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: November 15, 2004
UNIVERSAL FOREST PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
MICHIGAN 0-22684 38-1465835
(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
2801 EAST BELTLINE, NE
GRAND RAPIDS, MICHIGAN 49525
(Address of principal executive offices) (Zip Code)
(616) 364-6161
(Registrant's telephone number, including area code)
NONE
(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 obligations of the registrant under any of the
following provisions:
[ ] 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 1.01 Entry into a Material Definitive Agreement.
On November 12, 2004, the Registrant and its wholly-owned
subsidiaries (the "Company") amended an accounts receivable
sale agreement with a bank. Significant terms of the Agreement
include:
- The Company sells specific receivables to the bank at an
agreed upon price.
- The Company services the receivables sold and outstanding on
behalf of the bank and receives a fee at a rate of .50% per
annum.
- The Company receives an incentive servicing fee, which the
Company accounts for as a retained interest in the
receivables sold. The Company's retained interest is
determined based on the fair market value of anticipated
collections in excess of the Agreed Base Value of the
receivables sold. Appropriate valuation allowances are
recorded against the retained interest.
- The maximum amount of receivables which may be sold and
outstanding at any point in time under the program is $50
million.
- The program is subject to review by the Company and the bank
on an annual basis.
A copy of the Agreement is attached as Exhibit 10(k) to this
Current Report.
Item 9.01 Financial Statements, Pro Forma Financial Information, and
Exhibits
(c) Exhibits
10(k) Program for Accounts Receivable Transfer ("PARTS")
Agreement dated November 12, 2004.
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SIGNATURE
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, thereunto duly authorized.
UNIVERSAL FOREST PRODUCTS, INC.
(Registrant)
Dated: November 15, 2004
By: /s/ Michael R. Cole
----------------------------------
Michael R. Cole,
Chief Financial Officer and Treasurer
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EXHIBIT INDEX
Exhibit Number Document
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10(k) Program for Accounts Receivable Transfer ("PARTS")
Agreement dated November 12, 2004.
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