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): November 26, 2008
NN,
INC.
(Exact name of registrant as specified in its
charter)
| Delaware | 0-23486 | 62-1096725 |
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
|
2000 Waters Edge Drive
Johnson City, Tennessee
|
37604 | |
|
(Address of
principal executive offices)
|
(Zip
Code)
|
Registrant's telephone number, including area
code: (423)743-9151
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the obligation of the
registrant under any of the following provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17CFT
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17CFT 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFT
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13c-4(c) under the Exchange Act (17CFT
240.13c-4(c))
ITEM 3.03 Material Modification
to Rights of Securitiy Holders.
NN, Inc.
today announces steps to enhance liquidity and cash flow including
temporary suspension of quarterly dividend.
Exhibit:
Exhibit
Number Description of Exhibit
99.1
Press Release of NN, Inc. dated November 26, 2008.
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.
| NN, INC. | |||
|
Date: November
26, 2008
|
By:
|
/s/ William C. Kelly, Jr. | |
| Name : William C. Kelly, Jr. | |||
| Title : Vice President and Chief Administrative Officer | |||
EXHIBIT
99.1
F I
N A N C I A L
RELATIONS
BOARD
RE: NN,
Inc.
2000
Waters Edge Drive
Johnson
City, TN 37604
FOR
FURTHER INFORMATION:
| AT THE COMPANY | AT FINANCIAL RELATIONS BOARD | |
| Will Kelly | Marilynn Meek | Susan Garland |
| Vice President and Chief Administrative Officer | (General info) | (Analyst info) |
| (423) 743-9151 | 212-827-3773 | 212-827-3775 |
FOR
IMMEDIATE RELEASE
November
26, 2008
NN,
INC. ANNOUNCES STEPS TO ENHANCE LIQUIDITY AND CASH FLOW INCLUDING
TEMPORARY SUSPENSION OF QUARTERLY DIVIDEND
Johnson City, Tenn., November 26,
2008 – NN, Inc. (Nasdaq: NNBR) today announced several steps to enhance
its liquidity and cash flow including the reduction of capital expenditures,
elimination of discretionary spending and the temporary suspension of its
regular quarterly dividend.
Mr.
Roderick R. Baty, Chairman and Chief Executive Officer commented, “As we
previously announced on November 4, 2008, we generated record revenues and
earnings for the first nine months of 2008. We did, however, state that we
anticipated fourth quarter revenues to be down approximately 20% from our
beginning of the year forecasts. We anticipate that revenues at this
level will result in the recording of approximately breakeven earnings for the
fourth quarter. Our cash flow remains strong, our balance sheet is
sound and we have a committed credit facility with approximately $24 million in
availability. However, given the current global economic
uncertainties impacting our business as well as the uncertainties surrounding
the credit markets today we believe we should take prudent steps to preserve our
liquidity position. This will help insure that we maintain
comfortably sufficient resources to protect the strength of our balance sheet
and the financial flexibility to manage through these difficult
times. In light of the current economic environment, we will continue
to evaluate the Company’s dividend, capital spending and discretionary spending
policies on a quarterly basis.”
NN, Inc.
manufacturers and supplies high precision metal bearing components, industrial
plastic and rubber products and precision metal components to a variety of
markets on a global basis. Headquartered in Johnson City, Tennessee,
NN has 14 manufacturing plants in the United States, Western Europe, Eastern
Europe and China. NN, Inc. had sales of US $421 million in
2007.
Except for specific historical
information, many of the matters discussed in this press release may express or
imply projections of revenues or expenditures, statements of plans and
objectives or future operations or statements of future economic performance.
These, and similar statements, are forward-looking statements concerning matters
that involve risks, uncertainties and other factors which may cause the actual
performance of NN, Inc. and its subsidiaries to differ materially from those
expressed or implied by this discussion. All forward-looking
information is provided by the Company pursuant to the safe harbor established
under the Private Securities Litigation Reform Act of 1995 and should be
evaluated in the context of these factors. Forward-looking statements generally
can be identified by the use of forward-looking terminology such as
“assumptions”, “target”, “guidance”, “outlook”, “plans”, “projection”, “may”,
“will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”,
“potential” or “continue” (or the negative or other derivatives of each of these
terms) or similar terminology. Factors which could materially affect actual
results include, but are not limited to: general economic conditions and
economic conditions in the industrial sector, inventory levels, regulatory
compliance costs and the Company's ability to manage these costs, start-up costs
for new operations, debt reduction, competitive influences, risks that current
customers will commence or increase captive production, risks of capacity
underutilization, quality issues, availability and price of raw materials,
currency and other risks associated with international trade, the Company’s
dependence on certain major customers, the successful implementation of the
global growth plan including development of new products and consummation of
potential acquisitions and other risk factors and cautionary statements listed
from time to time in the Company’s periodic reports filed with the Securities
and Exchange Commission, including, but not limited to, the Company’s Annual
Report on 10-K for the fiscal year ended December 31, 2007.
###