-----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, RjxYmQGC3K9IMTC0QyhCVBoQhiYL/Yit+TIeoU1M/45sq8mh3ofsO5xpyIlWcZ/G mZkcwzMHpFoj4g3gYLX8iA== 0000912057-00-012169.txt : 20000320 0000912057-00-012169.hdr.sgml : 20000320 ACCESSION NUMBER: 0000912057-00-012169 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000316 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000317 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLYTH INDUSTRIES INC CENTRAL INDEX KEY: 0000921503 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS MANUFACTURING INDUSTRIES [3990] IRS NUMBER: 362984916 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-13026 FILM NUMBER: 572399 BUSINESS ADDRESS: STREET 1: 100 FIELD POINT RD CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2036611926 MAIL ADDRESS: STREET 1: 100 FIELD POINT RD CITY: GREENWICH STATE: CT ZIP: 06830 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) MARCH 16, 2000, BLYTH INDUSTRIES, INC. ----------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-13026 36-2984916 ------------------------------------------------- (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 100 FIELD POINT ROAD, GREENWICH, CONNECTICUT 06830 -------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (203) 661-1926 -------------- Not Applicable ------------------------------------------------------------ (Former name or former address, if changed since last report) Item 5. Other Events See Exhibit 99.1 attached hereto. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits 99.1 Press Release 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. BLYTH INDUSTRIES, INC. Date: March 16, 2000 By: /s/ Bruce D. Kreiger ------------------------ Name: Bruce D. Kreiger Title: Vice President & General Counsel EX-99.1 2 EXHIBIT 99.1 Exhibit 99.1 CONTACT: FOR IMMEDIATE RELEASE Richard T. Browning Chief Financial Officer (203) 661-1926, ext. 6628 Jane F. Casey Vice President (203) 661-1926, ext. 6619 BLYTH INDUSTRIES FOURTH QUARTER NET SALES UP 30% EPS, AT $0.57, INCREASES 27% YEAR-TO-YEAR GREENWICH, CT, USA March 16, 2000: Blyth Industries, Inc. (NYSE:BTH) today reported fourth quarter Net Sales of $328,873,000, a 30% increase over the prior fourth quarter Net Sales of $252,258,000. Operating Profit rose 30% to $49,167,000 when compared to $37,917,000 in the prior year period. Net Earnings for the quarter were $27,533,000 compared to $22,573,000 in the prior year, a 22% increase. Diluted Net Earnings Per Share for the fourth quarter were $0.57, up 27% from $0.45 per share during the same period last year. Net Sales for the fiscal year ended January 31, 2000 totaled $1,097,450,000, a 25% increase over the $875,065,000 in Net Sales reported a year ago. Operating Profit for the twelve months increased 28% from $128,237,000 to $164,001,000. Net Earnings of $92,389,000 increased 24% compared to $74,502,000 for the prior year. Diluted Net Earnings Per Share were $1.89, up 26% compared to $1.50 for the prior year. Commenting on the strong fourth quarter results, Robert B. Goergen, Chairman of the Board and CEO, said "Blyth's fourth quarter results continued our strong operating trends as product mix included more premium products, and operating efficiencies in manufacturing, distribution, sourcing and administrative areas had a very favorable impact on our operating profit margin. In fact, excluding the impact of Liljeholmens which was not in the year-earlier results, fourth quarter operating profit margin grew by over 100 basis points. In addition, Blyth continued to generate significant Cash Flow from Operations, totaling $120 million for the full fiscal year 2000, demonstrating not only strong earnings growth but also effective management of working capital." Mr. Goergen continued by commenting on recent new product launches, "Blyth has a major presence in four major channels of distribution: direct selling, premium retail outlets, mass retail outlets and the "away from home" market. We continue to aggressively renew our product lines in each of these channels of distribution with innovative product offerings, such as Colonial at HOME -TM- in the premium retail channel and Indulgences-TM- for our direct selling customers, which demonstrate our ability to develop and launch the type of products needed to support future sales growth and profitability." Blyth Industries, Inc., headquartered in Greenwich, CT, designs, manufactures, markets and distributes an extensive line of candles and home fragrance products including scented candles, outdoor lighting products, potpourri and environmental fragrance products, and markets a broad range of related candle accessories and decorative gift bags and tags. Its products are sold in the United States under various brand names, including Colonial Candle of Cape Cod-Registered Trademark-, PartyLite Gifts-Registered Trademark-, Carolina Designs-Registered Trademark-, Ambria-TM-, Canterbury-Registered Trademark-, Florasense-Registered Trademark-, Jeanmarie-Registered Trademark- and FilterMate-Registered Trademark- and in Europe under Gies, Liljeholmens, Eclipse Candles and Colony. It is also a leading producer of portable heating fuel products sold under the Sterno-Registered Trademark-and Handy Fuel-Registered Trademark- brand names. Blyth Industries, Inc. can be found on the Internet at www.blythindustries.com. This press release contains "forward-looking statements", within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. Actual results could differ materially due to various factors, including the risk of maintaining the Company's growth rate, the Company's ability to respond to increased product demand, the risks associated with international sales and foreign products, dependence on key management personnel, competition in terms of price and new product introductions, and other factors described in this press release, in the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 1999, and in the Company's Annual Report on Form 10-K for the year ended January 31, 1999.
BLYTH INDUSTRIES, INC. Consolidated Statement of Earnings (In thousands except per share data) (Unaudited) Three Months Three Months Twelve Months Twelve Months Ended January 31, Ended January 31, Ended January 31, Ended January 31, 2000 (1) 1999 2000 (1) 1999 ---------- ---------- ---------- ---------- Net sales $ 328,873 $ 252,258 $1,097,450 $ 875,065 Cost of goods sold 147,452 102,283 480,446 367,517 ---------- ---------- ---------- ---------- Gross profit 181,421 149,975 617,004 507,548 Selling and shipping 103,925 87,472 357,256 296,753 Administrative 27,426 24,024 92,754 80,465 Amortization of goodwill 903 562 2,993 2,093 ---------- ---------- ---------- ---------- 132,254 112,058 453,003 379,311 ---------- ---------- ---------- ---------- Operating profit 49,167 37,917 164,001 128,237 ---------- ---------- ---------- ---------- Other expense(income) Interest expense 4,049 1,432 12,104 6,653 Interest income/other 1,801 (226) 1,361 (481) Equity in earnings of investee (1,393) (719) 146 (825) ---------- ---------- ---------- ---------- 4,457 487 13,611 5,347 ---------- ---------- ---------- ---------- Earnings before income taxes and minority interest 44,710 37,430 150,390 122,890 Income tax expense 17,147 14,841 57,543 48,387 ---------- ---------- ---------- ---------- Earnings before minority interest 27,563 22,589 92,847 74,503 Minority interest 30 16 458 1 ---------- ---------- ---------- ---------- Net earnings $ 27,533 $ 22,573 $ 92,389 $ 74,502 ========== ========== ========== ========== Basic: Net earnings per common share $ 0.57 $ 0.46 $ 1.91 $ 1.52 Weighted average number of shares outstanding 48,089 49,189 48,471 49,165 Diluted: Net earnings per common share $ 0.57 $ 0.45 $ 1.89 $ 1.50 Weighted average number of shares outstanding 48,383 49,617 48,818 49,604
Consolidated Balance Sheets (In thousands) (Unaudited) January 31, 2000 (2) January 31, 1999 -------------------- ---------------- Assets Cash and Cash Equivalents $ 46,047 $ 18,571 Accounts Receivable, Net 84,919 60,810 Inventories 186,696 169,749 Property, Plant & Equipment, Net 273,528 236,273 Other Assets 121,906 91,380 -------- -------- $713,096 $576,783 ======== ======== Liabilities and Stockholders' Equity Bank Debt $ 24,710 $ 92,993 Senior Notes 21,429 25,000 Bond Debt 150,000 -- Other Liabilities 136,743 136,758 Stockholders' Equity 380,214 322,032 -------- -------- $713,096 $576,783 ======== ========
(1) As a result of the Company's purchases of Liljeholmens Stearinfabriks AB and Colony Gift Corporation Ltd., the results of operations of Liljeholmens and Colony Gift are included in the Consolidated Statement of Earnings of the Company since their dates of acquisition. (2) The balance sheet of Colony Gift is consolidated in the January 31, 2000 Consolidated Balance Sheet of the Company as a result of the Company acquiring a controlling interest in Colony Gift in June 1999, and was included in the Consolidated Balance Sheet of the Company as an equity investment at January 31, 1999. Before consolidating Colony Gift, key balance sheet amounts would be: Accounts Receivable $76,904; Inventory $178,516; Property, Plant & Equipment $261,187; Bank Debt $21,619; Other Liabilities $131,369. -----END PRIVACY-ENHANCED MESSAGE-----