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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 reported) November 18, 1994
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FORSTMANN & COMPANY, INC.
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GEORGIA 1-9474 58-165-1326
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(State or other (Commission (IRS Employer
jurisdiction of File number) Identification No.)
incorporation)
1185 Avenue of the Americas, New York, NY 10036
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 642-6900
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Item 5. Other Events.
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On November 18, 1994, the registrant issued a press release regarding
anticipated results for fiscal 1994. The information contained in such press
release is hereby incorporated by reference into this report.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(c) Exhibits.
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99.1. Press release of the Company dated November 18, 1994
regarding anticipated 1994 results.
SIGNATURES
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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 hereunto duly authorized.
FORSTMANN & COMPANY, INC.
By: /s/ Christopher L. Schaller
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Christopher L. Schaller
Chairman, President and
Chief Executive Officer
December 8, 1994
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EXHIBIT INDEX
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Exhibit
Number Description
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99.1. Press release of the Company dated
November 18, 1994 regarding
anticipated 1994 results.
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FORSTMANN EXPECTS SALES INCREASE IN FISCAL 1994,
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BUT A DECLINE IN OPERATING INCOME
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NEW YORK, New York -- November 18, 1994 -- Forstmann & Company, Inc., (NASDAQ:
FSTM) today announced that it expects to report for fiscal 1994 a slight
increase in sales over the $233 million reported in fiscal 1993 and a decline in
operating income to between $22 million and $24 million, versus $26.6 million
for the prior year. In addition, due to increased borrowings and higher interest
rates. The Company expects interest expense for the full fiscal year to increase
approximately $1.8 million. As a result, income applicable to common
shareholders is expected to decline from $1.15 per share in fiscal 1993 to
between $0.50 to $0.60 per share in fiscal 1994.
Christopher Schaller, President and Chief Executive Officer, said, "We attribute
these results to a shift in product mix and a sluggish women's outerwear and
sportswear market, which was compounded by the Company's goal to lower
inventories by curtailing production levels in response to softness in those
markets. These factors, as well as the effects of higher interest rates, are
expected to cause earnings to be below expectations." Mr. Schaller noted that
the Company expects a decline in inventories during the fourth quarter of 1994
such that year-end fiscal 1994 balances will be comparable to year-end fiscal
1993 balances.
The Company anticipates reporting final audited results for fiscal 1994 in early
January.
Forstmann is a leading designer, manufacturer and marketer of high quality,
fashion fabrics for use in the production of brand name and private label
apparel for men and women. The Company employs approximately 3,000 people and
has operating plants in Dublin, Milledgeville, Louisville and Tifton, Georgia,
where it makes a wide range of fabrics for the apparel and various specialty
markets. The Company's corporate headquarters and marketing offices are located
in New York, New York.
