0001140361-15-002070.txt : 20150120 0001140361-15-002070.hdr.sgml : 20150119 20150120073132 ACCESSION NUMBER: 0001140361-15-002070 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150120 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150120 DATE AS OF CHANGE: 20150120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMERON INTERNATIONAL CORP CENTRAL INDEX KEY: 0000941548 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] IRS NUMBER: 760451843 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13884 FILM NUMBER: 15533972 BUSINESS ADDRESS: STREET 1: 1333 WEST LOOP SOUTH STREET 2: STE 1700 CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 7135133322 MAIL ADDRESS: STREET 1: 1333 WEST LOOP SOUTH STREET 2: STE 1700 CITY: HOUSTON STATE: TX ZIP: 77027 FORMER COMPANY: FORMER CONFORMED NAME: COOPER CAMERON CORP DATE OF NAME CHANGE: 19950315 8-K 1 form8k.htm CAMERON INTERNATIONAL CORP 8-K 1-20-2015
UNITED STATES
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):       January 20, 2015

Cameron International Corporation
(Exact name of registrant as specified in its charter)

Delaware
1-13884
76-0451843
(State or other
jurisdiction of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)

1333 West Loop South, Suite 1700,
Houston, Texas
77027
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s telephone number, including area code:   (713) 513-3300


Not applicable
(Former Name or Former Address, if Changed Since Last Report.)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


Item 2.02          Results of Operations and Financial Condition
   
On June 3, 2014, Cameron International Corporation (the Company) announced it had completed the sale of its Reciprocating Compression business to General Electric.  On January 5, 2015, the Company also announced it had completed the previously announced sale of its Centrifugal Compression business to Ingersoll Rand.
    
As a result, the Company reviewed its reporting structure and, effective in the fourth quarter of 2014, reorganized its reporting segments into Subsea, Surface, Drilling and Valves & Measurement (V&M).
   
Management is separately furnishing as Exhibit 99.1 under Item 9.01 of this Current Report on Form 8-K, information which has been recast to reflect historical revenues, segment income before interest and income taxes, orders and backlog for each new segment for 2012, each quarter in 2013 and the first, second and third quarters of 2014.

The information included in Items 2.02 and 9.01 within this Current Report are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.  The information included in Items 2.02 and 9.01 within this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01        Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is provided as part of the information furnished under Items 2.02 and 9.01 of this Current Report on Form 8-K:

Exhibit Number
  
Description
99.1*
  
Supplemental Financial Information - Recast New Operating Segment Financial Data (Unaudited)
 
* As described in Item 2.02 of this Current Report on Form 8-K, this exhibit is “furnished” and not “filed”.
 
 
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.


 
CAMERON INTERNATIONAL CORPORATION
 
 
 
Date:  January 20, 2015
By:
/s/ Charles M. Sledge
 
 
Name:  Charles M. Sledge 
 
 
Title:    Senior Vice President and Chief Financial Officer


Cameron International Corporation
Current Report on Form 8-K
Dated January 20, 2015
EXHIBIT INDEX


Exhibit Number
  
Description
 
Supplemental Financial Information - Recast New Operating Segment Financial Data (Unaudited)


*As described in Item 2.02 of this Current Report on Form 8-K, this exhibit is “furnished” and not “filed”.

 
 
 EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

CAMERON INTERNATIONAL CORPORATION
SUPPLEMENTAL FINANCIAL INFORMATION - RECAST NEW OPERATING SEGMENT FINANCIAL DATA (Unaudited)
  
On June 3, 2014, Cameron International Corporation (the Company) announced it had completed the sale of its Reciprocating Compression business to General Electric. On January 5, 2015, the Company also announced it had completed the previously announced sale of its Centrifugal Compression business to Ingersoll Rand.
  
As a result, the Company reviewed its reporting structure and, effective in the fourth quarter of 2014, reorganized its reporting segments into Subsea, Surface, Drilling and Valves & Measurement (V&M).   
     
The following schedule reflects certain recast selected historical financial data, based on the changes described above, relating to revenues, segment income before interest and income taxes, orders and backlog for the new segments for 2012, each quarter in 2013 and the first, second and third quarters of 2014.  Full year 2014 information for the new reporting segments will be included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, when filed.
 
CAMERON INTERNATIONAL CORPORATION
RECAST NEW OPERATING SEGMENT FINANCIAL DATA (Unaudited)
EXCLUDING DISCONTINUED OPERATIONS
($ IN MILLIONS)

   
Nine Months Ended September 30, 2014
    
Year Ended December 31, 2013
    
Year Ended
  
   
Total
    
Third
Quarter
    
Second
Quarter
    
First
Quarter
    
Total
    
Fourth
Quarter
    
Third
Quarter
    
Second
Quarter
    
First
Quarter
    
December 31,
2012
  
                                         
Revenues:
                                        
Subsea
  
$
2,195
    
$
779
    
$
735
    
$
681
    
$
2,813
    
$
1,030
    
$
735
    
$
574
    
$
474
    
$
2,061
  
Surface
    
1,751
      
600
      
613
      
538
      
2,077
      
557
      
533
      
499
      
488
      
1,859
  
Drilling
    
2,233
      
800
      
766
      
667
      
2,327
      
680
      
591
      
564
      
492
      
1,807
  
Valves and Measurement (V&M)
    
1,597
      
558
      
539
      
500
      
2,105
      
530
      
507
      
540
      
528
      
2,168
  
Elimination of intersegment revenues
    
(199
)
    
(59
)
    
(83
)
    
(57
)
    
(184
)
    
(66
)
    
(49
)
    
(43
)
    
(26
)
    
(100
)
Consolidated revenues
  
$
7,577
    
$
2,678
    
$
2,570
    
$
2,329
    
$
9,138
    
$
2,731
    
$
2,317
    
$
2,134
    
$
1,956
    
$
7,795
  
                                                                                 
Segment Income before Interest and Income Taxes:
                                                                                
Subsea
  
$
119
    
$
44
    
$
46
    
$
29
    
$
152
    
$
93
    
$
29
    
$
29
    
$
1
    
$
72
  
% of revenues
    
5.4
%
    
5.6
%
    
6.3
%
    
4.3
%
    
5.4
%
    
9.0
%
    
3.9
%
    
5.1
%
    
0.2
%
    
3.5
%
Surface
    
304
      
105
      
108
      
91
      
367
      
100
      
101
      
81
      
85
      
315
  
% of revenues
    
17.4
%
    
17.5
%
    
17.6
%
    
16.9
%
    
17.7
%
    
18.0
%
    
18.9
%
    
16.2
%
    
17.4
%
    
16.9
%
Drilling
    
323
      
159
      
97
      
67
      
311
      
80
      
87
      
82
      
62
      
329
  
% of revenues
    
14.5
%
    
19.9
%
    
12.7
%
    
10.0
%
    
13.4
%
    
11.8
%
    
14.7
%
    
14.5
%
    
12.6
%
    
18.2
%
Valves and Measurement (V&M)
    
312
      
104
      
110
      
98
      
414
      
105
      
93
      
107
      
109
      
396
  
% of revenues
    
19.5
%
    
18.6
%
    
20.4
%
    
19.6
%
    
19.7
%
    
19.8
%
    
18.3
%
    
19.8
%
    
20.6
%
    
18.3
%
Elimination of intersegment earnings
    
(53
)
    
(17
)
    
(24
)
    
(12
)
    
(35
)
    
(11
)
    
(10
)
    
(9
)
    
(5
)
    
(21
)
Segment income before interest, noncontrolling interest and income taxes
  
$
1,005
    
$
395
    
$
337
    
$
273
    
$
1,209
    
$
367
    
$
300
    
$
290
    
$
252
    
$
1,091
  
% of revenues
    
13.3
%
    
14.7
%
    
13.1
%
    
11.7
%
    
13.2
%
    
13.4
%
    
12.9
%
    
13.6
%
    
12.9
%
    
14.0
%
                                                                                 
Corporate Items:
                                                                                
Corporate expense
    
(110
)
    
(35
)
    
(38
)
    
(37
)
    
(162
)
    
(50
)
    
(36
)
    
(41
)
    
(35
)
    
(126
)
Interest, net
    
(98
)
    
(36
)
    
(30
)
    
(32
)
    
(100
)
    
(26
)
    
(23
)
    
(25
)
    
(26
)
    
(90
)
Other costs
    
(62
)
    
(19
)
    
6
      
(49
)
    
(92
)
    
(11
)
    
(14
)
    
(36
)
    
(31
)
    
(33
)
Consolidated income from continuing operations before noncontrolling interest and income taxes
  
$
735
    
$
305
    
$
275
    
$
155
    
$
855
    
$
280
    
$
227
    
$
188
    
$
160
    
$
842
  
                                                                                 
Orders:
                                                                                
Subsea
  
$
1,839
    
$
813
    
$
596
    
$
430
    
$
4,405
    
$
1,184
    
$
1,283
    
$
381
    
$
1,557
    
$
2,427
  
Surface
    
1,919
      
665
      
619
      
635
      
2,372
      
580
      
496
      
589
      
707
      
2,075
  
Drilling
    
2,030
      
574
      
639
      
817
      
2,803
      
832
      
632
      
674
      
665
      
3,578
  
Valves and Measurement (V&M)
    
1,582
      
529
      
517
      
536
      
2,086
      
526
      
497
      
524
      
539
      
2,104
  
Consolidated orders
  
$
7,370
    
$
2,581
    
$
2,371
    
$
2,418
    
$
11,666
    
$
3,122
    
$
2,908
    
$
2,168
    
$
3,468
    
$
10,184
  
                                                                                 
Backlog (at period end):
                                                                                
Subsea
          
$
4,703
    
$
4,763
    
$
4,805
            
$
4,958
    
$
4,731
    
$
4,036
    
$
3,757
    
$
2,730
  
Surface
            
1,202
      
1,146
      
1,063
              
963
      
935
      
965
      
875
      
667
  
Drilling
            
3,725
      
3,922
      
4,050
              
4,141
      
3,995
      
3,948
      
3,845
      
3,671
  
Valves and Measurement (V&M)
            
954
      
1,026
      
1,057
              
1,017
      
1,058
      
1,063
      
1,084
      
1,051
  
Consolidated backlog
          
$
10,584
    
$
10,857
    
$
10,975
            
$
11,079
    
$
10,719
    
$
10,012
    
$
9,561
    
$
8,119