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) September 29, 1997
-------------------
Scotsman Industries, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware
----------------------------------------------
(State or other jurisdiction of incorporation)
0-10182 36-3635892
------------------------ ---------------------------------
(Commission File Number) (IRS Employer Identification No.)
820 Forest Edge Drive, Vernon Hills, Illinois 60061-3112
----------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 215-4600
-------------
775 Corporate Woods Parkway, Vernon Hills, Illinois 60061-3112
----------------------------------------------------------------------
(Former name or former address, if changed since last report)
Exhibit Index is located on page 4.<PAGE>
Item 5. Other Events
The information contained in the registrant's September 29,
1997 press release, previewing third quarter and 1997 earnings, a copy
of which is filed herewith as Exhibit 99, is incorporated herein by
reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits:
Exhibit 99 September 29, 1997 Press Release
2<PAGE>
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 thereunto duly authorized.
Scotsman Industries, Inc.
Registrant
Dated: October 2, 1997 By: /s/ Donald D. Holmes
------------------------------
Donald D. Holmes
Vice President - Finance
3<PAGE>
EXHIBIT INDEX
Number Description Page
------ ----------- ----
Exhibit 99 September 29, 1997 Press Release 5
4<PAGE>
EXHIBIT 99
820 Forest Edge Drive
Vernon Hills, Illinois 60061-3112
(847) 215-4500
Fax (847) 634-8823
SCOTSMAN
----------------------------------------------------------------------
INDUSTRIES
Contact: Don Holmes, CFO
847-215-4600
SCOTSMAN INDUSTRIES PREVIEWS
THIRD QUARTER AND 1997 RESULTS
Vernon Hills, IL, September 29, 1997 -- Scotsman Industries, Inc.
(NYSE: SCT), a leading international manufacturer of commercial
refrigeration products, today said that earnings for the third quarter
will approximate last year's record results of $0.54 per share.
Earnings per share for 1997 may be slightly below last year's record
level of $1.73 per share before the Q1 1997 extraordinary charge of
$0.06 per share. The Company expects to report final third quarter
numbers on or about October 21.
Said Richard C. Osborne, chairman, president and chief executive
officer of Scotsman: "While we remain optimistic about 1998, we are
obviously very disappointed with this quarter. We've experienced
continued weakness in ice machines and beverage equipment sales,
although indications are that these markets will strengthen next year.
Food preparation equipment sales have increased since last year, but
our progress on productivity and cost issues has been slower than
originally expected. With Kysor, our backlog of supermarket orders is
at record levels but, in the short term, delivery schedules have been
deferred to future periods at a greater degree than anticipated."
He continued: " We have taken actions and made investments this
year that we expect will have long-term benefits in margin improvement
and marketing effectiveness, but have hurt our 1997 results. We
expect to realize significant gains from these actions beginning next
year. As we look to the future, we couldn't be more pleased with
Kysor's long term prospects and the opportunity they present for
Scotsman. Although less than anticipated for the quarter, Kysor nine
month year-to-date sales will be up about 5 percent over the same
period last year. Kysor will be accretive to the Company's nine month
and total year earnings. As a direct result of the acquisition,
Scotsman sales for the year are expected to be approximately $570
million, up 60 percent from 1996 annual revenues of $356 million."
5<PAGE>
Scotsman Industries, Inc. is a leading international manufacturer
of a diversified line of commercial refrigeration products - ice
machines, refrigerated display cases, food preparation and storage
equipment, walk-in coolers and freezers and beverage systems. The
Company markets primarily to commercial customers in restaurant,
supermarket, lodging, healthcare and convenience store industries.
Scotsman's products are sold in more than 100 countries through
multiple distribution channels.
This press release contains forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those projected. Forward-looking statements
are necessarily projections that are subject to change upon the
occurrence of events that may affect the business. The Company also
points out that the Kysor acquisition involves a number of risks that
can cause results to be materially different from expected results.
Factors that could cause actual results to differ from those
anticipated include (i) the strength or weakness of the various
economies in which the Company markets its products, (ii) weather
conditions, (iii) the utilization rate of the Company's facilities,
(iv) labor difficulties, (v) increased prices for raw materials and
purchased components, (vi) scheduling and transportation dislocations,
(vii) delays in development of new products or construction of new
facilities, (viii) product liability or other lawsuits, warranty
claims or return of goods, (ix) foreign currency fluctuations, (x)
changes in buying patterns of certain large customers as a result of
internal cost-control measures adopted by those customers and (xi)
changes in environmental, health, safety or refrigerant regulations or
standards. Your attention is directed to the Cautionary Statements
included as Exhibit 99 to the Company's most recent Form 10-K filed
with the Securities and Exchange Commission for a more detailed
discussion of the foregoing and other factors.
6<PAGE>
