-----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, GbfS3nYGRldO9ancjs6mJw3pyevWSnfnauiYquW8psTXBtZecmngggG6VcREoaNJ O+Wdk4ZN8PzqLAD/nrFL7Q== 0001305014-07-000097.txt : 20070402 0001305014-07-000097.hdr.sgml : 20070402 20070402104143 ACCESSION NUMBER: 0001305014-07-000097 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070402 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070402 DATE AS OF CHANGE: 20070402 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASHLAND INC. CENTRAL INDEX KEY: 0001305014 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-CHEMICALS & ALLIED PRODUCTS [5160] IRS NUMBER: 200865835 STATE OF INCORPORATION: KY FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32532 FILM NUMBER: 07736210 BUSINESS ADDRESS: STREET 1: 50 EAST RIVERCENTER BLVD., 16TH FLOOR CITY: COVINGTON STATE: KY ZIP: 41012 BUSINESS PHONE: 859-815-3483 MAIL ADDRESS: STREET 1: 50 EAST RIVERCENTER BLVD., 16TH FLOOR CITY: COVINGTON STATE: KY ZIP: 41012 FORMER COMPANY: FORMER CONFORMED NAME: New EXM Inc. DATE OF NAME CHANGE: 20041004 8-K 1 form8k.txt FORM 8-K 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): April 2, 2007 ASHLAND INC. (Exact name of registrant as specified in its charter) Kentucky (State or other jurisdiction of incorporation) 1-32532 20-0865835 (Commission File Number) (I.R.S. Employer Identification No.) 50 E. RiverCenter Boulevard, Covington, Kentucky 41011 (Address of principal executive offices) (Zip Code) P.O. Box 391, Covington, Kentucky 41012-0391 (Mailing Address) (Zip Code) Registrant's telephone number, including area code (859) 815-3333 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) -1- Item 2.02. Results of Operations and Financial Condition - -------------------------------------------------------- On April 2, 2007, Ashland Inc. ("Ashland") announced preliminary guidance for its fiscal second quarter, ended March 31, 2007. Ashland plans to report preliminary results for its fiscal second quarter on April 25, 2007, and follow with a conference call and webcast at 8:30 a.m., EST. Ashland's earnings expectations and related matters are discussed in more detail in the press release attached hereto as Exhibit 99.1, which is incorporated by reference into this Item 2.02. Item 9.01. Financial Statements and Exhibits - --------------------------------------------- (d) Exhibits 99.1 Press Release dated April 2, 2007. -2- 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 thereunto duly authorized. ASHLAND INC. ------------------------------------------- (Registrant) Date: April 2, 2007 /s/ J. Marvin Quin ------------------------------------------- J. Marvin Quin Senior Vice President and Chief Financial Officer -3- EXHIBIT INDEX ------------- 99.1 Press Release dated April 2, 2007. -4- EX-99 3 ex991.txt EXHIBIT 99.1 EXHIBIT 99.1 [GRAPHIC OMITTED] News Release Ashland Logo FOR ADDITIONAL INFORMATION: Media Relations: Investor Relations: Jim Vitak Dean Doza (614) 790-3715 (859) 815-4454 jevitak@ashland.com lddoza@ashland.com FOR IMMEDIATE RELEASE April 2, 2007 ASHLAND INC. GIVES GUIDANCE FOR FISCAL SECOND-QUARTER EARNINGS COVINGTON, Ky. - Ashland Inc. (NYSE:ASH) today announced guidance for its fiscal second quarter, ended March 31, 2007. Results for the quarter will include a $15 million after-tax charge, as previously disclosed, for a voluntary severance offer (VSO) extended to employees late last year, which will eliminate approximately 100 positions in various corporate functions. Ashland also will record $18 million of after-tax income from discontinued operations, reflecting the improved credit quality of its insurance receivable from Equitas Ltd., following Equitas' transaction with Berkshire Hathaway. London-based Equitas provides a significant portion of Ashland's coverage for asbestos claims. Excluding the above items, Ashland expects to report operating income of $57 million to $65 million for the March 2007 quarter. Results will be driven primarily by significantly better earnings from Valvoline and Ashland Water Technologies, but will be tempered by results from Ashland Performance Materials and Ashland Distribution. By comparison, Ashland's operating income in the prior-year quarter was $49 million and $58 million in the December 2006 quarter. Valvoline's operating income should moderately exceed the $18.2 million it earned for the December 2006 quarter. Water Technologies is expected to achieve second-quarter operating income above the $5.4 million it produced in the December quarter. It continues to benefit from improved performances in its marine and industrial businesses and the earnings contribution of the Environmental and Process Solutions business acquired last May. Performance Materials expects operating income to be between $20 million and $23 million, which is below the prior quarter's $25.6 million. The decline in income is primarily due to inventory adjustments and increased reserves for accounts receivable. Additionally, the business has experienced some margin compression reflecting continued weakness in its key North American automotive and residential housing markets. Ashland Distribution's operating income should significantly exceed the $14.0 million earned in the December 2006 quarter; however, results will also likely be significantly below the record $30.4 million earned in the March 2006 quarter. Unallocated and other costs, excluding the VSO, are expected to be in the range of $7 million to $10 million. - more - ASHLAND INC. GIVES GUIDANCE FOR FISCAL SECOND-QUARTER EARNINGS, PG. 2 Ashland will announce preliminary* results for the second quarter on April 25, 2007, prior to the opening of the New York Stock Exchange, and will follow with an 8:30 a.m., EDT, conference call and webcast. Ashland Inc. (NYSE: ASH), a diversified, global chemical company, provides quality products, services and solutions to customers in more than 100 countries. A FORTUNE 500 company, it operates through four divisions: Ashland Performance Materials, Ashland Distribution, Valvoline and Ashland Water Technologies. To learn more about Ashland, visit www.ashland.com. - 0 - FORTUNE 500 is a registered trademark of Time Inc. * PRELIMINARY RESULTS Financial results are preliminary until Ashland's quarterly report on Form 10-Q is filed with the U.S. Securities and Exchange Commission. FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, with respect to Ashland's operating performance. These estimates are based upon a number of assumptions, including those mentioned within this news release. Such estimates are also based upon internal forecasts and analyses of current and future market conditions and trends, management plans and strategies, weather, operating efficiencies and economic conditions, such as prices, supply and demand, cost of raw materials, and legal proceedings and claims (including environmental and asbestos matters). Although Ashland believes its expectations are based on reasonable assumptions, it cannot assure the expectations reflected herein will be achieved. This forward-looking information may prove to be inaccurate and actual results may differ significantly from those anticipated if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealized or if other unexpected conditions or events occur. Other factors and risks affecting Ashland are contained in Ashland's Form 10-K for the fiscal year ended Sept. 30, 2006. Ashland undertakes no obligation to subsequently update or revise the forward-looking statements made in this news release to reflect events or circumstances after the date of this release. -----END PRIVACY-ENHANCED MESSAGE-----