-----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, WYvzTcB065fU/3MkoOOoGmhGTs8LO5F+cLqcRDIOubgO3oLyTbAfqdE+262uOfxm OSsqa7aFudqQU083/yWE5g== 0000790730-98-000003.txt : 19980403 0000790730-98-000003.hdr.sgml : 19980403 ACCESSION NUMBER: 0000790730-98-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980202 ITEM INFORMATION: FILED AS OF DATE: 19980402 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERON INTERNATIONAL CORP 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: SEC FILE NUMBER: 001-09102 FILM NUMBER: 98586192 BUSINESS ADDRESS: STREET 1: 245 S LOS ROBLES AVE CITY: PASADENA STATE: CA ZIP: 91101 BUSINESS PHONE: 8186834000 FORMER COMPANY: FORMER CONFORMED NAME: AMERON INC/DE DATE OF NAME CHANGE: 19920703 8-K 1 CURRENT REPORT March 25, 1998 For immediate release: Budget National and Analyst Wire Contacts: Gary Wagner, Senior Vice President, Chief Financial Officer, and Dan Stracner, Vice President, Public Affairs: 626/683-4000 Ameron's First-Quarter 1998 Result Pasadena, Calif.--Ameron International Corporation (NYSE: AMN) today reported a loss of 23 cents per share, or $940,000, on sales of $102.5 million for its first quarter, which ended Feb. 28, 1998. For the similar period in 1997, the company reported earnings of 23 cents per share, or $938,000, on sales of $108.3 million, Ameron's highest first-quarter earnings in more than a decade. The company attributed the loss primarily to project delays caused by unusually severe weather in major domestic markets. "As previously reported, El Nino-related weather delays impacted some of our operations, especially our concrete and steel pipe business in the West and our protective coatings business in the United States," said James S. Marlen, chairman, president and chief executive officer. First-quarter rainfall in Southern California, an important market for Ameron, was the heaviest in more than a century. Severe thunderstorms in the Gulf region curtailed coatings work on offshore platforms and other major projects throughout the quarter. Also, the military buildup in the Arabian Gulf, which delayed scheduled drydockings and maintenance for U.S. Navy ships, contributed to a shortfall in Ameron's coatings business. In addition, a strike at Ameron's main steel fabrication plant in Southern California delayed shipments of welded steel pipe toward the end of the quarter. Compared to 1997, the company's construction products business in Hawaii reported a strong first-quarter improvement, even though the outlook for the construction sector in Hawaii is still sluggish. Ameron's worldwide fiberglass pipe business posted a healthy improvement in sales and earnings for the quarter, in part because of an increase in sales from Ameron's European operation. Centron International, acquired by Ameron in 1996, continued to make a strong contribution with shipments of high-pressure oilfield pipe to markets around the world. "The first quarter is traditionally our weakest, and this year we had to contend with unusual factors that worsened the situation," Marlen said. "The lower results are due primarily to weather conditions and project delays; however, we anticipate accelerated deliveries throughout the rest of the year." Marlen added, "Management remains confident about Ameron's overall strategic direction." Ameron International Corporation Consolidated Statements of Income First Quarter Ended February 28, (in thousands except share and per share data) 1998 1997 --------- --------- Sales $102,526 $108,261 Cost of Sales 78,324 80,578 --------- --------- Gross Profit 24,202 27,683 Selling, General and Administrative Expenses 25,046 26,283 --------- --------- Operating Profit/(Loss) (844) 1,400 Royalty, Equity and Other Income 1,771 2,619 --------- --------- Income before Interest and Income Taxes 927 4,019 Interest, net 2,493 2,456 --------- --------- Income/(Loss) before Income Taxes (1,566) 1,563 Income Taxes Provision/(Benefit) (626) 625 --------- --------- Net Income/(Loss) $ (940) $ 938 ========= ========= Diluted Net Income/(Loss) Per Share (based on average of 4,005,956 shares in 1998 and 4,067,138 shares in 1997) $ (.23) $ .23 ========= ========= Cash Dividends Paid $ .32 $ .32 ========= ========= Ameron International Corporation Consolidated Statements of Cashflow Three Months Ended February 28, (in thousands) 1998 1997 --------- --------- Operating Activities Net Income/(Loss) $ (940) $ 938 Adjustments to reconcile net income/(loss) to net cash 4,740 4,905 Changes in operating assets and liabilities (267) (18,716) --------- --------- Cash Provided (Used) By Operations 3,533 (12,873) Investing Activities Proceeds from sale of assets 58 41 Additions to property, plant and equipment, and Acquisitions (6,832) (5,290) Other, net (333) (253) --------- --------- Net Cash Used in Investing Activities (7,107) (5,502) Financing Activities Short and long-term borrowings, net 2,022 12,460 Dividends on common stock (1,282) (1,280) Other, net 31 566 --------- --------- Net Cash Provided by Financing Activities 771 11,746 Effect of exchange rate changes on cash (72) (315) --------- --------- Net change in cash $ (2,875) $ (6,944) ========= ========= Ameron International Corporation Consolidated Balance Sheets (in thousands) February 28, November 30, 1998 1997 --------- --------- ASSETS Current Assets Cash and equivalents $ 6,973 $ 9,848 Receivables, net 105,169 122,352 Inventories 107,958 95,752 Other 13,606 13,340 --------- --------- Total current assets 233,706 241,292 Investments and Advances - Affiliated Companies 33,541 33,777 Property, Plant and Equipment, net 128,149 127,678 Other Assets 28,494 30,478 --------- --------- Total Assets $423,890 $433,225 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Short-term borrowings $ 585 $ 715 Current portion of long-term debt 17,635 17,654 Trade payables 35,868 31,988 Accrued liabilities and other 33,283 36,908 --------- --------- Total current liabilities 87,371 87,265 Long-Term Debt, less current portion 142,733 140,917 Other Liabilities 45,832 52,061 --------- --------- Total Liabilities 275,936 280,243 Stockholders' Equity Common stock 12,948 12,946 Additional paid-in capital 16,998 16,969 Retained earnings 169,347 171,569 Cumulative translation adjustments (8,560) (5,723) Treasury stock (42,779) (42,779) --------- --------- Total Stockholders' Equity 147,954 152,982 --------- --------- Total Liabilities and Stockholders' Equity $423,890 $433,225 ========= ========= EX-27 2
5 3-MOS 3-MOS NOV-30-1998 NOV-30-1997 FEB-28-1998 FEB-28-1997 6,973 11,437 0 0 105,169 101,174 0 0 107,958 95,177 233,706 223,145 128,149 124,220 0 0 423,890 410,202 87,371 92,628 0 0 0 0 0 0 12,948 12,937 0 0 423,890 410,202 102,526 108,261 102,526 108,261 78,324 80,578 0 0 25,046 26,283 0 0 2,647 2,541 (1,566) 1,563 (626) 625 (940) 938 0 0 0 0 0 0 (940) 938 (0.23) 0.23 (0.23) 0.23
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