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): January 5, 2009
TEMPUR-PEDIC
INTERNATIONAL INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
001-31922
|
33-1022198
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification No.)
|
1713
Jaggie Fox Way
Lexington,
Kentucky 40511
(Address
of principal executive offices) (Zip Code)
(800)
878-8889
(Registrant’s
telephone number, including area code)
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):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.02 Results from Operations and Financial Condition
On January 5, 2010, Tempur-Pedic International Inc.
issued a press release reporting on its preliminary financial results for the
year ending December 31, 2009. The Company also provided initial 2010 guidance
for net sales and earnings per share. A copy of the press release is attached as
Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by
reference.
The
information in this report (including Exhibit 99.1) shall not be deemed to be
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or otherwise subject to the liability of that
section, and shall not be incorporated by reference into any registration
statement or other document filed under the Securities Act of 1933, as amended,
or the Exchange Act, except as shall be expressly set forth by specific
reference in such filing.
Item
7.01 Regulation FD Disclosures
The
information furnished under Item 2.02 of this Form 8-K (including Exhibit
99.1 furnished herewith) is hereby incorporated by reference under this Item
7.01 as if fully set forth herein.
Item
9.01 Financial Statements and Exhibits
|
(d)
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Exhibits
|
|
Exhibit
|
|
Description
|
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.
| Tempur-Pedic International Inc. | |||
|
Date:
January 5, 2010
|
By:
|
/s/ DALE E. WILLIAMS | |
| Name: Dale E. Williams | |||
| Title: Executive Vice President, Chief Financial Officer & Secretary | |||
EXHIBIT
LIST
|
Exhibit
|
|
Description
|
TEMPUR-PEDIC
REPORTS PRELIMINARY FOURTH QUARTER EARNINGS
|
-
Company Provides Initial Financial Guidance for
2010
|
|
-
Company To Report 2009 Financial Results on January 26,
2010
|
LEXINGTON, KY, January 5, 2010
– Tempur-Pedic
International Inc. (NYSE: TPX), the leading manufacturer, marketer and
distributor of premium mattresses and pillows worldwide, today announced
preliminary financial results for the fourth quarter of 2009. The Company also
provided initial financial guidance for 2010.
The Company currently expects fourth quarter 2009 sales to
range between $242 and $244 million, representing growth of 28% to 29% as
compared to the fourth quarter of 2008. The Company currently expects fourth
quarter 2009 earnings per share (EPS) to range between $0.35 and $0.37 per
diluted share.
The Company issued initial full year 2010 guidance for net
sales and earnings per share. It currently expects net sales for 2010 to range
from $950 to $970 million. It currently expects EPS for 2010 to range from $1.40
to $1.50 per diluted share. The Company noted its expectations are based on
information available at the time of this release, and are subject to changing
conditions, many of which are outside of the Company’s control.
Chief Executive Officer Mark Sarvary commented, “Fourth
quarter sales exceeded our prior expectations in both our US and International
segments, primarily due to a better than expected macro environment together
with success from sales and marketing programs. Throughout the recession, we
have used the most recent volume levels as the basis for our plan for the next
four quarters, and we have used the same methodology for 2010 sales guidance.
While the macro environment continues to be very hard to predict, we have
augmented this methodology with a comprehensive review of seasonality and market
conditions across each of our major markets.”
Chief Financial Officer Dale Williams commented, “In our
planning for 2010, we expect benefits from our productivity programs and fixed
cost leverage will be partially offset by our outlook for rising commodity
prices and increased investments in marketing and R&D. As a result, we
currently anticipate operating margin to expand 100 basis points or more for the
full year in 2010.”
Conference
Call Information
The Company will release its financial results for the
fourth quarter ended December 31, 2009 after the NYSE close of regular trading
on Tuesday, January 26, 2010. The Company will hold a conference call to discuss
those results at 5:00 p.m. Eastern Time.
The dial-in number for the conference call is 888-293-6960.
The dial-in number for international callers is 719-325-2289. The call is also
being webcast and can be accessed on the investor relations section of the
Company's website, http://www.tempurpedic.com.
After the conference call, a webcast replay will remain available on the
investor relations section of the Company’s website for 30 days.
Forward-looking
Statements
This release contains "forward-looking statements,” within
the meaning of federal securities laws, which include information concerning one
or more of the Company's plans, objectives, goals, strategies, and other
information that is not historical information. When used in this release, the
words "estimates," "expects," "anticipates," "projects," "plans," "intends,"
"believes," and variations of such words or similar expressions are intended to
identify forward-looking statements. These forward-looking statements include,
without limitation, statements relating to the Company’s expectations for net
sales and earnings per share for the fourth quarter of 2009 and net sales and
earnings per share for 2010, and the Company’s expectations regarding
productivity programs, fixed cost leverage, commodity
prices, increased investment efforts and operating margin
growth for 2010. All forward looking statements are based upon current
expectations and beliefs and various assumptions. There can be no assurance that
the Company will realize these expectations or that these beliefs will prove
correct.
There are a number of risks and uncertainties that could
cause actual results to differ materially from the forward-looking statements
contained in this release. Numerous factors, many of which are beyond the
Company's control, could cause actual results to differ materially from those
expressed as forward-looking statements. These risk factors include general
economic, financial and industry conditions, particularly in the
retail sector, as well as consumer confidence and the availability of consumer
financing; uncertainties arising from global events; the effects of changes in
foreign exchange rates on the Company’s reported earnings; consumer acceptance
of the Company’s products; industry competition; the efficiency and
effectiveness of the Company’s advertising campaigns and other marketing
programs; the Company’s ability to increase sales productivity within existing
retail accounts and to further penetrate the Company’s domestic retail channel,
including the timing of opening or expanding within large retail accounts; the
Company’s ability to address issues in certain underperforming international
markets; the Company’s ability to continuously improve and expand its product
line, maintain efficient, timely and cost-effective production and delivery of
its products, and manage its growth; changes in foreign tax rates, including the
ability to utilize tax loss carry forwards; and rising commodity costs.
Additional information concerning these and other risks and uncertainties are
discussed in the Company's filings with the Securities and Exchange Commission,
including without limitation the Company's annual report on Form 10-K under the
headings "Special Note Regarding Forward-Looking Statements" and "Risk Factors."
Any forward-looking statement speaks only as of the date on which it is made,
and the Company undertakes no obligation to update any forward-looking
statements for any reason, including to reflect events or circumstances after
the date on which such statements are made or to reflect the occurrence of
anticipated or unanticipated events or circumstances.
About
the Company
Tempur-Pedic International Inc. (NYSE: TPX) manufactures
and distributes mattresses and pillows made from its proprietary TEMPUR(R)
pressure-relieving material. It is the worldwide leader in premium and specialty
sleep. The Company is focused on developing, manufacturing and marketing
advanced sleep surfaces that help improve the quality of life for people around
the world. The Company's products are currently sold in over 80 countries under
the TEMPUR(R) and Tempur-Pedic(R) brand names. World headquarters for
Tempur-Pedic International is in Lexington, KY. For more information, visit
http://www.tempurpedic.com or call 800-805-3635.
Investor
Relations Contact:
Barry Hytinen
Vice President, Investor Relations and Financial Planning
& Analysis
800-805-3635