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
Date of Report (Date of earliest event reported) -- October 16, 1996
BCP/ESSEX HOLDINGS INC.
-----------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 1-10211 13-3496934
-----------------------------------------------------------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1601 WALL STREET, FORT WAYNE, INDIANA 46802
-----------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (219) 461-4000
-----------------------------------------------------------------------
(Former name or former address, if changed since last report.)<PAGE>
Item 5. Other Events.
On October 16, 1996 the registrant issued the press release attached
hereto as Exhibit 20.1, which is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Business Acquired:
Not applicable.
(b) Pro Forma Financial Information:
Not applicable.
(c) Exhibits:
Number Exhibit Description
------ -------------------
20.1 Press release by the registrant on
October 16, 1996
SIGNATURE
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.
BCP/ESSEX HOLDINGS INC.
(Registrant)
October 16, 1996 /s/ James D. Rice
----------------------------------
James D. Rice
Vice President
Chief Accounting Officer
(Principal Accounting Officer)<PAGE>
Contact: Tom Castaldi
(219) 461-4381
NEWS RELEASE
BCP/ESSEX HOLDINGS INC. ANNOUNCES RESULTS
FORT WAYNE, Ind., October 16, 1996 -- BCP/Essex Holdings Inc.
("Holdings"), today announced results for the three-month and nine-month
periods ended September 30, 1996.
Net sales and net income for Holdings, through its wholly
owned subsidiary Essex Group, Inc. ("Essex"), for the three-month period
ended September 30, 1996, were $328.8 million and $11.6 million,
respectively. Despite a 29% decline in the average price of copper, net
sales were 6.6 percent greater than third quarter 1995 sales of $308.3
million resulting primarily from increased sales volumes across most of
Essex' business operations and the acquisition of a distribution
operation in September 1995. Net income improved $5.5 million from
third quarter 1995 net income of $6.1 million due primarily to improved
margins, higher sales volumes and reduced interest expense partially
offset by increased overhead expenses attributable to the distribution
operation acquired in September 1995.
Net sales and net income for the nine-month period ended
September 30, 1996, were $974.7 million and $25.6 million, respectively.
Net sales were 9.9 percent greater than the comparable period last year
due to increased sales volumes and the acquisition of a distribution
operation in September 1995, partially offset by lower copper prices.
Improved sales volumes reflected increased demand for Essex' wire
products within most of its major markets. Net income improved $18.4
million from the comparable period last year due primarily to higher
sales volumes and improved margins, a decline in interest expense and a
second quarter 1995 extraordinary charge of $3.0 million ($5.0 million
before applicable tax benefit) partially offset by higher overhead
expenses attributable to the distribution operation acquired in
September 1995. The extraordinary charge was taken in connection with
the retirement of bank debt under Essex' previous credit facility while
the decline in interest expense was attributable to the May 1995
refinancing of Holdings' 16% Senior Discount Debentures due 2004 under
Essex' new credit facilities.
Holdings is a holding company for Essex, one of the world's
largest producers of electrical wire and cable products. Essex is
included in the Fortune 1000 list of industrial and service companies
and the Forbes 500 list of privately held companies. Essex' business
operations are supported by 24 manufacturing facilities in 12 states
producing a broad range of products that include magnet wire, building
wire, automotive wire, appliance wire, industrial wire, electronic wire,
specialty wiring assemblies, communication wire and electrical
insulation materials.<PAGE>
