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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
(AMENDMENT NO. 2)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported) June 9, 1998
L. B. FOSTER COMPANY
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 0-1043 25-13224733
(State or jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
Registrant's telephone number,
including area code 412-928-3417
______________________________________________________________
(Former name or former address, if changed since last report.
Item 7. Financial Statements and Exhibits.
(b) Pro Forma Financial Information
The following unaudited pro forma condensed consolidated
financial statements are filed with this report:
Pro Forma Condensed Consolidated Balance Sheet as
of March 31, 1998 Page 3
Pro Forma Condensed Consolidated Statement of
Income:
Year Ended December 31, 1997 Page 4
Three Months Ended March 31, 1998 Page 5
The Pro Forma Condensed Consolidated Balance Sheet of the
Registrant as of March 31, 1998 reflects the financial position
of the Registrant after giving effect to the sale of certain
assets of the Fosterweld Division of L. B. Foster Company, and
assumes the sale took place on March 31, 1998. The Pro Forma
Condensed Consolidated Statements of Income for the year ended
December 31, 1997 and three months ended March 31, 1998 assume
that the sale occurred on January 1, 1997.
The unaudited pro forma condensed consolidated financial
statements have been prepared by the Registrant based upon the
assumptions required. The unaudited pro forma condensed
consolidated financial statements presented herein are shown for
illustrative purposes only and are not necessarily indicative of
future financial position or future results of operations of the
Registrant, or of the financial position or results of
operations of the Registrant that would have actually occurred
had the transaction been in effect for the periods presented.
The unaudited pro forma condensed consolidated financial
statements should be read in conjunction with the historical
financial statements and related notes of the Registrant.
(c) Exhibits
(10) Asset Purchase Agreement, dated as of June 5,
1998, by and among the Registrant and Northwest Pipe Company as
filed on Form 8-K, June 18, 1998.
Page 1
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this report to be filed on its behalf
by the undersigned hereunto duly authorized.
L. B. FOSTER COMPANY
By:/s/ Roger F. Nejes
___________________________
Roger F. Nejes
Title: Senior Vice President and
Chief Financial Officer
Page 2
Pro Forma Financial Information
L.B. Foster Company
Pro Forma Condensed Consolidated Balance Sheet
March 31, 1998
(Unaudited, in thousands)
Fosterweld
Assets Historical Division Adjustments Total
- ---------------------------------------------------------------
Current Assets:
Cash and Cash
Equivalents $ 1,841 $ 1,841
Accounts Receivable 46,010 (2,633) 43,377
Inventories 41,486 (1,389) 40,097
Property Held for
Resale 3,256 (3,256) 0
Other Current Assets 766 766
- ---------------------------------------------------------------
Total Current
Assets 93,359 (7,278) 86,081
Property, Plant and
Equipment-at cost 20,276 20,276
Property Held for
Resale 615 615
Goodwill and
Intangibles 4,370 4,370
Investments 1,693 1,693
Other Assets 3,386 3,386
- ---------------------------------------------------------------
Total Assets $123,699 ($7,278) $ 0 $116,421
- ---------------------------------------------------------------
- ---------------------------------------------------------------
Liabilities and Stockholders' Equity
- ---------------------------------------------------------------
Current Liabilities:
Short-term borrow-
ings $ 1,287 $ 1,287
Current maturities
of long-term debt 10,500 (8,798)(a) 1,702
Accounts Payable
-trade 14,929 (180) 14,749
Other accrued
liabilities 4,212 700 (b) 4,912
- ---------------------------------------------------------------
Total Current
Liabilities 30,928 (180) (8,098) 22,650
Long-Term Debt 19,251 19,251
- ---------------------------------------------------------------
Other Long Term
Liabilities 2,687 2,687
- ---------------------------------------------------------------
Stockholders' Equity:
Class A Common stock 102 102
Paid-in capital 35,500 35,500
Retained earnings 36,331 1,000 (c) 37,331
Treasury stock (1,100) (1,100)
- ---------------------------------------------------------------
Total Stockholders'
Equity 70,833 0 1,000 71,833
- ---------------------------------------------------------------
Total Liabilities
and Stockholders'
Equity $123,699 ($180) ($7,098) $116,421
- ---------------------------------------------------------------
- ---------------------------------------------------------------
(a) Decrease from reduced revolving credit borrowings
(b) Increase for estimated tax at statutory rates
(c) Increase for estimated net profit prior to final
adjusted inventory purchase price
Page 3
Pro Forma Financial Information
L. B. Foster Company
Pro Forma Condensed Consolidated Statement of Income
Twelve Months Ended December 31, 1997
(Unaudited, in thousands, except per share amounts)
Fosterweld
Historical Division Adjustments Total
- ---------------------------------------------------------------
Net Sales $220,343 ($12,225) $208,118
- ---------------------------------------------------------------
Costs and Expenses:
Cost of goods
sold 191,266 (10,421) 180,845
Selling and ad-
ministrative
expenses 21,913 (486) (145)(a) 21,282
Interest expense 2,495 (171)(b) 2,324
Other (income)
expense (475) 47 (428)
- ---------------------------------------------------------------
215,199 (10,860) (316) 204,023
- ---------------------------------------------------------------
Income Before
Income Taxes 5,144 (1,365) 316 4,095
Income Tax Expense 1,857 399 (c) 1,458
- ---------------------------------------------------------------
Net Income $3,287 ($1,365) $715 $2,637
- ---------------------------------------------------------------
- ---------------------------------------------------------------
Basic Earnings
per Common Share $ 0.32 $ 0.26
Diluted Earnings
per Common Share $ 0.32 $ 0.26
(a) Decrease from performance related accruals
(b) Decrease from reduced revolving credit borrowings
(c) Income tax applied at statutory rates
Page 4
Pro Forma Financial Information
L. B. Foster Company
Pro Forma Condensed Consolidated Statement of Income
Three Months Ended March 31, 1998
(Unaudited, in thousands, except per share amounts)
Fosterweld
Historical Division Adjustments Total
- ---------------------------------------------------------------
Net Sales $49,341 ($2,157) $47,184
- ---------------------------------------------------------------
Costs and Expenses:
Cost of goods
sold 42,247 (1,817) 40,430
Selling and ad-
ministrative
expenses 5,656 (117) (41) (a) 5,498
Interest expense 590 (34) (b) 556
Other (income)
expense (333) 19 (314)
- ---------------------------------------------------------------
48,160 (1,915) (75) 46,170
- ---------------------------------------------------------------
Income Before
Income Taxes 1,181 (242) 75 1,014
Income Tax Expense 475 63 (c) 412
- ---------------------------------------------------------------
Net Income $ 706 ($ 242) $138 $ 602
- ---------------------------------------------------------------
- ---------------------------------------------------------------
Basic Earnings
per Common Share $ 0.07 $ 0.06
Diluted Earnings
per Common Share $ 0.07 $ 0.06
(a) Decrease from performance related accruals
(b) Decrease from reduced revolving credit borrowings
(c) Income tax applied at statutory rates
Page 5