<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended September 30, 1998 Commission File Number 0-8894
------------------ ---------------------
BENJAMIN MOORE & CO.
- --------------------------------------------------------------------------------
(Exact Name of registrant as specified in its charter)
New Jersey 13-5256230
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
51 Chestnut Ridge Road, Montvale, New Jersey 07645
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (201) 573-9600
-----------------------------
NONE
- --------------------------------------------------------------------------------
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 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
----- -----
As of November 9, 1998, 8,838,346 shares of Common Stock of the registrant were
issued and outstanding.
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(Page 1 of 15 Pages)
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BENJAMIN MOORE & CO. and Subsidiaries
INDEX
Page No.
--------
Part I. Financial Information
Condensed Consolidated Statements of Operations -
Three Months and Nine Months Ended
September 30, 1998 and 1997................................... 3
Condensed Consolidated Balance Sheets -
September 30, 1998 and December 31, 1997...................... 4
Condensed Consolidated Statements of Cash Flows -
Nine Months Ended September 30, 1998 and 1997................. 5
Notes to Condensed Consolidated Financial Statements............ 6-7
Management's Discussion and Analysis of Financial
Condition and Results of Operations........................... 8-13
Part II. Other Information.......................................... 14
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<PAGE>
PART I. FINANCIAL INFORMATION
BENJAMIN MOORE & CO. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands Except Per Share Amounts)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
--------------------------- ----------------------------
1998 1997 1998 1997
---- ---- ---- ----
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Net Sales................................... $200,399 $196,302 $552,071 $520,316
-------- -------- -------- --------
Costs and expenses:
Cost of products sold.................. 95,363 94,856 272,522 253,760
Selling, general and administrative.... 61,789 77,229 183,023 199,515
Restructuring (See Note 6)............. 33,388 33,388
Other (income) expense, net............ (1,293) 361 (2,883) 665
-------- -------- -------- --------
Total costs and expenses........... 155,859 205,834 452,662 487,328
-------- -------- -------- --------
Income (loss) before taxes, minority
interest and cumulative effect......... 44,540 (9,532) 99,409 32,988
Income tax provision (benefit).............. 19,265 (2,532) 42,010 15,485
Minority interest in net (loss) income
of subsidiaries........................ (322) 48 92 165
-------- -------- -------- --------
Income (loss) before cumulative effect
of change in accounting principle...... 25,597 (7,048) 57,307 17,338
Cumulative effect of change in
accounting principle - (See Note 5).... 6,331
Net income (loss)........................... $ 25,597 $ (7,048) $ 57,307 $ 23,669
======== ======== ======== ========
Cash dividends declared per share
of common stock........................ $ .45 $ .42 $ 1.35 $ 1.26
======== ======== ======== ========
BASIC EARNINGS PER SHARE:
Income (loss) before cumulative effect of
change in accounting principle......... $ 2.89 $ (.79) $ 6.47 $ 1.93
======== ======== ======== ========
Cumulative effect of change in
accounting principle - (See Note 5).... $ .71
========
Net income (loss)........................... $ 2.89 $ (.79) $ 6.47 $ 2.64
======== ======== ======== ========
DILUTED EARNINGS PER SHARE:
Income (loss) before cumulative effect of
change in accounting principle......... $ 2.88 $ (.79) $ 6.46 $ 1.93
======== ======== ======== ========
Cumulative effect of change in
accounting principle - (See Note 5).... $ .71
========
Net income (loss)........................... $ 2.88 $ (.79) $ 6.46 $ 2.64
======== ======== ======== ========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
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<PAGE>
BENJAMIN MOORE & CO. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands Except Share Amounts)
<TABLE>
<CAPTION>
September 30, December 31,
1998 1997
------------- ------------
(Unaudited) (a)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents................................... $ 77,501 $ 43,899
--------- ---------
Accounts and notes receivable - net......................... 126,484 83,966
--------- ---------
Inventories:
Finished goods.............................................. 43,052 49,369
Raw materials and supplies.................................. 21,743 23,573
--------- ---------
64,795 72,942
--------- ---------
Other current assets........................................ 20,768 21,968
--------- ---------
Total current assets...................................... 289,548 222,775
Property, plant and equipment - net............................. 84,494 88,062
Other non-current assets........................................ 36,661 40,395
--------- ---------
Total assets......................................... $ 410,703 $ 351,232
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt and current portion of
long-term obligations..................................... $ 7,215 $ 6,800
Accounts payable............................................ 26,672 22,142
Accrued expenses and other current liabilities.............. 54,690 37,814
--------- ---------
Total current liabilities................................. 88,577 66,756
--------- ---------
Pension and other long-term benefits............................ 28,091 28,734
--------- ---------
Long-term obligations........................................... 17,247 14,649
--------- ---------
Minority shareholders' interest in net
assets of subsidiaries...................................... 5,019 4,725
--------- ---------
Shareholders' equity:
Preferred stock, $10 par value - authorized
500,000 shares; issued - none
Common stock, $10 par value - authorized
40,000,000 shares; issued 13,164,312 shares............... 131,643 131,643
Additional paid-in capital.................................. 41,079 32,632
Retained earnings........................................... 274,576 229,251
Accumulated currency translation adjustment................. (6,944) (3,809)
Cost of treasury stock; 4,305,598 shares at
September 30, 1998, and 4,280,615 shares at
December 31, 1997......................................... (152,119) (141,683)
Employees' stock ownership and stock purchase
plan notes................................................ (16,466) (11,666)
--------- ---------
Shareholders' equity - net........................... 271,769 236,368
--------- ---------
Total liabilities and shareholders' equity................ $ 410,703 $ 351,232
========= =========
</TABLE>
(a) The condensed consolidated balance sheet at December 31, 1997 is derived
from the audited financial statements of that date.
See accompanying notes to condensed consolidated financial statements.
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<PAGE>
BENJAMIN MOORE & CO. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
<TABLE>
<CAPTION>
Nine Months Ended
SEPTEMBER 30,
-----------------------------
1998 1997
---- ----
(Unaudited) (Unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net income......................................................... $57,307 $23,669
Adjustments to reconcile net income to net cash
provided by operating activities:
Restructuring charge............................................ 33,388
Cumulative effect of change in accounting principle............. (6,331)
Depreciation and amortization................................... 6,239 5,970
Write-off of goodwill, intangibles and other assets............. 2,473 4,364
Deferred income taxes........................................... (56) (6,152)
Minority interest in net income of subsidiaries................. 92 165
Other........................................................... (1,563) 460
Change in assets and liabilities, net of effects of acquisition
in 1997:
Increase in accounts and notes receivable................... (43,497) (12,478)
Decrease (increase) in inventories.......................... 6,946 (2,811)
Other....................................................... 29,755 28,506
-------- --------
Net cash flows provided by operating activities........ 57,696 68,750
-------- --------
Cash flows from investing activities:
Payments for purchase of plant, equipment and acquisitions (5,220) (17,228)
Other.............................................................. 229 180
-------- --------
Net cash flows used in investing activities............ (4,991) (17,048)
-------- --------
Cash flows from financing activities:
Proceeds/(repayments) of short-term borrowings, net................ 853 (13,019)
Payment of dividends............................................... (12,007) (10,992)
Proceeds from sale of treasury stock............................... 434 66
Purchase of treasury stock......................................... (10,870) (8,416)
Other.............................................................. 2,847 2,999
-------- --------
Net cash flows used in financing activities............ (18,743) (29,362)
-------- --------
Effect of exchange rate changes on cash................................ (360) (26)
-------- --------
Net increase in cash and cash equivalents 33,602 22,314
Cash and cash equivalents at beginning of period....................... 43,899 11,365
-------- --------
Cash and cash equivalents at end of period............................. $ 77,501 $ 33,679
======== ========
Supplemental disclosures of cash flow information:
Interest paid...................................................... $ 964 $ 2,366
Income taxes paid.................................................. $ 33,777 $ 23,391
</TABLE>
See accompanying notes to condensed consolidated financial statements.
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<PAGE>
BENJAMIN MOORE & CO. and Subsidiaries
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share Amounts)
1. In the opinion of the Company, the accompanying unaudited condensed
consolidated financial statements contain all adjustments (consisting only
of normal recurring accruals) necessary for a fair presentation of its
financial position as of September 30, 1998 and the results of operations
for the nine month periods ended September 30, 1998 and 1997, and changes
in cash flows for the nine months ended September 30, 1998 and 1997. It is
suggested that these condensed consolidated financial statements be read in
conjunction with the financial statements and notes thereto included in the
Company's Annual Report on Form 10-K for the year ended December 31, 1997.
2. Certain reclassifications have been made in the 1997 financial statements
to conform to the method of presentation used in 1998.
3. The results of operations for the three and nine month periods ended
September 30, 1998 and 1997 are not necessarily indicative of operations
for the entire year.
4. In February 1997, the Financial Accounting Standards Board issued SFAS No.
128, "Earnings Per Share". This standard revises certain methodology for
computing earnings per common share and requires the reporting of two
earnings per share figures: basic earnings per share and diluted earnings
per share. Basic earnings per share is computed by dividing net income by
the weighted-average number of shares outstanding. For the Company, diluted
earnings per share is computed by dividing net income by the sum of the
weighted-average number of shares outstanding plus the dilutive effect of
shares issuable through the exercise of stock options.
All earnings per share figures presented herein have been computed in
accordance with the adoption of SFAS No. 128. This adoption did not have an
effect on reported amounts.
The components of the denominator for basic and diluted earnings per common
share are as follows:
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
1998 1997 1998 1997
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BASIC EARNINGS PER COMMON SHARE:
Weighted average common shares
outstanding 8,870,239 8,944,759 8,861,631 8,977,868
DILUTED EARNINGS PER COMMON SHARE:
Plus stock options assumed to be
exercised 13,538 8,442 14,705 3,597
--------------------------------------------------
Denominator for diluted earnings per
common share 8,883,777 8,953,201 8,876,336 8,981,465
==================================================
</TABLE>
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<PAGE>
5. In 1997, the Company changed the method of computing depreciation on its
fixed assets from the accelerated methods used in previous periods to the
straight-line method. The change was made because the straight-line method
better matches the depreciation costs of the assets to the revenue produced
by them. This change also makes the Company's depreciation policy more
comparable to the policies used within its industry. In conjunction with
this change, the Company also changed estimated useful lives of certain of
its assets to more appropriately reflect the period of time over which such
assets are expected to generate revenues.
6. During the third quarter of 1997, the board of directors approved and
implemented a strategic restructuring program designed to improve operating
efficiency and industry competitiveness. This plan resulted in the Company
recording a pre-tax charge of $33,388 including employee separation costs
of $29,683 and asset impairments and other charges of $3,705. The Company
streamlined its operations by reducing its workforce, consolidating certain
manufacturing facilities and disposing of excess equipment.
Over 90% of all separations were completed by December 31, 1997 with the
remainder being completed during 1998. The employee separation costs charge
of $29,683 consisted of $14,472 for SFAS 87 & 106 enhancements and $15,211
for severance and other related benefit obligations. As of September 30,
1998, program payments made and charged against the $15,211 liability
primarily for severance and other benefit related items to date, for the
quarter, and nine month period ended September 30, 1998, amounted to
$12,933, $2,070 and $9,033, respectively.
7. In 1997, the Financial Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standards (SFAS) No. 130, "Reporting Comprehensive
Income." Comprehensive income is defined as the total change in
shareholders' equity during the period other than from transactions with
shareholders. For the Company, comprehensive income is comprised of net
income and the net change in the accumulated foreign currency translation
adjustment account. Total comprehensive income (loss) for the three months
ended September 30, 1998 and 1997 was $24,193 and $(6,812), respectively,
and $54,172 and $23,742 for the nine months ended September 30, 1998 and
1997, respectively.
In 1997, the FASB issued SFAS No. 131, "Disclosure About Segments of an
Enterprise and Related Information." As required by the standard, the
Company will begin reporting under SFAS No. 131 in its 1998 Annual Report.
In 1998, the FASB issued SFAS No. 132, "Employers' Disclosures About
Pensions and Other Postretirement Benefits." As required by the standard,
the Company will begin reporting under SFAS No. 132 in its 1998 Annual
Report.
- 7 -
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
- --------------------------------------------------------------------------------
(Dollars in thousands, except per share amounts)
OPERATING RESULTS
Net Sales in the third quarter of 1998 of $200,399, increased 2.1%
or $4,097 over 1997 third quarter sales of $196,302. For the nine months
ended September 30, 1998 Net Sales were $552,071 an increase of 6.1% or
$31,755 over the $520,316 of sales in the similar period in 1997. Excluding
the effect of an acquired retail operation in July of 1997, Net Sales
increased by 2.8% for the nine month period as compared to a year ago,
primarily as a result of volume.
Trade sales coatings in the United States increased by 2.5% in the
third quarter of 1998 compared to 1997. Net trade sales in Canada were down
slightly compared to the three month period a year ago resulting from a decline
in exchange rates as compared to last year. Excluding exchange rate effects,
Canadian trade sales increased by 6.7% for the third quarter ended September 30,
1998 as compared to the same period last year. Production finishes coating sales
in North America increased by 8.1% in the third quarter of 1998 compared to
1997.
Gross profit margin during the third quarter increased from 51.7% in
1997 to 52.4% in 1998 primarily resulting from inventory reserves recorded in
the third quarter of 1997. For the nine month period ended September 30, 1998
gross profit margin was 50.6% compared to 51.2% for the similar period in 1997.
The decrease in gross profit margin for the nine months primarily reflects
increases in the cost of certain key raw materials.
Selling, general and administrative expenses, ("SG&A") decreased by 20%
and 8.3%, respectively, for the three and nine month periods as compared to a
year ago. The decrease in SG&A as compared to last year is due to several
charges recorded in the third quarter of 1997 primarily relating to additional
bad debt expense, impairment write-downs relating to certain intangibles and
goodwill, and advertising material write-downs, significant cost savings from
the 1997 restructuring and the implementation of several SG&A cost saving
initiatives during 1998.
- 8 -
<PAGE>
The increase in "other (income)/expense, net" resulted from increased
interest income on a higher average cash position during the three and nine
month periods as compared to the prior year periods. Also, interest expense
declined in 1998 due to significantly reduced bank borrowings throughout 1998 as
compared to 1997.
As a result of the foregoing, net income for the quarter ended
September 30, 1998 of $25,597 was up $32,645 compared to the same period in
1997. For the nine months ended September 30, 1998 net income increased by
142.1% to $57,307 from $23,669 in 1997. Net income as a percent of sales was
10.4% for the nine months ended September 30, 1998 as compared to 4.6% for the
prior year period.
FINANCIAL POSITION AND LIQUIDITY
Net cash flows provided by operating activities were $57,696 for the
nine months ended September 30, 1998, which was $11,054 lower than the same
period last year. Cash flow from operations continues to be the primary source
of financing the Company's growth. During 1998 the Company paid over $9,000 for
severance and other related benefits relating to the restructuring charge
recorded during 1997. The strengthening of the Company's credit policies last
year has continued to favorably impact operating cash flows in 1998. The
decrease in inventories of $6,946 in 1998 as compared to an increase of $2,811
in 1997 can also be attributed to the restructuring that occurred in the third
quarter of 1997.
Net cash flows used in investing activities were $4,991 for the nine
months ended September 30, 1998, a decrease of $12,057 from the prior year. The
decrease is primarily attributable to the acquisition of a majority interest in
a retail operation in July of 1997.
For the nine month period ended September 30, 1998 net cash flows used
in financing activities were $18,743 compared to $29,362 in 1997. The Company
made repayments on short-term borrowings (net) of $13,019 for the nine month
period ended 1997 as compared to borrowings (net) of $853 in 1998. The reduction
in net cash flows used in financing activities was partially offset by the
payment of dividends and purchase of treasury stock throughout the first nine
months of 1998 compared to 1997. Such purchases of stock do not represent the
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<PAGE>
implementation of a formal acquisition program, but are transacted principally
to provide a measure of liquidity for shareholders.
The Company plans to continue to employ its credit facility in the
United States and Canada for short-term support of its working capital as deemed
necessary. The New Zealand subsidiary will maintain borrowings for longer-term
capital needs as well as for operating capital requirements.
YEAR 2000
The Year 2000 issue is the result of computer programs being written
using two digits rather than four digits to define the applicable year. The
Company is very much aware of the issues that the Year 2000 ("Y2K") will bring
to its computer systems and other equipment with embedded micro controllers. The
Company is actively addressing its information technology ("IT") infrastructure,
including hardware, software and facilities, with the goal of achieving Year
2000 compliance in all areas of its operations, including, to the extent
practicable, its relationships with vendors, suppliers and customers.
During 1998, the Company established an enterprise wide Y2K Program
Team made up of Company leaders and outside experts to establish a disciplined
project management approach, issue inventory and assessment guidelines and
coordinate worldwide Year 2000 compliance efforts. The Company's Y2K Program
Team has oversight responsibility for monitoring all Year 2000 compliance
efforts.
The program team has developed a multi-phase approach to assessing
and resolving any year 2000 issues. These phases include:
1. A review of the Company's end to end business processes. This
phase helps to create a thorough inventory of all date and
non-date dependent systems, internal and external stakeholders,
vendors, customers and suppliers. Materials, services and
informational inputs and outputs were identified and prioritized
based on impacts to the business if any of them should fail as a
result of a Y2K problem.
2. Assessment of all inventoried systems, applications and
stakeholders to identify and locate Year 2000 issues. The Company
has established a data repository for all Year
- 10 -
<PAGE>
2000 documentation. The database will include all of the
information gathered in Phase 1. External stakeholders, vendors,
suppliers and other entities will be polled to determine if they
are Year 2000 compliant. Databases will be researched for the
current status of available fixes for items identified with Y2K
issues. Listings of compliant and non-compliant items will be
generated. Planned and available fixes will be documented for
non-compliant items and will form the basis for Phase 3-Test
Planning.
3. Remediation of systems presenting Year 2000 issues. This step also
includes the development of a detailed test plan based on the
business priority assessment of the items identified in Phases 1 &
2. Units and applications are then tested. Based on the test
results, a remediation plan will be developed to renovate, retire,
re-host, replace, redevelop or outsource as appropriate.
Contingency plans are also developed at this time based on
remediation plan.
4. Testing/validating of systems to measure the effectiveness of the
remediation.
5. Continued monitoring of the remedied systems for ongoing
compliance.
The Company recognizes the importance of resolving these issues at an
early date so as not to adversely impact its own operations and its
relationships with its customers and other third parties. The Company has active
implementation teams focusing on this program, and have made it a high priority
to complete its Year 2000 compliance efforts in a timely manner.
Currently the results of the assessment and remediation efforts being
conducted under the Y2K program are follows:
- IT AS400 Systems and Applications - Most of the Company's IT
systems and applications have been made Year 2000 compliant. All
remaining systems and applications will be compliant by the end of
the 1st quarter of 1999.
- Embedded Systems - Embedded systems, which include building
services, operations, network services, personal computers and
non-IT applications have been inventoried and are currently under
assessment to determine the appropriate course of action. This
assessment phase is scheduled for completion by mid December 1998.
Business priorities will drive the development of contingency
plans based on assessment results
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<PAGE>
and the impact on the business. Testing and remediation of
non-compliant components is scheduled for completion by mid year
1999.
- Third Parties - The Company has also completed an inventory of
its key business stakeholders, which includes customers,
suppliers, vendors and third party agents and assessed their
impact on its business. The Company has issued and is continuing
to issue requests for Y2K compliance status from its key business
stakeholders. Some requests for stakeholder status have been
received, while the majority of the responses are expected back by
mid November 1998. Where possible, the Company is also working
closely with each of its key business stakeholders to determine if
their Year 2000 issues might impact the Company's business.
Contingency plans will be established to mitigate the risk
associated with each business stakeholder's impact of
non-compliance on the Company based on the response from the key
stakeholders.
- Costs - The total estimated pre-tax cost for resolving Year 2000
issues is approximately $2,000 with approximately $1,000 of
expenditures planned for 1999. The Company will incur costs that
include internal resources, external consulting, software and
certain equipment upgrades. The majority of these costs relate to
software modifications and all costs to date have been expensed as
incurred. System replacement costs have been, or will be,
capitalized and charged to expense over their estimated useful
lives. The cost of the new hardware and software for the recent
replacements is not included in the Year 2000 costs, as the
Company had already planned to replace these systems and did not
accelerate the replacement due to Year 2000 issues.
Although the Company anticipates minimal business disruption will occur
as a result of Year 2000 issues, there is no guarantee that possible "worst
case" Year 2000 issues impacting third party vendors, suppliers and the Company
would not impact the Company. To date the Company has not completed a formal
contingency plan for non-compliance, but continues to develop such plans based
on the information obtained from third parties with which it has a material
relationship and the completion of the evaluation of its IT and non-IT systems.
- 12 -
<PAGE>
The foregoing discussion regarding the Year 2000 project's timing,
effectiveness, implementation and cost, contains forward-looking statements,
which are based on management's best estimates, derived utilizing numerous
assumptions of future events including the continued availability of certain
resources, third party modification plans and other factors. However, there can
be no guarantee that these estimates will be achieved, and actual results could
differ materially from those contemplated estimates. Specific factors that might
cause such material differences include, but are not limited to, the
availability and cost of personnel trained in this area, the ability to locate
and correct all relevant computer codes and similar uncertainties and
remediation success of the Company's customers and suppliers.
- 13 -
<PAGE>
PART II. OTHER INFORMATION
ITEM 5. OTHER INFORMATION
The Board of Directors of Benjamin Moore & Co. at a meeting held on
November 6, 1998, declared an extra dividend of $0.45 per share payable
December 1, 1998 to shareholders of record on November 6, 1998 and a regular
dividend of $0.50 per share payable on January 4, 1999 to shareholders of
record on December 3, 1998.
Despite the absence of an established public trading market for shares of
the Company's common stock, sporadic trading of the Company's shares has been
reported on the over-the-counter bulletin board ("OTCBB"). This type of trading
activity continues to be reported and, at times, at prices significantly above
the per share price of the Company's common stock as determined by the
independent appraisal firm, Management Planning, Inc. ("MPI"). The Company will
continue to use the MPI price for small block purchases by the Company from
shareholders and for purposes of the Company's ESOP. It is possible that
officers and directors of the Company, as any shareholder, may buy or sell
shares of Company common stock on the OTCBB from time to time. A broker or
financial advisor should be consulted for information concerning this market.
In light of trading on the OTCBB, the Company is considering other
avenues for achieving an organized public market for the Company's common stock
providing liquidity for share holdings.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) The following is an index of the exhibits included in this Form 10-Q:
Exhibit 27 Financial Data Schedule
(b) Reports on Form 8-K - There were no reports on Form 8-K filed for the
nine months ended September 30, 1998.
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.
BENJAMIN MOORE & CO.
(Registrant)
Date November 12, 1998 /s/ Yvan Dupuy
------------------ -----------------------------------------
Yvan Dupuy
President and Chief Operating Officer
Date November 12, 1998 /s/ Richard Roob
------------------ -----------------------------------------
Richard Roob
Chairman of the Board &
Chief Executive Officer &
Acting Chief Financial Officer
- 14 -
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1998 EXTRACTED FROM THE CONDENSED CONSOLIDATED STATEMENT OF
INCOME, CONDENSED CONSOLIDATED BALANCE SHEET, CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS AND THE NOTES THERETO AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 77,501
<SECURITIES> 0
<RECEIVABLES> 139,286
<ALLOWANCES> 12,802
<INVENTORY> 64,795
<CURRENT-ASSETS> 289,548
<PP&E> 181,009
<DEPRECIATION> 96,515
<TOTAL-ASSETS> 410,703
<CURRENT-LIABILITIES> 88,577
<BONDS> 8,971
0
0
<COMMON> 131,643
<OTHER-SE> 140,126
<TOTAL-LIABILITY-AND-EQUITY> 410,703
<SALES> 552,071
<TOTAL-REVENUES> 552,071
<CGS> 272,522
<TOTAL-COSTS> 455,545
<OTHER-EXPENSES> (2,883)
<LOSS-PROVISION> 5,228
<INTEREST-EXPENSE> 643
<INCOME-PRETAX> 99,409
<INCOME-TAX> 42,010
<INCOME-CONTINUING> 57,307
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 57,307
<EPS-PRIMARY> 6.47
<EPS-DILUTED> 6.46
</TABLE>
