-----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, KtcnBTOa99D65WJ9H72mtNYpbGWjE38ID5Xq5oRmh7XOvw2ePDcLwRmc8MwiHp+o JGJqiJB1D7Fk+oMP2lHYcQ== 0000950131-94-001219.txt : 19940803 0000950131-94-001219.hdr.sgml : 19940803 ACCESSION NUMBER: 0000950131-94-001219 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940727 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940729 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: 1934 Act SEC FILE NUMBER: 001-08714 FILM NUMBER: 94540733 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 FORM 8-K 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) July 27, 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) Items 1-4. Not Applicable. Item 5. Other Events. The Company issued a press release on July 27, 1994. Item 6. Not Applicable. Item 7. Exhibits. 99.1 Press Release of the Company dated July 27, 1994. Item 8. Not Applicable. -2- 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: July 27, 1994 -3- EXHIBIT INDEX Sequentially Exhibit No. Description Numbered Page - - ----------- ----------- ------------- 99.1 Press Release of the Company dated July 27, 1994. -4- Exhibit 99.1 ------------ Investor Contact: Media Contact: - - ---------------- ------------- K. B. Makrakis Bruce P. Garren (914) 696-6509 (914) 696-6540 FOR IMMEDIATE RELEASE (Wednesday, July 27, 1994) - - ------------------------------------------------ TAMBRANDS REPORTS GAINS IN SECOND-QUARTER RESULTS ------------------------------------------------- White Plains, New York--July 27, 1994--Tambrands Inc. (NYSE:TMB) today reported improved sales and earnings for the second quarter of 1994. Edward T. Fogarty, President and Chief Executive Officer, announced that net sales for the quarter ended June 30, 1994 were $165,624,000, an increase of 11% over sales of $149,041,000 in the second quarter of 1993. Improved sales were driven by substantial gains in U.S. volumes as retail trade inventories stabilized after declining sharply in recent quarters, particularly in the second quarter of 1993. Net earnings were $20,007,000, or $0.54 per share, compared to a net loss of $3,387,000, or $0.09 per share, in the same period of 1993 after a charge for restructuring and other costs. Without the charge, second-quarter 1993 earnings were $16,886,000. Mr. Fogarty commented, "Tambrands has many challenges ahead, but the second quarter was very encouraging. The U.S. tampon category continued to grow and trade inventories stabilized for the period. In the future, we should see our U.S. sales to the trade aligned much more closely with consumer purchases." Outside of the United States, second-quarter 1994 volumes were somewhat below the comparable period of 1993, due in part to the continuing competitive environment in Europe. Companywide marketing, selling and distribution expenses in the quarter were above last year's levels, as Tambrands continued its increased marketing spending. This increased spending was partially offset by reductions in administrative expenses, driven principally by the Company's continuing overhead reduction programs. For the first six months of 1994, net sales were $304,797,000, compared to $303,389,000 in the comparable period of 1993. Net earnings for the six months were $42,051,000, or $1.13 per share, compared to earnings before the cumulative effect of accounting change of $28,804,000, or $0.74 per share, in the first half of 1993. Excluding the second-quarter 1993 restructuring charge, net earnings for the first half of 1993 were $49,077,000. --more-- --2-- Tambrands has manufactured Tampax(R) tampons for almost 60 years, and today markets them around the world. Tambrands' major markets include the United States, the United Kingdom, France, Canada and Spain. A summary of consolidated operating results for the three months and six months ended June 30, 1994 is attached. # # # TAMBRANDS INC. CONSOLIDATED INCOME STATEMENTS 3 Months and 6 Months Ended June 30 3 Months Ended 6 Months Ended June 30 June 30 (In thousands, ----------------- Percent ---------------- Percent except per share 1994 1993 Change 1994 1993* Change figures) ------ ------ ------- ------ ------- ------- NET SALES $165,624 $149,041 11 $304,797 $303,389 - COST OF PRODUCTS SOLD 52,590 48,096 9 96,511 97,314 (1) -------- -------- -------- -------- GROSS PROFIT 113,034 100,945 12 208,286 206,075 1 SELLING, ADMIN. AND GENERAL: MKTING, SELLING AND DIST. 65,251 56,434 16 109,573 96,811 13 ADMIN. & GENERAL 13,557 17,091 (21) 27,572 31,402 (12) RESTRUCTURING & OTHER CHARGES - 30,042 - - 30,042 - -------- -------- -------- -------- 78,808 103,567 (24) 137,145 158,255 (13) -------- -------- -------- -------- OPER. INCOME (LOSS) 34,226 (2,622) - 71,141 47,820 49 INTEREST, NET AND OTHER (2,468) (618) - (4,392) 38 - -------- -------- -------- -------- EARNINGS (LOSS) BEFORE PROVISION FOR INCOME TAXES AND CUM. EFFECT OF ACCT. CHANGE 31,758 (3,240) - 66,749 47,858 39 PROVISION FOR INCOME TAXES 11,751 147 - 24,698 19,054 30 -------- -------- -------- -------- EARNINGS (LOSS) BEFORE CUM. EFFECT OF ACCT. CHANGE 20,007 (3,387) - 42,051 28,804 46 CUMULATIVE EFFECT OF ACCT. CHANGE - - - - (10,252) - -------- -------- -------- -------- NET EARNINGS (LOSS) $ 20,007 $ (3,387) - $ 42,051 $ 18,552 127 ======== ======== ======== ======== PER COMMON SHARE: EARNINGS (LOSS) BEFORE CUM. EFFECT OF ACCT. CHANGE $ 0.54 $ (0.09) - $ 1.13 $ 0.74 53 CUMULATIVE EFFECT OF ACCT. CHANGE - - - - (0.26) - -------- -------- -------- -------- NET EARNINGS (LOSS) $ 0.54 $ (0.09) - $ 1.13 $ 0.48 135 ======== ======== ======== ======== AVG. SHARES OUTSTANDING 36,781 38,534 37,284 38,810 *Reflects adoption of SFAS No. 112 effective 1/1/93. -----END PRIVACY-ENHANCED MESSAGE-----