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Previous: MARKET STREET FUND INC, 485BXT, 2000-01-21 |
Next: WINTHROP CALIFORNIA INVESTORS LTD PARTNERSHIP, SC 14D1/A, 2000-01-21 |
<PAGE>
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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 - January 19, 2000
(Date of earliest event reported)
HONEYWELL INTERNATIONAL INC.
(Exact name of Registrant as specified in its Charter)
<TABLE>
<S> <C> <C>
DELAWARE 1-8974 22-2640650
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification Number)
</TABLE>
101 COLUMBIA ROAD, P.O. BOX 4000, MORRISTOWN, NEW JERSEY 07962-2497
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (973) 455-2000
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<PAGE>
ITEM 5. OTHER EVENTS.
Results of Operations for Three-Month and Twelve-Month Periods Ended
December 31, 1999
Honeywell International Inc. issued a press release on January 19, 2000
reporting the following results of operations for the three-month and
twelve-month periods ended December 31, 1999:
Honeywell International Inc.
Consolidated Statement of Income
(In millions except per share amounts)
<TABLE>
<CAPTION>
Three months Twelve months
ended December 31 ended December31
----------------- ----------------
1999 1998 1999 1998
------ ------ ------- -------
<S> <C> <C> <C> <C>
Net sales $6,159 $6,221 $23,735 $23,555
------ ------ ------- -------
Costs, expenses and other
Cost of goods sold 5,104 (A) 4,620 (B) 18,495 (E) 17,689 (B)
Selling, general and administrative expenses 1,073 (A) 822 3,216 (E) 3,008
Gain on sale of non-strategic businesses -- -- (106) (F) --
Equity in income of affiliated companies (62) (75) (76) (E) (162)
Other (income) expense (12) (27) (C) (307) (G) (27) (C)
Interest and other financial charges 73 87 265 275
------ ------ ------- -------
6,176 5,427 21,487 20,783
------ ------ ------- -------
Income before taxes on income (17) 794 2,248 2,772
Taxes (benefit) on income (24) 237 (D) 707 869 (D)
------ ------ ------- -------
Net income $ 7 $ 557 $ 1,541 $ 1,903
------ ------ ------- -------
------ ------ ------- -------
Earnings per share of common stock -
basic $ 0.01 $ 0.70 $ 1.95 $ 2.38
------ ------ ------- -------
------ ------ ------- -------
Earnings per share of common stock -
assuming dilution $ 0.01 $ 0.69 $ 1.90 $ 2.34
------ ------ ------- -------
------ ------ ------- -------
Weighted average number of shares
outstanding - basic 794 797 792 798
------ ------ ------- -------
------ ------ ------- -------
Weighted average number of shares
outstanding - assuming dilution 810 811 809 814
------ ------ ------- -------
------ ------ ------- -------
</TABLE>
- ------------
(A) Cost of goods sold and selling, general and administrative expenses include
merger, repositioning and other charges of $622 and $300 million,
respectively. The total pretax merger, repositioning and other charges was
$922 million (after-tax $623 million, or $0.77 per share).
(B) Cost of goods sold includes repositioning charges of $54 million (after-tax
$35 million, or $0.04 per share).
(C) Includes a pretax gain on settlement of litigation claims of $24 million
(after-tax $14 million, or $0.02 per share).
(Footnotes continued on next page)
<PAGE>
(D) Includes a $17 million ($0.02 per share) tax benefit resulting from the
favorable resolution of certain prior-year research and development tax
claims.
(E) Cost of goods sold and selling, general and administrative expenses include
merger, repositioning and other charges of $947 and $300 million,
respectively. A charge of $36 million relating to the writedown of an
equity investment and a charge of $4 million relating to an equity
investee's severance actions are included in equity in income of affiliated
companies. The total pretax merger, repositioning and other charges was
$1,287 million (after-tax $844 million, or $1.04 per share).
(F) Represents the pretax gain on the sale of our Laminate Systems business of
$106 million (after-tax $59 million, or $0.07 per share).
(G) Includes the pretax gain on the sale of our investment in AMP common stock
of $268 million (after-tax $161 million, or $0.20 per share).
<PAGE>
Honeywell International Inc.
Segment Data
------------
(Dollars in millions)
<TABLE>
<CAPTION>
Periods Ended December 31
-------------------------
Three Months Twelve Months
----------------------- -------------------------
1999 1998 1999 1998
------ ------ ------- -------
<S> <C> <C> <C> <C>
Net Sales
- ---------
Aerospace Solutions $2,519 $2,647 $ 9,908 $ 9,890
Automation & Asset Management 1,665 1,685 6,115 5,957
Performance Materials 1,011 947 4,007 4,169
Power & Transportation Products 923 903 3,581 3,387
Corporate 41 39 124 152
------ ------ ------- -------
Total $6,159 $ 6,221 $23,735 $23,555
------ ------ ------- -------
------ ------ ------- -------
<CAPTION>
Periods Ended December 31
-------------------------
Three Months Twelve Months
----------------------- -------------------------
1999 1998 1999 1998
------ ------ ------- -------
<S> <C> <C> <C> <C>
Segment Profit
- --------------
Aerospace Solutions $ 517 $ 483 $ 1,918 $ 1,587
Automation & Asset Management 284 255 767 705
Performance Materials 57 117 439 634
Power & Transportation Products 91 67 322 234
Corporate (45) (89) (175) (248)
------ ------ ------- -------
Total Segment Profit 904 833 3,271 2,912
Equity in income of affiliated
companies 62 75 116 162
Other income (expense) 12 3 39 3
Interest and other financial charges (73) (87) (265) (275)
Other (A) (922) (30) (913) (30)
------ ------ ------- -------
Income before taxes on income $ (17) $ 794 $ 2,248 $ 2,772
------ ------ ------- -------
------ ------ ------- -------
</TABLE>
(A) Other represents the items described in notes (A) through (G) other than
note (D) to the Consolidated Statement of Income.
<PAGE>
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 hereunto duly authorized.
Date: January 20, 2000 Honeywell International Inc.
(Registrant)
By: /s/ Peter M. Kreindler
----------------------------------
Peter M. Kreindler
Senior Vice President and
General Counsel
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