-----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, rfwGomafXHkv0lG73yBXAGTiJWiGk6JOsEcZTOYlld61Q1NrsWY19TCXGKWiC3yq ftx+R9vIW2JO9R59ew+TbQ== 0000891836-94-000007.txt : 19940207 0000891836-94-000007.hdr.sgml : 19940207 ACCESSION NUMBER: 0000891836-94-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940202 ITEM INFORMATION: 5 ITEM INFORMATION: 7 FILED AS OF DATE: 19940204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TAMBRANDS INC CENTRAL INDEX KEY: 0000096277 STANDARD INDUSTRIAL CLASSIFICATION: 2670 IRS NUMBER: 131366500 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 34 SEC FILE NUMBER: 001-08714 FILM NUMBER: 94504623 BUSINESS ADDRESS: STREET 1: 777 WESTCHESTER AVE CITY: WHITE PLAINS STATE: NY ZIP: 10604 BUSINESS PHONE: 9146966000 FORMER COMPANY: FORMER CONFORMED NAME: TAMPAX INC DATE OF NAME CHANGE: 19840502 8-K 1 TAMBRANDS 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) February 2, 1994 Tambrands Inc. (Exact name of registrant as specified in its charter) Delaware 1-8714 13-1366500 (State of (Commission File Number) (IRS Employer incorporation) Identification No.) 777 Westchester Avenue, White Plains, New York 10604 (Address of principal executive offices) (Zip Code) (914) 696-6000 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) 2 Items 1-4. Not Applicable. Item 5. Other Events. The Company issued a press release on February 2, 1994. Item 6. Not Applicable. Item 7. Exhibits. 99.1 Press Release of the Company dated February 2, 1994. Item 8. Not Applicable. 3 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. Tambrands Inc. By /s/ Raymond F. Wright Name: Raymond F. Wright Title: Senior Vice President-- Chief Financial Officer Date: February 3, 1994 4 EXHIBIT INDEX Sequentially Exhibit No. Description Numbered Page 99.1 Press Release of the Company dated February 2, 1994. EX-99.1 2 TAMBRANDS EX-99.1 PRESS RELEASE 1 NEWS RELEASE Investor Contact: Media Contact: K. B. Makrakis Bruce P. Garren (914) 696-6509 (914) 696-6540 FOR IMMEDIATE RELEASE (Wednesday, February 2, 1994) TAMBRANDS ANNOUNCES 1993 FOURTH-QUARTER AND FULL-YEAR RESULTS White Plains, New York--February 2, 1994--Tambrands Inc. (NYSE:TMB) today reported sales and earnings in line with expectations for the fourth quarter and the year ended December 31, 1993. Howard B. Wentz, Jr., Chairman of the Board, announced that net sales for the quarter were $146,659,000, compared to $165,312,000 in the fourth quarter of 1992. Sales were lower due to lower volumes, caused primarily by fluctuations in trade customers' inventories in the United States. Net earnings were $21,074,000, or $.55 per share, compared to $31,099,000, or $.80 per share, in the comparable period of 1992. Wentz said, "The positive trends that began in the third quarter of 1993 continued in the fourth quarter. I believe we have resolved the difficulties of the first half of last year and put a solid foundation in place for 1994 and beyond." He pointed out that U.S. market share for the second half of 1993, the period when the Company began executing its new marketing strategy, was more than a full point ahead of the first half. As the result of strong tampon category growth, U.S. Tampax tampon consumer purchases in units increased by more than 7% in the second half over the first half, and were slightly higher for the full-year 1993 than in 1992. Marketing, selling and distribution expenses in the quarter were above last year's levels, as the Company continued its increased advertising and promotional spending worldwide. This increased spending was largely offset by reductions in administrative and general expenses, driven principally by the Company's previously announced restructuring. --more-- 2 For the full-year 1993, net sales were $611,465,000, compared to $684,113,000 for 1992. Sales were lower for the year due to several factors: lower volumes, caused primarily by the reduction of trade customers' inventories; the weakening of European currencies; and the divestitures in 1992 of the Maxithins sanitary pad business in North America and the pad and diaper businesses in Brazil and Mexico. The results of the Company's operations in Ukraine, Russia and China are now included in the consolidated results. The Company reported a one-time charge of $10,252,000 after tax, or $.27 per share, retroactive to the first quarter of 1993, representing the effect of adopting Statement of Financial Accounting Standards No. 112. SFAS 112 requires changes in the accounting for postemployment benefits. Net earnings for 1993 after the SFAS 112 charge were $63,450,000, or $1.64 per share, compared to $121,400,000, or $3.06 per share, in 1992. Excluding the cumulative effects of accounting changes, earnings in 1993 were $73,702,000, or $1.91 per share, compared to $122,409,000, or $3.09 per share, in 1992. Also, the 1993 results were adversely affected by the previously announced second-quarter charge of $20,273,000 after tax for restructuring and other costs. Tambrands manufactures Tampax(r) tampons and markets them around the world. A summary of consolidated operating results for the three months and year ended December 31, 1993 is attached. # # # 3 TAMBRANDS INC. CONSOLIDATED INCOME STATEMENT 3 Months and 12 Months Ended December 31
3 Months Ended 12 Months Ended (In thousands, December 31 Percent December 31* Percent except per share figures) 1993 1992 Change 1993 1992 Change NET SALES $146,659 $165,312 (11) $611,465 $684,113 (11) COST OF PRODUCTS SOLD 50,448 54,021 (7) 201,706 228,081 (12) GROSS PROFIT 96,211 111,291 (14) 409,759 456,032 (10) SELLING, ADMIN. AND GENERAL: MARKETING, SELLING AND DISTRIBUTION 48,570 44,397 9 202,031 193,477 4 ADMIN. AND GENERAL 16,262 19,640 (17) 61,378 67,823 (10) RESTRUCTURING AND OTHER CHARGES - - -- 30,042 - -- 64,832 64,037 1 293,451 261,300 12 OPERATING INCOME 31,379 47,254 (34) 116,308 194,732 (40) INTEREST, NET AND OTHER 1,962 815 -- 2,344 (2,869) -- EARNINGS BEFORE PROVISION FOR INCOME TAXES AND CUM. EFFECT OF ACCT. CHANGE 33,341 48,069 (31) 118,652 191,863 (38) PROVISION FOR INCOME TAXES 12,267 16,970 (28) 44,950 69,454 (35) EARNINGS BEFORE CUMULATIVE EFFECT OF ACCT. CHANGE 21,074 31,099 (32) 73,702 122,409 (40) CUMULATIVE EFFECT OF ACCT. CHANGE - - -- (10,252) (1,009) -- NET EARNINGS $ 21,074 $ 31,099 (32) $ 63,450 $121,400 (48) PER COMMON SHARE: EARNINGS BEFORE CUMULATIVE EFFECT OF ACCT. CHANGE $ 0.55 $ 0.80 (31) $ 1.91 $ 3.09 (38) CUMULATIVE EFFECT OF ACCT. CHANGE - - -- (0.27) (0.03) -- NET EARNINGS $ 0.55 $ 0.80 (31) $ 1.64 $ 3.06 (46) AVG. SHARES OUTSTANDING 38,410 39,040 38,632 39,640 *Reflects adoption of SFAS Nos. 106 and 112 effective 1/1/92 and 1/1/93, respectively.
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