-----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, IhakvHn41RMPfW/+4PiMxpcNVPB57h/zVe6zrfSUcy4raNladczFG+OvSGrXWaFm 1n2TnaBnv3z7NQqOGIXY7w== 0000950152-99-008947.txt : 19991115 0000950152-99-008947.hdr.sgml : 19991115 ACCESSION NUMBER: 0000950152-99-008947 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991112 ITEM INFORMATION: FILED AS OF DATE: 19991112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRW INC CENTRAL INDEX KEY: 0000100030 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 340575430 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-02384 FILM NUMBER: 99748465 BUSINESS ADDRESS: STREET 1: 1900 RICHMOND RD CITY: CLEVELAND STATE: OH ZIP: 44124 BUSINESS PHONE: 2162917000 MAIL ADDRESS: STREET 1: 1900 RICHMOND ROAD CITY: CLEVELAND STATE: OH ZIP: 44124 8-K 1 TRW, INC. FORM 8-K 1 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): November 12, 1999 TRW Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Ohio 1-2384 34-0575430 - ------------------ ------------------------ --------------------- (State or other (Commission File Number) (I.R.S. Employer jurisdiction of Identification Number) incorporation) 1900 Richmond Road, Cleveland, Ohio 44124 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (216) 291-7000 N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 Item 5. Other Events. In its Form 10-Q for the quarter ended September 30, 1999, TRW has reported results of operations by seven segments. TRW previously reported its financial results for the first and second quarters of 1999 by two business segments: (1) Automotive and (2) Aerospace & Information Systems. TRW's automotive business is now reported in four segments: Occupant Safety Systems, Chassis Systems, Automotive Electronics and Other Automotive. The aerospace and information systems business is now reported as three segments: Space & Electronics, Systems & Information Technology and Aeronautical Systems. A summary of the businesses comprising these segments is set forth in the Operating Segments note to the Financial Statements included in TRW's Quarterly Report on Form 10-Q for the quarter ended September 30, 1999. In order to facilitate a better understanding of the third quarter 1999 results, a statistical summary of TRW's first and second quarter results based on the new segment reporting format is provided in this report. The results of the operations of the businesses in these segments which were formerly part of LucasVarity plc have been reflected in the above segments for the period subsequent to the date of acquisition, March 25, 1999. 1 3 TRW STATISTICAL SUMMARY RESULTS BY BUSINESS SEGMENTS-UNAUDITED (Dollar Amounts in Millions Except for per Share Data)
Three months ended March 31, 1999 ------------------------------------------------------------------- Segment Segment Profit Unusual Profit Operations Margin Items Total Margin ---------- ----- ----- SALES Occupant Safety Systems $ 796 $ 796 Chassis Systems 614 614 Automotive Electronics 317 317 Automotive Other 238 238 Space and Electronics 461 461 Systems & Information Technology 653 653 Aeronautical Systems 18 18 ----------- ---------- Sales $ 3,097 $ 3,097 =========== ========== SEGMENT PROFIT Occupant Safety Systems $ 56 7.1% $ (3) $ 53 6.7% Chassis Systems 40 6.4% (5) 35 5.7% Automotive Electronics 23 7.3% (1) 22 7.0% Automotive Other 27 11.1% (1) 26 10.7% Space and Electronics 50 10.8% 33 83 18.0% Systems & Information Technology 38 5.9% (32) 6 1.0% Aeronautical Systems 2 11.6% - 2 11.6% ----------- --------------------- Segment Profit 236 7.6% (9) 227 7.3% Corporate Expense and Other (31) (50) (81) Financing Cost (42) (12) (54) Pension Income - - - In-process Research & Development - (85) (85) ----------- --------------------- Earnings Before Taxes $ 163 5.3% $ (156) $ 7 0.2% Income Taxes 58 (23) 35 ----------- --------------------- Net Earnings (Loss) $ 105 3.4% $ (133) $ (28) -0.9% =========== ===================== EPS: Diluted earnings per share $ 0.86 $(1.10) $ (0.24) Basic earnings per share $ 0.86 $(1.10) $ (0.24) Effective Tax Rate 504.6% Shares used in computing per share amounts Diluted 120.1 Basic 120.1 Common stock outstanding 120.2 Dividends paid per common share $ 0.33
2 4 TRW STATISTICAL SUMMARY RESULTS BY BUSINESS SEGMENTS-UNAUDITED (Dollar Amounts in Millions Except for per Share Data)
Three months ended March 31, 1998 ------------------------------------------------------------------- Segment Segment Profit Unusual Profit Operations Margin Items Total Margin ---------- ----- ----- SALES Occupant Safety Systems $ 786 $ 786 Chassis Systems 590 590 Automotive Electronics 293 293 Automotive Other 217 217 Space and Electronics 527 527 Systems & Information Technology 682 682 Aeronautical Systems - - ----------- ---------- Sales $ 3,095 $ 3,095 =========== ========== SEGMENT PROFIT Occupant Safety Systems $ 63 8.0% $ - $ 63 8.0% Chassis Systems 40 6.8% - 40 6.8% Automotive Electronics 21 7.1% - 21 7.1% Automotive Other 25 11.6% - 25 11.6% Space and Electronics 59 11.3% 34 93 17.6% Systems & Information Technology 52 7.5% (19) 33 4.7% Aeronautical Systems - - - ----------- --------------------- Segment Profit 260 8.4% 15 275 8.9% Corporate Expense and Other (31) - (31) Financing Cost (40) - (40) Pension Income - - - In-process Research & Development - - - ----------- --------------------- Earnings Before Taxes $ 189 6.1% $ 15 $ 204 6.6% Income Taxes 70 5 75 ----------- --------------------- Net Earnings $ 119 3.8% $ 10 $ 129 4.2% =========== ===================== EPS: Diluted earnings per share $ 0.95 $0.08 $ 1.03 Basic earnings per share $ 0.97 $0.08 $ 1.05 Effective Tax Rate 36.5% Shares used in computing per share amounts Diluted 126.2 Basic 122.6 Common stock outstanding 122.6 Dividends paid per common share $ 0.31
3 5 TRW STATISTICAL SUMMARY RESULTS BY BUSINESS SEGMENTS-UNAUDITED (Dollar amounts in millions except for per Share Data)
Three months ended June 30, 1999 ------------------------------------------------------------------- Segment Segment Profit Unusual Profit Operations Margin Items Total Margin ---------- ----- ----- SALES Occupant Safety Systems $ 778 $ 778 Chassis Systems 1,538 1,538 Automotive Electronics 540 540 Automotive Other 437 437 Space and Electronics 453 453 Systems & Information Technology 757 757 Aeronautical Systems 282 282 ----------- ---------- Sales $ 4,785 $ 4,785 =========== ========== SEGMENT PROFIT Occupant Safety Systems $ 47 6.0% $ (7) $ 40 5.1% Chassis Systems 133 8.6% (64) 69 4.5% Automotive Electronics 36 6.7% (10) 26 4.8% Automotive Other 22 5.2% 2 24 5.5% Space and Electronics 61 13.5% 78 139 30.8% Systems & Information Technology 51 6.7% 1 52 6.8% Aeronautical Systems 30 10.5% - 30 10.5% ----------- --------------------- Segment Profit 380 7.9% (0) 380 7.9% Corporate Expense and Other (59) (7) (66) Financing Cost (142) (13) (155) Pension Income 58 - 58 In-process Research & Development - - - ----------- --------------------- Earnings Before Taxes $ 237 5.3% $ (20) $ 217 4.5% Income Taxes 85 (7) 78 ----------- --------------------- Net Earnings $ 152 3.4% $ (13) $ 139 2.9% =========== ===================== EPS: Diluted earnings per share $ 1.25 $(0.11) $ 1.14 Basic earnings per share $ 1.27 $(0.11) $ 1.16 Effective Tax Rate 35.7% Shares used in computing per share amounts Diluted 123.2 Basic 120.6 Common stock outstanding 120.9 Dividends paid per common share $ 0.33
4 6 TRW STATISTICAL SUMMARY RESULTS BY BUSINESS SEGMENTS-UNAUDITED (Dollar amounts in millions except for per Share Data)
Three months ended June 30, 1998 ------------------------------------------------------------------- Segment Segment Profit Unusual Profit Operations Margin Items Total Margin ---------- ----- ----- SALES Occupant Safety Systems $ 749 $ 749 Chassis Systems 570 570 Automotive Electronics 287 287 Automotive Other 207 207 Space and Electronics 494 494 Systems & Information Technology 721 721 Aeronautical Systems - - ----------- ---------- Sales $ 3,028 $ 3,028 =========== ========== SEGMENT PROFIT Occupant Safety Systems $ 64 8.6% $ - $ 64 8.6% Chassis Systems 42 7.4% - 42 7.4% Automotive Electronics 24 8.4% - 24 8.4% Automotive Other 23 10.9% - 23 10.9% Space and Electronics 62 12.5% - 62 12.5% Systems & Information Technology 56 7.8% (7) 49 6.8% Aeronautical Systems - - - ----------- --------------------- Segment Profit 271 9.0% (7) 264 8.7% Corporate Expense and Other (28) - (28) Financing Cost (38) - (38) Pension Income - - - In-process Research & Development - - - ----------- --------------------- Earnings Before Taxes $ 205 6.8% $ (7) $ 198 6.5% Income Taxes 74 (2) 72 ----------- --------------------- Net Earnings $ 131 4.3% $ (5) $ 126 4.2% =========== ===================== EPS: Diluted earnings per share $ 1.04 $(0.04) $ 1.00 Basic earnings per share $ 1.07 $(0.04) $ 1.03 Effective Tax Rate 36.5% Shares used in computing per share amounts Diluted 125.4 Basic 122.1 Common stock outstanding 121.8 Dividends paid per common share $ 0.31
5 7 TRW STATISTICAL SUMMARY RESULTS BY BUSINESS SEGMENTS-UNAUDITED (Dollar Amounts in Millions Except for per Share Data)
Six months ended June 30, 1999 ------------------------------------------------------------------- Segment Segment Profit Unusual Profit Operations Margin Items Total Margin ---------- ----- ----- SALES Occupant Safety Systems $ 1,574 $ 1,574 Chassis Systems 2,152 2,152 Automotive Electronics 857 857 Automotive Other 675 675 Space and Electronics 914 914 Systems & Information Technology 1,410 1,410 Aeronautical Systems 300 300 ----------- ---------- Sales $ 7,882 $ 7,882 =========== ========== SEGMENT PROFIT Occupant Safety Systems $ 103 6.5% $ (10) $ 93 5.9% Chassis Systems 173 8.0% (69) 104 4.8% Automotive Electronics 59 6.9% (11) 48 5.6% Automotive Other 49 7.3% 1 50 7.4% Space and Electronics 111 12.1% 111 222 24.3% Systems & Information Technology 89 6.3% (31) 58 4.1% Aeronautical Systems 32 10.5% - 32 10.5% ----------- --------------------- Segment Profit 616 7.8% (9) 607 7.7% Corporate Expense and Other (90) (57) (147) Financing Cost (184) (25) (209) Pension Income 58 - 58 In-process Research & Development - (85) (85) ----------- --------------------- Earnings Before Taxes $ 400 5.1% $ (176) $ 224 2.8% Income Taxes 143 (30) 113 ----------- --------------------- Net Earnings $ 257 3.3% $ (146) $ 111 1.4% =========== ===================== EPS: Diluted earnings per share $ 2.10 $(1.19) $ 0.91 Basic earnings per share $ 2.13 $(1.21) $ 0.92 Effective Tax Rate 50.4% Shares used in computing per share amounts Diluted 123.0 Basic 120.4 Common stock outstanding 120.9 Dividends paid per common share $ 0.66
6 8 TRW STATISTICAL SUMMARY RESULTS BY BUSINESS SEGMENTS-UNAUDITED (Dollar Amounts in Millions Except for per Share Data)
Six months ended June 30, 1998 ------------------------------------------------------------------- Segment Segment Profit Unusual Profit Operations Margin Items Total Margin ---------- ----- ----- SALES Occupant Safety Systems $ 1,535 $ 1,535 Chassis Systems 1,160 1,160 Automotive Electronics 580 580 Automotive Other 424 424 Space and Electronics 1,021 1,021 Systems & Information Technology 1,403 1,403 Aeronautical Systems - - ----------- ---------- Sales $ 6,123 $ 6,123 =========== ========== SEGMENT PROFIT Occupant Safety Systems $ 127 8.3% $ - $ 127 8.3% Chassis Systems 82 7.1% - 82 7.1% Automotive Electronics 45 7.7% - 45 7.7% Automotive Other 48 11.2% - 48 11.2% Space and Electronics 121 11.9% 34 155 15.2% Systems & Information Technology 108 7.6% (26) 82 5.8% Aeronautical Systems - - - ----------- --------------------- Segment Profit 531 8.7% 8 539 8.8% Corporate Expense and Other (59) - (59) Financing Cost (78) - (78) Pension Income - - - In-process Research & Development - - - ----------- --------------------- Earnings Before Taxes $ 394 6.4% $ 8 $ 402 6.6% Income Taxes 144 3 147 ----------- --------------------- Net Earnings $ 250 4.1% $ 5 $ 255 4.2% =========== ===================== EPS: Diluted earnings per share $ 1.99 $0.04 $ 2.03 Basic earnings per share $ 2.04 $0.04 $ 2.08 Effective Tax Rate 36.5% Shares used in computing per share amounts Diluted 125.8 Basic 122.3 Common stock outstanding 121.8 Dividends paid per common share $ 0.62
7 9 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. TRW INC. Date: November 12, 1999 By: /s/ William B. Lawrence ------------------------------------ William B. Lawrence Executive Vice President, General Counsel and Secretary 8 -----END PRIVACY-ENHANCED MESSAGE-----