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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 (Date of earliest event reported):
MARCH 28, 1997 (MARCH 17, 1997)
WOLVERINE TUBE, INC.
(Exact name of registrant as specified in its charter)
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DELAWARE 1-12164 63-0970812
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
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1525 PERIMETER PARKWAY, SUITE 210, HUNTSVILLE, ALABAMA 35806
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (205) 353-1310
NOT APPLICABLE
(Former name or former address, if changed since last report)
EXHIBIT INDEX AT PAGE 4
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ITEM 5. OTHER EVENTS.
On March 17, 1997, Wolverine Tube, Inc. (the "Company") issued a press
release announcing that net income for the quarter ending March 29, 1997 is
expected to be approximately 15% below net income for the first quarter of 1996.
A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements -- None
(b) Pro forma Financial Information -- None
(c) Exhibits
99.1 -- Press Release issued March 17, 1997
3
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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.
Wolverine Tube, Inc.
By: /s/ JAMES E. DEASON
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Name: James E. Deason
Title: Executive Vice President,
Chief Financial Officer
Date: March 28, 1997
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EXHIBIT INDEX
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EXHIBIT NO. DESCRIPTION OF EXHIBITS PAGE
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99.1 -- Press Release issued March 17, 1997......................... 5
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EXHIBIT NO. 99.1
James E. Deason
Executive Vice President
Chief Financial Officer
(205) 353-1310
WOLVERINE TUBE EXPECTS FIRST QUARTER EARNINGS
TO BE LOWER THAN ANTICIPATED
Huntsville, Alabama (March 17, 1997) -- Wolverine Tube, Inc. (NYSE:WLV) today
announced that net income for the quarter ending March 29, 1997, is expected to
be approximately 15% below the $10.3 million earned in the first quarter of
1996. The lower than anticipated earnings are due primarily to a decrease in
demand for the Company's technical and industrial tube in the first quarter of
1997 compared with the first quarter in 1996.
Commenting on the market conditions, Thomas B. Roller, president and chief
executive officer, said, "The slowdown in shipments of technical tube during the
first quarter is principally due to lower levels of replacement of large
commercial air conditioning units that use CFCs. CFC refrigerants remain
available and building owners are reluctant to replace existing equipment unless
absolutely necessary. As the supply of CFCs is exhausted, we expect the
replacement of the estimated 61,500 large commercial air conditioning units to
escalate and demand for the Company's technical tube to increase. The difficulty
is projecting precisely when the replacement market will accelerate. In the near
term, however, we expect that the Company's technical tube shipments will be
augmented by a gain in market share recently achieved.
"Our customers' demand for industrial tube used in residential and light
commercial air conditioning has been negatively impacted by the unusually large
quantity of finished goods in both our customers' and their distributors'
inventories at the end of 1996. Demand for the remainder of 1997 will be driven
primarily by weather conditions in North America. A warm spring and early summer
will allow a depletion of our customers' inventories and will provide for
production levels in line with 1996."
Roller went on to say, "With the slowdown in incoming orders for two of our
product lines, the Company is taking appropriate actions to reduce costs. While
we believe that our technical and industrial tube markets will improve in future
periods, we will focus on bringing costs in line with expected revenues."
Wolverine expects to announce results for the first quarter of 1997 in
mid-April.
Wolverine is a leading North American manufacturer and distributor of
copper and copper alloy tube. The Company believes that it offers the broadest
product line of any North American tube manufacturer and focuses on
custom-engineered, high value-added copper and copper alloy tubular products
which enhance performance and energy efficiency in many applications. The
Company also manufacturers and distributes copper and copper alloy rod, bar and
strip products.
