8-K

UNITED STATES

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): July 15, 2003

MAYTAG CORPORATION

(Exact name of registrant as specified in its charter)

A Delaware Corporation

(State or other jurisdiction of incorporation)

Commission file number 1-655

I.R.S. Employer Identification No. 42-0401785

403 West Fourth Street North, Newton, Iowa 50208

(Address of principal executive offices)

Registrant’s telephone number: 641-792-7000

N/A

(Former name or former address, if changed since last report.)

Item 7.    Financial Statements and Exhibits

(c) Exhibits.

The exhibits accompanying this report are listed in the accompanying Exhibit Index.

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Item 9.    Regulation FD Disclosure (Information Furnished in this Item 9 is Furnished under Item 12)

In accordance with Securities and Exchange Commission Release No. 33-8126, the following information, which is intended to be furnished under Item 12, “Results of Operations and Financial Condition,” is instead being furnished under Item 9, “Regulation FD Disclosure.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

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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.

MAYTAG CORPORATION (Registrant)
By:	/s/    RALPH F. HAKE
	Ralph F. Hake Chairman and Chief Executive Officer

July 15, 2003

(Date)

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EXHIBIT INDEX

The following exhibits are filed herewith.

Exhibit No.
99	Quarterly earnings release for three months and six months ended June 30, 2003.

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EX-99

Exhibit 99

Maytag’s Second Quarter Sales and Earnings on Target

NEWTON, Iowa, July 15 /PRNewswire-FirstCall/—Maytag Corporation (NYSE: MYG-News) today announced its second quarter sales and earnings were down versus a year ago, but in line with management and Wall Street expectations.

Maytag reported second quarter consolidated sales of $1.163 billion and operating income of $51.4 million. Reported net income was $25.2 million, or 32 cents per share. Included in these results were after-tax restructuring charges of $18.8 million, or 24 cents per share, for the closing of the company’s manufacturing plant in Galesburg, Ill., and a salaried work force reduction implemented during the second quarter.

A year ago, second quarter consolidated sales were $1.193 billion and operating income was $121.8 million. Reported net income for the period was $68 million, or 86 cents per share.

“Maytag achieved a respectable performance despite challenging second-quarter market conditions,” said Ralph Hake, Maytag Chairman and CEO. “While major appliance industry unit sales were up about 1 percent in the quarter, the floor care industry was down nearly 9 percent in the April and May timeframe. We worked hard to reduce our costs, and those efforts should continue to pay off in the second half as we benefit from our restructuring savings, steel cost reductions and multiple product launches.”

During the second quarter, floor care products experienced declines in volume and pricing as floor care industry sales continued to slump. As previously discussed in the first quarter, corporate-wide cost increases for steel, pension and retiree medical negatively impacted profitability in the quarter.

In Maytag’s commercial segment, vending products continued to perform well even in an industry where sales are declining.

Hake said Maytag has completed the majority of the corporate-wide restructuring plan that was announced in April, adding that he expects aggressive cost reductions and a host of innovative new product introductions to be on track to support second-half performance.

“We plan to bring new products to market in virtually all of our platforms with improved consumer benefits, costs and quality improvements,” Hake added. “The products—from an oven with the largest capacity on the market to a top-load version of the Neptune washer—are expected to contribute to improved volumes and margins.”

In addition, Hake noted that Maytag should be on track to reduce debt and fund the company’s pension plan consistent with the previously announced goals for the year. “At this point, we’re expecting full-year 2003 reported earnings to be in the range of $1.80 to $1.90 per share, which includes pretax restructuring charges of approximately $60 million, or 50 cents per share, for the Galesburg closing and salaried workforce reduction.”

Second Quarter Segment Results

Maytag’s home appliances segment, which includes major appliances and floor care products, had second quarter 2003 sales of $1.086 billion, down 2.7 percent from $1.116 billion in the second quarter of 2002. Operating income for the segment was $57.3 million, compared with $127.8 million a year earlier. Current year operating income includes $26.7 million Galesburg

closing and work force reduction-related charges.

The corporation’s commercial appliances segment, composed of Dixie-Narco vending equipment and Jade Products, had second quarter sales of $76.7 million, basically flat compared to $76.8 million in the second quarter of 2002. The segment reported operating income of $7.7 million, versus $7.6 million in last year’s second quarter.

Quarterly Conference Call

Maytag will host a conference call today, July 15, to discuss its business performance with members of the investment community. The call will be at 8:30 a.m. CT, and those wishing to participate should telephone 888-882-0083 about 10 minutes prior to the start of the call. Additionally, the conference call will be broadcast live over the Internet. It can be accessed in the Corporate News Center on Maytag’s Web site, www.maytagcorp.com, or by going to CCBN’s investor center at www.companyboardroom.com. Replays of the call will be available on both Web sites. A summary of the key messages from the quarterly conference call can also be accessed in the Corporate News Center on Maytag’s Web site.

Maytag Corporation is a leading producer of home and commercial appliances. Its products are sold to customers throughout North America and in international markets. The corporation’s principal brands include Maytag, Amana, Jenn-Air, Hoover and Dixie-Narco.

Forward-Looking Statements: Certain statements in this news release, including any discussion of management expectations for future periods, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the future results expressed or implied by those statements. For a description of such factors, refer to “Forward Looking Statements” in the Management’s Discussion and Analysis section of Maytag’s Annual Report on Form 10-K for the year ended December 31, 2002, and each quarter’s 10-Q.

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SECOND QUARTER SALES AND EARNINGS COMPARISON (UNAUDITED)

NET SALES (in thousands)

	2003		2002		% Change
Home appliances	$	1,086,169	$	1,116,169	(2.7	)
Commercial appliances		76,724		76,786	(0.1	)
Consolidated	$	1,162,893	$	1,192,955	(2.5	)

OPERATING INCOME (LOSS) (in thousands)

	2003			2002			% Change
Home appliances	$	57,286		$	127,835		(55.2	)
Commercial appliances		7,676			7,558		1.6
General corporate		(13,554	)		(13,611	)	(0.4	)
Reported	$	51,408		$	121,782		(57.8	)
Included in operating income (loss)
Restructuring charge-Home appliances	$	26,657		$	—
Restructuring charge-Commercial appliances		132
Restructuring charge-General corporate		1,139		$	—
	$	27,928		$	—

NET INCOME (in thousands)

	2003		2002		% Change
Reported	$	25,234	$	67,988	(62.9	)
Included in net income
Restructuring charge (net of tax)	$	18,805	$	—
Loss from discontinued operations		286		341
Total	$	19,091	$	341

BASIC EARNINGS PER SHARE

	2003		2002		% Change
Reported	$	0.32	$	0.87	(63.1	)
Included in basic earnings per share
Restructuring charge (net of tax)	$	0.24	$	—
Basic weighted-average shares
outstanding (thousands)		78,467		77,781

DILUTED EARNINGS PER SHARE

	2003		2002		% Change
Reported	$	0.32	$	0.86	(62.7	)
Included in diluted earnings per share
Restructuring charge (net of tax)	$	0.24	$	—
Diluted weighted-average shares
outstanding (thousands)		78,622		79,152

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FIRST HALF SALES AND EARNINGS COMPARISON (UNAUDITED)

NET SALES (in thousands)

	2003		2002		% Change
Home appliances	$	2,160,003	$	2,235,405	(3.4	)
Commercial appliances		138,896		135,193	2.7
Consolidated	$	2,298,899	$	2,370,598	(3.0	)

OPERATING INCOME (LOSS) (in thousands)

	2003			2002			% Change
Home appliances	$	135,051		$	246,794		(45.3	)
Commercial appliances		9,774			8,902		9.8
General corporate		(25,227	)		(26,675	)	(5.4	)
Reported	$	119,598		$	229,021		(47.8	)
Included in operating income (loss)
Restructuring charge-Home appliances	$	36,044		$	—
Restructuring charge-Commercial appliances		132
Restructuring charge-General corporate		1,139
	$	37,315		$	—

NET INCOME (in thousands)

	2003		2002		% Change
Reported	$	59,714	$	124,752	(52.1	)
Included in net income
Restructuring charge (net of tax)	$	25,001	$	—
Loss from discontinued operations		404		1,658
Total	$	25,405	$	1,658

BASIC EARNINGS PER SHARE

	2003		2002		% Change
Reported	$	0.76	$	1.61	(52.7	)
Included in basic earnings per share
Restructuring charge (net of tax)	$	0.32	$	—
Discontinued operations		0.01		0.02
Total	$	0.32	$	0.02
Basic weighted-average shares
outstanding (thousands)		78,416		77,392

DILUTED EARNINGS PER SHARE

	2003		2002		% Change
Reported	$	0.76	$	1.59	(52.2	)
Included in diluted earnings per share
Restructuring charge (net of tax)	$	0.32	$	—
Discontinued operations		0.01		0.02
Total	$	0.32	$	0.02
Diluted weighted-average shares
outstanding (thousands)		78,597		78,546

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MAYTAG CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(In thousands, except per share data)

	Second Quarter Ended June 30						Six Months Ended June 30
	2003			2002			2003			2002
Net sales	$	1,162,893		$	1,192,955		$	2,298,899		$	2,370,598
Cost of sales		948,880			925,151			1,884,766			1,843,364
Gross profit		214,013			267,804			414,133			527,234
Selling, general and administrative expenses		134,677			146,022			257,220			298,213
Restructuring charges		27,928			—			37,315			—
Operating income		51,408			121,782			119,598			229,021
Interest expense		(14,279	)		(15,678	)		(28,058	)		(33,085	)
Other—net		177			253			(1,813	)		1,249
Income from continuing operations before income taxes and minority interest		37,306			106,357			89,727			197,185
Income taxes		11,786			36,162			29,609			67,043
Income from continuing operations before minority interest		25,520			70,195			60,118			130,142
Minority interest		—			(1,866	)		—			(3,732	)
Income from continuing operations		25,520			68,329			60,118			126,410
Loss from discontinued operations, net of tax		(286	)		(341	)		(404	)		(1,658	)
Net income	$	25,234		$	67,988		$	59,714		$	124,752
Basic earnings (loss) per common share:
Income from continuing operations	$	0.33		$	0.88		$	0.77		$	1.63
Discontinued operations		—			—			(0.01	)		(0.02	)
Net income	$	0.32		$	0.87		$	0.76		$	1.61
Basic weighted-average shares outstanding		78,467			77,781			78,416			77,392
Diluted earnings (loss) per common share:
Income from continuing operations	$	0.32		$	0.86		$	0.76		$	1.61
Discontinued operations		—			—			(0.01	)		(0.02	)
Net income	$	0.32		$	0.86		$	0.76		$	1.59
Diluted weighted-average shares outstanding		78,622			79,152			78,597			78,546

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MAYTAG CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	June 30 2003		December 31 2002		June 30 2002
	(Unaudited)				(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	5,581	$	8,106	$	7,029
Accounts receivable—net		665,123		586,447		633,760
Inventories		521,977		468,433		543,013
Deferred income taxes		69,307		66,911		64,648
Other current assets		48,819		116,803		27,907
Discontinued current assets		76,177		76,899		83,817
Total current assets		1,386,984		1,323,599		1,360,174
Noncurrent assets		629,413		653,337		652,078
Discontinued noncurrent assets		61,907		61,205		60,604
Total noncurrent assets		691,320		714,542		712,682
Property, plant and equipment		1,056,845		1,066,108		1,049,402
Total assets	$	3,135,149	$	3,104,249	$	3,122,258
LIABILITIES AND SHAREOWNERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	691,729	$	687,439	$	698,502
Notes payable andcurrent portion of long-term debt		209,785		373,871		432,051
Discontinued current liabilities		101,939		102,430		108,729
Total current liabilities		1,003,453		1,163,740		1,239,282
Long-term debt, less current portion		908,957		738,767		747,812
Postretirement benefit liability		530,545		517,510		505,674
Accrued pension cost		458,765		488,751		304,284
Other noncurrent liabilities		122,531		131,525		145,818
Minority interest		—		—		—
Total discontinued noncurrent liabilities and minority interest		21,817		21,817		21,817
Shareowners' equity		89,081		42,139		157,571
Total liabilities and shareowners' equity	$	3,135,149	$	3,104,249	$	3,122,258

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MAYTAG CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(In thousands)

	Six Months Ended June 30
	2003			2002
Operating activities
Net income	$	59,714		$	124,752
Net loss from discontinued operations		403			1,658
Depreciation and amortization		81,006			79,694
Change in working capital		(150,432	)		(92,826	)
Pension and postretirement		(22,355	)		(40,115	)
Other—net		132,384			69,895
Net cash provided by continuing operating activities		100,720			143,058
Investing activities
Capital expenditures		(85,626	)		(99,246	)
Investing activities-continuing operations		(85,626	)		(99,246	)
Financing activities
Increase (reduction) in financing obligations		7,239			(35,063	)
Dividends (including minority interest)		(28,213	)		(33,451	)
Stock repurchase		(1,021	)		—
Other		(441	)		(78,572	)
Financing activities-continuing operations		(22,436	)		(147,086	)
Effect of exchange rates		4,817			933
Decrease in cash and cash equivalents		(2,525	)		(102,341	)
Cash and cash equivalents at beginning of period		8,106			109,370
Cash and cash equivalents at end of period	$	5,581		$	7,029

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