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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 event reported): February 10, 1999
ROBBINS & MYERS, INC.
(Exact name of Registrant as specified in its charter)
Ohio 0-288 31-0424220
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(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
1400 Kettering Tower, Dayton, OH 45423
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(Address of principal executive offices) (Zip code)
937-222-2610
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(Registrant's telephone number including area code)
Not applicable
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(Former name and former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On February 10, 1999, Robbins & Myers, Inc., issued the following press release:
ROBBINS & MYERS
ANTICIPATES LOWER EARNINGS,
ANNOUNCES PLANT CLOSING
DAYTON, OH, February 10, 1999 . . . . Robbins & Myers, Inc. announced that it
anticipates second quarter earnings could be as much as 30 percent below
consensus analysts estimates prior to a $5 million charge primarily for a plant
closing and relocation. The Company will release second quarter results March
17, 1999.
Principal factors adversely affecting second quarter results are a significant
softening in the specialty chemicals and pharmaceutical markets, the ongoing
capital spending reduction in the oil and gas sector due to depressed oil
prices, the current work stoppage at the Company's Moyno Industrial Products
facility in Springfield, Ohio and the impact of the devaluation of the Brazilian
real.
Gerald L. Connelly, President and Chief Executive Officer, said, "The major
downturn in our primary end markets coupled with one-time events, such as the
work stoppage, will make it difficult to achieve expectations. The Company is
experiencing a similar, depressed market environment faced by most manufacturers
today." Connelly stated, "Continued softness in the specialty chemicals and
pharmaceutical markets and the prospect for no near-term improvement in oil
prices will also impact current fiscal year earnings estimates by as much as 20
percent, in addition, to the effect of the one-time charge."
Connelly further stated, "In light of this outlook, the Company has initiated
the following:
a) Current cost reduction efforts will be intensified to
correspond to the reduced revenue levels,
b) Cash flow will be emphasized with programs to reduce working
capital and a 25 percent reduction in budgeted capital
expenditures,
c) Aggressive new product introductions and strategic acquisitions
will continue thus positioning the Company for future growth,
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d) Consolidation of manufacturing operations in the Company's Energy
Systems business unit will result in the closing of the Fairfield,
California facility and relocation of operations to the Houston,
Texas area."
The Company announced that a one-time charge of $5 million due primarily to the
Fairfield relocation will occur in the second quarter. In addition, there will
be ongoing expenses of roughly $1.5 million over the next three quarters related
to the closing.
Connelly concluded, "The Company is in a difficult period. However, the actions
undertaken and the continuing focus on the future will enhance our long-term
performance."
Robbins & Myers, Inc. is an international manufacturer and marketer of superior
quality fluids management products and systems serving the process industries:
specialty chemicals, pharmaceutical, oil and gas exploration, production and
pipeline, wastewater treatment, food and beverage, and pulp and paper.
Headquartered in Dayton, Ohio, the Company has facilities in the United States,
Canada, Europe, Brazil, Mexico, Singapore and joint ventures in China, India and
Taiwan.
In addition to historical information, this news release contains
forward-looking statements and performance trends which are subject to certain
risks and uncertainties that could cause actual results to differ materially
from these statements and trends. Such factors include, but are not limited to,
a significant decline in capital expenditures in the specialty chemicals and
pharmaceutical industries, a major decline in oil and gas prices, foreign
exchange rate fluctuations, continued availability of acceptable acquisition
candidates, and general economic conditions that can affect demand in the
process industries.
The Company's common stock trades on the New York Stock Exchange under the
symbol RBN.
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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.
Robbins & Myers, Inc.
Date: February 18, 1999 By: /s/ Kevin J. Brown
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Kevin J. Brown, Corporate Controller
And Chief Accounting Officer
