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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): APRIL 11, 1997
TOWER AUTOMOTIVE, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
1-12733 41-1746238
(Commission File Number) (I.R.S. Employer Identification No.)
4508 IDS CENTER, MINNEAPOLIS, MINNESOTA 55402
(Address of Principal Executive Offices) (Zip Code)
(612) 342-2310
(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. OTHER EVENTS
On April 11, 1997, the Registrant issued a press release disclosing its
first quarter operating results. A copy of this press release is attached
hereto as Exhibit 99.1 and is hereby incorporated by reference.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) EXHIBITS
99.1 Press release dated April 11, 1997 - Tower Automotive, Inc.
Announces Increased First Quarter Revenues and Operating
Income
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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 thereunto duly authorized.
TOWER AUTOMOTIVE, INC.
DATE: APRIL 11, 1997 BY:/S/ANTHONY A. BARONE
-----------------------------------
NAME: ANTHONY A. BARONE
TITLE: VICE PRESIDENT AND CHIEF FINANCIAL
OFFICER (PRINCIPAL ACCOUNTING AND
FINANCIAL OFFICER)
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EXHIBIT 99.1
DATE: April 11, 1997
FROM: FOR:
Padilla Speer Beardsley Inc. Tower Automotive, Inc.
224 Franklin Avenue West 4508 IDS Center
Minneapolis, Minnesota 55404 Minneapolis, Minnesota 55402
Melissa Quinn (612) 871-8877 Scott Rued (612) 342-2310
FOR IMMEDIATE RELEASE
TOWER AUTOMOTIVE, INC.
ANNOUNCES INCREASED FIRST QUARTER REVENUES
AND OPERATING INCOME
MINNEAPOLIS, April 11 - Tower Automotive, Inc. (NYSE: TWR) today announced
increased revenues and operating income for the first quarter ended March 31,
1997.
Revenues in the first quarter of 1997 were $125.1 million compared to $68.9
million in the 1996 period. Operating income of $12.5 million was 89.4% higher
than the $6.6 million reported last year. Net income applicable to common
stockholders was $6.8 million, or 45 cents per share, compared with $3.2
million, or 28 cents per share, in the comparable 1996 period.
(more)
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TOWER AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS - UNAUDITED)
Three Months Ended March 31,
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1997 1996
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Revenues $ 125,117 $ 68,921
Cost of sales 106,105 58,406
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Gross profit 19,012 10,515
Selling, general and administrative expenses 5,812 3,514
Amortization expense 660 375
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Operating income 12,540 6,626
Interest expense, net 1,348 1,308
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Income before provision for income taxes 11,192 5,318
Provision for income taxes 4,474 2,130
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Net income $ 6,718 $ 3,188
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Net income applicable to common
stockholders $ 6,753 $ 3,232
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Net income per common and common
equivalent share $ 0.45 $ 0.28
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Weighted average common and common
equivalent shares outstanding 14,977 11,733
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(more)
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TOWER AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS)
March 31, December 31,
Assets 1997 1996
- ------------------------------------------- ------------ ------------
(unaudited)
Current assets:
Cash and cash equivalents $ 33,307 $ 39,596
Accounts receivable 74,840 61,073
Inventories 26,508 21,864
Other current assets 17,101 14,433
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Total current assets 151,756 136,966
Property, plant and equipment, net 163,180 156,248
Restricted cash 10,847 10,833
Goodwill and other assets, net 95,439 94,560
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$ 421,222 $ 398,607
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Liabilities and Stockholders' Investment
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Current liabilities:
Current maturities of long-term debt $ 722 $ 722
Accounts payable 46,856 32,280
Accrued liabilities 24,412 22,429
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Total current liabilities 71,990 55,431
Long-term debt, net of current maturities 113,426 113,460
Other noncurrent liabilities 46,004 47,839
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Stockholders' investment:
Preferred stock -- --
Common stock 143 143
Warrants to acquire common stock 2,000 2,000
Additional paid-in capital 137,859 136,759
Retained earnings 49,960 43,150
Subscriptions receivable (160) (175)
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Total stockholders' investment 189,802 181,877
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$ 421,222 $ 398,607
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