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<PAGE> 1
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: January 14, 2000 Commission File Number: 0-13147
---------------- -------
LESCO, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
OHIO 34-0904517
- ------------------------------ -------------------------------
State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) Number)
20005 Lake Road
Rocky River, Ohio 44116
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
(440) 333-9250
-------------------------------
(Registrant's telephone number,
including area code)
1
<PAGE> 2
ITEM 5. OTHER EVENTS
In the Company's third-quarter 1999 Form 10-Q for the period ended September 30,
1999, the Company provided additional information in its statements of
operations relating to warehouse and delivery expense and results of operations
for LESCO's equity investment in a joint venture with MTD Products Inc.
Annual and quarterly comparative information for these items are contained as
exhibits hereto for the years ended 1995 through 1998 and for the first quarter
ended 1997 through the third quarter ended 1999.
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 thereunto duly authorized.
LESCO, INC.
January 14, 2000 By: /s/ R. Breck Denny
---------------------------------
R. Breck Denny, Vice President &
Chief Financial Officer
2
<PAGE> 3
LESCO, INC.
FORM 8-K
EXHIBIT INDEX
Exhibit
Number Description of Document
- ------ -----------------------
5.1 Unaudited Annual Statements of Operations for the years ended
1995 through 1998
5.2 Unaudited Quarterly Statements of Operations for 1999
5.3 Unaudited Quarterly Statements of Operations for 1998
5.4 Unaudited Quarterly Statements of Operations for 1997
3
<PAGE> 1
<TABLE>
<CAPTION>
EXHIBIT 5.1
LESCO, INC.
STATEMENTS OF OPERATION
(unaudited)
For the Years Ended
----------------------------------------------------------------
(in thousands, except share data) 1998 1997 1996 1995
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net sales $ 416,738 $ 356,841 $ 312,031 $ 241,667
Cost of sales 283,837 238,392 218,596 160,576
--------- --------- --------- ---------
GROSS PROFIT ON SALES 132,901 118,449 93,435 81,091
Warehouse & delivery expense 33,709 27,793 23,382 17,351
Selling, general & administrative expense 86,542 74,573 72,428 55,319
--------- --------- --------- ---------
120,251 102,366 95,810 72,670
INCOME (LOSS) FROM OPERATIONS 12,650 16,083 (2,375) 8,421
Other deductions (income):
Interest expense 5,635 4,749 4,214 2,831
Results of joint venture operations 1,845 1,219 0 0
Other - net (4,283) (4,025) (3,037) (2,246)
--------- --------- --------- ---------
3,197 1,943 1,177 585
Income (Loss) Before Income Taxes 9,453 14,140 (3,552) 7,836
Income tax expense (benefit) 3,561 5,515 (1,203) 3,009
--------- --------- --------- ---------
NET INCOME (LOSS) $ 5,892 $ 8,625 ($ 2,349) $ 4,827
========= ========= ========= =========
BASIC EARNINGS (LOSS) PER SHARE $ 0.71 $ 1.06 ($ 0.29) $ 0.61
========= ========= ========= =========
DILUTED EARNINGS (LOSS) PER SHARE $ 0.69 $ 1.02 ($ 0.29) $ 0.59
========= ========= ========= =========
</TABLE>
<PAGE> 1
<TABLE>
<CAPTION>
EXHIBIT 5.2
LESCO, INC.
STATEMENTS OF OPERATION
(UNAUDITED)
1999
-------------------------------------------------------------------------
(In thousands, except per share data) 1st Quarter 2nd Quarter Six Months 3rd Quarter Nine Months
----------- -------------------------- --------------------------
<S> <C> <C> <C> <C> <C>
Net sales $ 83,054 $ 150,716 $ 233,769 $ 130,938 $ 364,707
Cost of sales 54,378 99,524 153,903 86,563 240,464
--------- ------------------------- -------------------------
GROSS PROFIT ON SALES 28,676 51,192 79,866 44,375 124,243
Warehouse & delivery expense 7,928 11,116 19,044 9,312 28,356
Selling, general & administrative expense 22,437 24,909 47,344 24,715 72,061
--------- ------------------------- -------------------------
30,365 36,025 66,388 34,027 100,417
--------- ------------------------- -------------------------
(LOSS) INCOME FROM OPERATIONS (1,689) 15,167 13,478 10,348 23,826
Other deductions (income):
Interest expense 1,535 1,407 2,942 1,561 4,504
Joint venture loss 342 20 362 573 935
Results of joint venture operations (622) (943) (1,565) (1,285) (2,850)
--------- ------------------------- -------------------------
1,255 484 1,739 849 2,589
--------- ------------------------- -------------------------
(Loss) Income Before Income Taxes (2,944) 14,683 11,739 9,499 21,237
Income tax (benefit) expense (1,148) 5,726 4,578 3,702 8,280
--------- ------------------------- -------------------------
NET (LOSS) INCOME $ (1,796) $ 8,957 $ 7,161 $ 5,797 $ 12,957
========= ========================= =========================
BASIC (LOSS) EARNINGS PER SHARE $ (0.21) $ 1.07 $ 0.85 $ 0.69 $ 1.54
========= ========================= =========================
DILUTED (LOSS) EARNINGS PER SHARE $ (0.21) $ 1.04 $ 0.84 $ 0.68 $ 1.51
========= ========================= =========================
</TABLE>
<PAGE> 1
<TABLE>
<CAPTION>
EXHIBIT 5.3
LESCO, INC.
STATEMENTS OF OPERATION
(UNAUDITED)
1998
---------------------------------------------------------------------------
(In thousands, except per share data) 1st Quarter 2nd Quarter Six Months 3rd Quarter Nine Months
----------- ------------------------- -------------------------
<S> <C> <C> <C> <C> <C>
Net sales $ 72,690 $ 134,446 $ 207,136 $ 118,837 $ 325,973
Cost of sales 48,174 88,709 136,883 81,996 218,880
--------- ------------------------- -------------------------
GROSS PROFIT ON SALES 24,516 45,737 70,253 36,841 107,093
Warehouse & delivery expense 5,905 10,612 16,517 9,263 25,780
Selling, general & administrative expense 20,009 22,279 42,288 22,441 64,728
--------- ------------------------- -------------------------
25,914 32,891 58,805 31,704 90,508
--------- ------------------------- -------------------------
(LOSS) INCOME FROM OPERATIONS (1,398) 12,846 11,448 5,137 16,585
Other deductions (income):
Interest expense 1,725 1,319 3,044 1,153 4,197
Joint venture loss 73 716 789 909 1,698
Results of joint venture operations (700) (1,213) (1,913) (1,043) (2,956)
--------- ------------------------- -------------------------
1,098 822 1,920 1,019 2,939
--------- ------------------------- -------------------------
(Loss) Income Before Income Taxes (2,496) 12,024 9,528 4,118 13,646
Income tax (benefit) expense (974) 4,690 3,716 1,605 5,321
--------- ------------------------- -------------------------
NET (LOSS) INCOME $ (1,522) $ 7,334 $ 5,812 $ 2,513 $ 8,325
========= ========================= =========================
BASIC (LOSS) EARNINGS PER SHARE $ (0.18) $ 0.88 $ 0.70 $ 0.30 $ 1.00
========= ========================= =========================
DILUTED (LOSS) EARNINGS PER SHARE $ (0.18) $ 0.85 $ 0.67 $ 0.30 $ 0.97
========= ========================= =========================
</TABLE>
<PAGE> 1
<TABLE>
<CAPTION>
EXHIBIT 5.4
LESCO, INC.
STATEMENTS OF OPERATION
(UNAUDITED)
1997
--------------------------------------------------------------------------
(In thousands, except per share data) 1st Quarter 2nd Quarter Six Months 3rd Quarter Nine Months
----------- ------------------------- -------------------------
<S> <C> <C> <C> <C> <C>
Net sales $ 65,267 $ 111,128 $ 176,395 $ 103,244 $ 279,638
Cost of sales 43,014 74,332 117,347 69,313 186,661
--------- ------------------------- -------------------------
GROSS PROFIT ON SALES 22,253 36,796 59,048 33,931 92,977
Warehouse & delivery expense 5,799 7,175 12,974 8,028 21,002
Selling, general & administrative expense 17,405 18,718 36,122 18,729 54,848
--------- ------------------------- -------------------------
23,204 25,893 49,096 26,757 75,850
--------- ------------------------- -------------------------
(LOSS) INCOME FROM OPERATIONS (951) 10,903 9,952 7,174 17,127
Other deductions (income):
Interest expense 1,250 1,075 2,324 1,122 3,446
Joint venture loss 0 345 345 265 610
Results of joint venture operations (547) (804) (1,350) (1,499) (2,848)
--------- ------------------------- -------------------------
703 616 1,319 (112) 1,208
--------- ------------------------- -------------------------
(Loss) Income Before Income Taxes (1,654) 10,287 8,633 7,286 15,919
Income tax (benefit) expense (645) 4,012 3,367 2,842 6,209
--------- ------------------------- -------------------------
NET (LOSS) INCOME $ (1,009) $ 6,275 $ 5,266 $ 4,444 $ 9,710
========= ========================= =========================
BASIC (LOSS) EARNINGS PER SHARE $ (0.13) $ 0.77 $ 0.65 $ 0.54 $ 1.19
========= ========================= =========================
DILUTED (LOSS) EARNINGS PER SHARE $ (0.13) $ 0.74 $ 0.63 $ 0.51 $ 1.14
========= ========================= =========================
</TABLE>
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