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) -- July 12, 1996
ESSEX GROUP, INC.
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(Exact name of registrant as specified in its charter)
MICHIGAN 1-7418 35-1313928
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(State or other jurisdiction of (Commission (I.R.S. Employer
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 July 12, 1996 the registrant issued the press release attached hereto
as Exhibit 20.1, which is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired:
Not applicable
(b) Pro Forma Financial Information:
Not applicable
(c) Exhibits:
Number Exhibit Description
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20.1 Press release by the registrant on July 12, 1996
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)
July 12, 1996 /s/ James D. Rice
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James D. Rice
Senior Vice President
Corporate Controller
(Principal Accounting Officer)
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Contact: Tom Castaldi
(219) 461-4381
NEWS RELEASE
ESSEX GROUP, INC. ANNOUNCES RESULTS
FORT WAYNE, Ind., July 12, 1996 -- Essex Group, Inc. (the "Company"),
today announced results for the three-month and six-month periods ended
June 30, 1996. Net sales and net income for the three-month period ended
June 30, 1996, were $337.5 million and $7.7 million, respectively. Net
sales were 17.0 percent greater than second quarter 1995 sales of $288.5
million resulting primarily from increased sales volumes across most of
the Company's business operations and the acquisition of a distribution
operation in September 1995, partially offset by lower copper prices. Net
income improved $6.6 million from second quarter 1995 net income of $1.1
million due primarily to increased operating income resulting from higher
sales volumes and improved margins and a second quarter 1995 extraordinary
charge of $3.0 million ($5.0 million before applicable tax benefit),
partially offset by increased interest expense. 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. The extraordinary charge was taken in connection
with the retirement of bank debt under Essex' previous credit facility.
Net sales and net income for the six-month period ended June
30, 1996, were $645.9 million and $14.1 million, respectively. Net sales
were 11.7 percent greater than the comparable period last year due to
increased sales volumes and the acquisition of a distribution operation in
September 1995, partially offset by lower copper prices. Improved sales
volumes reflected increased demand for wire products within all of the
major markets served by the Company. Net income improved $3.8 million
from the comparable period last year due primarily to increased operating
income resulting from higher sales volumes and improved margins and a
second quarter 1995 extraordinary charge of $3.0 million ($5.0 million
before applicable tax benefit), partially offset by increased interest
expense. Higher interest expense was attributable to increased bank debt
for the repurchase of Holdings' Debentures as previously mentioned. The
extraordinary charge was taken in connection with the retirement of bank
debt under Essex' previous credit facility.
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 500 list of
privately held companies. The Company's business operations are supported
by 24 manufacturing facilities in 12 states producing a broad range of
products that include magnet wire, building wire, automotive wire,
appliance wire, industrial wire, electronic wire, specialty wiring
assemblies, communication wire and electrical insulation materials.
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