-----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, PQRJbJiQ9qhPqbrnqNeQ2/dEFqXiU9Ep0+cYQj6/RVGPiF29iUp1TM51vMJO55rM 5EjzmLclV6ewAhtWSoLXMg== 0000950148-96-000796.txt : 19960515 0000950148-96-000796.hdr.sgml : 19960515 ACCESSION NUMBER: 0000950148-96-000796 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960514 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: KERR GROUP INC CENTRAL INDEX KEY: 0000055454 STANDARD INDUSTRIAL CLASSIFICATION: GLASS CONTAINERS [3221] IRS NUMBER: 950898810 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07272 FILM NUMBER: 96562509 BUSINESS ADDRESS: STREET 1: 1840 CENTURY PARK E CITY: LOS ANGELES STATE: CA ZIP: 90067 BUSINESS PHONE: 3105562200 MAIL ADDRESS: STREET 1: 1840 CENTURY PARK EAST CITY: LOS ANGELES STATE: CA ZIP: 90067 FORMER COMPANY: FORMER CONFORMED NAME: KERR GLASS MANUFACTURING CORP DATE OF NAME CHANGE: 19920518 10-Q 1 FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1996 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q /X/ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 1996 / / 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 - 7272 KERR GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 95-0898810 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1840 Century Park East, Los Angeles, CA 90067 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (310) 556-2200 Former name, former address and former fiscal year, if changed since last year. 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 Registrant's Common Stock, $.50 par value, outstanding as of April 30, 1996 was 3,933,095. - 1 - 2 KERR GROUP, INC. INDEX
Page No. -------- Part I. Financial Information Item 1. Financial Statements Consolidated Balance Sheets - March 31, 1996 and December 31, 1995 3 - 4 Condensed Consolidated Statements of Earnings (Loss) - Three Months Ended March 31, 1996 and 1995 5 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 1996 and 1995 6 Notes to Condensed Consolidated Financial Statements 7 - 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 - 12 Part II. Other Information 13
- 2 - 3 KERR GROUP, INC. Consolidated Balance Sheets As of March 31, 1996 and December 31, 1995 (in thousands except per share data)
(Unaudited) (As Restated) March 31, December 31, Assets 1996 1995 --------- --------- Current assets Cash and cash equivalents $ 5,044 $ 3,904 Receivables-primarily trade accounts, less allowance for doubtful accounts of $278 at March 31, 1996 and $212 at December 31, 1995 7,906 7,154 Inventories Raw materials and work in process 6,634 7,815 Finished goods 9,418 9,933 --------- --------- Total inventories 16,052 17,748 Prepaid expenses and other current assets 2,566 3,106 Current net assets related to discontinued operations 16,668 12,847 --------- --------- Total current assets 48,236 44,759 --------- --------- Property, plant and equipment, at cost 103,115 105,725 Accumulated depreciation and amortization (59,817) (58,907) --------- --------- Net property, plant and equipment 43,298 46,818 --------- --------- Deferred income taxes 11,222 8,057 Goodwill and other intangibles, net of amortization of $2,339 at March 31, 1996 and $2,247 at December 31, 1995 6,476 6,983 Other assets 7,515 8,026 Non-current net assets related to discontinued operations 0 4,854 --------- --------- $ 116,747 $ 119,497 ========= =========
See accompanying notes to condensed consolidated financial statements. - 3 - 4 KERR GROUP, INC. Consolidated Balance Sheets As of March 31, 1996 and December 31, 1995 (in thousands except per share data)
(Unaudited) (as Restated) March 31, December 31, Liabilities and Stockholders' Equity 1996 1995 --------- --------- Current liabilities Short-term debt $ 6,040 $ 6,500 Senior debt due 1997 through 2003 classified as current 46,460 50,000 Accounts payable 10,124 9,739 Accrued expenses 13,444 8,858 --------- --------- Total current liabilities 76,068 75,097 --------- --------- Pension liability 17,182 18,318 Other long-term liabilities 4,515 2,175 Stockholders' equity Preferred Stock, 487 shares authorized and issued, at liquidation value of $20 per share 9,748 9,748 Common Stock, $ .50 par value per share, 20,000 shares authorized, 4,226 shares issued 2,113 2,113 Additional paid-in capital 27,239 27,239 Retained earnings (accumulated deficit) (4,582) 1,860 Treasury Stock, 293 shares at cost (6,913) (6,913) Excess of additional pension liability over unrecognized prior service cost, net of tax benefits (8,623) (10,140) --------- --------- Total stockholders' equity 18,982 23,907 --------- --------- $ 116,747 $ 119,497 ========= =========
See accompanying notes to condensed consolidated financial statements. - 4 - 5 KERR GROUP, INC. Condensed Consolidated Statements of Earnings (Loss) for the Three Months Ended March 31, 1996 and 1995 (in thousands except per share data)
(Unaudited) Three Months Ended March 31, 1996 1995 -------- -------- Net sales $ 25,096 $ 27,362 Cost of sales 22,729 21,029 -------- -------- Gross profit 2,367 6,333 Selling, warehouse, general and administrative expenses 6,384 5,886 Loss on restructuring 7,500 0 Interest expense 1,359 1,129 Interest and other income (100) (46) -------- -------- Loss from continuing operations before income taxes (12,776) (636) Benefit for income taxes (5,110) (261) -------- -------- Loss from continuing operations (7,666) (375) Discontinued Operations: Gain on sale of discontinued operations 1,564 0 Loss from discontinued operations (133) (12) -------- -------- Net earnings (loss) from discontinued operations 1,431 (12) -------- -------- Net loss (6,235) (387) Preferred stock dividends 207 207 -------- -------- Net loss applicable to common stockholders $ (6,442) $ (594) ======== ======== Net earnings (loss) per common share, primary and fully diluted: From continuing operations $ (2.00) $ (0.16) From discontinued operations 0.36 0.00 -------- -------- Net loss $ (1.64) $ (0.16) ======== ========
See accompanying notes to condensed consolidated financial statements. - 5 - 6 KERR GROUP, INC. Condensed Consolidated Statements of Cash Flow for the Three Months Ended March 31, 1996 and 1995 (in thousands)
(Unaudited) Three Months Ended March 31, ------------------- 1996 1995 -------- ------- Cash flows provided (used) by operations Continuing operations: Loss from continuing operations $ (7,666) $ (375) Add (deduct) noncash items included in loss from continuing operations Loss on restructuring, net of tax 4,500 0 Depreciation and amortization 2,556 2,028 Change in deferred income taxes (2,130) 308 Reduction in total pension liability, net 15 242 Other, net 25 488 Changes in other operating working capital Receivables (752) (92) Inventories 648 673 Other current assets 150 (54) Accounts payable 385 (4,146) Accrued expenses (1,304) 135 -------- ------- Cash flow provided (used) by continuing operations (3,573) (793) Cash flow provided (used) by discontinued operations (3,932) (3,430) -------- ------- Total cash flow provided (used) by operations (7,505) (4,223) -------- ------- Cash flows provided (used) by investing activities Continuing operations: Capital expenditures (231) (995) Payments associated with restructuring (1,188) 0 Other, net 260 402 Discontinued operations: Capital expenditures (234) (116) Proceeds from sale of assets of Consumer Products Business 14,417 0 Other, net (172) (783) -------- ------- Cash flow provided (used) by investing activities 12,852 (1,492) -------- ------- Cash flows provided (used) by financing activities Net borrowings (repayments) under lines of credit (460) 3,800 Repayment of Senior Notes (3,540) 0 Dividends paid (207) (207) Other, net 0 32 -------- ------- Cash flow provided (used) by financing activities (4,207) 3,625 -------- ------- Cash and cash equivalents Increase (decrease) during the period 1,140 (2,090) Balance at beginning of the period 3,904 2,261 -------- ------- Balance at end of the period $ 5,044 $ 171 ======== =======
See accompanying notes to condensed consolidated financial statements - 6 - 7 KERR GROUP, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) 1) General The condensed consolidated financial statements include the accounts of Kerr Group, Inc. and its wholly owned subsidiary (collectively referred to as the Company). In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of March 31, 1996, the results of operations for the three months ended March 31, 1996 and 1995, and changes in cash flows for the three months ended March 31, 1996 and 1995. The results of operations for the first three months of 1996 are not necessarily indicative of the results to be expected for the full year. Fully diluted earnings per common share reflect when dilutive, 1) the incremental common shares issuable upon the assumed exercise of outstanding stock options, and 2) the assumed conversion of the Preferred Stock and the elimination of the related Preferred Stock dividends. The calculation of fully diluted net earnings (loss) per common share for the three months ended March 31, 1996 and 1995 was not dilutive. 2) Discontinued Operations On March 15, 1996, the Company sold the manufacturing assets of the Consumer Products Business for a purchase price of $14,417,000. These proceeds were utilized for working capital, to reduce debt, including $3,500,000 of debt secured by liens on certain machinery and equipment of the Company, and to fund costs of the restructuring (see Note 3). The Company also expects to receive approximately $16,500,000, primarily during the remainder of 1996, from the sale by the Company of the inventory of the Consumer Products Business and from the collection of the accounts receivable of the Consumer Products Business. During the first quarter of 1996, the Company incurred a one-time pretax gain of $2,607,000 ($1,564,000 after-tax or $0.40 per common share) in connection with the sale of the manufacturing assets of the Consumer Products Business. This pre-tax gain has been reduced by $5,800,000 of reserves, primarily consisting of $3,800,000 for retiree health care and pension expense, $1,000,000 for severance and related costs, $500,000 for professional fees and $300,000 for asset retirements. The assets and liabilities of the discontinued Consumer Products Business have been reclassified on the Consolidated Balance Sheets from the previously reported classification to separately identify them as current net assets and non-current net assets related to discontinued operations. These net assets consist of net working capital, net property, plant and equipment, other assets and intangible assets, less related liabilities. The results of the Consumer Products Business have been reported separately as a component of discontinued operations in the Condensed Consolidated Statements of Earnings (Loss). The presentation of this business as discontinued had no effect on net loss, net loss applicable to common stockholders or net loss per common share from the amounts previously reported. - 7 - 8 3) Restructuring During the first quarter of 1996, the Company recorded an unusual loss of $7,500,000 ($4,500,000 after-tax or $1.14 per common share) for the costs associated with the restructuring of the Company, which include moving the corporate headquarters from Los Angeles, California to Lancaster, Pennsylvania and relocating the wide-mouth jar operations from Santa Fe Springs, California to Bowling Green, Kentucky. The pre-tax loss consists primarily of reserves of $3,000,000 for severance and related costs, $2,200,000 for losses on the sublease of two facilities, and $1,900,000 for asset retirements. The restructuring is expected to result in annualized pre-tax cost savings of approximately $6,500,000. These cost savings are expected to be substantially realized in 1997. In addition to the presently recorded restructuring loss, the Company will also incur non-recurring pre-tax losses during 1996 and early 1997 associated with the restructuring of approximately $2,400,000 ($1,440,000 after-tax or $0.37 per common share) primarily related to equipment and personnel relocation costs, and inefficiencies related to the relocation of operations. Accounting rules require these costs to be expensed as incurred. 4) Receivables Receivables as of March 31, 1996 and December 31, 1995, as shown on the accompanying Consolidated Balance Sheets, have been reduced by net proceeds of $5,904,000 and $7,357,000, respectively, from advances pursuant to the sale of receivables under the Company's Accounts Receivable Facility. In addition, receivables as of March 31, 1996 and December 31, 1995, related to discontinued operations, included in Current Net Assets Related to Discontinued Operations on the accompany Consolidated Balance Sheets, have been reduced by net proceeds of $1,767,000 and $343,000, respectively, from advances pursuant to the sale of receivables under the Company's Accounts Receivable Facility. 5) Financing The Company has obtained waivers of certain financial covenants through May 15, 1996 from the lenders under the Senior Notes, the lender under a $6,040,000 unsecured note and the purchaser under the Receivable Agreement (collectively referred to as "Lenders") and an extension of the maturity date of the unsecured note to May 15, 1996. The Company is in discussions with the Lenders regarding extension of these waivers and the extension of the due date of the unsecured note. All of the Company's outstanding indebtedness is unsecured. Although the Company has obtained waivers or amendments from the Lenders on previous occasions, there can be no assurance that the Lenders will agree to further waivers. If additional waivers of financial covenants or the extension of the maturity date of the unsecured note are not obtained, the Lenders would be entitled to exercise certain remedies, including the acceleration of the due date for payment of the Senior Notes and the unsecured note, and the termination of the Receivable Agreement. Based upon the past experience of the Company in obtaining waivers or amendments from its Lenders and because the Company expects to use a portion of the proceeds from the sale of inventory and collection of accounts receivables of the Consumer Products Business to further reduce debt, the Company believes that the Lenders will extend the due date of the unsecured note, will not accelerate the due date for payment of the Senior Notes and will not terminate the Receivable Agreement. The accompanying consolidated financial statements have been prepared on the basis of such belief of the Company. - 8 - 9 KERR GROUP, INC. Computation of Net Earnings (Loss) Per Common Share (in thousands except per share data)
(Unaudited) Three Months Ended March 31, ------------------ 1996 1995 ------- ------- Primary Net Earnings (Loss) Per Common Share Net loss $(6,235) $ (387) Less Preferred Stock dividends (207) (207) ------- ------- Net loss applicable to primary earnings per common share $(6,442) $ (594) ======= ======= Weighted average number of common shares outstanding 3,933 3,678 ======= ======= Primary net loss per common share $ (1.64) $ (.16) ======= ======= Fully Diluted Net Earnings (Loss) Per Common Share Net loss applicable to primary earnings per common share $(6,442) $ (594) Add Preferred Stock dividends 207 207 ------- ------- Net loss applicable to fully diluted earnings per common share $(6,235) $ (387) ======= ======= Weighted average number of common shares outstanding 3,933 3,678 Common shares issuable from assumed conversion of Preferred Stock 709 709 Incremental common shares issuable upon assumed exercise of outstanding stock options 19 17 ------- ------- Adjusted weighted average number of common shares outstanding 4,661 4,404 ======= ======= Fully diluted net loss per common share: As computed $ (1.34) $ (.09) ======= ======= As reported (a) $ (1.64) $ (.16) ======= =======
(a) The calculation of fully diluted net loss per common share for the three months ended March 31, 1996 and 1995 was not dilutive. - 9 - 10 KERR GROUP, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations for the Three Months Ended March 31, 1996 and 1995 Results of Operations Continuing Operations Net sales for the three months ended March 31, 1996 were $25,096,000 as compared to $27,362,000 for the three months ended March 31, 1995, a decrease of $2,266,000 or 8%. The decrease in net sales for the three months ended March 31, 1996 over the comparable period in 1995 was due primarily to lower sales of prescription packaging products. Cost of sales for the three months ended March 31, 1996 were $22,729,000 as compared to $21,029,000 for the three months ended March 31, 1995, an increase of $1,700,000 or 8%. The increase in cost of sales for the three months ended March 31, 1996 over the comparable period in 1995 was due primarily to higher manufacturing costs and inefficiencies due to reduced production. Gross profit as a percent of net sales for the three months ended March 31, 1996 decreased to 9% as compared to 23% for the three months ended March 31, 1995. The decrease in gross profit as a percent of net sales for the three months ended March 31, 1996 over the comparable period in 1995 was primarily due to 1995 cost increases which have not been offset by price increases, increased reserves for customer rebates and inventory obsolescence, and inefficiencies due to reduced production. Management will endeavor to implement price increases during the remainder of 1996 to offset a portion of the cost increases experienced during 1995. In addition, management does not expect to further increase the level of reserves for customer rebates and inventory obsolescence during 1996. Selling, warehouse, general and administrative expenses increased $498,000 or 8% during the three months ended March 31, 1996, as compared to the same period in 1995, due primarily to the start up of operations at the Company's new Bowling Green, Kentucky facility and higher warehousing costs. Net interest expense increased $176,000 during the three months ended March 31, 1996, as compared to the same period in 1995, primarily as a result of higher levels of short-term debt. Loss from continuing operations before income taxes and unusual items increased $4,640,000 during the three months ended March 31, 1996 as compared to the same period in 1995 due primarily to 1995 cost increases which have not been offset by price increases, increased reserves for customer rebates and inventory obsolescence, inefficiencies due to reduced production and lower sales. During the first quarter of 1996, the Company recorded an unusual loss of $7,500,000 ($4,500,000 after-tax or $1.14 per common share) for the costs associated with the restructuring of the Company, which include moving the corporate headquarters from Los Angeles, California to Lancaster, Pennsylvania and relocating the wide-mouth jar operations from Santa Fe Springs, California to Bowling Green, Kentucky. The pre-tax loss consists primarily of reserves of $3,000,000 for severance and related costs, $2,200,000 for losses on the sublease of two facilities, and $1,900,000 for asset retirements. The restructuring is expected to result in annualized pre-tax cost savings of approximately $6,500,000. These cost savings are expected to be substantially realized in 1997. In addition to the presently recorded restructuring loss, the Company will also incur non-recurring pre-tax losses during 1996 and early 1997 associated with the restructuring of approximately $2,400,000 ($1,440,000 after-tax or $0.37 per common share) primarily related to equipment and personnel relocation costs, and inefficiencies related to the relocation of operations. Accounting rules require these costs to be expensed as incurred. - 10 - 11 The benefit for income taxes increased $4,849,000 during the three months ended March 31, 1996 as compared to the same period in 1995 due to higher pretax losses. Discontinued Operations The Company reported a net gain from discontinued operations of $1,431,000 or $0.36 per share for the first quarter of 1996 as compared to a net loss from discontinued operations of $12,000 for the first quarter of 1995. The net gain in 1996 includes a pre-tax gain of $2,607,000 ($1,564,000 after-tax or $0.40 per common share) in connection with the sale of the manufacturing assets of the Consumer Products Business. This pre-tax gain has been reduced by $5,800,000 of reserves, primarily consisting of $3,800,000 for retiree health care and pension expense, $1,000,000 for severance and related costs, $500,000 for professional fees and $300,000 for asset retirements. Financial Condition During the first quarter of 1996, the principal source of cash flow was $14,417,000 received from the sale of the manufacturing assets of the Consumer Products Business. The principal use of cash flow was to fund pretax losses, net debt retirements of $4,000,000 and increased operating working capital requirements of $3,821,000 related to the seasonal increase in inventories and receivables of the Consumer Products Business, which is presented as discontinued operations in the accompanying consolidated financial statements. During the first quarter of 1995, the principal use of cash flow was to fund increased operating working capital requirements for continuing operations of $3,484,000, primarily as a result of the lower levels of payables, and for discontinued operations of $3,488,000, primarily due to the seasonal increase in inventories and receivables. Cash flow was provided from financing activities consisting of an increase in short-term debt of $3,800,000. Cash flow was also provided through the reduction of the Company's cash balances of $2,090,000. Since the third quarter of 1990, the Company has not declared any dividends on its Common Stock. The Company's Senior Note Agreement limits the payment of dividends on Common Stock. Under the most restrictive covenant, the payment of Common Stock dividends is not permitted at March 31, 1996. The ratio of current assets to current liabilities at both March 31, 1996 and December 31, 1995 was 0.6. The ratio of current assets to current liabilities is less than 1.0 due to the classification of the Company's outstanding Senior Notes as a current liability because the Company was in default of certain financial covenants for which the Company had received waivers only through May 15, 1996. The ratio of total debt to total capitalization increased to 73% at March 31, 1996 from 70% at December 31, 1995 due to lower stockholders' equity. The Company has obtained waivers of certain financial covenants through May 15, 1996 from the lenders under the Senior Notes, the lender under a $6,040,000 unsecured note and the purchaser under the Receivable Agreement (collectively referred to as "Lenders") and an extension of the maturity date of the unsecured note to May 15, 1996. The Company is in discussions with the Lenders regarding extension of these waivers and the extension of the due date of the unsecured note. All of the Company's outstanding indebtedness is unsecured. Although the Company has obtained waivers or amendments from the Lenders on previous occasions, there can be no assurance that the Lenders will agree to further waivers. If additional waivers of financial covenants or the extension of the maturity date of the unsecured note are not obtained, the Lenders would be entitled to exercise certain remedies, including the acceleration of the due date for payment of the Senior Notes and the unsecured note, and the termination of the Receivable Agreement. - 11 - 12 Based upon the past experience of the Company in obtaining waivers or amendments from its Lenders and because the Company expects to use a portion of the proceeds from the sale of inventory and collection of accounts receivables of the Consumer Products Business to further reduce debt, the Company believes that the Lenders will extend the due date of the unsecured note, will not accelerate the due date for payment of the Senior Notes and will not terminate the Receivable Agreement. The accompanying consolidated financial statements have been prepared on the basis of such belief of the Company. At March 31, 1996 the Company had unused sources of liquidity consisting of cash and cash equivalents of $5,044,000, additional advances available under the Receivable Agreement of approximately $1,300,000, a tax net operating loss carryforward of $17,209,000, a minimum tax credit carryforward of $1,083,000 and other tax credit carryforwards of $75,000. The Company believes that its financial resources, including proceeds from the sale of certain assets of the Consumer Products Business and other internally generated funds, are adequate to meet its foreseeable needs, subject to the satisfactory resolution of current discussions with the Lenders. Disclosure Regarding Forward Looking Statements Portions of this Quarterly Report on Form 10-Q include forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. - 12 - 13 PART II - OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders a. The Annual Meeting of Stockholders of the Company was held on April 30, 1996 in Wilmington, Delaware. b. No proposals were submitted to a vote other than the election of directors. c. The results of the election of directors at the Annual Meeting were as follows: Name of Director For Withheld John D. Kyle 2,633,808 780,680 Harvey L. Sperry 2,611,718 802,770 Item 5. Other Information On April 23, 1996, Roger W. Norian resigned as a member of the Board of Directors of the Company. Item 6. Exhibits and Reports on Form 8-K a. Exhibits None b. Reports on Form 8-K On March 29, 1996, the Company filed a Form 8-K Current Report with respect to its sale of the manufacturing assets of the Consumer Products Business, the obtaining of certain waivers under its loan agreements, its restructuring and the naming of a new chief executive officer. 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. KERR GROUP, INC. May 13, 1996 By /s/ D. Gordon Strickland ------------------------ D. Gordon Strickland President, Chief Executive Officer May 13, 1996 By /s/ Geoffrey A. Whynot ---------------------- Geoffrey A. Whynot Vice President, Finance Chief Financial Officer - 13 - EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) AND CONSOLIDATED BALANCE SHEETS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 5044 0 8184 278 16,052 48,236 103,115 59,817 116,747 76,068 0 0 9,748 2,113 7,121 116,747 25,096 25,196 22,729 22,729 6,384 7,500 1,359 (12,776) (5,110) (7,666) 1,431 0 0 (6,235) (1.64) (1.64)
-----END PRIVACY-ENHANCED MESSAGE-----