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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): SEPTEMBER 28, 2001
TOWER AUTOMOTIVE, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
1-12733 41-1746238
(Commission File Number) (I.R.S. Employer Identification No.)
4508 IDS CENTER, MINNEAPOLIS, MINNESOTA 55402
(Address of Principal Executive Offices) (Zip Code)
(612) 342-2310
(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
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Item 9. Furnished Information
On September 28, 2001, the Registrant issued a press release disclosing
revised sales and earnings guidance for the remainder of 2001. A copy of this
press release follows below:
DATE: September 28, 2001
FROM: FOR:
Padilla Speer Beardsley Inc. Tower Automotive, Inc.
224 Franklin Avenue West 5211 Cascade Road S.E., Suite 300
Minneapolis, Minnesota 55404 Grand Rapids, Michigan 49546
John Mackay (612) 871-8877 Anthony Barone (616) 802-1600
FOR IMMEDIATE RELEASE
TOWER AUTOMOTIVE ANNOUNCES REVISED SALES AND EARNINGS GUIDANCE
GRAND RAPIDS, Mich., September 28 - Tower Automotive, Inc. (NYSE: TWR)
announced today that it is revising its estimates of sales volume for both the
third and fourth quarters of this year. Previously, the company's guidance had
been that sales for the second half of 2001 would be approximately the same as
reported for the first half of the year. Because of recent events and resulting
production cuts, primarily at Ford, the company estimates sales for the third
quarter and the fourth quarter to be approximately $545 million and $650
million, respectively. This is a decline of 6 percent from previous guidance.
The impact of the third quarter sales volume decline on third quarter earnings
per share is expected to result in a break-even performance.
Despite these expected declines in sales and earnings, the company
still expects to be in compliance with all of its debt covenants through the end
of the year.
Tower Automotive, Inc., produces a broad range of assemblies and
modules for vehicle structures and suspension systems for the automotive
manufacturers, including Ford, DaimlerChrysler, GM, Honda, Toyota, Nissan, Auto
Alliance, Fiat, Kia, Hyundai, BMW and Volkswagen. Products include body
structural assemblies such as pillars and package trays, control arms,
suspension links, engine cradles and full frame assemblies. The company is based
in Grand Rapids, Mich., and has its corporate office in Minneapolis, Minn.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from the anticipated results as a consequence of certain
risks and uncertainties, including but not limited to general economic
conditions in the markets in which Tower Automotive operates, fluctuations in
the production of vehicles for which the company is a supplier and other risks
detailed from time to time in the company's Securities and Exchange Commission
filings.
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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 thereunto duly authorized.
TOWER AUTOMOTIVE, INC.
Date: September 28, 2001 By:/s/ Anthony A. Barone
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Name: Anthony A. Barone
Title: Vice President and Chief Financial
Officer (Principal Accounting and Financial
Officer)