UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
THE PURPOSE OF THIS AMENDMENT IS TO CORRECT ON PAGE 18 THE PERCENTAGE "CASH
FLOW TO TOTAL DEBT (PREVIOUS 12 MONTHS CASH PROVIDED BY OPERATIONS TO TOTAL
DEBT) AT 12/31/97" TO READ 33.4% IN THE REGISTRANT'S FORM 10-Q FOR THE
QUARTER ENDED SEPTEMBER 30, 1998, WHICH WAS FILED ORIGINALLY ON NOVEMBER 13,
1998, IN THE SECURITIES AND EXCHANGE COMMISSION'S ELECTRONIC DATA GATHERING,
ANALYSIS AND RETRIEVAL (EDGAR) SYSTEM. NO OTHER CHANGES HAVE BEEN MADE TO
THE NOVEMBER 13, 1998, FILING.
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1998
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-815
E. I. du Pont de Nemours and Company
(Exact Name of Registrant as Specified in Its Charter)
Delaware 51-0014090
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
1007 Market Street, Wilmington, Delaware 19898
(Address of Principal Executive Offices)
(302) 774-1000
(Registrant's Telephone Number)
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
1,125,861,433 shares (excludes 14,492,721 shares held by DuPont's
Flexitrust) of common stock, $0.30 par value, were outstanding at
October 30, 1998.
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Form 10-Q/A
Form 10-Q
In September, the company recorded a $201 million after tax
extraordinary charge related to early retirement of debt. Total debt,
including capital lease obligations, at September 30, 1998, was
$17.1 billion versus $12.1 billion at year-end 1997. The $5.0 billion
increase in total debt reflects primarily the issuance of commercial paper.
These funds were used primarily to finance the $1.1 billion increase in
operating assets and liabilities, the ICI and DuPont Merck acquisitions
totaling $3.3 billion. In addition, $1.8 billion of commercial paper was
used to finance the retirement of $1.6 billion of long-term debt.
Certain Statistics - Continuing Operations
------------------------------------------
At 9/30/98 At 12/31/97
---------- -----------
Cash Flow to Total Debt
(previous 12 months cash
provided by operations to
total debt) .................. 26.9% 33.4%
Current Ratio (current assets
to current liabilities) ...... 0.6:1 0.8:1
Earnings to Fixed Charges ...... 2.6 5.1
Earnings to Fixed Charges -
Pro Forma*.................... 3.3 7.4
------------------
*Pro Forma statistics exclude interest and debt expense
which has been allocated to discontinued operations.
The Cash Flow to Total Debt ratio was down in third quarter 1998
versus year-end primarily due to the $5.0 billion increase in total debt in
the first nine months. The company expects this ratio to improve as a
result of the Conoco divestiture. Days' sales outstanding averaged 58 days
in the third quarter, an increase of six days from second quarter 1998, and
up six days from the third quarter of 1997.
(c) Other Items
Year 2000
---------
The Year 2000 Problem concerns potential exposures related to the
automated generation of financial and business misinformation resulting from
the application of computer programs written using six (e.g., 12-31-99)
versus eight (e.g., 12-31-1999) digits to define the applicable date. This
could result in, among other things, computer systems recognizing "00" as
the year 1900 rather than the year 2000.
18
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Form 10-Q/A
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this amendment to be signed on its
behalf by the undersigned, thereunto duly authorized.
E. I. DU PONT DE NEMOURS AND COMPANY
(Registrant)
Date: December 4, 1998
-----------------------------------------
By /S/ G. M. Pfeiffer
-----------------------------------------
G. M. Pfeiffer
Senior Vice President - DuPont Finance
(As Duly Authorized Officer and Principal
Financial and Accounting Officer)
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