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
November 22, 1995
Mallinckrodt Group Inc.
(Exact name of registrant as specified in its charter)
New York 1-483 36-1263901
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
7733 Forsyth Boulevard, St. Louis, MO 63105-1820
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, (314) 854-5200
including area code
<PAGE>
Item 5. Other Events
Following are the Mallinckrodt Group Inc. fiscal 1995 and 1994 income
statements as restated for the sale of the Feed Ingredients business.
<TABLE>
<CAPTION>
MALLINCKRODT GROUP INC.
RESTATED INCOME STATEMENT ($ IN MILLIONS)
Fiscal 1995
------------------------------------- Fiscal
Qtr 1 Qtr 2 Qtr 3 Qtr 4 1995
------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C>
NET SALES
Mallinckrodt Chemical $110.7 $121.8 $159.2 $185.1 $ 576.8
Mallinckrodt Medical 229.8 240.4 255.5 286.1 1,011.8
Mallinckrodt Veterinary 108.3 109.3 114.6 122.7 454.9
Intersegment Sales (.2) (.1) (.3)
------- ------- ------- ------- ---------
$448.6 $471.5 $529.2 $593.9 $2,043.2
======= ======= ======= ======= =========
OPERATING EARNINGS
Mallinckrodt Chemical $ 6.6 $ 15.2 $ 20.3 $ 26.4 $ 68.5
Mallinckrodt Medical 50.9 51.4 57.6 68.3 228.2
Mallinckrodt Veterinary 4.2 5.8 8.4 10.3 28.7
Corporate (6.2) (7.4) (6.6) (8.5) (28.7)
------- ------- ------- ------- ---------
$ 55.5 $ 65.0 $ 79.7 $ 96.5 $ 296.7
======= ======= ======= ======= =========
Net Sales $448.6 $471.5 $529.2 $593.9 $2,043.2
Operating costs and
expenses:
Cost of goods sold 248.3 250.0 286.9 317.6 1,102.8
Selling, administrative
and general expense 123.7 133.8 138.3 157.0 552.8
Research and
development expense 23.2 24.5 23.6 26.5 97.8
Other operating (income)
expense, net (2.1) (1.8) .7 (3.7) (6.9)
------- ------- ------- ------- ---------
393.1 406.5 449.5 497.4 1,746.5
------- ------- ------- ------- ---------
Operating earnings 55.5 65.0 79.7 96.5 296.7
Equity in pre-tax earnings
of joint venture 6.1 4.1 6.3 8.8 25.3
Interest and other non-
operating expense, net (.3) (.5) (.2) (3.3) (4.3)
Interest expense (12.0) (11.8) (17.7) (14.0) (55.5)
------- ------- ------- ------- ---------
Earnings from continuing
operations before
income taxes 49.3 56.8 68.1 88.0 262.2
Income tax provision 18.8 21.5 25.0 33.0 98.3
------- ------- ------- ------- ---------
Earnings from
continuing operations 30.5 35.3 43.1 55.0 163.9
Discontinued operations 3.4 4.5 3.9 4.6 16.4
------- ------- ------- ------- ---------
Net earnings 33.9 39.8 47.0 59.6 180.3
Preferred stock dividends (.1) (.1) (.1) (.1) (.4)
------- ------- ------- ------- ---------
Available for common
shareholders $ 33.8 $ 39.7 $ 46.9 $ 59.5 $ 179.9
======= ======= ======= ======= =========
Earnings Per Common Share
Continuing operations $.40 $.45 $.56 $.70 $2.11
Discontinued operations .04 .06 .05 .06 .21
------- ------- ------- ------- ---------
Net earnings $.44 $.51 $.61 $.76 $2.32
======= ======= ======= ======= =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MALLINCKRODT GROUP INC.
RESTATED INCOME STATEMENT ($ IN MILLIONS)
Fiscal 1994
------------------------------------- Fiscal
Qtr 1 Qtr 2 Qtr 3 Qtr 4 1994
------- ------- ------- ------- --------
<C> <S> <S> <S> <S> <S>
NET SALES
Mallinckrodt Chemical $102.5 $101.6 $111.3 $121.5 $ 436.9
Mallinckrodt Medical 200.9 225.5 222.7 263.2 912.3
Mallinckrodt Veterinary 103.5 95.9 111.4 118.7 429.5
Intersegment Sales (.7) (.1) (.8)
------- ------- ------- ------- ---------
$406.2 $423.0 $445.4 $503.3 $1,777.9
======= ======= ======= ======= =========
OPERATING EARNINGS (LOSS)
Mallinckrodt Chemical $ 8.0 $ 11.4 $ 17.6 $ 24.7 $ 61.7
Mallinckrodt Medical 46.7 47.5 47.3 (12.6) 128.9
Mallinckrodt Veterinary 5.9 2.8 7.7 (15.4) 1.0
Corporate (7.7) (5.8) (7.6) (9.1) (30.2)
Eliminations .1 .1
------- ------- ------- ------- ---------
$ 53.0 $ 55.9 $ 65.0 $(12.4) $ 161.5
======= ======= ======= ======= =========
Net Sales $406.2 $423.0 $445.4 $503.3 $1,777.9
Operating costs and
expenses:
Cost of goods sold 217.7 224.3 229.9 260.0 931.9
Selling, administrative
and general expense 115.6 119.4 126.0 135.7 496.7
Research and
development expense 21.1 23.2 24.1 26.9 95.3
Restructuring charge 93.9 93.9
Other operating (income)
expense, net (1.2) .2 .4 (.8) (1.4)
------- ------- ------- ------- ---------
353.2 367.1 380.4 515.7 1,616.4
------- ------- ------- ------- ---------
Operating earnings (loss) 53.0 55.9 65.0 (12.4) 161.5
Equity in pre-tax earnings
of joint venture 3.8 3.2 4.8 6.7 18.5
Interest and other non-
operating income
(expense), net (.6) .4 .8 (1.0) (.4)
Interest expense (8.6) (9.5) (10.4) (11.5) (40.0)
------- ------- ------- ------- ---------
Earnings (loss) from
continuing operations
before income taxes 47.6 50.0 60.2 (18.2) 139.6
Income tax provision
(benefit) 17.1 19.5 21.9 (6.8) 51.7
------- ------- ------- ------- ---------
Earnings (loss) from
continuing operations 30.5 30.5 38.3 (11.4) 87.9
Discontinued operations 4.0 5.5 4.0 2.4 15.9
------- ------- ------- ------- ---------
Net earnings (loss) 34.5 36.0 42.3 (9.0) 103.8
Preferred stock dividends (.1) (.1) (.1) (.1) (.4)
------- ------- ------- ------- ---------
Available for common
shareholders $ 34.4 $ 35.9 $ 42.2 $ (9.1) $ 103.4
======= ======= ======= ======= =========
Earnings (Loss) Per
Common Share
Continuing operations $.39 $.39 $.49 $(.15) $1.13
Discontinued operations .05 .07 .05 .03 .20
------- ------- ------- ------- ---------
Net earnings (loss) $.44 $.46 $.54 $(.12) $1.33
======= ======= ======= ======= =========
</TABLE>
MALLINCKRODT GROUP INC.
ROGER A. KELLER
Vice President, Secretary
and General Counsel
DATE: November 22, 1995
