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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
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Date of Report (Date of earliest event reported): June 2, 2000
SPRINGS INDUSTRIES, INC.
(Exact name of registrant as specified in charter)
South Carolina 1-5315 57-0252730
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
205 North White Street, Fort Mill, SC 29715
(Address of principal executive offices) (Zip Code)
(803) 547-1500
(Registrant's telephone number, including area code)
Page 1 of 7
The Index to Exhibits is on Page 5
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TABLE OF CONTENTS TO FORM 8-K
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ITEM PAGE
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5. OTHER EVENTS 3
7. FINANCIAL STATEMENTS AND EXHIBITS 3
SIGNATURES 4
EXHIBIT INDEX 5
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Item 5. Other Events
On June 2, 2000, Springs Industries, Inc., announced it will phase out
production and close its baby apparel plants in Griffin and Jackson, Georgia
during August 2000. In an unrelated announcement, the Company also stated it
will phase out yarn production for terry towels at its No. 2 Plant in Griffin
during August 2000. See Exhibit 99.1, which is attached hereto and incorporated
herein by reference, for additional information. During the second quarter of
2000, Springs expects to record a one-time after-tax charge in the amount of
$1.9 million, or $0.10 per diluted share, related principally to severance and
asset disposal costs associated with exiting the baby products facilities. Exit
costs associated with the terry facility are not significant. By reducing the
Company's baby apparel and terry yarn production costs, Springs expects to
improve its after-tax operating earnings by $1.2 million, or $0.07 per diluted
share, for the balance of the 2000 fiscal year. Annualized after-tax savings of
$2.2 million, or $0.12 per diluted share, are expected in 2001.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99 Additional Exhibits
99.1 News release issued by Springs Industries, Inc.,
on June 2, 2000.
The matters discussed or incorporated by reference in this Form 8-K contain
forward-looking statements that are based on management's expectations,
estimates, projections, and assumptions. Words such as "expects," "hopes,"
"estimates," and variations of such words and similar expressions are often used
to identify such forward-looking statements which include but are not limited to
projections of expenditures, savings, completion dates, cash flows, and
operating performance. Such forward-looking statements are made pursuant to the
safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
These statements are not guaranties of future performance; instead, they relate
to situations with respect to which certain risks and uncertainties are
difficult to predict. Actual future results and trends, therefore, may differ
materially from what is forecast in forward-looking statements due to a variety
of factors, including: the health of the retail economy in general, competitive
conditions, and demand for the Company's products; progress toward the Company's
cost-reduction goals; unanticipated natural disasters; legal proceedings; labor
matters; and the availability and price of raw materials which could be affected
by weather, disease, energy costs, or other factors.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
Springs has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SPRINGS INDUSTRIES, INC.
By: s/Jeffrey A. Atkins
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Jeffrey A. Atkins
Executive Vice President
and Chief Financial Officer
Dated: June 2, 2000
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