-----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, VZrNXjefxIg64H/pqriuAOejc9/p/tb3Tqaa+1N6ROSL7yexbxO6GE6KGnMrQQ3N S6bkWSvpYKRwAaJjcZ7cbQ== 0000944209-97-001062.txt : 19970814 0000944209-97-001062.hdr.sgml : 19970814 ACCESSION NUMBER: 0000944209-97-001062 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970813 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED STATES FILTER CORP CENTRAL INDEX KEY: 0000318025 STANDARD INDUSTRIAL CLASSIFICATION: REFRIGERATION & SERVICE INDUSTRY MACHINERY [3580] IRS NUMBER: 330266015 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10728 FILM NUMBER: 97659352 BUSINESS ADDRESS: STREET 1: 40-004 COOK STREET CITY: PALM DESERT STATE: CA ZIP: 92211 BUSINESS PHONE: 6193400098 MAIL ADDRESS: STREET 1: 40-004 COOK STREET CITY: PALM DESERT STATE: CA ZIP: 92211 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN TOXXIC CONTROL INC DATE OF NAME CHANGE: 19910401 FORMER COMPANY: FORMER CONFORMED NAME: NOVAN ENERGY INC DATE OF NAME CHANGE: 19871227 10-Q 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [X] Quarterly report pursuant to Section 13 and 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended JUNE 30, 1997 ------------- or [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________ Commission file number 1-10728 ------- UNITED STATES FILTER CORPORATION -------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 33-0266015 -------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) identification No.) 40-004 COOK STREET, PALM DESERT, CA 92211 -------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (760) 340-0098 -------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- The number of shares of common stock, $.01 par value, outstanding as of August 8, 1997, is 71,622,869 shares. Total number of pages 16 ---- THERE IS ONE EXHIBIT FILED WITH THIS REPORT 1 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS UNITED STATES FILTER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS JUNE 30, 1997 AND MARCH 31, 1997 (UNAUDITED)
June 30, 1997 March 31, 1997 ------------- -------------- (in thousands) ASSETS Current assets: Cash and cash equivalents $ 57,331 126,237 Short-term investments 593 2,158 Accounts receivable, net 555,698 481,015 Costs and estimated earnings in excess of billings on uncompleted contracts 129,182 107,537 Inventories 267,021 242,483 Prepaid expenses 12,480 8,040 Deferred taxes 38,900 38,589 Other current assets 30,616 17,086 ---------- --------- Total current assets 1,091,821 1,023,145 ---------- --------- Property, plant and equipment, net 356,092 296,840 Investment in leasehold interests, net 22,921 23,230 Cost in excess of net assets of businesses acquired, net 875,902 788,096 Other assets 93,125 97,017 ---------- --------- $2,439,861 2,228,328 ========== ========= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable 264,048 237,895 Accrued liabilities 255,006 239,337 Current portion of long-term debt 12,497 10,806 Billings in excess of costs and estimated earnings on uncompleted contracts 47,170 42,183 Other current liabilities 34,427 21,327 --------- --------- Total current liabilities 613,148 551,548 --------- --------- Notes payable 7,091 8,876 Long-term debt, excluding current portion 29,794 12,286 Convertible subordinated debentures 554,000 554,000 Deferred taxes 11,521 11,521 Other liabilities 42,563 61,247 --------- --------- Total liabilities 1,258,117 1,199,478 --------- ---------
(Continued) 2 UNITED STATES FILTER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS JUNE 30, 1997 AND MARCH 31, 1997 (CONTINUED) (UNAUDITED)
June 30, 1997 March 31, 1997 ------------- -------------- (in thousands) Shareholders' equity: Common stock, par value $.01. Authorized 150,000 shares; 80,247 and 74,530 shares issued and outstanding at June 30, 1997 and March 31, 1997, respectively 802 745 Additional paid-in capital 1,127,219 990,004 Currency translation adjustment (24,383) (19,491) Retained earnings 78,106 57,592 ---------- --------- Total shareholders' equity 1,181,744 1,028,850 ---------- --------- $2,439,861 2,228,328 ========== =========
SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. 3 UNITED STATES FILTER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
1997 1996 ----------------- ----------------- (in thousands, except per share data) Revenues $598,234 222,958 Costs of sales 450,427 163,806 -------- ------- Gross profit 147,807 59,152 Selling, general and administrative expenses 109,351 44,481 -------- ------- Operating income 38,456 14,671 -------- ------- Other income (expense): Interest expense (8,859) (4,536) Interest and other income 925 602 -------- ------- (7,934) (3,934) -------- ------- Income before income tax expense 30,522 10,737 Income tax expense 9,796 3,043 -------- ------- Net income $ 20,726 7,694 ======== ======= Net income per common share $ 0.26 0.15 ======== ======= Weighted average number of shares outstanding 80,653 51,480 ======== =======
SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. 4 UNITED STATES FILTER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996 (UNAUDITED)
1997 1996 --------- -------- (in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 20,726 7,694 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Provision for bad debts 1,931 668 Depreciation and amortization 21,652 10,337 Decrease in closure reserves - 151 (Gain) loss on sale of assets 39 (2) Change in operating assets and liabilities: (Increase) decrease in accounts receivable (34,613) 18,628 Increase in costs and estimated earnings on uncompleted contracts (14,040) (12,086) Increase in inventories (17,653) (4,149) Increase in other assets (2,379) (8,149) Increase (decrease) in accounts payable and accrued expenses 28,436 (13,856) Increase in billings in excess of costs and estimated earnings on uncompleted contracts 1,507 4,574 Decrease in other liabilities (15,011) (1,830) -------- ------- Net cash provided by (used in) operating activities (9,405) 1,980 -------- ------- CASH FLOWS FROM INVESTING ACTIVITIES: Payment for purchase of property, plant & equipment (17,471) (11,607) Payment for purchase of acquisitions, net of cash acquired (38,277) (5,209) Proceeds from disposal of equipment 293 82 (Purchase) sale of short-term investments 1,571 (1,378) -------- ------- Net cash used in investing activities (53,884) (18,112) -------- -------
(Continued) SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. 5 UNITED STATES FILTER CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996 (CONTINUED) (UNAUDITED)
1997 1996 -------- -------- (in thousands) CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from issuance of common stock 683 924 Principal payments on debt (4,465) (18,808) Net (payments) proceeds from borrowings on notes payable (1,785) 25,412 Dividends paid (50) (461) -------- ------- Net cash provided by (used in) financing activities (5,617) 7,067 -------- ------- Net decrease in cash and cash equivalents (68,906) (9,065) Cash and cash equivalents at March 31, 1997 and 1996 126,237 18,886 -------- ------- Cash and cash equivalents at June 30, 1997 and 1996 $ 57,331 9,821 ======== ======= Supplemental disclosures of cash flow information: Cash paid during the period for interest $ 10,864 3,384 ======== ======= Cash paid during the period for income taxes $ 2,443 1,424 ======== =======
SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. 6 UNITED STATES FILTER CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1. Operations and Significant Accounting Policies ---------------------------------------------- The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such regulations. The condensed consolidated financial statements reflect all adjustments and disclosures which are, in the opinion of management, necessary for a fair presentation of the information contained therein. All such adjustments are of a normal recurring nature. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto that are contained in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 1997. The results of operations for the interim periods are not necessarily indicative of the results of the full fiscal year. Income per Common Share - ----------------------- Income per common share is computed based on the weighted average number of shares outstanding. Common stock equivalents, consisting of options, are included in the computation of income per share when their effect is dilutive. Primary and fully diluted income per common share for the three months ended June 30, 1997 and 1996, respectively, were calculated as follows:
1997 1996 ---------------- ---------------- (in thousands, except per share data) Net income $20,726 7,694 ------- ------ Weighted average shares outstanding 78,802 49,899 Add: Exercise of stock options reduced by the number of shares purchased with proceeds 1,851 1,581 ------- ------ Adjusted weighted average shares outstanding 80,653 51,480 ======= ====== Income per common share $ 0.26 0.15 ======= ======
Note 2. Inventories ----------- Inventories at June 30, 1997 and March 31, 1997 consist of the following:
June 30, 1997 March 31, 1997 ------------- -------------- (in thousands) Raw Materials $ 73,622 54,112 Work-in-Process 51,526 58,619 Finished Goods 141,873 129,752 -------- ------- $267,021 242,483 ======== =======
7 Note 3. Notes Payable ------------- The Company has an unsecured multicurrency bank line-of-credit of up to $400.0 million, of which $7.1 million was outstanding at June 30, 1997. The line-of-credit expires December 2001 and bears interest at variable rates of up to 2.25% above certain Eurocurrency rates or 0.50% above The First National Bank of Boston's base rate. At June 30, 1997, $56.1 million of standby letters of credit were outstanding under this line-of-credit. 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations - --------------------- Revenues for the three months ended June 30, 1997 were $598.2 million, an increase of $375.2 million or 168.3% from the $223.0 million for the three months ended June 30, 1996. This increase was due primarily to acquisitions completed by the Company subsequent to June 30, 1996. For the three months ended June 30, 1997, revenues from capital equipment sales represented 37.8% of total revenues, while revenues from services, operations, replacement parts and consumables represented 27.4% of total revenues and revenues from distribution represented 34.8% of total revenues. Gross profit as a percentage of revenue ("gross margin") was 24.7% for the three months ended June 30, 1997 compared to 26.5% in the corresponding period in the prior year. This decrease in gross margin for the three months ended June 30, 1997 was due primarily to the effect of adding the results of operations from the Company's recently completed acquisitions of Utility Supply Group and WaterPro Corporation, each of which are in the waterworks distribution business. For the three months ended June 30, 1997, selling, general and administrative expenses increased $64.9 million to $109.4 million as compared to the $44.5 million in the comparable period in the prior year. During this period, selling, general and administrative expenses were 18.3% of revenues compared to 20.0% for the comparable period in the prior year. Interest expense increased to $8.9 million for the three months ended June 30, 1997 from $4.5 million for the corresponding period in the prior year. Interest expense for the three months ended June 30, 1997 consisted primarily of interest on the Company's (i) 6% Convertible Subordinated Notes issued on September 18, 1995 due 2005, (ii) 4.5% Convertible Subordinated Notes issued on December 11, 1996 due 2001 and (iii) borrowings under the Company's bank line of credit. At June 30, 1997, the Company had cash and short-term investments of $57.9 million. Income tax expense increased to $9.8 million for the three months ended June 30, 1997, from $3.0 million in the corresponding period in the prior year. The Company's effective tax rate for the three months ended June 30, 1997 was 32.0%. Net income for the three months ended June 30, 1997 was $20.7 million, an increase of $13.0 million from the $7.7 million for the three months ended June 30, 1996. Liquidity and Capital Resources - ------------------------------- The Company's principal sources of funds are cash and other working capital, cash flow generated from operations and borrowings under the Company's bank line of credit. At June 30, 1997, the Company had working capital of $478.7 million including cash and short-term investments of $57.9 million. The Company's long-term debt at June 30, 1997, was $554.0 million consisting of $140.0 million of 6.0% Convertible Subordinated Notes due 2005 and $414.0 million of 4.5% Convertible Subordinated Notes due 2001. The Company also had other long-term debt totaling $42.3 million and bearing interest at rates ranging from 2.0% to 9.2%. As of June 30, 1997, the Company had an existing bank line of credit of $400.0 million, of which there were outstanding borrowings of $7.1 million and outstanding letters of credit of $56.1 million. Borrowings under this credit facility bear interest at variable rates of up to 2.25% above certain Eurocurrency rates or 0.50% above The First National Bank of Boston's base rate and have a five year maturity. The Company believes its current cash position, cash flow from operations, and available borrowings under the Company's line of credit will be adequate to meet its anticipated cash needs from working capital, revenue growth, scheduled debt repayment and capital investment objectives for at least the next twelve months. 9 CERTAIN TRENDS AND UNCERTAINTIES The Company and its representatives may from time to time make written or oral forward-looking statements, including statements contained in the Company's filings with the United States Securities and Exchange Commission and in its reports to stockholders. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company is hereby identifying important factors that could cause actual results to differ materially from those contained in any forward-looking statement made by or on behalf of the Company; any such statement is qualified by reference to the following cautionary statements. Acquisition Strategy. In pursuit of its strategic objective of becoming the leading global single-source provider of water and wastewater treatment systems and services, the Company has, since 1991, acquired and successfully integrated more than 75 United States based and international businesses with strong market positions and substantial water and wastewater treatment expertise. The Company plans to continue to pursue acquisitions that complement its technologies, products and services, broaden its customer base and expand its global distribution network. The Company's acquisition strategy entails the potential risks inherent in assessing the value, strengths, weaknesses, contingent or other liabilities and potential profitability of acquisition candidates and in integrating the operations of acquired companies. Although the Company generally has been successful in pursuing these acquisitions, there can be no assurance that acquisition opportunities will continue to be available, that the Company will have access to the capital required to finance potential acquisitions, that the Company will continue to acquire businesses or that any business acquired will be integrated successfully or prove profitable. International Transactions. The Company has made and expects it will continue to make acquisitions and expects to obtain contracts in markets outside the United States. While these activities may provide important opportunities for the Company to offer its products and services internationally, they also entail the risks associated with conducting business internationally, including the risk of currency fluctuations, slower payment of invoices, nationalization and possible social, political and economic instability. Reliance on Key Personnel. The Company's operations are dependent on the continued efforts of senior management, in particular Richard J. Heckmann, the Company's Chairman of the Board, President and Chief Executive Officer. There are no employment agreements between the Company and the members of its senior management, except Thierry Reyners, the Company's Executive Vice President-- European Group, and Harry K. Hornish, Jr., the Company's Executive Vice President--Distribution Group. Should any of the senior managers be unable to continue in their present roles, the Company's prospects could be adversely affected. Profitability Of Fixed Price Contracts. A significant portion of the Company's revenues are generated under fixed price contracts. To the extent that original cost estimates are inaccurate, costs to complete increase, delivery schedules are delayed or progress under a contract is otherwise impeded, revenue recognition and profitability from a particular contract may be adversely affected. The Company routinely records upward or downward adjustments with respect to fixed price contracts due to changes in estimates of costs to complete such contracts. There can be no assurance that future downward adjustments will not be material. Cyclicality and Seasonality. The sale of capital equipment within the water treatment industry is cyclical and influenced by various economic factors including interest rates and general fluctuations of the business cycle. A significant portion of the Company's revenues are derived from capital equipment sales. While the Company sells capital equipment to customers in diverse industries and in global markets, cyclicality of capital equipment sales and instability of general economic conditions could have an adverse effect on the Company's revenues and profitability. The sale of water and wastewater distribution equipment and supplies is also cyclical and influenced by various economic factors including interest rates, land development and housing construction industry cycles. Sales of such equipment and supplies are also subject to seasonal fluctuation in northern climates. As a result of recent acquisitions, the sale of water and wastewater distribution equipment and supplies is a significant component of the Company's business. 10 Cyclicality and seasonality of water and wastewater distribution equipment and supplies sales could have an adverse effect on the Company's revenues and profitability. Potential Environmental Risks. The Company's business and products may be significantly influenced by the constantly changing body of environmental laws and regulations, which require that certain environmental standards be met and impose liability for the failure to comply with such standards. The Company is also subject to inherent risks associated with environmental conditions at facilities owned, and the state of compliance with environmental laws, by businesses acquired by the Company. While the Company endeavors at each of its facilities to assure compliance with environmental laws and regulations, there can be no assurance that the Company's operations or activities, or historical operations by others at the Company's locations, will not result in cleanup obligations, civil or criminal enforcement actions or private actions that could have a material adverse effect on the Company. In that regard federal and state environmental regulatory authorities have commenced civil enforcement actions related to alleged multiple violations of applicable wastewater pretreatment standards by a wholly owned subsidiary of the Company at a Connecticut ion exchange regeneration facility acquired by the Company in October 1995 from Anjou International Company ("Anjou"). A grand jury investigation is pending which is believed to relate to the same conditions that were the subject of the civil actions. The Company has certain rights of indemnification from Anjou which may be available with respect to these matters. In addition, the Company's activities as owner and operator of certain hazardous waste treatment and recovery facilities are subject to stringent laws and regulations and compliance reviews. Failure of these facilities to comply with those regulations could result in substantial fines and the suspension or revocation of the facility's hazardous waste permit. In other matters, the Company has been notified by the United States Environmental Protection Agency that it is a potentially responsible party under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA") at certain sites to which the Company or its predecessors allegedly sent waste in the past. It is possible that the Company could receive other such notices under CERCLA or analogous state laws in the future. The Company does not believe that its liability, if any, relating to such matters will be material. However, there can be no assurance that such matters will not be material. In addition to some extent, the liabilities and risks imposed by environmental laws on the Company's customers may adversely impact demand for certain of the Company's products or services or impose greater liabilities and risks on the Company, which, could also have an adverse effect on the Company's competitive or financial position. Competition. The water and wastewater treatment industry is fragmented and highly competitive. The Company competes with many United States based and international companies in its global markets. The principal methods of competition in the markets in which the Company competes are technology, prompt availability of local service capability, price, product specifications, customized design, product knowledge and reputation, ability to obtain sufficient performance bonds, timely delivery, the relative ease of system operation and maintenance, and the prompt availability of replacement parts. In the municipal contract bid process, pricing and ability to meet bid specifications are the primary considerations. While no competitor is considered dominant, there are competitors which have significantly greater resources than the Company, which, among other things, could be a competitive disadvantage to the Company in securing certain projects. Technological and Regulatory Change. The water and wastewater treatment business is characterized by changing technology, competitively imposed process standards and regulatory requirements, each of which influences the demand for the Company's products and processes obsolete. Acceptance of new products may also be affected by the adoption of new government regulations requiring stricter standards. The Company's ability to anticipate changes in technology and regulatory standards and to develop successfully and introduce new and enhanced products on a timely basis will be a significant factor in the Company's ability to grow and to remain competitive. There can be no assurance that the Company will be able to achieve the technological advances that may be necessary for it to remain competitive or that certain of its products will not become obsolete. In addition, the Company is subject to the risks generally associated with new product introductions and applications, including lack of market acceptance, delays in development or failure of products to operate properly. Municipal and Wastewater Market. Completion of certain of the Company's acquisitions has increased significantly the percentage of the Company's revenues derived from municipal customers. While municipalities 11 represent an important market in the water and wastewater treatment industry, contractor selection processes and funding for projects in the municipal sector entail certain additional risks not typically encountered with industrial customers. Competition for selection of a municipal contractor typically occurs through a formal bidding process which can require the commitment of significant resources and greater lead times than industrial projects. In addition, demand in the municipal market is dependent upon the availability of funding at the local level, which may be the subject of increasing pressure as local governments are expected to bear a greater share of the cost of public services. Zimpro is party to certain agreements (entered into in 1990 at the time Zimpro was acquired from unrelated third parties by the entities from which it was later acquired by the Company), pursuant to which Zimpro agreed, among other things, to pay the original sellers a royalty of 3.0% of its annual consolidated net sales of certain products in excess of $35.0 million through October 25, 2000. Under certain interpretations of such agreements, with which the Company disagrees, Zimpro could be liable for such royalties with respect to the net sales attributable to products, systems and services of certain defined wastewater treatment businesses acquired by Zimpro or the Company or the Company's other subsidiaries after May 31, 1996. The defined businesses include, among others, manufacturing machinery and equipment, and engineering installation, operation and maintenance services related thereto, for the treatment and disposal of waste liquids, toxic waste and sludge. One of the prior sellers has revealed in a letter to the Company an interpretation that may be contrary to that of the Company. The Company believes that it would have meritorious defenses to any claim based upon any such interpretation and would vigorously pursue the elimination of any threat to expand what it believes to be its obligations pursuant to such agreements. Impact of Recently Issued Accounting Standards. In February 1997, the Financial Accounting Standards Board issued a new statement titled "Earnings Per Share." The new statement is effective for fiscal years ending after December 15, 1997. The Company does not believe that adoption of this new standard will have a material effect on the consolidated financial statements. 12 PART II OTHER INFORMATION Item 1. LEGAL PROCEEDINGS N/A Item 2. CHANGES IN SECURITIES N/A Item 2. DEFAULTS UPON SENIOR SECURITIES N/A Item 3. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS N/A Item 4. OTHER INFORMATION N/A 13 Item 5. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits The following exhibits are filed herewith or incorporated herein by reference: 27.0 Financial Data Schedule (b) Reports on Form 8-K None 14 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. UNITED STATES FILTER CORPORATION By: /S/ KEVIN L. SPENCE ------------------- Dated: August 12, 1997 Kevin L. Spence Chief Financial Officer (Principal Financial Officer and Duly Authorized Officer) 15 EXHIBIT INDEX Exhibit Sequential Number Description Page Number - ------- ----------- ----------- 27.0 Financial Data Schedule 21 16
EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED BALANCE SHEET AND STATEMENT OF INCOME OF UNITED STATES FILTER CORPORATION AND SUBSIDIARIES AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS MAR-31-1998 APR-01-1997 JUN-30-1997 57,331 593 582,435 (26,737) 267,021 1,091,821 448,780 (92,688) 2,439,861 613,148 596,291 0 0 802 1,180,942 2,439,861 598,234 598,234 450,427 450,427 0 1,931 8,859 30,522 9,796 20,726 0 0 0 20,726 .26 .26
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