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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): December 2, 1997
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 jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
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: December 2, 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
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 REPORTS RECORD THIRD QUARTER
NET SALES AND E.P.S. UP 25%
GREENWICH, CT, December 2, 1997: Blyth Industries, Inc. (NYSE:BTH)
reported today that third quarter Net Sales increased by 25% to $192,457,000
compared with $153,522,000 a year earlier. Operating Profit rose 25% to
$33,528,000 when compared to $26,899,000 in the prior year period. Net
Earnings for the quarter increased 27% to $19,626,000 from $15,411,000 a year
earlier. Net Earnings Per Share for the third quarter were $0.40 up 25% from
$0.32 per share during the same period last year.
For the 14th consecutive quarter since our initial listing on the New York
Stock Exchange, our Net Sales and Net Earnings exceeded the same quarter the
year prior.
As a result of the strong performance in the third quarter, Net Sales for the
nine months ended October 31, 1997, rose 30% to $485,226,000 compared with
$373,312,000 a year earlier. Operating Profit rose 36% to $69,826,000 when
compared to $51,458,000 for the first nine months a year ago. Net Earnings
for the nine months increased 26% to $37,359,000 from $29,575,000 during the
same period last year. This translated to Net Earnings Per Share of $0.75,
up 23% from $0.61 per share for the prior year period. Net Earnings and Net
Earnings Per Share for the nine month period, excluding the non-recurring
transaction costs incurred by Endar Corp. prior to its acquisition by Blyth,
increased 37% and 34%, respectively, over the year-earlier period.
Robert B. Goergen, Chairman of the Board, said "We are pleased that Blyth's
fundamentals continue to be strong and allow us to achieve our sales and
earnings targets. Furthermore, we're well positioned for another strong
holiday season."
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 environmental 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-, Fragrance Originals by
Mrs. Baker -Registered Trademark-, Carolina Designs -TM-, Ambria -TM-,
Canterbury Candles -Registered Trademark-, Florasense -TM-, Jeanmarie
- -Registered Trademark- and FilterMate -TM-.
Blyth Industries, Inc. can be found on the Internet at www.blythindustries.com.
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EXHIBIT 99.1
BLYTH INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(IN THOUSANDS EXCEPT PER SHARE DATA)
(Unaudited)
<TABLE>
<CAPTION>
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Three Months Three Months Nine Months Nine Months
Ended October 31, Ended October 31, Ended October 31, Ended October 31,
1997 1996 1997 1996
<C> <C> <C> <C> <C>
---------------- ------------------ ------------------ ------------------
Net sales $192,457 $153,522 $485,226 $373,312
Cost of goods sold 85,852 70,550 215,424 170,838
-------- -------- -------- --------
Gross profit 106,605 82,972 269,802 202,474
Selling and shipping 58,784 44,527 156,369 116,597
Administrative 14,293 11,546 43,607 34,419
-------- -------- -------- --------
73,077 56,073 199,976 151,016
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Operating profit 33,528 26,899 69,826 51,458
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Other expense (income)
Interest expense 1,578 1,013 3,577 2,597
Endar Transaction Expenses - - 5,173 -
Interest income (184) (50) (486) (748)
Equity in earnings of investees (457) (230) (367) (337)
-------- -------- -------- --------
937 733 7,897 1,512
-------- -------- -------- --------
Earnings before income taxes and
minority interest 32,591 26,166 61,929 49,946
Income tax expense 12,698 10,539 24,316 20,125
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Earnings before minority interest 19,893 15,627 37,613 29,821
Minority interest 267 216 254 246
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Net earnings $ 19,626 $ 15,411 $ 37,359 $ 29,575
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-------- -------- -------- --------
Net earnings per common and
common equivalent share (1) $ 0.40 $ 0.32 $ 0.75 $ 0.61
Weighted Average Number of
Shares Outstanding (1) 49,590 48,436 49,544 48,394
(1) RESTATED FOR JUNE 1997 3 FOR 2 STOCK SPLIT EFFECTED AS A STOCK DIVIDEND.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(Unaudited)
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ASSETS October 31, October 31,
1997 1996
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Cash and Cash Equivalents $ 16,244 $ 11,335
Accounts Receivable, Net 73,179 66,746
Inventories 136,900 114,758
Property, Plant & Equipment, Net 154,947 83,700
Other Assets 35,802 17,830
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$ 417,072 $ 294,369
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LIABILITIES & EQUITY
Bank Debt $ 83,530 $ 15,513
Senior Notes 25,000 25,000
Other Liabilities 78,810 82,328
Stockholders' Equity 229,732 171,528
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$ 417,072 $ 294,369
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