UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1995
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 1-4982
PARKER-HANNIFIN CORPORATION
(Exact name of registrant as specified in its charter)
OHIO 34-0451060
(State or other (IRS Employer
jurisdiction of Identification No.)
incorporation)
17325 Euclid Avenue, Cleveland, Ohio 44112
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (216) 531-3000
Indicate by check mark whether Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months, and (2) has been subject to such
filing requirements for the past 90 days.
Yes X . No .
Number of Common Shares outstanding at December 31, 1995 74,163,385
<PAGE>
PARKER-HANNIFIN CORPORATION
INDEX
Page No.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statement of Income - Three
Months and Six Months Ended December 31,
1995 and 1994 3
Consolidated Balance Sheet -
December 31, 1995 and June 30, 1995 4
Consolidated Statement of Cash Flows -
Six Months Ended December 31, 1995
and 1994 5
Business Segment Information by Industry -
Three Months and Six Months Ended
December 31, 1995 and 1994 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 8-10
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 11
EXHIBIT 11* - Computation of Earnings per Common Share 13
EXHIBIT 27* - Financial Data Schedule 14
*Numbered in accordance with Item 601 of Regulation S-K.
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<PAGE>
PART I - FINANCIAL INFORMATION
<TABLE>
<CAPTION>
PARKER-HANNIFIN CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Net sales $ 824,376 $ 738,231 $ 1,663,430 $ 1,450,688
Cost of sales 641,481 572,862 1,287,090 1,123,389
_________ _________ ___________ ___________
Gross profit 182,895 165,369 376,340 327,299
Selling, general and administrative expenses 101,189 91,168 198,908 172,703
_________ _________ ___________ ___________
Income from operations 81,706 74,201 177,432 154,596
Other income (deductions):
Interest expense (7,241) (7,654) (15,229) (14,878)
Interest and other income, net 2,355 148 5,688 336
_________ _________ ___________ ___________
(4,886) (7,506) (9,541) (14,542)
_________ _________ ___________ ___________
Income before income taxes 76,820 66,695 167,891 140,054
Income taxes 28,424 25,611 62,120 55,321
_________ _________ ___________ ___________
Net income $ 48,396 $ 41,084 $ 105,771 $ 84,733
========= ========= =========== ===========
Earnings per share (A) $ .66 $ .56 $ 1.43 $ 1.15
Cash dividends per common share (A) $ .180 $ .167 $ .360 $ .334
(A) Fiscal 1995 per share amounts have been adjusted for the 3-shares-for-2
common stock split paid June 2, 1995.
See accompanying notes to consolidated financial statements.
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
PARKER-HANNIFIN CORPORATION
CONSOLIDATED BALANCE SHEET
(Dollars in thousands)
December 31, June 30,
1995 1995
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 73,777 $ 63,830
Accounts receivable, net 444,635 484,962
Inventories:
Finished products 329,787 314,180
Work in process 220,461 201,386
Raw materials 104,774 110,340
___________ ___________
655,022 625,906
Prepaid expenses 13,625 14,994
Deferred income taxes 66,885 56,690
___________ ___________
Total current assets 1,253,944 1,246,382
Plant and equipment 1,871,354 1,812,667
Less accumulated depreciation 1,029,794 996,896
___________ ___________
841,560 815,771
Other assets 244,672 240,056
___________ ___________
Total assets $ 2,340,176 $ 2,302,209
=========== ===========
LIABILITIES
Current liabilities:
Notes payable $ 127,599 $ 97,372
Accounts payable, trade 185,358 227,482
Accrued liabilities 259,922 280,891
Accrued domestic and foreign taxes 49,704 46,876
___________ ___________
Total current liabilities 622,583 652,621
Long-term debt 234,644 237,157
Pensions and other postretirement benefits 181,337 188,292
Deferred income taxes 18,570 23,512
Other liabilities 9,493 9,113
___________ ___________
Total liabilities 1,066,627 1,110,695
SHAREHOLDERS' EQUITY
Serial preferred stock, $.50 par value;
authorized 3,000,000 shares; none issued -- --
Common stock, $.50 par value; authorized
300,000,000 shares; issued 74,163,385
shares at December 31 and 74,002,402
shares at June 30 37,082 37,001
Additional capital 160,385 158,454
Retained earnings 1,053,580 974,486
Deferred compensation related to guarantee
of ESOP debt (6,895) (13,468)
Currency translation adjustment 29,397 35,041
___________ ___________
Total shareholders' equity 1,273,549 1,191,514
___________ ___________
Total liabilities and
shareholders' equity $ 2,340,176 $ 2,302,209
=========== ===========
See accompanying notes to consolidated financial statements.
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
PARKER-HANNIFIN CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Six Months Ended
December 31,
1995 1994
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 105,771 $ 84,733
Adjustments to reconcile net income to net cash
provided by operations:
Depreciation 63,969 55,516
Amortization 4,731 3,982
Deferred income taxes (8,615) (2,848)
Foreign currency transaction loss 751 83
(Gain) loss on sale of plant and equipment (33) 511
Changes in assets and liabilities:
Accounts receivable 37,897 9,614
Inventories (28,384) (31,724)
Prepaid expenses 1,094 2,806
Other assets (7,292) (6,588)
Accounts payable, trade (41,819) (23,050)
Accrued payrolls and other compensation (20,919) (8,825)
Accrued domestic and foreign taxes 2,894 (7,651)
Other accrued liabilities 5,706 (6,508)
Pensions and other postretirement benefits (5,489) 7,899
Other liabilities 479 (1,553)
__________ _________
Net cash provided by operating activities 110,741 76,397
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions (excluding cash of $68 in 1995
and $5,146 in 1994) (13,030) (105,750)
Capital expenditures (100,625) (59,548)
Proceeds from sale of plant and equipment 7,649 8,937
Other (3,468) 3,574
__________ _________
Net cash used in investing activities (109,474) (152,787)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from common share activity 28 6,998
Proceeds from notes payable, net 39,766 63,275
Proceeds from long-term borrowings 1,016 18,887
Payments of long-term borrowings (5,011) (26,721)
Dividends (26,677) (24,560)
__________ _________
Net cash provided by financing activities 9,122 37,879
Effect of exchange rate changes on cash (442) 474
__________ _________
Net increase (decrease) in cash and cash equivalents 9,947 (38,037)
Cash and cash equivalents at beginning of year 63,830 81,590
__________ _________
Cash and cash equivalents at end of period $ 73,777 $ 43,553
========== =========
See accompanying notes to consolidated financial statements.
</TABLE>
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PARKER-HANNIFIN CORPORATION
BUSINESS SEGMENT INFORMATION BY INDUSTRY
(Dollars in thousands)
(Unaudited)
Parker operates in two industry segments: Industrial and Aerospace.
The Industrial Segment is the largest and includes the International
operations.
Industrial - This segment produces a broad range of motion-control and
fluid systems and components used in all kinds of manufacturing,
packaging, processing, transportation, mobile construction, and
agricultural and military machinery and equipment. Sales are direct to
major original equipment manufacturers (OEMs) and through a broad
distribution network to smaller OEMs and the aftermarket.
Aerospace - This segment designs and manufactures products and provides
aftermarket support for commercial, military and general-aviation
aircraft, missile and spacecraft markets. The Aerospace Segment provides
a full range of systems and components for hydraulic, pneumatic and
fuel applications.
<TABLE>
<CAPTION>
Results by Business Segment:
Three Months Ended Six Months Ended
December 31, December 31,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Net sales, including intersegment sales
Industrial:
North America $ 462,576 $ 422,225 $ 936,649 $ 840,059
International 227,405 190,689 457,168 360,840
Aerospace 134,563 125,532 269,894 250,100
Intersegment sales (168) (215) (281) (311)
_________ _________ ___________ ___________
Total $ 824,376 $ 738,231 $ 1,663,430 $ 1,450,688
========= ========= =========== ===========
Income from operations before corporate
general and administrative expenses
Industrial:
North America $ 59,848 $ 56,038 $ 126,410 $ 117,706
International 16,549 15,209 38,733 28,129
Aerospace 17,073 13,354 35,452 28,891
_________ _________ ___________ ___________
Total 93,470 84,601 200,595 174,726
Corporate general and
administrative expenses 11,764 10,400 23,163 20,130
_________ _________ ___________ ___________
Income from operations $ 81,706 $ 74,201 $ 177,432 $ 154,596
========= ========= =========== ===========
See accompanying notes to consolidated financial statements.
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<PAGE>
PARKER-HANNIFIN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Dollars in thousands, except per share amounts
_______________________
1. Management Representation
In the opinion of the Company, the accompanying unaudited consolidated
financial statements contain all adjustments (consisting of only normal
recurring accruals) necessary to present fairly the financial position as
of December 31, 1995, the results of operations for the three and six
months ended December 31, 1995 and 1994 and cash flows for the six months
then ended.
2. Segment Reclassification
Fiscal 1995 results have been restated to reclassify an operating division
from the Aerospace Segment to the Industrial Segment (North America) to be
consistent with fiscal 1996 reporting. Existing business practices,
distribution methods and internal organization more properly align this
operating division with the Industrial Segment. The effect on both
Segments is immaterial.
3. Earnings per share
Fiscal 1995 per share amounts have been adjusted for the 3-shares-for-2
common stock split paid June 2, 1995.
Primary earnings per share are computed using the weighted average number
of shares of common stock and common stock equivalents outstanding during
the period. Fully diluted earnings per share are not presented because
such dilution is not material.
4. Acquisitions
The Company has signed an agreement with Power Control Technologies, Inc.
to purchase the aerospace assets of the Abex / NWL Division of Pneumo Abex
Corporation for approximately $193 million cash. Abex / NWL, headquartered
in Kalamazoo, Michigan, is a major international producer of aerospace
hydraulic actuation equipment, engine thrust-reverser actuators, hydraulic
pumps, electrohydraulic servovalves, hydraulic systems, and electro-
mechanical actuation equipment with annual sales of approximately
$200 million. The transaction is expected to be completed in March or
April after shareholder approval and governmental review.
The Company also announced that it has signed a letter of intent to
acquire VOAC Hydraulics of Boras, Sweden, a world leader in the
manufacturing of mobile hydraulic equipment with calendar 1995 annual
sales of approximately $166 million. The transaction should be completed
during the third quarter.
On July 31, 1995 the Company purchased the General Valve Corp. of
Fairfield, New Jersey, a leading producer of miniature solenoid valves for
high-technology applications for approximately 152,000 shares of common
stock. Also on August 4, 1995 the Company purchased inventory and
machinery from Teledyne Fluid Systems consisting of the Republic Valve
product line, the Sprague double-diaphragm pump line and the Sprague
airborne accumulator product line for approximately $5.2 million in cash.
Sales by these operations for their most recent fiscal year prior to
acquisition approximated $16.8 million. These acquisitions were accounted
for by the purchase method.
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<PAGE>
PARKER-HANNIFIN CORPORATION
FORM 10-Q
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FOR THE THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 1995
AND COMPARABLE PERIODS ENDED DECEMBER 31, 1994
CONSOLIDATED STATEMENT OF INCOME
Net sales increased 11.7 percent for the second quarter and 14.7 percent for
the six-month period ended December 31, 1995. Without the effect of
acquisitions the increases would have been 7.3 percent and 8.8 percent,
respectively. These increases, although less than were experienced during
fiscal 1995, are the result of market-share gains as well as the worldwide
growth of the industrial markets.
Income from operations was $81.7 million for the current second quarter and
$177.4 million for the current six months, an increase of 10.1 percent for the
quarter and 14.8 percent for the six months. As a percent of sales, Income
from operations decreased to 9.9 percent from 10.1 percent for the quarter and
remained at 10.7 percent for the six months. Cost of sales as a percent of
sales increased to 77.8 percent from 77.6 percent for the quarter and remained
at 77.4 percent for the six-month period. The decline in gross profit for the
quarter is primarily due to the mix of products sold. Selling, general and
administrative expenses, as a percent of sales, remained fairly steady for
both the three and six month periods.
The effective income tax rate for the current quarter and first half was 37.0
percent compared to rates of 38.4 percent and 39.5 percent, respectively for
fiscal 1995. The lower rate in fiscal 1996 is due to the continuing benefit
realized from the use of net operating loss carry-forwards and a change in the
geographic mix of earnings.
Net income increased 17.8 percent for the quarter and 24.8 percent for the
half, as compared to the prior year. As a percent of sales, Net income
increased to 5.9 percent from 5.6 percent for the quarter and to 6.4 percent
from 5.8 percent for the six months.
Backlog increased to $1,023.8 million at December 31, 1995 as compared to
$950.2 million the prior year, but was down slightly from $1,025.7 million at
June 30, 1995. The increase in backlog over the prior year was partially due
to acquisitions, but was primarily due to increased volume for both the
Industrial and Aerospace Segments.
BUSINESS SEGMENT INFORMATION BY INDUSTRY
INDUSTRIAL - The Industrial Segment operations achieved the following Net
sales increases in the current year when compared to the equivalent prior-year
period:
Period ending December 31,
Three Months Six Months
Industrial North America 9.6 % 11.5 %
Industrial International 19.3 % 26.7 %
Total Industrial 12.6 % 16.1 %
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<PAGE)
Without the effect of currency-rate changes, International sales would have
increased 15.4 percent for the quarter and 21.0 percent for the six months.
Without the effect of acquisitions, the increases would have been:
Period ending December 31,
Three Months Six Months
Industrial North America 6.6 % 6.7 %
Industrial International 8.4 % 13.6 %
Total Industrial 7.1 % 8.8 %
The total Industrial business continues at a healthy pace, but the rate of
sales growth has moderated appreciably in Europe and in some North American
markets as compared to the significant growth rate experienced during fiscal
1995. The sales increases were the result of market growth and the market
share gains the Company achieved through concentrated efforts towards
reaching expanding markets and providing premier customer service. For fiscal
1996, Industrial North America volume is expected to modestly exceed prior
year volume (excluding the effect of acquisitions) while Industrial
International volume is expected to continue to grow. Sales in Latin America
have slowed due to a weakened general economy and are expected to be at lower
levels through the remainder of the fiscal year.
Operating income for the Industrial Segment was up 7.2 percent for the quarter
and 13.2 percent for the six months. Industrial North America Operating
income increased 6.8 percent for the quarter and 7.4 percent for the six
months while Industrial International results increased 8.8 percent for the
quarter and 37.7 percent for the six months. Without the effect of
acquisitions the total Industrial Segment Operating income would have
increased 4.2 percent for the quarter and 7.0 percent for the six months. As
a percent of sales, Industrial North America Operating income decreased to
12.9 percent from 13.3 percent for the quarter and to 13.5 percent from 14.0
percent for the six months. Industrial International Operating income also
decreased to 7.3 percent from 8.0 percent for the quarter, but improved to 8.5
percent from 7.8 percent for the six months. The margin percentage declines
in North America are the result of a change in product mix. Industrial
International margin percentages were affected by the slowing growth during
the quarter and in addition were affected by the weakened economy in Latin
America. Management expects margin improvements during the second half in
both North America and overall International operations, although conditions
in Latin America are uncertain.
Total Industrial Segment backlog increased 7.0 percent compared to
December 31, 1994 and 1.3 percent since June 30, 1995 with a larger portion of
the increases occurring within the International operations.
AEROSPACE - Aerospace Segment Net sales were up 7.2 percent for the quarter
and 7.9 percent for the six months. Increases which were achieved in both
original equipment and maintenance, repair, and overhaul markets due primarily
to increased market penetration were partially offset by a small reduction in
military sales. Increases in repair and maintenance are expected to continue
through the fiscal year.
Operating income for the Aerospace Segment increased 27.8 percent for the
quarter and 22.7 percent for the six-month period. As a percent of sales
Operating income improved to 12.7 percent from 10.6 percent for the quarter
and to 13.1 percent from 11.6 percent for the six-month period. This margin
improvement is due to increased maintenance, repair and overhaul activity and
continuing benefits realized from prior years' restructuring activities.
Management expects the trend of increasing volume and higher margins to
continue during the remainder of the fiscal year. Aerospace Segment backlog
increased 8.3 percent from December 31, 1994, but is 1.3 percent lower than
at June 30, 1995.
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<PAGE)
CONSOLIDATED BALANCE SHEET
Working capital increased to $631.4 million at December 31, 1995 from $593.8
million at June 30, 1995 with the ratio of current assets to current
liabilities increasing slightly to 2.0 to 1. Accounts receivable were lower
on December 31, 1995 than on June 30, 1995 primarily due to the lower level of
sales in the month of December as a result of the holidays. Inventory levels
were higher at December 31, 1995 due to the slower than expected growth in the
Industrial markets. The Company is adjusting its manufacturing schedules to
match the slower growth while maintaining the resources available to provide
on-time delivery to the customers.
Plant and equipment, net increased $25.8 million since June 30, 1995 as the
Company continued to invest in its strategy to provide premier customer
service.
Notes payable increased $30.2 million since June 30, 1995 due to short-term
operating cash needs in certain European operations. Long-term debt declined
slightly. The debt to debt-equity ratio, excluding the effect of the ESOP
loan guarantee on both Long-term debt and Shareholders' equity, increased
slightly to 21.7 percent at December 31, 1995 from 21.0 percent at
June 30, 1995 as a result of the increase in Notes payable.
Decreases in Accounts payable, trade and Accrued liabilities were primarily
due to lower production levels in the month of December and the timing of
payroll.
CONSOLIDATED STATEMENT OF CASH FLOWS
Net cash provided by operating activities was $110.7 million for the six
months ended December 31, 1995, as compared to $76.4 million for the same six
months in 1994 primarily as a result of higher Net income and a lower use of
cash for working capital items. Changes in the principal working capital
items - Accounts receivable, Inventories, and Accounts payable, trade -
resulted in the use of $32.3 million cash in fiscal 1996 as compared to $45.2
million in fiscal 1995.
Net cash used in investing activities decreased to $109.5 million from $152.8
million for the six months ended December 31, 1995 and 1994 as a result of
less cash spent on acquisitions. This decrease was offset by increased
capital expenditures in fiscal 1996 as the Company integrates new equipment
into the operations.
Financing activities provided cash of $9.1 million for the six months ended
December 31, 1995 and $37.9 million for the same period in 1994. Fiscal 1995
acquisition activity caused the need for a higher level of borrowings in that
year.
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<PAGE)
PARKER-HANNIFIN CORPORATION
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) The following documents are furnished as exhibits and
numbered pursuant to Item 601 of Regulation S-K:
Exhibit 11 - Statement regarding computation of per share
earnings.
Exhibit 27 - Financial Data Schedule
(b) No reports on Form 8-K have been filed during the quarter for
which this Report is filed.
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.
PARKER-HANNIFIN CORPORATION
(Registrant)
Michael J. Hiemstra
Michael J. Hiemstra
Vice President - Finance and Administration
Date: February 13, 1996
- 11 -
<PAGE>
EXHIBIT INDEX
Sequential
Exhibit No. Description of Exhibit Page
11 Computation of Earnings
Per Common Share 13
27 Financial Data Schedule 14
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<PAGE>
</TABLE>
EXHIBIT 11
<TABLE>
<CAPTION>
PARKER-HANNIFIN CORPORATION
FORM 10-Q
COMPUTATION OF EARNINGS PER COMMON SHARE
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
1995 1994 (A) 1995 1994 (A)
<S> <C> <C> <C> <C>
Net income applicable to common shares $ 48,396 $ 41,084 $ 105,771 $ 84,733
============ ============ ============ ============
Weighted average common shares outstanding
for the period 74,157,805 73,692,056 74,114,333 73,572,656
Increase in weighted average from dilutive
effect of exercise of stock options 488,250 567,329 649,986 536,192
____________ ____________ ____________ ____________
Weighted average common shares, assuming
issuance of the above securities 74,646,055 74,259,385 74,764,319 74,108,848
============ ============ ============ ============
Earnings per common share:
Primary $ .66 $ .56 $ 1.43 $ 1.15
Fully diluted (B) $ .64 $ .55 $ 1.41 $ 1.14
<FN>
(A) Weighted average shares and earnings per share have been restated for the
3-shares-for-2 common stock split paid June 2, 1995.
(B) This calculation is submitted in accordance with Regulation S-K Item 601(b)(11)
although not required for income statement presentation because it results in dilution
of less than 3 percent.
</TABLE>
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<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
PARKER-HANNIFIN CORPORATION'S REPORT ON FORM 10-Q FOR ITS QUARTERLY PERIOD
ENDED DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1995
<CASH> 73,777
<SECURITIES> 0
<RECEIVABLES> 396,595
<ALLOWANCES> 6,458
<INVENTORY> 655,022
<CURRENT-ASSETS> 1,253,944
<PP&E> 1,871,354
<DEPRECIATION> 1,029,794
<TOTAL-ASSETS> 2,340,176
<CURRENT-LIABILITIES> 622,583
<BONDS> 248,689
<COMMON> 37,082
0
0
<OTHER-SE> 1,236,467
<TOTAL-LIABILITY-AND-EQUITY> 2,340,176
<SALES> 1,663,430
<TOTAL-REVENUES> 1,663,430
<CGS> 1,287,090
<TOTAL-COSTS> 1,287,090
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 1,194
<INTEREST-EXPENSE> 15,229
<INCOME-PRETAX> 167,891
<INCOME-TAX> 62,120
<INCOME-CONTINUING> 105,771
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 105,771
<EPS-PRIMARY> 1.43
<EPS-DILUTED> 1.41
</TABLE>
