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 13,
2007
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
|
37604
|
|
|
Johnson
City, Tennessee
|
(Zip
Code)
|
|
|
(Address
of principal executive offices)
|
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 (17 CFT
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the
Exchange Act (17 CFT 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFT 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFT
240.13e-4(c))
ITEM
8.01 OTHER
The
Company announced a $25 million share repurchase
program which became effective for one year beginning September 13,
2007.
ITEM
9.01 FINANCIAL STATEMENTS AND
EXHIBITS
Exhibits:
Exhibit
Number
Description of Exhibit
99.1
Press Release of NN, Inc. dated September 13, 2007
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: September
13,
2007
|
By:
|
/s/ James H. Dorton | |
| Name: James H. Dorton | |||
| Title:
Vice
President -
Corporate Development and
Chief
Financial Officer
|
|||
EXHIBIT
99.1
news
■
F I N A N C I A L
■
RELATIONS BOARD
Value
Added Communications
RE: NN,
Inc.
2000
Waters Edge Drive
&#
160; 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
September
13, 2007
NN,
INC. ANNOUNCES NEW $25 MILLION SHARE REPURCHASE PROGRAM
Johnson
City, Tenn, September
13, 2007 – NN, Inc. (Nasdaq: NNBR) today announced that its
Board of Directors has authorized a new share repurchase program. The
current $10 million share repurchase program was initiated in February 2006
and
will expire this month. To date, the Company has purchased
approximately $7 million worth of its common shares in open market transactions
under the existing $10 million program.
The
new
share repurchase program will be in effect for a period of one year beginning
on
September 13, 2007, and the amount approved for purchase, from this date until
the expiration of the program, will be $25 million worth of shares to be
purchased in the open market from time to time in accordance with market
regulations.
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, Europe and
China. NN, Inc. had sales of US $330 million in 2006.
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, 2006.