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): MAY 18, 2000
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 Identification No.)
of incorporation)
2707 NORTH LOOP WEST
HOUSTON, TEXAS 77008
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (713) 868-7700
<PAGE>
Item 5. Other Events.
On May 18, 2000, Stewart & Stevenson Services, Inc. (the "Company") issued the
press release attached hereto as Exhibit 99.1 announcing that the Company will
complete driveline upgrade at Fort Bragg ahead of schedule.
Item 7. Exhibits.
Exhibit 99.1 Company Press Release dated May 18, 2000, titled "Stewart &
Stevenson to Complete Driveline Upgrade at Fort Bragg Ahead of Schedule".
<PAGE>
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: May 18, 2000 By: /s/ JOHN H. DOSTER
Name: John H. Doster
Title: Senior Vice President
and Chief Financial
Officer
<PAGE>
EXHIBIT INDEX
99.1 Company Press Release May 18, 2000, titled "Stewart & Stevenson to
Complete Driveline Upgrade at Fort Bragg Ahead of Schedule."
Exhibit 99.1
]
NEWS FROM: STEWART & STEVENSON
TACTICAL VEHICLE SYSTEMS
P.O. BOX 330
SEALY, TX 77474
FOR IMMEDIATE RELEASE
STEWART & STEVENSON TO COMPLETE DRIVELINE UPGRADE AT FORT BRAGG AHEAD OF
SCHEDULE
SEALY, Texas, May 18, 2000 - STEWART & STEVENSON SERVICES, INC.
(NASDAQ:SSSS), a leading manufacturer, distributor, and provider of service for
industrial and energy related equipment, and a manufacturer of medium tactical
vehicles for the U.S. Army, announced that Stewart & Stevenson Tactical Vehicles
Systems Division (TVSD) plans to complete the driveline upgrade of 2,629 Family
of Medium Tactical Vehicles (FMTV) fielded at Fort Bragg, NC, well ahead of
schedule, marking a successful end to the overall upgrade program.
"We are scheduled to complete the driveline upgrade work at Fort Bragg by
the end of May," said Richard M. Wiater, TVSD Vice President and General
Manager. "The original schedule was August. Our vendors have been able to supply
us the necessary parts for us to complete the program at an earlier date."
"We appreciate the interest that Congressman Robin Hayes (R-NC), who
represents the district in which Fort Bragg is located, and other members of
Congress, expressed in having a prompt completion of the FMTV upgrades. We are
glad that we were able to accelerate the schedule," Wiater said.
Completion of the Fort Bragg effort will denote an early finish of the
entire upgrade program that is improving the performance of the initial
production model FMTV. The program was slated to run through the year 2000. This
driveline upgrade eliminates the vibration-induced stress to u-joints and
driveshafts experienced by the A0 model FMTV at speeds above 45 mph for long
distances on paved highways. The vehicles are being upgraded through the
replacement of the flywheel housing, drive shaft, yokes and seals.
The driveline upgrade has been completed at Fort Myer, VA; Fort Carson, CO;
Fort Stewart, GA; Fort Jackson, SC; Fort Huachuca, AZ; Fort Leonard Wood, MO;
Fort Benning, GA; Fort Lewis, WA; Fort Hood, TX; Fort Campbell, KY; Fort Grodon,
GA, and Fort Drum, NY and the Aberdeen Test Center, MD; along with installations
in Korea and Hawaii. A major undertaking was the completion of 3,309 A0's in
January, 2000, at the company's manufacturing plant in Sealy, Texas.
Production is now underway on the latest model FMTV. Army Acquisition
Executive Paul J. Hoeper gave Stewart & Stevenson the production go-ahead in
early September 1999 to manufacture the A1, an enhanced version of the FMTV,
after prototypes successfully completed 100,000 miles of extensive testing at
the U.S. Army's Aberdeen Test Center. The A1 FMTV incorporates the driveline
upgrade as well as other improvements.
"The new A1 models incorporate the latest in truck technology - improving
on what had already proven to be a durable and reliable vehicle," Wiater
explained. "Many of the enhancements are the result of the field experience of
the FMTV and a number of changes requested by soldiers to make their job easier.
The changes are designed to provide higher quality vehicles."
This press release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Stewart & Stevenson believes that its expectations, as
expressed in these statements, are based on reasonable assumptions regarding the
risks and uncertainties inherent in achieving those expectations. These
statements are not, however, guarantees of future performance and actual results
may differ materially. The most important factors that may cause actual results
to differ from expectations are the risk of cancellation, adjustment or
termination of the FMTV procurement program; unilateral changes directed by the
U. S. Army in the scope or timing of the retrofit program; the availability of
vehicles for retrofit at the times and in the places they are required; the
availability of parts and trained service technicians to perform the retrofit at
the times and in the places they are required; and the outcome of pending and
future proceedings relating to the costs of the retrofit effort. Other risk
factors are listed in Stewart & Stevenson Services, Inc. annual report to the
Securities and Exchange Commission on Form 10-K for the year ended January 31,
1999.
Contact: Paul Justice
Director of Public Relations
Tactical Vehicle Systems Division
Phone: 713-867-1774
Fax: 713-867-1518
Email: [email protected]
HTTP://www.ssss.com or www.fmtvtruck.com
