-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, hJXmspW3mMZHq/CANyVq7N9Y0JE4CSDQqofr+69s+8DsW+TWdLyAbRDnJsyLSGl8 D+TLEoOnb7JC7Nr3mFCDfg== 0000912057-94-001583.txt : 19940505 0000912057-94-001583.hdr.sgml : 19940505 ACCESSION NUMBER: 0000912057-94-001583 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940428 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRACE W R & CO /NY/ CENTRAL INDEX KEY: 0000042872 STANDARD INDUSTRIAL CLASSIFICATION: 2800 IRS NUMBER: 133461988 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03720 FILM NUMBER: 94525987 BUSINESS ADDRESS: STREET 1: ONE TOWN CENTER RD CITY: BOCA RATON STATE: FL ZIP: 33486-1010 BUSINESS PHONE: 4073622000 FORMER COMPANY: FORMER CONFORMED NAME: GRACE W R & CO /CT/ DATE OF NAME CHANGE: 19900423 8-K 1 FORM 8-K 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 28, 1994 -------------- W. R. GRACE & CO. -------------------------------------------------------- (Exact name of registrant as specified in its charter) NEW YORK 1-3720 13-3461988 - ---------------- ---------------- ------------------ (State or other (Commission File (IRS Employer jurisdiction of Number) Identification No.) incorporation) ONE TOWN CENTER ROAD, BOCA RATON, FLORIDA 33486-1010 ---------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 407/362-2000 ------------ Item 5. OTHER EVENTS. On April 28, 1994, W. R. Grace & Co. ("Company") announced its consolidated results of operations for the quarter ended March 31, 1994. The Company's April 28, 1994 press release and accompanying financial and statistical data are filed as an exhibit hereto and are incorporated by reference herein. Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. The Company's April 28, 1994 press release and accompanying financial and statistical data are filed as an exhibit hereto. -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed by the undersigned thereunto duly authorized. W. R. GRACE & CO. ------------------------------ (Registrant) By s/Richard N. Sukenik -------------------------------- Richard N. Sukenik Vice President and Controller Dated: May 4, 1994 -3- W. R. GRACE & CO. Current Report on Form 8-K EXHIBIT INDEX EXHIBIT NO. DESCRIPTION - ----------- ----------- 99.1 Press Release dated April 28, 1994 and accompanying financial and statistical data EX-99.1 2 EXHIBIT 99.1 GRACE REPORTS 17 PERCENT RISE IN FIRST QUARTER PER SHARE EARNINGS FROM CONTINUING OPERATIONS Boca Raton, Fla., April 28, 1994 -- W. R. Grace & Co. reported net income of $38.2 million, or 41 cents per share, for the first quarter of 1994, a per share increase of 17 percent, compared to $31.7 million, or 35 cents per share from continuing operations in the first quarter of 1993. The year ago quarter included a $3.4 million loss from discontinued operations which reduced reported net income to $28.3 million or 31 cents per share. Sales for the quarter rose 9 percent to $1,077 million, compared to $986 million in the year earlier period. "With the main phase of our restructuring program nearing completion, our first quarter results provide further evidence that Grace can sustain solid earnings growth," said J. P. Bolduc, president and chief executive officer. "Health care, packaging and catalysts are strong. European earnings were slightly ahead of the year-ago quarter based on improved results from catalysts, construction and health care. Overhead reduction and productivity improvement programs are ongoing." (more) - 2 - During the 1994 first quarter, the Company recorded a pretax charge of $40 million to provide for future environmental costs relating primarily to a previously-divested business, as well as for the estimated costs of previously announced workforce reductions at the Company's headquarters and its central research and development facility. Offsetting the charge, and its related tax benefit, was a $27 million pre and after-tax gain from the sale in January of Grace's remaining interest in The Restaurant Enterprises Group. Pretax earnings from specialty chemicals fell four percent to $40.1 million in the first quarter. While earnings from packaging, catalysts and silicas, and construction products all rose from the year ago quarter on the strength of increased volumes in most regions, earnings declines in water treatment and container products more than offset the increases. Water treatment was primarily impacted by economic weakness in Europe and Brazil, and container products suffered volume weakness in all regions, primarily as the result of competitive pressures. Pretax earnings from health care businesses rose 26 percent to $43.7 million. Dialysis services benefited from continuing strong performance in the U.S. as well as sharply higher international results. Earnings from the homecare division also were strong, as it continues to benefit from growth in base business as well as from recent strategic (more) - 3 - acquisitions. These results more than offset increased costs in the medical products group for compliance with FDA good manufacturing practices. - 0 - W.R. Grace & Co. COMPARATIVE RESULTS ($ Millions Except Per Share)
Percent 1994 1993 Change -------------- --------------- ------------- QUARTER ENDED MARCH 31 - ---------------------------------------- Sales $ 1,076.8 $ 986.2 9.2 % -------------- --------------- -------------- --------------- Income Before Taxes $ 48.9 $ 53.7 (8.9) Provision for Income Taxes 10.7 22.0 (51.4) -------------- --------------- Income From Continuing Op's $ 38.2 $ 31.7 20.5 Income From Discontinued Op's -- (3.4) 100.0 -------------- --------------- Net Income $ 38.2 $ 28.3 35.0 % -------------- --------------- -------------- --------------- EARNINGS PER SHARE: Continuing Operations $ .41 $ .35 17.1 % Discontinued Operations -- (.04) 100.0 -------------- --------------- Net Income $ .41 $ .31 32.3 % -------------- --------------- -------------- ---------------
W. R. Grace & Co. Operating Results QUARTER ENDED MARCH 31 ($ Millions Except Per Share)
Percent 1994 1993 Change -------------- -------------- -------------- SALES Specialty Chemicals $ 675.4 $ 648.1 4.2 % Health Care 401.4 338.1 18.7 -------------- -------------- Total $ 1,076.8 $ 986.2 9.2 -------------- -------------- -------------- -------------- OPERATING INCOME Specialty Chemicals $ 40.1 $ 41.7 (3.8) Health Care 43.7 34.7 25.9 -------------- -------------- Total Operating Income $ 83.8 $ 76.4 9.7 -------------- -------------- OTHER EXPENSES Interest/Financing $ (21.1) $ (19.9) (6.0) Other (0.8) (2.8) 71.4 -------------- -------------- Total Other Expenses $ (21.9) $ (22.7) 3.5 -------------- -------------- Pretax Operating Earnings $ 61.9 $ 53.7 15.3 SPECIAL ITEMS Gain on Sale of Interest in REG 27.0 -- ND Provision for Environmental/Restructuring (40.0) -- ND -------------- -------------- Pretax Income from Continuing Operations $ 48.9 $ 53.7 (8.9) Provision for Income Taxes 10.7 22.0 (51.4) -------------- -------------- Income from Continuing Operations $ 38.2 $ 31.7 20.5 Loss from Discontinued Operations -- (3.4) 100.0 -------------- -------------- Net Income $ 38.2 $ 28.3 35.0 % -------------- -------------- -------------- -------------- EARNINGS PER SHARE: Continuing Operations $ .41 $ .35 17.1 % Net Income $ .41 $ .31 32.3 % Average Number of Shares (Millions) 93.8 90.0
W.R. Grace & Co. Specialty Chemicals Supplemental Data 1994 SALES AND PERCENT CHANGE VERSUS PRIOR PERIOD (Dollars In Millions)
QUARTER ENDED MARCH 31 Amount of Inc/(Dec) Due to: --------------------------------- Sales --------------------------------- Price/ 1994 1993 Vol. Mix Exch. Total --------------- --------------- -------- --------- ---------- --------- Packaging $ 299.0 $ 287.5 6 % -- (2)% 4 % Catalysts/Silicas 132.0 123.2 2 8 (3) 7 Construction 70.5 63.7 12 -- (1) 11 Container (a) 69.8 73.6 (5) 1 (1) (5) Water Treatment 77.4 74.2 5 2 (3) 4 Other (b) 26.7 25.9 4 (1) -- 3 --------------- --------------- Total $ 675.4 $ 648.1 4 % 2 % (2)% 4 % --------------- --------------- --------------- --------------- (a) Includes Specialty Polymer Compounds. 1993 restated sales are as follows: 1st Qtr. $ 73.6 2nd Qtr. 79.0 3rd Qtr. 76.2 4th Qtr. 76.3 --------------- Full Year $ 305.1 --------------- --------------- (b) Includes Thermal & Emission Control Systems.
W.R. Grace & Co. GEOGRAPHIC DATA (Dollars In Millions)
QUARTER ENDED MARCH 31 Pretax Sales Operating Income ---------------------------- --------------------------- 1994 1993 1994 1993 ------------- ------------- ------------ ------------- North America $ 734 $ 661 $ 66 $ 56 Europe 225 222 9 6 Latin America 46 38 - 5 Asia Pacific 72 65 9 9 ------------- ------------- ------------ ------------- Total $1,077 $986 $ 84 $ 76 ------------- ------------- ------------ -------------
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