FORM 8-K. - CURRENT REPORT
(As last amended in Rel. No. 34-36968, eff. 08/13/92.)
UNITED STATES
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) April 18, 1995
Blessings Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-4684 13-5566477
(name or other jurisdiction (commission (IRS employer
of incorporation) file number) identification no.)
200 Enterprise Drive, Newport News, VA 23603
(address of principal executive offices) (zip code)
Registrant's telephone number, including area code (804) 887-2100
One Crossroads Drive, Bedminster, NJ 07921
(former name or former address, if changed since last report.)
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Item 5. Other Events.
See the press release dated April 18, 1995, disclosing first quarter
1995 earnings projection which is incorporated herein by reference.
CONTACT: James P. Luke
Executive Vice President
Secretary/Treasurer
FOR IMMEDIATE RELEASE
NEWPORT NEWS, VA, APRIL 18, 1995. The Board of Directors of Blessings
Corporation (AMEX symbol BCO) announced today it has declared a quarterly
dividend of $.10 per share on common stock payable June 1, 1995, to
shareholders of record May 5, 1995. The Board also announced that it expects
to report lower operating results for the Company's first quarter ending on
April 22, 1995. Dr. Elwood M. Miller, President and CEO of Blessings
Corporation, noted that, "The operating results of the Company's 60% owned
Mexican subsidiary, Nacional de Envases Plasticos, S.A. de C.V. (NEPSA)
continue to be disrupted by the effects of the financial crisis which
followed the devaluation of the peso by the Mexican government on
December 20, 1994." Dr. Miller further noted that, "The Company's Edison
Plastics Division has experienced a weakness in demand for its traditional
healthcare film products as manufacturers compete in an increasingly mature
marketplace."
As a result of the disruption in revenues at NEPSA in its international
operations, and the reduced demand experienced by Edison Plastics in the
Company's domestic operations, the Company expects to report, at the time of
its annual shareholders' meeting on May 16, 1995, net income for the first
quarter in a range of $1,800,000 to $2,100,000. In the first quarter of last
year, which was a record quarter, the Company reported net income on
continuing operations of $3,933,800.
Dr. Miller concluded by noting that, "Throughout its operations the Company
has taken aggressive actions, including cost reduction initiatives at all
levels, and has refocused sales and marketing efforts on expanding the
Company's market base to include new market segments. It is expected that
these actions will have a material impact on earnings." With respect to
NEPSA, Dr. Miller stated that, "NEPSA has reacted very rapidly to the new
market conditions, and has continued to remain profitable throughout this
period despite the deterioration of the Mexican economy. We believe that the
actions which have been taken will restore NEPSA to its historical
profitability, and that Mexico remains a highly attractive long-term
investment for Blessings."
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 hereunto duly authorized.
Registrant:
BLESSINGS CORPORATION
By /s/James P. Luke
James P. Luke, Executive Vice President
Secretary/Treasurer
Date: April 26, 1995
