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): 01-31-96
AMERON, INC.
(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
<PAGE>
Item 5 OTHER EVENTS
The attached announcement was released to the news media on
January 31, 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, INC.
/s/ Javier Solis
Date: January 31, 1996 By: Javier Solis
Senior Vice President and
Secretary
<PAGE>
NEWS RELEASE January 31, 1996
For immediate release
Contact: Gary Wagner, Senior Vice President,
Chief Financial Officer: 818/683-4000
Ameron reports record sales, increased earnings for fiscal 1995
Pasadena, Calif. - Ameron, Inc. (NYSE, AMN) today released results for its
fiscal year ended November 30, 1995. The company reported earnings of $3.15
per share on sales of $481.4 million -- the highest sales in Ameron's 89-year
history. Fiscal 1995 was the third consecutive year of earnings improvement,
excluding nonrecurring items.
These results compare to 1994 sales of $417.7 million and earnings of
$2.75 per share, including 46 cents from the sale of a steel fabrication
subsidiary in Colombia.
In the fourth quarter of 1995, Ameron earned 95 cents per share on
sales of $127.4 million, compared to 89 cents per share on sales of $115.4
million in 1994.
James S. Marlen, chairman, president and chief executive officer,
attributed the improved results in part to strong concrete and steel pipe
sales in the western United States, including deliveries to the large
Los Vaqueros pipeline in Northern California. Also contributing were
significantly improved sales and earnings from Ameron's worldwide fiberglass
pipe business. "Improving Ameron's quality and consistency of earnings is a
primary management objective, and these results show that we are achieving
it," Marlen said. "We're pleased with the company's progress as we continue
the rebuilding and growth process we started with our restructuring in 1993."
Results for the first quarter of 1996 are expected to reflect the
company's traditional seasonal lull. However, management expects the overall
positive trend of 1995 to continue in 1996.
Ameron, Inc.
Consolidated Statements of Income
Year Ended November 30
(in thousands except share and per share data)
1995 1994
--------- ---------
Sales $481,405 $417,682
Cost of Sales 364,674 313,707
--------- ---------
Gross Profit 116,731 103,975
Selling, General and Administrative Expenses 95,786 86,767
Other Income 4,224 9,701
--------- ---------
Income before Interest and Income Taxes 25,169 26,909
Interest, net 11,371 10,507
--------- ---------
Income before Income Taxes 13,798 16,402
Income Taxes 4,940 6,971
--------- ---------
Income of Consolidated Companies 8,858 9,431
Equity in Earnings of Affiliated
Companies, net of taxes 3,594 1,359
--------- ---------
Net Income $ 12,452 $ 10,790
========= =========
Per Share (based on average of
3,954,544 shares in 1995 and
3,924,456 shares in 1994):
Net Income $ 3.15 $ 2.75
========= =========
Cash Dividends Paid $ 1.28 $ 1.28
========= =========
Ameron, Inc.
Consolidated Statements of Income
Fourth Quarter Ended November 30
(in thousands except per share data)
1995 1994
--------- ---------
Sales $127,427 $115,364
Cost of Sales 97,701 87,922
--------- ---------
Gross Profit 29,726 27,442
Selling, General and Administrative Expenses 24,207 20,833
Other Income 1,609 1,212
--------- ---------
Income before Interest and Income Taxes 7,128 7,821
Interest, net 2,458 2,888
--------- ---------
Income before Income Taxes 4,670 4,933
Income Taxes 1,746 2,383
--------- ---------
Income of Consolidated Companies 2,924 2,550
Equity in Earnings of Affiliated
Companies, net of taxes 833 945
--------- ---------
Net Income $ 3,757 $ 3,495
========= =========
Per Share:
Net Income $ .95 $ .89
========= =========
Cash Dividends Paid $ .32 $ .32
========= =========
<PAGE>
Ameron, Inc.
Consolidated Balance Sheets
At November 30
(in thousands)
1995 1994
--------- ---------
ASSETS
Current Assets
Cash and equivalents $ 12,923 $ 9,030
Receivables, net 105,019 97,519
Inventories 76,426 71,644
Other 12,470 9,898
--------- ---------
Total current assets 206,838 188,091
Investments and Advances -
Affiliated Companies 36,197 37,315
Property, Plant and Equipment, net 114,116 112,953
Other Assets 14,230 12,497
--------- ---------
Total assets $371,381 $350,856
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Short-term borrowings $ 1,718 $ 2,931
Current portion of long-term debt 17,803 9,674
Trade payables 32,219 25,507
Accrued liabilities and other 40,640 46,075
--------- ---------
Total current liabilities 92,380 84,187
Deferred Income Taxes, Credits and Reserves 52,864 49,015
Long-Term Debt 91,565 92,847
--------- ---------
Total Liabilities 236,809 226,049
Stockholders' Equity
Common stock 12,823 12,772
Additional paid-in capital 15,322 14,658
Retained earnings 146,987 139,586
Cumulative translation adjustments 2,219 570
Treasury stock (42,779) (42,779)
--------- ---------
Total stockholders' equity 134,572 124,807
--------- ---------
Total liabilities and stockholders' equity $371,381 $350,856
========= =========
