Current Report Filing (8-k)
October 30 2014 - 2:08PM
Edgar (US Regulatory)
UNITED STATES
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): October 30, 2014
SUPREME INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware |
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1-8183 |
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75-1670945 |
(State of incorporation) |
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(Commission File No.) |
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(IRS Employer Identification No.) |
P.O. Box 237
2581 E. Kercher Road
Goshen, Indiana 46528
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (574) 642-3070
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure.
A copy of material which will be used in investor presentations delivered by Supreme representatives from time to time beginning on October 30, 2014, is furnished at Exhibit No. 99.1 to this Form 8-K. Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exhange Act), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits.
The following exhibits are filed with this report:
Exhibit No. |
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Exhibit Description |
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99.1 |
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Investor Presentation Material |
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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 hereunto duly authorized.
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SUPREME INDUSTRIES, INC. |
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Date: October 30, 2014 |
By: |
/s/ Mark D. Weber |
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Mark D. Weber |
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President and Chief Executive Officer |
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EXHIBIT INDEX
Exhibit No. |
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Description |
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99.1 |
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Investor Presentation Material |
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Exhibit 99.1
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INVESTOR
PRESENTATION OCTOBER 2014 www.supremecorp.com
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SAFE HARBOR
STATEMENT Other than historical facts contained herein, the matters set forth
in this presentation are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act, as amended, and reflect the view of management with
respect to future events. When used in this report, words such as believe,
expect, anticipate, estimate, intend, plan and similar expressions,
as they relate to Supreme or its plans or operations, identify
forward-looking statements. Such forward-looking statements are based on
assumptions made by, and information currently available to, management.
Although management believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that the
expectations reflected in such forward-looking statements are reasonable, and
it can give no assurance that such expectations will prove to be correct.
Important factors that could cause actual results to differ materially from
such expectations include, without limitation, an economic slowdown in the
specialized vehicle industry, limitations on the availability of chassis on
which Supremes product is dependent, availability of raw materials, raw
material cost increases and severe interest rate increases. Furthermore,
Supreme can provide no assurance that any raw material cost increases can be
passed on to its customers through implementation of price increases for
Supremes products. The forward-looking statements contained herein reflect
the current view of management with respect to future events and are subject
to those factors and other risks, uncertainties and assumptions relating to
the operations, results of operations, cash flows and financial position of
Supreme. Supreme assumes no obligation to update the forward-looking
statements or to update the reasons actual results could differ from those
contemplated by such forward-looking statements. 2
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MANAGEMENT 3
Matt Long President and CEO CFO / Treasurer VP of Operations VP of Sales
President and Chief Executive Officer since May of 2013 Extensive experience
in operations, new product development and strategic leadership Prior to
joining Supreme, served 10 years as the Group President of the Environmental
Solutions Group at Federal Signal Corporation (FSS) Prior to FSS, served in
various leadership assignments at Cummins Engine Company CFO since April 2011
and interim CEO from April 2012 to May 2013 28 years experience in finance
Prior to Supreme was with CTS Corporation for 15 years holding key finance
roles Was also with Emerson Electric and United Tech previously From 1987
until 2000 he worked as Western Region General Manager. The last four years
he has served as Vice President of Operations A total of 15 years prior
experience in related truck body and trailer manufacturing operations Before
joining Supreme in February 2014, he served as Vice President of Sales and
Marketing at Nilfisk Advance starting in 2011 30+ years in the sales and
marketing area in progressively more challenging positions Career spans over
several different companies such as J.J. Case and Federal Signal
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INVESTMENT
HIGHLIGHTS 4 1970s Significant brand recognition with 40 year heritage Over
20,000 truck bodies delivered annually Extensive pool chassis program with
leading light-duty OEMs Nationwide footprint with eight production facilities
Application of computer aided design and 3-D modeling to optimize products
Flexible manufacturing systems to support high volume fleets and low volume
custom products Over $10M invested in equipment and facilities since 2012
Positive momentum in U.S. straight truck sales Housing starts forecast at double
digit growth rates for 2015 Significant EBITDA growth since 2009 Cash flow
from operations increased almost three-fold in the last 12 months
Profitability margins have risen with the recent sale of the bus business and
are at levels of comparative premium businesses Recent capital investments
should improve margin performance Continued organic growth as cycle rebounds
Opportunities to grow sales of sidewall products Expand further in to
refrigerated market segment Highly fragmented market abundant consolidation
opportunities Executive management team with significant industrial depth and
breadth Recent CEO addition driving significant improvement to the business
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CORPORATE
OVERVIEW Leading manufacturer of specialized commercial vehicles including
truck bodies, trolleys, and specialty vehicles. Headquartered in Goshen,
Indiana with approximately 1,500 employees Publicly traded on NYSE (STS)
Recognized nationwide as the most diversified truck body manufacturer in the
industry Revenues of $247 million (excluding shuttle bus) in 2013 Third
Quarter Market Cap $130M Debt $9.2M Cash $11.4M Vertically integrated
nationwide operations Eight manufacturing locations totaling approximately
1.4 million square feet Captive laminating plant for body panels 5
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NATIONAL
FOOTPRINT 6 Griffin, Georgia Harrisville, Rhode Island Cleburne, Texas
Goshen, Indiana (Corporate Office) Jonestown, Pennsylvania Moreno Valley,
California Ligonier, Indiana Truck Trolley Specialty Vehicles Structural
Laminating
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FAVORABLE
MARKET DYNAMICS The North American medium duty industry has positive momentum
after bottoming out in 2009. September Class 5-7 orders were the third
strongest since early 2008, Class 5 orders were up 16% compared to last year
and Class 6-7 orders rose 14%. Class 5-7 backlog rose 600 units in September
to 46,500 units which is an 11% increase over the same month in 2013. July
sales of commercial straight truck chassis in the U.S./ Mexico increased
10.3% compared to July of 2013. NAFTA nonconventional cab chassis market July
YTD shipment and sales at peak levels. Cutaway sales up 25% year over year
through July 7 COMPETITOR LANDSCAPE National Footprint Ownership Morgan
Private Regional Footprint Ownership Utilimaster (SPAR) Public BayBridge
Private Smyrna Private Rockport Private Dejana Private Hercules Private
Source: ACT Research Source: NTEA
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TRUCK BODIES
Offers a complete line of multi-purpose truck bodies Shipments of more than
20,000 bodies annually Manufacture proprietary truck sidewalls made from
Aluminum, FiberPanel PW, Signature Plate and FiberPanel HC 8
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SUPREME
SPECIALTY VEHICLES AND TROLLEYS 9 Manufactured with state-of-the-art
technology and engineering Products customized to application Highly skilled
workforce experienced in ballistic armoring Holds Department of Defense
security clearance Evokes the spirit of travel and exploration Theme Parks
Historic Sites City Transportation Old world look and workmanship Marketed
and sold through exclusive distribution Specialty Vehicles Trolleys
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NORTH AMERICAN
PRODUCTS AND MARKETS SERVED 10 2013 2013 Vehicle Mix Customer Mix Dollars
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DIVERSIFIED
CUSTOMER MIX Customers include: national rental fleets, national and regional
leasing companies, truck chassis dealers and fleet operators Seasonal demand
peaks typically in first half of year driven by rental fleet orders Low
financial impact with loss of any single account 11 2013 Accounts Over $3M
33%
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RESTRUCTURING
PROGRESS 12 Initiated financial turnaround New CFO Established margin discipline
Invested capital to establish lean manufacturing Debt refinanced New CEO
Conducted strategic assessment of shuttle bus business Divested shuttle bus
business Management team in place Strategic Planning initiated Significant
Turnaround in Financial Performance Achieved by Upgrading of Operations and
Execution Focus
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GROWTH STRATEGY
- FIBERPANEL HC Polypropylene Honeycomb Structure Lightweight, durable (50%
weight benefit) Lowers operating costs Rivet-less sides, perfect for graphics
Provides FMVSS compliance and expands product offering in under 10,000 lb.
GVW chassis Excellent in high moisture environments 13
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GROWTH STRATEGY
Maintain mix of retail and fleet Leverage growth trend in leasing
Refrigerated applications 14 FiberPanel HC Signature Plate Application
solutions Market coverage Information technology
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FINANCIAL
SUMMARY
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CONSOLIDATED
SALES CONTINUING OPS 16 Quarterly Sales Annual Sales $ in Millions 2013
2014 (9 months)
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GROSS PROFIT /
GROSS MARGIN CONTINUING OPS 17 $ in Millions Gross Margin Gross Profit (9
months) % of Sales
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INCOME / (LOSS)
AND EPS CONTINUING OPS 18 $ in Millions, except per share * Includes a
$4.0M one-time charge. ** Includes a $3.8M one-time charge. (9 months) 2013
2014
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EBITDA /
CAPITAL EXPENDITURE 19
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CAPITAL
STRUCTURE 20 $ in Millions Total Debt to Capitalization
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APPENDIX
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Reconciliation of (Loss)/Income to Adjusted (Loss)/Income $ in Millions Full
Year 2013 2014 2010 2011 2012 2013 9 Mos. YTD 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3
(Loss)/Income - GAAP $ (11,698) $ 791 $ 11,833 $ 6,426 $ 5,381 $ 2,304 $ 925
$ 1,531 $ 1,665 $ (1,343) $ 4,255 $ 2,469 Discontinued Operations, net of tax
Oregon 1,658 876 - - - - - - - - - - Motorhome 1,239 - - - - - - - - - -
Shuttle Bus (1,274) 1,551 577 4,773 1,567 307 3,049 960 457 1,567 - -
(Loss)/Income from Continuing Operations - GAAP $ (10,075) $ 3,218 $ 12,410 $ 11,199 $ 6,948 $ 2,611 $ 3,974 $ 2,491 $ 2,122 $ 224 $ 4,255 $ 2,469
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Reconciliation of EBITDA to Adjusted EBITDA $ in Millions Full Year 2013 2014
2010 2011 2012 2013 9 Mos. YTD 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 EBITDA - GAAP $ (6,257) $ 5,674 $ 15,415 $ 13,323 $ 10,924 $ 4,359 $ 2,264 $ 3,240 $ 3,459 $ (978) $ 7,259 $ 4,643 Discontinued Operations, net of tax Oregon 1,334 813 -
- - - - - - - - - Motorhome 1,178 - - - - - - - - - - Shuttle Bus (2,611)
2,200 750 7,693 2,284 456 4,960 1,542 735 2,284 - - EBITDA from Continuing
Operations - GAAP $ (6,356) $ 8,687 $ 16,165 $ 21,016 $ 13,208 $ 4,815 $ 7,224 $ 4,782 $ 4,194 ## $ 1,306 $ 7,259 $ 4,643
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