-----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, KZNYG1/ptwjobGJfCtfjj4X2239uSsorjEnCtWMM3oYhs2gifmGNXjRHTtTTvaaC sBknakuvRkxtFd3/vNt+3w== 0000790730-96-000017.txt : 19960927 0000790730-96-000017.hdr.sgml : 19960927 ACCESSION NUMBER: 0000790730-96-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960925 ITEM INFORMATION: Other events FILED AS OF DATE: 19960926 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERON INC/DE CENTRAL INDEX KEY: 0000790730 STANDARD INDUSTRIAL CLASSIFICATION: CONCRETE GYPSUM PLASTER PRODUCTS [3270] IRS NUMBER: 770100596 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09102 FILM NUMBER: 96634844 BUSINESS ADDRESS: STREET 1: 245 S LOS ROBLES AVE CITY: PASADENA STATE: CA ZIP: 91101 BUSINESS PHONE: 8186834000 8-K 1 NEWS RELEASE September 25, 1996 For immediate release: Budget National and Analyst Wire Contacts: Gary Wagner, Senior Vice President, Chief Financial Officer, and Dan Stracner, Vice President, Public Affairs: 818/683-4000 Ameron International reports strong third-quarter earnings Pasadena, Calif.-Ameron International Corporation (NYSE: AMN) today reported strong third-quarter earnings of $1.50 per share on sales of $134 million, compared to $1.16 per share on sales of $137 million for the similar period in 1995. Year-to-date earnings were also strong: $2.71 per share on sales of $366 million, compared to $2.20 per share on sales of $354 million last year. These earnings represent a 29% increase for the quarter and a 23% improvement for the year to date. Quarterly and nine-month earnings were up sharply for Ameron's domestic concrete and steel pipe operations. Demand for water transmission piping remains strong in the western United States as water agencies continue long-term expansion of aqueducts. Adding to the results were significant improvements in manufacturing due to an ongoing total quality management program. Ameron's worldwide protective coatings business also had higher sales and significantly improved income. Operations in the United States, Europe and Hong Kong all reported increased earnings. Operating results were positively influenced by product streamlining and higher manufacturing yields in both the United States and Europe. Ameron's worldwide fiberglass pipe business reported appreciable improvements in sales and earnings for the quarter and year to date, primarily because of positive performance by U.S. operations. Although nine-month European results continued to be impacted by order delays from earlier in the year, quarterly earnings showed improvement. While still quite profitable, Ameron Hawaii, the construction products business, continued to report substantially lower sales and earnings than in 1995 because of the ongoing economic slowdown in the Islands. Results from Ameron's domestic pole products business were slightly lower for the quarter and slightly higher for the year to date. On Aug. 7, Ameron entered into an agreement to acquire the worldwide Devoe marine coatings business of Imperial Chemical Industries, PLC (ICI). The North American portion of that acquisition was completed in early September, making Ameron the largest supplier of high-performance marine and offshore coatings in the United States. The remainder of the acquisition will be completed in late October. In addition, Ameron will manufacture and sell Devoe coatings to industrial maintenance markets in Europe, the Middle East and parts of Africa. The total Devoe business being acquired by Ameron generated sales of approximately $50 million in 1995. In the first quarter, Ameron acquired Centron International, a manufacturer of fiberglass pipe for oilfield applications. Annual Centron sales are approximately $25 million. "These acquisitions are consistent with Ameron's strategy to grow through alliances and acquisitions, as well as new product development," said James S. Marlen, Ameron chairman, president and chief executive officer. Ameron's affiliated companies had higher overall sales and earnings both for the quarter and year to date. However, equity income was down due to lower cash dividends received. Since 1994, Ameron has been using a more conservative income recognition method under which income is recorded only to the extent that cash dividends are received. "I am very pleased with the continued improvement in most of our businesses, and I am optimistic that Ameron's overall 1996 sales and earnings will be substantially stronger than in 1995, continuing the positive earnings trend that began in 1994 following the comprehensive restructuring of the company," Marlen said. Ameron International Corporation Consolidated Statements of Income Third Quarter Ended August 31, (in thousands except and per share data) 1996 1995 --------- --------- Sales $133,622 $137,421 Cost of Sales 97,402 103,990 --------- --------- Gross Profit 36,220 33,431 Selling, General and Administrative Expenses 26,274 25,664 --------- --------- Operating Profit 9,946 7,767 Royalty, Equity and Other Income 1,590 1,796 --------- --------- Income before Interest and Income Taxes 11,536 9,563 Interest, net 2,349 2,986 --------- --------- Income before Income Taxes 9,187 6,577 Income Taxes 3,215 2,000 --------- --------- Net Income $ 5,972 $ 4,577 ========= ========= Per Share: Net Income $ 1.50 $ 1.16 ========= ========= Cash Dividends Paid $ .32 $ .32 ========= ========= Ameron International Corporation Consolidated Statements of Income Nine Months Ended August 31, (in thousands except share and per share data) 1996 1995 --------- --------- Sales $366,006 $353,978 Cost of Sales 273,571 267,379 --------- --------- Gross Profit 92,435 86,599 Selling, General and Administrative Expenses 73,723 71,173 --------- --------- Operating Profit 18,712 15,426 Royalty, Equity and Other Income 5,694 5,563 --------- --------- Income before Interest and Income Taxes 24,406 20,989 Interest, net 7,796 8,913 --------- --------- Income before Income Taxes 16,610 12,076 Income Taxes 5,813 3,382 --------- --------- Net Income $ 10,797 $ 8,694 ========= ========= Per Share (based on average of 3,977,481 shares in 1996 and 3,951,549 shares in 1995): Net Income $ 2.71 $ 2.20 ========= ========= Cash Dividends Paid $ .96 $ .96 ========= ========= Ameron International Corporation Consolidated Balance Sheets (in thousands) August 31, November 30, 1996 1995 --------- --------- ASSETS Current Assets Cash and equivalents $ 49,440 $ 12,923 Receivables, net 108,012 105,019 Inventories 72,781 76,426 Other 12,533 12,470 --------- --------- Total current assets 242,766 206,838 Investments and Advances - Affiliated Companies 35,330 36,197 Property, Plant and Equipment, net 114,418 114,116 Other Assets 18,536 14,230 --------- --------- Total assets $411,050 $371,381 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borrowings $ 1,157 $ 1,718 Current portion of long-term debt 17,782 17,803 Trade payables 33,054 32,219 Accrued liabilities and other 39,982 40,640 --------- --------- Total current liabilities 91,975 92,380 Deferred Income Taxes, Credits and Reserves 55,238 52,864 Long-Term Debt 121,982 91,565 --------- --------- Total Liabilities 269,195 236,809 Stockholders' Equity Common stock 12,842 12,823 Additional paid-in capital 15,579 15,322 Retained earnings 153,982 146,987 Cumulative translation adjustments 2,231 2,219 Treasury stock (42,779) (42,779) --------- --------- Total stockholders' equity 141,855 134,572 --------- --------- Total liabilities and stockholders' equity $411,050 $371,381 ========= ========= -----END PRIVACY-ENHANCED MESSAGE-----