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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 10-K/A No. 1
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
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SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended June 30, 1995
_____ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to
Commission file number 1-483
_______________________
MALLINCKRODT GROUP INC.
(Exact name of Registrant as specified in its charter)
New York 36-1263901
(State or other jurisdiction of (I.R.S. Employer)
incorporation or organization) Identification No.)
7733 Forsyth Boulevard
St. Louis, Missouri
(Address of principal 63105-1820
executive offices) (Zip Code)
Registrant's telephone number, including area code: 314-854-5200
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
------------------- -----------------------
4% Cumulative Preferred Stock,
par value $100 per share New York Stock Exchange
Common Stock, par value $1 per share New York Stock Exchange
Chicago Stock Exchange
Pacific Stock Exchange
9 7/8% Sinking Fund Debentures
due March 15, 2011 New York Stock Exchange
6% Notes due October 15, 2003 New York Stock Exchange
7% Debentures due December 15, 2013 New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
_______________________
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
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Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of Registrant's knowledge, in definitive proxy
or information statements incorporated by reference in Part III of
this Form 10-K or any amendment to this Form 10-K. ___
______________________
State the aggregate market value of the voting stock held by
non-affiliates of the Registrant: $2,884,846,713 as of August 31,
1995. Market value is based on the August 31, 1995, closing prices of
Registrant's Common Stock and 4% Cumulative Preferred Stock.
Applicable Only To Corporate Registrants: Indicate the number of
shares outstanding of each of the Registrant's classes of common
stock: 76,532,542 shares as of August 31, 1995.
Documents Incorporated By Reference: Information required by Items
10, 11, 12, and 13 of Part III is incorporated by reference from
pages 1 through 4, pages 6 through 19, pages 8 and 9, and pages 7, 9
and 10, respectively, of the Registrant's definitive Proxy Statement
for the Annual Meeting of Stockholders to be held on October 18, 1995.
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The purpose of this amendment is to add the following material to the
Registrant's Annual Report onForm 10-K for the fiscal year ended June
30, 1995.
PART II.
<TABLE>
ITEM 6. SELECTED FINANCIAL DATA
(Dollars in millions except per share amounts)
<CAPTION>
Years ended June 30,
--------------------------------
1995 1994 (1) 1993 (1)
-------- -------- ---------
<S> <C> <C> <C>
Net sales........................................$2,212.1 $1,940.1 $1,796.3
Earnings (loss) from continuing operations.......$ 184.1 $ 107.4 $ (113.8)
Earnings (loss) from discontinued operations(5).. (3.8) (3.6) (6.0)
Cumulative effects of accounting changes......... (80.6)
--------- --------- ---------
Net earnings (loss).............................. 180.3 103.8 (200.4)
Preferred stock dividends........................ (.4) (.4) (.4)
--------- --------- ---------
Available for common shareholders................$ 179.9 $ 103.4 $ (200.8)
========= ========= =========
Per Common Share Data (6)
Earnings (loss) from continuing operations....... $ 2.37 $ 1.38 $(1.48)
Net earnings (loss).............................. 2.32 1.33 (2.60)
Dividends declared............................... .55 .49 .43
Book value....................................... 15.12 13.05 11.77
Weighted average common shares (in millions)..... 77.5 77.6 77.4
<CAPTION>
Years ended June 30,
-------------------------------
1992 (2) 1991 (3) 1990 (4)
-------- -------- --------
<S> <C> <C> <C>
Net sales........................................$1,072.9 $1,633.9 $1,424.6
Earnings (loss) from continuing operations.......$ 128.8 $ 97.2 $ 55.3
Earnings (loss) from discontinued operations(5).. (1.3) (9.0) 1.2
Cumulative effects of accounting changes.........
--------- --------- ---------
Net earnings (loss).............................. 127.5 88.2 56.5
Preferred stock dividends........................ (.4) (.4) (4.2)
--------- --------- ---------
Available for common shareholders................$ 127.1 $ 87.8 $ 52.3
========= ========= =========
Per Common Share Data (6)
Earnings (loss) from continuing operations....... $ 1.65 $ 1.37 $ .79
Net earnings (loss).............................. 1.63 1.24 .81
Dividends declared............................... .38 .33 .33
Book value....................................... 16.02 14.42 11.97
Weighted average common shares (in millions)..... 77.8 70.6 65.0
OTHER DATA
<CAPTION>
Years ended June 30,
--------------------------------
1995 1994 (1) 1993 (1)
-------- -------- ---------
<S> <C> <C> <C>
Total assets................................... $2,720.6 $2,433.5 $2,177.6
Working capital................................ 271.8 261.3 203.7
Current ratio.................................. 1.4:1 1.4:1 1.3:1
Total debt..................................... $ 699.0 $ 669.8 $ 617.0
Net deferred income tax (assets) liabilities... 25.7 (40.9) (36.0)
Shareholders' equity........................... 1,171.5 1,015.9 910.5
Invested capital............................... 1,870.5 1,685.7 1,527.5
Total debt/invested capital.................... 37% 40% 40%
Capital expenditures........................... $ 160.8 $ 172.3 $ 188.3
Total dividends declared....................... 42.2 37.7 33.2
Common shares outstanding (in millions)........ 76.8 77.0 76.4
Number of employees............................ 10,300 10,200 10,000
<CAPTION>
Years ended June 30,
--------------------------------
1992 (2) 1991 (3) 1990 (4)
-------- -------- ---------
<S> <C> <C> <C>
Total assets................................... $2,050.8 $2,250.2 $2,130.9
Working capital................................ 351.6 409.0 311.1
Current ratio.................................. 1.8:1 1.6:1 1.8:1
Total debt..................................... $ 373.7 $ 643.4 $ 837.4
Net deferred income tax (assets) liabilities... 41.7 48.0 52.9
Shareholders' equity........................... 1,224.2 1,084.2 824.8
Invested capital............................... 1,597.9 1,727.6 1,662.2
Total debt/invested capital.................... 23% 37% 50%
Capital expenditures........................... $ 150.4 $ 123.4 $ 85.7
Total dividends declared....................... 29.5 23.7 25.8
Common shares outstanding (in millions)........ 75.7 75.2 68.1
Number of employees............................ 9,500 9,800 9,600
</TABLE>
(1) See "Management's Discussion and Analysis" for a description of
nonrecurring items.
(2) Results for 1992 included an after-tax charge of $2.4 million,
or $.03 per share related to the formation of Tastemaker, the
flavors joint venture and an after-tax charge of $3.0 million, or
$.04 per share related to technical manufacturing control
problems at Mallinckrodt Veterinary's Kansas City, Kansas
manufacturing facility. These charges were partially offset by
an after-tax gain of $6.7 million, or $.08 per share from sales
of investments.
(3) Results for 1991 included an after-tax gain of $2.0 million, or
$.03 per share, from the sale of intangibles at Mallinckrodt
Veterinary.
(4) Results for 1990 included favorable adjustments from the
conclusion of income tax audits that amounted to $11.9 million
after taxes, or $.18 per share. That benefit was partially
offset by restructuring charges of $4.9 million, $3.0 million
after taxes, or $.05 per share, and charges for compensation
plans tied to the price of the Company's common stock that
amounted to $3.9 million, $2.4 million after taxes, or $.04 per
share.
(5) See Note 1 of Notes to Consolidated Financial Statements for
information on discontinued operations in 1995, 1994 and 1993.
The results for 1992 included a nonrecurring after-tax gain of
$.3 million, from net effects related to the IFL stock sales.
The results for 1991 included nonrecurring after-tax charges of
$2.8 million or $.04 per share, also from net effects related to
the IFL stock sales. The results for 1990 included nonrecurring
after-tax gains of $5.2 million, or $.08 per share from the sale
of the fragrance business. Results for 1992, 1991 and 1990 also
included after-tax charges of $1.3 million, or $.02 per share;
$6.2 million, or $.09 per share; and $7.6 million, or $.12 per
share, respectively, for environmental and litigation costs
related to operations previously sold.
(6) Presented on a primary per common share basis adjusted for the
3-for-1 stock split in November 1991.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
Mallinckrodt Group Inc.
-----------------------
(Registrant)
By: MICHAEL A. ROCCA By: WILLIAM B. STONE
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Michael A. Rocca William B. Stone
Senior Vice President and Vice President and Controller
Chief Financial Officer
Date: November 3, 1995
