-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, BLYbvB/bZ4K/OQBkzQVBPeTaIJ+MUCNkYZjDPwNrjfeIelDOotoAPhpyqiHhK2pc R4bCfQqFKCBkiugxdc35iQ== 0000201493-94-000003.txt : 19940415 0000201493-94-000003.hdr.sgml : 19940415 ACCESSION NUMBER: 0000201493-94-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940413 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19940414 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLTEC INDUSTRIES INC CENTRAL INDEX KEY: 0000201493 STANDARD INDUSTRIAL CLASSIFICATION: 3728 IRS NUMBER: 131846375 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07568 FILM NUMBER: 94522740 BUSINESS ADDRESS: STREET 1: 430 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2129400400 MAIL ADDRESS: STREET 1: 430 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: COLT INDUSTRIES INC DATE OF NAME CHANGE: 19900913 FORMER COMPANY: FORMER CONFORMED NAME: PENN TEXAS CORP DATE OF NAME CHANGE: 19680318 FORMER COMPANY: FORMER CONFORMED NAME: FAIRBANKS WHITNEY CORP DATE OF NAME CHANGE: 19680318 8-K 1 COLTEC IND INC 8-K 4-13-94 April 14, 1994 Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549 Gentlemen: On behalf of Coltec Industries Inc, a Pennsylvania corporation (the "Company"), pursuant to Section 13 of the Securities Exchange Act of 1934, as amended, and Rule 13a-11 promulgated thereunder is the Company's Current Report on Form 8-K, including the exhibit thereto filed by electronic submission. Very truly yours, COLTEC INDUSTRIES INC by Anthony J. diBuono Executive Vice President and Secretary 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 report): April 13, 1994 ________________________________ Coltec Industries Inc ________________________________________________________________________________ (Exact name of registrant as specified in its chapter) Pennsylvania 1-7568 13-1846375 ________________________________________________________________________________ (State or other juris- (Commission (I.R.S. Employer diction of incorporation) File Number) Identification No.) 430 Park Avenue, New York, New York 10022 ________________________________________________________________________________ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 940-0400 __________________________ Item 5. Other Events ________________________ On April 13, 1994, the Registrant issued a press release reporting first quarter 1994 results. A copy of the Registrant's press release is attached hereto as an exhibit and is incorporated herein by reference. Item 7(c). Exhibits ____________________ 99. Press release, dated April 13, 1994, reporting Registrant's first quarter 1994 results. 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. COLTEC INDUSTRIES INC By: Name: Anthony J. diBuono Title: Executive Vice President and Secretary Dated: April 14, 1994 COLTEC INDUSTRIES REPORTS FIRST QUARTER RESULTS New York, NY, April 13, 1994 -- Coltec Industries Inc (NYSE:COT) today reported earnings before extraordinary item of $20.6 million, equal to 30 cents per share, for the first quarter of 1994 compared with $17.5 million, or 25 cents per share, in the first quarter of 1993. Sales for the quarter ended April 3, 1994 were $331.9 million compared with $339.9 million in the like quarter last year. Operating income for the 1994 first quarter was $54.7 million and the operating margin was 16.5%. This compared with operating income of $55.0 million and an operating margin of 16.2% in the 1993 first quarter. Net interest expense declined $5.6 million, or 20%, primarily reflecting a bank refinancing entered into in January 1994. In the Aerospace/Government segment, operating income in the 1994 first quarter declined 23% on a 12% sales decrease from the comparable 1993 period. Operating income in the Automotive segment improved 8% on a 14% sales increase, and operating income in the Industrial segment increased 7% on an 8% decline in sales. John W. Guffey, Jr., president and chief operating officer, said, "First quarter results were adversely impacted by the severe weather conditions in January and February. Our Automotive segment continues to benefit from the increasing strength in the automotive industry and rising demand for our products. While our Aerospace/Government segment continued to be affected by weakness in demand for commercial aircraft, we anticipate that results for this segment will improve as shipments of landing gear assemblies for Boeing's 777 jetliner accelerate this year and engine deliveries for the Sealift program commence in 1995. We are encouraged by strengthening confidence in the U.S. manufacturing sector which we expect will benefit our Industrial segment. Order input in this segment increased in the first quarter of 1994 over the 1993 fourth quarter." Excluding the operating results of Central Moloney, which was sold in January 1994, sales were up slightly to $327.0 million from $324.2 million and operating income was $54.6 million compared with $56.6 million in the first quarter of 1993. Excluding Central Moloney, operating income for the Industrial segment was level and sales were up 2% for the first quarter of 1994. Coltec Industries is a New York-based manufacturing company serving aerospace, automotive and other industrial markets. Summary Consolidated Statement of Earnings is attached. Industry Segment Information is attached. COLTEC INDUSTRIES INC and SUBSIDIARIES Summary Consolidated Statement of Earnings (Unaudited) Three Months Ended ____________________ April 3, April 4, 1994 1993 ________ ________ (In thousands, except per share data) Net sales $331,850 $339,934 Costs and expenses 277,171 284,967 ________ ________ Operating income 54,679 54,967 Interest, net 22,424 28,059 ________ ________ Earnings before income taxes and extraordinary item 32,255 26,908 Provision for income taxes 11,612 9,418 ________ ________ Earnings before extraordinary item 20,643 17,490 Extraordinary item - (264) ________ ________ Net earnings $ 20,643 $ 17,226 ======== ======== Earnings per common share Before extraordinary item $ .30 $ .25 Extraordinary item - - ________ ________ Net earnings $ .30 $ .25 ======== ======== Weighted average number of common and common equivalent shares 69,797 69,599 ======== ======== COLTEC INDUSTRIES INC and SUBSIDIARIES Industry Segment Information (Unaudited) Three Months Ended ____________________ April 3, April 4, 1994 1993 ________ ________ (In millions) Sales: Aerospace/Government $ 99.1 $113.1 Automotive 128.4 113.1 Industrial 104.7 114.0 Intersegment elimination (.3) (.3) ______ ______ Total $331.9 $339.9 ====== ====== Operating income: Aerospace/Government $ 13.6 $ 17.7 Automotive 28.3 26.3 Industrial 22.3 20.8 ______ ______ Total segments 64.2 64.8 Corporate unallocated (9.5) (9.8) ______ ______ Operating income $ 54.7 $ 55.0 ====== ====== Operating results for the Aerospace/Government segment continued to reflect the weakness in demand for commercial aircraft. Shipments of Menasco landing gear were down reflecting schedule reductions early in 1993. Earnings were down at Fairbanks Morse Engine on lower shipments of engines and on lower production volume, resulting from delayed receipt of orders totalling $40 million for engines for the U.S. Navy Sealift and LSD programs. Production on these engines for which firm orders have now been received will begin in the second quarter 1994. Operating results at Chandler Evans Control Systems and Walbar were adversely impacted due to production delays and inefficiencies during the consolidation and relocation of operations pursuant to the restructuring plan announced in 1993. The improved performance in the Automotive segment reflects higher new car and truck production, increased applications for segment components and the introduction of new automotive products. In the Industrial segment, higher sales and earnings were reported by Quincy Compressor and Garlock Bearings, while Garlock Mechanical Packing, France Compressor Products and Delavan Commercial Products reported lower results. Excluding Central Moloney, which was sold in January 1994, Industrial segment sales were up 2% and operating income was level in the first quarter 1994. -----END PRIVACY-ENHANCED MESSAGE-----