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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 16, 2000
(February 10, 2000)
KELLSTROM INDUSTRIES, INC.
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(Exact Name of Registrant as Specified in its Charter)
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Delaware 0-23764 13-3753725
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
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1100 International Parkway, Sunrise, Florida 33323
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (954) 845-0427
(Former Name or Former Address; if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
On February 10, 2000, Kellstrom Industries, Inc. (the "Registrant")
issued a press release announcing that its Chief Financial Officer, Michael
Wallace, has advised the Registrant of his intention to leave the Registrant to
pursue a career with an Internet start-up company in an unrelated field, and
that Oscar Torres, CPA, who has been the Registrant's Vice President-Finance and
Corporate Controller, had been named Chief Financial Officer. Mr. Torres
received his undergraduate degree from Florida International University and an
MBA from University of Miami. Mr. Wallace is working with Mr. Torres and the
Registrant to ensure a smooth transition. A copy of the Press Release issued by
the Registrant is attached hereto as Exhibit 99, and is incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS.
The Exhibits to this Form 8-K are listed on the Exhibit Index and
are incorporated herein by reference.
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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 hereunto duly authorized.
Date: February 16, 2000 KELLSTROM INDUSTRIES, INC.
By: /s/ Zivi R. Nedivi
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Name: Zivi R. Nedivi
Title: President
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EXHIBIT INDEX
EXHIBIT NO.:
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99 Press Release issued by the Registrant on February 10, 2000
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FOR IMMEDIATE RELEASE
KELLSTROM INDUSTRIES NAMES OSCAR TORRES CFO
Sunrise, FL - February 10, 2000 -- Kellstrom Industries, Inc. [NASDAQ: KELL]
today announced its Chief Financial Officer, Michael Wallace, has advised the
Company of his intention to leave the Company to pursue a career with an
Internet start-up company in an unrelated field. Oscar Torres, CPA, who has been
Kellstrom's Vice President-Finance & Corporate Controller, has been named Chief
Financial Officer. Mr. Torres received his undergraduate degree from Florida
International University and an MBA from University of Miami. Mr. Wallace is
working with Mr. Torres and the Company to ensure a smooth transition.
Commenting, Zivi R. Nedivi, President & CEO, stated, "We wish Mike every success
in his new business endeavor, and thank him for his contribution to Kellstrom.
Oscar's promotion is well-deserved, his background fits our needs and he has
done an excellent job since he joined the Company. There should be no disruption
with Mike's departure as Oscar has been instrumental in building Kellstrom's
financial department, most recently as head of our internal accounting and
finance staff. Before that he was a senior member of OUR KPMG Peat Marwick audit
team. Our annual audit is well underway and we are not anticipating any delays
in finalizing our 1999 fourth quarter/year end results."
Kellstrom Industries, Inc. is a leader in the airborne equipment segments of the
international aviation services after-market. Kellstrom's principal business is
the purchasing, overhauling (through subcontractors), reselling and leasing of
aircraft, avionics and aircraft rotables, and engines and engine parts. The
Company is also a leading international after-market reseller of turbo-jet
engines and turbo-jet engine parts for helicopters and large cargo transport
aircraft for which it also supplies airframe material. The Company specializes
in providing engines and parts for large turbo-fan engines manufactured by CFMI,
General Electric, Pratt & Whitney and Rolls Royce. The Company is also an
approved supplier to an international customer base including major domestic and
international airlines; original equipment manufacturers and engine overhaul
shops.
THE COMPANY, FROM TIME TO TIME, MAY DISCUSS FORWARD-LOOKING INFORMATION. THIS
PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING
STATEMENTS ARE BASED ON MANY ASSUMPTIONS AND FACTORS, AND ARE SUBJECT TO MANY
CONDITIONS, INCLUDING THE COMPANY'S CONTINUING ABILITY TO EFFECTIVELY INTEGRATE
THE ACQUIRED COMPANIES, ACQUIRE ADEQUATE INVENTORY AND TO OBTAIN FAVORABLE
PRICING FOR SUCH INVENTORY, THE ABILITY TO ARRANGE FOR THE REPAIR OF AIRCRAFT
ENGINES BY THIRD-PARTY CONTRACTORS PRIOR TO RESALE OR LEASE, COMPETITIVE PRICING
FOR THE COMPANY'S PRODUCTS, CUSTOMER CONCENTRATION, DEMAND FOR THE COMPANY'S
PRODUCTS WHICH DEPENDS UPON THE CONDITION OF THE AIRLINE INDUSTRY, ABILITY TO
COLLECT RECEIVABLES, GOVERNMENT REGULATION, AND THE EFFECTS OF INCREASED
INDEBTEDNESS AS A RESULT OF THE COMPANY'S BUSINESS ACQUISITIONS. EXCEPT FOR THE
HISTORICAL INFORMATION CONTAINED IN THIS RELEASE, ALL FORWARD-LOOKING
INFORMATION ARE ESTIMATES BY THE COMPANY'S MANAGEMENT AND ARE SUBJECT TO VARIOUS
RISKS AND
