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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): FEBRUARY 9, 2000
ULTIMATE ELECTRONICS, INC.
(Exact Name of Registrant as Specified in Charter)
DELAWARE 000-22532 84-0585211
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
321 WEST 84TH AVENUE, SUITE A, THORNTON, COLORADO 80260
(Address of principal executive offices, zip code)
Registrant's telephone number, including area code: (303) 412-2525
NOT APPLICABLE
Former Name or Former Address if Changed Since Last Report
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<PAGE>
ITEM 5. OTHER EVENTS
See Press Release dated February 10, 2000, attached hereto as Exhibit 99.1.
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 hereunto duly authorized.
ULTIMATE ELECTRONICS, INC.
(Registrant)
Date: February 10, 2000 By: /S/ ALAN E. KESSOCK
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Alan E. Kessock
Senior Vice President, Chief Financial
Officer, Secretary and Treasurer
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EXHIBIT INDEX
99.1 Press Release dated February 10, 2000
Exhibit 99.1
ULTIMATE ELECTRONICS
REPORTS REDEMPTION OF MORTGAGE BONDS
DENVER, February 10, 2000 -- Ultimate Electronics, Inc. (NASDAQ:ULTE) today
announced that it will redeem its 10.25% First Mortgage Bonds Due 2005. The
redemption date will be March 31, 2000. The total principal amount of all Bonds
outstanding on March 31, 2000 will be redeemed at a redemption price of 100% of
the principal amount and all accrued and unpaid interest as of such date. The
aggregate principal amount is $13,000,000. Accrued and unpaid interest as of the
redemption date is $111,041. The proceeds of the Bond offering were used to fund
a substantial portion of the construction of the Company's facility in Thornton,
Colorado, and the Bonds were secured by a mortgage on this facility. The
redemption is being funded with a portion of the proceeds of the Company's
offering of its common stock, which was completed in October 1999.
At current interest rates, the Company anticipates saving approximately
$2,100,000 in net interest costs over the remaining five-year life of the bonds
due to this early redemption. This $2,100,000 savings is net of a $406,000
one-time charge to write-off of the remaining unamortized Bond offering costs.
The charge will be taken in the first quarter of fiscal 2001.
Ultimate Electronics is a leading specialty retailer of consumer electronics and
home entertainment products in the Rocky Mountain, Midwest and Southwest regions
of the United States. The Company operates 31 stores, including ten stores in
Colorado under the trade name SoundTrack, eight stores in Minnesota under the
trade name Audio King and thirteen stores in Idaho, Iowa, New Mexico, Nevada,
Oklahoma, South Dakota and Utah under the trade name Ultimate Electronics.
This release includes forward-looking statements that are subject to risks and
uncertainties that could cause actual results or events to vary materially and
adversely from those contained in the forward-looking statement. Such statements
include but are not limited to statements regarding the anticipated interest
savings realized as a result of the redemption. The Company disclaims any intent
or obligation to update these forward-looking statements.
Ultimate Electronics news releases and quarterly operating results can be found
on the Internet on the Company's Web site at www.ultimateelectronics.com or
accessed via PR Newswire's Web site at www.prnewswire.com.
Contact: Alan E. Kessock, Chief Financial Officer, Ultimate Electronics, Inc.,
303-412-2500 or e-mail [email protected].
