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): 06-25-96
AMERON INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-9102 77-0100596
(State or other jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
245 South Los Robles Ave., Pasadena, California 91101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (818) 683-4000
Item 5 OTHER EVENTS
The attached announcement was released to the news media on
June 25, 1996
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 thereunto duly authorized.
AMERON INTERNATIONAL CORPORATION
_______________________________
Date: June 27, 1996 By: Javier Solis
Senior Vice President and
Secretary
NEWS RELEASE June 25, 1996
For immediate release
Contact: Gary Wagner, Senior Vice President,
Chief Financial Officer: 818/683-4000
Pasadena, Calif.--Ameron International Corporation (NYSE: AMN) today
reported earnings of $1.09 per share on sales of $120.6 million for its
second quarter, which ended May 31, 1996. This compares favorably to
earnings of $1.01 per share on sales of $118.5 million for the similar
period in 1995.
Year-to-date results were $1.21 per share on sales of $232.4
million, compared to $1.04 per share on sales of $216.6 million in the
prior year.
James S. Marlen, chairman, president and chief executive officer,
attributed the improved results primarily to continuing deliveries of
concrete and steel pipe to major jobsites in the western states, as well as
increased earnings from Ameron's protective coatings businesses in the
United States and Europe. Ameron's worldwide fiberglass pipe business,
including Centron International, which was acquired in January, also
reported improved quarterly and six-month results.
Results from the construction products business in Hawaii continued
to be substantially lower than in 1995 because of unfavorable economic
conditions in the Islands.
Ameron International Corporation is a multi-national manufacturer
of highly engineered products for the building, construction and industrial
markets. The company operates businesses in North America, Latin America,
Europe and Asia. Ameron is a leading producer of fiberglass, concrete and
steel pipe systems; high-performance coatings; and other specialized
construction products.
Ameron International Corporation
Consolidated Statements of Income
Second Quarter Ended May 31,
(in thousands except share and per share data)
1996 1995
--------- ---------
Sales $120,632 $118,526
Cost of Sales 89,780 88,963
--------- ---------
Gross Profit 30,852 29,563
Selling, General and Administrative Expenses 23,626 22,320
--------- ---------
Operating Profit 7,226 7,243
Royalty, Equity and Other Income 2,132 1,589
--------- ---------
Income before Interest and Income Taxes 9,358 8,832
Interest, net 2,666 2,992
--------- ---------
Income before Income Taxes 6,692 5,840
Income Taxes 2,342 1,838
--------- ---------
Net Income $ 4,350 $ 4,002
========= =========
Per Share (based on average of
3,978,323 shares in 1996 and
3,946,426 shares in 1995):
Net Income $ 1.09 $ 1.01
========= =========
Cash Dividends Paid $ .32 $ .32
========= =========
Ameron International Corporation
Consolidated Statements of Income
Six Months Ended May 31,
(in thousands except share and per share data)
1996 1995
--------- ---------
Sales $232,384 $216,557
Cost of Sales 176,169 163,389
--------- ---------
Gross Profit 56,215 53,168
Selling, General and Administrative Expenses 47,449 45,509
--------- ---------
Operating Profit 8,766 7,659
Royalty, Equity and Other Income 4,104 3,767
--------- ---------
Income before Interest and Income Taxes 12,870 11,426
Interest, net 5,447 5,927
--------- ---------
Income before Income Taxes 7,423 5,499
Income Taxes 2,598 1,382
--------- ---------
Net Income $ 4,825 $ 4,117
========= =========
Per Share (based on average of
3,978,323 shares in 1996 and
3,946,426 shares in 1995):
Net Income $ 1.21 $ 1.04
========= =========
Cash Dividends Paid $ .64 $ .64
========= =========
Ameron International Corporation
Consolidated Balance Sheets
(in thousands)
May 31, November 30,
1996 1995
--------- ---------
ASSETS
Current Assets
Cash and equivalents $ 12,278 $ 12,923
Receivables, net 100,222 105,019
Inventories 76,352 76,426
Other 12,678 12,470
--------- ---------
Total current assets 201,530 206,838
Investments and Advances -
Affiliated Companies 35,391 36,197
Property, Plant and Equipment, net 111,074 114,116
Other Assets 21,545 14,230
--------- ---------
Total assets $369,540 $371,381
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Short-term borrowings $ 1,715 $ 1,718
Current portion of long-term debt 17,763 17,803
Trade payables 25,496 32,219
Accrued liabilities and other 36,532 40,640
--------- ---------
Total current liabilities 81,506 92,380
Deferred Income Taxes, Credits and Reserves 53,651 52,864
Long-Term Debt 98,327 91,565
--------- ---------
Total Liabilities 233,484 236,809
Stockholders' Equity
Common stock 12,842 12,823
Additional paid-in capital 15,574 15,322
Retained earnings 149,278 146,987
Cumulative translation adjustments 1,141 2,219
Treasury stock (42,779) (42,779)
--------- ---------
Total stockholders' equity 136,056 134,572
--------- ---------
Total liabilities and stockholders' equity $369,540 $371,381
========= =========
