-----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, P6bMMxuiZNNU1JOwFGl0hHiO2HneRFYk7LRpezY1f+vh9lNwEaZNzeSaiB+F/gHq CJhsiRe1A7+w339U74P/eA== 0000030554-95-000014.txt : 19950425 0000030554-95-000014.hdr.sgml : 19950425 ACCESSION NUMBER: 0000030554-95-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950424 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950424 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: 95530564 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) April 24, 1995 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. 33-48128, No. 33-53327 and No. 33-58599), we hereby file the following press release. Exhibit Number Description of Exhibit ------- ------------------------------------------------- 99 Copy of the Registrant's Earnings Press Release, dated April 24, 1995 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 April 24, 1995 3 EXHIBIT INDEX Exhibit Number Description - ------- ------------------------------------------------------- 99 Copy of the Registrant's Earnings Press Release, dated April 24, 1995. 4 EXHIBIT 99 Contact: Mike Ricciuto (302) 774-2883 WILMINGTON, Del., April 24 -- Building on its record 1994 performance, DuPont reported record net income for the first quarter of 1995 of $959 million, or $1.40 per share, up 49 percent from the $642 million, or $.94 per share, earned in the first quarter 1994. As previously announced, on April 6, 1995, DuPont redeemed 156 million shares of DuPont common stock from Seagram. This transaction did not affect first quarter results, but will have a positive effect on earnings per share in future quarters. "This is a fantastic start to the year," said DuPont chairman Edgar S. Woolard. "Our ability to sustain strong financial performance and achieve real market growth is supported by another outstanding quarter." Woolard cited Agricultural Products and businesses in the company's Polymers and Chemicals segments for their particularly strong performances. "We continue to see strong demand in chemicals and specialties and, more recently, higher selling prices, with added impetus from a weaker U.S dollar," said Woolard. "This was clearly demonstrated in Europe and Asia, with earnings from 5 these regions more than double last year's first quarter. Petroleum, although down from last year, also performed quite well given the difficult industry conditions experienced during the quarter." Sales totaled $10.5 billion, up $1.3 billion or 14 percent. For combined Chemicals and Specialties segments, sales were up 17 percent with 11 percent higher volume. Selling prices were up 6 percent, reflecting in part the currency effect of a weaker dollar. For the petroleum segment, sales were up 10 percent versus last year, largely on higher refined product volumes. The following compares first quarter 1995 results with first quarter 1994, for each industry segment: Chemicals segment earnings were $167 million, up $84 million, or 101 percent, principally attributable to better results for white pigments and specialty chemicals. Segment sales increased 22 percent with the most significant increases occurring outside the United States. Sales volume was up 14 percent, while selling prices increased 8 percent. Fibers segment earnings of $205 million were up $61 million, or 42 percent, principally reflecting improvements in aramids, "Dacron" polyester, nylon, and "Lycra" spandex. Segment sales were 13 percent higher, on 8 percent higher volume and 5 percent higher selling prices. 6 Polymers segment earnings were $235 million, up $88 million, or 60 percent, from last year. Engineering polymers, packaging and industrial polymers, and elastomers continue to perform very well, primarily reflecting higher sales. Segment sales improved 20 percent, reflecting 14 percent higher volume, and 6 percent higher selling prices. Petroleum segment earnings were $186 million, down $29 million, or 13 percent, due to the decline in worldwide refined product margins. However, upstream earnings were $169 million, up 27 percent due to higher crude oil prices and lower costs more than offsetting lower U.S. natural gas prices and lower international oil and gas production. Downstream earnings were $17 million, down from $82 million earned in the prior year, on significantly lower margins. Diversified Businesses segment earnings totaled $237 million, up $89 million or 60 percent. The earnings improvement was largely attributable to better results from agricultural products and films. Segment sales were up 17 percent, largely reflecting higher sales of agricultural products outside the United States. Segment selling prices were up 4 percent, while sales volume increased by 13 percent. 7 "Our businesses continue to deliver outstanding results," said Woolard. "In addition, given earnings-per-share accretion from the recent stock buyback and our expectation for continued favorable global economic conditions, we are optimistic about the future and our ability to provide attractive shareholder returns." 4/24/95 8 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
Three Months Ended CONSOLIDATED INCOME STATEMENT March 31 - -------------------------------------------------------------------------------------- (Dollars in millions, except per share) 1995 1994 - -------------------------------------------------------------------------------------- SALES ...................................................... $10,502 $ 9,190 Other Income ............................................... 361 205 ------- ------- Total .................................................. 10,863 9,395 ------- ------- Cost of Goods Sold and Other Expenses ...................... 7,603 6,675 Selling, General and Administrative Expenses ............... 740 664 Depreciation, Depletion and Amortization ................... 648 703 Exploration Expenses, Including Dry Hole Costs and Impairment of Unproved Properties .................... 54 59 Interest and Debt Expense .................................. 120 142 ------- ------- Total .................................................. 9,165 8,243 ------- ------- EARNINGS BEFORE INCOME TAXES ............................... 1,698 1,152 Provision for Income Taxes ................................. 739 510 ------- ------- NET INCOME ................................................. $ 959 $ 642 ======= ======= EARNINGS PER SHARE OF COMMON STOCK ..................... $ 1.40 $ .94 ======= ======= DIVIDENDS PER SHARE OF COMMON STOCK ........................ $ .47 $ .44 ======= ======= Subsequent Event - on April 6, 1995, DuPont redeemed 156 million of DuPont common shares from Seagram in a transaction valued at $8,775. In the transaction, Seagram received $1,000 in cash, $7,335 in short-term DuPont notes, and warrants valued at $440. This represents approximately $53 per share in cash and notes and $3 per share in warrants. On a pro forma basis, if the transaction had occurred at January 1, 1995 (assuming that the related indebtedness had been outstanding throughout the first quarter 1995), Earnings Per Share of Common Stock would have been $1.65 (on the basis of 525,352,598 average outstanding shares). The Company currently expects that the long-term funding for this transaction will include up to $3,500 of new equity. Accordingly, pro forma data for the first quarter 1995 are not necessarily indicative of results in subsequent periods. Effective with assets placed in service beginning in 1995 for the Company's chemicals and specialties businesses, the Company changed from an accelerated method to a straight-line method of depreciation. This change did not have a material impact for first quarter 1995, and it is not expected to have a material effect on full year 1995 results. Earnings per share are calculated on the basis of the following average number of common shares outstanding: Three Months Ended March 31: 1995 -- 681,352,598 1994 -- 678,476,595
9 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
Three Months Ended CONSOLIDATED INDUSTRY SEGMENT INFORMATION March 31 - -------------------------------------------------------------------------------------- (Dollars in millions) 1995 1994 - -------------------------------------------------------------------------------------- SALES - ----- Chemicals .................................................. $ 1,035 $ 848 Fibers ..................................................... 1,854 1,645 Polymers ................................................... 1,777 1,483 Petroleum .................................................. 4,253 3,862 Diversified Businesses ..................................... 1,583 1,352 ------- ------ Total .................................................. $10,502 $9,190 ======= ====== AFTER-TAX OPERATING INCOME - -------------------------- Chemicals .................................................. $ 167 $ 83 Fibers ..................................................... 205 144 Polymers ................................................... 235 147 Petroleum .................................................. 186 215 Diversified Businesses ..................................... 237 148 ------- ------ Total .................................................. 1,030 737 Interest and Other Corporate Expenses Net of Tax ...................................... (71) (95) ------- ------ NET INCOME ................................................. $ 959 $ 642 - ---------- ======= ======
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