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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) October 23, 1997
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HUNTCO INC.
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(Exact name of registrant as specified in its charter)
Missouri 1-13600 43-1643751
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
14323 S. Outer Forty, Suite 600N, Town & Country, Missouri 63017
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 878-0155
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Not applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
Huntco Inc. (the "Company") issued a news release on October 23, 1997, which
news release updated the Company's forward-looking data and announced the
Company's change to a calendar year end. This news release is incorporated
herein by reference to Exhibit 99 attached hereto.
Item 8. Change in Fiscal Year
On October 23, 1997, Huntco Inc. (the "Company") determined to change its
fiscal year end from April 30 to December 31. The Company intends to file a
Form 10-Q for the full fiscal quarter ending October 31, 1997, based upon its
existing April 30 fiscal year. The Company intends to file a Form 10-K for
the eight months ending December 31, 1997, in which to report the transition
period to the Company's new calendar year end.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HUNTCO INC.
By: /s/ Robert J. Marischen
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Robert J. Marischen,
Vice Chairman & Chief Financial Officer
Date: October 23, 1997
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EXHIBIT INDEX
These Exhibits are numbered in accordance with the Exhibit Table of Item
601 of Regulation S-K:
Exhibit No. Description
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99 News release of October 23, 1997
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HUNTCO INC.
14323 SOUTH OUTER FORTY - SUITE 600N
TOWN & COUNTRY, MISSOURI 63017
FOR IMMEDIATE RELEASE:
HUNTCO REVISES FORWARD LOOKING DATA FOR ITS QUARTER ENDING OCTOBER 31, 1997.
ANNOUNCES CHANGE TO CALENDAR FISCAL YEAR END.
TOWN & COUNTRY, MISSOURI, October 23, 1997 . . . . . Huntco Inc. (NYSE:"HCO"),
a Town & Country based intermediate steel processor, today revised downward
its expectations for net sales and gross profit margins for its second fiscal
quarter which will end October 31, 1997. The Company expects that its gross
profit margin, expressed as a percentage of net sales, will be approximately
8% and that its net sales will increase by approximately 15% in comparison to
the previous year's second quarter net sales. These revisions to the
Company's outlook are expected to result in earnings per common share in a
range of $.08 to $.12 for the quarter ending October 31, 1997. The Company
also announced its decision today to adopt a calendar year for financial
reporting purposes and, accordingly, will report an eight month transition
period ending December 31, 1997 on Form 10-K.
The decline in anticipated gross profit margin from the previously expected
range of 9% to 10% of net sales reflects continuing price competition as the
Company continues to expand its cold rolled steel sales, as well as lower
margins on hot rolled products reflecting declining steel prices charged by
producers of hot rolled steel coils. The expected rate of increase in net
sales of 15% is lagging somewhat behind the 20% rate of increase which the
Company had expected for the full fiscal year. This is primarily attributable
to lower than expected sales of cold rolled products at the Company's recently
expanded cold rolling complex in Blytheville, Arkansas.
The Company anticipates that the negative effects of declining domestic prices
for hot rolled steel coils on its gross profit margins will have largely been
realized by the end of October, 1997 and that its investment in inventories at
December 31, 1997 is anticipated to be in line with business levels expected
for the first quarter of calendar 1998. While somewhat behind schedule, the
Company also expects that the production and sales of cold rolled master coils
at its Blytheville facility during the first quarter of calendar 1998 will
more fully reflect the recently increased capacity of its cold rolling
operations.
This press release contains certain statements that are forward-looking and
involve risks and uncertainties. Words such as "expects," "believes," and
"anticipates," and variations of such words and similar expressions are
intended to identify such forward-looking statements. These statements are
based on current expectations and projections concerning the Company's
operations, the steel processing industry in general, and on assumptions made
by Company management, and are not guarantees of future performance.
Therefore, actual events, outcomes, and results may differ materially from
what is expressed or forecasted in such forward-looking statements. The
Company encourages those who make use of this forward-looking data to make
reference to a complete discussion of the factors which may cause the forward-
looking data to differ materially from actual results which is contained in
the Company's Annual Report and in Form 10-K, both for the year ended April
30, 1997.
Huntco Inc. is a steel processor, specializing in the processing of flat
rolled carbon steel.
