-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, dqYqqX1zhGyvZHTmoOccTx5kwN1wuyy3JNbZHk1qEPbedvzhr7cLMK3xpBr8/PdL 3RTzSp6ulpsZjFHk7Ct0uw== 0000950152-94-000742.txt : 19940812 0000950152-94-000742.hdr.sgml : 19940812 ACCESSION NUMBER: 0000950152-94-000742 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940719 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940720 DATE AS OF CHANGE: 19940810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BORDEN CHEMICALS & PLASTICS LIMITED PARTNERSHIP CENTRAL INDEX KEY: 0000821202 STANDARD INDUSTRIAL CLASSIFICATION: 2821 IRS NUMBER: 311269627 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09699 FILM NUMBER: 94540347 BUSINESS ADDRESS: STREET 1: HIGHWAY 73 CITY: GEISMAR STATE: LA ZIP: 70734 BUSINESS PHONE: 5043875101 MAIL ADDRESS: STREET 1: HIGHWAY 73 CITY: GEISMAR STATE: LA ZIP: 70734 8-K 1 EXHIBIT 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 19,1994 ---------------------- BORDEN CHEMICALS AND PLASTICS LIMITED PARTNERSHIP ---------------------------------------------------------------------------- (Exact name of registrant as specified in its chapter) Delaware I-9699 31-1269627 ---------------------------- ------------------ ---------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) file number) Identification No.) Highway 73, Geismar Louisiana 70734 ---------------------------------------- ------------------- (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: 504/387-5101 ------------ Not Applicable ---------------------------------------------------------------------------- (Former name or former address, if changed since last report) Page 1 of 2 2 Item 5. Other Events ------------ On July 19, 1994, Borden Chemicals and Plastics Operating Limited Partnership issued a press release (attached as Exhibit 99). Item 7. Financial Statements and Exhibits --------------------------------- (c) Exhibits 99. Press Release 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 thereunto duly authorized. BORDEN CHEMICALS AND PLASTICS LIMITED PARTNERSHIP By: BCP Management, Inc., as general partner Date: July 19, 1994 /s/ David A. Kelly --------------------------- David A. Kelly Treasurer and Principal Financial Officer Page 2 of 2 EX-99 2 EXHIBIT 1 [BCP Letterhead] Exhibit 99 FOR IMMEDIATE RELEASE Press Contact James P. McKinley 212 573-4178 BORDEN CHEMICALS AND PLASTICS DECLARES CASH DISTRIBUTION OF 65 CENTS PER UNIT. - - - ------------------------------------------------------------------------------ REPORTS 68 CENTS PER UNIT NET INCOME IN SECOND QUARTER ------------------------------------------------------ COLUMBUS, OHIO, July 19, 1994 -- Borden Chemicals and Plastics Limited Partnership (NYSE: BCU) today announced a cash distribution of 65 cents per common unit for the second quarter of 1994. This compares with a cash distribution of 18 cents per unit for the second quarter of 1993 and 21 cents for the first quarter of 1994. The distribution was declared at a meeting of the Board of Directors of BCP Management, Inc. (BCPM), the General Partner of the Partnership, and is payable August 8 to unitholders of record July 29. The Partnership had net income of $25.3 million on revenues of $149.7 million for the three-month period ended June 24, 1994, versus a net loss of $4.9 million on revenues of $106.0 million in the second quarter of 1993. After the General Partner's interest, net income per unit was 68 cents, compared with a net loss of 13 cents per unit in the same period of 1993. The cash distribution declared each quarter is based on available cash generated in the quarter and differs from net income primarily because of depreciation, which is a non-cash expense, and changes in working capital requirements for the quarter. - more - 277 PARK AVENUE, NEW YORK, NEW YORK 10172 2 2 "Our second quarter results reflect substantially higher selling prices and demand for polyvinyl chloride resins and methanol as well as lower natural gas costs, compared with the 1994 first quarter and the year-ago period," said Joseph M. Saggese, chairman of the board, president and chief executive officer of BCPM. "These improvements more than offset higher raw material ethylene and chlorine costs," noted Mr. Saggese. "Profit margins in nitrogen products (primarily ammonia and urea) also improved due to higher selling prices, compared with the fist quarter and year-ago periods," added Mr. Saggese. BCPM also announced that it has signed a letter of intent with Dallas-based Occidental Chemical Corporation to purchase Occidental's Addis, Louisiana, PVC manufacturing facility. A conclusion of this acquisition is contingent on negotiation of a definitive agreement, FTC approval and other conditions. Borden Chemicals and Plastics Limited Partnership is a publicly traded partnership formed to acquire and operate the polyvinyl chloride resins and basic chemicals businesses of Borden, Inc. The Partnership has manufacturing facilities at Geismar, Louisiana, and Illiopolis, Illinois. BCP Management holds a 2 percent interest and serves as General Pertner. Publicly traded units account for 98 percent ownership. (TABLE FOLLOWS) 3 3 BORDEN CHEMICALS AND PLASTICS LIMITED PARTNERSHIP ------------------------------------------------- (In thousands, except per share data) Three Months Six Months Ended Ended -------------------- ---------------------- 6/24/94 6/25/93 6/24/94 6/25/93 -------- -------- ------- -------- Revenues $149,671 $105,971 $268,652 $196,575 ======== ======== ======= ======== Net Income (Loss) $ 25,264 $ (4,855) $ 28,892 $ (4,589) Less: 1% General Partner Interest (253) 49 (289) 46 -------- -------- ------- -------- Net Income (Loss) Applicable to Limited Partner's Interest $ 25,011 $ (4,806) $ 28,603 $ (4,543) ======== ======== ======= ======== Net Income (Loss) Per Unit $ .68 $ (.13) $ .78 $ (.12) Cash Distribution Declared Per Unit $ .65 $ .18 $ .86 $ .48 Average Units 36,750 36,750 36,750 36,750 # # # -----END PRIVACY-ENHANCED MESSAGE-----