-----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, MAKgoMDvhv+VBlxBCJ/71TXrYCq+T9BlN0UuMPBWNgXjlSB5nJFsyQhKygCAWGPR O40KTP+jC82Y9+RzensZ/Q== 0001305014-07-000185.txt : 20070703 0001305014-07-000185.hdr.sgml : 20070703 20070703091347 ACCESSION NUMBER: 0001305014-07-000185 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070703 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070703 DATE AS OF CHANGE: 20070703 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: 07957549 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): July 3, 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 July 3, 2007, Ashland Inc. ("Ashland") provided an update to its fiscal third quarter outlook. Ashland plans to report preliminary results for its fiscal third quarter on July 25, 2007 and follow with a conference call and webcast at 8:30 a.m., EDT. Ashland 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 July 3, 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) July 3, 2007 /s/ J. Marvin Quin ------------------------------------------- J. Marvin Quin Senior Vice President and Chief Financial Officer -3- EXHIBIT INDEX ------------- 99.1 Press Release dated July 3, 2007. -4- EX-99 2 ex991.txt EXHIBIT 99.1 EXHIBIT 99.1 [GRAPHIC OMITTED] News Release Ashland Logo Media Relations: Investor Relations: Jim Vitak Dean Doza (614) 790-3715 (859) 815-4454 jevitak@ashland.com lddoza@ashland.com FOR IMMEDIATE RELEASE July 3, 2007 ASHLAND INC. PROVIDES FISCAL THIRD-QUARTER UPDATE COVINGTON, Ky. - Ashland Inc. (NYSE:ASH) today provided an update to its fiscal third-quarter outlook. Results for the quarter, which ended June 30, 2007, will include several favorable developments in certain of Ashland's reserves and cost estimates. Operating income for the June 2007 quarter will benefit from adjustments of approximately $11 million due to lower pension and other benefit costs. In addition, favorable adjustments to environmental reserves are expected to total approximately $4 million, reflecting updates of future costs based on engineering estimates for identified sites and improvements to the environmental assessment process. Income from discontinued operations for the June 2007 quarter will include a favorable net adjustment to asbestos reserves and related receivables for insurance recoveries of $16 million, resulting from an updated assessment of future claim costs. Net income will benefit from an adjustment to Ashland's income tax rate, as previously disclosed. The tax rate is expected to be roughly 18 percent for the June quarter and 24 percent for the entire fiscal year ending in September. In addition, excluding the effects of the above adjustments and despite weak earnings from Ashland Distribution, operating income for the June 2007 quarter is expected to substantially exceed the same quarter a year ago. The current-year quarter will benefit from strong Valvoline results and lower corporate costs as compared with the prior-year June quarter. Distribution has experienced both lower margins due to continued weakness in its key North American markets and a full quarter's impact from the discontinuance of a significant North American plastics supply contract. Distribution's operating income, excluding its portion of the adjustments, is expected to be roughly half of the $20.1 million reported in the March 2007 quarter. For the year-ago June quarter, Distribution reported income of $30.1 million. Ashland's operating income in the prior-year quarter was adversely affected by a $9.7 million loss from Valvoline and the required inclusion in operating expenses of $12.1 million of corporate costs previously allocated to the company's former APAC subsidiary, partially offset - more - Ashland Inc.-Covington, Ky.-41012-0391-(859)815-3333-www.ashland.com ASHLAND INC. PROVIDES FISCAL THIRD-QUARTER UPDATE, PG. 2 by a $7.6 million foreign currency hedge gain related to an Ashland Water Technologies' acquisition. Ashland will announce preliminary results* for the third quarter on July 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-----