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) December 12, 1996
_______________________________
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 (757) 887-2100
_____________________________
_______________________________________________________________________________
(former name or former address, if changed since last report.)
______________________________
Item 5. Other Events.
See the press release dated December 11, 1996, disclosing
fourth quarter 1996 earnings projection which is incorporated herein by
reference.
<PAGE>
CONTACT: James P. Luke
Executive Vice President
Chief Financial Officer
FOR IMMEDIATE RELEASE
NEWPORT NEWS, VIRGINIA, DECEMBER 11, 1996. Blessings Corporation (AMEX
Symbol BCO) announced today that it expects to report substantially reduced
operating results for the company's fourth quarter which will end December 31,
1996. The company stated that fourth quarter earnings will be essentially a
break-even on a net after tax basis, compared to net income after taxes for the
fourth quarter of 1995 of $1,755,900 or $.17 per share on 10,123,888 average
common shares outstanding.
Dr. Elwood M. Miller, President and CEO of Blessings Corporation,
attributed the anticipated fourth quarter results to two principal factors:
"First, raw material costs which experienced a secondary increase during 1996,
while apparently peaking in October, are not expected to decline until sometime
in 1997. As a result, margins after raw material costs are projected to remain
at near historic lows throughout the quarter. The other major factor reducing
fourth quarter profitability relates to the Company's intensified efforts to
bring significant new product introductions to full commercialization during the
first quarter of 1997. These efforts entail major capital investments, R & D
developmental expenditures and planned volume reductions resulting from
equipment idled to accommodate engineering modifications. This, in turn, has
resulted in raw material yield losses in excess of standard and increased
start-up costs, both of which are expected to improve as the quarter
progresses."
Dr. Miller concluded by stating that "While we are not pleased with
these temporary interruptions to our long-term profit objectives, we remain
fully dedicated to the directions which we have taken to expand our business
beyond its core competencies. While we will incur significant costs during the
fourth quarter of 1996 to accomplish our objectives, we are optimistic about the
direction of our business and about the outlook for fiscal year 1997."
<PAGE>
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: December 12, 1996
