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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Act of 1934
Date of Report (Date of earliest event reported) January 7, 1994
LAWTER INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-7558 36-1370818
(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification No.)
incorporation)
990 Skokie Boulevard, Northbrook, Illinois 60062
(Exact address of registrant as specified in its charter)
708/498-4700
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Page 1 of 4 pages
Exhibit Index at page 3
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Item 5. Other Events
On January 7, 1994, the Registrant issued a press release announcing
certain charges to earnings in the fourth quarter of 1993. Such press release
is attached as an exhibit to this report and is incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits. The exhibits to this report are listed in the Exhibit Index
included elsewhere herein.
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.
LAWTER INTERNATIONAL, INC.
By: /s/ Richard D. Nordman
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Richard D. Nordman
President
Date: January 11, 1994
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LAWTER INTERNATIONAL, INC.
Exhibit Index
Sequential
Page
Number and Description of Exhibit* Number
- ---------------------------------- -----------
99. Press Release dated January 7, 1994 4
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* Exhibits not listed are inapplicable.
3
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Exhibit 99
PRESS RELEASE
LAWTER INTERNATIONAL, INC.
990 SKOKIE BLVD., NORTHBROOK, IL 60062
708 498-4700
FOR IMMEDIATE RELEASE
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(For further information, please contact Mr. Richard D. Nordman, President)
LAWTER TO PROVIDE $22 MILLION ONE-TIME TAX CHARGE AND
APPROXIMATELY $6 MILLION IN OTHER CHARGES
TO 1993 FOURTH QUARTER EARNINGS
Northbrook, Illinois -- January 7, 1994 -- Lawter International, Inc.
announced that as a result of the Revenue Reconciliation Act of 1993, the
Company has adopted an accounting change regarding past undistributed earnings
of its foreign subsidiaries. Lawter has accumulated through the end of 1993
approximately $71 million of foreign earnings which had been deemed to be
permanently reinvested abroad. These earnings have been exempt from local taxes
or taxed at rates lower than the U.S. tax rate and no additional U.S. tax
provision had been required.
Lawter directors have today determined it is in the best interest of the
Company to make these funds available to the U.S. parent for working capital,
capital expenditures and potential U.S. acquisitions. As a result of this
accounting change, the Company is required to provide a one-time $22 million tax
charge to the fourth quarter of 1993. It should be noted that these taxes are
not payable and Lawter's cash position is not reduced by this action until these
funds are actually remitted to the U.S. parent.
In addition, other after-tax charges and reserves of approximately $6
million will also be provided in the fourth quarter of 1993. This amount will
cover such matters as voluntary waste disposal, refurbishing and cleaning waste
water treatment facilities, writing down of marketable securities to market,
inventory obsolescence, employee severance, costs incurred with the terminated
Hach merger, and other miscellaneous items.
Sales for the fourth quarter of 1993 have continued to surpass those of the
same period of 1992. Audited results for sales and earnings for 1993 are
expected to be available on February 15, 1994.
Lawter directors authorized the construction of a new modern synthetic
resin and printing ink manufacturing facility in Europe to be completed before
the end of 1995.
Lawter directors also voted a regular dividend of 10 cents per share
payable March 1, 1994, to shareholders of record at the close of business
February 14, 1994.
Lawter management believes these decisions will enhance profitability and
provide maximum financial flexibility in the years ahead and anticipates record
sales and earnings for 1994.
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