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):
April 1, 2002
THE PITTSTON COMPANY
(Exact Name of registrant as specified in its charter)
Virginia 1-9148 54-1317776
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
1801 Bayberry Court
P. O. Box 18100
Richmond, VA 23226-8100
(Address of principal (Zip Code)
executive offices)
(804)289-9600
(Registrant's telephone number, including area code)
Item 5. Other Events
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The Registrant announced today temporary coal production cutbacks in
response to adverse market conditions. The Registrant's press release dated
April 1, 2002 is attached as an exhibit to this report and incorporated herein
by reference.
EXHIBITS
99(a) Registrant's press release dated April 1, 2002.
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 hereunto duly authorized.
THE PITTSTON COMPANY
(Registrant)
By /s/ Robert T. Ritter
----------------------------------
Vice President and Chief
Financial Officer
Dated: April 1, 2002
EXHIBITS
Exhibit Description
- ------- -----------
99(a) Registrant's press release dated April 1, 2002.
The Pittston Company
1801 Bayberry Court
P.O. Box 18100
Richmond, VA 23226-8100 USA
Tel. 804.289.9600
PRESS RELEASE Fax 804.289.9760
Contact: IMMEDIATE RELEASE
Investor Relations
804.289.9600
THE PITTSTON COMPANY ANNOUNCES
TEMPORARY COAL PRODUCTION CUTBACKS
IN RESPONSE TO ADVERSE MARKET CONDITIONS
Richmond, VA - April 1, 2002 - The Pittston Company announced today that
its coal unit has taken steps to lower production and cut costs in order to
reduce the negative impact of adverse coal market conditions.
Current demand for coal has been reduced due in large part to unusually
warm winter weather conditions resulting in unexpectedly low electricity
generation. Consequently, the mining operations of Clinchfield Coal Company, Sea
"B" Mining Company, Paramont Coal Company and Motivation Coal Company, all in
Virginia, have been idled for eight days starting April 1, 2002. In addition,
some employees at Motivation Coal Company were temporarily laid off as of April
1. Other employees of Vandalia Coal Company in West Virginia were also laid off
as of April 1.
The Pittston Company continues to actively pursue the sale of these and
other coal operations.
* * * * * *
The Pittston Company is a diversified company with interests in security
services through Brink's, Incorporated and Brink's Home Security, Inc., global
freight transportation and supply chain management services through BAX Global
Inc. and mining and minerals exploration through Pittston Coal Company and
Pittston Mineral Ventures. Press releases are available on the World Wide Web at
www.pittston.com, or by calling toll free (877) 275-7488.