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: June 15, 1998
(Date of earliest event reported)
MINNESOTA MINING AND MANUFACTURING COMPANY
(Exact name of registrant as specified in its charter)
File No. 1-3285
(Commission File Number)
Delaware 41-0417775
(State of incorporation) (I.R.S. Employer
Identification Number)
3M Center 55144-1000
St. Paul, Minnesota (Zip Code)
(Address of principal executive offices)
Registrant's telephone, including area code:
(612) 733-1110
ITEM 5. OTHER EVENTS.
In a release dated June 15, 1998, the Registrant announced
that it expects second-quarter earnings to be below those
in the same quarter last year. The news release also
contained forward-looking statements relating to 1998
and the second-half of 1998. The news release is attached
as Exhibit 99 and incorporated by reference herein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits Required by Item 601 of Regulation S-K
EXHIBIT NO. DESCRIPTION
---------- -----------
99 News Release dated June 15, 1998
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 thereunto duly authorized on the date
indicated.
MINNESOTA MINING AND
MANUFACTURING COMPANY
By: /s/ Janet L. Yeomans
--------------------
Janet L. Yeomans,
Vice President and Treasurer
Dated: June 15, 1998
EXHIBIT INDEX
EXHIBIT DESCRIPTION
- ------ -----------
99 Press Release dated June 15, 1998,
Exhibit 99
Contact Jon Greer
612-736-1915
FOR IMMEDIATE RELEASE
3M Discusses Second-Quarter Outlook
ST. PAUL, MINN. - JUNE 15, 1998 -- 3M said today that --
due to economic weakness in Japan and Asia, modest overall
U.S. growth and the increasing strength of the U.S. dollar--
the company expects second-quarter earnings to be below
those in the same quarter last year. Earnings are estimated
to be in the range of 90 to 94 cents per share on a diluted
basis. The company estimates that currency effects will
reduce second-quarter earnings by more than 10 percent.
In the second quarter last year, 3M earned $418
million, or 99 cents per share on a diluted basis.
"We have a strong presence in Japan and Asia, and our
businesses continue to be affected by the economic
contractions in that area," said L.D. DeSimone, chairman
and chief executive officer. "In the United States, we
continue to see good demand in several businesses, paced by
new products, but softness in electronics and certain other
industries has held back overall growth."
Looking ahead, 3M said it expects higher second-half
earnings, but profits for the year as a whole are expected
to be similar to the company's 1997 earnings. In 1997,
earnings from continuing operations totaled $1.63 billion,
or $3.88* per share on a diluted basis.
"At this juncture, we're assuming that Japan and Asia
will remain weak, the growth of the U.S. economy will
slow somewhat in the second half and the U.S. dollar will
remain strong," DeSimone said. Currency, at current
exchange rates, will reduce full-year earnings by an
estimated 10 percent.
3M will report results for the second quarter on July
23.
* Excludes gain on sales of National Advertising Company
FORWARD-LOOKING STATEMENTS
Certain portions of this news release that do not relate to
historical financial information constitute forward-looking
statements. These forward-looking statements are subject to
certain risks and uncertainties. Actual future results and
trends may differ materially from historical results or
those expected depending on a variety of factors, including
(1) foreign exchange rates and fluctuations in those rates;
(2) worldwide economic growth, particularly in Japan and the
Asia region; (3) raw materials, including shortages and
increases in the costs of key raw materials; (4) legal
proceedings; and (5) the impact of the Year 2000 issue.
