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): 2-2-98
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
Item 5 Other Events.
The attached announcement was released to the news media on
February 2, 1998.
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: February 5, 1998 By: /s/ Javier Solis
Javier Solis
Senior Vice President and
Secretary
February 2, 1998
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
Ameron International reports record performance for fiscal 1997
Pasadena, Calif.--Ameron International Corporation (NYSE, AMN)
today released results for its fiscal year ended Nov. 30, 1997. The
company reported the highest sales and earnings per share in Ameron's
90-year history: $4.73 per share on sales of $533 million. These results
represent a 22 percent increase over 1996 earnings of $3.87 per share on
sales of $497 million. Fiscal 1997 was Ameron's fifth consecutive year of
improved earnings.
In the fourth quarter of 1997, Ameron earned $1.48 per share on
sales of $147 million, compared to $1.16 per share on sales of $131 million
in 1996.
James S. Marlen, chairman, president and chief executive officer,
attributed the improved performance primarily to higher sales and earnings
from the company's worldwide protective coatings and fiberglass composites
businesses. These operations benefited in fiscal 1997 from three recent
strategic acquisitions: Centron International, a fiberglass pipe
manufacturer, in January 1996; the global Devoe marine coatings business
in October 1996; and the Valspar maintenance coatings business in March
1997.
The company's domestic concrete and steel pipe business ended the
year with strong results and a higher backlog than in 1996, but was unable
to equal last year's near-record performance.
Ameron's construction products business in Hawaii, while still
profitable, reported lower results than the prior year because of the
ongoing depressed economic conditions in the Islands.
"We are continuing our growth strategy, emphasizing value-added
products, consistency of earnings, and increasing shareholders' value,"
Marlen said.
The company anticipates a slow first quarter because of weather
conditions in many markets. However, Ameron's positive earnings trend is
expected to continue in fiscal 1998.
Ameron International Corporation
Consolidated Statements of Income
Fourth Quarter Ended November 30,
(in thousands except share and per share data)
1997 1996
--------- ---------
Sales $147,397 $130,934
Cost of Sales 113,095 94,106
--------- ---------
Gross Profit 34,302 36,828
Selling, General and Administrative Expenses 22,968 29,597
--------- ---------
Operating Profit 11,334 7,231
Royalty, Equity and Other Income 2,420 2,822
--------- ---------
Income before Interest and Income Taxes 13,754 10,053
Interest, net 2,905 2,956
--------- ---------
Income before Income Taxes 10,849 7,097
Income Taxes 4,735 2,484
--------- ---------
Net Income $ 6,114 $ 4,613
========= =========
Per Share (based on average of
4,094,885 shares in 1997 and
3,982,006 shares in 1996):
Net Income $ 1.48 $ 1.16
========= =========
Cash Dividends Paid $ .32 $ .32
========= =========
Ameron International Corporation
Consolidated Statements of Income
Twelve Months Ended November 30,
(in thousands except share and per share data)
1997 1996
--------- ---------
Sales $533,506 $496,940
Cost of Sales 397,823 367,677
--------- ---------
Gross Profit 135,683 129,263
Selling, General and Administrative Expenses 103,075 103,320
--------- ---------
Operating Profit 32,608 25,943
Royalty, Equity and Other Income 10,493 8,516
--------- ---------
Income before Interest and Income Taxes 43,101 34,459
Interest, net 11,855 10,752
--------- ---------
Income before Income Taxes 31,246 23,707
Income Taxes 11,874 8,297
--------- ---------
Net Income $ 19,372 $ 15,410
========= =========
Per Share (based on average of
4,094,885 shares in 1997 and
3,982,006 shares in 1996):
Net Income $ 4.73 $ 3.87
========= =========
Cash Dividends Paid $ 1.28 $ 1.28
========= =========
Ameron International Corporation
Consolidated Statements of Cash Flow
Twelve Months Ended November 30,
(in thousands)
1997 1996
--------- ---------
Operating Activities
Net Income $ 19,372 $ 15,410
Adjustments to reconcile
net income to net cash 21,704 15,147
Changes in operating assets
and liabilities (49,195) 14,022
--------- ---------
Cash Provided (Used) By Operations ( 8,119) 44,579
Investing Activities
Proceeds from sale of assets 2,287 1,371
Additions to property, plant
and equipment, and Acquisitions (24,860) (54,259)
Other, net (2,645) (2,995)
--------- ---------
Cash used by investing activities (25,218) (55,883)
Financing Activities
Short and long-term borrowings, net 29,676 21,274
Dividends on common stock (5,124) (5,076)
Other, net 808 776
--------- ---------
Cash provided by financing activities 25,360 16,974
Effect of exchange rate changes on cash (556) (212)
--------- ---------
Net change in cash $( 8,533) $ 5,458
========= =========
Ameron International Corporation
Consolidated Balance Sheets
(in thousands)
November 30, November 30,
1997 1996
--------- ---------
ASSETS
Current Assets
Cash and equivalents $ 9,848 $ 18,381
Receivables, net 122,352 105,534
Inventories 95,752 84,971
Other 13,340 14,737
--------- ---------
Total current assets 241,292 223,623
Investments and Advances -
Affiliated Companies 33,777 33,722
Property, Plant and Equipment, net 127,678 125,687
Other Assets 30,478 28,634
--------- ---------
Total Assets $433,225 $411,666
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Short-term borrowings $ 715 $ 1,242
Current portion of long-term debt 17,654 17,753
Trade payables 31,988 36,715
Accrued liabilities and other 32,561 41,102
Federal and other income taxes 4,347 4,953
--------- ---------
Total current liabilities 87,265 101,765
Long-Term Debt, less current portion 140,917 112,598
Other Liabilities 52,061 52,505
--------- ---------
Total Liabilities 280,243 266,868
Stockholders' Equity
Common stock 12,946 12,895
Additional paid-in capital 16,969 16,212
Retained earnings 171,569 157,321
Cumulative translation adjustments (5,723) 1,149
Treasury stock (42,779) (42,779)
--------- ---------
Total Stockholders' Equity 152,982 144,798
--------- ---------
Total Liabilities and Stockholders' Equity $433,225 $411,666
========= =========
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