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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Date of report (Date of earliest event reported): March 31, 1999
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AFTERMARKET TECHNOLOGY CORP.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware 0-21803 95-4486486
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(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification No.)
One Oak Hill Center, Suite 400, Westmont, IL 60559
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (630) 455-6000
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AFTERMARKET TECHNOLOGY CORP.
FORM 8-K
ITEM 5. OTHER EVENTS.
On March 31, 1999, Aftermarket Technology Corp. (the "Company") issued a
press release announcing that it expects earnings for 1999 of approximately
$0.70 per share, excluding approximately $4 million of nonrecurring charges to
be incurred during the year, compared to the Company's previous estimate of
approximately $0.50 per share before such charges. Previously, the Company
announced its revised first quarter 1999 net income estimate of approximately
$0.09 per share, excluding approximately $2 million of nonrecurring charges to
be incurred in the quarter. The Company's original estimate had been that first
quarter results before the charges would be break-even to slightly profitable.
A copy of the press release is attached to this Form 8-K as Exhibit 99.
Effective March 30, 1999, Mr. Fred J. Hall resigned as a director of the
Company. Mr. Hall, who became a director of the Company in May 1998, is
Chairman of the Board, President and Chief Executive Officer of The Fred Jones
Companies, Inc. The Fred Jones Companies has a line of business that is
competitive with a line of business recently commenced by the Company. In light
of this, Mr. Hall decided to resign from the Company's Board in order to avoid
any potential conflicts of interest.
FORWARD LOOKING STATEMENT NOTICE
The above paragraph contains forward-looking statements that involve
risks and uncertainties because such statements are based upon assumptions as to
future events that may not prove to be accurate. There can be no assurance that
actual results will not differ materially from those projected or implied by
such statements. The factors that could cause actual results to differ are
discussed in the Company's Annual Report on Form 10-K for the year ended
December 31, 1998 and other filings made by the Company with the Securities and
Exchange Commission.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
EXHIBITS
99 Press Release issued by Aftermarket Technology Corp. on
March 31, 1999.
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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.
AFTERMARKET TECHNOLOGY CORP.
Dated: March 31, 1999
By: /s/ Joseph Salamunovich
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Joseph Salamunovich
Vice President
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EXHIBIT 99
News Release
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FOR MORE INFORMATION, CALL
George Sard/David Reno/Heather Reeves Barry Kohn/Gary Sakata
Sard Verbinnen & Co. Aftermarket Technology Corp.
(212) 687-8080 (630) 455-6000
FOR IMMEDIATE RELEASE
MARCH 31, 1999
AFTERMARKET TECHNOLOGY ANNOUNCES
IMPROVED 1999 EARNINGS ESTIMATE
WESTMONT, IL., MARCH 31, 1999 -- Aftermarket Technology Corp. (NASDAQ:
ATAC), a leading remanufacturer and distributor of drive train products used in
automotive aftermarket repair, today announced that it expects 1999 earnings to
be higher than previously estimated. The Company now expects 1999 earnings per
share of approximately $0.70, excluding approximately $4 million of nonrecurring
charges, compared to its previous estimate of approximately $0.50 before these
charges.
Previously, the Company announced its revised first quarter 1999 net income
estimate of approximately $0.09 per share, excluding approximately $2 million
of nonrecurring charges to be incurred in the quarter. The Company's
original estimate had been that first quarter results before the charges
would be break-even to slightly profitable.
Michael T. DuBose, Chairman, President and CEO of Aftermarket Technology
said, "The revised estimates for 1999 are based upon the year to date progress
made on turnaround initiatives as well as on an improved market outlook.
Although we still have considerable work to do, we pleased with the progress we
have made so far in transforming the Company."
Aftermarket Technology is a leading remanufacturer and distributor of
drive train products used in the repair of vehicles in the automotive
aftermarket. Aftermarket Technology's principal products include remanufactured
transmissions, torque converters and engines, as well as remanufactured and new
parts for the repair of automotive drive train assemblies. The Company's
customers include original equipment manufacturers, independent transmission
rebuilders, general repair shops, distributors and retail
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automotive parts stores. Established in 1994, the Company maintains over 50
distribution centers throughout the United States and Canada.
The preceding paragraphs contain forward-looking statements that are subject to
risks and uncertainties that are described in the Company's filings with the
Securities and Exchange Commission. There can be no assurance that actual
results will not differ materially from those projected or implied by such
statements.
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