September 15, 1995
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 Robert J. Tubbs
Senior Vice President
UNITED STATES
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): September 12, 1995
Coltec Industries Inc
(Exact name of registrant as specified in its charter)
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
Item 5. Other Events.
On September 12, 1995, the Registrant issued a press release
announcing a third quarter charge and lower earnings expectations. A copy of
the Registrant's press release is attached hereto as an exhibit and is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99. Press release, dated September 12, 1995, announcing a third
quarter charge and lower earnings expectations.
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: Robert J. Tubbs
Title: Senior Vice President
Dated: September 15, 1995
EXHIBIT 99.
COLTEC INDUSTRIES ANNOUNCES THIRD QUARTER CHARGE
AND LOWER EARNINGS EXPECTATIONS
New York, NY, September 12, 1995 -- Coltec Industries Inc (NYSE:COT) announced
today that third quarter results will reflect a charge of $27 million
($17.6 million after taxes or 25 cents per share), primarily covering the cost
of the previously announced closing of the Walbar compressor blade facility in
Canada.
John W. Guffey, Jr., chairman, president and chief executive officer, said,
"Operating this facility has been a drain on profitability. In the future, we
will focus our remaining Walbar Canada operations on the production of
machined turbine blades and vanes, which has been a growing business for us."
Coltec also announced that earnings per share for the third quarter,
excluding the effect of the charge, are expected to decline by approximately
15% from the 1994 third quarter as a result of the adverse pricing environment
in the automotive original equipment market coupled with the decline in demand
from automotive original equipment customers.
Fourth quarter results are expected to improve from the third quarter but not
meet the year ago level, resulting in full-year 1995 earnings per share
(excluding the effect of the charge) declining slightly from 1994, with
disappointing Automotive segment results more than offsetting the effect of
increased Aerospace/Government sales and a strong performance in the
Industrial segment.
Results for 1996 are anticipated to be substantially unchanged from the 1995
level with the effects of continued competitive pricing pressures and
sluggish demand in the automotive original equipment market offsetting
continued strength in both the Aerospace/Government and Industrial segments.
Mr. Guffey said, "Looking forward, the Industrial segment is expected to
continue to grow due to the strength of its markets and Coltec's continuing
introduction of new products to meet customers' needs. In addition,
accelerated sales and earnings growth is expected in the Aerospace/Government
segment beginning in 1997 when deliveries commence for recently awarded new
programs coupled with the ramp up of the Boeing 777 program that has
significant Coltec content."
Coltec Industries Inc is a New York-based manufacturing company serving
aerospace, automotive and other industrial markets.
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