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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8K
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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 22, 1998 (October 21,
1998)
SAMSONITE CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-23214 36-3511556
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(State or other (CommissionFile Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
11200 East 45th Avenue
Denver, Colorado 80239-3018
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(Address of principal executive offices) (Zip Code)
(303) 373-2000
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Registrant's telephone number, including area code:
N/A
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On October 21, 1998, the Registrant issued press releases filed herewith as
Exhibits 99.1, which is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
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(a) Financial Statements of Business Acquired.
Not applicable
(b) Pro Forma Financial Information.
Not applicable
(c) Exhibits.
Exhibit Number Description
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99.1 Press Release issued by Samsonite Corporation on October 21,
1998.
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SIGNATURES
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.
Samsonite Corporation
by: /s/ Richard H. Wiley
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Name: Richard H. Wiley
Title: Chief Financial Officer
Date: October 22, 1998
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INDEX TO EXHIBITS
Exhibit Number Description
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99.1 Press Release issued by Samsonite Corporation on October 21,
1998.
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE CONTACT: RICHARD WILEY
SAMSONITE CORPORATION
(303) 373-6373
SAMSONITE AMENDS BANK AGREEMENT
DENVER, Colorado, October 21, 1998 -- SAMSONITE CORPORATION (NASDAQ: SAMC)
today announced that the lenders under its Senior Credit Facility have agreed to
amend certain financial covenants under the facility to give the Company
additional margin to operate under these covenants.
As previously announced on August 11, 1998, the Company's expected results
for the second quarter ended July 31, 1998 were below the forecast included in
the Company's report on Form 8-K filed with the SEC on May 20, 1998, primarily
because of a computer conversion problem which virtually halted shipments in the
United States during the first three weeks of July. The Company also announced
that its second quarter results were adversely affected by a number of factors
affecting the U.S. economy and luggage market in general, including weaker than
anticipated demand, industry-wide excess inventory levels at retail, numerous
discount luggage promotions and, to a lesser extent, economic conditions in Asia
and Latin America. Although shipping issues associated with the computer
conversion problem have been resolved, and the Company is now shipping at normal
levels, this problem also slowed shipments in the United States during the first
month of the Company's third quarter, its most important shipping season. As a
result of these delays and the continuation of the conditions in the U.S.
economy and luggage market that adversely affected the second quarter, the
Company expects to continue to underperform the May 20 forecast in the third
quarter.
The Company stated that in view of the foregoing, the May 20 forecasts
included in the Form 8-K are out of date and should not be relied upon.
Samsonite is one of the world's largest manufacturers and distributors of
luggage and markets its products primarily under the SAMSONITE, AMERICAN
TOURISTER, and LARK brand names.
Certain statements contained herein constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause future performance to be materially different from
any future estimated results, performance or achievements expressed or implied
by such forward-looking statements. Such factors include, among others, the
following: ability to resolve customer issues within anticipated time frames;
ability to achieve sufficient sales levels to yield planned production
efficiencies and absorption of fixed costs; customer acceptance of new products;
general economic and business conditions; industry capacity; changes in customer
preferences; demographic changes; competition; changes in methods of
distribution and technology; the loss of any significant customers; completion
of new product developments within anticipated time frames; changes in interest
rates and currency exchange rates; and other factors beyond the Company's
control. Any reference contained herein to the forecasts included in the
Company's report on Form 8-K filed with the SEC on May 20, 1998 should not be
construed as an update of such forecasts or as assurance that such forecasts
will be realized; as indicated above, the Company has determined that the
forecasts are now out of date and should not be relied upon.
