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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
Date of Report (Date of earliest event reported): SEPTEMBER 28, 1999
TODHUNTER INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
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DELAWARE 1-13453 59-1284057
(State of Incorporation) (Commission File Number) (IRS Employer Identification No.)
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222 LAKEVIEW AVENUE, SUITE 1500, WEST PALM BEACH, FLORIDA 33401
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (561) 655-8977
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(Former Name or Former Address, if Changed Since Last Report)
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TODHUNTER INTERNATIONAL, INC.
FORM 8-K
CURRENT REPORT
ITEM 5. OTHER EVENTS
On September 28, 1999, Todhunter International, Inc., (the
"Company") announced that it entered into a definitive agreement to
purchase the assets of Monarch Wine Company of Atlanta, Georgia, a
privately held company.
The Company's September 28, 1999 press release is filed as an
exhibit hereto and is incorporated by reference herein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statement of Businesses Acquired
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
99.1 The Company's Press Release dated September 28,
1999.
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.
TODHUNTER INTERNATIONAL, INC.
Date: OCTOBER 4, 1999 By: /s/ A. KENNETH PINCOURT, JR.
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A. Kenneth Pincourt, Jr.
Chairman and Chief Executive Officer
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NEWS RELEASE
TODHUNTER INTERNATIONAL, INC.
ANNOUNCES AGREEMENT TO PURCHASE
MONARCH WINE COMPANY
WEST PALM BEACH, FLORIDA, SEPTEMBER 28, 1999
Todhunter International, Inc. (THT, AMEX ) today announced that it has entered
into a definitive agreement to purchase the assets of Monarch Wine Company of
Atlanta, Georgia, a privately held company. Monarch specializes in the
manufacture of wines, including custom blended wines and cooking wines for the
food industry and base wines for producers of vinegar and cordials. The purchase
price is approximately $23 million and is expected to be funded with bank
financing. The transaction is expected to be completed by the end of October.
A. Kenneth Pincourt, Jr., Chairman and Chief Executive Officer of Todhunter,
said: "The addition of Monarch will expand Todhunter's presence in the food and
beverage alcohol industries and leverage its existing manufacturing facilities
through increased volumes. This acquisition will also substantially increase
cash flow and will be earnings accretive from day one." Mr. Pincourt added, "I
am especially pleased to announce that Howard Weinstein, President and a major
stockholder of Monarch, will become President of the Monarch Wine Division of
Todhunter and will take the leading role in the transition of the business to
Todhunter."
In 1998, Monarch's sales were $16 million and Todhunter's were $75 million.
Based on currently available information, Todhunter estimates that pro forma
earnings before interest, taxes, depreciation and amortization (EBITDA) for 1998
would have increased from $12.4 million before the acquisition to $18.3 million
after the acquisition.
Todhunter International, Inc. is a major distiller and supplier of brandy, rum
and wine to the beverage alcohol industry. The Company also produces vinegar and
other alcohol related products, owns the Cruzan line of rums from the Virgin
Islands and is the importer of Porfidio tequila.
Statements contained in this press release, other than historical facts, are
"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. Todhunter
intends that such forward-looking statements shall be subject to the safe
harbors created thereby. These statements involve various risks and
uncertainties, including without limitation those contained in the section
entitled "Forward-Looking Statements" in Todhunter's Annual Report on Form 10-K
for the fiscal year ended September 30, 1998. As a result, future results may
differ materially from the expected results represented by the forward-looking
statements contained in this press release.
Contact: A. KENNETH PINCOURT, JR., CHAIRMAN AND CHIEF EXECUTIVE OFFICER
WILLIAM J. VIGGIANO, ASSISTANT CONTROLLER
TELEPHONE NO.: (561) 655-8977
