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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended February 28, 1998 Commission file number 333-49971
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EAGLE-PICHER HOLDINGS, INC.
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(Exact name of registrant as specified in its charter)
OHIO 31-3989553
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
250 East Fifth Street, Suite 500, Cincinnati, Ohio 45202
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code 513-721-7010
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(Not Applicable)
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Former name, former address and former fiscal year,
if changed since last report
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 twelve months, and (2) has been subject to such filing
requirements for the past 90 days. Yes No X
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625,001 shares of Class A common capital stock, no par value, were outstanding
at April 14, 1998.
374,999 shares of Class B common capital stock, no par value, were outstanding
at April 14, 1998.
1
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TABLE OF CONTENTS
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Page
Number
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PART I. FINANCIAL INFORMATION
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Item 1. Financial Statements.............................................. 3
Condensed Consolidated Statements of Income (Unaudited)............... 3
Condensed Consolidated Balance Sheets (Unaudited)..................... 4
Condensed Consolidated Statements of Cash Flows (Unaudited)........... 5
Notes to Condensed Consolidated Financial Statements.................. 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.................................... 8
Item 3. Quantitative and Qualitative Disclosures About Market Risk......... 11
PART II. OTHER INFORMATION
Item 2. Changes in Securities and Use of Proceeds.......................... 12
Item 6. Exhibits and Reports on Form 8-K................................... 13
Signature................................................................... 16
Exhibit Index............................................................... 17
Exhibits....................................................................
</TABLE>
2
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
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EAGLE-PICHER HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
FEBRUARY 28,
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1998 1997
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<S> <C> <C>
NET SALES................................................................................. $205,842 $223,607
OPERATING COSTS AND EXPENSES
Cost of products sold..................................................................... 162,796 180,401
Selling and administrative................................................................ 17,141 19,724
Management compensation expenses.......................................................... 2,056 --
Depreciation.............................................................................. 8,983 10,366
Amortization of intangibles............................................................... 3,839 4,076
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194,815 214,567
Operating income.......................................................................... 11,027 9,040
OTHER INCOME (EXPENSE)
Interest expense.......................................................................... (6,940) (8,927)
Other income.............................................................................. 820 1,703
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INCOME BEFORE TAXES....................................................................... 4,907 1,816
INCOME TAXES.............................................................................. 4,100 3,036
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NET INCOME................................................................................ $ 807 $ (1,220)
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</TABLE>
See accompanying notes to condensed consolidated financial statements.
3
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EAGLE-PICHER HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
FEBRUARY 28, NOVEMBER 30,
1998 1997
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<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents............................................................ $ 18,968 $ 53,739
Receivables, less allowances......................................................... 135,632 130,927
Income tax refund receivable......................................................... 2,001 3,025
Inventories:
Raw materials and supplies...................................................... 56,970 51,592
Work in process................................................................. 22,569 25,801
Finished goods.................................................................. 15,509 14,803
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95,048 92,196
Prepaid expenses..................................................................... 9,499 8,290
Deferred income taxes................................................................ 19,535 13,793
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Total current assets............................................................ 280,683 301,970
Property, plant and equipment............................................................. 239,337 279,847
Less accumulated depreciation........................................................ 36,309
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Net property, plant and equipment............................................... 239,337 243,538
Deferred income taxes..................................................................... -- 98,991
Excess of acquired net assets over cost................................................... 255,495 --
Reorganization value in excess of amounts allocable to identifiable assets net of
accumulated amortization of $16,284..................................................... -- 48,837
Other assets.............................................................................. 91,625 53,545
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Total assets.................................................................... $867,140 $746,881
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable..................................................................... $ 50,899 $ 52,886
Other accrued liabilities............................................................ 49,931 55,419
Long-term debt -- current portion.................................................... 10,656 3,403
Income taxes......................................................................... 6,746 2,294
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Total current liabilities....................................................... 118,232 114,002
Long-term debt -- less current portion.................................................... 536,340 269,994
Deferred income taxes..................................................................... 7,634 --
Other liabilities......................................................................... 24,928 26,768
Series A 11 3/4% Cumulative Exchangeable Preferred Stock; authorized 50,000 shares; issued
and outstanding 14,191 shares........................................................... 80,005 --
Shareholders' equity
Class A Common stock, authorized 625,001 shares; issued and outstanding 625,001
shares.............................................................................. 55,001 --
Class B Common stock, authorized 374,999 shares; issued and outstanding 374,999
shares.............................................................................. 45,000 --
Common shares -- authorized 20,000,000 shares, issued and outstanding 10,000,000
shares.............................................................................. 341,807
Foreign currency translation......................................................... (1,836)
Accumulated deficit -- net loss year to date......................................... (3,854)
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Total shareholders' equity...................................................... 100,001 336,117
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Total liabilities and shareholders' equity...................................... $867,140 $746,881
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</TABLE>
See accompanying notes to the condensed consolidated financial statements.
4
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EAGLE-PICHER HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(DOLLARS IN THOUSANDS)
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THREE MONTHS ENDED
FEBRUARY 28,
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1998 1997
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Cash flows from operating activities:
Net income.......................................................................... $ 807 $ (1,220)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization....................................................... 12,822 14,442
Changes in assets and liabilities:
Receivables.................................................................... (4,705) (11,930)
Inventories.................................................................... (2,235) (3,219)
Accounts payable............................................................... (2,787) (1,917)
Accrued liabilities............................................................ (5,488) 2,176
Income tax refund receivable................................................... 1,024 16,906
Deferred taxes................................................................. 2,600 1,831
Other.......................................................................... (11,121) 845
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Net cash used in operating activities............................................... (9,083) 17,914
Cash flows from investing activities:
Capital expenditures................................................................ (5,692) (15,857)
Other............................................................................... (1,042) (1,183)
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Net cash used in investing activities............................................... (6,734) (17,040)
Cash flows from financing activities:
Issuance of long-term debt.......................................................... 524,100 --
Reduction of long-term debt......................................................... (250,000) (16,703)
Redemption of common stock.......................................................... (446,638) --
Issuance of common stock............................................................ 100,001 --
Issuance of preferred stock......................................................... 80,005 --
Debt issue cost..................................................................... (26,062) --
Other............................................................................... (360) 2,480
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Net cash used in financing activities.......................................... (18,954) (14,223)
Net decrease in cash and cash equivalents................................................ (34,771) (13,349)
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Cash and cash equivalents, beginning of period........................................... 53,739 32,725
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Cash and cash equivalents, end of period................................................. $ 18,968 $ 19,376
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Supplemental cash flow information:
Cash paid during the three month period:
Interest paid.................................................................. $ 6,402 $ 475
Income tax refunds received net of payments.................................... $ (376) $(15,928)
</TABLE>
See accompanying notes to the condensed consolidated financial statements.
5
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EAGLE-PICHER HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
A. BASIS OF REPORTING FOR INTERIM FINANCIAL STATEMENTS
The unaudited financial statements included herein have been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission
("SEC"). Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been omitted pursuant to such rules and regulations, although
the Company believes that the disclosures are adequate to make the information
presented not misleading. These financial statements should be read in
conjunction with the financial statements and notes thereto included for the
fiscal year ended November 30, 1997, presented in the Company's Form S-4 filed
with the SEC on April 11, 1998.
The financial statements presented herein reflect all adjustments
(consisting of normal and recurring accruals) which, in the opinion of
management, are necessary to fairly state the results of operations for the
three month periods ended February 28, 1998 and 1997. Results of operations for
interim periods are not necessarily indicative of results to be expected for an
entire year.
See Note B.
B. ACQUISITION OF THE COMPANY
On February 24, 1998 ('Closing Date'), Eagle-Picher Industries, Inc.
('Company') was acquired by a subsidiary of Granaria Industries BV, Eagle-Picher
Holdings, Inc. ('Parent'), from the Eagle-Picher Industries, Inc. Personal
Injury Settlement Trust ('Trust'). The Trust was established pursuant to the
Company's Plan of Reorganization upon its emergence from bankruptcy.
These unaudited condensed consolidated financial statements as of and for
the three months ended February 28, 1998 include the effects of the Acquisition
as of February 24, 1998. Accordingly, the condensed consolidated statement of
income (loss) for the three months ended February 28, 1998 includes results
of operations from (1) December 1, 1997 through February 24, 1998 of the Company
prior to the consummation of the Acquisition (for clarity, sometimes referred
to herein as the 'Predecessor Company') and (2) February 25 through February 28,
1998 of the Company.
Upon closing of the acquisition, the Parent received $100 million equity
investment from Granaria Industries BV and an equity partner. The Parent also
received proceeds approximating $80 million from its offering of preferred
stock. These proceeds were invested in the Company, which issued approximately
$180 million of common stock to the Parent. The Company also borrowed $225
million in term loans and $79.1 million in revolving credit loans under a
syndicated senior secured loan facility, and issued $220 million in senior
subordinated notes ('Subordinated Notes'), the proceeds of which were used to
redeem the Company's 10% Senior Unsecured Sinking Fund Debentures ('Debentures')
and common stock, both held by the Trust. The Company, which is the operating
entity, is a wholly-owned subsidiary of the Parent. The Parent's results of
operations and cash flows approximate those of the Company.
The following pro forma information for the three months ended February 28,
1998 and 1997 gives effect to the Acquisition as if it had been consummated
on December 1, 1997 and 1996, respectively. This information is not necessarily
indicative of either the future results of operations or the results of
operations that would have occurred if those events had been consummated on
the indicated dates.
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Three months ended
February 28
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1998 1997
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(In thousands of dollars,
except per share amounts)
<S> <C> <C>
Net sales............................................. $ 205,842 $ 223,607
Net income (loss)..................................... $ (5,079) $ (7,179)
Net income (loss) per share........................... $ (5.08) $ (7.18)
Average number of shares outstanding.................. 1,000,000 1,000,000
</TABLE>
C. BASIC EARNINGS PER SHARE
The calculation of net income (loss) per share is based upon the average
number of shares outstanding, which was 9,600,071 and 10,000,000 in the three
months ended February 28, 1998 and 1997, respectively. In 1998, the average
number of shares includes four days after the acquisition when 1,000,000
shares were outstanding. Prior to the acquisition, 10,000,000 shares were
outstanding.
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THREE MONTHS ENDED
FEBRUARY 28,
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1998 1997
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<S> <C> <C>
Net income (loss) per share........................... $.08 $(.12)
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EAGLE-PICHER HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
D. LONG-TERM DEBT
On the Closing Date, the Company's existing $60 million unsecured committed
revolving credit facility was terminated. It was replaced by a syndicated senior
secured loan facility ('Credit Agreement') which provided $225 million in term
loans and a $160 million revolving credit facility, of which $79.1 million was
drawn at the time of closing. Immediately following the closing, the Company
borrowed approximately $28.6 million for use as credit support in the form of
letters of credit, leaving approximately $52.3 million in available credit. The
Credit Agreement matures February 29, 2004.
The Credit Agreement is secured by the capital stock of the Company, up to
65% of the capital stock of foreign subsidiaries and substantially all other
property in the United States. Both the Credit Agreement and the Subordinated
Notes are guaranteed by certain of the Company's domestic subsidiaries.
Long-term debt consisted of:
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<CAPTION>
FEBRUARY 28,
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1998 1997
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(IN MILLIONS OF
DOLLARS)
<S> <C> <C>
New Credit Agreement:
Revolving Credit Facility.............................................................. $ 79.1 $ --
Term Loans............................................................................. 225.0 --
Senior Subordinated Notes................................................................... 220.0 --
Senior Unsecured Sinking Fund Debentures.................................................... -- 250.0
Divestiture Notes........................................................................... -- 50.0
Tax Refund Notes............................................................................ -- 52.6
Industrial Revenue Bonds.................................................................... 18.4 10.5
Secured Notes............................................................................... -- 6.7
Debt of Foreign Subsidiaries................................................................ 4.5 2.4
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547.0 372.2
Less current portion........................................................................ 10.7 54.0
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Long-term debt, less current portion........................................................ $536.3 $318.2
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E. INCOME TAXES
The acquisition of the Company has been treated as a sale of its assets for
purposes of income taxes. The deferred tax benefits relating to the Debentures,
which were repaid on the Closing Date, and most of the benefits relating to the
net operating loss carryforwards will be realized to shelter the gain on the
sale of the assets. Any remaining net operating loss carryforwards will be lost.
The Company, however, will be liable for approximately $2.0 in alternative
minimum taxes and $1.6 million in state income taxes as a result of the
transaction. These taxes are recognized as part of the Acquisition adjustments.
F. LEGAL MATTERS
The Company is involved in routine litigation, environmental proceedings
and claims pending with respect to matters arising out of the normal course of
business. In management's opinion, the ultimate liability resulting from all
claims, individually or in the aggregate, will not materially affect the
Company's consolidated financial position, results of operations or cash flows.
7
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
OF OPERATIONS AND FINANCIAL CONDITION.
RESULTS OF OPERATIONS
As a result of the Acquisition of the Company by Granaria Industries BV
from the Trust as of February 24, 1998, which was accounted for as a purchase,
Parent's results of operations and financial position for periods after February
24, 1998 are not comparable to prior periods. The unaudited condensed
consolidated statement of income (loss) as of February 28, 1998 includes results
of operations from (1) December 1, 1997 through February 24, 1998 of the
Predecessor Company and (2) February 25 through February 28, 1998 of Parent.
Net Sales. Parent's net sales decreased by approximately $17.8 million, or
8.0%, from $223.6 million in the three months ended February 28, 1997 to $205.8
million in the three months ended February 28, 1998. Included in the results for
the first three months of 1997 are $29.3 million of sales of the Divested
Divisions which, if excluded, would result in an increase in Parent's quarterly
net sales of approximately 5.9%.
First quarter net sales for the Industrial Group, excluding net sales of
the Divested Divisions, decreased 8.8% from 1997 to 1998 due primarily to
decreased sales of germanium products. Germanium sales have been affected by
lower market prices, increased use of recycled germanium by the Company's
customers and the completion of a major satellite project. Germanium prices have
decreased by as much as half during the last year due to increased supplies. In
response to sharp increases in the cost of germanium during 1996, Parent's
customers have increasingly been recycling scrap germanium. As a result, its
customers supply a larger portion of Parent's raw materials. While Parent has
been able to maintain its margins, the sales volume is less as a toll refiner
than as a buyer and seller of germanium.
Net sales for the Machinery Group in the first three months of 1998,
excluding net sales of the Divested Divisions, increased 7.4% from the first
three months of 1997 on increased sales of special purpose batteries. Net sales
for the Automotive Group, excluding net sales of the Divested Divisions,
increased 11.5% on increased sales of precision machined components.
Cost of Products Sold. Cost of products sold, excluding depreciation
expense, decreased by $17.6 million, or 9.8% from $180.4 million in the three
months ended February 28, 1997 to $162.8 million in the three months ended
February 28, 1998. Excluding the results of Divested Divisions, as a percentage
of sales, cost of products sold remained stable at approximately 79.0%.
Selling and Administrative. Selling and administrative expenses decreased
by $2.6 million, or 13.1% from $19.7 million for the three months ended February
28, 1997 to $17.1 million for the three months ended February 28, 1998.
Excluding the results of Divested Divisions, selling and administrative expenses
for the first three months of 1998 decreased by $1.0 million from the first
three months of 1997.
8
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Depreciation and Amortization. Depreciation and amortization decreased by
$1.6 million, or 11.1% from $14.4 million for the three months ended February
28, 1997 to $12.8 million for the three months ended February 28, 1998.
Excluding the results of Divested Divisions, depreciation and amortization was
$13.0 million for the first three months of 1997.
EBITDA. Parent's earnings before interest, taxes, depreciation and
amortization ('EBITDA') increased by approximately $2.4 million, or 10.3%, from
$23.5 million in 1997 to $25.9 million in 1998. Excluding the $.6 million
negative impact of the Divested Divisions on 1997 EBITDA, the EBITDA of Parent
increased $1.8 million, or 7.9%.
Despite decreased sales, EBITDA of the Industrial Group for the first three
months of 1998, exclusive of EBITDA of the Divested Divisions, increased by 1.3%
over the first three months of 1997. This increase was due to improved results
at the Company's Boron operations and Parent's ability to maintain its margins
despite decreased germanium sales. First quarter 1998 EBITDA of the Machinery
Group, exclusive of the results of Divested Divisions, was unchanged from the
first quarter of 1997. Increased profitability of special-purpose batteries due
to higher volumes was offset by startup costs of new construction equipment
products. EBITDA of the Automotive Group for the first three months of 1998
increased by 9.6% from the first three months of 1997 due to higher volumes of
precision machined components.
Interest Expense. Interest expense decreased by $2.0 million, or 22.5%,
from $8.9 million for the three months ended February 28, 1997 to $6.9 million
for the three months ended February 28, 1998. Most of this decrease was due to
the retirement of $125.9 million of debt during 1997, which included $50.0
million of divestiture notes, $69.1 million of tax refund notes and $6.8 million
of secured notes bearing interest at 9%, 6.5% and 10%, respectively. Of the
total debt that was retired during 1997, only $16.7 million was retired during
the first three months of 1997. The decrease in interest expense due to debt
retirements was partially offset by interest on an additional $8.0 million of
Industrial Revenue Bonds issued during the third quarter of 1997 and revolving
lines of credit, for which interest during the first three months of 1998 was
$0.1 million.
9
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LIQUIDITY AND CAPITAL RESOURCES
On February 24, 1998 Eagle-Picher Industries, Inc. was acquired by a
subsidiary of Granaria Industries B.V., Eagle-Picher Holdings, Inc., from the
Eagle-Picher Industries, Inc. Personal Injury Settlement Trust. Approximately
$33.7 million of cash was used in this transaction resulting in a reduction of
cash at February 28, 1998 to $19.0 million from $53.7 million at November 30,
1997. Excluding cash, the remaining portion of working capital increased $9.3
million to $143.5 million at February 28, 1998 from $134.2 million at November
30, 1997. Capital expenditures were $5.7 million in the first quarter of 1998
and should approximate $28.0 million in fiscal 1998. The Company is highly
leveraged and has significant debt service requirements (See Note D to the
Unaudited Condensed Consolidated Financial Statements). After giving effect to
the acquisition at February 28, 1998, the Company had $547.0 million of
long-term debt outstanding, $323.8 million of which was secured. Under the
New Credit Agreement, the Company has scheduled principal payments aggregating
$5.3 million, $10.4 million and $15.4 million for the years 1998, 1999 and
2000, respectively.
YEAR 2000
The Company is performing a comprehensive review to identify the systems
affected by the Year 2000 issue. A project committee meets regularly to review
the status of the investigation into and resolution of the Year 2000 issues. As
a result of the committee's progress to date, the Company expects to modify or
upgrade existing systems and, in some cases, replace systems. The Company does
not expect to spend any significant incremental amounts with outside
contractors to complete any necessary modifications or conversions, but is
redeploying existing internal resources. The Company presently believes that
through the planned modification to existing systems and conversion to new
systems, the Year 2000 issue will be resolved on a timely basis, and any related
costs will not have a material impact on the results of operations, cash flows
or financial condition of the Company.
10
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
On February 26, 1998, the Company entered into a three year interest
rate swap with its lead bank to partially hedge its variable interest rate
exposure on its $225 million term loan borrowings. The variable rates plus the
appropriate spreads are equal to the total interest rates for a given period.
This agreement calls for the Company to pay the fixed rate of 5.805% on $150
million and receive the floating rate (LIBOR) on that same amount. This swap
effectively fixes the interest rate on $150 million of the term loan debt at a
weighted rate of 8.35%, leaving the remaining $75 million at the floating rate.
11
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PART II. OTHER INFORMATION
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
On February 24, 1998, Eagle-Picher Holdings, Inc. issued 14,191 shares
of 11 3/4% Series A Cumulative Redeemable Exchangable Preferred Stock
("Preferred Stock"). The initial purchasers of the Preferred Stock were SBC
Warburg Dillon Read Inc. and ABN AMRO Incorporated. The proceeds of the
Preferred Stock, which were $80,004,601, were used to effect the acquisition of
the Company from the Eagle-Picher Industries, Inc. Personal Injury Settlement
Trust by a subsidiary of Granaria Industries BV.
12
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ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
2.1 Third Amended Plan of Reorganization of Eagle-Picher Industries, Inc.
(the "Company")*
2.2. Exhibits to Third Amended Plan of Reorganization of the Company*
3.1 Articles of Incorporation of the Company, as amended*
3.2 Regulations of the Company*
3.3 Amended and Restated Certificate of Incorporation of Eagle-Picher
Holdings, Inc. ("Parent")*
3.4 By-laws of Parent*
4.1 Indenture, dated as of February 24, 1998, among E-P Acquisition, Inc.,
Parent, as a Guarantor, the Subsidiary Guarantors (Daisy Parts, Inc.
Eagle-Picher Development Company, Inc., Eagle-Picher Far East, Inc.,
Eagle-Picher Fluid Systems, Inc., Eagle-Picher Minerals, Inc.,
Eagle-Picher Technologies, LLC, Hillsdale Tool & Manufacturing Co.,
Michigan Automotive Research Corporation (together, the "Subsidiary
Guarantors" or the "Domestic Subsidiaries"), and The Bank of New York as
Trustee (the "Trustee")*
4.2 Cross Reference Table showing the location in the Indenture of the
provisions of Sections 310 through 318(a), inclusive, of the Trust
Indenture Act of 1939, as amended*
4.3 First Supplemental Indenture dated as of February 24, 1998, between the
Company and the Trustee*
4.4 Form of Global Note (attached as exhibit A to the Indenture filed as
Exhibit 4.1)*
4.5 Certified Copy of the Certificate of Designation, Preferences and
Rights of 11 3/4% Series A Cumulative Redeemable Exchangeable Preferred
Stock and 11 3/4% Series B Cumulative Redeemable Exchangeable Preferred
Stock of Parent*
4.6 Form of Certificate and Global Share of 11 3/4% Series A Cumulative
Redeemable Exchangeable Preferred Stock and 11 3/4% Series B Cumulative
Redeemable Exchangeable Preferred Stock*
4.7 Form of Exchange Debentures Indenture relating to 11 3/4% Exchange
Debentures due 2008 of Parent*
4.8 Cross Reference Table showing the location in the Exchange Debentures
Indenture of the provisions of Sections 310 through 318(a), inclusive,
of the Trust Indenture Act of 1939, as amended*
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4.9 Form of 11 3/4% Exchange Debenture due 2008*
10.1 Merger Agreement, dated as of December 23, 1997, among the Company,
the Eagle-Picher Industries, Inc. Personal Injury Settlement Trust,
Parent and E-P Acquisition, Inc.*
10.2 Amendment No. 1 to the Merger Agreement, dated as of February 23,
1998, among the Company, the Eagle-Picher Industries, Inc. Personal
Injury Settlement Trust, Parent and E-P Acquisition, Inc.*
10.3 Notes Purchase Agreement, dated February 19, 1998, among E-P
Acquisition, Inc., the Company, Parent, SBC Warburg Dillon Read and ABN
AMRO Incorporated*
10.4 Assumption Agreement for the Notes Purchase Agreement, dated as of
February 24, 1998, between the Company and the Subsidiary Guarantors*
10.5 Registration Rights Agreement, dated as of February 24, 1998, between
E-P Acquisition, SBC Warburg Dillon Read and ABN AMRO Incorporated*
10.6 Assumption Agreement for the Registration Rights Agreement, dated as
of February 24, 1998, of the Company*
10.7 Credit Agreement, dated as of February 19, 1998, among E-P Acquisition,
Inc. (to be merged with and into the Company), Various Lenders from time
to time party thereto, ABN AMRO Bank N.V., as Agent (the "Agent"), PNC
Bank, National Association, as Documentation Agent and DLJ Capital
Funding, Inc., as Syndication Agent*
10.8 Assumption Agreement dated as of February 24, 1998, between the
Company and the Agent*
10.9 Security Agreement, dated as of February 24, 1998, among the Company,
the Agent and the Domestic Subsidiaries*
10.10 Holdings Pledge Agreement, dated as of February 24, 1998, between
Parent and the Agent*
10.11 Borrower and Subsidiary Pledge Agreement, dated as of February 24, 1998,
among the Company, E-P Development, E-P Minerals and the Agent*
10.12 Holdings Guaranty Agreement, dated as of February 24, 1998, by
Parent, accepted and agreed by the Agent*
10.13 Subsidiary Guaranty Agreement, dated as of February 24, 1998, by the
Domestic Subsidiaries accepted and agreed by the Agent*
14
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10.14 Trademark Collateral Agreement, dated February 24, 1998, between the
Company and the Agent*
10.15 Patent Collateral Agreement, dated February 24, 1998, between the
Company and the Agent*
10.16 Copyright Collateral Agreement, dated February 24, 1998, between the
Company and the Agent*
10.17 Subordination Agreement, dated as of February 24, 1998, among E-P
Acquisition, Inc., the Company and the Domestic Subsidiaries*
10.18 Management Agreement dated as of February 24, 1998 between the
Company and Granaria Holdings B.V.*
10.19 Preferred Stock Purchase Agreement, dated February 19, 1998, between
Parent and the Initial Purchasers*
10.20 Preferred Stock Registration Rights Agreement, dated as of February 24,
1998, between Parent and the Initial Purchasers*
10.21 Transfer Agency Agreement, dated as of February 24, 1998, between Parent
and The Bank of New York, as Transfer Agent*
23.1 Consent of Deloitte & Touche LLP*
23.2 Consent of KPMG Peat Marwick LLP*
24.1 Power of Attorney of Directors and Officers*
27.1 Financial Data Schedule
- ---------------
* Incorporated by reference to Eagle-Picher Holdings, Inc. Registration
Statement on Form S-4, filed on April 11, 1998 (File No. 333-49971)
(b) Reports on Form 8-K--None
<PAGE>
15
<PAGE>
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 thereunto duly authorized.
EAGLE-PICHER INDUSTRIES, INC.
/s/ David N. Hall
-----------------------------
David N. Hall,
Senior Vice President - Finance and
Chief Financial Officer
DATE: April 14, 1998
16
<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit
No. DESCRIPTION
- ------- -----------
See Item 6(a) of Part II of this report for exhibits which have been
incorporated by reference.
27.1 Financial Data Schedule (submitted electronically)
17
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
consolidated statement of income (loss) and the consolidated balance sheet and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> FEB-28-1998
<CASH> 18,968
<SECURITIES> 0
<RECEIVABLES> 137,282
<ALLOWANCES> 1,650
<INVENTORY> 95,048
<CURRENT-ASSETS> 280,683
<PP&E> 239,337
<DEPRECIATION> 0
<TOTAL-ASSETS> 867,140
<CURRENT-LIABILITIES> 118,232
<BONDS> 536,340
<COMMON> 100,001
80,005
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 867,140
<SALES> 205,842
<TOTAL-REVENUES> 205,842
<CGS> 162,796
<TOTAL-COSTS> 162,796
<OTHER-EXPENSES> 32,019
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,940
<INCOME-PRETAX> 4,907
<INCOME-TAX> 4,100
<INCOME-CONTINUING> 807
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 807
<EPS-PRIMARY> .08
<EPS-DILUTED> .08
</TABLE>
