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): 06-26-97
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 (626) 683-4000
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Item 5 Other Events.
The attached announcement was released to the news media on
June 26, 1997.
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, 1997 By: /s/ Javier Solis
Javier Solis
Senior Vice President and
Secretary
June 26, 1997
For immediate release: Budget National and Analyst Wire
Contacts: Gary Wagner, Senior Vice President, Chief Financial Officer,
and Dan Stracner, Vice President, Public Affairs: 626/683-4000
NEWS RELEASE
Ameron International reports improved second-quarter sales and earnings
Pasadena, Calif.-Ameron International Corporation (NYSE: AMN) today
reported improved earnings of $1.30 per share on sales of $131.5 million
for its second quarter, which ended May 31, 1997. This compares to $1.09
cents per share on sales of $120.6 million for the same period in 1996.
Year-to-date earnings were $1.53 per share on sales of $239.8 million,
compared to $1.21 per share on sales of $232.4 million last year.
James S. Marlen, chairman, president and chief executive officer, said
that the quarterly and six-month increases were due primarily to the second
straight quarter of substantially higher sales and earnings from Ameron's
worldwide protective coatings business. Coatings sales volume continued to
climb, in part because of Ameron's recent acquisitions of two businesses:
Devoe marine coatings in October 1996 and Valspar maintenance coatings in
March 1997.
Ameron's global fiberglass pipe business also posted stronger earnings
for the quarter and first half. Centron International, a high-pressure
fiberglass pipe manufacturer acquired by Ameron in January 1996, made a
substantive contribution.
Compared to last year's near-record performance, Ameron's domestic
concrete and steel pipe business reported lower sales and earnings for the
quarter and six months, chiefly because of weather-related delays in the
first quarter and the timing of deliveries in the second quarter. However,
the business entered the third quarter with a very strong backlog, and the
conversion of backlog into sales is now accelerating. Second-half results
for concrete and steel pipe are expected to improve.
Ameron's construction products business in Hawaii remained profitable,
but reported lower quarterly and year-to-date results because of the
ongoing low level of construction in Hawaii.
Ameron International Corporation is a multinational manufacturer of
highly engineered products for the construction, industrial, chemical and
energy 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.
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Ameron International Corporation
Consolidated Statements of Income
Second Quarter Ended May 31,
(in thousands except share and per share data)
1997 1996
--------- ---------
Sales $131,525 $120,632
Cost of Sales 96,317 89,780
--------- ---------
Gross Profit 35,208 30,852
Selling, General and Administrative Expenses 26,449 23,626
--------- ---------
Operating Profit 8,759 7,226
Royalty, Equity and Other Income 2,326 2,132
--------- ---------
Income before Interest and Income Taxes 11,085 9,358
Interest, net 3,098 2,666
--------- ---------
Income before Income Taxes 7,987 6,692
Income Taxes 2,717 2,342
--------- ---------
Net Income $ 5,270 $ 4,350
========= =========
Per Share (based on average of
4,069,733 shares in 1997 and
3,978,323 shares in 1996):
Net Income $ 1.30 $ 1.09
========= =========
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)
1997 1996
--------- ---------
Sales $239,786 $232,384
Cost of Sales 176,895 176,169
--------- ---------
Gross Profit 62,891 56,215
Selling, General and Administrative Expenses 52,732 47,449
--------- ---------
Operating Profit 10,159 8,766
Royalty, Equity and Other Income 4,945 4,104
--------- ---------
Income before Interest and Income Taxes 15,104 12,870
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Interest, net 5,554 5,447
--------- ---------
Income before Income Taxes 9,550 7,423
Income Taxes 3,342 2,598
--------- ---------
Net Income $ 6,208 $ 4,825
========= =========
Per Share (based on average of
4,069,733 shares in 1997 and
3,978,323 shares in 1996):
Net Income $ 1.53 $ 1.21
========= =========
Cash Dividends Paid $ .64 $ .64
========= =========
Ameron International Corporation
Consolidated Statements of Cashflow
Six Months Ended May 31,
(in thousands)
1997 1996
--------- ---------
Operating Activities
Net Income $ 6,208 $ 4,825
Adjustments to reconcile
net income to net cash 9,402 9,073
Changes in operating assets
and liabilities (36,419) (2,266)
--------- ---------
Cash Provided (Used) By Operations (20,809) 11,632
Investing Activities
Proceeds from sale of assets 355 486
Additions to property, plant
and equipment, and Acquisitions (11,496) (16,207)
Other, net (1,518) (1,090)
--------- ---------
Cash used by investing activities (12,659) (16,811)
Financing Activities
Short and long-term borrowings, net 31,275 7,245
Dividends on common stock (2,561) (2,534)
Other, net 628 83
--------- ---------
Cash provided by financing activities 29,342 4,794
Effect of exchange rate changes on cash (354) (260)
--------- ---------
Net change in cash $ (4,480) $ (645)
========= =========
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Ameron International Corporation
Consolidated Balance Sheets
(in thousands)
May 31, November 30,
1997 1996
--------- ---------
ASSETS
Current Assets
Cash and equivalents $ 13,901 $ 18,381
Receivables, net 106,743 105,534
Inventories 107,553 84,971
Other 15,309 14,737
--------- ---------
Total current assets 243,506 223,623
Investments and Advances -
Affiliated Companies 33,949 33,722
Property, Plant and Equipment, net 125,853 125,687
Other Assets 29,659 28,634
--------- ---------
Total Assets $432,967 $411,666
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Short-term borrowings $ 815 $ 1,242
Current portion of long-term debt 17,677 17,753
Trade payables 35,677 36,715
Accrued liabilities and other 36,321 46,055
--------- ---------
Total current liabilities 90,490 101,765
Long-Term Debt, less current portion 142,863 112,598
Other Liabilities 54,346 52,505
--------- ---------
Total Liabilities 287,699 266,868
Stockholders' Equity
Common stock 12,941 12,895
Additional paid-in capital 16,794 16,212
Retained earnings 160,968 157,321
Cumulative translation adjustments (2,656) 1,149
Treasury stock (42,779) (42,779)
--------- ---------
Total Stockholders' Equity 145,268 144,798
--------- ---------
Total Liabilities and Stockholders'
Equity $432,967 $411,666
========= =========
