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) January 16, 1997
GREENFIELD INDUSTRIES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-21828 04-2917072
(State or Other Jurisdiction (Commission File (IRS Employer
of Incorporation) Number) Identification No.)
2743 Perimeter Parkway 30909
Building One Hundred, Suite 100 (Zip Code)
Augusta, Georgia
(Address of Principal Executive Offices)
Registrant's telephone number, including area code (706) 863-7708
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
On January 16, 1997, Greenfield Industries, Inc. (the "Company") issued a press
release concerning expected results for the fiscal quarter ending December 31,
1996, a copy of which is attached hereto as an exhibit, and incorporated herein
by reference thereto.
Item 7. Exhibits
(a) Press Release of the Company dated January 16, 1997.
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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.
GREENFIELD INDUSTRIES, INC.
Date: January 21, 1997 by /s/ Gary L. Weller
-------------------------
Gary L. Weller
Senior Vice President and
Chief Financial Officer
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INDEX TO EXHIBITS
a) Press Release of the Company dated January 16, 1997.
Contacts: Gary L. Weller
Senior Vice President
and Chief Financial Officer
(706)650-4218
Greenfield Industries, Inc.
Announces Preliminary Fourth Quarter Results
Augusta, Georgia -- January 16, 1997 -- Greenfield Industries, Inc.
(NASDAQ: GFII) indicated today that it expects to report sales for the
fourth quarter ending December 31, 1996 in the range of $124 million to
$126 million and net income in the range of $5.2 million to $5.7
million or $.32 to $.34 per share fully diluted. The Company added that
it anticipates results for the quarter will be reported in early
February, 1997.
Paul W. Jones, President and Chief Executive Officer of Greenfield,
commented "While we expect to report sales which are approximately 20%
over the fourth quarter of 1995 and 3-4% above the third quarter of
1996, preliminary indications suggest that we had a disappointing
quarter. The expected results generally reflect lower than expected
sales and plant performance. In particular, sales in our industrial,
electronics and consumer products groups were short of our expectations
while our energy and construction, engineered products and marine were
better than originally expected. Sales in both our industrial and
electronics groups continued to build momentum during the quarter,
generally reflecting the improved customer service levels and improved
confidence within the marketplace. Our consumer products, on the other
hand, were significantly short of our expectations reflecting weaker
orders and production difficulties at the South Deerfield,
Massachusetts facility which was acquired as a result of our 1996
acquisition of Rule Industries, Inc."
"In terms of operations, our facilities continued to show improvement
from the third quarter of 1996. In particular, several of our
industrial facilities which were significantly affected by
rationalization programs during the year as well as start-up issues at
our Solon, Ohio facility, continue to show improvement. Our South
Deerfield, Massachusetts facility, which was making progress throughout
the year from the January 1996 acquisition date, experienced poor
performance in both costs and deliveries in the fourth quarter. It is
expected that improvements in this plant will generally be required
throughout 1997."
On a more positive note, Jones added, "Sales and operations within our
remaining three business groups continue to show increases year to
year, primarily driven by the strength in the oilfield equipment
market. In addition however, several new programs were implemented
during the fourth quarter of 1996 within the industrial and electronics
products groups, both designed to increase sales and market share and
capitalize on the Company's brand names, manufacturing capabilities and
technology."
Over the longer-term horizon, Jones indicated that the Company believes
it is well positioned to capitalize on long-term trends in its
participating industries. "In particular, our strategic emphasis on
brands, technology and customer service, complemented by selected
acquisitions, new product development, expansion into international
markets and increased emphasis on efficient manufacturing operations,
should provide us with the basis for achieving long-term growth in
sales and earnings."
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Certain statements included herein are forward-looking statements.
Actual results could differ materially from those anticipated as a
result of various factors, including cyclical or other downturns in
demand, significant pricing competition, the ability to achieve cost
reductions through consolidation and restructuring of acquired
companies, manufacturing inefficiencies and possible future
acquisitions that may not be complementary or additive.
Greenfield Industries, Inc. is a leading worldwide manufacturer
of expendable cutting tools and related products used in a
variety of industrial, electronics, energy and construction,
engineered products, consumer and marine markets.
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