UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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) May 8, 2009
LEGGETT & PLATT, INCORPORATED
(Exact name of registrant as specified in its charter)
| Missouri | 001-07845 | 44-0324630 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| No. 1 Leggett Road, Carthage, MO | 64836 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code 417-358-8131
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02 | Results of Operations and Financial Condition. |
On May 8, 2009, Leggett & Platt, Incorporated issued a press release updating its financial results for the first quarter ended March 31, 2009. The press release is attached as Exhibit 99.1 and is incorporated herein by reference.
This information is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference into any document filed under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
| Item 7.01 | Regulation FD Disclosure. |
The information provided in Item 2.02, including Exhibit 99.1, is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. |
Description | |
| 99.1 |
Press Release dated May 8, 2009 |
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.
| LEGGETT & PLATT, INCORPORATED | ||||||
| Date: | May 8, 2009 | By: | /s/ Ernest C. Jett | |||
| Ernest C. Jett | ||||||
| Senior Vice President, General Counsel and Secretary | ||||||
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | Press Release dated May 8, 2009 |
Exhibit 99.1
FOR IMMEDIATE RELEASE: MAY 8, 2009
LEGGETT & PLATT ANNOUNCES IMPACT FROM CUSTOMER SHUTDOWN
Carthage, MO, May 8, 2009 —
| • | 1Q EPS reduced to $.02 due to a 4 cents per share impact of customer shutdown |
Diversified manufacturer Leggett & Platt reported that Consolidated Bedding (the primary Spring Air manufacturer), a significant customer of Leggett’s, notified Leggett on May 5 that it is ceasing operations. Although Leggett had previously established a significant bad debt reserve for this account, Leggett is increasing its bad debt expense by $8.5 million to reflect the full amount of the credit exposure it has with this customer.
As a result, today’s 10Q SEC filing by Leggett will reflect first quarter earnings of $.02 per share rather than the $.06 announced in its press release of April 22. The $.04 per share earnings reduction is solely due to the shutdown of Consolidated Bedding’s operations. Leggett is making no change to its full year guidance.
Consolidated Bedding’s trade accounts with Leggett were current through May 1, 2009. In addition, the customer’s owners had until recently indicated an enthusiasm for their restructuring plans and the business placements they were experiencing.
Leggett believes that the Consolidated Bedding volume of business will likely be dispersed among Leggett & Platt’s other customers.
FOR MORE INFORMATION: Visit Leggett’s website at www.leggett.com.
COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a diversified manufacturer that conceives, designs and produces a broad variety of engineered components and products that can be found in most homes, offices, and automobiles. The company serves a broad suite of customers that comprise a “Who’s Who” of U.S. manufacturers and retailers. The 126-year-old firm’s continuing operations are composed of 20 business units, 19,000 employee-partners, and approximately 160 manufacturing facilities located in 18 countries.
Leggett & Platt is North America’s leading independent manufacturer of: a) components for residential furniture and bedding; b) components for office furniture; c) drawn steel wire; d) automotive seat support and lumbar systems; e) carpet underlay; f) adjustable beds; and g) bedding industry machinery.
CONTACT: Investor Relations, (417) 358-8131 or invest@leggett.com
David M. DeSonier, Vice President of Strategy and Investor Relations
Susan R. McCoy, Director of Investor Relations