-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DtWxSIYmEa3ku11Df+AYEB2v+Hdx/Id0DizyWXzcxZW7WZJbE4CSU8RVe9eAKxHp swVfMfH6E9vXWgt+AOfb8A== 0000897069-96-000162.txt : 19960613 0000897069-96-000162.hdr.sgml : 19960613 ACCESSION NUMBER: 0000897069-96-000162 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960611 ITEM INFORMATION: Other events FILED AS OF DATE: 19960611 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHRISTIANA COMPANIES INC CENTRAL INDEX KEY: 0000020104 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] IRS NUMBER: 951928079 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03846 FILM NUMBER: 96579590 BUSINESS ADDRESS: STREET 1: 777 E WISCONSIN AVE STE 3380 CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 4142919000 FORMER COMPANY: FORMER CONFORMED NAME: CHRISTIANA OIL COMPANIES DATE OF NAME CHANGE: 19711004 FORMER COMPANY: FORMER CONFORMED NAME: CHRISTIANA OIL CORP DATE OF NAME CHANGE: 19710420 8-K 1 CHRISTIANA COMPANIES, INC. 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): June 11, 1996 Christiana Companies, Inc. (Exact name of registrant as specified in its charter) Wisconsin 1-3846 95-1928079 (State or other (Commission File (IRS Employer jurisdiction of Number) Identification No.) incorporation) 777 East Wisconsin Avenue, Suite 3380 (Address of principal executive offices including zip code) (414) 291-9000 (Registrant's telephone number) Item 5. Other Events. The press release attached as Exhibit 99 is incorporated by reference herein. 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. CHRISTIANA COMPANIES, INC. Date: June 11, 1996 By:/s/ William T. Donovan William T. Donovan Executive Vice President EXHIBIT INDEX Exhibit No. Description 99 Press Release dated June 11, 1996 EX-99 2 EXHIBIT 99 PRESS RELEASE EXHIBIT 99 CHRISTIANA ACCOUNTING CHANGE PERMITS INCLUSION OF EVI EARNINGS: NINE MONTHS EARNINGS TO BE RESTATED TO $0.64 PER SHARE VS. $0.49 PREVIOUSLY REPORTED Milwaukee, Wisconsin - - Christiana Companies, Inc. (NYSE:CST) today announced a change in accounting for its investment in Energy Ventures, Inc. (NYSE:EVI). Christiana will now report on these holdings using the equity method. The change results in Christiana directly reporting its proportionate share of EVI's earnings, less a provision for deferred tax, in its financial statements. To date, Christiana has accounted for its investment in EVI by reflecting the fair value of these securities on its balance sheet and has not accounted for Christiana's proportionate share of EVI's earnings. Christiana's net earnings for the first three quarters and nine months ended March 31, 1996 will be restated. The effect of this restatement is an increase in reported net earnings for the period from $2,543,000 or $0.49 per share to $3,316,000 or $0.64 per share. As previously announced, on June 30, 1995, Christiana completed a tax free merger of its 60% owned subsidiary, Prideco, Inc. into EVI and received 1,035,858 shares of EVI common stock. Concurrent with the Prideco merger, Christiana invested an additional $13,291,000 purchasing 912,873 EVI shares from EVI and from Prideco's minority shareholders. Total EVI share holdings are 1,948,731, representing a 10.5% ownership interest. Christiana has continued to review the accounting for its holdings in EVI since the date of the merger and, based on a number of factors including the nature of its relationship with EVI, has now concluded that the equity method of accounting is most appropriate. Generally accepted accounting principles require that prior period financial statements be restated when the equity method is applied to an investment previously accounted for under the cost method. The table below shows the impact this change will have on the Statement of Operations for each of the quarters in fiscal 1996. The change will also result in elimination of the market value adjustments for unrealized appreciation of the investment in EVI and the related impact on deferred tax liability from the Company's Consolidated Balance Sheets. The restatement will be reflected in the Company's year end June 30, 1996 financial statements.
Three Months Ended Nine Months Ended 9/30/95 12/31/95 3/31/96 3/31/96 Earnings before income taxes, as previously reported $2,290,000 $ 844,000 $1,105,000 $4,239,000 Adjustment for equity earnings 404,000 405,000 405,000 1,214,000 --------- --------- --------- --------- Restated earnings before income taxes 2,694,000 1,249,000 1,510,000 5,453,000 Restated income tax provision 1,056,000 489,000 592,000 2,137,000 ---------- ---------- ---------- ---------- Restated net earnings $1,638,000 $ 760,000 $ 918,000 $3,316,000 ========= ========= ========= ========= Restated net earnings per share $0.32 $0.14 $0.18 $0.64 ======== ======== ======== ========
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