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
June 9, 1995
- ----------------------------------------------------------------
Date of Report (Date of earliest event reported)
Harnischfeger Industries, Inc.
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-9299 39-1566457
- -----------------------------------------------------------------
(State or other (Commission IRS Employer
jurisdiction of File Number) Identification No.
incorporation)
13400 Bishops Lane, Brookfield, Wisconsin 53005
- -----------------------------------------------------------------
(Address of principal executive offices)
(414) 671-4400
- -----------------------------------------------------------------
(Registrant's telephone number, including area code)
- -----------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
On April 12, 1995, Harnischfeger Industries, Inc. (the "Company")
announced that it had signed a letter of intent relating to the
proposed acquisition by Babcock & Wilcox of Joy Environmental
Technologies, Inc. ("JET"), the environmental and ash handling
equipment business of Joy Technologies Inc. The Company is
accounting for this segment as a discontinued operation.
Included in this Form 8-K are restated 1994 Quarterly Income
Statements and 1994 Quarterly Segment Information restated to
reflect JET as a discontinued operation.
FORM 8-K
<TABLE>
<CAPTION>
HARNISCHFEGER INDUSTRIES,INC.
Summary of 1994 Income Statements-
Restated for Joy Environmental as a Discontinued Operation
($thousands)
6 Months
1st Qtr 2nd Qtr Y-T-D
-------- -------- --------
<S> <C> <C> <C>
$ $ $
Net sales 340,904 355,337 696,241
Other Income 8,942 10,720 19,662
--------- -------- --------
349,846 366,057 715,903
Cost of sales 265,325 276,560 541,885
Selling, development
and administrative
expenses 67,347 69,708 137,055
-------- -------- --------
Operating Income 17,174 19,789 36,963
Interest expense-net (11,187) (11,018) (22,205)
-------- -------- --------
Income before taxes
and minority
interest 5,987 8,771 14,758
Income taxes (1,647) (3,627) (5,274)
Minority Interest (328) (370) (698)
-------- -------- --------
Income from continuing
operations 4,012 4,774 8,786
Income from
discontinued
operations 32 331 363
Extraordinary Item
Cumulative effect of
accounting change (81,696) 0 (81,696)
--------- -------- --------
Net Income (Loss) (77,652) 5,105 (72,547)
========= ======== ========
Earnings (Loss) Per Share(1)
Income from continuing
operations 0.09 0.11 0.20
Income from discontinued
operations 0.00 0.01 0.01
Extraordinary Item
Cumulative effect of
accounting change (1.88) 0.00 (1.88)
--------- ------ -------
Net Income (Loss)
Per Share (1.79) 0.12 (1.67)
========= ======= ========
Outstanding 43,346,714 43,449,668 43,398,277
(1) Due to the use of the weighted average shares
outstanding each quarter for computing earnings (loss)
per share, the sum of the per share amounts does not equal
the per share amount for the fiscal year
</TABLE>
<TABLE>
<CAPTION>
HARNISCHFEGER INDUSTRIES,INC.
Summary of 1994 Income Statements-
Restated for Joy Environmental as a Discontinued Operation
($thousands)
9 Months
3rd Qtr Y-T-D
-------- ----------
<S> <C> <C>
$ $
Net sales 391,079 1,087,320
Other Income (877) 18,785
-------- ----------
390,202 1,106,105
Cost of sales 303,086 844,971
Selling, development
and administrative
expenses 63,265 200,320
-------- ---------
Operating Income 23,851 60,814
Interest expense-net (12,400) (34,605)
-------- ---------
Income before taxes
and minority
interest 11,451 26,209
Income taxes (3,114) (8,388)
Minority Interest (325) (1,023)
-------- ---------
Income from continuing
operations 8,012 16,798
Income from
discontinued
operations (200) 163
Extraordinary Item (4,827) (4,827)
Cumulative effect of
accounting change 0 (81,696)
-------- ---------
Net Income (Loss) 2,985 (69,562)
======== =========
Earnings (Loss) Per Share(1)
Income from continuing
operations 0.18 0.39
Income from discontinued
operations 0.00 0.00
Extraordinary Item (0.11) (0.11)
Cumulative effect of
accounting change 0.00 (1.88)
------- --------
Net Income (Loss)
Per Share 0.07 (1.60)
======== =========
Ave. Shares
Outstanding 43,416,796 43,404,116
(1) Due to the use of the weighted average shares
outstanding each quarter for computing earnings (loss)
per share, the sum of the per share amounts does not
equal the per share amount for the fiscal year
</TABLE>
<TABLE>
<CAPTION>
HARNISCHFEGER INDUSTRIES,INC.
Summary of 1994 Income Statements-
Restated for Joy Environmental as a Discontinued Operation
($thousands)
12 Months
4th Qtr Y-T-D
-------- ---------
<S> <C> <C>
$ $
Net sales 464,408 1,551,728
Other Income 4,516 23,301
-------- ---------
468,924 1,575,029
Cost of sales 350,880 1,195,851
Selling, development
and administrative
expenses 78,696 279,016
-------- ---------
Operating Income 39,348 100,162
Interest expense-net (12,761) (47,366)
-------- ---------
Income before taxes
and minority
interest 26,587 52,796
Income taxes (5,591) (13,979)
Minority Interest (1,201) (2,224)
-------- ---------
Income from continuing
operations 19,795 36,593
Income from
discontinued
operations (4,145) (3,982)
Extraordinary Item 0 (4,827)
Cumulative effect of
accounting change 0 (81,696)
-------- ---------
Net Income (Loss) 15,650 (53,912)
======== ========
Earnings (Loss) Per Share(1)
Income from continuing
operations 0.44 0.84
Income from discontinued
operations (0.09) (0.09)
Extraordinary Item - (0.11)
Cumulative effect of
accounting change - (1.87)
-------- ---------
Net Income (Loss)
Per Share 0.35 (1.23)
======== =========
Ave. Shares
Outstanding 44,653,195 43,716,464
(1) Due to the use of the weighted average shares outstanding
each quarter for computing earnings (loss) per share, the sum
of the per share amounts does not equal the per share amount
for the fiscal year
</TABLE>
<TABLE>
<CAPTION>
HARNISCHFEGER INDUSTRIES, INC.
Summary of 1994 Segment Information-
Restated for Joy Environmental as a Discontinued Operation
($thousands)
6 Months
1st Qtr 2nd Qtr Y-T-D
-------- ------- ---------
<S> <C> <C> <C>
NET SALES
- ---------
Papermaking Machinery
and Systems $146,976 $164,553 $311,529
Mining Equipment 169,868 163,442 333,310
Material Handling
Equipment 24,060 27,342 51,402
------- ------- -------
Total Business Segment $340,904 $355,337 $696,241
======= ======= =======
OPERATING INCOME
- ------------------
Papermaking Machinery
and Systems $6,536 $6,528 $13,064
Mining Equipment 13,400 16,293 29,693
Material Handling
Equipment 1,784 3,430 5,214
------ ------- -------
Total Business Segment 21,720 26,251 47,971
Corporate Administration (4,546) (6,462) (11,008)
------- ------- -------
Operating Income $17,174 $19,789 $36,963
======= ======= =======
ORDERS BOOKED
- -------------
Papermaking Machinery
and Systems $150,311 $194,233 $344,544
Mining Equipment 154,070 162,894 316,964
Material Handling
Equipment 23,854 28,101 51,955
------- ------- --------
Total Business Segment $328,235 $385,228 $713,463
======= ======= ========
</TABLE>
<TABLE>
<CAPTION>
HARNISCHFEGER INDUSTRIES, INC.
Summary of 1994 Segment Information-
Restated for Joy Environmental as a Discontinued Operation
($thousands)
9 Months
3rd Qtr Y-T-D
--------- --------
<S> <C> <C>
NET SALES
- ---------
Papermaking Machinery
and Systems $189,183 $500,712
Mining Equipment 177,399 510,709
Material Handling
Equipment 24,497 75,899
------- ---------
Total Business Segment $391,079 $1,087,320
======= =========
OPERATING INCOME
- ------------------
Papermaking Machinery
and Systems $6,455 $19,519
Mining Equipment 21,261 50,954
Material Handling
Equipment 3,040 8,254
-------- --------
Total Business Segment 30,756 78,727
Corporate Administration (6,905) (17,913)
-------- --------
Operating Income $23,851 $60,814
======== ========
ORDERS BOOKED
- -------------
Papermaking Machinery
and Systems $220,669 $565,213
Mining Equipment 186,260 503,224
Material Handling
Equipment 24,694 76,649
-------- ---------
Total Business Segment$431,623 $1,145,086
======== =========
</TABLE>
<TABLE>
<CAPTION>
HARNISCHFEGER INDUSTRIES, INC.
Summary of 1994 Segment Information-
Restated for Joy Environmental as a Discontinued Operation
($thousands)
12 Months
4th Qtr Y-T-D
-------- ---------
<S> <C> <C>
NET SALES
- ---------
Papermaking Machinery
and Systems $212,066 $712,778
Mining Equipment 218,812 729,521
Material Handling
Equipment 33,530 109,429
------- ---------
Total Business Segment $464,408 $1,551,728
======== =========
OPERATING INCOME
- ------------------
Papermaking Machinery
and Systems $12,676 $32,195
Mining Equipment 31,587 82,541
Material Handling
Equipment 3,840 12,094
------- ------
Total Business Segment 48,103 126,830
Corporate Administration (8,755) (26,668)
------- -------
Operating Income $39,348 $100,162
======= =======
ORDERS BOOKED
- -------------
Papermaking Machinery
and Systems $230,675 $795,888
Mining Equipment 200,130 703,354
Material Handling
Equipment 61,040 137,689
------- ---------
Total Business Segment $491,845 $1,636,931
======= =========
</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)
June 9, 1995 By /s/James C. Benjamin
-------------------------
James C. Benjamin
Vice President, Controller
and Chief Accounting Officer
