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 (Date of earliest event reported):
September 15, 1995
Owens & Minor, Inc.
(Exact Name of Registrant as Specified in Charter)
Virginia 1-9810 54-1701843
(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
4800 Cox Road, Glen Allen, Virginia 23060
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(804) 747-9794
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
On September 15, 1995 Owens & Minor, Inc. (the
"Registrant") issued a press release attached as Exhibit 99
hereto relating to preliminary third quarter and fiscal year
1995 earnings, which is incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(c) Exhibits.
99. Press Release issued by the Registrant on
September 15, 1995.
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
hereunto duly authorized.
Date: 9/15/95 OWENS & MINOR, INC.
By:\s\G. Gilmer Minor, III
G. Gilmer Minor, III
President and Chief
Executive Officer
Exhibits Index
Exhibit No.
(99) Press Release issued by the Registrant on
September 15, 1995.
Exhibit 99
September 15, 1995
OWENS & MINOR PROJECTS LOWER THAN EXPECTED RESULTS
Richmond, Va....Owens & Minor, Inc. (NYSE-OMI) announced
today that it expects third quarter results from recurring
operations to be significantly below last year's third quarter
and investment analysts' estimates. The company also expects
results for the full year of 1995 to be well below last year
and investment analysts' estimates. The results for the third
quarter of 1995 are expected to show a loss from recurring
operations. The results for the fourth quarter of 1995 are
expected to show improvement over the third quarter of 1995.
The projected results reflect a decline in gross margin,
as the company's business mix continues to shift toward large
accounts that benefit from lower prices and enhanced levels of
service. General and administrative expense efficiencies have
been delayed as the company completes the division
consolidations of Stuart Medical into Owens & Minor and the
expansion of facilities due to new business. Also, interest
costs are up significantly compared to last year primarily due
to higher rates and excess inventory.
To address the gross margin issue, the company has a
number of initiatives underway, including the institution of
a 1 percent across-the-board price increase on all of its
product offerings to reflect the value of the services
provided to the customer. As the company completes the
consolidations this year and unusual work demands decrease,
the company's resources will be redirected toward achieving
operational efficiencies. Consequently, costs and inventory
levels are expected to show improvement in 1996. While the
company expects these initiatives to be successful, it cannot
predict their impact upon future earnings.
According to G. Gilmer Minor, III, chairman, president
and chief executive officer: "I am very disappointed in these
short term results. However, we knew this quarter was going to
be the toughest of the transition quarters. We expect some
improvement in the fourth quarter of 1995, but our primary
focus is to produce a level of profitability in 1996
consistent with our record of past successful results.
Technology enhancements and better discipline in our
operations brought about by a return to pre-acquisition
fundamentals will help drive our performance in 1996."
Owens & Minor, Inc., a Fortune 500 Company, is a
national wholesale distributor of medical/surgical supplies.
The company's distribution centers serve hospitals, primary
care facilities, integrated healthcare systems and group
purchasing organizations throughout the United States. In
addition to offering a diverse product selection, Owens &
Minor helps customers control healthcare costs and improve
inventory management through innovative services in asset
management, logistics and technology.
CONTACT:
Glenn J. Dozier Hugh F. Gouldthorpe
Senior Vice President, Finance Vice President
Chief Financial Officer Quality and Communications
Owens & Minor, Inc. Owens & Minor, Inc.
(804) 965-2945 (804) 965-2922
