-----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, Eg2TK87s9xQDJTltNsagG69GLiLF8ddMCgNQodHJ5S+TNoKK7G/WkmZT4FrQWvUP hs7oW8kYlrzLZoUJDSOSDQ== 0000030554-96-000035.txt : 19961024 0000030554-96-000035.hdr.sgml : 19961024 ACCESSION NUMBER: 0000030554-96-000035 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961023 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961023 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DUPONT E I DE NEMOURS & CO CENTRAL INDEX KEY: 0000030554 STANDARD INDUSTRIAL CLASSIFICATION: PLASTIC MAIL, SYNTH RESIN/RUBBER, CELLULOS (NO GLASS) [2820] IRS NUMBER: 510014090 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00815 FILM NUMBER: 96646549 BUSINESS ADDRESS: STREET 1: 1007 MARKET ST CITY: WILMINGTON STATE: DE ZIP: 19898 BUSINESS PHONE: 3027741000 8-K 1 CURRENT REPORT 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) October 23, 1996 E. I. du Pont de Nemours and Company (Exact Name of Registrant as Specified in Its Charter) Delaware 1-815 51-0014090 (State or Other Jurisdiction (Commission (I.R.S Employer of Incorporation) File Number) Identification No.) 1007 Market Street Wilmington, Delaware 19898 (Address of principal executive offices) Registrant's telephone number, including area code: (302) 774-1000 1 Item 7. Financial Statements and Exhibits --------------------------------- In connection with Debt and/or Equity Securities that may be offered on a delayed or continuous basis under Registration Statements on Form S-3 (No. 33-53327, No. 33-61339 and No. 33-60069), we hereby file the following press release. Exhibit Number Description of Exhibit ------- ------------------------------------------------- 99 Copy of the Registrant's Earnings Press Release, dated October 23, 1996 2 SIGNATURE 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. E. I. DU PONT DE NEMOURS AND COMPANY (Registrant) /s/D. B. Smith ------------------------------------ D. B. Smith Assistant Controller October 23, 1996 3 EXHIBIT INDEX Exhibit Number Description of Exhibits - ------- ------------------------------------------------------------ 99 Copy of the Registrant's Earnings Press Release, dated October 23, 1996. 4 EXHIBIT 99 Contact: Susan Gaffney (302) 774-2698 Wilmington, Del., Oct. 23 -- DuPont reported record third quarter earnings of $1.60 per share, citing strong upstream petroleum earnings and 6 percent volume growth in its chemicals and specialties businesses. Excluding a previously announced nonrecurring charge of $.08 per share, earnings for the quarter were $1.68, 22 percent higher than the $1.38 per share earned in the third quarter of 1995. Net income totaled $898 million compared to $769 million in 1995. "This is the tenth consecutive quarter where earnings per share were at record levels versus comparable quarters," said President and Chief Executive Officer, John A. Krol. "This consistent level of performance reflects our employees' dedica- tion and clear focus on profitable growth worldwide." Petroleum segment earnings in the current quarter were up 47 percent from last year and were the highest since the first quarter 1991. Upstream was particularly strong, with earnings increasing 96 percent compared to last year on higher prices and solid production gains. Earnings for Chemicals and Specialties businesses were mixed, with strong performances from agricultural products, automotive products, nylon, engineering polymers, and "Lycra" brand spandex. 5 Sales for the third quarter were $10.5 billion versus $10.2 billion last year, up 3 percent. Chemicals and Special- ties segments sales were $5.6 billion, up 3 percent after adjusting for changes in business composition resulting from divestitures and formation of the DuPont Dow Elastomers joint venture. Worldwide Chemicals and Specialties sales volume increased 6 percent -- 4 percent in the United States and 7 percent outside the United States. Worldwide Chemicals and Specialties average selling prices were down 3 percent from last year, about half due to the adverse effect of the stronger dollar and the remainder primarily from lower prices for white pigments and "Dacron" polyester fiber. Petroleum segment sales were $4.9 billion, up 12 percent over last year. Crude oil prices averaged $19.85 per barrel for the period, 25 percent higher than last year. U.S. natural gas prices were 45 percent higher averaging $1.98 per thousand cubic feet, while worldwide gas prices increased 32 percent to $2.28 per thousand cubic feet. Crude oil production and natural gas deliveries increased 5 percent and 12 percent, respectively. As previously announced, the current quarter includes an after-tax nonrecurring charge of $47 million, or $.08 per share, for crop damage claims and legal expenses related to the recall of "Benlate" 50 DF fungicide. The third quarter of 1995 had no earnings per share effect from nonrecurring items, but did include $.12 per share income from insurance recoveries related to environmental remediation. 6 The following commentary compares third quarter 1996 results with third quarter 1995 for each industry segment, after adjusting sales for changes in business composition and exclud- ing the earnings impact of nonrecurring items. Chemicals segment earnings were $138 million, down $19 million, or 12 percent, reflecting lower earnings for white pigments, partly offset by improved results for specialty chemicals. Segment sales were 3 percent lower, reflecting 10 percent lower selling prices, partly offset by 7 percent higher sales volume. Fibers segment earnings of $206 million were up $17 million, or 9 percent, principally due to better earnings from nylon, "Lycra" and nonwovens. "Dacron" polyester was adversely affected by weather-related plant outages and lower polyester staple prices. Segment sales were up less than 1 percent, as 2 percent higher volume was offset by lower selling prices. Polymers segment earnings were $213 million, up $18 million, or 9 percent, reflecting improved results in automotive products and engineering polymers. Segment sales grew 4 percent, reflecting 6 percent higher volume, partly offset by 2 percent lower selling prices. Petroleum segment earnings were $256 million, up $82 million from last year. Upstream earned $163 million, almost double last year's $83 million, due to higher prices and production, while keeping nonproduction-related costs under 7 control. In particular, earnings from Upstream operations outside the United States improved dramatically to $102 million, compared to $41 million last year, on strong North Sea per- formance. Downstream earned $93 million, up slightly from last year, despite continuing weak margins aggravated by higher crude costs. Diversified Businesses segment earnings totaled $218 million, up $28 million or 15 percent, principally due to higher earnings from agricultural products. Agricultural products sales were unusually strong in the third quarter, reflecting later-than-normal crop plantings in North America. Segment sales were up 11 percent due to 11 percent higher sales volume. Selling prices were down less than 1 percent. For the first nine months of 1996, earnings per share totaled $4.95 and exceeded by 11 percent the previous record for nine months earnings of $4.47 per share set in 1995. Net income for the first nine months of 1996 was $2.8 billion, up 4 percent compared to $2.7 billion in the same period last year. Year-to- date sales totaled $32.4 billion versus $31.8 billion last year, up 2 percent. "Total return to DuPont shareholders has been about 40 percent so far this year, well above industry averages," said Krol. "We are pleased with our improved performance, and will continue to focus on generating shareholder value through profitable growth by leveraging technologies and expanding global leadership positions in our businesses." 10/23/96 8 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
Three Months Ended Nine Months Ended CONSOLIDATED INCOME STATEMENT September 30 September 30 - ------------------------------------------------------------------------------------------------------------ (Dollars in millions, except per share) 1996 1995 1996 1995 - ------------------------------------------------------------------------------------------------------------ SALES ................................................... $10,486 $10,200 $32,403 $31,778 Other Income ............................................ 328 220 1,103 805 ------- ------- ------- ------- Total ............................................... 10,814 10,420 33,506 32,583 ------- ------- ------- ------- Cost of Goods Sold and Other Expenses ................... 7,776 7,502 24,065 23,136 Selling, General and Administrative Expenses ............ 648 723 2,106 2,245 Depreciation, Depletion and Amortization ................ 628 647 1,886 1,937 Exploration Expenses, Including Dry Hole Costs and Impairment of Unproved Properties ................. 88 79 235 221 Interest and Debt Expense ............................... 171 205 547 561 ------- ------- ------- ------- Total ............................................... 9,311 9,156 28,839 28,100 ------- ------- ------- ------- EARNINGS BEFORE INCOME TAXES ............................ 1,503 1,264 4,667 4,483 Provision for Income Taxes .............................. 605 495 1,889 1,817 ------- ------- ------- ------- NET INCOME .............................................. $ 898 $ 769 $ 2,778 $ 2,666 ======= ======= ======= ======= EARNINGS PER SHARE OF COMMON STOCK .................. $ 1.60 $ 1.38 $ 4.95 $ 4.47 ======= ======= ======= ======= DIVIDENDS PER SHARE OF COMMON STOCK ..................... $ .57 $ .52 $ 1.66 $ 1.51 ======= ======= ======= ======= Earnings per share are calculated on the basis of the following average number of common shares outstanding: Three Months Ended Nine Months Ended September 30 September 30 ------------------ ----------------- 1996 561,367,436 559,880,456 1995 554,978,850 595,129,571
9 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
Three Months Ended Nine Months Ended CONSOLIDATED INDUSTRY SEGMENT INFORMATION September 30 September 30 - --------------------------------------------------------------------------------------------------------------- (Dollars in millions) 1996 1995 1996 1995 - --------------------------------------------------------------------------------------------------------------- SALES - ----- Chemicals ............................................... $ 1,025 $ 1,052 $ 3,100 $ 3,175 Fibers .................................................. 1,735 1,728 5,301 5,414 Polymers ................................................ 1,573 1,700 5,071 5,321 Petroleum ............................................... 4,929 4,383 14,549 13,192 Diversified Businesses .................................. 1,224 1,337 4,382 4,676 ------- ------- ------- ------- Total ............................................... $10,486 $10,200 $32,403 $31,778 ======= ======= ======= ======= AFTER-TAX OPERATING INCOME - -------------------------- Chemicals ............................................... $ 138 $ 160 $ 425 $ 502 Fibers .................................................. 206 193 561 623 Polymers ................................................ 213 198 710 657 Petroleum ............................................... 256 174 647 540 Diversified Businesses .................................. 171 178 739 667 ------- ------- ------- ------- Total ............................................... 984 903 3,082 2,989 Interest and Other Corporate Expenses Net of Tax ................................... (86) (134) (304) (323) ------- ------- ------- ------- NET INCOME .............................................. $ 898 $ 769 $ 2,778 $ 2,666 - ---------- ======= ======= ======= ======= Effective in the first quarter of 1996, the amortization of capitalized interest associated with property, plant and equipment is included in After-Tax Operating Income versus the previous practice of including such amortization in Interest and Other Corporate Expenses Net of Tax. Prior period data have been reclassified for comparative purposes. This change has no effect on Net Income. Third quarter 1995 includes a charge of $24 for printing and publishing operations, principally for employee separation costs in Europe, a litigation provision of $13 related to a previously sold business, and adjustments in estimates associated with the third quarter 1993 restructuring charge, which result in the following net (charges)/ benefits: Chemicals $ 3 Fibers 4 Polymers 3 Diversified Businesses (12) ---- $ (2) ----
10 [FN] The Chemicals and Fibers segments include a charge of $21 and $32, respectively, principally for employee separation costs in the United States. The Chemicals and Fibers segments also include a benefit of $7 and $27, respectively, principally an adjustment of estimates associated with the third quarter 1993 restructuring charge. Includes a gain of $55 associated with the formation of the DuPont-Dow Elastomers joint venture. Includes charges of $63 for writedown of investment in a European natural gas marketing joint venture, and $22, principally, for employee separation costs in the United States, partly offset by a net benefit of $44 related to environmental insurance recoveries. Includes gains of $41 from the sale of certain medical products businesses and $33 related to sale of stock received in connection with the previously sold connector systems business, and a charge of $26, principally employee separation costs outside the United States, associated with the printing and publishing business. Includes a charge of $47 in third quarter 1996, and $110 and $63, respectively, for the nine months ended September 30, 1996 and 1995, associated with "Benlate" 50 DF fungicide recall. 11 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
After-Tax Operating Income ------------------------------------------------ CONSOLIDATED INDUSTRY SEGMENT INFORMATION Three Months Ended Nine Months Ended EXCLUDING IMPACT OF NONRECURRING ITEMS September 30 September 30 - --------------------------------------------------------------------------------------------------------------- (Dollars in millions) 1996 1995 1996 1995 - --------------------------------------------------------------------------------------------------------------- Chemicals ............................................... $ 138 $ 157 $ 446 $ 492 Fibers .................................................. 206 189 593 592 Polymers ................................................ 213 195 655 654 Petroleum ............................................... 256 174 688 540 Diversified Businesses .................................. 218 190 801 742 ------ ------ ------ ------ Total ............................................... $1,031 $ 905 $3,183 $3,020 Less: Interest and Other Corporate Expenses Net of Tax ............................................ (86) (134) (304) (323) ------ ------ ------ ------ Total ............................................... $ 945 $ 771 $2,879 $2,697 ====== ====== ====== ======
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