-----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, NfdLl0Mh0k3vM3blXGYGIi3C4uSdNv33BC/AotgALuRv0B6eQwT/BysfRjkxlrs9 1fQhfmG94UCpEdqytobrGQ== 0001193125-05-234335.txt : 20051130 0001193125-05-234335.hdr.sgml : 20051130 20051130171937 ACCESSION NUMBER: 0001193125-05-234335 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20051130 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051130 DATE AS OF CHANGE: 20051130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OLIN CORP CENTRAL INDEX KEY: 0000074303 STANDARD INDUSTRIAL CLASSIFICATION: ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350] IRS NUMBER: 131872319 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01070 FILM NUMBER: 051235387 BUSINESS ADDRESS: STREET 1: OLIN CORP STREET 2: 190 CARONDELET PLAZA SUITE 1530 CITY: CLAYTON STATE: MO ZIP: 63105 BUSINESS PHONE: 3144801400 MAIL ADDRESS: STREET 1: OLIN CORP STREET 2: 190 CARONDELET PLAZA SUITE 1530 CITY: CLAYTON STATE: MO ZIP: 63105 FORMER COMPANY: FORMER CONFORMED NAME: OLIN MATHIESON CHEMICAL CORP DATE OF NAME CHANGE: 19691008 8-K 1 d8k.htm FORM 8-K Form 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): November 30, 2005

 

OLIN CORPORATION

(Exact name of registrant as specified in its charter)

 

Virginia   1-1070   13-1872319

(State or Other Jurisdiction of

Incorporation)

  (Commission File Number)   (IRS Employer Identification No.)

 

190 Carondelet Plaza, Suite 1530, Clayton, MO   63105-3443
(Address of principal executive offices)   (Zip Code)

 

(314) 480-1400

(Registrant’s telephone number, including area code)

 


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

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



Item 7.01. Regulation FD Disclosure.

 

In accordance with General Instruction B.2. of Form 8-K, the following information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. Olin disclaims any intention or obligation to update or revise this information.

 

Attached as Exhibit 99.1 and incorporated herein by reference, is a copy of the slides which will be presented at the Morgan Stanley Chemicals Small Cap Roundtable on December 1, 2005.

 

Item 9.01. Financial Statements and Exhibits.

 

Exhibit No.  

  

Exhibit    


99.1    Presentation slides for meeting on December 1, 2005.


SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

OLIN CORPORATION

By:

 

/s/ George H. Pain

   

Name:

 

George H. Pain

   

Title:

 

Vice President, General

Counsel and Secretary

 

Date: November 30, 2005


EXHIBIT INDEX

 

Exhibit No.  

  

Exhibit    


99.1    Presentation slides for meeting on December 1, 2005.
EX-99.1 2 dex991.htm PRESENTATION SLIDES FOR MEETING ON DECEMBER 1, 2005 Presentation slides for meeting on December 1, 2005
1
December 1, 2005
December 1, 2005
Exhibit 99.1
*
*
*
* * * * * *
Morgan Stanley
Chemicals Small Cap Roundtable


2
Highlights
Highlights
Chlor Alkali netbacks have and will continue to improve
sequentially, particularly as a result of higher Caustic
prices
Contracts renewing in 2006 will provide favorable price
resetting
Metals volumes through August are down approximately
4%
and 6%
for strip and rod, respectively; but better
than the overall industry
Metals 2006 profit improvement actions likely to include
plant closures, realignments and headcount reductions
Winchester to realize meaningful revenue from military
second source contract in 2nd half of 2006


3
Chlor
Chlor
Alkali
Alkali
Products
Products
Recent price increases announced:
August Caustic $50 –
impact Q4 2005
Early September Chlorine $20 –
impact Q4 2005
Late September Caustic $75 –
impact 2006
Early November Caustic $60 –
impact 2006
Contracts resetting in 2006
Hurricanes did not damage any Olin plants, but
disrupted customers and rail lines
Higher transportation and energy costs, Olin system
less dependent on natural gas
Bleach expansion


4
Olin’s
Olin’s
Chlor
Chlor
Alkali
Alkali
Contracts
Contracts
Olin contracts nearly 100% of its chlorine and
caustic sales
On about two-thirds of the chlorine and caustic
volumes, prices change quarterly, with a
combination of formula-based and negotiated
pricing, balance renegotiated annually or semi-
annually
Many contracts have a one quarter lag in them,
which delays price increases in a tightening
market, but helps in a softening market
Competitive forces dictate contract duration and
terms


5
Impact of High Chlorine Prices
Impact of High Chlorine Prices
On Chlor Alkali Profitability
On Chlor Alkali Profitability
Chlorine buyers are highly concentrated
Some large chlorine buyers have contractual caps
and
/
or
discounts
which
dampen
impact
of
price
increases
at
high
end
of
contract
range
Chlorine contracts are multi-year and recognize
cycle pricing trends
Olin has been able to increase chlorine selling
prices above our historical highs


6
Caustic Price Increases Are A
Caustic Price Increases Are A
Key to Higher ECU Values
Key to Higher ECU Values
Historically, Olin’s chlor alkali business has seen
peak earnings during times of high Caustic prices
Caustic customers are smaller and more numerous
Caustic demand improvement normally lags
Chlorine by six months
Olin sells 10% more caustic than chlorine
Proximity to customers reduces freight costs
compared to chlorine


7
Metals
Metals
Volumes through August are down in strip and
rod by 4% and 6%, respectively, but better than
the industry which is down 11% and 9%
Shipments in electronics, automotive and building
products down 9%, coinage up 7% and
ammunition flat, but with upside in 2006 for
ammunition
Higher energy and commodity costs are impacting
2005


8
Metals
Metals
Earnings improvement opportunities through the
likely combination of plant closures, realignments
and headcount reductions to be completed in 2006
Limited expansion of our China distribution
facility by adding stamping capabilities
We believe that we are the low cost metals
producer in the U. S. putting us in a preferred
position with regards to profitability


9
Winchester
Winchester
Higher sales volumes to commercial, military and
law enforcement customers were more than offset
by increased copper, lead, steel and resin costs
Price increases announced for 2006 to offset
higher commodity prices
Start-up costs at the Oxford, MS facility also
increased expenses in Q3
Olin, as part of the General Dynamics team, was
awarded the second source small caliber
ammunition contract –
meaningful revenue
realization should occur in second half of 2006


10
Financial Highlights
Financial Highlights
2005 cash generation supported by use of net
operating loss carryforwards
Recovery of environmental costs offsets higher
legal and legal related costs
$6 million voluntary pension contribution in
September 2005
We do not believe that mandatory contributions
will
be
required
for
2
years


11
Financial Highlights
Financial Highlights
(continued)
(continued)
Repaid $27 million of debt in 2004 and $52
million in 2005
2005 pension expense expected to increase by
approximately $16 million over 2004
2005 effective tax rate of 39%
Commitment to investment grade credit rating
Capital spending levels expected to be in line with
depreciation in 2005


12
Forward-Looking Statements
Forward-Looking Statements
This
presentation
contains
estimates
of
future  
performance,
which
are
forward-looking
statements  
and
results
could
differ
materially
from
those
anticipated
in
the
forward-looking
statements. 
Some
of
the
factors
that
could
cause
actual
results
to
differ
are
described
in
the
business
and
outlook
sections
of
Olin’s
Form
10-K
for
the
year
ended  
December
31,
2004
and
in
Olin’s
Third
Quarter
2005
Earnings
Release.
These
reports
are
filed
with
the
U.S.
Securities
and
Exchange
Commission.
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