-----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, MHb/i0c76RlF3/uR6ADKkKqJ24Lk8qCVOtEHwoMmYnTLcraUDGtixWZvFj7lNvYc dAAyAjHGb9PgbFDXxmbA7g== 0000950152-97-003079.txt : 19970423 0000950152-97-003079.hdr.sgml : 19970423 ACCESSION NUMBER: 0000950152-97-003079 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970422 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970422 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: OM GROUP INC CENTRAL INDEX KEY: 0000899723 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INORGANIC CHEMICALS [2810] IRS NUMBER: 521736882 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12515 FILM NUMBER: 97584947 BUSINESS ADDRESS: STREET 1: 50 PUBLIC SQ STREET 2: 3800 TERMINAL TOWER CITY: CLEVELAND STATE: OH ZIP: 44113-2204 BUSINESS PHONE: 2167810083 MAIL ADDRESS: STREET 1: 3900 TERMINAL TOWER CITY: CLEVELAND STATE: OH ZIP: 44113 8-K 1 OM GROUP, INC. 8-K 1 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) April 22, 1997 ------------------------------ OM GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 0-22572 52-1736882 (State or other (Commission (IRS Employer other jurisdiction File Number) Identification No.) of incorporation) 50 Public Square, 3800 Terminal Tower, Cleveland, Ohio 44113-2204 (Address of principal executive offices) Registrant's telephone number, including area code: (216) 781-0083 ---------------------------- Former name of former address, if changed since last report: N/A ------------------- 2 ITEM 5. OTHER EVENTS. ------------ On April 22, 1997, OM Group, Inc. (the "Company") issued a press release relating to the results of the Company's operations for the three months ended March 31, 1997. The text of the press release is attached as an exhibit to this report. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. --------------------------------- (C) Exhibits. (99) Press release dated April 22, 1997 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. OM GROUP, INC. Dated: April 22, 1997 By: /s/ James M. Materna ---------------------------- James M. Materna Chief Financial Officer 2 EX-99 2 EXHIBIT 99 1 Exhibit (99) OM Group, Inc. Kristine Marks OM Group, Inc. (216) 781-0083 OM GROUP REPORTS FIRST QUARTER SALES, NET INCOME INCREASES CLEVELAND - April 22, 1997 - OM Group, Inc. (NYSE - OMP) today reported a 15 percent increase in net income and a 7 percent increase in net sales for its first quarter ended March 31, 1997. The producer of value-added, metal-based specialty chemicals and powders said net sales for the period were $110.1 million, compared to $102.9 million a year ago, while net income increased to $8.2 million, or $.43 per share, from $7.2 million, or $.37 per share, in the 1996 first quarter. OMG's 1997 first quarter increases in sales and net income were achieved primarily through an increase in physical volume of products sold. Higher physical volume in carboxylates and salts, as well as the net sales added through the acquisition of SCM Metal Products, Inc. (SCM) in January 1997, more than offset the effect on the net sales line of decreasing cobalt chemical prices due to declining cobalt raw material prices. As previously announced, OMG purchased SCM for $122 million and financed the transaction with bank debt. "Earnings for both this new acquisition and our existing business were in line with our expectations," said James P. Mooney, chairman and chief executive officer. -more- 2 OM Group Reports First Quarter Sales, Net Income Increases Page -- 2 "New OMG mixed metal PVC heat stabilizers, rechargeable battery chemicals, proprietary catalysts, and stainless steel pressed metal powders offer significant growth opportunities. We look forward to continuing improvements in our business," said Mooney. OMG's principal product lines include metal carboxylates, metal salts and metal powders sold to diverse industries, including catalysts, ceramics, coatings, electronics, magnetic tapes, petroleum refining, plating, plastics, pressed metal parts and other specialty chemicals. Headquartered in Cleveland, OMG operates manufacturing facilities in North America, Europe and Asia. It has approximately 700 employees worldwide. ### 3 OM GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA) (UNAUDITED)
Three Months Ended March 31, ------------------ 1997 1996 ---- ---- OPERATIONS Net sales $110,055 $102,853 Cost of products sold 83,477 82,642 --------------------- 26,578 20,211 Selling, general and administrative expenses 10,882 7,953 --------------------- INCOME FROM OPERATIONS 15,696 12,258 OTHER INCOME (EXPENSE) Interest expense (3,666) (1,894) Interest income 21 34 Foreign exchange gain 285 170 --------------------- (3,360) (1,690) --------------------- INCOME BEFORE INCOME TAXES 12,336 10,568 Income taxes 4,120 3,417 --------------------- NET INCOME $8,216 $7,151 ===================== Net income per share $0.43 $0.37 Dividends paid per common share $0.08 $0.07 Weighted Average Shares Outstanding (000) 19,327 19,232
4 OM GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (THOUSANDS OF DOLLARS)
March 31, December 31, 1997 1996 (Unaudited) ------------------------------ ASSETS - ------ CURRENT ASSETS Cash and cash equivalents $ 8,177 $ 7,818 Accounts receivable 76,412 60,054 Inventories 223,260 195,050 Other current assets 9,135 8,245 ------------------------------ Total Current Assets 316,984 271,167 PROPERTY, PLANT AND EQUIPMENT Land 2,740 467 Buildings and improvements 48,653 40,569 Machinery and equipment 140,050 122,695 Furniture and fixtures 6,185 4,074 ------------------------------ 197,628 167,805 Less accumulated depreciation 61,154 57,184 ------------------------------ 136,474 110,621 OTHER ASSETS Unprocessed inventory 12,429 27,499 Goodwill and other intangible assets 117,714 23,036 Other assets 9,354 6,310 ------------------------------ TOTAL ASSETS $592,955 $438,633 ============================== LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ CURRENT LIABILITIES Current portion of long-term debt $ 2,094 3,586 Accounts payable 79,854 77,330 Other accrued expenses 15,770 16,390 ------------------------------ Total Current Liabilities 97,718 97,306 LONG TERM LIABILITIES Long-term debt 259,295 109,295 Contract payable 12,429 27,499 Deferred income taxes 24,262 17,773 Other long-term liabilities 7,389 1,438 STOCKHOLDERS' EQUITY Preferred stock $0.01 par value: Authorized 2,000,000 shares; no shares issued or outstanding Common stock, $0.01 par value: Authorized 30,000,000 shares; issued 18,759,346 shares 188 188 Capital in excess of par value 102,125 102,125 Retained earnings 93,060 86,345 Treasury stock (132,574 shares at March 31, 1997 and 141,432 shares at December 31, 1996, at cost) (3,031) (3,095) Foreign currency translation adjustments (480) (241) ------------------------------ Total Stockholders' Equity 191,862 185,322 ------------------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $592,955 $438,633 ==============================
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