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) November 22, 1995
Atlantis Plastics, Inc.
(Exact Name of Registrant as Specified in Charter)
Florida 1-9487 65-0493540
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification
No.)
2665 South Bayshore Drive, Suite 800, Miami, Florida 33133
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (305) 858-2200
Not applicable
(Former name, if changed since last report)
Item 5. Other Events
On November 22, 1995, Atlantis Plastics, Inc., a Florida
corporation ("Registrant"), announced that the Registrant was
discontinuing its quarterly dividend payable on Class A and Class
B common shares, as more fully described in the press release,
dated November 22, 1995, a copy of which is attached hereto as
Exhibit 20.1 and is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(a) Financial Statements of Business Acquired.
Not required.
(b) Pro Forma Financial Information.
Not required.
(c) Exhibits.
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<S> <C>
Exhibit No. Description
20.1 Press Release, dated November
22, 1995, announcing the
discontinuance of the
Registrant's quarterly
dividend.
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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 hereunto duly authorized.
ATLANTIS PLASTICS, INC.
November 27, 1995
By: /s/ Paul Rudovsky
Paul Rudovsky,
Executive Vice President
and Chief Financial Officer
INDEX TO ATTACHMENTS AND EXHIBIT
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Exhibit No. Description
20.1 Press Release, dated November 22,
1995, announcing the discontinuance
of the Registrant's quarterly
dividend
</TABLE>
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION:
A. Richard Hurwitz
Vice President, Corporate
Communications
(305) 858-2200
ATLANTIS PLASTICS
SUSPENDS ITS QUARTERLY DIVIDEND
ATLANTA, GA - (November 22, 1995) Atlantis Plastics, Inc. (ASE:AGH)
today announced that it will discontinue its quarterly dividend
payable on Class A and Class B common shares. Covenants relating
to the Company's $100 million, 11% Senior Notes due 2003, restrict
Atlantis from taking certain actions unless a specified fixed
charge ratio is met. This ratio has fallen below the requirement
for the trailing twelve month period ended September 30, 1995.
Accordingly, the Company's ability to declare a dividend is
restricted until it is again able to meet this test on a trailing
twelve month basis.
Anthony F. Bova, President and Chief Executive Officer, commented,
"The suspension of our quarterly dividend does not diminish the
Company's future prospects, or its return to profitability in 1996.
With the successful implementation of a cash management program and
the sale of discontinued and non-strategic businesses, Atlantis'
liquidity is at record levels with over $30 million of cash and
unused availability on its revolving credit facility.
Bova concluded, "We are confident that our various cost reduction
programs, improved manufacturing efficiency, refocused marketing
strategy, and capital investments will produce future improvements
in profitability as these changes become fully integrated. We
expect to resume payments of the dividend after the Company is in
compliance with the fixed charge ratio."
Atlantis Plastics, Inc. is a leading U.S. manufacturer of
polyethylene stretch and custom films and molded plastic products.
Stretch films are used principally to stretchwrap pallets of
materials for shipping or storage, and custom film products, which
include high-grade laminating films, embossed films, and specialty
film products, are marketed to industrial and agricultural markets.
Atlantis' molded plastic products are sold primarily to original
equipment manufacturers in the appliance, automotive, agricultural,
dairy, recreational vehicle, and other commercial industries.
Additional information is available on the Internet World Wide Web
at this address: http://www.cfonews.com/agh, or investors may send
E-mail by direct dial to (718) 279-3590, then [email protected] with
the subject agh.
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