SALLY BEAUTY HOLDINGS,INC. (NYSE:SBH) Files An 8-K Results of Operations and Financial ConditionItem 2.02. Results of Operations and Financial Condition
On November15, 2017, Sally Beauty Holdings,Inc. (the “Company”) issued the news release attached hereto as Exhibit99.1 reporting the financial results of the Company for the fourth quarter and fiscal year ended September30, 2017 (the “Earnings Release”).
Item 2.05 Costs Associated with Exit or Disposal Activities
On November10, 2017, the Board of Directors of the Company approved an international restructuring plan (the “International Restructuring Plan”) for the Company’s international businesses, with a particular focus on its European operations.
The Company expects to incur restructuring charges in the range of $12 million to $14 million, with approximately $10 million to be recorded in fiscal 2018, related primarily to potential employee separation costs. Additionally, the Company expects to realize annualized benefits in the range of approximately $12 million to $14 million from the initiative, with a benefit of approximately $8 million realized in fiscal 2018.
Cautionary Notice Regarding Forward-Looking Statements
Statements in this Current Report which are not purely historical facts or which depend upon future events may be forward-looking statements within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,” “should,” “will,” “would,” or similar expressions may also identify such forward-looking statements.
Readers are cautioned not to place undue reliance on forward-looking statements as such statements speak only as of the date they were made. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including, but not limited to, risks and uncertainties related to: our ability to implement the restructuring in various jurisdictions; our ability to manage the effects of our cost reduction plans; possible changes in the size and components of the expected costs and charges associated with the restructuring; and the ability to realize the expected cost savings within the anticipated time frame.
Additional factors that could cause actual events or results to differ materially from the events or results described in the forward-looking statements can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form10-K for the year ended September30, 2016, as filed with the Securities and Exchange Commission. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein. We assume no obligation to publicly update or revise any forward-looking statements.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November10, 2017, Erin Nealy Cox, a director of the Company, notified the Company of her resignation from the Company’s Board of Directors (the “Board”) and from all committees of the Board upon which she serves, effective immediately. Ms.Cox’s resignation is due to her confirmation by the United States Senate as United States Attorney for the Northern District of Texas and not due to any disagreement with the Company. Ms.Cox has served as a director since August2016 and the Company is grateful for Ms.Cox’s leadership and commitment to the success of the Company during her tenure as a Director.
