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
February 19, 1997
- -----------------------------------------------------------
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)
3600 South Lake Drive, St. Francis, Wisconsin 53235
- -----------------------------------------------------------
(Address of principal executive offices)
(414) 486-6400
- -----------------------------------------------------------
(Registrant's telephone number, including area code)
13400 Bishops Lane, Brookfield, Wisconsin 53005
- -----------------------------------------------------------
(Former name or former address, if changed since last
report)
<PAGE>
Item 5. Other Events
On February 19, 1997, Harnischfeger Industries, Inc.
issued a News Release reporting financial results for the
quarter ended January 31, 1997. Included as Exhibit I to
this Current Report on Form 8-K is Harnischfeger
Industries, Inc.'s News Release dated February 19, 1997.
<PAGE>
FORM 8-K
SIGNATURES
Pursuant to the requirements of 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)
Date: February 20, 1997 By:
/s/ Eric B. Fonstad
--------------------------------
Eric B. Fonstad
Associate General Counsel
and Assistant Secretary
<PAGE>
Exhibit I
Contact:
Francis M. Corby, Jr. James C. Benjamin
Executive Vice President V.P. And Controller
Finance and
Administration
(414) 486-6870 (414) 486-6474
David A. Brukardt
Dir., Corp. Comm.
(414)486-6474
HARNISCHFEGER REPORTS RECORD FIRST QUARTER RESULTS
- --------------------------------------------------
MILWAUKEE Feb. 19, 1997 Harnischfeger Industries, Inc.
(NYSE: HPH) Chairman and Chief Executive Officer Jeffery T.
Grade today announced record operating results for the
company's fiscal first quarter ended Jan. 31, 1997.
Net sales increased 11 percent to $699.4 million in the
first quarter, a new first-quarter record for the company,
up from $632.7 million in the same quarter last year as a
result of continued strong performance by all three core
businesses.
Net income increased 33 percent to $30.9 million ($0.65 per
share), another first-quarter record, up from $23.2 million
($0.50 per share) for the same quarter last year.
"Our operating margins have improved significantly in each
segment, compared with the year-earlier quarter, and the
company's overall performance reflects ongoing strength in
all business segments," Grade said. "We continue to see
opportunities for strategic growth on a global basis,
particularly in emerging markets."
First-quarter bookings of $840.8 million, the highest
first-quarter bookings in the company's history, improved
33 percent from levels of a year ago. The company's mining
equipment and pulp and paper machinery businesses continued
to experience strong order and sales activity in the face
of vigorous competition during what is traditionally the
weakest quarter of the year for Harnischfeger.
Order backlogs at the end of the first-quarter period were
$1.4 billion, the same as at the end of the fiscal year.
Grade said, "We are also pleased to report continuing
progress on the integration of Longwall International into
Joy Mining Machinery. Additionally, the strategic redesign
of Beloit Corp. announced last fall is on track. These
aggressive initiatives are being well-received by our
global customers."
# # # # # # #
Harnischfeger Industries, Inc. [NYSE: HPH] is an
international holding company with business segments
involved in the manufacture and distribution of equipment
for surface mining (P&H Mining Equipment), underground
mining (Joy Mining Machinery), pulp and papermaking (Beloit
Corporation), and material handling (P&H Material
Handling).
<TABLE>
HARNISCHFEGER INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF INCOME
(000)
<CAPTION>
Three Months Ended
January 31,
1997 1996
----- ------
<S> <C> <C>
$ $
REVENUES
NET SALES 699,411 632,684
OTHER INCOME 8,760 10,882 ------- -------
708,171 643,566
COST OF SALES 527,637 491,532
PRODUCT
DEVELOPMENT,
SELLING AND
ADMINISTRATIVE
EXPENSES 113,034 98,856
-------- -------
OPERATING INCOME 67,500 53,178
INTEREST
EXPENSE - NET (16,497) (13,237)
--------- -------
INCOME BEFORE
PROVISION FOR
INCOME TAXES
AND MINORITY
INTEREST 51,003 39,941
PROVISION FOR
INCOME TAXES (17,850) (14,375)
-------- --------
33,153 25,566
MINORITY INTEREST (2,295) (2,375)
-------- --------
NET INCOME 30,858 23,191
======== ========
EARNINGS PER SHARE 0.65 0.50
======== ========
AVERAGE SHARES
OUTSTANDING 47,720 46,795
</TABLE>
<TABLE>
HARNISCHFEGER INDUSTRIES, INC.
BUSINESS SEGMENT SUMMARY
FOR THE THREE MONTHS ENDED JANUARY 31, 1997
(000)
<CAPTION>
Net Sales Operating Profit
---------------- ----------------
1997 1996 1997 1996
----- ---- ---- -----
$ $ $ $
<S> <C> <C> <C> <C>
Mining Equipment 350,454 314,976 45,078 35,382
Pulp and Paper
Machinery 268,975 252,353 20,874 18,562
P&H Material
Handling 79,982 65,355 7,196 4,332
-------- ------- ------- --------
Total Business
Segments 699,411 632,684 73,148 58,276
======== =======
Corporate
Administration (5,648) (5,098)
Interest
Expense - Net (16,497) (13,237)
-------- -------
Income before
Provision for
Income Taxes
and Minority
Interest 51,003 39,941
======== =======
</TABLE>
<TABLE>
HARNISCHFEGER INDUSTRIES, INC.
BUSINESS SEGMENT SUMMARY
FOR THE THREE MONTHS ENDED JANUARY 31, 1997
(000)
<CAPTION>
Backlog at
Orders Booked End of Period
------------- --------------
1997 1996 01/97 10/96
----- ------ ----- -----
$ $ $ $
<S> <C> <C> <C> <C>
Mining Equipment 378,417 291,052 481,443 453,480
Pulp and Paper
Machinery 403,042 261,373 810,204(A) 846,137
P&H Material
Handling 59,333 81,483 111,901 132,550
------- ------- --------- -------
Total Business
Segments 840,792 633,908 1,403,548 1,432,167
======= ======= =========== =========
</TABLE>
Backlog has been reduced by $170,000 due to change of
scope and indefinite deferments on certain contracts booked
in prior years.
<TABLE>
HARNISCHFEGER INDUSTRIES, INC.
CONDENSED BALANCE SHEET
(000)
<CAPTION>
January 31, October 31,
1997 1996
---------- ------------
$ $
<S> <C> <C>
Assets
Current assets:
Cash and cash
equivalents 20,837 36,936
Accounts
receivable
- net 679,664 667,786
Inventories 561,170 547,115
Other current
assets 135,456 132,261
Businesses held
for sale 26,099 26,152
--------- -----------
1,423,226 1,410,250
Property, plant
and equipment
- net 628,625 634,045
Intangible assets 550,509 551,866
Other assets 91,675 93,868
--------- -----------
Total Assets 2,694,035 2,690,029
========== ===========
Liabilities and
Shareholders'
Equity
Current
liabilities:
Short-term
notes payable,
including
current
portion of
long-term
obligations 50,337 49,633
Trade accounts
payable 356,243 346,056
Employee
compensation
and benefits 132,775 160,488
Advance
payments and
progress
billings 148,120 155,199
Accrued
warranties 50,665 50,718
Other current
liabilities 302,580 315,033
--------- --------
1,040,720 1,077,127
Long-term
obligations 658,223 657,765
Liability for
postretirement
benefits 72,657 78,814
Deferred income
taxes 56,418 54,920
Other liabilities 51,422 54,266
Minority interest 95,876 93,652
Shareholders'
equity 718,719 673,485
-------- ---------
Total Liabilities
and Shareholders'
Equity 2,694,035 2,690,029
========== ==========
</TABLE>
