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Previous: TRW INC, 8-K, 1999-11-12 |
Next: TRW INC, 8-K, 1999-11-12 |
<PAGE> 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): November 12, 1999
TRW Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Ohio 1-2384 34-0575430
- ------------------ ------------------------ ---------------------
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification Number)
incorporation)
1900 Richmond Road, Cleveland, Ohio 44124
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(216) 291-7000
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events.
In its Form 10-Q for the quarter ended September 30, 1999, TRW has
reported results of operations by seven segments. TRW previously reported its
financial results for the first and second quarters of 1999 by two business
segments: (1) Automotive and (2) Aerospace & Information Systems. TRW's
automotive business is now reported in four segments: Occupant Safety Systems,
Chassis Systems, Automotive Electronics and Other Automotive. The aerospace and
information systems business is now reported as three segments: Space &
Electronics, Systems & Information Technology and Aeronautical Systems. A
summary of the businesses comprising these segments is set forth in the
Operating Segments note to the Financial Statements included in TRW's Quarterly
Report on Form 10-Q for the quarter ended September 30, 1999.
In order to facilitate a better understanding of the third quarter 1999
results, a statistical summary of TRW's first and second quarter results based
on the new segment reporting format is provided in this report. The results of
the operations of the businesses in these segments which were formerly part of
LucasVarity plc have been reflected in the above segments for the period
subsequent to the date of acquisition, March 25, 1999.
1
<PAGE> 3
TRW
STATISTICAL SUMMARY
RESULTS BY BUSINESS SEGMENTS-UNAUDITED
(Dollar Amounts in Millions Except for per Share Data)
<TABLE>
<CAPTION>
Three months ended March 31, 1999
-------------------------------------------------------------------
Segment Segment
Profit Unusual Profit
Operations Margin Items Total Margin
---------- ----- -----
<S> <C> <C> <C> <C> <C>
SALES
Occupant Safety Systems $ 796 $ 796
Chassis Systems 614 614
Automotive Electronics 317 317
Automotive Other 238 238
Space and Electronics 461 461
Systems & Information Technology 653 653
Aeronautical Systems 18 18
----------- ----------
Sales $ 3,097 $ 3,097
=========== ==========
SEGMENT PROFIT
Occupant Safety Systems $ 56 7.1% $ (3) $ 53 6.7%
Chassis Systems 40 6.4% (5) 35 5.7%
Automotive Electronics 23 7.3% (1) 22 7.0%
Automotive Other 27 11.1% (1) 26 10.7%
Space and Electronics 50 10.8% 33 83 18.0%
Systems & Information Technology 38 5.9% (32) 6 1.0%
Aeronautical Systems 2 11.6% - 2 11.6%
----------- ---------------------
Segment Profit 236 7.6% (9) 227 7.3%
Corporate Expense and Other (31) (50) (81)
Financing Cost (42) (12) (54)
Pension Income - - -
In-process Research & Development - (85) (85)
----------- ---------------------
Earnings Before Taxes $ 163 5.3% $ (156) $ 7 0.2%
Income Taxes 58 (23) 35
----------- ---------------------
Net Earnings (Loss) $ 105 3.4% $ (133) $ (28) -0.9%
=========== =====================
EPS:
Diluted earnings per share $ 0.86 $(1.10) $ (0.24)
Basic earnings per share $ 0.86 $(1.10) $ (0.24)
Effective Tax Rate 504.6%
Shares used in computing
per share amounts
Diluted 120.1
Basic 120.1
Common stock outstanding 120.2
Dividends paid per common share $ 0.33
</TABLE>
2
<PAGE> 4
TRW
STATISTICAL SUMMARY
RESULTS BY BUSINESS SEGMENTS-UNAUDITED
(Dollar Amounts in Millions Except for per Share Data)
<TABLE>
<CAPTION>
Three months ended March 31, 1998
-------------------------------------------------------------------
Segment Segment
Profit Unusual Profit
Operations Margin Items Total Margin
---------- ----- -----
<S> <C> <C> <C> <C> <C>
SALES
Occupant Safety Systems $ 786 $ 786
Chassis Systems 590 590
Automotive Electronics 293 293
Automotive Other 217 217
Space and Electronics 527 527
Systems & Information Technology 682 682
Aeronautical Systems - -
----------- ----------
Sales $ 3,095 $ 3,095
=========== ==========
SEGMENT PROFIT
Occupant Safety Systems $ 63 8.0% $ - $ 63 8.0%
Chassis Systems 40 6.8% - 40 6.8%
Automotive Electronics 21 7.1% - 21 7.1%
Automotive Other 25 11.6% - 25 11.6%
Space and Electronics 59 11.3% 34 93 17.6%
Systems & Information Technology 52 7.5% (19) 33 4.7%
Aeronautical Systems - - -
----------- ---------------------
Segment Profit 260 8.4% 15 275 8.9%
Corporate Expense and Other (31) - (31)
Financing Cost (40) - (40)
Pension Income - - -
In-process Research & Development - - -
----------- ---------------------
Earnings Before Taxes $ 189 6.1% $ 15 $ 204 6.6%
Income Taxes 70 5 75
----------- ---------------------
Net Earnings $ 119 3.8% $ 10 $ 129 4.2%
=========== =====================
EPS:
Diluted earnings per share $ 0.95 $0.08 $ 1.03
Basic earnings per share $ 0.97 $0.08 $ 1.05
Effective Tax Rate 36.5%
Shares used in computing
per share amounts
Diluted 126.2
Basic 122.6
Common stock outstanding 122.6
Dividends paid per common share $ 0.31
</TABLE>
3
<PAGE> 5
TRW
STATISTICAL SUMMARY
RESULTS BY BUSINESS SEGMENTS-UNAUDITED
(Dollar amounts in millions except for per Share Data)
<TABLE>
<CAPTION>
Three months ended June 30, 1999
-------------------------------------------------------------------
Segment Segment
Profit Unusual Profit
Operations Margin Items Total Margin
---------- ----- -----
<S> <C> <C> <C> <C> <C>
SALES
Occupant Safety Systems $ 778 $ 778
Chassis Systems 1,538 1,538
Automotive Electronics 540 540
Automotive Other 437 437
Space and Electronics 453 453
Systems & Information Technology 757 757
Aeronautical Systems 282 282
----------- ----------
Sales $ 4,785 $ 4,785
=========== ==========
SEGMENT PROFIT
Occupant Safety Systems $ 47 6.0% $ (7) $ 40 5.1%
Chassis Systems 133 8.6% (64) 69 4.5%
Automotive Electronics 36 6.7% (10) 26 4.8%
Automotive Other 22 5.2% 2 24 5.5%
Space and Electronics 61 13.5% 78 139 30.8%
Systems & Information Technology 51 6.7% 1 52 6.8%
Aeronautical Systems 30 10.5% - 30 10.5%
----------- ---------------------
Segment Profit 380 7.9% (0) 380 7.9%
Corporate Expense and Other (59) (7) (66)
Financing Cost (142) (13) (155)
Pension Income 58 - 58
In-process Research & Development - - -
----------- ---------------------
Earnings Before Taxes $ 237 5.3% $ (20) $ 217 4.5%
Income Taxes 85 (7) 78
----------- ---------------------
Net Earnings $ 152 3.4% $ (13) $ 139 2.9%
=========== =====================
EPS:
Diluted earnings per share $ 1.25 $(0.11) $ 1.14
Basic earnings per share $ 1.27 $(0.11) $ 1.16
Effective Tax Rate 35.7%
Shares used in computing
per share amounts
Diluted 123.2
Basic 120.6
Common stock outstanding 120.9
Dividends paid per common share $ 0.33
</TABLE>
4
<PAGE> 6
TRW
STATISTICAL SUMMARY
RESULTS BY BUSINESS SEGMENTS-UNAUDITED
(Dollar amounts in millions except for per Share Data)
<TABLE>
<CAPTION>
Three months ended June 30, 1998
-------------------------------------------------------------------
Segment Segment
Profit Unusual Profit
Operations Margin Items Total Margin
---------- ----- -----
<S> <C> <C> <C> <C> <C>
SALES
Occupant Safety Systems $ 749 $ 749
Chassis Systems 570 570
Automotive Electronics 287 287
Automotive Other 207 207
Space and Electronics 494 494
Systems & Information Technology 721 721
Aeronautical Systems - -
----------- ----------
Sales $ 3,028 $ 3,028
=========== ==========
SEGMENT PROFIT
Occupant Safety Systems $ 64 8.6% $ - $ 64 8.6%
Chassis Systems 42 7.4% - 42 7.4%
Automotive Electronics 24 8.4% - 24 8.4%
Automotive Other 23 10.9% - 23 10.9%
Space and Electronics 62 12.5% - 62 12.5%
Systems & Information Technology 56 7.8% (7) 49 6.8%
Aeronautical Systems - - -
----------- ---------------------
Segment Profit 271 9.0% (7) 264 8.7%
Corporate Expense and Other (28) - (28)
Financing Cost (38) - (38)
Pension Income - - -
In-process Research & Development - - -
----------- ---------------------
Earnings Before Taxes $ 205 6.8% $ (7) $ 198 6.5%
Income Taxes 74 (2) 72
----------- ---------------------
Net Earnings $ 131 4.3% $ (5) $ 126 4.2%
=========== =====================
EPS:
Diluted earnings per share $ 1.04 $(0.04) $ 1.00
Basic earnings per share $ 1.07 $(0.04) $ 1.03
Effective Tax Rate 36.5%
Shares used in computing
per share amounts
Diluted 125.4
Basic 122.1
Common stock outstanding 121.8
Dividends paid per common share $ 0.31
</TABLE>
5
<PAGE> 7
TRW
STATISTICAL SUMMARY
RESULTS BY BUSINESS SEGMENTS-UNAUDITED
(Dollar Amounts in Millions Except for per Share Data)
<TABLE>
<CAPTION>
Six months ended June 30, 1999
-------------------------------------------------------------------
Segment Segment
Profit Unusual Profit
Operations Margin Items Total Margin
---------- ----- -----
<S> <C> <C> <C> <C> <C>
SALES
Occupant Safety Systems $ 1,574 $ 1,574
Chassis Systems 2,152 2,152
Automotive Electronics 857 857
Automotive Other 675 675
Space and Electronics 914 914
Systems & Information Technology 1,410 1,410
Aeronautical Systems 300 300
----------- ----------
Sales $ 7,882 $ 7,882
=========== ==========
SEGMENT PROFIT
Occupant Safety Systems $ 103 6.5% $ (10) $ 93 5.9%
Chassis Systems 173 8.0% (69) 104 4.8%
Automotive Electronics 59 6.9% (11) 48 5.6%
Automotive Other 49 7.3% 1 50 7.4%
Space and Electronics 111 12.1% 111 222 24.3%
Systems & Information Technology 89 6.3% (31) 58 4.1%
Aeronautical Systems 32 10.5% - 32 10.5%
----------- ---------------------
Segment Profit 616 7.8% (9) 607 7.7%
Corporate Expense and Other (90) (57) (147)
Financing Cost (184) (25) (209)
Pension Income 58 - 58
In-process Research & Development - (85) (85)
----------- ---------------------
Earnings Before Taxes $ 400 5.1% $ (176) $ 224 2.8%
Income Taxes 143 (30) 113
----------- ---------------------
Net Earnings $ 257 3.3% $ (146) $ 111 1.4%
=========== =====================
EPS:
Diluted earnings per share $ 2.10 $(1.19) $ 0.91
Basic earnings per share $ 2.13 $(1.21) $ 0.92
Effective Tax Rate 50.4%
Shares used in computing
per share amounts
Diluted 123.0
Basic 120.4
Common stock outstanding 120.9
Dividends paid per common share $ 0.66
</TABLE>
6
<PAGE> 8
TRW
STATISTICAL SUMMARY
RESULTS BY BUSINESS SEGMENTS-UNAUDITED
(Dollar Amounts in Millions Except for per Share Data)
<TABLE>
<CAPTION>
Six months ended June 30, 1998
-------------------------------------------------------------------
Segment Segment
Profit Unusual Profit
Operations Margin Items Total Margin
---------- ----- -----
<S> <C> <C> <C> <C> <C>
SALES
Occupant Safety Systems $ 1,535 $ 1,535
Chassis Systems 1,160 1,160
Automotive Electronics 580 580
Automotive Other 424 424
Space and Electronics 1,021 1,021
Systems & Information Technology 1,403 1,403
Aeronautical Systems - -
----------- ----------
Sales $ 6,123 $ 6,123
=========== ==========
SEGMENT PROFIT
Occupant Safety Systems $ 127 8.3% $ - $ 127 8.3%
Chassis Systems 82 7.1% - 82 7.1%
Automotive Electronics 45 7.7% - 45 7.7%
Automotive Other 48 11.2% - 48 11.2%
Space and Electronics 121 11.9% 34 155 15.2%
Systems & Information Technology 108 7.6% (26) 82 5.8%
Aeronautical Systems - - -
----------- ---------------------
Segment Profit 531 8.7% 8 539 8.8%
Corporate Expense and Other (59) - (59)
Financing Cost (78) - (78)
Pension Income - - -
In-process Research & Development - - -
----------- ---------------------
Earnings Before Taxes $ 394 6.4% $ 8 $ 402 6.6%
Income Taxes 144 3 147
----------- ---------------------
Net Earnings $ 250 4.1% $ 5 $ 255 4.2%
=========== =====================
EPS:
Diluted earnings per share $ 1.99 $0.04 $ 2.03
Basic earnings per share $ 2.04 $0.04 $ 2.08
Effective Tax Rate 36.5%
Shares used in computing
per share amounts
Diluted 125.8
Basic 122.3
Common stock outstanding 121.8
Dividends paid per common share $ 0.62
</TABLE>
7
<PAGE> 9
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.
TRW INC.
Date: November 12, 1999 By: /s/ William B. Lawrence
------------------------------------
William B. Lawrence
Executive Vice President,
General Counsel and Secretary
8
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