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) April 24, 1995
E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-815 51-0014090
(State or Other Jurisdiction (Commission (I.R.S Employer
of Incorporation) File Number) Identification No.)
1007 Market Street
Wilmington, Delaware 19898
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 774-1000
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Item 7. Financial Statements and Exhibits
In connection with Debt and/or Equity Securities that may be offered
on a delayed or continuous basis under Registration Statements on Form S-3
(No. 33-48128, No. 33-53327 and No. 33-58599), we hereby file the following
press release.
Exhibit
Number Description of Exhibit
------- -------------------------------------------------
99 Copy of the Registrant's Earnings Press Release,
dated April 24, 1995
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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 hereunto duly authorized.
E. I. DU PONT DE NEMOURS AND COMPANY
(Registrant)
/s/ D. B. Smith
------------------------------------
D. B. Smith
Assistant Controller
April 24, 1995
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EXHIBIT INDEX
Exhibit
Number Description
- ------- -------------------------------------------------------
99 Copy of the Registrant's Earnings Press Release, dated
April 24, 1995.
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EXHIBIT 99
Contact: Mike Ricciuto
(302) 774-2883
WILMINGTON, Del., April 24 -- Building on its record
1994 performance, DuPont reported record net income for the
first quarter of 1995 of $959 million, or $1.40 per share, up
49 percent from the $642 million, or $.94 per share, earned in
the first quarter 1994.
As previously announced, on April 6, 1995, DuPont
redeemed 156 million shares of DuPont common stock from Seagram.
This transaction did not affect first quarter results, but will
have a positive effect on earnings per share in future quarters.
"This is a fantastic start to the year," said DuPont
chairman Edgar S. Woolard. "Our ability to sustain strong
financial performance and achieve real market growth is
supported by another outstanding quarter." Woolard cited
Agricultural Products and businesses in the company's Polymers
and Chemicals segments for their particularly strong
performances.
"We continue to see strong demand in chemicals and
specialties and, more recently, higher selling prices, with
added impetus from a weaker U.S dollar," said Woolard. "This
was clearly demonstrated in Europe and Asia, with earnings from
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these regions more than double last year's first quarter.
Petroleum, although down from last year, also performed quite
well given the difficult industry conditions experienced during
the quarter."
Sales totaled $10.5 billion, up $1.3 billion or
14 percent. For combined Chemicals and Specialties segments,
sales were up 17 percent with 11 percent higher volume. Selling
prices were up 6 percent, reflecting in part the currency effect
of a weaker dollar. For the petroleum segment, sales were up
10 percent versus last year, largely on higher refined product
volumes.
The following compares first quarter 1995 results with
first quarter 1994, for each industry segment:
Chemicals segment earnings were $167 million, up
$84 million, or 101 percent, principally attributable to better
results for white pigments and specialty chemicals. Segment
sales increased 22 percent with the most significant increases
occurring outside the United States. Sales volume was up
14 percent, while selling prices increased 8 percent.
Fibers segment earnings of $205 million were up
$61 million, or 42 percent, principally reflecting improvements
in aramids, "Dacron" polyester, nylon, and "Lycra" spandex.
Segment sales were 13 percent higher, on 8 percent higher volume
and 5 percent higher selling prices.
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Polymers segment earnings were $235 million, up
$88 million, or 60 percent, from last year. Engineering
polymers, packaging and industrial polymers, and elastomers
continue to perform very well, primarily reflecting higher
sales. Segment sales improved 20 percent, reflecting 14 percent
higher volume, and 6 percent higher selling prices.
Petroleum segment earnings were $186 million, down
$29 million, or 13 percent, due to the decline in worldwide
refined product margins. However, upstream earnings were
$169 million, up 27 percent due to higher crude oil prices and
lower costs more than offsetting lower U.S. natural gas prices
and lower international oil and gas production. Downstream
earnings were $17 million, down from $82 million earned in the
prior year, on significantly lower margins.
Diversified Businesses segment earnings totaled
$237 million, up $89 million or 60 percent. The earnings
improvement was largely attributable to better results from
agricultural products and films. Segment sales were up
17 percent, largely reflecting higher sales of agricultural
products outside the United States. Segment selling prices were
up 4 percent, while sales volume increased by 13 percent.
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"Our businesses continue to deliver outstanding
results," said Woolard. "In addition, given earnings-per-share
accretion from the recent stock buyback and our expectation
for continued favorable global economic conditions, we are
optimistic about the future and our ability to provide
attractive shareholder returns."
4/24/95
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<TABLE>
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
<CAPTION>
Three Months Ended
CONSOLIDATED INCOME STATEMENT March 31
- --------------------------------------------------------------------------------------
(Dollars in millions, except per share) 1995<Fa> 1994
- --------------------------------------------------------------------------------------
<S> <C> <C>
SALES ...................................................... $10,502 $ 9,190
Other Income ............................................... 361 205
------- -------
Total .................................................. 10,863 9,395
------- -------
Cost of Goods Sold and Other Expenses ...................... 7,603 6,675
Selling, General and Administrative Expenses ............... 740 664
Depreciation, Depletion and Amortization ................... 648<Fb> 703
Exploration Expenses, Including Dry Hole Costs
and Impairment of Unproved Properties .................... 54 59
Interest and Debt Expense .................................. 120 142
------- -------
Total .................................................. 9,165 8,243
------- -------
EARNINGS BEFORE INCOME TAXES ............................... 1,698 1,152
Provision for Income Taxes ................................. 739 510
------- -------
NET INCOME ................................................. $ 959 $ 642
======= =======
EARNINGS PER SHARE OF COMMON STOCK<Fc> ..................... $ 1.40 $ .94
======= =======
DIVIDENDS PER SHARE OF COMMON STOCK ........................ $ .47 $ .44
======= =======
<FN>
<Fa>Subsequent Event - on April 6, 1995, DuPont redeemed 156 million of
DuPont common shares from Seagram in a transaction valued at $8,775. In
the transaction, Seagram received $1,000 in cash, $7,335 in short-term
DuPont notes, and warrants valued at $440. This represents
approximately $53 per share in cash and notes and $3 per share in
warrants. On a pro forma basis, if the transaction had occurred at
January 1, 1995 (assuming that the related indebtedness had been
outstanding throughout the first quarter 1995), Earnings Per Share of
Common Stock would have been $1.65 (on the basis of 525,352,598 average
outstanding shares). The Company currently expects that the long-term
funding for this transaction will include up to $3,500 of new equity.
Accordingly, pro forma data for the first quarter 1995 are not
necessarily indicative of results in subsequent periods.
<Fb>Effective with assets placed in service beginning in 1995 for the
Company's chemicals and specialties businesses, the Company changed from
an accelerated method to a straight-line method of depreciation. This
change did not have a material impact for first quarter 1995, and it is
not expected to have a material effect on full year 1995 results.
<Fc>Earnings per share are calculated on the basis of the following average
number of common shares outstanding:
Three Months Ended March 31:
1995 -- 681,352,598
1994 -- 678,476,595
</TABLE>
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<TABLE>
E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES
<CAPTION>
Three Months Ended
CONSOLIDATED INDUSTRY SEGMENT INFORMATION March 31
- --------------------------------------------------------------------------------------
(Dollars in millions) 1995 1994
- --------------------------------------------------------------------------------------
<S> <C> <C>
SALES
- -----
Chemicals .................................................. $ 1,035 $ 848
Fibers ..................................................... 1,854 1,645
Polymers ................................................... 1,777 1,483
Petroleum .................................................. 4,253 3,862
Diversified Businesses ..................................... 1,583 1,352
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Total .................................................. $10,502 $9,190
======= ======
AFTER-TAX OPERATING INCOME
- --------------------------
Chemicals .................................................. $ 167 $ 83
Fibers ..................................................... 205 144
Polymers ................................................... 235 147
Petroleum .................................................. 186 215
Diversified Businesses ..................................... 237 148
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Total .................................................. 1,030 737
Interest and Other Corporate
Expenses Net of Tax ...................................... (71) (95)
------- ------
NET INCOME ................................................. $ 959 $ 642
- ---------- ======= ======
</TABLE>
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