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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
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) May 3, 1999
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Armor Holdings, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-18863 59-3392443
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
13386 International Parkway, Jacksonville, Florida 32218
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (904)741-5400
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
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On May 3, 1999, Armor Holdings, Inc. (the "Company") issued a press release
concerning earnings for the quarter ended March 31, 1999. A copy of the press
release is attached hereto as Exhibit 99.1 and is incorporated herein in its
entirety.
Item 7. Financial Statements and Exhibits
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(a) Financial Statements.
Not applicable.
(b) Unaudited Pro Forma Financial Information.
Not applicable.
(c) Exhibits.
The following Exhibits are filed herewith as part of this report:
Exhibit No.
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99.1 Copy of the Company's press release, dated May 3, 1999, publicly
announcing the quarterly earnings reported herein.
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.
ARMOR HOLDINGS, INC.
By: /s/ Robert R. Schiller
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Name: Robert R. Schiller
Title: Vice President-Corporate Development
Dated: May 3, 1999
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INDEX TO EXHIBITS
Exhibit No. Description Page No.
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99.1 Copy of the Company's press release, dated 4
May 3, 1999, publicly announcing the
quarterly earnings reported herein.
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[ARMOR HOLDINGS, INC. LOGO]
ARMOR HOLDINGS, INC. FOR IMMEDIATE RELEASE
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CONTACT: Jonathan M. Spiller
President & Chief Executive Officer
904/741-5400
ARMOR HOLDINGS INC. REPORTS FIRST QUARTER
EARNINGS PER SHARE OF $0.16, UP 60 PERCENT
(INCLUDING NON-RECURRING GAIN)
Jacksonville, Florida (May 3, 1999) - Armor Holdings, Inc. [AMEX: ABE] announced
today revenues and earnings for the three month period ended March 31, 1999. For
the three months, revenues increased 37 percent to $26.8 million from $19.6
million in the same period last year. This increase is the result of a
combination of acquisitions and internal growth. Net income for the three month
period increased 54 percent to $2.7 million from $1.8 million last year, and
includes a non-recurring gain of $0.5 million from the sale of the Company's
equity in Mace Security International. Without this non-recurring gain, net
income increased 36 percent to $2.4 million. Diluted earnings per share were
$0.16 for the three month period ($0.14 before the non-recurring gain), compared
to $0.10 for 1998.
Revenues in the ArmorGroup Services division were $12.8 million this quarter, up
approximately 9 percent from the $11.8 million in the first quarter last year.
Revenues in the Armor Holdings Products division increased 79 percent to $14.0
million from the $7.8 million reported last year.
Armor Holdings is a leading global provider of security risk management services
to multi-national corporations and governmental agencies through our ArmorGroup
Services division. Armor Holdings is also a leading manufacturer of security
products for law enforcement personnel around the world through our Armor
Holdings Products division. ArmorGroup Services provides sophisticated security
planning and risk management, electronic security systems integration,
consulting and training services, as well as intellectual property asset
protection, business intelligence and investigative services. Armor Holdings
Products manufactures and sells a broad range of high quality branded law
enforcement equipment. Such products include ballistic resistant vests and
tactical armor, less-than-lethal munitions, anti-riot products and narcotic
identification kits.
This press release contains forward-looking statements that involve risks and
uncertainties, including those relating to the execution of acquisition
strategies, the expansion of product lines and the increase of distribution
networks and product sales. Armor Holdings, Inc.'s actual results could differ
materially from those discussed in such forward-looking statements based on a
variety of factors, including but not limited to, the actions of current and
potential new competitors, changes in technology, adoption of new laws and
regulations, the nature and amount of the company's revenues and expenses and
overall economic conditions. Other risks are reflected in the Company's filings
with the Securities and Exchange Commission.
(See attached financial statement for more information)
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ARMOR HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except per share amounts)
Three Months Ended
March 31, 1999 March 31, 1998
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REVENUES:
Services $12,815 $11,800
Products 14,025 7,835
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Total Revenues $26,840 $19,635
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COSTS AND EXPENSES:
Cost of sales 16,290 13,601
Operating expenses 6,493 3,454
Amortization 379 228
Equity in earnings of investees (140) (155)
Interest (income) expense, net (44) (242)
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Operating income 3,862 2,749
Other income 513 --
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INCOME BEFORE PROVISION FOR
INCOME TAXES 4,375 2,749
PROVISION FOR INCOME TAXES 1,636 975
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NET INCOME APPLICABLE TO
COMMON SHAREHOLDERS $2,740 $1,774
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BASIC EARNINGS PER SHARE $ 0.17 $ 0.11
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DILUTED EARNINGS PER SHARE $ 0.16 $ 0.10
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WEIGHTED AVERAGE SHARES-BASIC 16,284 16,037
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WEIGHTED AVERAGE SHARES-DILUTED 17,476 17,154
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See notes to condensed consolidated financial statements.
