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
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date:
Shares outstanding
Class at April 30, 1994
Common Stock, $1 Par Value 36,511,033
VULCAN MATERIALS COMPANY
FORM 10-Q
QUARTER ENDED MARCH 31, 1994
Contents
Page No.
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets . . . . . . . . 1
Condensed Consolidated Statements of Earnings . . . . 2
Condensed Consolidated Statements of Cash Flows . . . 3
Notes to Condensed Consolidated Financial Statements. 4
Exhibit 11 - Computation of Earnings Per Share. . . . 9
Exhibit 12 - Computation of Ratio of Earnings
to Fixed Charges . . . . . . . . . . . . . . . . . 10
Item 2. Management's Discussion and Analysis of Results
of Operations and Financial Condition. . . . . . . 11
PART II OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . 19
SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS*
(Amounts in thousands)
March 31, December 31, March 31,
Assets 1994 1993 1993
<S> <C> <C> <C>
Current assets
Cash and cash equivalents...............................$ 2 $ 13,996 $ 678
Accounts and notes receivable, less allowance for
doubtful accounts: Mar. 31, 1994, $7,447; Dec. 31,
1993, $7,284; Mar. 31, 1993, $7,752................... 149,028 150,404 143,263
Inventories:
Finished products..................................... 82,964 75,954 87,456
Raw materials......................................... 5,553 3,856 4,187
Products in process................................... 1,271 965 1,074
Operating supplies and other.......................... 24,706 24,242 28,422
Total inventories................................ 114,494 105,017 121,139
Current portion of deferred taxes....................... 26,053 26,898 25,293
Prepaid expenses........................................ 10,367 6,298 9,568
Total current assets............................. 299,944 302,613 299,941
Investments and long-term receivables..................... 56,688 56,505 50,210
Property, plant and equipment, at cost less accumulated
depreciation, depletion and amortization: Mar. 31,
1994, $1,060,169; Dec. 31, 1993, $1,040,220; Mar. 31,
1993, $981,437.......................................... 658,633 657,785 662,640
Deferred charges and other assets......................... 64,804 61,648 65,215
Total............................................$ 1,080,069 $1,078,551 $ 1,078,006
Liabilities and Shareholders' Equity
Current liabilities
Current maturities of long-term obligations.............$ 1,745 $ 1,741 $ 869
Notes payable........................................... 7,457 - -
Other current liabilities............................... 143,300 139,074 139,434
Total current liabilities........................ 152,502 140,815 140,303
Long-term obligations..................................... 101,956 102,035 107,122
Deferred income taxes..................................... 75,121 74,193 71,886
Other noncurrent liabilities(Note 3)...................... 57,323 58,545 72,176
Other commitments and contingent liabilities (Note 3)...
Shareholders' equity...................................... 693,167 702,963 686,519
Total............................................$ 1,080,069 $1,078,551 $ 1,078,006
<FN>
*Balance sheets as of March 31 are unaudited.
The accompanying Notes to Condensed Consolidated Financial
Statements are an integral part of these statements.
</TABLE>
<TABLE>
<CAPTION>
VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts and shares in thousands, except per share data)
Three Months Ended
March 31*
1994 1993
<S> <C> <C>
Net sales...........................................$ 216,893 $ 214,123
Cost of goods sold.................................. 195,883 184,429
Gross profit on sales............................... 21,010 29,694
Selling, administrative and general expenses........ 27,841 27,325
Other operating costs............................... 1,338 1,099
Other income, net................................... 2,695 377
Earnings (loss) before interest expense
and income taxes.................................. (5,474) 1,647
Interest expense.................................... 2,210 2,394
Loss before income taxes............................ (7,684) (747)
Provision for income taxes.......................... (2,458) (221)
Net loss............................................$ (5,226) $ (526)
Primary and fully diluted loss per
share of common stock............................. ($0.14) ($0.01)
Average common and common equivalent
shares outstanding**.............................. 36,718 37,412
Cash dividends per share of common stock............ $0.33 $0.315
Depreciation, depletion and amortization
deducted above.................................... $26,834 $24,958
Effective tax rate.................................. 32.0% 29.6%
<FN>
* Unaudited
** Primary and fully diluted loss per share of common stock is computed by
dividing the net loss by the weighted average number of common
shares and common share equivalents outstanding during the period.
Common share equivalents represent the number of shares contingently
issuable under a long-range performance share plan. Refer to
Exhibit 11 for computation.
The accompanying Notes to Condensed Consolidated Financial
Statements are an integral part of these statements.
</TABLE>
<TABLE>
<CAPTION>
VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
Three Months Ended
March 31*
1994 1993
<S> <C> <C>
Operations
Net loss....................................................$ (5,226) $ (526)
Adjustments to reconcile net loss to net cash
provided by continuing operations:
Depreciation, depletion and amortization................ 26,834 24,958
Increase in assets before effects of
business acquisitions................................. (8,630) (9,833)
Increase in liabilities before effects of
business acquisitions................................. 2,168 7,803
Other, net.............................................. 939 597
Net cash provided by continuing operations........... 16,085 22,999
Net cash used for discontinued operations................... (139) (159)
Net cash provided by operations...................... 15,946 22,840
Investing Activities
Purchases of property, plant and equipment.................. (23,475) (22,870)
Payment for business acquisitions (net of acquired cash).... - (1,431)
Proceeds from sale of property, plant and equipment......... 3,031 650
Investment in nonconsolidated companies..................... (328) (728)
Withdrawal of earnings from nonconsolidated companies....... - 1
Net cash used for investing activities............... (20,772) (24,378)
Financing Activities
Net borrowings - commercial paper and bank lines of credit.. 7,400 -
Payment of short-term debt.................................. (164) (383)
Payment of long-term debt................................... (4,357) -
Purchases of common stock................................... - (1,355)
Dividends paid.............................................. (12,047) (11,715)
Net cash used for financing activities............... (9,168) (13,453)
Net decrease in cash and cash equivalents................... (13,994) (14,991)
Cash and cash equivalents at beginning of year.............. 13,996 15,669
Cash and cash equivalents at end of period..................$ 2 $ 678
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest (net of amount capitalized)..................$ 423 $ 735
Income taxes.......................................... 815 1,405
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING
AND FINANCING ACTIVITIES:
Liabilities assumed in business acquisition............. 5,761 -
Fair value of stock issued in business acquisition...... 7,476 -
<FN>
*Unaudited
The accompanying Notes to Condensed Consolidated Financial
Statements are an integral part of these statements.
</TABLE>
VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The accompanying condensed financial statements have been prepared in
compliance with Form 10-Q instructions and thus do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of
management, the statements reflect all adjustments, including those of a
normal recurring nature, necessary to present fairly the results of the
reported interim periods. The statements should be read in conjunction
with the summary of accounting policies and notes to financial statements
included in the Company's latest annual report on Form 10-K. The
reporting of segment data required by Statement of Financial Accounting
Standards No. 14, Financial Reporting for Segments of a Business
Enterprise, is confined to complete financial statements as provided in
the Company's Form 10-K and annual report to shareholders.
2. Effective Tax Rate
In accordance with generally accepted accounting principles, it is the
Company's practice at the end of each interim reporting period to make a
best estimate of the effective tax rate expected to be applicable for the
full fiscal year. The rate so determined is used in providing for income
taxes on a current year-to-date basis.
3. Contingent Liabilities
As indicated in the Notes to Financial Statements in the Company's 1993
Annual Report, the Company received a letter from the United States
Environmental Protection Agency ("EPA") in May 1985 regarding remedial
actions at a chemical waste site in Ascension Parish, Louisiana. Records
indicate that the Company generated a portion of the waste placed at the
site, and the Company therefore has been deemed by the EPA to be a
potentially responsible party ("PRP") with respect to the site under the
Comprehensive Environmental Response, Compensation and Liability Act
("CERCLA").
On February 5, 1991, the EPA issued a unilateral administrative order
("UAO") which directs the named respondents, including the Company and
other PRPs, to clean up the site. In a letter dated April 9, 1991, the
Company, along with three other PRPs named in the UAO, gave notice to the
EPA that they intend to comply with all lawful terms and conditions of
the UAO.
In December 1988, the Company and other PRPs received a letter from the
EPA demanding reimbursement for approximately $1,540,000 in past costs and
administrative expenses incurred by the EPA in connection with the
foregoing matter. Effective June 8, 1992, the Company and other PRPs
entered into a Site Participation Agreement ("Agreement") allocating among
the parties those costs which are anticipated to be incurred or which
might be incurred in connection with the remediation activity at the site
and those costs which may be recovered by the EPA or other agencies in
connection with their past response work or oversight work at the site.
Moreover, in June, 1992, the EPA orally informed the Company and other
PRPs that it would seek to recover its response and oversight costs
incurred to date, and toward that end has made a supplemental Information
Request, pursuant to Section 104(e) of CERCLA, seeking information to
support such recovery of costs. The Company responded to the Information
Request on July 14, 1992. The demand by EPA for recovery of costs
includes the amount previously demanded from the Company and the other
PRPs in December 1988.
Cleanup of the site will take an extended period of time. Commencement of
cleanup work at the site began in late 1992, and the majority of the costs
likely will be incurred in the first three years. The engineering
consultants and contractors engaged by the Company and other PRPs have
estimated a total cost of $34,700,000 to complete the work required by
EPA's final remedial plan.
The Company has reviewed the cost estimates and information currently
available relative to EPA's most recent request for recovery of its costs.
On the basis of this review, the Company has determined that its accrued
reserve is adequate to cover its allocated share of currently anticipated
site remediation costs and those response and oversight costs which may be
recovered by the EPA. The Company will continue to review relevant cost
information as it becomes available, particularly information relative to
the EPA's request for recovery of its costs. The Company has begun to
make payments from its accrued reserve pursuant to the Agreement.
The Company has been identified by government authorities and certain
private parties as potentially responsible for cleanup costs at various
other sites, including sites formerly owned and operated by the Company.
The operations of the Company also continue to be affected by the
compliance requirements of various laws, regulations, administrative
orders and permits relating to protection of the environment. Although
future costs of cleanup at other sites and the future costs of
environmental compliance may be significant, the Company does not believe
that these matters and the aforementioned potential share of cleanup costs
for the Ascension Parish site will adversely affect the consolidated
financial statements of the Company to a material extent.
The Company's consolidated balance sheets include
accrued environmental cleanup costs for the Chemicals segment of
$16,925,000 as of March 31, 1994, $19,100,000 as of December 31, 1993 and
$24,572,000 as of March 31, 1993. These amounts include noncurrent
liabilities of $3,796,000, $5,701,000 and $17,458,000, respectively.
An antidumping petition was filed on May 20, 1992, with the International
Trade Commission ("ITC"), by two stone producers and a stone distributor
in southwest Texas alleging that a U.S. industry was being injured by
imports of crushed limestone from Mexico. The companies involved in the
Crescent Market Project quarry and crush limestone from Mexico's Yucatan
Peninsula for sale along the U.S. Gulf Coast. On June 29, 1992, the ITC,
in a 5-0 vote (with one commissioner not participating), determined that
there was no reasonable indication that an industry in the United States
was materially injured or threatened with material injury by the
importation of crushed limestone from Mexico. This ruling was appealed to
the United States Court of International Trade ("CIT"), where the
determination of the ITC was sustained and the action dismissed. The
judgment of the CIT was then appealed to the United States Court of
Appeals for the Federal Circuit, where oral argument was heard in February
1994. No decision has been rendered on the appeal.
<TABLE>
<CAPTION>
EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(Amounts and shares in thousands, except per share data)
Three Months Ended
March 31
1994 1993
<S> <C> <C>
Primary and fully diluted loss:
Average common shares outstanding .............. 36,491 37,202
Common share equivalents:
Performance share plan ...................... 227 210
Total shares............................. 36,718 37,412
Net loss........................................... $ (5,226) $ (526)
Primary and fully diluted loss
per share of common stock........................ $ (0.14) $ (0.01)
</TABLE>
<TABLE>
<CAPTION>
EXHIBIT 12
VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in thousands)
For the Years Ended December 31
1993 1992 1991 1990 1989
<S> <C> <C> <C> <C> <C>
Fixed charges:
Interest expense before
capitalization credits.......................$ 10,187 $ 10,441 $ 11,336 $ 9,349 $ 6,873
Amortization of financing costs................ 115 116 75 44 42
One-third of rental expense.................... 7,375 8,711 4,815 5,678 3,979
Total fixed charges..........................$ 17,677 $ 19,268 $ 16,226 $ 15,071 $ 10,894
Net earnings from continuing
operations ....................................$ 88,229 $ 90,980 $ 52,580 $120,278 $133,420
Provision for income taxes....................... 36,993 39,746 20,867 58,951 67,943
Fixed charges.................................... 17,677 19,268 16,226 15,071 10,894
Capitalized interest credits................... (1,016) (673) (131) (1,591) (756)
Amortization of capitalized interest............. 882 792 840 705 603
Earnings from continuing operations
before income taxes as adjusted................$142,765 $150,113 $ 90,382 $193,414 $212,104
Ratio of earnings to fixed charges............... 8.1 7.8 5.6 12.8 19.5
For the Three Months
Ended March 31, 1994
Fixed charges:
Interest expense before
capitalization credits.......................$ 2,252
Amortization of financing costs................. 29
One-third of rental expense..................... 1,615
Total fixed charges.................$ 3,896
Net loss.........................................$ (5,226)
Provision for income taxes........................ (2,458)
Fixed charges..................................... 3,896
Capitalized interest credits...................... (42)
Amortization of capitalized interest.............. 226
Loss before income taxes
as adjusted.....................................$ (3,604)
Ratio of loss to fixed charges.................... (0.9)
<FN>
Note: Since 1987, the Company has guaranteed a portion of certain debts of
two of the entities through which it participates in the Crescent Market
Project. During this time, the Company has been a slightly less than 50%
owner of one of these entities, and in January 1990 reduced its ownership
position to slightly less than 50% in the other entity. The fixed charges
associated associated with such guaranties (under which the Company has
not been required to make any payments) for the three months ended
March 31, 1994, were $629,000 and for the one-year periods ended December
31, 1993, 1992, 1991, 1990, and 1989 were $2,731,000, $3,583,000,
$3,525,000, $2,535,000, and $1,406,000, respectively. These amounts have
not been included in the computation of the ratios of earnings to fixed
charges presented above.
</TABLE>
Item 2. Management's Discussion and Analysis of Results
of Operations and Financial Condition
GENERAL COMMENTS
Seasonality of the Company's Business
Results of any individual quarter are not necessarily indicative of results to
be expected for the year due principally to the effect that weather can have
on the sales and production volume of the Construction Materials segment.
Normally, the highest sales and earnings of the Construction Materials segment
are attained in the third quarter and the lowest are realized in the first
quarter when sales and earnings are substantially below the levels realized in
all subsequent quarters of the year.
Basis of Determining Sales Volume and Price Variances
Sales volume variances are calculated by multiplying the period-to-period
change in sales units by the prior period's unit sales prices. Sales price
variances are calculated by multiplying the period-to-period change in unit
sales prices by the current period's sales units. To the extent that products
and market areas are combined for these computations, the resultant "volume"
and "price" variances may each be affected by period-to-period changes in the
"mix" of product and market area sales.
Segment Sales and Earnings
Segment sales and earnings have been determined on the same basis as used in
prior Form 10-Q reports. Segment earnings are earnings before interest
expense and income taxes and after allocation of corporate expenses and
income, other than "interest income, etc.," (principally interest income
earned on cash items and gains or losses on corporate financing transactions),
and after assignment of equity income to the segments with which it is related
in terms of products and services. Allocations are based primarily on one or
a combination of the following factors: average gross investment, average
equity and sales.
RESULTS OF OPERATIONS
CONDENSED STATEMENTS OF CONSOLIDATED EARNINGS
FIRST QUARTER 1994 AS COMPARED WITH FIRST QUARTER 1993
Sales for the first quarter were $216.9 million, up slightly from last year's
total of $214.1 million. The segment detail of that increase is as follows:
<TABLE>
<CAPTION>
First Quarter Sales
Increase
1994 1993 (Decrease)
<S> <C> <C> <C>
Construction Materials $133.5 $121.4 $12.1
Chemicals 83.4 92.7 (9.3)
Total $216.9 $214.1 $ 2.8
</TABLE>
Construction Materials sales for the first quarter were 10% higher than last
year's level. The increase reflects stronger demand in most crushed stone
markets as well as improved unit selling prices. Shipments of crushed stone
and average selling prices in the quarter increased slightly more than 7% and
5%, respectively, from last year's level. Chemicals sales declined 10% from
the corresponding 1993 amount. The average price of caustic soda in the first
quarter was down 65% from a year ago. The negative impact of this factor on
sales revenue exceeded the total sales decline, which was mitigated by
improved prices for chlorine and certain chlorinated products.
Cost of goods sold in the first quarter of 1994 increased 6% from the 1993
level due primarily to higher Construction Materials sales volume. As a
percent of sales, cost of goods sold was 90.3% for the first quarter of 1994,
up from 86.1% for the same period last year. The higher percentage reflects
the effect of net lower sales prices in the Chemicals segment.
Other income, net of other charges, improved from comparable 1993 levels,
reflecting higher gains on sales of assets and improved results from joint
ventures.
The loss before interest expense and income taxes was $5.5 million as compared
to earnings of $1.6 million in the same period last year. The segment detail
of this result is shown in the following summary:
<TABLE>
<CAPTION>
First Quarter Earnings Before
Interest Expense and Income Taxes
Increase
1994 1993 (Decrease)
<S> <C> <C> <C>
Construction Materials $(1.4) $(7.6) $ 6.2
Chemicals (4.2) 9.1 (13.3)
Segment earnings * (5.6) 1.5 (7.1)
Interest income, etc. .1 .1 -
Total $(5.5) $ 1.6 $( 7.1)
<FN>
* After allocation of corporate expense and income,
other than "interest income, etc." (principally
interest income earned on short-term investment of
funds and gains or losses on corporate financing
transactions), and after assignment of equity
income to the segments with which it is related in
terms of products and services.
</TABLE>
Higher stone volume and prices were the primary contributors to the improved
result in the Construction Materials segment. The Chemicals segment decline
principally reflects net lower prices and a less favorable product mix.
The provision for income taxes for the current quarter was a credit of $2.5
million, as compared with last year's first quarter credit of $221,000. The
variance primarily reflects the decline in pretax earnings. The effective tax
rate for the quarter was 32.0%, up from 29.6% for the same quarter in 1993.
In the first quarter of 1993, the Company adopted Statement of Financial
Accounting Standards No. 112, "Employers' Accounting for Postemployment
Benefits". There was no material impact from adoption.
The net loss for the first quarter totaled $5.2 million, or 14 cents per
share. In the first quarter of 1993 the Company recorded a loss of $526,000,
or 1 cent per share.
On April 22, 1994, H. A. Sklenar, Chairman and Chief Executive Officer, made
certain statements concerning the Company's earnings outlook. Excerpts of the
relevant press release quoting Mr. Sklenar are as follows:
"Needless to say, we're very glad to have the first quarter behind
us. We're optimistic that we'll see more favorable year-to-year
comparisons in subsequent quarters. After recording weather-
depressed results early in the first quarter, our Construction
Materials business achieved very strong shipments and earnings
in March. Prospects continue to look good for improved shipments
in most of our markets. Consequently, we expect to report a
significant increase in Construction Materials earnings for
the year.
"As for Chemicals, current market conditions indicate that the
supply/demand balance for caustic soda may be improving. This
causes us to think we may have hit the bottom of the caustic cycle
and will see some improvement in caustic pricing as the year moves
on. Nonetheless, we still expect to report a substantial decline
in Chemicals earnings for the year."
LIQUIDITY AND CAPITAL RESOURCES
CONDENSED CONSOLIDATED BALANCE SHEETS - MARCH 31, 1994
AS COMPARED WITH DECEMBER 31, 1993 AND MARCH 31, 1993
AND
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
COMPARISONS FOR THE YEAR TO DATE AS OF
MARCH 31, 1994 AND MARCH 31, 1993
Working Capital
Working capital, exclusive of debt and cash items, totaled $159.8 million at
March 31, 1994, up 6% from the 1993 year-end amount of $150.9 million.
Inventories increased due primarily to seasonal build-ups in the Construction
Materials segment. Working capital at March 31, 1994 decreased 2% from the
same date last year.
As of March 31, 1993, working capital, exclusive of debt and cash items,
totaled $162.9 million, up 4% from the 1992 year-end amount of $156.6 million.
Inventories were up due primarily to seasonal build-ups in the Construction
Materials segment and the impact of lower sales in both segments.
The Company's current ratio, which is based on all components of working
capital, including cash and debt items, was 2.0 as of March 31, 1994. This
was down slightly from a 2.1 ratio at both year-end 1993 and March 31, 1993.
Cash Flows
Net cash provided by continuing operations totaled $16.1 million in the first
quarter of 1994, down from the $23.0 million generated in the same period last
year. The decline reflects the impact of a higher loss for the quarter as
well as a smaller increase in current liabilities. Cash used for investing
activities totaled $20.8 million, as compared with $24.4 million in last
year's first quarter. Cash used for financing activities amounted to $9.2
million, down from the $13.5 million used in the first quarter last year,
because of higher net borrowings.
On February 11, 1994, the Board of Directors authorized a quarterly dividend
of 33 cents per common share. The new dividend represents a 5% (1 1/2 cents
per share) increase over quarterly dividends paid in 1993.
Cash and cash equivalents decreased $14.0 million in the first quarter of 1994
as compared with a decrease of $15.0 million in the same period last year.
Property Additions
Property additions in the first quarter totaled $29.1 million, up from the
1993 level of $24.5 million. This increase reflects principally the
acquisition of the assets of Peroxidation Systems, Inc. by the Chemicals
segment. This business is being operated under the name of Vulcan
Peroxidation Systems, Inc. (VPSI). Headquartered in Tucson, Arizona, VPSI
provides equipment, chemicals and services to the municipal, industrial and
environmental water treatment markets.
Short-Term Borrowings
Short-term borrowings as of March 31, 1994 consisted of notes payable to banks
totaling $7.5 million. There were no short-term borrowings as of December 31,
1993 and March 31, 1993.
Long-Term Obligations
As of March 31, 1994, long-term obligations were 11.0% of long-term capital
and 14.7% of shareholder's equity; the corresponding 1993 percentages were
11.4% and 15.6%, respectively.
Common Stock Transactions
There were no share purchases made pursuant to the Company's common stock
purchase program in the first quarter of 1994. First quarter 1993 purchases
were 27,564 shares of stock at a total cost of $1.4 million. This was equal
to an average price of $49.16 per share. Purchases of common stock are made
pursuant to a purchase plan initially authorized by the board of directors in
1985 and increased in subsequent years. The number of shares remaining under
the current purchase authorization was 1,074,672 as of March 31, 1994.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits furnished in accordance with Item 601 of Regulation S-K
and included in Part I:
Exhibit 11 - Computation of Earnings per Share
Exhibit 12 - Computation of Ratio of Earnings to Fixed Charges
(b) Reports on Form 8-K
The Company filed reports on Form 8-K on January 25, 1994 and
March 31, 1994.
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.
VULCAN MATERIALS COMPANY
Date May 10, 1994 /s/ D. F. Sansone
D. F. Sansone
Vice President, Finance
