UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) -- October 20, 1995
ESSEX GROUP, INC.
(Exact name of registrant as specified in its charter)
MICHIGAN 1-7418 35-1313928
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1601 WALL STREET, FORT WAYNE, INDIANA 46802
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (219) 461-4000
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(Former name or former address, if changed since last report.)<PAGE>
ITEM 5. OTHER EVENTS.
On October 19, 1995 the registrant issued the press release attached
hereto as Exhibit 20.1, which is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits:
Item Exhibit Index
20.1 Press release by the registrant on October 19, 1995
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.
ESSEX GROUP, INC.
(Registrant)
October 20, 1995 /s/ David A. Owen
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David A. Owen
Executive Vice President,
Chief Financial Officer; Director
(Principal Financial Officer)<PAGE>
EXHIBIT 20.1
Contact: Tom Castaldi
(219) 461-4381
FOR IMMEDIATE RELEASE
ESSEX GROUP, INC., ANNOUNCES RESULTS
FORT WAYNE, Ind., October 19, 1995 -- Essex Group, Inc. (the "Company"),
today announces results for the three-month and nine-month periods ended
September 30, 1995.
Net sales and net income for the three-month period ended September 30,
1995, were $308.3 million and $6.1 million, respectively. Net sales were
15.9 percent greater than third quarter 1994 sales of $265.9 million
resulting primarily from higher copper prices and sales volumes. Net
income declined $1.9 million from third quarter 1994 net income of $8.0
million due primarily to higher interest expense, partially offset by
improved operating income. Higher interest expense was attributable to
increased bank debt for the repurchase of the parent company's (BCP/Essex
Holdings Inc. ("Holdings")) 16% Senior Discount Debentures due 2004 (the
"Debentures"). The Company entered into new credit facilities which
provided the funds used by Holdings to repurchase all of the Debentures.
Net sales and net income for the nine-month period ended September 30,
1995, were $886.5 million and $16.4 million, respectively. Net sales were
19.1 percent greater than the comparable period last year due to higher
copper prices and sales volumes. Improved sales volumes reflected
increased demand for wire products within most of the markets served by
the Company. Net income declined $6.6 million from the comparable period
last year due primarily to higher interest expense and an extraordinary
charge of $3.0 million ($5.0 million before applicable tax benefit) for
the retirement of debt under the Company's previous credit agreement.
Higher interest expense was primarily attributable to the refinancing of
Holdings' Debentures through the Company's new credit facilities as
previously mentioned.
Essex Group, Inc., is one of the world's largest producers of electrical
wire and cable products, and is included in the Fortune 1000 list of
industrial and service companies and the Forbes 400 list of privately held
companies. The Company's operating units, supported by 25 manufacturing
facilities in twelve states, produce a broad product line that includes
magnet wire, building wire, automotive wire, appliance wire, industrial
wire, electronic wire, specialty wiring assemblies, communication wire and
electrical insulation materials.<PAGE>
