UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
TO
(Mark One)
[X] Quarterly report pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
for the quarterly period ended January 31, 1998.
----------------
[ ] Transition report pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Commission file number 1-4003
------
DRESSER INDUSTRIES, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware C 75-0813641
- ------------------------------- -------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
P. O. Box 718
2001 Ross 75221 (P. O. Box)
Dallas, Texas 75201
- ------------------------------- -----------------
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code - 214-740-6000
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, and (2) has been subject to such filing requirements
for the past 90 days. Yes X . No .
----- -----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at February 28, 1998
- ---------------------------- --------------------------------
Common Stock, par value $.25 175,489,466
1
EXPLANATORY STATEMENT
Dresser Industries, Inc.'s (the "Company") Quarterly Report for the perioed
ending January 31, 1998 on Form 10-Q is being amended in order to include as
exhibits restated Financial Data Schedules for the periods as required in
Regulation S-K Item 601(c)(2)(iii). The restatment is due to a change in
accounting principle, specifically, Statement of Financial Accounting Standards
No. 128, "Earnings per Share". Pursuant to item 601(c)(1)(iv) of Regulation
S-K, the Financial Data Schedule is not deemed to be "filed" for purposes of
Section 11 of the Securities Act of 1933, as amended, or Section 18 of the
Securities Exchange Act of 1934, as amended.
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits.
Exhibit 10.1 Agreement and Plan of Merger dated February 25,
1998 by and between Halliburton Company,
Halliburton, N.C., Inc. and Dresser Industries,
Inc.
Exhibit 10.2 Stock Option Agreement, dated February 25, 1998 by
and between Dresser Industries, Inc. and
Halliburton Company.
Exhibit 10.3 Form of Severance Agreement.
Exhibit 10.4 Agreement between Dresser Industries, Inc. and
George H. Juetten and amendment.
Exhibit 10.5 Form of Waiver of Rights Under the Dresser
Industries, Inc. Long-Term Incentive and Retention
Plan.
Exhibit 27.1 Financial Data Schedule.
Exhibit 27.2 Restated Financial Data Schedule.
Exhibit 27.3 Restated Financial Data Schedule.
Exhibit 27.4 Restated Financial Data Schedule.
(b) A report on Form 8-K dated February 26, 1998 was filed for Item
1.
2
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 thereunto duly authorized.
DRESSER INDUSTRIES, INC.
By: /s/ Kenneth J. Kotara
Kenneth J. Kotara
Controller
Dated: April 16,1998
3
EXHIBIT INDEX
EXHIBIT DESCRIPTION
10.1 Agreement and Plan of Merger dated February 25, 1998 by and between
Halliburton Company, Halliburton, N.C., Inc. and Dresser Industries,
Inc. (Incorporated by reference to Exhibit 10.1 to Registrant's Form
10-Q for the period ended January 31, 1998.)
10.2 Stock Option Agreement, dated February 25, 1998 by and between Dresser
Industries, Inc. and Halliburton Company. (Incorporated by reference
to Exhibit 10.2 to Registrant's Form 10-Q for the period ended January
31, 1998.)
10.3 Form of Severance Agreement. (Incorporated by reference to Exhibit
10.3 to Registrant's Form 10-Q for the period ended January 31, 1998.)
10.4 Agreement between Dresser Industries, Inc. and George H. Juetten and
amendment. (Incorporated by reference to Exhibit 10.4 to Registrant's
Form 10-Q for the period ended January 31, 1998.)
10.5 Form of Waiver of Rights Under the Dresser Industries, Inc. Long-Term
Incentive and Retention Plan. (Incorporated by reference to Exhibit
10.5 to Registrant's Form 10-Q for the period ended January 31, 1998.)
27.1 Financial Data Schedule. (Incorporated by reference to Exhibit 27 to
Registrant's Form 10-Q for the period ended January 31, 1998.)
(Pursuant to Item 601(c)(1)(vi) of Regulation S-K, the Financial Data
Schedule is not deemed to be "filed" for purposes of Section 11 of the
Securities Act of 1933, as amended, or Section 18 of the Securities
Exchange Act of 1934, as amended.)
27.2 Restated Financial Data Schedule. (Pursuant to Item 601(c)(1)(vi) of
Regulation S-K, the Financial Data Schedule is not deemed to be
"filed" for purposes of Section 11 of the Securities Act of 1933, as
amended, or Section 18 of the Securities Exchange Act of 1934, as
amended.)
27.3 Restated Financial Data Schedule. (Pursuant to Item 601(c)(1)(vi) of
Regulation S-K, the Financial Data Schedule is not deemed to be
"filed" for purposes of Section 11 of the Securities Act of 1933, as
amended, or Section 18 of the Securities Exchange Act of 1934, as
amended.)
27.4 Restated Financial Data Schedule. (Pursuant to Item 601(c)(1)(vi) of
Regulation S-K, the Financial Data Schedule is not deemed to be
"filed" for purposes of Section 11 of the Securities Act of 1933, as
amended, or Section 18 of the Securities Exchange Act of 1934, as
amended.)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains the restated summary financial information of Dresser
Industries, Inc. for the periods noted. Only the (EPS-PRIMARY) and
(EPS-DILUTED) tags have been restated. Restatement is due to a change in
accounting principle, specifically, Statement of Financial Accounting Standards
No. 128, "Earnings per Share".
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS 12-MOS
<FISCAL-YEAR-END> OCT-31-1997 OCT-31-1997 OCT-31-1997 OCT-31-1997
<PERIOD-END> JAN-31-1997 APR-30-1997 JUL-31-1997 OCT-31-1997
<CASH> 199,800 144,000 131,100 162,800
<SECURITIES> 0 0 0 0
<RECEIVABLES> 1,110,800 1,146,500 1,151,300 1,181,800
<ALLOWANCES> 0 0 0 0
<INVENTORY> 896,500 942,000 968,800 972,300
<CURRENT-ASSETS> 2,384,700 2,397,400 2,414,200 2,471,600
<PP&E> 2,868,200 2,878,300 2,797,200 2,658,000
<DEPRECIATION> 1,610,300 1,643,400 1,638,500 1,554,300
<TOTAL-ASSETS> 5,068,900 5,054,600 4,984,300 5,098,800
<CURRENT-LIABILITIES> 1,793,700 1,747,800 1,669,700 1,687,400
<BONDS> 760,700 754,800 754,300 758,000
0 0 0 0
0 0 0 0
<COMMON> 46,200 46,200 46,200 46,200
<OTHER-SE> 1,534,200 1,567,300 1,569,300 1,686,000
<TOTAL-LIABILITY-AND-EQUITY> 5,068,900 5,054,600 4,984,300 5,098,800
<SALES> 1,693,500 3,456,700 5,318,900 7,419,100
<TOTAL-REVENUES> 1,704,500 3,475,800 5,348,100 7,457,900
<CGS> 1,342,700 2,707,300 4,142,400 5,757,400
<TOTAL-COSTS> 1,600,700 3,232,400 4,939,800 6,845,300
<OTHER-EXPENSES> 0 0 0 0
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 17,100 34,300 51,000 68,600
<INCOME-PRETAX> 86,800 210,700 350,000 546,800
<INCOME-TAX> 30,400 73,800 122,500 191,400
<INCOME-CONTINUING> 52,100 126,900 208,400 318,000
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 52,100 126,900 208,400 318,000
<EPS-PRIMARY> .30 .72 1.19 1.81
<EPS-DILUTED> .29 .71 1.18 1.80
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains the restated summary financial information of Dresser
Industries, Inc. for the periods noted. Only the (EPS-PRIMARY) and
(EPS-DILUTED) tags have been restated. Restatement is due to a change in
accounting principle, specifically, Statement of Financial Accounting Standards
No. 128, "Earnings per Share".
</LEGEND>
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS 12-MOS
<FISCAL-YEAR-END> OCT-31-1996 OCT-31-1996 OCT-31-1996 OCT-31-1996
<PERIOD-END> JAN-31-1996 APR-30-1996 JUL-31-1996 OCT-31-1996
<CASH> 163,300 198,000 158,900 232,400
<SECURITIES> 0 0 0 0
<RECEIVABLES> 936,600 995,700 1,063,600 1,152,100
<ALLOWANCES> 0 0 0 0
<INVENTORY> 825,100 883,700 907,700 913,600
<CURRENT-ASSETS> 2,098,900 2,266,400 2,511,600 2,715,100
<PP&E> 2,618,200 2,708,700 2,770,400 2,836,700
<DEPRECIATION> 1,468,500 1,520,200 1,558,500 1,574,300
<TOTAL-ASSETS> 4,623,200 4,839,600 5,119,700 5,395,800
<CURRENT-LIABILITIES> 1,695,800 1,839,300 2,226,700 2,107,400
<BONDS> 457,900 462,200 457,500 756,300
0 0 0 0
0 0 0 0
<COMMON> 46,100 46,200 46,200 46,200
<OTHER-SE> 1,560,500 1,570,500 1,465,200 1,536,000
<TOTAL-LIABILITY-AND-EQUITY> 4,623,200 4,839,600 5,119,700 5,395,800
<SALES> 1,452,500 3,078,700 4,710,300 6,533,200
<TOTAL-REVENUES> 1,462,900 3,092,500 4,730,500 6,561,500
<CGS> 1,152,400 2,422,300 3,690,700 5,088,100
<TOTAL-COSTS> 1,379,700 2,902,400 4,415,500 6,076,200
<OTHER-EXPENSES> 0 0 0 0
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 10,000 20,900 33,600 60,500
<INCOME-PRETAX> 72,900 164,800 277,500 426,800
<INCOME-TAX> 24,800 56,000 94,400 145,100
<INCOME-CONTINUING> 46,600 103,800 172,100 257,500
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 46,000 103,800 172,100 257,500
<EPS-PRIMARY> .26 .57 .95 1.44
<EPS-DILUTED> .25 .56 .94 1.43
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains the restated summary financial information of Dresser
Industries, Inc. for the periods noted. Only the (EPS-PRIMARY) and
(EPS-DILUTED) tags have been restated. Restatement is due to a change in
accunting principle, specifically, Statement of Financial Accounting Standards
No. 128, "Earnings per Share".
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<CASH> 248,700
<SECURITIES> 0
<RECEIVABLES> 988,300
<ALLOWANCES> 24,600
<INVENTORY> 809,400
<CURRENT-ASSETS> 2,201,200
<PP&E> 2,572,900
<DEPRECIATION> 1,445,800
<TOTAL-ASSETS> 4,707,400
<CURRENT-LIABILITIES> 1,712,400
<BONDS> 459,300
0
0
<COMMON> 46,100
<OTHER-SE> 1,610,700
<TOTAL-LIABILITY-AND-EQUITY> 4,707,400
<SALES> 5,612,600
<TOTAL-REVENUES> 5,628,700
<CGS> 4,357,900
<TOTAL-COSTS> 5,267,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 47,400
<INCOME-PRETAX> 342,200
<INCOME-TAX> 109,300
<INCOME-CONTINUING> 213,100
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> (16,000)
<NET-INCOME> 197,100
<EPS-PRIMARY> 1.08
<EPS-DILUTED> 1.08
</TABLE>
