UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-K/A
(Mark One)
{X} ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 1997
OR
{ } TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 001-11549
---------
BLOUNT INTERNATIONAL, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 63-0780521
- ---------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4520 Executive Park Drive, Montgomery, Alabama 36116-1602
- ---------------------------------------------- ------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (334) 244-4000
--------------
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
Class A Common Stock, $.01 par value New York Stock Exchange
Class B Common Stock, $.01 par value New York Stock Exchange
- ------------------------------------- -----------------------
Securities registered pursuant to Section 12(g) of the Act: None
----
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
------- -------
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in the definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.
-------
Page 1
<PAGE>
State the aggregate market value of the voting common stock held by
nonaffiliates of the registrant. The aggregate market value shall be computed
by reference to the price at which the common stock was sold, or the average bid
and asked prices of such common stock, as of a specified date within 60 days
prior to the date of filing.
Aggregate market value of voting common stock held by nonaffiliates as of
- -------------------------------------------------------------------------
January 31, 1998: $608,827,000
- -------------------------------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class A Common Stock $.01 par value, as of January 31, 1998: 25,832,000 shares
----------
Class B Common Stock $.01 par value, as of January 31, 1998: 11,620,536 shares
----------
DOCUMENTS INCORPORATED BY REFERENCE
List hereunder the following documents if incorporated by reference and the Part
of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is
incorporated: (1) Any annual report to security holders; (2) Any proxy or
information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or
(c) under the Securities Act of 1933. The listed documents should be clearly
described for identification purposes.
Portions of proxy statement for the annual meeting of stockholders to be held
April 20, 1998, are incorporated by reference in Part III.
Page 2
<PAGE>
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(c) Exhibits required by item 601 of Regulation S-K:
* 27.1 Restated Financial Data Schedule for the year ended February 29,
1996, submitted to the Securities and Exchange Commission in electronic format
included herein is hereby amended pursuant to SFAS No. 128, "Earnings per
Share" and to reflect the two-for-one stock split effected on December 8, 1997.
* 27.2 Restated Financial Data Schedule for the three months ended March 31,
1996, submitted to the Securities and Exchange Commission in electronic format
included herein is hereby amended pursuant to SFAS No. 128, "Earnings per
Share" and to reflect the two-for-one stock split effected on December 8, 1997.
* 27.3 Restated Financial Data Schedule for the six months ended June 30,
1996, submitted to the Securities and Exchange Commission in electronic format
included herein is hereby amended pursuant to SFAS No. 128, "Earnings per
Share" and to reflect the two-for-one stock split effected on December 8, 1997.
* 27.4 Restated Financial Data Schedule for the nine months ended
September 30, 1996, submitted to the Securities and Exchange Commission in
electronic format included herein is hereby amended pursuant to SFAS No. 128,
"Earnings per Share" and to reflect the two-for-one stock split effected on
December 8, 1997.
* 27.5 Restated Financial Data Schedule for the transition period from
March 1, 1996 to December 31, 1996, submitted to the Securities and Exchange
Commission in electronic format included herein is hereby amended pursuant to
SFAS No. 128, "Earnings per Share" and to reflect the two-for-one stock split
effected on December 8, 1997.
* 27.6 Restated Financial Data Schedule for the three months ended March 31,
1997, submitted to the Securities and Exchange Commission in electronic format
included herein is hereby amended pursuant to SFAS No. 128, "Earnings per
Share" and to reflect the two-for-one stock split effected on December 8, 1997.
* 27.7 Restated Financial Data Schedule for the six months ended June 30,
1997, submitted to the Securities and Exchange Commission in electronic format
included herein is hereby amended pursuant to SFAS No. 128, "Earnings per
Share" and to reflect the two-for-one stock split effected on December 8, 1997.
* 27.8 Restated Financial Data Schedule for the nine months ended
September 30, 1997, submitted to the Securities and Exchange Commission in
electronic format included herein is hereby amended pursuant to SFAS No. 128,
"Earnings per Share" and to reflect the two-for-one stock split effected on
December 8, 1997.
* Filed electronically herewith.
Page 3
<PAGE>
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.
BLOUNT INTERNATIONAL, INC.
by: /s/ Harold E. Layman
Harold E. Layman
Executive Vice President Finance Operations
and Chief Financial Officer
Dated: March 27, 1998
Page 4
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FINANCIAL STATEMENTS OF BLOUNT INTERNATIONAL, INC. FOR THE
PERIOD ENDED FEBRUARY 29, 1996, AS SET FORTH IN ITS FORM 10-K FOR SUCH PERIOD
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-29-1996
<PERIOD-END> FEB-29-1996
<CASH> 14,590
<SECURITIES> 0
<RECEIVABLES> 153,656
<ALLOWANCES> 3,853
<INVENTORY> 94,113
<CURRENT-ASSETS> 285,499
<PP&E> 295,548
<DEPRECIATION> 160,026
<TOTAL-ASSETS> 546,486
<CURRENT-LIABILITIES> 149,338
<BONDS> 95,920
0
0
<COMMON> 191
<OTHER-SE> 254,807
<TOTAL-LIABILITY-AND-EQUITY> 546,486
<SALES> 644,301
<TOTAL-REVENUES> 644,301
<CGS> 427,322
<TOTAL-COSTS> 427,322
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 10,793
<INCOME-PRETAX> 83,676
<INCOME-TAX> 30,121
<INCOME-CONTINUING> 53,555
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 53,555
<EPS-PRIMARY> 1.41
<EPS-DILUTED> 1.38
<PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FINANCIAL STATEMENTS OF BLOUNT INTERNATIONAL, INC. FOR THE
PERIOD ENDED MARCH 31, 1996, AS SET FORTH IN ITS FORM 10-Q FOR SUCH PERIOD
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 11,414
<SECURITIES> 0
<RECEIVABLES> 151,906
<ALLOWANCES> 3,883
<INVENTORY> 95,004
<CURRENT-ASSETS> 281,587
<PP&E> 289,339
<DEPRECIATION> 160,202
<TOTAL-ASSETS> 535,219
<CURRENT-LIABILITIES> 135,974
<BONDS> 95,887
0
0
<COMMON> 191
<OTHER-SE> 256,388
<TOTAL-LIABILITY-AND-EQUITY> 535,219
<SALES> 173,281
<TOTAL-REVENUES> 173,281
<CGS> 114,735
<TOTAL-COSTS> 114,735
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,843
<INCOME-PRETAX> 21,730
<INCOME-TAX> 8,317
<INCOME-CONTINUING> 13,413
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13,413
<EPS-PRIMARY> 0.35
<EPS-DILUTED> 0.34
<PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FINANCIAL STATEMENTS OF BLOUNT INTERNATIONAL, INC. FOR THE
PERIOD ENDED JUNE 30, 1996, AS SET FORTH IN ITS FORM 10-Q FOR SUCH PERIOD
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 24,754
<SECURITIES> 0
<RECEIVABLES> 123,227
<ALLOWANCES> 3,740
<INVENTORY> 90,915
<CURRENT-ASSETS> 261,909
<PP&E> 292,862
<DEPRECIATION> 164,542
<TOTAL-ASSETS> 514,284
<CURRENT-LIABILITIES> 105,002
<BONDS> 95,791
0
0
<COMMON> 192
<OTHER-SE> 266,530
<TOTAL-LIABILITY-AND-EQUITY> 514,284
<SALES> 315,299
<TOTAL-REVENUES> 315,299
<CGS> 207,946
<TOTAL-COSTS> 207,946
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,417
<INCOME-PRETAX> 38,765
<INCOME-TAX> 14,731
<INCOME-CONTINUING> 24,034
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 24,034
<EPS-PRIMARY> 0.63
<EPS-DILUTED> 0.62
<PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FINANCIAL STATEMENTS OF BLOUNT INTERNATIONAL, INC. FOR THE
PERIOD ENDED SEPTEMBER 30, 1996, AS SET FORTH IN ITS FORM 10-Q FOR SUCH PERIOD
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 43,174
<SECURITIES> 0
<RECEIVABLES> 128,506
<ALLOWANCES> 3,896
<INVENTORY> 83,487
<CURRENT-ASSETS> 279,392
<PP&E> 296,675
<DEPRECIATION> 167,973
<TOTAL-ASSETS> 529,203
<CURRENT-LIABILITIES> 118,097
<BONDS> 84,828
0
0
<COMMON> 192
<OTHER-SE> 278,456
<TOTAL-LIABILITY-AND-EQUITY> 529,203
<SALES> 475,256
<TOTAL-REVENUES> 475,256
<CGS> 311,984
<TOTAL-COSTS> 311,984
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 7,673
<INCOME-PRETAX> 61,043
<INCOME-TAX> 23,197
<INCOME-CONTINUING> 37,846
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 37,846
<EPS-PRIMARY> 0.99
<EPS-DILUTED> 0.97
<PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FINANCIAL STATEMENTS OF BLOUNT INTERNATIONAL, INC. FOR THE
PERIOD ENDED DECEMBER 31, 1996, AS SET FORTH IN ITS FORM 10-K FOR SUCH PERIOD
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> MAR-1-1996
<PERIOD-END> DEC-31-1996
<CASH> 59
<SECURITIES> 0
<RECEIVABLES> 119
<ALLOWANCES> 3
<INVENTORY> 82
<CURRENT-ASSETS> 281
<PP&E> 302
<DEPRECIATION> 170
<TOTAL-ASSETS> 534
<CURRENT-LIABILITIES> 115
<BONDS> 85
0
0
<COMMON> 0
<OTHER-SE> 291
<TOTAL-LIABILITY-AND-EQUITY> 534
<SALES> 527
<TOTAL-REVENUES> 527
<CGS> 347
<TOTAL-COSTS> 347
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 8
<INCOME-PRETAX> 70
<INCOME-TAX> 26
<INCOME-CONTINUING> 44
<DISCONTINUED> 1
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 45
<EPS-PRIMARY> 1.18
<EPS-DILUTED> 1.16
<PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FINANCIAL STATEMENTS OF BLOUNT INTERNATIONAL, INC. FOR THE
PERIOD ENDED MARCH 31, 1997, AS SET FORTH IN ITS FORM 10-Q FOR SUCH PERIOD
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 19,077
<SECURITIES> 0
<RECEIVABLES> 143,179
<ALLOWANCES> 3,023
<INVENTORY> 85,549
<CURRENT-ASSETS> 269,177
<PP&E> 308,860
<DEPRECIATION> 175,212
<TOTAL-ASSETS> 534,165
<CURRENT-LIABILITIES> 113,592
<BONDS> 85,107
0
0
<COMMON> 195
<OTHER-SE> 289,469
<TOTAL-LIABILITY-AND-EQUITY> 534,165
<SALES> 170,063
<TOTAL-REVENUES> 170,063
<CGS> 113,794
<TOTAL-COSTS> 113,794
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,205
<INCOME-PRETAX> 21,452
<INCOME-TAX> 7,860
<INCOME-CONTINUING> 13,592
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13,592
<EPS-PRIMARY> 0.36
<EPS-DILUTED> 0.35
<PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FINANCIAL STATEMENTS OF BLOUNT INTERNATIONAL, INC. FOR THE
PERIOD ENDED JUNE 30, 1997, AS SET FORTH IN ITS FORM 10-Q FOR SUCH PERIOD
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 22,307
<SECURITIES> 0
<RECEIVABLES> 121,111
<ALLOWANCES> 2,271
<INVENTORY> 93,603
<CURRENT-ASSETS> 259,116
<PP&E> 312,016
<DEPRECIATION> 179,627
<TOTAL-ASSETS> 521,405
<CURRENT-LIABILITIES> 104,257
<BONDS> 85,107
0
0
<COMMON> 194
<OTHER-SE> 285,934
<TOTAL-LIABILITY-AND-EQUITY> 521,405
<SALES> 330,590
<TOTAL-REVENUES> 330,590
<CGS> 222,556
<TOTAL-COSTS> 222,556
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,460
<INCOME-PRETAX> 39,565
<INCOME-TAX> 14,519
<INCOME-CONTINUING> 25,046
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 25,046
<EPS-PRIMARY> 0.66
<EPS-DILUTED> 0.65
<PAGE>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS RESTATED FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FINANCIAL STATEMENTS OF BLOUNT INTERNATIONAL, INC. FOR THE
PERIOD ENDED SEPTEMBER 30, 1997, AS SET FORTH IN ITS FORM 10-Q FOR SUCH PERIOD
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 34,856
<SECURITIES> 0
<RECEIVABLES> 133,755
<ALLOWANCES> 3,423
<INVENTORY> 94,054
<CURRENT-ASSETS> 284,446
<PP&E> 313,588
<DEPRECIATION> 183,500
<TOTAL-ASSETS> 545,547
<CURRENT-LIABILITIES> 114,508
<BONDS> 84,751
0
0
<COMMON> 194
<OTHER-SE> 299,786
<TOTAL-LIABILITY-AND-EQUITY> 545,547
<SALES> 512,696
<TOTAL-REVENUES> 512,696
<CGS> 345,732
<TOTAL-COSTS> 345,732
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,663
<INCOME-PRETAX> 64,592
<INCOME-TAX> 23,779
<INCOME-CONTINUING> 40,813
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 40,813
<EPS-PRIMARY> 1.08
<EPS-DILUTED> 1.06
</TABLE>
