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) August 23, 2004
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AMCAST INDUSTRIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio 1-9967 31-0258080
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation) Identification No.)
7887 Washington Village Drive, Dayton, Ohio 45459
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (937) 291-7000
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Not Applicable
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(Former name or former address, if changed since last report)
Item 1.01 - Entry into a Material Definitive Agreement
See "Item 2.01 - Completion of Acquisition or Disposition of Assets" for
description of material definitive agreement entered into.
Item 2.01 - Completion of Acquisition or Disposition of Assets
On August 23, 2004, Amcast Industrial Corporation ("Amcast" or the "Company")
completed the sale of the assets of its Aluminum Components business to
Park-Ohio Holdings Corp. (Nasdaq: PKOH). The sale of Aluminum Components
includes the operations of the Company's Wapakoneta, Ohio, Richmond, Indiana,
and Cedarburg, Wisconsin plants.
The Aluminum Components business produces cast metal products for sale to global
original equipment manufacturers and tier-one suppliers in the automotive
industry. Products manufactured include aluminum castings for suspension and
brake systems for use on automobiles and light trucks.
The Company received $9.5 million for the assets sold, of which $8.8 million was
used to reduce the Company's outstanding debt.
There is no material relationship between the Purchaser and the Company or any
affiliate, director, officer, or associate of the Company.
A copy of the Purchase Agreement is Exhibit 2.1 to this Report.
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Item 9.01 - Financial Statements and Exhibits.
(a) Inapplicable
(b) Pro forma Condensed Consolidated Financial Information (Unaudited)
1) Pro forma condensed consolidated balance sheet of the Company as
of May 30, 2004
2) Pro forma condensed statements of consolidated operations for the
nine-month period ended May 30, 2004, and the fiscal year ended
August 31, 2003.
(c) Exhibits. The following exhibits are filed with this report
2 - Plan of Acquisition, Reorganization, Arrangement, Liquidation
or Succession.
2.1 - Asset Purchase Agreement, dated August 23, 2004, by and
among Park-Ohio Industries, Inc., GAMCO Components Group LLC, and
Amcast Industrial Corporation
99 - Additional Exhibits
99.1 - Press Release of Amcast Industrial Corporation, issued
August 23, 2004
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Amcast Industrial Corporation
Pro Forma Condensed Consolidated Financial Information (Unaudited)
The following presents unaudited pro forma condensed financial information of
the Company, as adjusted to give effect to the sale of the assets of its
Aluminum Components business (the "Divested Companies"). The financial
information for Divested Companies has been derived from the financial
statements of the Company. It is intended only for presentation of the Company's
pro forma financial information. This data is presented for illustrative
purposes only and is not necessarily indicative of the financial position or
results of operations of the Company or Divested Companies had the sale actually
been consummated as of such dates. This information is not indicative of the
future financial position or results of operations of the Company or Divested
Companies.
This report on Form 8-K includes "forward-looking statements" as that term is
defined under the Private Securities Litigation Reform Act of 1995 which are
subject to change based on various factors and uncertainties that may cause
actual results to differ significantly from expectations. As such, all
forward-looking statements should be analyzed with the understanding of their
inherent uncertainty.
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Amcast Industrial Corporation
Pro Forma Condensed Consolidated Balance Sheets (Unaudited)
As of May 30, 2004
($ in thousands)
Flow Control Divestiture (1) (2) Aluminum Components Divestiture (3) (4)
-------------------------------------- --------------------------------------
Amcast Amcast Amcast
Industrial Industrial Industrial
Amcast Flow Control Corporation Corporation Alum Comp Corporation
Industrial Divested Flow Control Flow Control Divested Alum Comp
Corporation Companies Divestiture Divestiture Companies Divestiture
Historical Historical Pro Forma Pro Forma Historical Pro Forma
------------ ------------ ------------ ------------ ------------ ------------
ASSETS
Current Assets
Cash and cash equivalents $ 7,550 $ - $ 7,550 $ 7,550 $ - $ 7,550
Accounts receivable 43,843 15,133 28,710 28,710 11,826 16,884
Inventories 19,426 8,199 11,227 11,227 2,325 8,902
Other current assets 5,548 521 5,027 5,027 1,973 3,054
------------ ------------ ------------ ------------ ------------ ------------
Total current assets from continuing operations 76,367 23,853 52,514 52,514 16,124 36,390
Assets of discontinued operations - - 54,902 54,902 - 111,506
------------ ------------ ------------ ------------ ------------ ------------
Total Current Assets 76,367 23,853 107,416 107,416 16,124 147,896
Property, Plant, and Equipment 359,968 98,499 261,469 261,469 112,022 149,447
Less accumulated depreciation (233,864) (67,469) (166,395) (166,395) (71,542) (94,853)
------------ ------------ ------------ ------------ ------------ ------------
Net Property, Plant, and Equipment 126,104 31,030 95,074 95,074 40,480 54,594
Restricted Cash 6,000 - 6,000 6,000 - 6,000
Other Assets 12,418 19 9,311 9,311 - 15,431
------------ ------------ ------------ ------------ ------------ ------------
Total Assets $ 220,889 $ 54,902 $ 217,801 $ 217,801 $ 56,604 $ 223,921
============ ============ ============ ============ ============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt $ 1,456 $ - $ 1,456 $ 1,456 $ - $ 1,456
Accounts payable 26,557 6,442 20,115 20,115 6,031 14,084
Accrued expenses 21,766 4,343 17,423 17,423 6,112 11,311
------------ ------------ ------------ ------------ ------------ ------------
Total current liabilities of continuing operations 49,779 10,785 38,994 38,994 12,143 26,851
Liabilities of discontinued operations - - 13,928 13,928 - 32,702
------------ ------------ ------------ ------------ ------------ ------------
Total Current Liabilities 49,779 10,785 52,922 52,922 12,143 59,553
Long-Term Debt (less current portion) 171,208 - 171,208 171,208 - 171,208
Deferred Liabilities 39,996 3,143 33,765 33,765 6,631 33,254
------------ ------------ ------------ ------------ ------------ ------------
211,204 3,143 204,973 204,973 6,631 204,462
Shareholders' Equity
Common stock 9,696 - 9,696 9,696 - 9,696
Capital in excess of stated value 72,933 - 72,933 72,933 - 72,933
Accum other comprehensive gains (losses) (34,195) - (34,195) (34,195) - (34,195)
Retained Earnings (84,041) 40,974 (84,041) (84,041) 37,830 (84,041)
Treasury Stock (4,487) - (4,487) (4,487) - (4,487)
------------ ------------ ------------ ------------ ------------ ------------
Total Shareholders' Equity (40,094) 40,974 (40,094) (40,094) 37,830 (40,094)
------------ ------------ ------------ ------------ ------------ ------------
Total Liabilities and Shareholders' Equity $ 220,889 $ 54,902 $ 217,801 $ 217,801 $ 56,604 $ 223,921
============ ============ ============ ============ ============ ============
See Notes to Pro Forma Condensed Consolidated Financial Statements (Unaudited)
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Amcast Industrial Corporation
Pro Forma Condensed Consolidated Statements of Earnings (Unaudited)
For The Nine Months Ended May 30, 2004
($ in thousands, except per share amounts)
Flow Control Divestiture (1) Aluminum Components Divestiture (3)
--------------------------------------- ---------------------------------------
Amcast Amcast Amcast
Industrial Industrial Industrial
Amcast Flow Control Corporation Corporation Alum Comp Corporation
Industrial Divested Flow Control Flow Control Divested Alum Comp
Corporation Companies Divestiture Divestiture Companies Divestiture
Historical Historical Pro Forma Pro Forma Historical Pro Forma
------------ ------------ ------------ ------------ ------------ ------------
Net sales $ 318,747 $ 88,742 $ 230,005 $ 230,005 $ 83,617 $ 146,388
Cost of sales 280,447 72,687 207,760 207,760 80,104 127,656
------------ ------------ ------------ ------------ ------------ ------------
Gross Profit 38,300 16,055 22,245 22,245 3,513 18,732
Selling, general and administrative expenses 25,468 10,280 15,188 15,188 3,854 11,334
------------ ------------ ------------ ------------ ------------ ------------
Operating Income (Loss) 12,832 5,775 7,057 7,057 (341) 7,398
Other (income) expense (32) 1 (33) (33) - (33)
Interest expense 11,240 2,987 8,253 8,253 783 7,470
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Income (Loss) Before Income Taxes,
Discontinued Operations, and
Cumulative Effect of Accounting Change 1,624 2,787 (1,163) (1,163) (1,124) (39)
Income taxes (benefit) (40) 20 (60) (60) (104) 44
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Income (Loss) From Continuing Operations $ 1,664 $ 2,767 $ (1,103) $ (1,103) $ (1,020) $ (83)
============ ============ ============ ============ ============ ============
Basic earnings (loss) per share - Continuing Operations $ (0.12) $ (0.01)
============ ============
Diluted earnings (loss) per share - Continuing Operations $ (0.12) $ (0.01)
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Average number of shares outstanding- Basic 9,288 9,288
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Average number of shares outstanding- Diluted 9,291 9,291
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See Notes to Pro Forma Condensed Consolidated Financial Statements (Unaudited)
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Amcast Industrial Corporation
Pro Forma Condensed Consolidated Statements of Earnings (Unaudited)
For the Year Ended August 31, 2003
($ in thousands, except per share amounts)
Flow Control Divestiture (1) Aluminum Components Divestiture (3)
--------------------------------------- ---------------------------------------
Amcast Amcast Amcast
Industrial Industrial Industrial
Amcast Flow Control Corporation Corporation Alum Comp Corporation
Industrial Divested Flow Control Flow Control Divested Alum Comp
Corporation Companies Divestiture Divestiture Companies Divestiture
Historical Historical Pro Forma Pro Forma Historical Pro Forma
------------ ------------ ------------ ------------ ------------ ------------
Net sales $ 423,920 $ 96,241 $ 327,679 $ 327,679 $ 132,485 $ 195,194
Cost of sales 373,329 77,157 296,172 296,172 128,431 167,741
------------ ------------ ------------ ------------ ------------ ------------
Gross Profit 50,591 19,084 31,507 31,507 4,054 27,453
Selling, general and administrative expenses 37,320 14,765 22,555 22,555 5,783 16,772
------------ ------------ ------------ ------------ ------------ ------------
Operating Income (Loss) 13,271 4,319 8,952 8,952 (1,729) 10,681
Other (income) expense (691) 20 (711) (711) - (711)
Interest expense 15,142 3,997 11,145 11,145 1,228 9,917
------------ ------------ ------------ ------------ ------------ ------------
Income (Loss) Before Income Taxes,
Discontinued Operations, and
Cumulative Effect of Accounting Change (1,180) 302 (1,482) (1,482) (2,957) 1,475
Income taxes (benefit) (482) 180 (662) (662) (1,153) 491
------------ ------------ ------------ ------------ ------------ ------------
Income (Loss) From Continuing Operations $ (698) $ 122 $ (820) $ (820) $ (1,804) $ 984
============ ============ ============ ============ ============ ============
Basic earnings (loss) per share - Continuing Operations $ (0.09) $ 0.11
============ ============
Diluted earnings (loss) per share - Continuing Operations $ (0.09) $ 0.11
============ ============
Average number of shares outstanding- Basic 8,948 8,948
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Average number of shares outstanding- Diluted 8,948 8,948
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See Notes to Pro Forma Condensed Consolidated Financial Statements (Unaudited)
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Amcast Industrial Corporation
Pro Forma Condensed Consolidated Financial Information (Unaudited)
Notes to Pro Forma Condensed Consolidated Financial Statements (Unaudited)
(1) As reported on a Form 8-K filed on August 2, 2004 by Amcast Industrial
Corporation ("Amcast"), Amcast sold most of the assets of its Flow Control
segment to a U.S. subsidiary of the Dutch group Aalberts Industries N.V.
(Amsterdam: AALB) on August 2, 2004. The "Flow Control Divestiture" section
of the pro forma consolidated condensed financial statements (unaudited) is
presented to give effect for this sale.
(2) Variance of $3,088 between total assets of Amcast Industrial Corporation
Historical and Amcast Industrial Corporation Flow Control Divestiture Pro
Forma balance sheets is due to the Flow Control Divested Companies share of
long-term deferred taxes. The Flow Control Divested Companies share of
Amcast's long-term deferred taxes are recorded in deferred liabilities on
the Flow Control Divested Companies balance sheet, however this amount is
part of a total deferred tax asset, recorded in other assets, on the Amcast
Industrial Corporation Historical balance sheet.
(3) The "Aluminum Components Divestiture" section of the pro forma consolidated
condensed financial statements (unaudited) is presented to give effect for
the sale that is being reported in this 8-K filing, as well as the
Company's previous sale of its Flow Control segment described in Note (1).
(4) Variance of $6,120 between total assets of Amcast Industrial Corporation
Flow Control Divestiture Pro Forma and Amcast Industrial Corporation
Aluminum Components Divestiture Pro Forma balance sheets is due to the
Aluminum Components Divested Companies share of long-term deferred taxes.
The Aluminum Components Divested Companies share of Amcast's long-term
deferred taxes are recorded in deferred liabilities on the Aluminum
Components Divested Companies balance sheet, however this amount is part of
a total deferred tax asset, recorded in other assets, on the Amcast
Industrial Corporation Historical balance sheet.
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S I G N A T U R E S
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMCAST INDUSTRIAL CORPORATION
Date: August 27, 2004 By: /s/ Francis J. Drew
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Francis J. Drew
Vice President, Finance and
Chief Financial Officer
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