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 September 15, 1995
(Date of earliest event reported) September 11, 1995
AUGAT INC.
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(Exact name of registrant as specified in its charter)
Massachusetts
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(State or other Jurisdiction of incorporation)
1-6176 04-2022285
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(Commission File Number) (IRS Employer Identification No.)
89 Forbes Boulevard
P.O. Box 448
Mansfield, Massachusetts 02048
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(508) 543-4300
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Item 5 - Other Events
On September 11, 1995, the Registrant announced that
its earnings for the third quarter and full year are expected to
be lower than the current published estimates of financial
analysts. Enclosed as Exhibit 1 is a copy of the news release
covering the above item.
Item 7 - Financial Statements and Exhibits
(a) Financial Statements - None
(b) Exhibit 1 - The Registrant's news release dated
September 11, 1995.
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 thereto duly authorized.
Augat Inc.
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(Registrant)
By: Ellen B. Richstone
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Ellen B. Richstone
Vice President and
Chief Financial Officer
Date: September 15, 1995
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Exhibit 1
FOR IMMEDIATE RELEASE
Contact:
Ellen B. Richstone James R. Buckley
Chief Financial Officer Account Specialist
Augat Inc. Sharon Merrill Associates, Inc.
508/543-4300 617/262-1800
AUGAT REVISES OUTLOOK FOR 1995 SECOND HALF
MANSFIELD, Mass., September 11, 1995 -- Augat Inc.
(NYSE:AUG) today announced that its earnings for the third
quarter and full year are expected to be lower than the current
published estimates of financial analysts which range between
$0.34 and $0.40 per share for the third quarter and $1.43 and
$1.50 per share for the year ending December 31, 1995. For the
quarter ending September 30, the Company expects to report
earnings in the range of $0.20 to $0.25 per share compared to
$0.33 per share in 1994's third quarter on slightly higher sales.
"The disappointing results are due entirely to the weakness
in Augat's automotive business. The Company's other operations
continue to perform in line with expectations," stated William R.
Fenoglio, President and Chief Executive Officer.
In July, when it reported second-quarter results, Augat
noted that it was experiencing a decline in automotive volume
beyond the planned lower production of the Ford Aerostar and that
it expected the softness in overall demand to persist during the
second half of the year. Mustang and Aerostar revenues have
continued to slow beyond the Company's reduced expectations for
the quarter. Within Augat's Ford Mustang business, the Company
is also experiencing an unfavorable shift in mix -- convertibles
versus sedans -- which is not only reducing wiring revenue but
also causing a reduction in 'pull through' connector volume.
Also, the Company is being affected by the slow ramp up of
Chrysler's new mini-van; the run-rate so far this quarter has
been 15 to 20 percent lower than expected. Further, in an
environment of softening demand and unfavorable mix, the Company
is experiencing pricing pressure and an inability to pass through
raw material cost increases.
"While we are clearly disappointed in the weakness of the
domestic auto-related business, Europe continues to turn in a
strong performance and we are seeing continued improvement in our
Interconnection Products business," Fenoglio said. The
Communications business, which the Company is targeting for
expanded growth, continues to perform in line with expectations
and Augat expects this division's sales for 1995 to be up 30 to
35 percent over 1994. This strong performance will not be
sufficient to offset the decline in the larger automotive sector<PAGE>
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and, therefore, Augat currently expects full-year earnings to be
four to eight percent lower than 1994.
"The Company expects that 1996 will show a return to
stronger Aerostar volume and as the new Automotive product lines
launched in 1995 ramp up to full annual production volume, we
expect to see full manufacturing efficiency and improved
profitability," Fenoglio concluded.
One of the largest manufacturers of connector products in
the world, Augat Inc., is pursuing a strategy for growth in the
communications, computer, automotive and industrial markets,
through customer partnerships, new-product introductions,
strategic acquisitions and ongoing productivity programs.
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