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UNITED STATES
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
Date or report (Date of earliest event reported) December 18, 1997
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EDELBROCK CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 0-24802 33-0627520
(State or other jurisdiction of (Commission File No.) (IRS Employer
incorporation Identification No.)
2700 California Street, Torrance CA 90503
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 310-781-2222
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Not Applicable
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(Former name and address)
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ITEM 5. OTHER EVENTS.
On December 18, 1997, Edelbrock Corporation announced in the
press release attached hereto as Exhibit 99.1 that it would take a
pre-tax charge against earnings of approximately $1.9 million
(approximately $1.2 million after tax) for the quarter ended
December 25, 1997 to account for certain trade receivables with
Super Shops, Inc.
ITEM 7. INDEX TO EXHIBITS.
99.1 Press Release
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed by the undersigned hereunto
duly authorized.
Date: December 18, 1997 By: Jeffrey L. Thompson
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Jeffrey L. Thompson,
Its: Executive Vice President
Chief Operating Officer and
Director
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EXHIBIT 99.1
EDELBROCK UPDATES SUPER SHOPS REORGANIZATION EFFORTS
Torrance, California (December 18, 1997) Edelbrock Corporation (Nasdaq NM:EDEL)
announced today that it will act with the executive committee of the Unsecured
Creditors Committee of Super Shops, Inc. to assist current Super Shops
management, led by interim Chief Executive Officer John T. Grigsby, in locating
and evaluating potential buyers for the current 121-store chain. The committee
of unsecured creditors, comprised of Edelbrock and eight other major vendors,
was formed to represent the interest of the unsecured creditors of the Reno,
Nevada-based performance parts retailer, which in September voluntarily
petitioned for reorganization under Chapter 11 of the Federal Bankruptcy Code
and is presently operating under that statute.
Edelbrock, which currently has approximately $1.9 million in unsecured
receivables outstanding with Super Shops, is unable at this time to quantify the
dollar amount of any recovery that may result from the sale of Super Shops
assets or from ongoing global negotiations with former Super Shops chief
executive Harry Eberlin. Due to the uncertainty of the recovery on these
receivables, Edelbrock will conservatively account for these receivables as a
pre-tax charge against earnings of approximately $1.9 million, (approximately
$1.2 million or $.23 per share, after tax), for the quarter ending December 25,
1997.
Commenting on the announcement, Edelbrock Chairman and Chief Executive Officer
Vic Edelbrock said, "Our primary objective in working with current Super Shops
management in this endeavor is to help maintain what we feel is a valuable
resource for Edelbrock - an established, nationally known retail distributor
that specializes exclusively in the type of products we manufacture. We remain
optimistic that these joint efforts will be successful and that Super Shops will
eventually regain a position of prominence in our distribution network.
(more)
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EDELBROCK UPDATES SUPER SHOPS REORGANIZATION EFFORTS/2
"Importantly, our markets and operations have remained strong," Mr. Edelbrock
continued. "One of the influences contributing to this strength is the Edelbrock
name, which is synonymous with quality and performance that consumers will seek
regardless of distribution channel. We believe that the growing appreciation for
performance among mainstream drivers, and our ability to respond quickly with
products that deliver that performance, bode well for our future."
Founded in 1938, Torrance, California-based Edelbrock is recognized as one of
the nation's premier designers, manufacturers and distributors of performance
replacement parts for the automotive and motorcycle aftermarkets. In addition to
three production facilities in Torrance, the Company owns and operates a
state-of-the-art aluminum foundry and its QwikSilver Division for motorcycle
aftermarket parts in San Jacinto, California, at which it manufactures many of
its quality products.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: Any statements set forth above that are not historical facts are
forward-looking statements that involve risks and uncertainties that could cause
actual results to differ materially from those in the forward-looking
statements. Potential risks and uncertainties include such factors as the
financial strength and competitive pricing environment of the automotive and
motorcycle aftermarket industries, product demand, market acceptance,
manufacturing efficiencies, new product development, the success of planned
advertising, marketing and promotional campaigns, and other risks identified in
documents filed by the Company with the Securities and Exchange Commission.
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