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: January 22, 1996
____________________________________
IBP, inc.
A Delaware Commission File IRS Employer Identification
Corporation Number 1-6085 No. 42-0838666
IBP Avenue
Post Office Box 515
Dakota City, Nebraska 68731
Telephone Number: (402) 494-2061
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Page 1 of 5 pages.
ITEM 5. Other Events
On January 22, 1996, IBP, inc. (the "Company") announced
financial results for its 1995 fiscal year and the fourth quarter
of 1995.
Net sales in 1995 totaled $12.7 billion, up 5% from $12.1
billion the previous year. Net earnings were $258 million, a 41%
increase over the $182 million recorded in 1994. Earnings per
share, after the company's recent two-for-one stock split and an
extraordinary fourth quarter 1995 charge of $22 million or $.23
per share for debt prepayment, rose to $2.67 in 1995 compared to
$1.90 in 1994. All per share earnings amounts herein are
adjusted to reflect the stock split.
Net earnings for the fourth quarter of 1995 totaled $35
million, or $.36 per share, including the extraordinary charge
for debt prepayment, compared to $78 million, or $.81 per share,
in 1994.
The Company released the following financial results.
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CONSOLIDATED CONDENSED
BALANCE SHEETS
(In thousands)
December 30, December 31,
1995 1994
----------- ------------
ASSETS
Current assets:
Cash and equivalents $ 116,277 $ 84,229
Marketable securities 63,851 76,307
Accounts receivable, net 529,796 514,800
Inventories 303,711 244,048
Deferred income tax
benefits and prepaid expenses 55,255 54,538
--------- ---------
Total current assets 1,068,890 973,922
Property, plant and
equipment, net 726,859 651,364
Goodwill, net 208,434 216,779
Other assets 23,418 23,398
--------- ---------
$2,027,601 $1,865,463
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts and notes payable $ 308,261 $ 275,595
Other current liabilities 333,388 339,089
--------- ---------
Total current liabilities 641,649 614,684
Long-term debt and
capital lease
obligations 260,752 361,760
Deferred income taxes
and other liabilities 102,261 108,525
Stockholders' equity 1,022,939 780,494
--------- ---------
$2,027,601 $1,865,463
========= =========
Year-to-date
capital expenditures $ 160,626 $ 83,868
========= =========
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SUMMARY OF SELECTED FINANCIAL DATA
(Amounts in Thousands Except Per Share Data)
13 Weeks 14 Weeks 52 Weeks 53 Weeks
Ended Ended Ended Ended
December 30, December 31, December 30, December 31,
1995 1994 1995 1994
OPERATIONS ---------- ---------- ----------- ------------
Net sales $3,160,322 $3,233,518 $12,667,562 $12,075,427
Cost of
products sold 3,034,076 3,050,375 12,063,494 11,615,318
--------- --------- ---------- ----------
Gross profit 126,246 183,143 604,068 460,109
Selling, general and
administrative
expense 29,249 38,427 123,972 112,772
--------- --------- ---------- ----------
EARNINGS FROM
OPERATIONS 96,997 144,716 480,096 347,337
Interest expense,
net 3,356 8,898 20,784 38,448
--------- --------- ---------- ----------
Earnings before
income taxes and
extraordinary loss 93,641 135,818 459,312 308,889
Income tax expense 36,600 58,000 179,200 126,600
--------- --------- ---------- ----------
Earnings before
extraordinary loss 57,041 77,818 280,112 182,289
Extraordinary loss on
early extinguishment
of debt, less
applicable taxes (22,189) - (22,189) -
--------- --------- ---------- ---------
NET EARNINGS $ 34,852 $ 77,818 $ 257,923 $ 182,289
========= ========= ========== =========
PER SHARE DATA
Earnings before
extraordinary
item $ .59 $ .81 $2.90 $1.90
Extraordinary item (.23) - (.23) -
----- ----- ---- ----
Net earnings $ .36 $ .81 $2.67 $1.90
===== ===== ==== ====
Dividends per share $ .025 $ .025 $ .10 $ .10
===== ===== ==== ====
Average common and common
equivalent shares 97,144 96,444 96,631 96,163
====== ====== ====== ======
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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 thereunto duly authorized.
Date: January 23, 1996
IBP, inc.
By: /s/
Name: Lonnie O. Grigsby
Title: Executive Vice President
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