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Previous: VORNADO REALTY TRUST, SC 13D/A, 1997-04-22 |
Next: PRICE T ROWE BLUE CHIP GROWTH FUND INC, 485BPOS, 1997-04-22 |
<PAGE> 1
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 22, 1997
------------------------------
OM GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-22572 52-1736882
(State or other (Commission (IRS Employer
other jurisdiction File Number) Identification No.)
of incorporation)
50 Public Square, 3800 Terminal Tower, Cleveland, Ohio 44113-2204
(Address of principal executive offices)
Registrant's telephone number, including area code: (216) 781-0083
----------------------------
Former name of former address, if changed since last report: N/A
-------------------
<PAGE> 2
ITEM 5. OTHER EVENTS.
------------
On April 22, 1997, OM Group, Inc. (the "Company") issued a press release
relating to the results of the Company's operations for the three months ended
March 31, 1997. The text of the press release is attached as an exhibit to
this report.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
---------------------------------
(C) Exhibits.
(99) Press release dated April 22, 1997
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.
OM GROUP, INC.
Dated: April 22, 1997 By: /s/ James M. Materna
----------------------------
James M. Materna
Chief Financial Officer
2
<PAGE> 1
Exhibit (99)
OM Group, Inc.
Kristine Marks
OM Group, Inc.
(216) 781-0083
OM GROUP REPORTS FIRST QUARTER SALES, NET INCOME INCREASES
CLEVELAND - April 22, 1997 - OM Group, Inc. (NYSE - OMP) today reported a 15
percent increase in net income and a 7 percent increase in net sales for its
first quarter ended March 31, 1997.
The producer of value-added, metal-based specialty chemicals and powders said
net sales for the period were $110.1 million, compared to $102.9 million a
year ago, while net income increased to $8.2 million, or $.43 per share, from
$7.2 million, or $.37 per share, in the 1996 first quarter.
OMG's 1997 first quarter increases in sales and net income were achieved
primarily through an increase in physical volume of products sold. Higher
physical volume in carboxylates and salts, as well as the net sales added
through the acquisition of SCM Metal Products, Inc. (SCM) in January 1997, more
than offset the effect on the net sales line of decreasing cobalt chemical
prices due to declining cobalt raw material prices.
As previously announced, OMG purchased SCM for $122 million and financed the
transaction with bank debt. "Earnings for both this new acquisition and our
existing business were in line with our expectations," said James P. Mooney,
chairman and chief executive officer.
-more-
<PAGE> 2
OM Group Reports First Quarter Sales, Net Income Increases
Page -- 2
"New OMG mixed metal PVC heat stabilizers, rechargeable battery chemicals,
proprietary catalysts, and stainless steel pressed metal powders offer
significant growth opportunities. We look forward to continuing improvements
in our business," said Mooney.
OMG's principal product lines include metal carboxylates, metal salts and metal
powders sold to diverse industries, including catalysts, ceramics, coatings,
electronics, magnetic tapes, petroleum refining, plating, plastics, pressed
metal parts and other specialty chemicals.
Headquartered in Cleveland, OMG operates manufacturing facilities in North
America, Europe and Asia. It has approximately 700 employees worldwide.
###
<PAGE> 3
OM GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------
1997 1996
---- ----
<S> <C> <C>
OPERATIONS
Net sales $110,055 $102,853
Cost of products sold 83,477 82,642
---------------------
26,578 20,211
Selling, general and administrative expenses 10,882 7,953
---------------------
INCOME FROM OPERATIONS 15,696 12,258
OTHER INCOME (EXPENSE)
Interest expense (3,666) (1,894)
Interest income 21 34
Foreign exchange gain 285 170
---------------------
(3,360) (1,690)
---------------------
INCOME BEFORE INCOME TAXES 12,336 10,568
Income taxes 4,120 3,417
---------------------
NET INCOME $8,216 $7,151
=====================
Net income per share $0.43 $0.37
Dividends paid per common share $0.08 $0.07
Weighted Average Shares Outstanding (000) 19,327 19,232
</TABLE>
<PAGE> 4
OM GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
March 31, December 31,
1997 1996
(Unaudited)
------------------------------
<S> <C> <C>
ASSETS
- ------
CURRENT ASSETS
Cash and cash equivalents $ 8,177 $ 7,818
Accounts receivable 76,412 60,054
Inventories 223,260 195,050
Other current assets 9,135 8,245
------------------------------
Total Current Assets 316,984 271,167
PROPERTY, PLANT AND EQUIPMENT
Land 2,740 467
Buildings and improvements 48,653 40,569
Machinery and equipment 140,050 122,695
Furniture and fixtures 6,185 4,074
------------------------------
197,628 167,805
Less accumulated depreciation 61,154 57,184
------------------------------
136,474 110,621
OTHER ASSETS
Unprocessed inventory 12,429 27,499
Goodwill and other intangible assets 117,714 23,036
Other assets 9,354 6,310
------------------------------
TOTAL ASSETS $592,955 $438,633
==============================
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
CURRENT LIABILITIES
Current portion of long-term debt $ 2,094 3,586
Accounts payable 79,854 77,330
Other accrued expenses 15,770 16,390
------------------------------
Total Current Liabilities 97,718 97,306
LONG TERM LIABILITIES
Long-term debt 259,295 109,295
Contract payable 12,429 27,499
Deferred income taxes 24,262 17,773
Other long-term liabilities 7,389 1,438
STOCKHOLDERS' EQUITY
Preferred stock $0.01 par value:
Authorized 2,000,000 shares; no shares issued or outstanding
Common stock, $0.01 par value:
Authorized 30,000,000 shares; issued 18,759,346 shares 188 188
Capital in excess of par value 102,125 102,125
Retained earnings 93,060 86,345
Treasury stock (132,574 shares at March 31, 1997 and
141,432 shares at December 31, 1996, at cost) (3,031) (3,095)
Foreign currency translation adjustments (480) (241)
------------------------------
Total Stockholders' Equity 191,862 185,322
------------------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $592,955 $438,633
==============================
</TABLE>
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