0000075252-95-000008.txt : 19950919 0000075252-95-000008.hdr.sgml : 19950919 ACCESSION NUMBER: 0000075252-95-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950915 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950918 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: OWENS & MINOR INC/VA/ CENTRAL INDEX KEY: 0000075252 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MEDICAL, DENTAL & HOSPITAL EQUIPMENT & SUPPLIES [5047] IRS NUMBER: 541701843 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06430 FILM NUMBER: 95574411 BUSINESS ADDRESS: STREET 1: P O BOX 27626 CITY: RICHMOND STATE: VA ZIP: 23261 BUSINESS PHONE: 8047479794 FORMER COMPANY: FORMER CONFORMED NAME: O&M HOLDING INC DATE OF NAME CHANGE: 19940504 FORMER COMPANY: FORMER CONFORMED NAME: OWENS & MINOR INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: OWENS MINOR & BODEKER INC DATE OF NAME CHANGE: 19811124 8-K 1 PRESS RELEASE EARNINGS 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): September 15, 1995 Owens & Minor, Inc. (Exact Name of Registrant as Specified in Charter) Virginia 1-9810 54-1701843 (State of (Commission File No.) (IRS Employer Incorporation) Identification No.) 4800 Cox Road, Glen Allen, Virginia 23060 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (804) 747-9794 (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events. On September 15, 1995 Owens & Minor, Inc. (the "Registrant") issued a press release attached as Exhibit 99 hereto relating to preliminary third quarter and fiscal year 1995 earnings, which is incorporated by reference herein. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. 99. Press Release issued by the Registrant on September 15, 1995. 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 hereunto duly authorized. Date: 9/15/95 OWENS & MINOR, INC. By:\s\G. Gilmer Minor, III G. Gilmer Minor, III President and Chief Executive Officer Exhibits Index Exhibit No. (99) Press Release issued by the Registrant on September 15, 1995. EX-99 2 Exhibit 99 September 15, 1995 OWENS & MINOR PROJECTS LOWER THAN EXPECTED RESULTS Richmond, Va....Owens & Minor, Inc. (NYSE-OMI) announced today that it expects third quarter results from recurring operations to be significantly below last year's third quarter and investment analysts' estimates. The company also expects results for the full year of 1995 to be well below last year and investment analysts' estimates. The results for the third quarter of 1995 are expected to show a loss from recurring operations. The results for the fourth quarter of 1995 are expected to show improvement over the third quarter of 1995. The projected results reflect a decline in gross margin, as the company's business mix continues to shift toward large accounts that benefit from lower prices and enhanced levels of service. General and administrative expense efficiencies have been delayed as the company completes the division consolidations of Stuart Medical into Owens & Minor and the expansion of facilities due to new business. Also, interest costs are up significantly compared to last year primarily due to higher rates and excess inventory. To address the gross margin issue, the company has a number of initiatives underway, including the institution of a 1 percent across-the-board price increase on all of its product offerings to reflect the value of the services provided to the customer. As the company completes the consolidations this year and unusual work demands decrease, the company's resources will be redirected toward achieving operational efficiencies. Consequently, costs and inventory levels are expected to show improvement in 1996. While the company expects these initiatives to be successful, it cannot predict their impact upon future earnings. According to G. Gilmer Minor, III, chairman, president and chief executive officer: "I am very disappointed in these short term results. However, we knew this quarter was going to be the toughest of the transition quarters. We expect some improvement in the fourth quarter of 1995, but our primary focus is to produce a level of profitability in 1996 consistent with our record of past successful results. Technology enhancements and better discipline in our operations brought about by a return to pre-acquisition fundamentals will help drive our performance in 1996." Owens & Minor, Inc., a Fortune 500 Company, is a national wholesale distributor of medical/surgical supplies. The company's distribution centers serve hospitals, primary care facilities, integrated healthcare systems and group purchasing organizations throughout the United States. In addition to offering a diverse product selection, Owens & Minor helps customers control healthcare costs and improve inventory management through innovative services in asset management, logistics and technology. CONTACT: Glenn J. Dozier Hugh F. Gouldthorpe Senior Vice President, Finance Vice President Chief Financial Officer Quality and Communications Owens & Minor, Inc. Owens & Minor, Inc. (804) 965-2945 (804) 965-2922