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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ..... to .....
Commission File Number 1-5263
THE LUBRIZOL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio 34-0367600
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
29400 Lakeland Boulevard
Wickliffe, Ohio 44092-2298
(Address of principal executive offices)
(Zip Code)
(440) 943-4200
(Registrant's telephone number, including area code)
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 and 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 [ ]
Number of the registrant's common shares, without par value, outstanding, as of
April 30, 2000: 53,680,643.
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THE LUBRIZOL CORPORATION
========================
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
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Three Months Ended
March 31
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(In Thousands of Dollars) 2000 1999
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<S> <C> <C>
Cash provided from (used for):
Operating activities:
Net income ............................................... $ 30,105 $ 39,094
Adjustments to reconcile net income to cash provided
by operating activities:
Depreciation and amortization ........................ 24,099 24,253
Deferred income taxes ................................ 1,805 4,106
Special charge ....................................... 3,136
Change in current assets and liabilities:
Receivables ........................................ (23,621) (28,749)
Receivable from litigation settlement .............. (16,800)
Inventories ........................................ (13,839) 7,668
Accounts payable and accrued expenses .............. 6,987 31,785
Other current assets ............................... 3,272 15,333
Other items - net .................................... (4,775) 2,775
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Total operating activities ..................... 24,033 82,601
Investing activities:
Capital expenditures ................................... (17,774) (18,327)
Acquisitions and investments in nonconsolidated
companies ............................................ (35,741)
Other - net ............................................ 183 547
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Total investing activities ..................... (53,332) (17,780)
Financing activities:
Short-term borrowings (repayment) ...................... 19 (8,122)
Long-term repayments ................................... (14) (422)
Dividends paid ......................................... (14,152) (14,183)
Common shares purchased ................................ (15,850)
Stock options exercised ................................ 1,201 23
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Total financing activities ..................... (28,796) (22,704)
Effect of exchange rate changes on cash .................. (799) (3,495)
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Net increase (decrease) in cash and short term investments (58,894) 38,622
Cash and short-term investments at the beginning
of period .............................................. 185,465 53,639
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Cash and short-term investments at end of period ......... $ 126,571 $ 92,261
========= =========
</TABLE>
Amounts shown are unaudited.
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THE LUBRIZOL CORPORATION
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PART II. OTHER INFORMATION
Item 2. Changes in Securities and Use of Proceeds
-----------------------------------------
(c) On January 31, 2000, we issued 951 common shares in a private
placement transaction exempt from registration under the
Securities Act of 1933 pursuant to Section 4(2) of that Act.
We issued the shares to a former officer pursuant to a
deferred compensation program for executive officers.
On February 1, 2000, we issued 225 common shares in a private
placement transaction exempt from registration under the
Securities Act of 1933 pursuant to Section 4(2) of that Act.
We issued the shares to a former director pursuant to a
deferred compensation plan for directors.
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) Exhibits
(10)(b)* The Lubrizol Corporation Amended Deferred
Compensation Plan for Directors.
(10)(h)* The Lubrizol Corporation 1991 Stock Incentive Plan,
as amended.
(10)(i)* The Lubrizol Corporation Deferred Stock Compensation
Plan for Outside Directors.
(10)(k)* The Lubrizol Corporation Deferred Compensation Plan
for Officers (Amended as of March 11, 2000).
(10)(l)* The Lubrizol Corporation Executive Council Deferred
Compensation Plan, as amended.
* Indicates management contract or compensatory plan or
arrangement.
(27) Financial Data Schedule.
(b) Reports on Form 8-K
There were no reports on Form 8-K filed during the quarter
ended March 31, 2000.
Signatures
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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.
THE LUBRIZOL CORPORATION
/s/John R. Ahern
-------------------------------
John R. Ahern
Chief Accounting Officer and
Duly Authorized Signatory of
The Lubrizol Corporation
Date: July 19, 2000
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