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
July 23, 1999 (July 22, 1999)
Date of Report (Date of earliest event reported)
DT INDUSTRIES, INC.
(Exact name of registrant as specified in charter)
DELAWARE
(State or other jurisdiction of incorporation)
0-23400 44-0537828
(Commission File Number) (I.R.S. Employer Identification Number)
1949 East Sunshine, Suite 2-300
Springfield, MO 65804
(Address of principal executive offices)
(Zip code)
(417) 890-0102
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On July 22, 1999, the Company issued the press release filed as an Exhibit to
this Report and incorporated herein by this reference.
Statements contained in the attached press release that are not historical facts
are forward-looking statements that are subject to the safe harbor provisions of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. References to "expectations,"
"opportunities," "potential" and "goals" in the attached press release indicate
such forward-looking statements. Actual results could differ materially from
those anticipated in any forward-looking statements as a result of various
factors, including economic downturns in industries served, delays or
cancellations of customer orders, delays in shipping dates of products,
significant cost overruns on certain projects, excess product warranty expenses,
collectibility of past due customer receivables, foreign currency exchange rate
fluctuations and delays in achieving anticipated cost savings or in effectively
correcting production inefficiencies and expanding into additional markets and
possible future acquisitions that may not be complementary or additive.
ITEM 7. FINANCIAL STATEMENTS, PROFORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Press release of the Company dated July 22, 1999.
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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.
DT INDUSTRIES, INC.
Date: July 23, 1999 by: /s/ Bruce P. Erdel
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Bruce P. Erdel
Senior Vice President - Finance
and Administration
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EXHIBIT INDEX
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Exhibit No. Description Numbering System
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99 Press Release of the
Company dated
July 22, 1999.
DT Industries, Inc.
1949 E. Sunshine
Suite 2-300
Springfield, MO 65804
Nasdaq: DTII
At the Company: At The Financial Relations Board:
Bruce P. Erdel Bob Schwaller Bill Schmidle
Vice President, Finance General Information Analyst Contact
417/890-0102 972/830-2295 312/640-6753
FOR IMMEDIATE RELEASE
DT INDUSTRIES EXPECTS 4TH-QTR EPS OF 10 TO 13 CENTS BEFORE CHARGES
SPRINGFIELD, Mo., July 22, 1999--DT Industries, Inc. (Nasdaq: DTII, today
announced that is expects to report fourth-quarter income of 10 cents to 13
cents per diluted share before pretax charges of up to $13 million, or 83 cents
per diluted share, related to contract issues and restructuring. Sales are
expected to total about $113 million for the quarter ended June 27, 1999, with
orders approximating $89 million. DT Industries expects to formally report
results in late August, following renegotiation of the terms of its credit
facility.
The potential $13 million pretax charge relates to cost, performance and
collection issues on a few automation contracts and restructuring charges.
"We continue to be affected by soft order activity--primarily the result of the
ongoing deferral of major projects by several customers--as well as by cost
overruns and production issues in our Automation Group," said Stephen J. Gore,
president and chief executive officer. "The resulting uncertainty of the timing
of orders has forced us to take a much more thorough review of our operations to
control costs."
Gore noted that cost-control measures being implemented primarily include right
sizing of operations and reductions in certain sales and general and
administrative activities. Additionally, planned capital expenditures will be
limited to essential projects.
"While we remain cautiously optimistic that the order rate will accelerate over
the longer term, our experiences over the past year underscore the
unpredictability of the timing of the expected upswing," Gore said. "We believe
the most prudent course is to be conservative and to take aggressive
cost-containment action at this point."
Gore said major project deferrals stem from several factors, including
customers' timing of new product development, consolidation within the
automotive industry and customer management changes.
As a result, Gore said, the backlog at the end of the quarter stood at
approximately $179 million, compared with a backlog of $225 million a year
earlier. For the 12-month period ended June 27, 1999, DT Industries expects to
report diluted EPS of 62 cents to 65 cents, before charges related to contract
issues and restructuring, on sales of approximately $442 million and orders
approximately $396 million.
Cost, performance and collection issues on a few automation contracts and
restructuring charges are expected to result in a fourth-quarter charge of up to
$13 million before taxes, Gore added. "We have had to revise cost estimates to
reflect additional costs anticipated to bring certain projects up to contract
specifications and are negotiating final billings on another in an attempt to
recoup the costs of modifications incurred during the production process," Gore
said. "Additionally, we expect to accrue warranty costs to support certain
contracts and have taken legal action on one account receivable that we have
classified as questionable at this point. The circumstances that led to these
cost overrun issues have been identified and changes implemented to mitigate
this type of risk on future projects. Restructuring charges include costs of
approximately $2.5 million associated with recent management changes at
under-performing units, reductions in force and idle facility costs. We will
refine our estimate of these charages prior to final release of fourth quarter
results.
"We are entering fiscal 2000 on a note of guarded optimism," Gore said. "We
continue to be pleased with the outlook, with strong quoting activity and solid
opportunities ahead of us. We recognize, however, that timing remains an issue
and could have significant impact on near-term results.
DT Industries, Inc. is a leading designer, manufacturer and integrator of
automated production systems used to assemble, test or package industrial and
consumer products. The company also produces precision metal components, tools
and dies for a broad range of industrial applications.
Certain statements included herein that are not historical, particularly
statements about the company's expectations or beliefs, are forward-looking
statements. The company's actual results for current or future periods could
differ materially from the expected results because of a variety of factors,
including economic downturns in industries served, delays or cancellations of
customer orders, delays in shipping dates of products, cost overruns on certain
projects, excess product warranty expenses, collectability of past due customer
receivables, currency exchange fluctuations and other factors described in the
company's filings with the U.S. Securities and Exchange Commission.
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