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: July 24, 1996
SUNBEAM CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
1-52 25-1638266
(Commission File Number) (I.R.S. Employer Identification No.)
2100 New River Center, 200 East Las Olas Blvd., Fort Lauderdale, Florida 33301
(Address of Principal Executive Offices) (Zip Code)
(954) 767-2100
(Registrant's Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Exhibit Index is located on page 4
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Item 5. Other Events.
The Company issued press releases today regarding the following: (i)
the Company's second quarter 1996 earnings; (ii) the appointment of
Russell A. Kersh as Executive Vice President, Finance and Administration of the
Company; and (iii) the departure of Jim Clegg from employment with the Company.
The information contained in such press releases, copies of which are attached
hereto as Exhibits 99.1, 99.2 and 99.3, is incorporated herein by reference.
Item 7. Financial Statement and Exhibits.
(c) Exhibits
Exhibit 99.1 - Press Release dated July 24, 1996, regarding second
quarter 1996 earnings.
Exhibit 99.2 - Press Release dated July 24, 1996, regarding
employment of Russell A. Kersh.
Exhibit 99.3 - Press Release dated July 24, 1996, regarding
departure of Jim Clegg.
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SIGNATURES
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.
SUNBEAM CORPORATION
Date: July 24, 1996
\s\ RUSSELL A. KERSH
Russell A. Kersh, Executive Vice
President, Finance and Administration
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EXHIBIT INDEX
Number Description
99.1 Press Release dated July 24, 1996, regarding
second quarter 1996 earnings
99.2 Press Release dated July 24, 1996, regarding
employment of Russell A. Kersh
99.3 Press Release dated July 24, 1996, regarding
departure of Jim Clegg
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[LOGO]
EXHIBIT 99.1
FOR IMMEDIATE RELEASE:
SUNBEAM CORPORATION REPORTS SECOND QUARTER 1996
RESULTS; ANTICIPATES THIRD QUARTER AND FULL YEAR
EARNINGS TO BE BELOW THE PRIOR YEAR
FORT LAUDERDALE, FL - July 24, 1996 - Sunbeam Corporation (NYSE: SOC)
announced second quarter sales of $345.9 million, 12% above second quarter of
1995 sales of $308.8 million. Earnings per share for the quarter of $.09
decreased 36% compared to the $.14 per share reported for the same period last
year. For the first six months of 1996, sales increased approximately 6% over
1995, from $648.3 million to $685.8 million, and earnings per share of $.30
decreased 40% from $.50 per share reported for the first six months of 1995.
While sales increased for the quarter, the operating margin was two
percentage points below the second quarter of 1995. The margin deterioration
was predominately due to higher manufacturing and SG&A costs. During the
past two years, the Company increased production capacity based upon
anticipated sales growth which did not materialize. This increase in capacity
has contributed to a higher cost structure. As a matter of corporate policy,
the Company does not project results for future periods, however, as a result
of this increased cost structure, the Company now expects third quarter and
full year earnings per share to be significantly below the levels reported for
the comparable prior year periods.
Albert Dunlap, the Company's recently appointed Chairman and Chief
Executive Officer stated, "The disappointing financial performance at Sunbeam
over the past 18 months has highlighted that a massive change had to take place
at the Company. In the very near-term, we will be building a highly focused
management team to significantly restructure the Company. The focus will be on
reducing the Company's cost structure, divesting non-core, low margin products
and developing a solid strategy for future growth. Every aspect of the
Company's cost structure will be examined. It is clear that Sunbeam will need
to take a restructuring charge later this year." Mr. Dunlap added, "Sunbeam has
a solid balance sheet with highly recognized brand names and its market
leadership in many product categories provide a strong platform upon which to
build."
Certain of the statements contained herein, including statements
relating to the
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Company's future operating performance, are forward looking statements, as
defined in the Private Securities Litigation Reform Act of 1995. Actual results
could differ materially from those projected in the forward looking statements
as a results of various factors, including those set forth in the Company's
report on Form 8-K, filed with the Securities and Exchange Commission on
January 30, 1996.
Sunbeam Corporation is a leading consumer products company that
designs, manufactures and markets, nationally and internationally, a diverse
portfolio of outdoor and household brand name products. The Company's Sunbeam
(R) and Oster(R) brands have been household names for generations, both
domestically and abroad, and the Company is a market leader in many of its
product categories.
****************
Contact: John DeSimone
Manager, Investor Relations
Sunbeam Corporation
(305)767-2100
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EXHIBIT 99.2
[LOGO]
FOR IMMEDIATE RELEASE:
SUNBEAM CORPORATION ANNOUNCES ELECTION OF RUSSELL KERSH AS
EXECUTIVE VICE PRESIDENT, FINANCE AND ADMINISTRATION
FORT LAUDERDALE, FL (July 24, 1996) -- Sunbeam Corporation (SOC)
announced today that Russell A. Kersh has been appointed to the position of
Executive Vice President, Finance and Administration. Mr. Kersh will report
directly to Albert Dunlap, the Company's newly elected Chairman and Chief
Executive Officer, and will be responsible for all finance, human resources,
MIS and purchasing functions of the Company. In addition, Mr. Kersh will be
elected to the Board of Directors of the Company. Mr. Kersh also is making a
significant investment of his own funds in Sunbeam stock.
Mr. Kersh brings to Sunbeam a strong business background and proven
expertise in revitalizing corporations. He most recently assisted Mr. Dunlap in
the highly successful turnaround of Scott Paper Company, serving in the
capacity of Sr. Vice President, Finance and Administration. During their tenure
at Scott Paper Company, shareholder value increased by $6.5 billion in less
than two years before Scott merged with Kimberly Clark last December. Prior to
his employment at Scott Paper Company, Mr. Kersh served as the Chief Financial
Officer/Chief Operating Officer of Adidas North America, Inc. where he was
instrumental in the turnaround of that company. He has also worked with Sir
James Goldsmith as Chief Financial Officer/Operations Director and with Owens
Illinois N/K/A Lily-Tulip, Inc. as Corporate Treasurer.
Sunbeam Corporation is a leading consumer products company that
designs, manufactures and markets, nationally and internationally, a diverse
portfolio of outdoor and household brand name products. The Company's Sunbeam
(R) and Oster(R) brands have been household names for generations, and the
Company is a market share leader in many of its product categories.
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-###-
Contact: Peter Judice John G. De Simone
Berson-Marsteller Manager, Investor Relations
212-614-4506 Sunbeam Corporation
954-767-2100
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EXHIBIT 99.3
FOR IMMEDIATE RELEASE
SUNBEAM MANAGEMENT CHANGES ANNOUNCED
Fort Lauderdale, FL, (July 24, 1996) -- Sunbeam Corporation
(NYSE:SOC). Albert Dunlap, Sunbeam's Chairman and Chief Executive Officer,
stated today, "As reflected in our quarterly earnings release earlier today,
the poor performance of Sunbeam obviously will require a massive restructuring.
To accomplish this, we will be recruiting an executive to run the operations of
the Company on a global basis. I expect to announce this appointment quickly.
Other organizational changes will be forthcoming as well.
Consistent with this decision, Jim Clegg, formerly Chief Operating
Officer, North America, is no longer with the Company, effective immediately."
Sunbeam Corporation is a leading consumer products company that
designs, manufactures and markets, nationally and internationally, a diverse
portfolio of outdoor and household brand name products. The Company's
Sunbeam(R) and Oster(R) brands have been household names for generations, both
domestically and abroad, and the Company is a market leader in many of its
product categories.
Contact: John DeSimone
Manager, Investor Relations
SUNBEAM CORPORATION
(954) 767-2100
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