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: December 16, 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 December 16, 1998, the Registrant announced
that it expects fourth-quarter earnings to be below those in the
same quarter last year. The news release also contained
forward-looking statements relating to the fourth-quarter of 1998
and 1999. 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 December 16, 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: December 16, 1998
EXHIBIT INDEX
EXHIBIT DESCRIPTION
- ------ -----------
99 Press Release dated December 16, 1998
Contacts: Jon Greer
651-736-1915
Matt Ginter
651-733-8206
Mary McCormick
651-736-5068
FOR IMMEDIATE RELEASE
3M Discusses Fourth-Quarter Outlook
St. Paul, Minn. - Dec. 16, 1998 - 3M said today that it expects
lower fourth-quarter earnings, due to modest sales growth,
reductions in factory output and negative currency effects.
Per-share earnings, excluding one-time items, are estimated to
be about 10 percent below the same quarter last year. Currency
effects will reduce earnings by about 6 cents a share, or about 7
percent. In the fourth quarter last year, 3M earned $366 million,
or 89 cents a share on a diluted basis.
3M expects that its fourth-quarter sales - excluding currency
impacts - will increase about 2 percent from the same quarter last
year, slightly less than expected.
"During the quarter, we have slowed factory output to bring
inventory levels into better line with current and projected
demand," said L.D. DeSimone, chairman and chief executive officer.
"This is having a negative effect on fourth-quarter gross margins."
He said the company's cost-reduction initiative is ahead of
schedule, but that the bulk of the savings from the actions will
occur during the next two years.
As previously announced, 3M intends to reduce about 4,500 job
positions - more than 5 percent of its worldwide total - by the end
of 1999. Of these reductions, approximately 2,000 will take place
by the end of this year. These job reductions stem from streamlining
of corporate structure, consolidation of manufacturing operations,
and elimination of low-margin product lines.
The company said its expects higher 1999 profits, despite a
continued challenging economic environment. At this juncture, the
company estimates that 1999 per-share earnings will rise about 8
percent on a revenue gain of 4 to 5 percent.
"New products, productivity gains and cost controls will help
our 1999 results," DeSimone said.
3M - a leading global manufacturer of products for industrial,
consumer, health care and other markets - will report fourth-quarter
results on January 25.
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;
(3) raw materials, including shortages and increases in the costs
of key raw materials; (4) legal proceedings; and (5) impact of
the Year 2000 issue.
