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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): December 6, 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 December 6, 2000, Springs Industries, Inc. announced it will eliminate some
production at its Katherine and Elliott plants in Chester County, SC, in
February 2001. Outdated yarn spinning will be eliminated at both plants and some
narrow looms, which are not compatible with newer fabrication equipment, will be
phased down at the Katherine Plant. See Exhibit 99.1, which is attached hereto
and incorporated herein, for additional information. During the fourth quarter
of 2000, Springs will record a one-time after-tax charge of approximately $1.8
million, or $0.10 per diluted share, which includes $1.1 million for non-cash
asset write-offs and $0.7 million for severance costs associated with
discontinuing the production. The company expects that its annual after-tax
operating costs will be improved by $2.2 million compared with continuing to
operate this outdated equipment. Including one-time transition costs and a
partial-year benefit, after-tax operating costs will be improved by $1.1 million
in 2001.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99 Additional Exhibits
99.1 News release issued by Springs Industries,
Inc., on December 6, 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: December 7, 2000
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EXHIBIT INDEX
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Exhibit Page
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99 Additional Exhibits
99.1 News Release issued by Springs Industries, Inc., on
December 6, 2000. 6
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