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Previous: MERRILL LYNCH DRAGON FUND INC, 485BPOS, 1998-04-01 |
Next: INTERMEDIA COMMUNICATIONS INC, S-3/A, 1998-04-01 |
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) APRIL 1, 1998
PRAXAIR, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 1-11037 06-124-9050
(State or other (Commission (IRS Employer
jurisdiction of incorporation) File Number) Identification (No.)
39 OLD RIDGEBURY ROAD, DANBURY, CT 06810-5113
(Address of principal executive office) (Zip Code)
203-837-2000
(Registrant's Telephone Number, Including Area Code
N/A
(Former Name or Former Address, if Changed Since Last Report)
EXHIBIT INDEX IS LOCATED ON PAGE 4
Page 1
<PAGE>
ITEM 5. OTHER EVENTS
Under Item 601(c)(2)(iii) of Regulation S-K, Praxair is retroactively
restating the following previously submitted Financial Data Schedules due
to the new accounting standard regarding earnings per share (SFAS No.
128).
Period Ended Filed With
September 30, 1997 FORM 10Q
June 30, 1997 FORM 10Q
March 31, 1997 FORM 10Q
December 31, 1996 FORM 10K405
September 30, 1996 FORM 10Q
June 30, 1996 FORM 10Q
Although not required, Praxair is also providing Financial Data Schedules
for the year ended December 31, 1995 and the three month period ended
March 31, 1996 in order to facilitate investor analysis.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Exhibits filed as part of this Form 8-K are listed in the
Exhibit Index located on page 4 of this Current Report.
Page 2
<PAGE>
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.
PRAXAIR, INC.
Registrant
Date: APRIL 1, 1998 By: /S/J. ROBERT VIPOND
J. Robert Vipond
Vice President and
Controller
Page 3
<PAGE>
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION PAGE NUMBER
Exhibit 27_R95 Year ended December 31, 1995
and three month period ended
March 31, 1996 Financial Data
Schedules 5
Exhibit 27_R96 Revised year ended December 31, 1996,
six month period ended June 30,
1996 and nine month period ended
September 30, 1996 Financial Data
Schedules 6
Exhibit 27_R97 Revised three month period ended
March 31, 1997, six month period
ended June 30, 1997 and nine month
period ended September 30, 1997
Financial Data Schedules 7
Page 4
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
<EXHIBIT 27_R95>
</LEGEND>
<MULTIPLIER> 1,000,000
<S> <C> <C>
<PERIOD-TYPE> YEAR 3-MOS
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1996
<PERIOD-END> DEC-31-1995 MAR-31-1996
<CASH> 15 48
<SECURITIES> 0 0
<RECEIVABLES> 639 835
<ALLOWANCES> 22 23
<INVENTORY> 228 302
<CURRENT-ASSETS> 930 1823
<PP&E> 5658 7303
<DEPRECIATION> 2921 3431
<TOTAL-ASSETS> 4134 7099
<CURRENT-LIABILITIES> 1029 2658
<BONDS> 933 1469
0 0
0 0
<COMMON> 1 2
<OTHER-SE> 1120 1604
<TOTAL-LIABILITY-AND-EQUITY> 4134 7099
<SALES> 3146 1090
<TOTAL-REVENUES> 3146 1090
<CGS> 1777<F1> 629<F1>
<TOTAL-COSTS> 1777<F1> 629<F1>
<OTHER-EXPENSES> 279<F1> 101<F1>
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 116 50
<INCOME-PRETAX> 432 32
<INCOME-TAX> 122 2
<INCOME-CONTINUING> 310 30
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 262 17
<EPS-PRIMARY> 1.89<F2> .12<F2>
<EPS-DILUTED> 1.82<F2> .11<F2>
<FN>
<F1>Cost of goods sold and total costs are exclusive of depreciation and
amortization which is shown on the other expense line in the Financial Data
Schedule.
<F2>Effective in 1997, SFAS No. 128 established new standards for computing and
presenting earnings per share (EPS). In the Financial Data Schedule, Praxair's
Basic EPS is presented on the "EPS-Primary" line and Diluted EPS is presented
on the "EPS-Diluted" line. Diluted EPS is consistent with Praxair's previously
disclosed amounts. Although it is not required, Praxair is submitting Financial
Data Schedules for the year ended December 31, 1995 and the three month period
ended March 31, 1996 in order to facilitate investor analysis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
EXHIBIT 27_R96
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000,000
<S> <C> <C> <C>
<PERIOD-TYPE> YEAR 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996 DEC-31-1996
<PERIOD-END> DEC-31-1996 JUN-30-1996 SEP-30-1996
<CASH> 63 56 82
<SECURITIES> 0 0 0
<RECEIVABLES> 945 872 922
<ALLOWANCES> 31 25 31
<INVENTORY> 312 320 298
<CURRENT-ASSETS> 1666 1806 1862
<PP&E> 7508 7696 7578
<DEPRECIATION> 3239 3683 3459
<TOTAL-ASSETS> 7538 7225 7459
<CURRENT-LIABILITIES> 2550 2809 2654
<BONDS> 1703 1395 1671
75 0 0
0 0 0
<COMMON> 2 2 2
<OTHER-SE> 1922 1689 1793
<TOTAL-LIABILITY-AND-EQUITY> 7538 7225 7459
<SALES> 4449 2183 3298
<TOTAL-REVENUES> 4449 2183 3298
<CGS> 2564<F1> 1260<F1> 1897<F1>
<TOTAL-COSTS> 2564<F1> 1260<F1> 1897<F1>
<OTHER-EXPENSES> 420<F1> 206<F1> 313<F1>
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 195 99 146
<INCOME-PRETAX> 452 160 303
<INCOME-TAX> 110 37 73
<INCOME-CONTINUING> 342 123 230
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 282 98 186
<EPS-PRIMARY> 1.85<F2> .66<F2> 1.23<F2>
<EPS-DILUTED> 1.77<F2> .63<F2> 1.18<F2>
<FN>
<F1>Cost of goods sold and total costs are exclusive of depreciation and
amortization which is shown on the other expense line in the Financial Data
Schedule.
<F2>Effective in 1997, SFAS No. 128 established new standards for computing and
presenting earnings per share (EPS). In the Financial Data Schedule, Praxair's
Basic EPS is presented on the "EPS-Primary" line and Diluted EPS is presented
on the "EPS-Diluted" line. Diluted EPS is consistent with Praxair's previously
disclosed amounts. Under Item 601(c)(2)(iii) of Regulation S-K, Praxair is
restating its previously submitted Financial Data Schedules for 1996 due to
the new accounting standard, which requires retroactive restatement.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
EXHIBIT 27_R97
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000,000
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-END> MAR-31-1997 JUN-30-1997 SEP-30-1997
<CASH> 70 48 53
<SECURITIES> 0 0 0
<RECEIVABLES> 942 945 1018
<ALLOWANCES> 30 32 30
<INVENTORY> 301 308 306
<CURRENT-ASSETS> 1689 1472 1521
<PP&E> 7641 7797 8066
<DEPRECIATION> 3324 3379 3535
<TOTAL-ASSETS> 7638 7539 7740
<CURRENT-LIABILITIES> 2533 2210 2157
<BONDS> 1685 1755 2024
75 75 75
0 0 0
<COMMON> 2 2 2
<OTHER-SE> 1958 2053 2092
<TOTAL-LIABILITY-AND-EQUITY> 7638 7539 7740
<SALES> 1158 2336 3526
<TOTAL-REVENUES> 1158 2336 3526
<CGS> 665<F1> 1346<F1> 2045<F1>
<TOTAL-COSTS> 665<F1> 1346<F1> 2045<F1>
<OTHER-EXPENSES> 110<F1> 220<F1> 331<F1>
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 51 103 157
<INCOME-PRETAX> 156 317 474
<INCOME-TAX> 39 79 118
<INCOME-CONTINUING> 117 238 356
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 102 209 316
<EPS-PRIMARY> .65<F2> 1.32<F2> 2.00<F2>
<EPS-DILUTED> .62<F2> 1.27<F2> 1.92<F2>
<FN>
<F1>Cost of goods sold and total costs are exclusive of depreciation and
amortization which is shown on the other expense line in the Financial Data
Schedule.
<F2>Effective in 1997, SFAS No. 128 established new standards for computing and
presenting earnings per share (EPS). In the Financial Data Schedule, Praxair's
Basic EPS is presented on the "EPS-Primary" line and Diluted EPS is presented
on the "EPS-Diluted" line. Diluted EPS is consistent with Praxair's previously
disclosed amounts. Under Item 601(c)(2)(iii) of Regulation S-K, Praxair is
restating its previously submitted Financial Data schedules for the first,
second, and third quarters of 1997 due to the new accounting standard, which
requires retroactive restatement.
</FN>
</TABLE>
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