-----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, RmOZNf9rtiLuU/E0RMOnlEZAx1ueQav2lZebG5jp4+78ZRf1j5upxjKO5ErqtH0b vMZ/5tW/Xp6VjsjrziXh9g== 0000950136-97-000255.txt : 19970313 0000950136-97-000255.hdr.sgml : 19970313 ACCESSION NUMBER: 0000950136-97-000255 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970306 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970312 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WR GRACE & CO/DE CENTRAL INDEX KEY: 0001012100 STANDARD INDUSTRIAL CLASSIFICATION: UNSUPPORTED PLASTICS FILM & SHEET [3081] IRS NUMBER: 650654331 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12139 FILM NUMBER: 97554955 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 HOLDING INC DATE OF NAME CHANGE: 19960805 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 6, 1997 W. R. GRACE & CO. - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-12139 65-0654331 - --------------- ---------------- ------------------- (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: 561/362-2000 Item 5. Other Events. W. R. Grace & Co. ("Company") announced its 1996 fourth quarter and full-year earnings on February 4, 1997. On March 6, 1997, the Company released additional components of its 1996 financial statements, including a consolidated balance sheet and a consolidated statement of cash flows. The Company's March 6, 1997 announcement and accompanying financial 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 March 6, 1997 announcement and accompanying financial 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/ Kathleen A. Browne ------------------ Kathleen A. Browne Vice President and Controller Dated: March 12, 1997 -3- W. R. GRACE & CO. Current Report on Form 8-K Exhibit Index Exhibit No. Description - ----------- ----------- 99.1 Announcement dated March 6, 1997 and accompanying financial data. EX-99.1 2 ANNOUNCEMENT DATED MARCH 6, 1997 AND ACCOMPANYING FINANCIAL DATA #2672 CORPORATE COMMUNICATIONS DIVISION GRACE NEWS W. R. Grace & Co. One Town Center Road Boca Raton, FL 33486-1010 CONTACT: Chuck Suits or Mary Lou Kromer 561/362-2600 or 800/GRACE99 MEDIA ADVISORY TO BUSINESS EDITORS: GRACE ISSUES 1996 FINANCIAL STATEMENTS BOCA RATON, Fla., March 6, 1997--W. R. Grace & Co. (NYSE: GRA) announced its 1996 fourth quarter and full-year earnings on February 4, 1997. Today Grace is releasing several additional components of its 1996 financial statements, including a consolidated balance sheet and a consolidated statement of cash flows. A restated consolidated income statement also is included to reflect minor adjustments. Following are the statements: (more) -2-
CONSOLIDATED FINANCIAL STATEMENTS - -------------------------------------------------------------------------------------------------------------------------------- W. R. Grace & Co. and subsidiaries CONSOLIDATED STATEMENT OF OPERATIONS - -------------------------------------------------------------------------------------------------------------------------------- Dollars in millions, except per share amounts 1996 1995 1994 - -------------------------------------------------------------------------------------------------------------------------------- Sales and revenues............................................................... $3,454.1 $3,552.6 $3,128.5 Other income..................................................................... 38.9 41.2 42.0 --------- --------- --------- Total....................................................................... 3,493.0 3,593.8 3,170.5 --------- --------- --------- Cost of goods sold and operating expenses........................................ 2,071.0 2,151.2 1,832.6 Selling, general and administrative expenses..................................... 713.3 913.7 785.9 Depreciation and amortization.................................................... 184.4 186.1 164.6 Interest expense and related financing costs..................................... 71.6 71.3 49.5 Research and development expenses................................................ 93.9 111.6 99.6 Restructuring costs and asset impairments........................................ 107.5 169.0 -- Provision relating to asbestos-related liabilities and insurance coverage........ 229.1 275.0 316.0 Gain on sales of businesses...................................................... (326.4) -- -- --------- --------- --------- Total....................................................................... 3,144.4 3,877.9 3,248.2 --------- --------- --------- Income/(loss) from continuing operations before income taxes..................... 348.6 (284.1) (77.7) Provision for/(benefit from) income taxes........................................ 134.8 (104.5) (42.6) --------- --------- --------- Income/(loss) from continuing operations......................................... 213.8 (179.6) (35.1) Income/(loss) from discontinued operations....................................... 2,643.9 (146.3) 118.4 --------- --------- --------- Net income/(loss)................................................................ $ 2,857.7 $ (325.9) $ 83.3 ========= ========= ========= Earnings/(loss) per share: Continuing operations....................................................... $ 2.32 $ (1.87) $ (.38) Net earnings/(loss)......................................................... $ 31.06 $ (3.40) $ .88 - -------------------------------------------------------------------------------------------------------------------------------- The Notes to Consolidated Financial Statements are integral parts of these statements.
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CONSOLIDATED STATEMENT OF CASH FLOWS - --------------------------------------------------------------------------------------------------------------------------- Dollars in millions 1996 1995 1994 - --------------------------------------------------------------------------------------------------------------------------- OPERATING ACTIVITIES Income/(loss) from continuing operations before income taxes..................... $ 348.6 $ (284.1) $ (77.7) Reconciliation to cash provided by operating activities: Depreciation and amortization............................................... 184.4 186.1 164.6 Provision relating to asbestos-related liabilities and insurance coverage... 229.1 275.0 316.0 Provision relating to restructuring costs and asset impairments............. 107.5 169.0 -- Gain on sales of businesses................................................. (326.4) -- -- Changes in assets and liabilities, excluding effect of businesses acquired/divested and foreign currency exchange: Increase in notes and accounts receivable, net.............................. (126.4) (44.7) (159.5) Decrease/(increase) in inventories.......................................... 51.9 (62.1) (43.4) Proceeds from asbestos-related insurance settlements........................ 184.5 257.3 138.6 Payments made for asbestos-related litigation settlements, judgments and defense costs........................................................... (186.6) (160.3) (198.6) (Decrease)/increase in accounts payable..................................... (36.4) (48.3) 10.3 Other....................................................................... (74.6) (40.6) 74.5 ------- ------- ------- NET PRETAX CASH PROVIDED BY OPERATING ACTIVITIES OF CONTINUING OPERATIONS... 355.6 247.3 224.8 Net pretax cash provided by operating activities of discontinued operations...... 38.5 96.6 314.7 ------- ------- ------- NET PRETAX CASH PROVIDED BY OPERATING ACTIVITIES............................ 394.1 343.9 539.5 Income taxes paid................................................................ (170.8) (236.9) (86.0) ------- ------- ------- NET CASH PROVIDED BY OPERATING ACTIVITIES................................... 223.3 107.0 453.5 ------- ------- ------- INVESTING ACTIVITIES Capital expenditures............................................................. (456.6) (537.6) (444.6) Businesses acquired in purchase transactions, net of cash acquired and debt assumed (32.1) (37.4) (276.9) Net investing activities of discontinued operations.............................. (192.9) (295.2) (32.9) Net proceeds from divestments.................................................... 2,720.3 56.7 583.9 Proceeds from disposals of assets................................................ 36.6 17.9 34.0 Other............................................................................ (2.4) (6.0) 34.9 ------- ------- ------- NET CASH PROVIDED BY/(USED FOR) INVESTING ACTIVITIES........................ 2,072.9 (801.6) (101.6) ------- ------- ------- FINANCING ACTIVITIES Dividends paid................................................................... (46.0) (112.6) (132.0) Repayments of borrowings having original maturities in excess of three months.... (196.1) (68.1) (141.2) Increase in borrowings having original maturities in excess of three months...... .6 148.5 535.1 Net (repayments of)/increase in borrowings having original maturities of three months or less....................................................... (344.3) 414.9 (605.8) Stock options exercised.......................................................... 70.7 164.1 21.1 Net financing activities of discontinued operations.............................. (136.7) 120.8 .2 Purchase of treasury stock....................................................... (1,319.3) (12.1) -- Repurchase of limited partnership interest...................................... (297.0) -- -- Other............................................................................ .3 .2 (.2) ------- ------- ------- NET CASH (USED FOR)/PROVIDED BY FINANCING ACTIVITIES........................ (2,267.8) 655.7 (322.8) ------- ------- ------- Effect of exchange rate changes on cash and cash equivalents..................... (.7) 1.2 1.6 ------- ------- ------- Increase/(decrease) in cash and cash equivalents................................. 27.7 (37.7) 30.7 ------- ------- ------- CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR................................ 40.6 78.3 47.6 ------- ------- ------- CASH AND CASH EQUIVALENTS, END OF YEAR...................................... $ 68.3 $ 40.6 $ 78.3 ======= ======= ======= The Notes to Consolidated Financial Statements are integral parts of these statements.
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CONSOLIDATED BALANCE SHEET - -------------------------------------------------------------------------------------------------------------------------------- Dollars in millions, except par value December 31, 1996 1995 - -------------------------------------------------------------------------------------------------------------------------------- ASSETS CURRENT ASSETS Cash and cash equivalents................................................................... $ 68.3 $ 40.6 Notes and accounts receivable, net.......................................................... 831.4 596.8 Inventories................................................................................. 376.1 491.9 Net assets of discontinued operations....................................................... 297.4 323.7 Deferred income taxes....................................................................... 183.9 206.1 Other current assets........................................................................ 17.8 22.2 -------- -------- TOTAL CURRENT ASSETS................................................................... 1,774.9 1,681.3 Properties and equipment, net............................................................... 1,871.3 1,736.1 Goodwill, less accumulated amortization of $18.6 (1995 - $20.6)............................. 40.6 111.8 Net assets of discontinued operations - health care......................................... -- 1,435.3 Asbestos-related insurance receivable....................................................... 296.3 321.2 Deferred income taxes....................................................................... 309.2 386.6 Other assets................................................................................ 653.5 688.3 -------- -------- TOTAL ASSETS........................................................................... $4,945.8 $6,360.6 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Short-term debt............................................................................. $ 315.2 $ 638.3 Accounts payable............................................................................ 274.7 339.2 Income taxes................................................................................ 123.3 103.3 Other current liabilities................................................................... 773.9 836.4 Minority interest........................................................................... -- 297.0 ------- -------- TOTAL CURRENT LIABILITIES.............................................................. 1,487.1 2,214.2 Long-term debt.............................................................................. 1,073.0 1,295.5 Other liabilities........................................................................... 850.7 852.0 Deferred income taxes....................................................................... 43.5 44.8 Noncurrent liability for asbestos-related litigation........................................ 859.1 722.3 -------- -------- TOTAL LIABILITIES...................................................................... 4,313.4 5,128.8 -------- -------- COMMITMENTS AND CONTINGENCIES (Notes 2, 6, 9 and 11) SHAREHOLDERS' EQUITY Preferred stock, par value $.01 and $100, respectively...................................... -- 7.4 Common stock, par value $.01 and $1, respectively; 300,000,000 shares authorized; outstanding at December 31: 1996 - 78,493,000; 1995 - 97,375,000...................... .8 97.4 Paid in capital............................................................................. 524.1 459.8 Retained earnings........................................................................... 172.6 709.0 Cumulative translation adjustments.......................................................... (64.6) (39.4) Treasury stock, at cost; December 31: 1996 - 10,000; 1995 - 53,000 common shares........... (.5) (2.4) -------- -------- TOTAL SHAREHOLDERS' EQUITY............................................................. 632.4 1,231.8 -------- -------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY............................................. $4,945.8 $6,360.6 ======== ======== - -------------------------------------------------------------------------------------------------------------------------------- The Notes to Consolidated Financial Statements are integral parts of these statements.
(more) -5- Grace is a leading global supplier of flexible packaging and specialty chemicals with annual sales of approximately $3.5 billion. The company operates in more than 100 countries. ### -----END PRIVACY-ENHANCED MESSAGE-----