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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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): APRIL 19, 1999
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 19, 1999, 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
Press release dated April 19, 1999 - Tower Automotive, Inc.,
Announces Increased Revenues, Operating Income and Net Income
for the First Quarter
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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 27, 1999 By:/s/Anthony A. Barone
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Name: Anthony A. Barone
Title: Vice President and Chief Financial
Officer (Principal Accounting and
Financial Officer)
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DATE: April 19, 1999 EXHIBIT 99.1
FROM: FOR:
Padilla Speer Beardsley Inc. Tower Automotive, Inc.
224 Franklin Avenue West 4508 IDS Center
Minneapolis, Minnesota 55404 Minneapolis, Minnesota 55402
John Mackay (612) 871-8877 Scott Rued (612) 342-2310
FOR IMMEDIATE RELEASE
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TOWER AUTOMOTIVE, INC., ANNOUNCES INCREASED REVENUES, OPERATING INCOME AND NET
INCOME FOR THE FIRST QUARTER
MINNEAPOLIS, April 19 -- Tower Automotive, Inc. (NYSE: TWR), today
announced increased operating results for the first quarter ended March 31,
1999. In May 1998, the company's board of directors approved a two-for-one stock
split, which was effected as a stock dividend for each share of common stock
held on the record date of June 30, 1998. All references to the number of common
shares and per share amounts have been adjusted to reflect the stock split on a
retroactive basis.
For the first quarter of 1999, revenues were $499 million, a 9 percent
increase, compared with $457 million in the 1998 period. Operating income rose
38 percent to $54 million from $39 million reported last year. Net income for
the first quarter of 1999 was $28 million, or 51 cents per diluted share
outstanding, versus $19 million, or 37 cents per diluted share, in the
comparable 1998 period.
In commenting on first quarter results, Dugald K. Campbell, president
and chief executive officer of Tower Automotive, said, "We are pleased with our
first quarter operating results. Our performance reflects the enhancements in
business and manufacturing processes which drive margin improvements. The
growing understanding of sound business principles by all our colleagues is
continuing to have a positive influence on our earnings in both consistency and
scale."
Tower Automotive, Inc., produces a broad range of assemblies and
modules for vehicle structures and suspension systems for the automotive
manufacturers, including Ford, DaimlerChrysler, GM, Honda, Toyota, Nissan, Auto
Alliance, Fiat, BMW and Volkswagen. Products include body structural assemblies
such as pillars and package trays, control arms, suspension links, engine
cradles and full frame assemblies. The company is based in Grand Rapids, Mich.,
and has its corporate office in Minneapolis, Minn.
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TOWER AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS - UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Mar. 31,
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1999 1998
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<S> <C> <C>
Revenues $ 498,572 $ 457,129
Cost of sales 419,125 393,940
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Gross profit 79,447 63,189
Selling, general and administrative
Expenses 22,420 21,140
Amortization expense 3,450 3,264
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Operating income 53,577 38,785
Interest expense, net 7,267 11,915
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Income before provision for
income taxes 46,310 26,870
Provision for income taxes 18,524 10,748
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Income before equity in earnings of
joint ventures and minority interest 27,786 16,122
Equity in earnings of joint ventures 2,913 2,698
Minority interest - dividends on trust
preferred securities, net (2,623) --
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Net income $ 28,076 $ 18,820
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Basic earnings per common share $ 0.60 $ 0.41
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Basic shares outstanding 46,567 46,041
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Diluted earnings per common share $ 0.51 $ 0.37
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Diluted shares outstanding 63,789 54,858
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</TABLE>
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TOWER AUTOMOTIVE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
March 31, December 31,
Assets 1999 1998
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(unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 4,982 $ 3,434
Accounts receivable 296,589 239,888
Inventories 84,104 76,913
Prepaid tooling and other 97,907 115,859
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Total current assets 483,582 436,094
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Property, plant and equipment, net 852,481 821,873
Restricted cash 2,705 2,677
Investments in joint ventures 212,537 209,625
Goodwill and other assets, net 460,030 465,898
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$ 2,011,335 $ 1,936,167
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Liabilities and Stockholders' Investment
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Current liabilities:
Current maturities of long-term debt and capital lease
obligations $ 21,309 $ 18,191
Accounts payable 209,337 214,194
Accrued liabilities 104,468 96,773
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Total current liabilities 335,114 329,158
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Long-term debt, net of current maturities 374,155 316,579
Obligations under capital leases, net of current maturities 24,611 25,770
Convertible subordinated notes 200,000 200,000
Deferred income taxes 20,376 20,376
Other noncurrent liabilities 159,035 178,738
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Total noncurrent liabilities 778,177 741,463
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Mandatorily redeemable trust convertible preferred securities 258,750 258,750
Stockholders' investment:
Preferred stock - -
Common stock 469 463
Warrants to acquire common stock 2,000 2,000
Additional paid-in capital 433,695 426,471
Retained earnings 205,510 177,434
Accumulated other comprehensive income (2,380) 428
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Total stockholders' investment 639,294 606,796
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$ 2,011,335 $ 1,936,167
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