-----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, Hb8edlLysjDnfhF7E8JEc/k/Mgs4hqWeihxodo2FzBSlurM9zU46Jt1zQl9WrAMV hLbLgGfU8z01HwGhdVZapA== 0000030554-96-000004.txt : 19960125 0000030554-96-000004.hdr.sgml : 19960125 ACCESSION NUMBER: 0000030554-96-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960124 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960124 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: 96506493 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) January 24, 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. 33-48128, No. 33-53327 and No. 33-61339), we hereby file the following press release. Exhibit Number Description of Exhibit ------- ------------------------------------------------- 99 Copy of the Registrant's Earnings Press Release, dated January 24, 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 January 24, 1996 3 EXHIBIT INDEX Exhibit Number Description - ------- ------------------------------------------------------- 99 Copy of the Registrant's Earnings Press Release, dated January 24, 1996. 4 EXHIBIT 99 Contact: Susan Gaffney (302) 774-2698 WILMINGTON, Del., January 24 -- DuPont reported record fourth quarter and full-year 1995 earnings per share citing improved profit margins on revenue growth of 4 percent for the quarter and 9 percent for the year in its chemicals and specialties businesses. Fourth quarter 1995 earnings of $1.13 per share surpassed previous record fourth quarter earnings of $.95 posted in 1994. Excluding previously announced nonrecurring charges totaling $.15 per share, earnings for the quarter were $1.28 per share, up 35 percent versus prior year. Full year earnings were $5.61 per share compared to $4.00 per share in 1994. Excluding nonrecurring items from both years, 1995 earnings were $5.81 per share, up 43 percent from $4.07 per share in 1994. The average number of shares outstand- ing in 1995 declined 14 percent due to the redemption of stock from Seagram in 1995. "This was our second consecutive year of record earnings and significant year-over-year improvement," said John A. Krol, DuPont president and chief executive officer. "These outstanding results are a tribute to the talent and dedication of DuPont's people worldwide. We are pleased with 5 the progress we have made to increase profitability and expand our businesses globally." "Record results were achieved across a broad span of businesses including white pigments, agricultural products, packaging and industrial products, specialty chemicals, engineering polymers, aramid fiber products and upstream petroleum," Krol said. "In addition, we were able to generate net cash flow after dividends of $2.3 billion, $700 million more than last year. As a result, our program to pay back debt incurred for redemption of shares from Seagram remains on track." Total company sales for the year were $42.2 billion, up 7 percent from last year. Chemicals and specialties segments sales were $24.5 billion, up 9 percent. This reflects 4 percent higher sales volume and 5 percent higher average selling prices, with about half of the selling price increase attributable to a weaker U.S. dollar. Outside the United States, volume improved 7 percent, principally reflecting growth in the Asia Pacific and European regions. U.S. sales volume was up one percent. Petroleum segment sales were $17.7 billion, 5 percent higher than last year. Net income for the year was $3.3 billion, up 21 percent from $2.7 billion earned in 1994. Excluding interest expense associated with debt incurred to finance the redemption of stock from Seagram, earnings for the year increased 28 percent. 6 As previously announced, after-tax nonrecurring charges in the quarter of $83 million or $.15 per share included $38 million for a recent settlement of a nationwide class-action plumbing systems lawsuit, and $45 million for write-downs of certain petroleum assets. The following information compares for each industry segment the full year 1995 results with prior year, excluding the impact of nonrecurring items described in the accompanying footnotes. Chemicals segment earnings were $649 million, up 66 percent from the $391 million earned last year, principally reflecting improvement in white pigments and specialty chemicals. Segment sales of $4.2 billion were 11 percent higher, reflecting 9 percent higher prices and 2 percent higher volumes. Fibers segment earnings of $795 million were 18 percent above the $676 million earned in 1994. This is principally attributable to improved results for aramid fibers and Dacron(R) polyester. Sales of $7.2 billion were up 7 percent, reflecting 5 percent higher selling prices, and 2 percent higher volume. Earnings for the Polymers segment were $876 million, up 24 percent from $706 million in 1994, reflecting improvement in most businesses. Engineering polymers, elastomers and 7 packaging and industrial polymers had the greatest year-over- year gains. Segment sales of $7.0 billion were 11 percent above 1994, reflecting 6 percent higher selling prices and 5 percent higher volume. Diversified Businesses segment earnings were $924 million, up 37 percent from $676 million in 1994, princi- pally reflecting higher earnings in agricultural products and pharmaceuticals. Pharmaceuticals benefitted from a more favorable allocation of DuPont Merck joint venture operating income recognizing the performance of assets originally contributed by DuPont to the venture. Segment sales were $6.1 billion, up 7 percent, reflecting 2 percent higher selling prices and 5 percent higher volume. Petroleum segment earnings were $700 million, essen- tially unchanged from the $706 million earned in 1994. Upstream earnings were a record $509 million, up 8 percent. Upstream operations outside the United States provided a 14 percent increase on higher crude oil prices and lower costs, while domestic upstream improved 2 percent despite 19 percent lower natural gas prices. Downstream earnings were $191 million, down 19 percent, attributable to lower worldwide refined product margins. Domestic downstream was up 10 percent over last year, offsetting the lower margins with aggressive reductions in cost. 8 "1995 was a year of rapid global economic change with the significant volume gains posted early in the year declining to small gains by the end of the year, principally reflecting declining growth in Europe and Asia," said Krol. "U.S. sales volume growth turned slightly positive in the fourth quarter. We remain optimistic about our ability to perform well in 1996 and will continue our focus on targeted profitable growth, cost control and capital productivity." 1/24/96 9 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
Three Months Ended Year Ended CONSOLIDATED INCOME STATEMENT December 31 December 31 - ----------------------------------------------------------------------------------------------------- (Dollars in millions, except per share) 1995 1994 1995 1994 - ---------------------------------------------------------------------------------------------------- SALES ............................................. $10,385 $10,137 $42,163 $39,333 Other Income ...................................... 294 258 1,099 913 ------- ------- ------- ------- Total ......................................... 10,679 10,395 43,262 40,246 ------- ------- ------- ------- Cost of Goods Sold and Other Expenses ............. 7,930 7,656 31,162 29,238 Selling, General and Administrative Expenses ...... 750 795 2,995 2,876 Depreciation, Depletion and Amortization .......... 785 806 2,722 2,976 Exploration Expenses, Including Dry Hole Costs and Impairment of Unproved Properties ........... 110 153 331 357 Interest and Debt Expense ......................... 197 124 758 559 Restructuring.................................. - (88) (96) (142) ------- ------- ------- ------- Total ......................................... 9,772 9,446 37,872 35,864 ------- ------- ------- ------- EARNINGS BEFORE INCOME TAXES ...................... 907 949 5,390 4,382 Provision for Income Taxes ........................ 280 303 2,097 1,655 ------- ------- ------- ------- NET INCOME ........................................ $ 627 $ 646 $ 3,293 $ 2,727 ======= ======= ======= ======= EARNINGS PER SHARE OF COMMON STOCK ............ $ 1.13 $ .95 $ 5.61 $ 4.00 ======= ======= ======= ======= DIVIDENDS PER SHARE OF COMMON STOCK ............... $ .52 $ .47 $ 2.03 $ 1.82 ======= ======= ======= ======= Certain reclassifications of 1994 data have been made to conform to 1995 classifications. Reflects adjustments to 1993 estimated charges for asset write-downs, employee separation costs, facility shutdowns, and other restructuring costs. Includes a benefit of $30 from adjustment of prior-year tax provisions. Includes a benefit of $127 principally related to a favorable change in tax status resulting from a transfer of properties among certain North Sea affiliates. Earnings per share are calculated on the basis of the following average number of common shares outstanding: Three Months Ended Year Ended December 31 December 31 1995 555,367,995 585,107,476 1994 680,929,485 679,999,916
10 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
Three Months Ended Year Ended CONSOLIDATED INDUSTRY SEGMENT INFORMATION December 31 December 31 - ----------------------------------------------------------------------------------------------------- (Dollars in millions) 1995 1994 1995 1994 - ---------------------------------------------------------------------------------------------------- SALES - ----- Chemicals ........................................... $ 1,006 $ 970 $ 4,181 $ 3,760 Fibers .............................................. 1,801 1,723 7,215 6,767 Polymers ............................................ 1,716 1,639 7,037 6,318 Petroleum ........................................... 4,468 4,470 17,660 16,815 Diversified Businesses .............................. 1,394 1,335 6,070 5,673 ------- ------- ------- ------- Total ........................................... $10,385 $10,137 $42,163 $39,333 ======= ======= ======= ======= AFTER-TAX OPERATING INCOME - -------------------------- Chemicals ........................................... $ 151 $ 125 $ 659$ 386 Fibers .............................................. 188 216 826 701 Polymers ............................................ 175(e) 194 841 717 Petroleum ........................................... 89(f) 118 655 680 Diversified Businesses .............................. 175 98 849 623 ------- ------- ------- ------- Total ........................................... 778 751 3,830 3,107 Interest and Other Corporate Expenses Net of Tax ............................... (151) (105) (537) (380) ------- ------- ------- ------- NET INCOME .......................................... $ 627 $ 646 $ 3,293 $ 2,727 - ---------- ======= ======= ======= ======= 1995 includes, from the third quarter, 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) ====
11 [FN] 1994 includes the following fourth-quarter (charges)/benefits: Chemicals $ 22 (1) Fibers 25 (1) Polymers (5)(1) Diversified Businesses (40)(1)(2) ---- $ 2 ==== (1) Reflects adjustments in estimates associated with the third quarter 1993 restructuring charge. (2) Includes charges of $63 for the "Benlate" DF 50 fungicide recall and $27 for the write-down of assets and discontinuation of certain products, and a benefit of $30 from adjustment of prior-year tax provisions. 1994 includes the following third-quarter (charges)/benefits: Chemicals $(27)(1) Polymers 16 (2) Petroleum (26)(2) Diversified Businesses 34 (2) ---- $ (3) ==== (1) Associated with discontinuation of certain products and asset sales and write-downs. (2) Reflects adjustments in estimates associated with the third quarter 1993 restructuring charge. In addition, the Petroleum segment also includes additional charges for employee separation costs, a loss of $95 from write-down of certain North Sea oil properties held for sale and a benefit of $127 principally related to a favorable change in tax status resulting from a transfer of properties among certain North Sea affiliates. The Chemicals and Fibers segments reflect an additional benefit of $7 and $27, respectively, principally an adjustment of estimates associated with the third quarter 1993 restructuring charge. Includes a charge of $38 for costs to settle certain plumbing systems litigation. Includes a charge of $45 for write-down of certain North American and European assets. Also includes charges of $63 and $47 associated with "Benlate" DF 50 fungicide recall from the quarters ended June 30, 1995 and 1994, respectively. 12 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
After-Tax Operating Income ------------------------------------------- CONSOLIDATED INDUSTRY SEGMENT INFORMATION Three Months Ended Year Ended EXCLUDING IMPACT OF NONRECURRING ITEMS December 31 December 31 - ----------------------------------------------------------------------------------------------------- (Dollars in millions) 1995 1994 1995 1994 - ---------------------------------------------------------------------------------------------------- Chemicals ........................................... $ 151 $ 103 $ 649 $ 391 Fibers .............................................. 188 191 795 676 Polymers ............................................ 213 199 876 706 Petroleum ........................................... 134 118 700 706 Diversified Businesses .............................. 175 138 924 676 ------ ------ ------ ------ Total ........................................... $ 861 $ 749 $3,944 $3,155 Less: Interest and Other Corporate Expenses Net of Tax ........................................ (151) (105) (537) (380) ------ ------ ------ ------ Total ........................................... $ 710 $ 644 $3,407 $2,775 ====== ====== ====== ======
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