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 OF REPORT (DATE OF EARLIEST EVENT REPORTED): DECEMBER 2, 1999
STEWART & STEVENSON SERVICES, INC.
(Exact name of registrant as specified in its charter)
TEXAS 0-8493 74-1051605
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of incorporation) Identification No.)
2707 NORTH LOOP WEST
HOUSTON, TEXAS 77008
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (713) 868-7700
Item 5. Other Events.
On December 2, 1999, Stewart & Stevenson Services, Inc. (the "Company")
issued the press release attached hereto as Exhibit 99.1 announcing the
Company's Third Program Year for FMTV Production from the U.S. Army.
Item 7. Exhibits.
Exhibit 99.1 Company Press Release dated December 2, 1999 titled "U.S.
Army Funds Stewart & Stevenson For Third Program Year for FMTV
Production."
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 hereunto duly authorized.
STEWART & STEVENSON SERVICES, INC.
Date: December 2, 1999 By:/s/ LAWRENCE E. WILSON
Name: Lawrence E. Wilson
Title: Vice President, Secretary and
General Counsel
EXHIBIT INDEX
99.1 Company Press Release dated December 2, 1999 titled "U.S. Army
Funds Stewart & Stevenson For Third Program Year for FMTV Production."
Exhibit 99.1
News From: Stewart & Stevenson
Corporate Headquarters
P.O. Box 1637
Houston, TX 77251-1637
FOR IMMEDIATE RELEASE:
U. S. ARMY FUNDS STEWART & STEVENSON
FOR THIRD PROGRAM YEAR FOR FMTV PRODUCTION
HOUSTON, TX - December 2, 1999 - STEWART & STEVENSON SERVICES, INC.
(NASDAQ:SSSS), a leading manufacturer and distributor of industrial and energy
related equipment, announced today that the U.S. Army's Tank-Automotive and
Armament Command (TACOM) has issued a modification to the contract for
production of the Family of Medium Tactical Vehicles (FMTV) A1, funding the
third year of the second multiyear program awarded to the Company.
Funding for program year three calls for production of 1,796 FMTV A1
trucks of all variants and 520 trailers. Engineering and manufacturing support
for the program is also included in the modification.
The third-year portion of the contract, which is valued at
$341,767,252, begins in October 2000 and ends in October 2001. Production of
the first FMTV A1 began in September 1999 at Stewart & Stevenson's
state-of-the-art assembly facility in Sealy, TX. The Tactical Vehicle Systems
Division will build approximately 7,800 FMTV through the year 2003 under a $1.4
billion multi-year contract with the Army.
Production followed a strenuous but successful government-run Production
Verification Test during which the FMTV A1 demonstrated more than two and
one-half times the Army's reliability requirement. The Army increased the
threshold for the A1 because of the extraordinary reliability of the original
FMTV as demonstrated in more than one million miles of on-road and off-road
testing since 1991. The new, improved A1 model follows production of some 11,000
FMTV built for the Army by TVS between 1993 and late 1998.
This press release contains forward-looking statements that are based on
management's current expectations, estimates, and projections. These statements
are not guarantees of future performance and involve a number of risks,
uncertainties and assumptions and are made pursuant to the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995. Many
factors, including those discussed more fully elsewhere in this release and in
the Company's filings with the Securities and Exchange Commission, particularly
its latest annual report on Form 10-K, as well as others, could cause results to
differ materially from those stated. These factors include, but are not limited
to, risks associated with newly acquired businesses; increasing price and
product/service competition by foreign and domestic competitors; rapid
technological developments and changes; the ability to continue to introduce
competitive new products and services on a timely, cost effective basis; the mix
of products/services; the achievement of lower costs and expenses; reliance on
large customers; technological, implementation and cost/financial risks in use
of large, multi-year contracts; the cyclical nature of the markets served; the
outcome of pending and future litigation and governmental proceedings; the
continued availability of financing, financial instruments and financial
resources in the amount, at the times and on the terms required to support the
Company's business; the assessment of unanticipated taxes by foreign or domestic
governmental authorities; the risk of cancellation or adjustment of specific
orders and termination of significant government programs; and failure of the
Company or unrelated third parties on whom the Company relies for essential
products or services to become Year 2000 capable. In addition, such
forward-looking statements could be affected by general industry and market
conditions and growth rates, general domestic and international conditions
including interest rates, inflation and currency exchange rates and other future
factors. Actual outcomes and results may differ materially from what is
expressed or forecasted in such forward-looking statements.
Contact: Mr. David R. Stewart
Treasurer
Phone: (713) 868-7657
Fax: (713) 863-1519
Email: [email protected]
HTTP://www.ssss.com
