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 reported) 29 June 1998
--------------
AIR PRODUCTS AND CHEMICALS, INC.
(Exact name of registrant as specified in charter)
Delaware 1-4534 23-1274455
- ---------------------------- ------------------------ ----------------------
(State of other jurisdiction (Commission file number) (IRS Identification
of incorporation) number)
7201 Hamilton Boulevard, Allentown, Pennsylvania 18195-1501
------------------------------------------------ ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (610) 481-4911
--------------
<PAGE>
Item 5. OTHER EVENTS.
----------------------
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
RESTATED EARNINGS PER SHARE AMOUNTS
Effective 15 June 1998, the Company initiated a two-for-one stock split. The
following table summarizes the restatement of EPS for the two quarters in 1998
and each quarter and the years ended 30 September 1997 and 1996:
<TABLE>
(Millions of dollars, except per share) First Second Third Fourth Total
- -----------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C> <C>
31 MARCH 1998
Numerator for basic EPS
and diluted EPS-net income $160.5 $120.5
Denominator for basic EPS
- -weighted average shares 218.1 215.9
Effect of dilutive securities:
Employee stock options 3.6 3.9
Other award plans 0.9 1.1
--- ---
4.5 5.0
Denominator for diluted EPS
- -weighted average shares
and assumed conversions 222.6 220.9
===== =====
Basic EPS $.74 a $.56
==== ====
Diluted EPS $.72 a $.55
==== ====
30 SEPTEMBER 1997
Numerator for basic EPS
and diluted EPS-net income $99.9 $106.0 $116.0 $107.4 $429.3
Denominator for basic EPS
- -weighted average shares 220.6 219.9 219.8 219.8 220.1
Effect of dilutive securities:
Employee stock options 3.6 3.9 3.8 4.1 3.8
Other award plans 0.8 0.9 1.0 1.2 1.0
--- --- --- --- ---
4.4 4.8 4.8 5.3 4.8
Denominator for diluted EPS
- -weighted average shares
and assumed conversions 225.0 224.7 224.6 225.1 224.9
===== ===== ===== ===== =====
Basic EPS $.45 $.48 $.53 $.49 $1.95
==== ==== ==== ==== =====
Diluted EPS $.44 $.47 $.52 $.48 $1.91
==== ==== ==== ==== =====
</TABLE>
2
<PAGE>
<TABLE>
(Millions of dollars, except per share) First Second Third Fourth Total
- -----------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C> <C>
30 SEPTEMBER 1996
Numerator for basic EPS
and diluted EPS-net income $89.0 $135.3 $98.0 $94.1 $416.4
Denominator for basic EPS
- -weighted average shares 223.5 223.7 223.9 222.6 223.4
Effect of dilutive securities:
Employee stock options 2.9 2.8 3.1 2.6 2.9
Other award plans 0.9 0.8 0.8 0.9 0.8
--- --- --- --- ---
3.8 3.6 3.9 3.5 3.7
Denominator for diluted EPS
- -weighted average shares
and assumed conversions 227.3 227.3 227.8 226.1 227.1
===== ===== ===== ===== =====
Basic EPS $.40 $.60 b $.44 $.42 $1.86
==== ==== ==== ==== =====
Diluted EPS $.39 $.60 b $.43 $.42 $1.83
==== ==== ==== ==== =====
</TABLE>
Note: Each quarter is calculated as a discrete period; the sum of the four
quarters may not equal the calculated full-year amount.
a Includes gains of $.16 and $.03 from the sale of American Ref-Fuel and a
cogeneration project contract settlement, respectively.
b Includes a gain of $.18 on the settlement with Bankers Trust Company over
losses associated with leveraged interest rate swap contracts.
3
<PAGE>
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.
Air Products and Chemicals, Inc.
---------------------------------
(Registrant)
Dated: 29 June 1998 By: /s/ Paul E. Huck
--------------------------
Vice President &
Corporate Controller
(Chief Accounting Officer)
4
<PAGE>
