ARMSTRONG FLOORING, INC. (NYSE:AFI) Files An 8-K Results of Operations and Financial ConditionItem 2.02 Results of Operations and Financial Condition.
On August7, 2017, Armstrong Flooring, Inc. (the “Company”) issued a press release announcing its second quarter 2017 financial results. The full text of the press release is attached hereto as Exhibit 99.1.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished herewith and shall not be deemed “filed” for the purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 2.02 Costs Associated With Exit or Disposal Activities.
On August7, 2017, the Company announced the closure of two Wood Flooring segment manufacturing facilities, including a solid wood plant in Jackson, Tennessee and an engineered wood plant in Vicksburg, Mississippi (the “Closures”), to better align its manufacturing capacity with current customer demand and to leverage productivity benefits realized across its wood flooring operations in recent years. The Company expects the Closures to be completed in the fourth quarter of 2017 and to result in the separation of approximately 300 employees. The Company estimates that it will incur pre-tax cash charges of $3million to $5million for employee separation and other closure-related expenses.In addition, the Company estimates that it may incur pre-tax non-cash charges of up to $26million for asset write-downs if it ultimately commits to a plan to sell or otherwise dispose of these facilities. The Company expects that the Closures will result in annual pre-tax savings of $8million to $10million.
Section7 – Regulation FD
Item 2.02 Regulation FD Disclosure.
On August7, 2017, the Company issued a press release announcing that it will report its second quarter 2017 financial results via a live webcast and conference call on August7, 2017 at 9:00 a.m. Eastern Time. The live webcast and accompanying slide presentation will be available in the Investors section of the Company’s website at www.armstrongflooring.com. To participate in the call, please dial 877-407-0789 (domestic) or 201-689-8562 (international). A replay of the conference call will be available for 90 days, by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13665750. The full text of the press release is attached hereto as Exhibit 99.1.
The information in Item 2.02 of this Current Report on Form 8-K is being furnished herewith and shall not be deemed “filed” for the purposes of Section18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Act, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 2.02 | Financial Statements and Exhibits. |
|
ExhibitNo. |
Description |
| 99.1 | Press Release of Armstrong Flooring, Inc. dated August7, 2017 |
Disclosures in this Current Report on Form 8-K, including statements regarding expenditures, annual savings, and closure activities, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such disclosures provide our future expectations or forecasts and can be identified by our use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “outlook,” “target,” “predict,” “may,” “will,” “would,” “could,” “should,” “seek,” and other words or phrases of similar meaning in connection with any discussion of future operating or financial performance. Forward-looking statements, by their nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that
may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, anticipated or implied is included in our reports filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements beyond what is required under applicable securities law.
Armstrong Flooring, Inc. ExhibitEX-99.1 2 d438711dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 ARMSTRONG FLOORING REPORTS SECOND QUARTER 2017 RESULTS • Net Income of $5.4 Million • Adjusted EBITDA of $25.1 Million • Repurchased $9.5 Million of Stock Under $50 Million Share Repurchase Program • Announces planned closing of two wood flooring manufacturing facilities • Completed Acquisition of the Vinyl Composition Tile (“VCT”) Assets of Mannington Mills • Revises Adjusted EBITDA guidance for full year 2017 Lancaster,…To view the full exhibit click here
About ARMSTRONG FLOORING, INC. (NYSE:AFI)
Armstrong Flooring, Inc. is engaged in the designing and manufacturing of flooring solutions that inspire spaces where people live, work, learn, heal and play. The Company manufactures resilient and wood flooring products across North America. The Company safely and responsibly operates approximately 18 manufacturing facilities in three countries. The Company’s headquarters is located in Lancaster, Pennsylvania.
