-----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, BGOa+PwnlpU91/TfrEDOyKi5FYTj73eT49U0okl9Mg+jE+w4Y64ZDeIpAG+M8kgf oWiYpEvjie0uuef42AJjpg== 0000950152-95-002657.txt : 19951119 0000950152-95-002657.hdr.sgml : 19951119 ACCESSION NUMBER: 0000950152-95-002657 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: OGLEBAY NORTON CO CENTRAL INDEX KEY: 0000073918 STANDARD INDUSTRIAL CLASSIFICATION: WATER TRANSPORTATION [4400] IRS NUMBER: 340158970 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-00663 FILM NUMBER: 95592638 BUSINESS ADDRESS: STREET 1: 1100 SUPERIOR AVE CITY: CLEVELAND STATE: OH ZIP: 44114-2598 BUSINESS PHONE: 2168613300 MAIL ADDRESS: STREET 1: 1100 SUPERIOR AVENUE CITY: CLEVELAND STATE: OH ZIP: 44114-2598 10-Q 1 OGLEBAY NORTON 10-Q 1 Sequential Page 1 of 11 Pages SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended September 30, 1995 Commission File number 0-663 ------------------ ----- OGLEBAY NORTON COMPANY ----------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 34-0158970 ------------------------------- ---------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1100 Superior Avenue Cleveland, Ohio 44114-2598 --------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 216 861-3300 ------------ None ---------------------------------------------------------- Former name, former address and former fiscal year if changed since last report 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, and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Shares of Common Stock outstanding at October 31, 1995: 2,468,876 --------- Index on sequential page 2. 2 OGLEBAY NORTON COMPANY AND SUBSIDIARIES INDEX
SEQUENTIAL PAGE NUMBER ----------- PART I. FINANCIAL INFORMATION - ------------------------------ Consolidated Condensed Balance Sheet (Unaudited) - September 30, 1995 and December 31, 1994 3 Consolidated Condensed Statement of Operations (Unaudited) - Three Months Ended September 30, 1995 and 1994 and Nine Months Ended September 30, 1995 and 1994 4 Consolidated Condensed Statement of Cash Flows (Unaudited) - Nine Months Ended September 30, 1995 and 1994 5 Notes to Consolidated Condensed Financial Statements 6 Management's Discussion and Analysis of Financial Condition and Results of Operations 7 - 10 PART II. OTHER INFORMATION 11 - ---------------------------
3 PART I. FINANCIAL INFORMATION OGLEBAY NORTON COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEET (UNAUDITED)
ASSETS SEPTEMBER 30 December 31 1995 1994 ------------ ----------- CURRENT ASSETS Cash and cash equivalents $ 21,407,093 $ 17,720,419 Investments 5,024,300 5,772,650 Accounts receivable, less allowances (1995-$517,000; 1994-$440,000) 28,363,399 32,035,408 Inventories Raw materials and finished products 3,442,813 3,846,094 Operating supplies 2,147,312 2,261,747 ------------ ------------ 5,590,125 6,107,841 Deferred income taxes 2,272,765 2,213,246 Prepaid insurance and other expenses 4,455,119 2,237,793 ------------ ------------ TOTAL CURRENT ASSETS 67,112,801 66,087,357 INVESTMENTS 10,416,859 10,563,835 PROPERTIES AND EQUIPMENT 304,934,776 314,843,362 Less allowances for depreciation and amortization 150,272,723 156,886,610 ------------ ------------ 154,662,053 157,956,752 PREPAID PENSION COSTS AND OTHER ASSETS 27,051,320 26,205,459 ------------ ------------ $259,243,033 $260,813,403 ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY SEPTEMBER 30 December 31 1995 1994 ------------ ----------- CURRENT LIABILITIES Current portion of long-term debt $ 8,476,450 $ 8,476,450 Accounts payable 4,777,226 4,569,067 Payrolls and other accrued compensation 5,222,111 7,057,615 Accrued taxes and other expenses 14,284,328 16,013,208 Income taxes 3,904,581 2,270,951 Reserve for impairment 3,500,000 6,312,600 ------------ ------------ TOTAL CURRENT LIABILITIES 40,164,696 44,699,891 LONG-TERM DEBT, less current portion 52,760,238 57,117,575 POSTRETIREMENT BENEFITS OBLIGATION 31,995,504 31,071,022 OTHER LONG-TERM LIABILITIES 21,908,999 24,019,063 DEFERRED INCOME TAXES 18,790,931 19,152,931 STOCKHOLDERS' EQUITY Preferred stock, without par value, authorized 5,000,000 shares; none issued -0- -0- Common stock, par value $1 per share, authorized 10,000,000 shares; issued 3,626,666 shares 3,626,666 3,626,666 Additional capital 9,043,251 9,035,841 Unrealized gains 2,138,297 2,278,273 Retained earnings 110,267,649 101,173,484 ------------ ------------ 125,075,863 116,114,264 Treasury stock, at cost - 1,156,990 and 1,143,540 shares at respective dates (29,666,510) (29,217,318) Unallocated Employee Stock Ownership Plan shares (1,786,688) ( 2,144,025) ------------ ------------ 93,622,665 84,752,921 ------------ ------------ $259,243,033 $260,813,403 ============ ============ See notes to consolidated condensed financial statements. -3- 4 OGLEBAY NORTON COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS (UNAUDITED)
Three Months Ended Nine Months Ended September 30 September 30 ---------------------------------- -------------------------------- 1995 1994 1995 1994 ---- ---- ---- ---- REVENUES Net sales $ 26,419,446 $ 28,327,126 $ 77,597,337 $ 86,143,747 Operating revenues 29,816,621 29,171,632 60,156,818 55,258,705 Sales commissions, royalties and management fees 1,152,413 1,188,434 3,061,928 3,106,347 ------------ ------------ ------------ ------------ 57,388,480 58,687,192 140,816,083 144,508,799 COSTS AND EXPENSES Cost of goods sold 21,903,425 24,688,260 64,510,716 74,819,622 Operating expenses 23,925,714 23,110,120 48,424,072 45,110,636 General, administrative and selling expenses 4,003,231 3,944,686 11,947,958 12,212,704 Provision for doubtful accounts 84,504 90,495 241,149 180,433 ------------ ------------ ------------ ------------ 49,916,874 51,833,561 125,123,895 132,323,395 INCOME FROM OPERATIONS 7,471,606 6,853,631 15,692,188 12,185,404 Gain on sale of assets 2,857,861 528,837 3,836,700 7,915,080 Interest, dividends and other income 410,014 294,297 1,128,310 880,027 Other expense ( 777,002) ( 565,257) (2,197,877) (1,448,322) Interest expense (1,010,763) (1,256,493) (3,393,633) (4,064,917) ------------ ------------ ------------ ------------ INCOME BEFORE INCOME TAXES 8,951,716 5,855,015 15,065,688 15,467,272 Income taxes 2,142,000 1,778,000 3,744,000 4,695,000 ------------ ------------ ------------ ------------ NET INCOME $ 6,809,716 $ 4,077,015 $ 11,321,688 $ 10,772,272 ============ ============ ============ ============ NET INCOME PER SHARE OF COMMON STOCK $ 2.76 $ 1.64 $ 4.57 $ 4.32 ============ ============ ============ ============ DIVIDENDS PER SHARE OF COMMON STOCK $ .30 $ .30 $ .90 $ .70 ============ ============ ============ ============ Average number of shares of Common Stock outstanding 2,471,526 2,491,226 2,476,053 2,491,964
See notes to consolidated condensed financial statements. -4- 5 OGLEBAY NORTON COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30 ------------------------------------- 1995 1994 ---- ---- OPERATING ACTIVITIES Net income $ 11,321,688 $ 10,772,272 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 10,289,660 10,077,352 Deferred income taxes ( 350,519) 1,291,000 Gain on sale of assets ( 3,836,699) ( 7,915,280) Prepaid pension costs and other assets ( 1,586,787) ( 1,715,284) Deferred vessel maintenance costs ( 1,653,443) ( 1,776,483) Decrease (increase) in accounts receivable 3,672,009 ( 4,260,097) Decrease (increase) in inventories 517,716 532,321 Increase (decrease) in accounts payable 208,159 ( 203,601) Increase (decrease) in payrolls and other accrued compensation ( 1,835,504) ( 84,508) Other operating activities ( 1,265,210) 1,098,193 ------------ ------------ NET CASH PROVIDED BY OPERATING ACTIVITIES 15,481,070 7,815,885 INVESTING ACTIVITIES Purchase of properties and equipment ( 5,922,265) (4,830,656) Proceeds from sale of assets 4,775,372 11,582,894 Iron Ore and other investments ( 3,113,450) ( 2,821,343) ------------ ------------ NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES ( 4,260,343) 3,930,895 FINANCING ACTIVITIES Payments on long-term debt ( 4,857,338) (16,570,551) Dividends paid ( 2,227,523) ( 1,743,898) Purchase of treasury stock ( 449,192) ( 288,564) ------------ ------------ NET CASH USED IN FINANCING ACTIVITIES ( 7,534,053) (18,603,013) ------------ ------------ Increase (decrease) in cash and cash equivalents 3,686,674 ( 6,856,233) CASH AND CASH EQUIVALENTS, JANUARY 1 17,720,419 21,243,064 ------------ ------------ CASH AND CASH EQUIVALENTS, SEPTEMBER 30 $ 21,407,093 $ 14,386,831 ============ ============
See notes to consolidated condensed financial statements. -5- 6 OGLEBAY NORTON COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS 1. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore, do not include all information and notes to the consolidated condensed financial statements necessary for a fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. Management of the Registrant, however, believes that all adjustments considered necessary for a fair presentation of the results of operations for such period have been made. Certain amounts in the prior year have been reclassified to conform with the 1995 consolidated condensed financial statement presentation. For further information, refer to the consolidated financial statements and notes thereto included in the Registrant's 1994 annual report on Form 10-K. 2. Operating results are not necessarily indicative of the results to be expected for the year, due to the seasonal nature of the Registrant's Marine Transportation segment which historically does not generate revenues in the first quarter of the year due to weather conditions on the Great Lakes. 3. On August 1, 1995, the Registrant sold for cash the idled vessel S/S J. Burton Ayers resulting in a pretax gain of $555,000 and on July 6, 1995, the Registrant sold for cash the idled vessel S/S Crispin Oglebay resulting in a pretax gain of $1,769,000. 4. On April 13, 1995, the Registrant paid a final installment of $1,406,000 representing its portion of Eveleth Mines debt, originally due on August 1, 1995. 5. On March 2, 1995, the Registrant sold for cash certain undeveloped clay properties located in Tennessee resulting in a $520,000 pretax gain. 6. On June 24, 1994, the Registrant sold for cash its Ceredo coal dock business resulting in a $6,518,000 pretax gain. -6- 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Due to the seasonal nature of the Registrant's Marine Transportation segment, the operating results and cash flows for the first nine months of the year are not necessarily indicative of the results to be expected for the full year. The Registrant's Marine Transportation segment historically does not generate revenues in the first quarter of the year due to weather conditions on the Great Lakes. FINANCIAL CONDITION ------------------- At September 30, 1995 the Registrant's net current assets were $26,948,000 as compared to $21,387,000 at December 31, 1994. Net current assets increased from the end of last year primarily as a result of cash flow from operations of $15,481,000. The increase in net current assets was partially offset by the purchase of equipment, the reduction of long-term debt and other liabilities, the payment of dividends, the purchase of Treasury Stock and the final payments of the Registrant's portion of Eveleth Mines debt. The Registrant purchased 14,450 shares and 12,700 shares of its Common Stock on the open market and placed these shares in treasury in the first nine months of 1995 and 1994, respectively. The Registrant issued 1,000 shares of its Common Stock from treasury to the Oglebay Norton Company Director Stock Plan in the first nine months of 1995. The Registrant declared and paid dividends of $.30 per share in the third quarter of 1995 and $.90 per share in the first nine months of 1995. The Registrant declared and paid dividends of $.30 per share in the third quarter of 1994 and $.70 per share in the first nine months of 1994. During the third quarter of 1995, the Registrant sold for cash the idled vessels S/S J. Burton Ayers and S/S Crispin Oglebay resulting in pretax gains of $555,000 and $1,769,000, respectively. During the first nine months of 1995, the Registrant sold for cash certain undeveloped clay properties in Tennessee resulting in a $520,000 pretax gain. The Registrant sold current investments resulting in pretax gains of $835,000 and $1,162,000 during the first nine months of 1995 and 1994, respectively. During the second quarter of 1994, the Registrant sold for cash its Ceredo coal dock business resulting in a $6,518,000 pretax gain. Cash flow from operations in the first nine months of 1995 nearly doubled to $15,481,000 compared to $7,816,000 in the first nine months of 1994 mainly due to an increase in income from operations and an increase in accounts receivable turnover. Expenditures for property and equipment amounted to $5,922,000 and $4,831,000 in the first nine months of 1995 and 1994, respectively. Capital expenditures include vessel inspection costs of $2,037,000 in the first nine months of 1995 and $1,326,000 in the first nine months of 1994. Also included in the first nine months of 1995 is $1,020,000 of vessel improvements. The Registrant repaid a total of $4,857,000 of its debt in the first nine months of 1995 compared with $16,571,000 for the same period in 1994. Included in 1994 is a $10,000,000 reduction in revolving credit debt with no balance presently outstanding in 1995. Anticipated cash flows from operations and current financial resources are expected to meet the Registrant's needs during the remainder of 1995. -7- 8 RESULTS OF OPERATIONS --------------------- NINE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 1994 The Registrant's consolidated net income for the first nine months of 1995 was $11,322,000 or $4.57 per share on consolidated revenues of $140,816,000 compared to net income of $10,772,000 or $4.32 per share on revenues of $144,509,000 for the first nine months of 1994. Consolidated revenues for the first nine months of 1995 declined 3% compared to the first nine months of 1994 due mainly to a 44% decline in revenues for the Registrant's Iron Ore segment as discussed below. During the third quarter of 1995, the Registrant sold for cash the idled vessels S/S J. Burton Ayers and S/S Crispin Oglebay resulting in a $2,324,000 pretax gain. Net income for the first nine months of 1995 increased $1,534,000 or $.62 per share as a result of the gain. The Registrant also sold for cash certain undeveloped clay properties located in Tennessee resulting in a $520,000 pretax gain in the first nine months of 1995. Net income for the first nine months of 1995 increased $343,000 or $.14 per share as a result of the gain. The Registrant sold current investments resulting in pretax gains of $835,000 and $1,162,000 during the first nine months of 1995 and 1994, respectively. As a result of the gains, net income increased $551,000 or $.22 per share and $767,000 or $.31 per share in the first nine months of 1995 and 1994, respectively. During the second quarter of 1994 the Registrant sold for cash its Ceredo coal dock business located in West Virginia resulting in a $6,518,000 pretax gain. Net income for the first nine months of 1994 increased $4,302,000 or $1.73 per share as a result of the gain. Excluding these gains, net income was $8,894,000 or $3.59 per share for the first nine months of 1995 and $5,703,000 or $2.28 per share for the first nine months of 1994. Interest expense declined 17% in the first nine months of 1995, compared to the same period in the prior year, due to the refinancing of a portion of the Registrant's long-term debt in December 1994 and an overall reduction in debt. Operating results of the Registrant's business segments for the nine months ended September 30, 1995 and 1994 are discussed below. It is the policy of the Registrant to allocate certain corporate general and administrative expenses to its business segments. Operating revenues for the Registrant's Marine Transportation segment increased 12% to $60,157,000 for the first nine months of 1995 compared to $53,652,000 for the same period in 1994. The segment's operating profit, excluding the gain on the sale of the two vessels, increased 22% to $9,362,000 for the first nine months of 1995 compared to $7,648,000 for the same period in 1994. The improved results are due to higher volume and better pricing as demand for iron ore, coal and limestone transportation remains high. -8- 9 RESULTS OF OPERATIONS (CONTINUED) --------------------- NINE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 1994 Net sales, royalties and management fees for the Registrant's Iron Ore segment declined 44% to $21,373,000 for the first nine months of 1995 compared to $38,093,000 for the first nine months of 1994. The segment's operating profit for the first nine months of 1995 declined 46% to $3,179,000 compared to $5,272,000 the first nine months of 1994. In 1995, the Registrant is limited to its annual allotment of 775,000 gross tons of iron ore pellets under its Eveleth Mines agreements as the other owners have nominated their full contractual tonnage. Additional pellet tonnage was available to the Registrant to sell in 1994, as other owners elected not to claim their full share of Eveleth production. Eveleth Mines plans to produce 5,300,000 tons of pellets in 1995 compared to 5,000,000 tons in 1994. Net sales for the Registrant's Industrial Sands segment amounted to $30,967,000 for the first nine months of 1995, a 48% increase over sales of $20,928,000 for the first nine months of 1994. The segment's operating profit of $6,043,000 for the first nine months of 1995 more than doubled compared to $2,450,000 for the first nine months of 1994. Tonnage sold increased, principally as a result of the 1994 fourth quarter acquisition of additional sand assets in Texas. Favorable pricing and a beneficial product mix, resulting from good economic conditions in markets served, also contributed to the improved results. Net sales for the Registrant's Refractories & Minerals segment amounted to $28,255,000 for the first nine months of 1995, which was a decrease of 6% compared to $29,930,000 for the first nine months of 1994. Operating profit for the segment was $414,000 for the first nine months of 1995 which was 65% less when compared to $1,180,000 for the first nine months of 1994. Operating profit for this segment was negatively impacted by a 25% decline in sales of tundish coating products and by increased raw material costs. The decline in operating profit was somewhat offset by improved operating results in its metallurgical treatment operations. Fourth quarter sales of this segment's metallurgical treatment product line could be significantly impacted by a major customer's recently settled dispute with its union work force. As a result of a change in management in this business segment in the third quarter of 1995, all product line are currently under review to determine if they can meet the established strategic goals of this segment and the Registrant. THREE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 1994 The Registrant's 1995 third quarter consolidated net income was $6,810,000 or $2.76 per share on consolidated revenues of $57,388,000 compared to net income of $4,077,000 or $1.64 per share on revenues of $58,687,000 for the same quarter in 1994. Consolidated revenues for the third quarter of 1995 declined 2% compared to the third quarter of 1994 on decreased tonnage in the Registrant's Iron Ore segment, partially offset by higher volume and favorable pricing in the Registrant's Marine Transportation and Industrial Sands segments. -9- 10 RESULTS OF OPERATIONS (CONTINUED) --------------------- THREE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 1994 As previously discussed, the Registrant sold two vessels resulting in a $2,324,000 pretax gain in the third quarter of 1995. Third quarter net income increased $1,534,000 of $.62 per share as a result of the gain. The Registrant sold current investments resulting in pretax gains of $534,000 and $449,000 during the third quarter of 1995 and 1994, respectively. As a result of the gains, net income increased $352,000 or $.14 per share and $296,000 or $.12 per share in the third quarter of 1995 and 1994, respectively. Excluding these gains, net income was $4,923,000 or $2.00 per share for the third quarter of 1995 and $3,781,000 or $1.52 per share for the third quarter of 1994. Interest expense declined 20% in the third quarter of 1995, compared to the same quarter in the prior year, due to the refinancing of a portion of the Registrant's long-term debt in December 1994 and an overall reduction in debt. Operating results of the Registrant's business segments for the third quarter ended September 30, 1995 and 1994 are discussed below. The comments set forth above in the nine month comparison generally apply when comparing the third quarter of 1995 to the same period in 1994. Operating revenues for the Registrant's Marine Transportation segment of $29,817,000 for the third quarter of 1995 improved 2% compared to $29,172,000 for the third quarter of 1994. The segment's operating profit, excluding the gain on the sale to the two vessels, of $5,093,000 for the third quarter of 1995 compared to $5,308,000 for the third quarter of 1994. Net sales, royalties and management fees for the Registrant's Iron Ore segment declined to $8,020,000 for the third quarter of 1995 compared to $11,577,000 for the third quarter of 1994. The segment's 1995 third quarter operating profit was $1,220,000 compared to $1,628,000 for the third quarter of 1994. Net sales for the Registrant's Industrial Sands segment amounted to $10,453,000 for the third quarter of 1995, a 40% increase from 1994 third quarter sales of $7,462,000. The segment's 1995 third quarter operating profit of $1,937,000 increased 60% from the 1994 third quarter profit of $1,214,000 due to additional tonnage sold, favorable pricing and a beneficial product mix. Net sales for the Registrant's Refractories & Minerals segment amounted to $9,035,000 for the third quarter of 1995, which was a 13% decline compared to $10,416,000 for the third quarter of 1994 due mainly to lower sales of its tundish coating and ingot hot top products. Operating profit for the segment was $274,000 for the third quarter of 1995 compared to $273,000 for the third quarter of 1994. -10- 11 PART II. OTHER INFORMATION --------------------------- ITEM 1. LEGAL PROCEEDINGS - ------- ----------------- As previously reported Laxare, Inc., a subsidiary owned 80% by the Registrant, is the subject of litigation before the Circuit Court of Kanawha County, West Virginia. The case is captioned THOMAS G. WILLIAMS, JR., ANS SARAH M. WILLIAMS V. JOHN CHESLEY WILLIAMS, ET AL AND MARY CATHERINE MARKS AND JOSEPHINE W. LUTHER V. THOMAS G. WILLIAMS, JR., ET AL. On August 18, 1995 the Circuit Court issued a letter to counsel advising that it rejected Laxare, Inc.'s affirmative defenses and trial would go forth on the issue of damages and whether they are to be assessed as intentional trespass or negligent trespass. No claims in respect of this matter have been asserted against the Registrant. Although it is not possible to predict the outcome of a trial, the Registrant continues to believe it is unlikely that this litigation will have a material adverse affect on the Registrant's consolidated financial position. Laxare, Inc. sought protection under Chapter 11 of the Bankruptcy Code on August 31, 1995. Since that time trial in the Circuit Court of Kanawha County has been stayed pending action of the Bankruptcy Court. Laxare, Inc. is unable to predict, at this time, the result of the Bankruptcy Court proceedings. The Registrant does not believe Laxare, Inc.'s bankruptcy will have a materially adverse effect upon it. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - ------- -------------------------------- (a) Exhibits (27) - Financial Data Schedule (b) Reports on Form 8-K - None 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. OGLEBAY NORTON COMPANY DATE: November 14, 1995 By: _____________________ R. J. Kessler Vice President - Finance and Development On behalf of the Registrant and as Principal Financial and Accounting Officer -11- EX-27 2 EXHIBIT 27
5 1 U.S. DOLLARS 9-MOS DEC-31-1995 JAN-01-1995 SEP-30-1995 1 21,407,093 5,024,300 28,363,399 517,000 5,590,125 67,112,801 304,934,776 150,272,723 259,243,033 40,164,696 52,760,238 3,626,666 0 0 89,995,999 259,243,033 77,597,337 140,816,083 64,510,716 125,123,895 2,197,877 241,149 3,393,633 15,065,688 3,744,000 11,321,688 0 0 0 11,321,688 4.57 4.57
-----END PRIVACY-ENHANCED MESSAGE-----