FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: February 6, 1997
BORG-WARNER AUTOMOTIVE, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-12162 13-3404508
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
200 South Michigan Avenue, Chicago, Illinois 60604
(address of principal executive offices)
Registrant's telephone number, including area code: 312/322-8500
<PAGE>
Item 5. Other Events
On February 6, 1997, Borg-Warner Automotive, Inc. announced earnings for
the fourth quarter and full year 1996.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(99.1) Borg-Warner Automotive, Inc. Statement of Operations (Unaudited)
(99.2) Borg-Warner Automotive, Inc. Sales by Operating Group
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.
BORG-WARNER AUTOMOTIVE, INC.
By: GASPARE G. RUGGIRELLO
-----------------------------------------
Gaspare G. Ruggirello
Assistant Secretary
Dated: February 6, 1997<PAGE>
EXHIBIT INDEX
(99.1) Borg-Warner Automotive, Inc. Statement of Operations (Unaudited)
(99.2) Borg-Warner Automotive, Inc. Sales by Operating Group
Exhibit (99.1)
BORG-WARNER AUTOMOTIVE, INC.
STATEMENT OF OPERATIONS (UNAUDITED)
- ---------------------------------------------------------------------------
(millions of dollars, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
December 31, December 31,
1996 1995 1996 1995
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net sales $421.7 $346.8 $1,540.1 $1,329.1
Cost of sales 322.4 274.0 1,205.5 1,044.9
Depreciation 17.6 16.9 71.3 68.0
Selling, general and
administrative expenses 32.9 23.0 122.7 97.8
Minority interest 0.7 0.5 2.6 2.0
Goodwill amortization 4.1 2.4 13.5 9.6
Loss on sale of business (1) 61.5 - 61.5 -
Equity in affiliate earnings
and other (income) expense 0.1 (3.8) (13.1) (18.6)
- --------------------------------------------------------------------------
Earnings (loss) before interest
expense and taxes (17.6) 33.8 76.1 125.4
Interest expense and finance charges 7.4 3.5 21.4 14.2
Provision (benefit) for income taxes(13.9) 8.0 12.9 37.0
- --------------------------------------------------------------------------
Net earnings (loss) ($11.1) $22.3 $41.8 $74.2
=======================================
Net earnings (loss) per share ($0.47) $0.95 $1.77 $3.15
- ---------------------------------------------------------------------------
Average shares outstanding 23.6 23.7 23.6 23.6
(in millions)
(1) The Company recorded a pre-tax loss on the sale of the North American manual
transmission business of $61.5 million, which net of tax benefit of $26.5
million, results in an after-tax charge of $35 million.
/TABLE
<PAGE>
Exhibit (99.2)
BORG-WARNER AUTOMOTIVE, INC.
SALES BY OPERATING GROUP
- ------------------------------------------------------------------------------
(millions of dollars)
<TABLE>
<CAPTION>
Fourth Fourth % Twelve Twelve %
Quarter Quarter Change Months Months Change
1996 1995 1996 1995
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Powertrain Systems(1) $151.7 $134.4 12.9% $562.7 $544.8 3.3%
Automatic Transmission 116.7 128.2 -9.0% 481.8 454.4 6.0%
Systems
Morse TEC 71.7 63.8 12.4% 276.5 257.6 7.3%
Air/Fluid Systems 93.4 29.0 222.1% 258.8 107.6 140.5%
- -------------------------------------------------------------------------------
Subtotal 433.5 355.4 22.0% 1,579.8 1,364.4 15.8%
Eliminations (11.8) (8.6) 37.2% (39.7) (35.3) 12.5%
- -------------------------------------------------------------------------------
Total $421.7 $346.8 21.6% $1,540.1 $1,329.1 15.9%
================================================================
(1) Included are sales from the North American manual transmission business of
$19.8 million and $99.6 million for the fourth quarter and full-year of 1996
and $27.2 millions and $148.6 million for the respective periods of 1995.
</TABLE>
