[TEXT]
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): June 3, 1994
BAUSCH & LOMB INCORPORATED
(Exact name of Bausch & Lomb as specified in its charter)
New York
(State or other jurisdiction)
1-4105
(Commission File Number)
16-0345235
(I.R.S. Employer Identification No.)
One Chase Square, Rochester NY 14601-0054
(Zip Code)
(Address of principal executive offices)
Bausch & Lomb's telephone number,
including area code: (716) 338-6000
Inapplicable
(Former name or former address, if changed since last report).
Item 5. Other Events
PLAN TO REBALANCE DISTRIBUTOR INVENTORIES
Bausch & Lomb announced on June 3, 1994 that it has curtailed trade
marketing programs which have led to high distributor inventories in its
sunglass and contact lens businesses. The imbalance in distributor
inventories is focused primarily in the U.S. and certain countries in
Europe and Asia, and resulted from a slower-than-anticipated rate of
improvement in consumer demand, especially for sunglasses.
Bausch & Lomb said its actions to normalize distributor inventories and
accounts receivable could penalize 1994 revenues by up to $75 million.
This would result in an estimated $40 million impact to the Company's
gross margin. Coupled with higher financing expense in 1994, such a
reduction may hold net earnings for the year close to the level attained
before a restructuring charge in 1993. The Company will be striving to
mitigate these impacts through reductions in expenses.
A reduction in accounts receivable resulting from this action would
contribute to the Company's previously announced goal of generating $100
million in free cash flow this year. This excess cash flow could be used
to retire debt or repurchase the Company's stock.
Bausch & Lomb has not changed its long-term objectives nor is management
any less enthusiastic about the company's prospects. The Company
believes its actions will clear away the lingering effects of depressed
global markets, and is determined to exit this year with very positive
momentum in its rates of cash generation and net earnings growth.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Bausch & Lomb has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
BAUSCH & LOMB INCORPORATED
Date: June 13, 1994
By:
Jay T. Holmes
Senior Vice President,
Corporate Affairs and
Secretary
June 13, 1994
Filer Support/EDGAR
U.S. Securities and Exchange Commission
Operations Center
6432 General Greenway
Alexandria, VA 22312 Stop 0-7
RE: Bausch & Lomb Incorporated
File No. 1-4105
Ladies and Gentlemen:
Attached for filing is the Company's Form 8-K of June 3, 1994.
Very truly yours,
Thomas H. McLain, Assistant Controller
Corporate Accounting & Financial Reporting
THM/mri
Enc.
