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) -- July 12, 1996
BCP/ESSEX HOLDINGS INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-10211 13-3496934
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
1601 WALL STREET, FORT WAYNE, INDIANA 46802
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (219) 461-4000
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(Former name or former address, if changed since last report.)<PAGE>
Item 5. Other Events.
On July 12, 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
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20.1 Press release by the registrant on July 12, 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)
July 12, 1996 /s/ James D. Rice
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James D. Rice
Vice President
Chief Accounting Officer
(Principal Accounting Officer)
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Contact: Tom Castaldi
(219) 461-4381
NEWS RELEASE
BCP/ESSEX HOLDINGS INC. ANNOUNCES RESULTS
FORT WAYNE, Ind., July 12, 1996 -- BCP/Essex Holdings Inc. ("Holdings"),
today announced results for the three-month and six-month periods ended
June 30, 1996. Net sales and net income for the three-month period ended
June 30, 1996, were $337.5 million and $7.6 million, respectively. Net
sales were 17.0 percent greater than second quarter 1995 sales of $288.5
million resulting primarily from increased sales volumes across most of
Holdings' business operations (through Essex Group, Inc. ("Essex")) and
the acquisition of a distribution operation in September 1995, partially
offset by lower copper prices. Net income improved $9.6 million from the
second quarter 1995 net loss of $2.0 million due primarily to increased
operating income resulting from 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). 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 (the "Debentures") under Essex' new
credit facilities.
Net sales and net income for the six-month period ended June 30, 1996,
were $645.9 million and $14.0 million, respectively. Net sales were 11.7
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 wire products within all of the major
markets served by Essex. Net income improved $12.9 million from the
comparable period last year due primarily to increased operating income
resulting from 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). 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' Debentures under
Essex' new credit facilities as discussed previously.
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.
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