April 14, 1994
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
On behalf of Coltec Industries Inc, a Pennsylvania corporation
(the "Company"), pursuant to Section 13 of the Securities
Exchange Act of 1934, as amended, and Rule 13a-11 promulgated
thereunder is the Company's Current Report on Form 8-K, including
the exhibit thereto filed by electronic submission.
Very truly yours,
COLTEC INDUSTRIES INC
by Anthony J. diBuono
Executive Vice President
and Secretary
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 report): April 13, 1994
________________________________
Coltec Industries Inc
________________________________________________________________________________
(Exact name of registrant as specified in its chapter)
Pennsylvania 1-7568 13-1846375
________________________________________________________________________________
(State or other juris- (Commission (I.R.S. Employer
diction of incorporation) File Number) Identification No.)
430 Park Avenue, New York, New York 10022
________________________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 940-0400
__________________________
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Item 5. Other Events
________________________
On April 13, 1994, the Registrant issued a press release
reporting first quarter 1994 results. A copy of the Registrant's press
release is attached hereto as an exhibit and is incorporated herein by
reference.
Item 7(c). Exhibits
____________________
99. Press release, dated April 13, 1994, reporting Registrant's
first quarter 1994 results.
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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.
COLTEC INDUSTRIES INC
By: Name: Anthony J. diBuono
Title: Executive Vice President
and Secretary
Dated: April 14, 1994
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COLTEC INDUSTRIES REPORTS FIRST QUARTER RESULTS
New York, NY, April 13, 1994 -- Coltec Industries Inc (NYSE:COT) today
reported earnings before extraordinary item of $20.6 million, equal to 30
cents per share, for the first quarter of 1994 compared with $17.5 million,
or 25 cents per share, in the first quarter of 1993.
Sales for the quarter ended April 3, 1994 were $331.9 million compared with
$339.9 million in the like quarter last year. Operating income for the
1994 first quarter was $54.7 million and the operating margin was 16.5%.
This compared with operating income of $55.0 million and an operating
margin of 16.2% in the 1993 first quarter. Net interest expense declined
$5.6 million, or 20%, primarily reflecting a bank refinancing entered into
in January 1994.
In the Aerospace/Government segment, operating income in the 1994 first
quarter declined 23% on a 12% sales decrease from the comparable 1993
period. Operating income in the Automotive segment improved 8% on a 14%
sales increase, and operating income in the Industrial segment increased 7%
on an 8% decline in sales.
John W. Guffey, Jr., president and chief operating officer, said, "First
quarter results were adversely impacted by the severe weather conditions in
January and February. Our Automotive segment continues to benefit from the
increasing strength in the automotive industry and rising demand for our
products. While our Aerospace/Government segment continued to be affected
by weakness in demand for commercial aircraft, we anticipate that results
for this segment will improve as shipments of landing gear assemblies for
Boeing's 777 jetliner accelerate this year and engine deliveries for the
Sealift program commence in 1995. We are encouraged by strengthening
confidence in the U.S. manufacturing sector which we expect will benefit
our Industrial segment. Order input in this segment increased in the first
quarter of 1994 over the 1993 fourth quarter."
Excluding the operating results of Central Moloney, which was sold in
January 1994, sales were up slightly to $327.0 million from $324.2 million
and operating income was $54.6 million compared with $56.6 million in the
first quarter of 1993. Excluding Central Moloney, operating income for the
Industrial segment was level and sales were up 2% for the first quarter of
1994.
Coltec Industries is a New York-based manufacturing company serving
aerospace, automotive and other industrial markets.
Summary Consolidated Statement of Earnings is attached.
Industry Segment Information is attached.
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COLTEC INDUSTRIES INC and SUBSIDIARIES
Summary Consolidated Statement of Earnings
(Unaudited)
Three Months Ended
____________________
April 3, April 4,
1994 1993
________ ________
(In thousands,
except per share data)
Net sales $331,850 $339,934
Costs and expenses 277,171 284,967
________ ________
Operating income 54,679 54,967
Interest, net 22,424 28,059
________ ________
Earnings before income taxes and
extraordinary item 32,255 26,908
Provision for income taxes 11,612 9,418
________ ________
Earnings before extraordinary item 20,643 17,490
Extraordinary item - (264)
________ ________
Net earnings $ 20,643 $ 17,226
======== ========
Earnings per common share
Before extraordinary item $ .30 $ .25
Extraordinary item - -
________ ________
Net earnings $ .30 $ .25
======== ========
Weighted average number of common and
common equivalent shares 69,797 69,599
======== ========
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COLTEC INDUSTRIES INC and SUBSIDIARIES
Industry Segment Information
(Unaudited)
Three Months Ended
____________________
April 3, April 4,
1994 1993
________ ________
(In millions)
Sales:
Aerospace/Government $ 99.1 $113.1
Automotive 128.4 113.1
Industrial 104.7 114.0
Intersegment elimination (.3) (.3)
______ ______
Total $331.9 $339.9
====== ======
Operating income:
Aerospace/Government $ 13.6 $ 17.7
Automotive 28.3 26.3
Industrial 22.3 20.8
______ ______
Total segments 64.2 64.8
Corporate unallocated (9.5) (9.8)
______ ______
Operating income $ 54.7 $ 55.0
====== ======
Operating results for the Aerospace/Government segment continued to reflect
the weakness in demand for commercial aircraft. Shipments of Menasco landing
gear were down reflecting schedule reductions early in 1993. Earnings were
down at Fairbanks Morse Engine on lower shipments of engines and on lower
production volume, resulting from delayed receipt of orders totalling $40
million for engines for the U.S. Navy Sealift and LSD programs. Production
on these engines for which firm orders have now been received will begin in
the second quarter 1994. Operating results at Chandler Evans Control Systems
and Walbar were adversely impacted due to production delays and
inefficiencies during the consolidation and relocation of operations pursuant
to the restructuring plan announced in 1993. The improved performance in the
Automotive segment reflects higher new car and truck production, increased
applications for segment components and the introduction of new automotive
products. In the Industrial segment, higher sales and earnings were reported
by Quincy Compressor and Garlock Bearings, while Garlock Mechanical Packing,
France Compressor Products and Delavan Commercial Products reported lower
results. Excluding Central Moloney, which was sold in January 1994,
Industrial segment sales were up 2% and operating income was level in the
first quarter 1994.
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