPS-PRIMARY> 0.35
<EPS-DILUTED> 0.34
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
unaudited financial statements of Applied Power Inc. for the nine month period
ended May 31, 1996 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> MAY-31-1996
<CASH> 4,118
<SECURITIES> 0
<RECEIVABLES> 75,539
<ALLOWANCES> 4,136
<INVENTORY> 116,028
<CURRENT-ASSETS> 207,105
<PP&E> 163,400
<DEPRECIATION> 88,236
<TOTAL-ASSETS> 378,883
<CURRENT-LIABILITIES> 109,257
<BONDS> 84,188
0
0
<COMMON> 2,714
<OTHER-SE> 154,766
<TOTAL-LIABILITY-AND-EQUITY> 378,883
<SALES> 423,919
<TOTAL-REVENUES> 423,919
<CGS> 262,727
<TOTAL-COSTS> 262,727
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,091
<INCOME-PRETAX> 36,052
<INCOME-TAX> 11,547
<INCOME-CONTINUING> 24,505
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 24,505
<EPS-PRIMARY> 0.92
<EPS-DILUTED> 0.88
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> This schedule contains restated summary financial information extracted
from the unaudited financial statements of Applied Power Inc. for the six month
period ended February 29, 1996 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> FEB-29-1996
<CASH> 3,371
<SECURITIES> 0
<RECEIVABLES> 64,924
<ALLOWANCES> 4,047
<INVENTORY> 107,186
<CURRENT-ASSETS> 185,921
<PP&E> 158,887
<DEPRECIATION> 87,357
<TOTAL-ASSETS> 350,862
<CURRENT-LIABILITIES> 98,105
<BONDS> 79,280
0
0
<COMMON> 2,684
<OTHER-SE> 142,407
<TOTAL-LIABILITY-AND-EQUITY> 350,862
<SALES> 276,350
<TOTAL-REVENUES> 276,350
<CGS> 170,604
<TOTAL-COSTS> 170,604
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,114
<INCOME-PRETAX> 22,588
<INCOME-TAX> 7,228
<INCOME-CONTINUING> 15,360
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 15,360
<EPS-PRIMARY> 0.58
<EPS-DILUTED> 0.55
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND> This schedule contains restated summary financial information extracted
from the unaudited financial statements of Applied Power Inc. for the three
month period ended November 30, 1995 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-END> NOV-30-1995
<CASH> 1,953
<SECURITIES> 0
<RECEIVABLES> 69,521
<ALLOWANCES> 4,019
<INVENTORY> 107,317
<CURRENT-ASSETS> 189,421
<PP&E> 161,450
<DEPRECIATION> 88,525
<TOTAL-ASSETS> 337,324
<CURRENT-LIABILITIES> 88,723
<BONDS> 80,803
0
0
<COMMON> 2,623
<OTHER-SE> 135,963
<TOTAL-LIABILITY-AND-EQUITY> 337,324
<SALES> 139,270
<TOTAL-REVENUES> 139,270
<CGS> 85,189
<TOTAL-COSTS> 85,189
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,067
<INCOME-PRETAX> 11,338
<INCOME-TAX> 3,628
<INCOME-CONTINUING> 7,710
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,710
<EPS-PRIMARY> 0.29
<EPS-DILUTED> 0.28
</TABLE>
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