-----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, LWu8Dl3rNd36hjFcDc+Jr6JB/aX5EHIqsxHnsPHQR1zBi+NeSBPzFZvTYsbCP+DZ eskQ23YUHCMG4pjBdAfCew== 0000012614-97-000023.txt : 19971114 0000012614-97-000023.hdr.sgml : 19971114 ACCESSION NUMBER: 0000012614-97-000023 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971112 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLESSINGS CORP CENTRAL INDEX KEY: 0000012614 STANDARD INDUSTRIAL CLASSIFICATION: UNSUPPORTED PLASTICS FILM & SHEET [3081] IRS NUMBER: 135566477 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-04684 FILM NUMBER: 97713754 BUSINESS ADDRESS: STREET 1: 200 ENTERPRISE DRIVE CITY: NEWPORT NEWS STATE: VA ZIP: 23603 BUSINESS PHONE: 8048872100 MAIL ADDRESS: STREET 1: 200 ENTERPRISE DRIVE CITY: NEWPROT NEWS STATE: VA ZIP: 23603 FORMER COMPANY: FORMER CONFORMED NAME: ASSOCIATED BABY SERVICES INC DATE OF NAME CHANGE: 19720828 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 (Mark One) (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1997 -------------------- OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 1-4684 --------------------- Blessings Corporation - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 13-5566477 - -------------------------------- -------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 200 Enterprise Drive, Newport News, VA 23603 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) 757 887 210 - ------------------------------------------------------------------------------- (Registrant's telephone number, including area code) None - ------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding as of November 1, 1997 - ---------------------------- ------------------------------------- Common stock, $.71 par value 10,116,800 BLESSINGS CORPORATION INDEX PAGE NUMBER PART I: FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Condensed Balance Sheets September 30, 1997 and December 31, 1996 1 Consolidated Condensed Statements of Earnings - three and nine months ended September 30, 1997 and September 30, 1996 2 Consolidated Condensed Statements of Cash Flows - three and nine months ended September 30, 1997 and September 30, 1996 3 Notes to Consolidated Condensed Financial Statements 4 Review by Independent Certified Public Accountants 8 Independent Accountants' Report 9 Letter in Lieu of Consent of Independent Public Accountants 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11 PART II: OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 14 PART I. FINANCIAL INFORMATION BLESSINGS CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS September 30, 1997 December 30, 1996* -------------------- --------------- (Unaudited) (Audited) ASSETS Current Assets: Cash & cash equivalents $ 5,096,900 $ 5,801,800 Accounts receivable less allowance for doubtful accounts of $1,811,000 & $1,541,000 21,959,800 22,832,200 Inventories 12,400,200 12,905,700 Prepaid deferred taxes 1,417,900 1,417,900 Prepaid expenses 1,635,900 1,723,700 ------------ ------------ Total Current Assets 42,510,700 44,681,300 ------------ ------------ Property, plant and equipment less accumulated depreciation & amortization of $43,915,800 & $36,596,200 87,822,200 80,573,600 Goodwill net of accumulated amortization of $3,454,600 and $2,659,500 23,050,700 23,845,800 Deferred taxes 7,254,500 7,565,400 Other assets 1,717,800 1,410,600 ------------ ------------ Total Assets $162,355,900 $158,076,700 ============ ============ LIABILITIES & SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $ 22,636,400 $ 25,025,800 Income taxes payable 1,388,100 528,700 Current installments on long-term debt 3,291,500 3,744,300 Deferred taxes 1,170,000 1,024,200 ------------ ------------- Total Current Liabilities 28,486,000 30,323,000 ------------ ------------- Long-term debt 31,909,400 34,253,100 Deferred taxes on income 8,399,100 8,373,800 Deferred supplemental pension liability 2,265,000 1,950,700 Minority interest 13,872,500 11,427,700 Shareholders' Equity: Common stock 7,252,500 7,252,500 Additional paid in capital 5,967,200 6,012,900 Translation loss (6,255,900) (6,255,900) Retained earnings 71,509,900 65,631,200 ------------- ------------- 78,473,700 72,640,700 Common stock in treasury at cost (1,049,800) (892,300) ------------- ------------- Total Shareholders' Equity 77,423,900 71,748,400 ------------- ------------- Total Liabilities and Shareholders' Equity $162,355,900 $158,076,700 ============= ============= See accompanying Notes to Consolidated Condensed Financial Statements. *The balance sheet at December 31, 1996 has been taken from audited Financial Statements at that date, and condensed.
BLESSINGS CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) 3 Months Ended 9 Months Ended ----------------------------------- --------------------------------------- September 30, September 30, September 30, September 30, 1997 1996 1997 1996 ----------------- ---------------- ----------------- ---------------- Continuing Operations: Net sales $43,707,700 $40,008,000 $131,969,400 $115,794,700 ----------- ----------- ------------ ------------ Cost of sales 31,946,100 30,162,600 94,073,800 82,855,200 Selling, general and administrative 6,869,500 7,029,200 22,363,600 20,518,400 Foreign exchange (gain) loss (139,400) 75,800 18,700 241,100 Interest & dividends - net 663,300 636,800 2,107,200 2,010,500 ----------- ----------- ------------ ------------ Total costs and expenses 39,339,500 37,904,400 118,563,300 105,625,200 ----------- ----------- ------------ ------------ Earnings from operations before provision for taxes on income and minority interest 4,368,200 2,103,600 13,406,100 10,169,500 ----------- ----------- ------------ ------------ Taxes on income Current 1,331,700 1,658,300 4,852,700 4,404,200 Deferred 201,800 (1,162,400) 229,900 (336,200) ----------- ----------- ------------ ------------ Total taxes 1,533,500 495,900 5,082,600 4,068,000 ----------- ----------- ------------ ------------ Minority interest in net income of subsidiary 872,700 430,400 2,444,800 1,671,900 ----------- ----------- ------------ ------------ Net earnings $ 1,962,000 $ 1,177,300 $ 5,878,700 $ 4,429,600 =========== =========== ============ ============ Average number of shares of common stock outstanding 10,114,803 10,159,871 10,118,353 10,154,754 =========== =========== ============ ============ Common stock outstanding at close of period 10,114,803 10,142,604 10,114,803 10,142,604 =========== =========== ============ ============ Net earnings per share $ .19 $ .12 $ .58 $ .44 =========== =========== ============ ============ Dividends per share $ -- $ .10 $ -- $ .30 =========== =========== ============ ============ See accompanying Notes to Consolidated Condensed Financial Statements.
BLESSINGS CORPORATION & SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS 3 Months Ended 9 Months Ended ---------------------------------- -------------------------------- September 30, September 30, September 30, September 30, 1997 1996 1997 1996 ------------- ------------- ------------- -------------- Cash flows from operating activities: Net earnings from operations $ 1,962,000 $ 1,177,300 $ 5,878,700 $ 4,429,600 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,670,700 2,610,200 7,951,900 7,126,600 Amortization - goodwill 265,100 265,000 795,200 795,100 Amortization - other 15,000 4,000 45,000 10,000 Minority interest in net income of con- solidated subsidiary 872,700 430,400 2,444,800 1,671,900 Provision for losses on accounts receivable 90,000 180,000 397,500 360,000 (Gain) loss on sale of assets (26,500) 71,000 106,200 49,400 Change in assets and liabilities: (Increase) decrease in accounts receivable (1,627,700) (1,734,700) 583,300 (2,231,300) (Increase) decrease in inventories 1,490,300 832,500 538,000 (1,894,600) (Increase) decrease in prepaid expenses (710,300) 349,700 (132,500) 9,000 Increase (decrease) in accounts payable & accrued expenses 636,100 1,374,800 (2,768,900) 23,700 Increase (decrease) in taxes on income (219,900) 957,600 1,045,200 1,450,800 Increase (decrease) in deferred taxes on income 201,800 (1,034,000) 229,900 (405,300) (Increase) decrease in other assets 73,700 (330,100) (27,200) (357,500) Increase (decrease) in other liabilities 318,800 207,400 116,700 337,200 ----------- ----------- ------------ ------------ Net cash prov. (req.) by operating activities 6,011,800 5,361,100 17,203,800 11,374,600 ----------- ----------- ------------ ------------ Cash flows from investing activities: Proceeds from disposition of fixed assets 52,500 19,100 189,500 50,000 Capital expenditures (4,619,200) (6,751,200) (15,169,200) (15,028,400) Decrease in notes receivable 25,000 25,000 25,000 25,000 ----------- ----------- ------------ ------------ Net cash required by investing activities (4,541,700) (6,707,100) (14,954,700) (14,953,400) ----------- ----------- ------------ ------------ Cash flows from financing activities: Increase (decrease) in short-term borrowings (1,465,000) -- -- 2,078,200 Reduction of long-term debt (876,600) (914,200) (2,796,500) (14,185,100) Proceeds from issuance of long-term debt -- -- -- 20,000,000 Issuance and acquisition of treasury stock - net (45,400) (237,500) (203,200) 177,300 Dividends paid -- (1,016,800) -- (3,045,500) ----------- ----------- ------------ ------------ Net cash prov. (req.) by financing activities (2,387,000) (2,168,500) (2,999,700) 5,024,900 ----------- ----------- ------------ ------------ Effect of exchange rate changes on cash 81,900 6,700 45,700 11,100 ----------- ----------- ------------ ------------ Net incr. (decr.) in cash and cash equivalents (835,000) (3,507,800) (704,900) 1,457,200 Cash and cash equivalents at beginning of period 5,931,900 8,281,900 5,801,800 3,316,900 ----------- ----------- ------------ ------------ Cash and cash equivalents at end of period $ 5,096,900 $ 4,774,100 $ 5,096,900 $ 4,774,100 =========== =========== ============ ============ See accompanying Notes to Consolidated Condensed Financial Statements.
BLESSINGS CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (See Independent Accountants' Report) 1. The consolidated condensed balance sheet as of September 30, 1997, the consolidated condensed statements of earnings for the three and nine months ended September 30, 1997, and 1996, and the consolidated condensed statements of cash flows for the same periods then ended have been prepared by the Company without audit. The consolidated financial statements include Nacional de Envases, S.A. de C.V. (NEPSA), the Company's 60% owned Mexican subsidiary. In the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position, results of operations and cash flows at September 30, 1997, and for all periods presented have been made. The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. For accounting policies, see Notes to Consolidated Financial Statements in the Company's Annual Report to Shareholders for the fiscal year ended December 31, 1996. 2. In February, 1997, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings Per Share", which is effective for financial statements for both interim and annual periods ending after December 15, 1997. Early adoption of the statement is not permitted. The Company has applied this statement to the three quarters ending September 30, 1996, to the annual results for 1996 and to the results for the same three quarters in 1997 and determined that the adoption of this statement would not have a material impact on the earnings per share calculations for these periods. After adoption, all prior period earnings per share calculations will be restated to comply with this statement. In June, 1997, the FASB issued SFAS No. 130, "Reporting Comprehensive Income". This statement establishes standards for reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. The effect of adopting the new standard is not expected to be significant as the Company does not currently have material items of other comprehensive income disclosed outside the statement of operations. The standard will be adopted for the Company's 1998 fiscal year. Also in June 1997, the FASB issued SFAS No. 131, "Disclosure about Segments of an Enterprise and Related Information". The statement requires enterprises to report financial and descriptive information about its operating segments, products and services, countries and major customers, as well as reconciliations of segment financial information to corresponding amounts in the general-purpose financial statements. 3. In 1996 the Company translated foreign currency financial statements by translating balance sheet accounts at the current exchange rate and income statement accounts at the average exchange rate for the quarter. Due to hyper-inflation in Mexico, the Company changed the functional currency from the peso to the dollar effective in January, 1997. As a result of this change, translation gains and losses previously recorded in shareholders' equity are now recorded in income. 4. The results of operations for the nine months ended September 30, 1997 are not necessarily indicative of the results to be expected for the full year. 5. Inventories: September 30, 1997 December 31, 1996 Raw Materials $ 8,541,500 $ 10,050,500 Finished Goods 3,858,700 2,855,200 ------------ ------------ $ 12,400,200 $ 12,905,700 ============ ============ 6. Long-term debt: September 30,1997 December 31, 1996 Long-term debt consists of the following: 6.55% Note due 2002 $ 10,000,000 $ 10,000,000 7.22% Note due 2008 10,000,000 10,000,000 NEPSA Credit Agreement 14,843,700 17,187,500 Mexico Bank Loans 357,200 809,900 ------------ ------------ $ 35,200,900 $ 37,997,400 Less installments due within one year 3,291,500 3,744,300 ------------ ------------ Due after one year $ 31,909,400 $ 34,253,100 ============ ============ For further details, see Note 6 of the Annual Report to Shareholders for the fiscal year ended December 31, 1996. 7. Shareholders' Equity During the nine months ended September 30, 1997, shareholders' equity increased as follows: Net earnings $ 5,878,700 Issuance and acquisition of treasury stock - net (203,200) ------------ Total increase in shareholders' equity $ 5,675,500 ============ 8. Interest and Dividends - Net 3 Months Ended September 30, 1997 September 30, 1996 Interest expense $ 813,100 $ 888,600 Interest income (149,800) (251,800) Total interest and --------- --------- Dividends - net $ 663,300 $ 636,800 ========= ========= 9 Months Ended September 30, 1997 September 30, 1996 Interest expense $2,531,500 $2,789,900 Interest income (424,300) (763,400) Dividend income -- (16,000) Total interest and ---------- ---------- dividends - net $2,107,200 $2,010,500 ========== ========== 9. During the three and nine months ending September 30, 1997, the effective tax rate was 35.1% and 37.9% respectively compared to 23.6% and 40.0% respectively during the same periods ending September 30, 1996. Income taxes have been computed based on the estimated annual effective tax rate. 10. The purchase of NEPSA on July 5, 1994, resulted in $26,505,300 of goodwill. This amount is being amortized on a straight-line basis over its estimated life of 25 years. 11. Cash payments for interest and income taxes were: 3 Months Ended September 30, 1997 September 30, 1996 Interest $1,056,100 $1,130,100 Income tax $ 892,000 $ 823,700 9 Months Ended September 30, 1997 September 30, 1996 Interest $2,848,300 $2,415,000 Income tax $2,566,100 $5,082,900 REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS The Consolidated Condensed Financial Statements as of September 30, 1997 and for the three and nine months then ended have been reviewed prior to filing by Deloitte & Touche LLP, Independent Certified Public Accountants, in accordance with established professional standards and procedures for such a review. The report of Deloitte & Touche LLP commenting upon their review is included as Part I - Exhibit 1. Independent Accountants' Report To the Board of Directors Blessings Corporation Newport News, Virginia We have reviewed the accompanying consolidated condensed balance sheet of Blessings Corporation and subsidiaries as of September 30, 1997, and the related consolidated condensed statements of earnings and cash flows for the three and nine months ended September 30, 1997 and 1996. These financial statements are the responsibility of the Corporation's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and of making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to such consolidated condensed financial statements for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of Blessings Corporation and subsidiaries as of December 31, 1996, and the related consolidated statements of earnings, shareholders' equity, and cash flows for the year then ended (not presented herein) and in our report dated February 20, 1996, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated condensed balance sheet as of December 31, 1996 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which is has been derived. Deloitte & Touche LLP Richmond, Virginia October 17, 1997 October 17, 1997 Board of Directors Blessings Corporation Newport News, Virginia We have made a review, in accordance with standards established by the American Institute of Certified Public Accountants, of the unaudited interim financial information of Blessings Corporation and subsidiaries for the three and nine months ended September 30, 1997 and 1996, as indicated in our report dated October 17, 1997; because we did not perform an audit, we expressed no opinion on that information. We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended September 30, 1997, is incorporated by reference in the following Registration Statements: Form: Registration Statement No.: S-8 33-41762 S-8 33-54108 S-8 33-70328 S-8 33-85382 S-8 33-85384 S-8 33-12387 S-8 33-31303 S-8 33-35611 We also are aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act. Deloitte & Touche, LLP Richmond, Virginia
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS SUMMARY: The following tables set forth for the period indicated 1) the amounts and percentages which certain items reflected in the financial data bear to net sales of the Company and 2) the percentage increase (decrease) of such items as compared to the indicated prior period: Relationship to Net Sales Percent 3 Months Ended Increase/(Decrease) _______________________________________________________________________ September 30, 1997 Percent September 30, 1996 Percent 1997/1996 __________________ _______ __________________ _______ _________ Net Sales $43,707,700 100.0 $40,008,000 100.0 9.2 Cost of sales 31,946,100 73.1 30,162,600 75.4 5.9 ------------ ------ ------------ ------ Gross margin 11,761,600 26.9 9,845,400 24.6 19.5 Other costs and expenses 7,393,400 16.9 7,741,800 19.4 (4.5) ------------ ------ ----------- ------ Earnings from operations before taxes on income and minority interest 4,368,200 10.0 2,103,600 5.3 107.7 Taxes on income 1,533,500 3.5 495,900 1.2 209.2 ------------ ------ ----------- ------ Minority interest in net income of subsidiary 872,700 2.0 430,400 1.1 102.8 ------------ ------ ----------- ------ Net earnings $ 1,962,000 4.5 $ 1,177,300 2.9 66.7 ============ ====== ============ ====== =======
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Relationship to Net Sales Percent 9 Months Ended Increase/(Decrease) _____________________________________________________________________ September 30, 1997 Percent September 30, 1996 Percent 1997/1996 __________________ _______ __________________ _______ _________ Net Sales $131,969,400 100.0 $115,794,700 100.0 14.0 Cost of sales 94,073,800 71.3 82,855,200 71.6 13.5 ------------- ------ ------------- ------ Gross margin 37,895,600 28.7 32,939,500 28.4 15.0 Other costs and expenses 24,489,500 18.6 22,770,000 19.7 7.6 ------------- ------ ------------- ------ Earnings from operations before taxes on income and minority interest 13,406,100 10.2 10,169,500 8.8 31.8 Taxes on income 5,082,600 3.9 4,068,000 3.5 24.9 ------------- ------ ------------- ------ Minority interest in net income of subsidiary 2,444,800 1.9 1,671,900 1.4 46.2 ------------- ------ -------------- ------ Net earnings $ 5,878,700 4.5 $ 4,429,600 3.8 32.7 ============= ====== ============= ====== ======
RESULTS OF OPERATIONS: Except for the historical information contained herein, the matters discussed in this quarterly report are forward-looking statements that are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate, and which involve risks and uncertainties, including but not limited to economic, competitive, governmental regulation, legal, currency valuations and technological factors affecting the Company's operations, markets, products, services and prices, and other factors discussed in the Company's filings with the Securities and Exchange Commission. Net Sales: A net sales increase of $16.2 million for the nine months ending September 30, 1997, over the same period in 1996 is the result of aggressive marketing programs in both the United States and Mexico. While the market for healthcare films remains highly competitive in both countries, the Company has recorded year-to-date volume gains of 9% in both the United States and Mexico compared to the prior year, despite the discontinuation of certain low margin product segments. Operating Costs and Expenses: During the quarter, gross margin improved by 2.3 percentage points, reflective of the Company's marketing emphasis on higher margin product segments, coupled with a downward trend of polyolefin raw materials which has resulted in a $.06 per pound reduction in polypropylene prices and a $.04 per pound reduction in polyethylene prices since the highs hit by each during the summer. In addition, other costs and expenses have been favorably impacted by improved safety performance and resultant lower worker's compensation premiums in 1997. Taxes on Income: The effective tax rate as of September 30, 1997 was 37.9% compared to 40.0% for the same period last year. The decrease was primarily the result of a lower effective tax rate due to an increase in the availability of tax credits in Mexico. Liquidity and Capital Resources: As of September 30, 1997, the Company had working capital of $14,024,700 compared to $14,358,300 at year-end, a decrease of $333,600. The ratio of current assets to current liabilities at the end of the quarter and at year-end was 1.5 to 1. During the quarter, the Company repaid $1 million borrowed against its revolving credit line and $465,000 borrowed against its short-term credit line. The Company has $25 million and $12 million available against its revolving and short-term credit lines respectively. PART II. OTHER INFORMATION Item 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits: 27. Financial Data Schedule (b) Reports on Form 8-K: There was one report on Form 8-K which was filed with the Commission on November 3, 1997. The 8-K related to a press release announcing that the Company had entered into a non-binding letter of intent to acquire the remaining 40% of its 60% owned subsidiary in Mexico, Nacional de Envases Plasticos, S. A. de C. V. (NEPSA). S I G N A T U R E S Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this to be signed on its behalf by the undersigned thereunto duly authorized. BLESSINGS CORPORATION DATED: November 12, 1997 /s/Wayne A. Durboraw _______________________________________ Wayne A. Durboraw, Controller DATED: November 12, 1997 /s/James P. Luke _______________________________________ James P. Luke, Executive Vice President (Principal Financial Officer) EX-27 2
5 3-MOS DEC-31-1997 SEP-30-1997 5,096,900 0 23,770,800 1,811,000 12,400,200 42,510,700 131,738,000 43,915,800 162,355,900 28,486,000 31,909,400 0 0 7,252,500 70,171,400 162,355,900 43,707,700 43,707,700 31,946,100 39,339,500 7,393,400 1,811,000 813,100 4,368,200 1,533,500 1,962,000 0 0 0 1,962,000 .19 .19
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