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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) June 3, 1997
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BLYTH INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-13026 36-2984916
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
100 Field Point Road, Greenwich, Connecticut 06830
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 661-1926
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
See Exhibit 99.1 attached hereto.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99.1 Press Release
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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.
BLYTH INDUSTRIES, INC.
Date: June 3, 1997 By: /s/ Bruce D. Kreiger
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Name: Bruce D. Kreiger
Title: Vice President &
General Counsel
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Exhibit 99.1
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CONTACT: FOR IMMEDIATE RELEASE
Howard E. Rose
Chief Financial Officer
(847) 294-1130 ext. 1291
Jane F. Casey
Vice President
(203) 661-1926 ext. 619
BLYTH INDUSTRIES NET EARNINGS UP 50 PERCENT
Net Sales Up 38 Percent
GREENWICH, CT, June 3, 1997: Blyth Industries, Inc. (NYSE: BTH) reported
today that first quarter net sales increased by 37.8 percent to $146,518,000
from last year's $106,338,000 while operating profits rose 51.2 percent to
$18,430,000 from $12,192,000. Net earnings for the quarter increased 49.8
percent to $10,855,000 compared to $7,248,000. Net earnings per share were up
47.8 percent to $0.34 per share from $0.23 per share for the first quarter
last year.
This marks the 12th consecutive quarter since Blyth's IPO listing on the New
York Stock Exchange that sales and net earnings exceeded the same quarter of
the prior year.
Commenting on the strong first quarter performance, Robert B. Goergen,
Chairman and CEO, said, "The first quarter results reflect the focus on what
continue to be our six core growth strategies: profitable growth of our
`best' and `better' brands, namely Colonial Candle of Cape Cod, Mrs. Baker
and Carolina Designs; geographic expansion of PartyLite US; increased sales
and market share of our Ambria and Canterbury brands; market share and
profitability growth of the food service and religious segment; entry into
high potential international markets; and, selective acquisitions consistent
with our strategic direction. Each of these corporate initiatives
contributed, in varying degrees, to our sales and earnings growth. And, we
believe that these six fundamental strategies will continue to contribute to
enhanced sales and earnings."
Blyth Industries, Inc., headquartered in Greenwich, Connecticut, designs,
manufactures, markets and distributes an extensive line of candles and home
fragrance products including scented candles, outdoor citronella candles,
potpourri and auto fragrance products and markets a broad range of related
candle accessories and decorative gift bags. Its products are sold under
various brand names, including Colonial Candle of Cape Cod-Registered
Trademark-, PartyLite Gifts-Registered Trademark-, Carolina Designs-TM-,
Ambria-TM-, Florasense-Registered Trademark-, Jeanmarie-Registered
Trademark- and FilterMate-TM-.
Blyth Industries, Inc. can be found on the Internet at
www.blythindustries.com.
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BLYTH INDUSTRIES, INC.
Consolidated Statements of Earnings
(In thousands except per share data)
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS
ENDED APRIL 30, ENDED APRIL 30,
1997 1996
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<S> <C> <C>
Net sales.................................................... $ 146,518 $ 106,338
Cost of goods sold........................................... 64,367 47,863
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Gross profit............................................. 82,151 58,475
Selling and shipping......................................... 50,343 36,330
Administrative............................................... 13,378 9,953
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Total selling and administrative......................... 63,721 46,283
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Operating profit......................................... 18,430 12,192
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Other expense (income)
Interest expense........................................... 610 534
Interest income............................................ (226) (408)
Equity in earnings of investees............................ (81) (81)
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Total other.............................................. 303 45
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Earnings before income taxes and minority interest....... 18,127 12,147
Income tax expense........................................... 7,310 4,897
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Earnings before minority interest........................ 10,817 7,250
Minority interest............................................ (38) 2
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Net earnings............................................. $ 10,855 $ 7,248
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Net earnings per common and common equivalent share.......... $ 0.34 $ 0.23
Weighted average number of shares outstanding................ 31,700 31,024
</TABLE>
Consolidated Balance Sheets
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
APRIL 30, APRIL 30,
1997 1996
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<S> <C> <C>
ASSETS
Cash and Cash Equivalents........................... $ 21,839 $ 44,574
Accounts Receivable, Net............................ 37,417 27,855
Inventories......................................... 110,271 84,907
Property, Plant & Equipment, Net.................... 114,496 63,694
Other Assets........................................ 18,830 19,185
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$ 302,853 $ 240,215
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LIABILITIES & STOCKHOLDERS' EQUITY
Bank Debt........................................... $ 5,000 $ --
Senior Notes........................................ 25,000 25,000
Other Liabilities................................... 73,873 64,426
Stockholders' Equity................................ 198,980 150,789
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$ 302,853 $ 240,215
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</TABLE>
