-----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, WlWQv8uZdT2J+Btq/iTj1oz19D5Ah1CMKgP/P/li71EXM7mNzc77bCaOjtbGE7KY q3ZSctk62HvR2Pg/gN3eCg== 0000950153-04-001614.txt : 20040715 0000950153-04-001614.hdr.sgml : 20040715 20040715081907 ACCESSION NUMBER: 0000950153-04-001614 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040714 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040715 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EAGLE PICHER HOLDINGS INC CENTRAL INDEX KEY: 0001059364 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 133989553 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-49971 FILM NUMBER: 04914850 BUSINESS ADDRESS: STREET 1: 11201 NORTH TATUM BLVD. STREET 2: SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 85028 BUSINESS PHONE: (602)652-9600 MAIL ADDRESS: STREET 1: 11201 NORTH TATUM BLVD. STREET 2: SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 85028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EAGLE PICHER INC CENTRAL INDEX KEY: 0000030927 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 310268670 STATE OF INCORPORATION: OH FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-49957 FILM NUMBER: 04914848 BUSINESS ADDRESS: STREET 1: 11201 NORTH TATUM BLVD. STREET 2: SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 85028 BUSINESS PHONE: (602)652-9600 MAIL ADDRESS: STREET 1: 11201 NORTH TATUM BLVD. STREET 2: SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 85028 FORMER COMPANY: FORMER CONFORMED NAME: EAGLE PICHER INDUSTRIES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: EAGLE PICHER CO DATE OF NAME CHANGE: 19660921 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DAISY PARTS INC CENTRAL INDEX KEY: 0001059567 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 381406772 STATE OF INCORPORATION: MI FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-49957-02 FILM NUMBER: 04914849 BUSINESS ADDRESS: STREET 1: C/O EAGLE PICHER INDUSTRIES INC STREET 2: 11201 NORTH TATUM BLVD., SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 85028 BUSINESS PHONE: (602)652-9600 MAIL ADDRESS: STREET 1: C/O EAGLE PICHER INDUSTRIES INC STREET 2: 11201 NORTH TATUM BLVD., SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 85028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EAGLE PICHER FAR EAST INC CENTRAL INDEX KEY: 0001059570 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 311235685 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-49957-04 FILM NUMBER: 04914847 BUSINESS ADDRESS: STREET 1: C/O EAGLE PICHER INDUSTRIES INC STREET 2: 11201 NORTH TATUM BLVD., SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 85028 BUSINESS PHONE: 5137217010 MAIL ADDRESS: STREET 1: C/O EAGLE PICHER INDUSTRIES INC STREET 2: 11201 NORTH TATUM BLVD., SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 45202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EAGLE PICHER FILTRATION & MINERALS INC CENTRAL INDEX KEY: 0001059572 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 311188662 STATE OF INCORPORATION: NV FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-49957-06 FILM NUMBER: 04914846 BUSINESS ADDRESS: STREET 1: 11201 N TATUM BLVD STREET 2: SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 85028 BUSINESS PHONE: 6026529600 MAIL ADDRESS: STREET 1: 11201 N TATUM BLVD STREET 2: SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 85028 FORMER COMPANY: FORMER CONFORMED NAME: EAGLE PICHER MINERALS INC DATE OF NAME CHANGE: 19980410 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HILLSDALE TOOL & MANUFACTURING CO CENTRAL INDEX KEY: 0001059573 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 380946293 STATE OF INCORPORATION: MI FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-49957-07 FILM NUMBER: 04914851 BUSINESS ADDRESS: STREET 1: 11201 N TATUM BLVD STREET 2: SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 85028 BUSINESS PHONE: 6026529600 MAIL ADDRESS: STREET 1: 11201 N TATUM BLVD STREET 2: SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 85028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EAGLE PICHER TECHNOLOGIES LLC CENTRAL INDEX KEY: 0001059576 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 311587660 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-49957-09 FILM NUMBER: 04914845 BUSINESS ADDRESS: STREET 1: 11201 N TATUM BLVD STREET 2: SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 85028 BUSINESS PHONE: 6026529600 MAIL ADDRESS: STREET 1: 11201 N TATUM BLVD STREET 2: SUITE 110 CITY: PHOENIX STATE: AZ ZIP: 85028 8-K 1 p69375e8vk.htm 8-K e8vk
Table of Contents

UNITED STATES
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): July 14, 2004

(Commission File Number) 333-49957-01

EaglePicher Holdings, Inc.

(Exact name of Registrant as specified in its charter)
     
Delaware
(State of incorporation) 		  13-3989553
(I.R.S. Employer
Identification Number)

3402 East University Drive
Phoenix, Arizona 85034
(Address of Registrant’s principal executive office)

(602) 794-9600
(Registrant’s telephone number)

TABLE OF ADDITIONAL REGISTRANTS

                 
            I.R.S. EMPLOYER
    STATE OR OTHER JURISDICTION OF   IDENTIFICATION
NAME OF REGISTRANT
   INCORPORATION OR ORGANIZATION
   NUMBER
EaglePicher Incorporated
   Ohio     31-0268670  
Carpenter Enterprises, Inc.
   Michigan     38-2752092  
Daisy Parts, Inc.
   Michigan     38-1406772  
Eagle-Picher Far East, Inc.
   Delaware     31-1235685  
EaglePicher Filtration & Minerals, Inc.
   Nevada     31-1188662  
EaglePicher Technologies, LLC
   Delaware     31-1587660  
EaglePicher Automotive, Inc.
   Michigan     38-0946293  
EaglePicher Pharmaceutical Services, LLC
   Delaware     74-3071334  

1

TABLE OF CONTENTS

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
SIGNATURES
Exhibit Index
Exhibit 99.1

Table of Contents

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

  (a)   Not applicable.
 
  (b)   Not applicable.
 
  (c)   Exhibits.

  99.1   Press Release, dated July 14, 2004

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     EaglePicher Holdings, Inc. issued a press release on July 14, 2004 announcing its financial results for the second quarter of its fiscal 2004. A copy of this press release is attached as Exhibit 99.1 to this report.

     The information being furnished under Item 12 of this report shall not be considered “filed” for purposes of the Securities and Exchange Act of 1934, as amended, (the “Exchange Act”), or otherwise subject to the liabilities thereof, nor shall it be deemed to be incorporated by reference in any filing under the Exchange Act or under the Securities Act of 1933, as amended, except to the extent specifically provided in any such filing.

2

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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.

Date: July 14, 2004
         
  EAGLEPICHER HOLDINGS, INC.
 		  
  By:   Thomas R. Pilholski    
    Name:   Thomas R. Pilholski   
    Title:   Senior Vice President and Chief Financial Officer   
 

3

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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.

Date: July 14, 2004
         
  EAGLEPICHER INCORPORATED
 		  
  By:   Thomas R. Pilholski    
    Name:   Thomas R. Pilholski   
    Title:   Senior Vice President and Chief Financial Officer   
 

4

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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.

Date: July 14, 2004
         
  CARPENTER ENTERPRISES, INC.
 		  
  By:   Thomas R. Pilholski    
    Name:   Thomas R. Pilholski   
    Title:   Senior Vice President and Chief Financial Officer   
 

5

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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.

Date: July 14, 2004
         
  DAISY PARTS, INC.
 		  
  By:   Thomas R. Pilholski    
    Name:   Thomas R. Pilholski   
    Title:   Vice President   
 

6

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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.

Date: July 14, 2004
         
  EAGLEPICHER FAR EAST, INC.
 		  
  By:   Thomas R. Pilholski    
    Name:   Thomas R. Pilholski   
    Title:   Vice President   
 

7

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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.

Date: July 14, 2004
         
  EAGLEPICHER FILTRATION & MINERALS, INC.
 		  
  By:   Thomas R. Pilholski    
    Name:   Thomas R. Pilholski   
    Title:   Vice President   
 

8

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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.

Date: July 14, 2004
         
  EAGLEPICHER TECHNOLOGIES, LLC
 		  
  By:   Bradley J. Waters    
    Name:   Bradley J. Waters   
    Title:   Vice President and Chief Financial Officer   
 

9

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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.

Date: July 14, 2004
         
  EAGLEPICHER AUTOMOTIVE, INC.
 		  
  By:   Thomas R. Pilholski    
    Name:   Thomas R. Pilholski   
    Title:   Vice President   
 

10

Table of Contents

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.

Date: July 14, 2004
         
  EAGLEPICHER PHARMACEUTICAL SERVICES, INC.
 		  
  By:   Thomas R. Pilholski    
    Name:   Thomas R. Pilholski   
    Title:   Vice President   
 

11

Table of Contents

Exhibit Index

     
Exhibit No.
   Description
99.1
  Press Release, dated July 14, 2004

12

EX-99.1 2 p69375exv99w1.htm EXHIBIT 99.1 exv99w1
 

Exhibit 99.1

(EAGLEPICHER LOGO)

EaglePicher Holdings, Inc. and EaglePicher Incorporated

Contact:
Tom Pilholski, (602) 794-9600

EAGLEPICHER HOLDINGS, INC. ANNOUNCES SECOND QUARTER AND FIRST
SIX MONTHS OF 2004 FINANCIAL RESULTS AND TIMING OF Q2 EARNINGS
CONFERENCE CALL

     PHOENIX, Arizona, July 14, 2004 – EaglePicher Holdings, Inc. announces its second quarter and first six months of 2004 financial results and the filing of its Quarterly Report on Form 10-Q with the United States Securities and Exchange Commission (SEC). Included in this press release is a summary discussion of Sales, Earnings and Cash Flows. We have also included a copy of our balance sheet, income statement and statement of cash flows. To obtain a more detailed discussion of our financial condition and results of operations, see the Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-Q, which has been filed with the SEC and can be obtained at www.sec.gov. You can also obtain a copy of our Form 10-Q by visiting our web site at www.eaglepicher.com under About EaglePicher / Investor Relations/ SEC Filings/ Form 10-Q Second Quarter 2004.

     Second Quarter and First Six Months of 2004 Results

     Sales

     Net sales increased $14.5 million, or 8.4%, to $186.4 million in the second quarter of 2004 from $171.9 million in the second quarter of 2003, and increased $16.8 million, or 5.0%, to $350.2 million in the first six months of 2004 from $333.4 million in the first six months of 2003.

     The sales increase in the second quarter of 2004 was primarily driven by a $10.2 million, or 29.9%, increase in our Technologies Business Unit’s Power Group Segment related to higher volumes and improved pricing in our defense and space businesses, as well as additional shipments of our EaglePicher Horizon Batteries that resulted in revenue of $1.2 million. In addition, the increase was driven by a $4.9 million, or 20.9%, increase in our Automotive Business Unit’s Wolverine Segment primarily due to a 17.5% volume increase.

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     The sales increase in the first six months of 2004 was primarily driven by an $18.0 million, or 27.2%, increase in our Technologies Business Unit’s Power Group Segment related to higher volumes and improved pricing in our defense and space businesses, as well as shipments of our EaglePicher Horizon Batteries that resulted in revenue of $2.2 million. In addition, the increase was driven by an $8.2 million, or 18.8%, increase in our Automotive Business Unit’s Wolverine Segment, primarily due to a 13.8% volume increase. These increases were partially offset by a $6.2 million, or 3.8%, decrease in our Automotives Business Unit’s Hillsdale Segment, due to reduced pricing and the phase-out of three specific programs, and a $5.4 million, or 37.9% decrease in our Technologies Business Unit’s Specialty Materials Group Segment.

     Earnings

     Operating income decreased $5.5 million, or 27.2%, to $14.6 million in the second quarter of 2004 from $20.1 million in the second quarter of 2003, and decreased $8.3 million, or 27.2%, to $22.2 million in the first six months of 2004 from $30.5 million in the first six months of 2003. These changes were primarily the result of the following favorable/ (unfavorable) items (in million of dollars):

                 
    Second   First Six
    Quarter   Months
    of 2004
   of 2004
a. Gross margin dollars
   $ 0.6     $ 1.9  
b. Selling and administrative expenses
     (1.1 )     (3.9 )
c. Depreciation and amortization
     0.7       2.0  
d. Insurance related gains in 2003
     (5.7 )     (5.7 )
e. Loss from divestitures in 2004
     —       (2.6 )
 
    
 		      
 		  
 
   $ (5.5 )   $ (8.3 )
 
    
 		      
 		  

     Gross margin dollars increased as a result of (a) higher volumes in our Technologies Business Unit (b) higher volumes and favorable foreign currency in our Filtration and Minerals and Wolverine Segments, partially offset by (a) increased steel costs and plant closure costs in our Wolverine Segment (b) increased commodity costs in our Filtration and Minerals Segment, (c) lower average selling prices, plant restructuring, and China sourcing start-up costs in our Hillsdale Segment, and (d) the reduced margin booking rate on a specific long-term defense

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contract in our Technologies Business Unit’s Power Group Segment primarily due to additional cost and short-term production inefficiencies related to an accelerated increase in production volumes and capacity.

     Selling and administrative expenses have increased primarily due to higher selling and management infrastructure costs to support various growth initiatives in our Power Group Segment, including the operations of our newly consolidated 62% owned venture, EaglePicher Horizon Batteries, as well as costs to support our global sourcing initiatives, primarily in China, in our Hillsdale Segment.

     Cash Flows and Net Debt

     Our net debt (total debt on the balance sheet plus the obligations of our asset-backed securitization less cash on our balance sheet) increased $38.3 million to $392.9 million at May 31, 2004 from $354.6 at November 30, 2003. The increase was primarily due to the following sources/ (uses) of cash:

a.   $20.7 million from proceeds received from the sale of our Environmental Sciences & Technology business.
 
b.   ($11.6) million decrease in accounts payable primarily related to changes in payment terms with three specific vendors, largely due to changed market conditions in the steel market.
 
c.   ($8.8) million increase in inventories primarily related to an inventory build in our Hillsdale Segment to support plant and sourcing restructurings, and increases in our Wolverine Segment and Power Group Segment to support their sales growth.
 
d.   ($16.0) million increase in receivables primarily due to (a) the funding of working capital in our newly controlled venture, EaglePicher Horizon Batteries and (b) increases in days sales outstanding in the second quarter of 2004 compared to the fourth quarter of 2003.
 
e.   ($12.0) million increase in production on long-term defense contracts where costs are incurred before shipments or milestone billings are made and collected. This was primarily driven by (a) 29.9% increase in our Power Group Segment’s revenues in the second quarter of 2004, and (b) recently incurred production bottlenecks in the later stages of certain defense contracts which have resulted in the delay of certain shipments to customers. We expect these bottlenecks to be somewhat eliminated in the second half of 2004.

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f.   ($20.8) million for capital expenditures.
 
g.   ($3.5) million for the purchase of a controlling interest in EaglePicher Horizon Batteries, LLC. We now have a 62% controlling interest in this venture.

     Q2 2004 Earnings Conference Call

     On Thursday July 29, 2004, EaglePicher will also host a conference call to discuss its progress and performance for the quarter and the outlook for the future, followed by a question and answer session. The conference call, which may include forward looking statements, is scheduled to begin at 11:00 am Eastern Time (8:00 am Pacific). The conference call may be accessed by dialing (888) 288-0246 or +1 (706) 679-3901 for international callers a few minutes prior to the scheduled start time. Callers should ask for the EaglePicher Second Quarter Investor Call hosted by Tom Scherpenberg, Vice President and Treasurer. A copy of the presentation materials will also be available on our internet web site prior to the start of the call at www.eaglepicher.com under About EaglePicher / Investor Relations / Presentations / Q2 2004 Investor Call Presentation. A replay of the conference call will be available following the call. The replay can be accessed by dialing (800) 642-1687 or +1 (706) 645-9291 for international callers. The conference ID number for the replay is 8364995.

     Reconciliation of Net Debt to our GAAP Financial Measure

     The following is a reconciliation of our Net Debt to our GAAP balance sheet as of November 30, 2003 and May 31, 2004 (in millions of dollars):

                 
    November 30,   May 31,
    2003
   2004
Current portion of debt on our balance sheet
   $ 13.3     $ 12.7  
Long-term portion of debt on our balance sheet
     408.6       392.7  
Obligations of our accounts receivable asset- backed securitization
     —       21.7  
Cash on our balance sheet
     (67.3 )     (34.2 )
 
    
 		      
 		  
Net debt
   $ 354.6     $ 392.9  
 
    
 		      
 		  

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EaglePicher Incorporated, founded in 1843 and headquartered in Phoenix, Arizona, is a diversified manufacturer and marketer of innovative, advanced technology and industrial products and services for space, defense, environmental, automotive, medical, filtration, pharmaceutical, nuclear power, semiconductor and commercial applications worldwide. The company has 4,000 employees and operates more than 30 plants in the United States, Canada, Mexico, the U.K. and Germany. Additional information on the company is available on the Internet at www.eaglepicher.com.

EaglePicher Holdings, Inc. is the parent of EaglePicher Incorporated. EaglePicher™ is a trademark of EaglePicher Incorporated.

This news release contains statements that, to the extent that they are not recitations of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, section 21E of the Securities Exchange Act of 1934. Such forward-looking information involves risks and uncertainties that could cause actual results to differ materially from those expressed in any such forward-looking statements. These risks and uncertainties include, but are not limited to, our ability to maintain existing relationships with customers, demand for our products, our ability to successfully implement productivity improvements and/or cost reduction initiatives; and our ability to develop, market and sell new products, our ability to obtain raw materials, increased government regulation or changing regulatory policies resulting in higher costs and/or restricting output, increased price competition, currency fluctuations, general economic conditions, acquisitions and divestitures, technological developments and changes in the competitive environment in which we operate, as well as factors discussed in our filings with the U.S. Securities and Exchange Commission.

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EaglePicher Holdings, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

November 30, 2003 and May 31, 2004
(unaudited) (in thousands of dollars)

                 
    2003
   2004
ASSETS
Current Assets:
                
Cash and cash equivalents
   $ 67,320     $ 34,168  
Receivables, net
     23,895       32,422  
Retained interest in EaglePicher Funding Corporation, net
     63,335       50,202  
Costs and estimated earnings in excess of billings
     28,433       39,697  
Inventories
     51,532       60,475  
Assets of discontinued operations
     16,842       —  
Prepaid expenses and other assets
     10,394       10,359  
Deferred income taxes
     8,526       8,526  
 
    
 		      
 		  
 
     270,277       235,849  
Property, Plant and Equipment, net
     150,814       152,251  
Goodwill
     152,040       161,676  
Prepaid Pension
     56,891       56,981  
Other Assets, net
     33,516       31,371  
 
    
 		      
 		  
 
   $ 663,538     $ 638,128  
 
    
 		      
 		  
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current Liabilities:
                
Accounts payable
   $ 88,542     $ 77,480  
Current portion of long-term debt
     13,300       12,746  
Compensation and employee benefits
     15,701       11,568  
Billings in excess of costs and estimated earnings
     2,098       1,381  
Accrued divestiture reserve
     9,297       6,464  
Liabilities of discontinued operations
     1,994       480  
Other accrued liabilities
     32,760       30,334  
 
    
 		      
 		  
 
     163,692       140,453  
Long-term Debt, net of current portion
     408,570       392,667  
Postretirement Benefits Other Than Pensions
     17,418       17,190  
Other Long-Term Liabilities
     9,649       14,744  
11.75% Cumulative Redeemable Exchangeable Preferred Stock.
     154,416       162,754  
 
    
 		      
 		  
 
     753,745       727,808  
 
    
 		      
 		  
Commitments and Contingencies
                
Shareholders’ Equity (Deficit):
                
Common stock
     10       10  
Additional paid-in capital
     92,810       92,810  
Accumulated deficit
     (184,543 )     (184,921 )
Accumulated other comprehensive income
     1,516       2,421  
 
    
 		      
 		  
 
     (90,207 )     (89,680 )
 
    
 		      
 		  
 
   $ 663,538     $ 638,128  
 
    
 		      
 		  

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EaglePicher Holdings, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Three and Six Months Ended May 31, 2003 and 2004
(unaudited) (in thousands of dollars, except share and per share amounts)

                                 
    Three Months Ended May 31,
   Six Months Ended May 31,
    2003
   2004
   2003
   2004
Net Sales
   $ 171,886     $ 186,410     $ 333,381     $ 350,170  
 
    
 		      
 		      
 		      
 		  
Operating Costs and Expenses:
                                
Cost of products sold (exclusive of depreciation)
     130,629       144,584       256,482       271,368  
Selling and administrative
     16,093       17,205       30,221       34,074  
Depreciation and amortization
     10,826       10,006       21,850       19,883  
Insurance related gains
     (5,736 )     —       (5,736 )     —  
Loss from divestitures
     —       —       —       2,600  
 
    
 		      
 		      
 		      
 		  
 
     151,812       171,795       302,817       327,925  
 
    
 		      
 		      
 		      
 		  
Operating Income
     20,074       14,615       30,564       22,245  
Interest expense
     (7,742 )     (9,204 )     (15,531 )     (17,810 )
Preferred stock dividends accrued
     —       (4,169 )     —       (8,338 )
Other income (expense), net
     (251 )     580       73       287  
 
    
 		      
 		      
 		      
 		  
Income (Loss) from Continuing Operations Before Taxes
     12,081       1,822       15,106       (3,616 )
Income taxes
     1,150       893       2,046       1,266  
 
    
 		      
 		      
 		      
 		  
Income (Loss) from Continuing Operations
     10,931       929       13,060       (4,882 )
Discontinued Operations:
                                
Loss from operations of discontinued businesses, net of zero (benefit) provision for income taxes
     (267 )     (126 )     (1,228 )     (53 )
Gain (loss) on disposal of discontinued businesses, net of $600 benefit from income taxes in 2003 and zero in 2004
     (2,978 )     4,619       (2,978 )     4,557  
 
    
 		      
 		      
 		      
 		  
Net Income (Loss)
    7,686       5,422       8,854       (378 )
Preferred stock dividends accreted or accrued
     (4,169 )     —       (8,106 )     —  
 
    
 		      
 		      
 		      
 		  
Income (Loss) Applicable to Common Shareholders
   $ 3,517     $ 5,422     $ 748     $ (378 )
 
    
 		      
 		      
 		      
 		  
Basic and Diluted Net Income (Loss) per Share Applicable to Common Shareholders:
                                
Income (Loss) from Continuing Operations
   $ 7.09     $ 0.93     $ 5.26     $ (4.88 )
Income (loss) from Discontinued Operations
     (3.40 )     4.49       (4.47 )     4.50  
 
    
 		      
 		      
 		      
 		  
Net Income (Loss)
   $ 3.69     $ 5.42     $ 0.79     $ (0.38 )
 
    
 		      
 		      
 		      
 		  
Weighted Average Number of Common Shares
     953,667       1,000,000       942,083       1,000,000  
 
    
 		      
 		      
 		      
 		  

— more —

 

 

PAGE 8 /  EAGLEPICHER HOLDINGS, INC. ANNOUNCES SECOND QUARTER AND FIRST SIX MONTHS OF 2004 FINANCIAL RESULTS AND TIMING OF Q2 EARNINGS CONFERENCE CALL

EaglePicher Holdings, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six-Months Ended May 31, 2003 and 2004
(unaudited) (in thousands of dollars)

                 
    2003
   2004
Cash Flows From Operating Activities:
                
Net income (loss)
   $ 8,854     $ (378 )
Adjustments to reconcile net income (loss) to net cash used in operating activities:
                
Depreciation and amortization
     23,416       20,959  
Preferred stock dividends accrued
     —       8,338  
Loss (gain) on disposal of discontinued businesses
     2,978       (4,557 )
Insurance gain
     (5,736 )     —  
Deferred income taxes
     —       500  
Changes in assets and liabilities:
                
Sale of receivables, net.
     (20,250 )     21,679  
Receivables and retained interest in EaglePicher Funding Corporation, net.
     (933 )     (15,970 )
Costs and estimated earnings in excess of billings and billings in excess of costs and estimated earnings, net
     (3,359 )     (11,981 )
Inventories
     (2,107 )     (8,802 )
Accounts payable
     (3,048 )     (11,588 )
Accrued liabilities
     (12,612 )     (10,759 )
Other, net
     38       124  
 
    
 		      
 		  
Net cash used in operating activities
     (12,759 )     (12,435 )
 
    
 		      
 		  
Cash Flows From Investing Activities:
                
Proceeds from the sale of property and equipment, and other, net
     1,155       130  
Capital expenditures
     (8,544 )     (20,765 )
Acquisition of majority interest in EaglePicher Horizon Batteries LLC
     —       (3,500 )
 
    
 		      
 		  
Net cash used in investing activities
     (7,389 )     (24,135 )
 
    
 		      
 		  
Cash Flows From Financing Activities:
                
Reduction of long-term debt
     (8,463 )     (16,524 )
Net borrowings under revolving credit agreements
     5,500       —  
Proceeds from issuance of treasury stock
     903       —  
 
    
 		      
 		  
Net cash used in financing activities
     (2,060 )     (16,524 )
 
    
 		      
 		  
Net cash (used in) provided by discontinued operations
     (170 )     20,733  
 
    
 		      
 		  
Effect of Exchange Rates on Cash
     4,364       (791 )
 
    
 		      
 		  
Net Decrease in Cash and Cash Equivalents
     (18,014 )     (33,152 )
Cash and Cash Equivalents, beginning of period
     31,522       67,320  
 
    
 		      
 		  
Cash and Cash Equivalents, end of period
   $ 13,508     $ 34,168  
 
    
 		      
 		  
Supplemental Cash Flow Information:
                
Interest paid
   $ 18,008     $ 19,112  
 
    
 		      
 		  
Income taxes paid (refunded), net
   $ (4,282 )   $ 644  
 
    
 		      
 		  

# # #

 

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