UNITED STATES 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
March 14, 1995
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Date of Report (Date of earliest event reported)
Harnischfeger Industries, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-9299 39-1566457
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(State or other (Commission IRS Employer
jurisdiction of File Number) Identification No.
incorporation)
13400 Bishops Lane, Brookfield, Wisconsin 53005
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(Address of principal executive offices)
(414) 671-4400
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(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
On November 29, 1994, Harnischfeger Industries, Inc. (the "Company") completed
its previously announced acquisition of Joy Technologies Inc. through a
stock-for-stock merger. Included in this Form 8-K are restated 1994 Quarterly
Income statements and 1994 Quarterly Segment Information for this business
combination accounted for as a Pooling of Interests.
<PAGE>
FORM 8-K
<TABLE>
<CAPTION>
HARNISCHFEGER INDUSTRIES,INC.
Summary of 1994 Income Statements
Restated for Pooling of Interests
($thousands)
6 Months
1st Qtr 2nd Qtr Y-T-D 3rd Qtr
-------- -------- -------- --------
<S> <C> <C> <C> <C>
$ $ $ $
Net sales 369,243 389,933 759,176 424,376
Other Income 9,125 10,926 20,051 5,339
--------- -------- -------- --------
378,368 400,859 779,227 429,715
Cost of sales 288,772 305,190 593,962 330,680
Selling, development
and administrative
expenses 73,036 75,525 148,561 75,029
Restructuring and
other - 574 574 615
-------- -------- -------- --------
Operating Income
(loss) 16,560 19,570 36,130 23,391
Interest expense-net (11,187) (11,018) (22,205) (12,400)
-------- -------- -------- --------
Income (loss) before
taxes and minority
interest 5,373 8,552 13,925 10,991
Income taxes (1,432) (3,550) (4,982) (2,953)
-------- -------- -------- --------
3,941 5,002 8,943 8,038
Minority Interest (328) (370) (698) (325)
-------- -------- -------- --------
Income from continuing
operations 3,613 4,632 8,245 7,713
Income from
discontinued
operations 431 473 904 99
Extraordinary Item (4,827)
Cumulative effect of
accounting change (81,696) - (81,696) -
--------- -------- -------- --------
Net Income (Loss) (77,652) 5,105 (72,547) 2,985
========= ======== ======== ========
Earnings (Loss) Per Share
Income from continuing
operations 0.08 0.11 0.19 0.18
Income from discontinued
operations 0.01 0.01 0.02 -
Extraordinary Item (0.11)
Cumulative effect of
accounting change (1.88) - (1.88) -
--------- ------ ------- --------
Net Income (Loss)
Per Share (1.79) 0.12 (1.67) 0.07
========= ======= ======== ========
Ave. Shares
Outstanding 43,346,714 43,449,668 43,398,277 43,416,796
</TABLE>
<TABLE>
<CAPTION>
HARNISCHFEGER INDUSTRIES,INC.
Summary of 1994 Income Statements
Restated for Pooling of Interests
($thousands)
9 Months 12 Months
Y-T-D 4th Qtr Y-T-D
---------- -------- ---------
<S> <C> <C> <C>
$ $ $
Net sales 1,183,552 499,190 1,682,742
Other Income 25,390 4,516 29,906
---------- -------- ---------
1,208,942 503,706 1,712,648
Cost of sales 924,642 382,900 1,307,542
Selling, development
and administrative
expenses 223,590 84,101 307,691
Restructuring and
other 1,189 641 1,830
--------- -------- ---------
Operating Income
(loss) 59,521 36,064 95,585
Interest expense-net (34,605) (12,761) (47,366)
--------- -------- ---------
Income (loss) before
taxes and minority
interest 24,916 23,303 48,219
Income taxes (7,935) (4,442) (12,377)
--------- -------- ---------
16,981 18,861 35,842
Minority Interest (1,023) (1,201) (2,224)
--------- -------- ---------
Income from continuing
operations 15,958 17,660 33,618
Income from
discontinued
operations 1,003 (2,010) (1,007)
Extraordinary Item (4,827) - (4,827)
Cumulative effect of
accounting change (81,696) - (81,696)
--------- -------- ---------
Net Income (Loss) (69,562) 15,650 (53,912)
========= ======== ========
Earnings (Loss) Per Share
Income from continuing
operations 0.37 0.40 0.77
Income from discontinued
operations 0.02 (0.05) (0.02)
Extraordinary Item (0.11) - (0.11)
Cumulative effect of
accounting change (1.88) - (1.87)
-------- -------- ---------
Net Income (Loss)
Per Share (1.60) 0.35 (1.23)
========= ======== =========
Ave. Shares
Outstanding 43,404,116 44,653,195 43,716,464
</TABLE>
<TABLE>
<CAPTION>
HARNISCHFEGER INDUSTRIES, INC.
Summary of 1994 Segment Information
Restated for Pooling of Interests
($thousands)
6 Months
1st Qtr 2nd Qtr Y-T-D 3rd Qtr
-------- ------- --------- ---------
<S> <C> <C> <C> <C>
NET SALES
---------
Papermaking Machinery
and Systems $146,976 $164,553 $311,529 $189,183
Mining Equipment 163,216 154,396 317,612 171,714
Material Handling
Equipment 24,060 27,342 51,402 24,497
Environmental 34,991 43,642 78,633 38,982
------- ------- ------- -------
Total Business Segment $369,243 $389,933 $759,176 $424,376
======= ======= ======= =======
OPERATING INCOME
------------------
Papermaking Machinery
and Systems $6,536 $6,528 $13,064 $6,455
Mining Equipment 12,991 15,224 28,215 21,218
Material Handling
Equipment 1,784 3,430 5,214 3,040
Environmental (205) 850 645 (417)
------ ------- ------- --------
Total Business Segment 21,106 26,032 47,138 30,296
Corporate Administration (4,546) (6,462) (11,008) (6,905)
------- ------- ------- --------
Operating Income $16,560 $19,570 $36,130 $23,391
======= ======= ======= ========
ORDERS BOOKED
-------------
Papermaking Machinery
and Systems $150,311 $194,233 $344,544 $220,669
Mining Equipment 147,920 159,001 306,921 181,949
Material Handling
Equipment 23,854 28,101 51,955 24,694
Environmental 49,956 17,691 67,647 15,764
------- ------- -------- --------
Total Business Segment $372,041 $399,026 $771,067 $443,076
======= ======= ======== ========
</TABLE>
<TABLE>
<CAPTION>
HARNISCHFEGER INDUSTRIES, INC.
Summary of 1994 Segment Information
Restated for Pooling of Interests
($thousands)
9 Months 12 Months
Y-T-D 4th Qtr Y-T-D
-------- -------- ---------
<S> <C> <C> <C>
NET SALES
---------
Papermaking Machinery
and Systems $500,712 $212,066 $712,778
Mining Equipment 489,326 208,962 698,288
Material Handling
Equipment 75,899 33,530 109,429
Environmental 117,615 44,632 162,247
--------- ------- ---------
Total Business Segment $1,183,552 $499,190 $1,682,742
========= ======== =========
OPERATING INCOME
------------------
Papermaking Machinery
and Systems $19,519 $12,676 $32,195
Mining Equipment 49,433 30,621 80,054
Material Handling
Equipment 8,254 3,840 12,094
Environmental 228 (2,318) (2,090)
-------- ------- ------
Total Business Segment 77,434 44,819 122,253
Corporate Administration (17,913) (8,755) (26,668)
-------- ------- -------
Operating Income $59,521 $36,064 $95,585
======== ======= =======
ORDERS BOOKED
-------------
Papermaking Machinery
and Systems $565,213 $230,675 $795,888
Mining Equipment 488,870 181,627 670,497
Material Handling
Equipment 76,649 61,040 137,689
Environmental 83,411 19,727 103,138
--------- ------- -----------
Total Business Segment $1,214,143 $493,069 $1,707,212
========= ======= ===========
</TABLE>
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 hereunto duly
authorized.
HARNISCHFEGER INDUSTRIES, INC.
(Registrant)
March 14, 1995 By /s/ James C. Benjamin
--------------------------
James C. Benjamin
Vice President,
Controller and Chief
Accounting Officer
