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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) March 26, 1998
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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: March 26, 1998 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. 6619
BLYTH INDUSTRIES REPORTS FOURTH QUARTER NET EARNINGS UP 31%
Net Sales Increase 28%
GREENWICH, CT, March 26, 1998: Blyth Industries, Inc. (NYSE:BTH) reported
today that fourth quarter Net Sales increased by 28% to $202,248,000 compared
with $158,168,000 a year earlier. Operating Profit rose 28% to $28,948,000
when compared to $22,589,000 in the prior year period. Net Earnings for the
quarter increased 31% to $17,231,000 from $13,182,000 a year earlier.
Diluted Net Earnings Per Share for the fourth quarter were $0.35, up 30% from
$0.27 per share during the same period last year.
For the 15th consecutive quarter since its initial listing on the New York
Stock Exchange, Net Sales and Net Earnings exceeded the results for the same
quarter in the prior year.
Net Sales for the fiscal year ended January 31, 1998, rose 29% to
$687,474,000 compared with $531,480,000 last year. Operating Profit rose 33%
to $98,774,000 when compared to $74,047,000 for the prior year. Net Earnings
for the year increased 28% to $54,590,000 from $42,757,000 for fiscal 1997.
This translated to Diluted Net Earnings Per Share of $1.10, up 25% from $0.88
per share for the prior year. Net Earnings and Diluted Net Earnings Per
Share, excluding the non-recurring transaction costs incurred by Endar Corp.
prior to its acquisition by Blyth, increased 35% and 33%, respectively, over
the prior year.
Robert B. Goergen, Chairman of the Board, said "We are very pleased to report
another record quarter in which net sales growth exceeded overall market
growth and net earnings reflected cost improvements gained from the
significant capital expenditures of the past few years. Having invested
over $130 million in manufacturing, distribution and systems projects over
the past three years, we now have the infrastructure to support over $1
billion in sales. As a result, management can more fully focus on further
sales and profitability growth over the upcoming fiscal year."
Blyth Industries, Inc., headquartered in Greenwich, CT, 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 (R),
PartyLite Gifts(R), Carolina Designs (TM), Ambria (TM), Canterbury (TM),
Florasense(R), Jeanmarie(R) and FilterMate (TM). It is also a leading
producer of portable heating fuel products sold under the Sterno(R) and Handy
Fuel(R) brand names.
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 Year Year
Ended January 31, Ended January 31, Ended January 31, Ended January 31,
1998 1997 1998 1997
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Net sales $ 202,248 $ 158,168 $ 687,474 $ 531,480
Cost of goods sold 83,138 73,240 298,562 244,078
----------------- ----------------- ----------------- -----------------
Gross profit 119,110 84,928 388,912 287,402
Selling and shipping 69,564 47,422 225,933 164,019
Administrative 20,286 14,716 63,257 48,500
Amortization of goodwill 312 201 948 836
----------------- ----------------- ----------------- -----------------
90,162 62,339 290,138 213,355
----------------- ----------------- ----------------- -----------------
Operating profit 28,948 22,589 98,774 74,047
----------------- ----------------- ----------------- -----------------
Other expense (income)
Interest expense 1,239 957 4,816 3,554
Interest income - (124) (486) (872)
Equity in earnings of
investee (292) (237) (659) (574)
Non-recurring transaction
costs of acquired company - - 5,173 -
----------------- ----------------- ----------------- -----------------
947 596 8,844 2,108
----------------- ----------------- ----------------- -----------------
Earnings before income
taxes and minority interest 28,001 21,993 89,930 71,939
Income tax expense 10,752 8,863 35,068 28,988
----------------- ----------------- ----------------- -----------------
Earnings before minority
interest 17,249 13,130 54,862 42,951
Minority interest 18 (52) 272 194
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Net earnings $ 17,231 $ 13,182 $ 54,590 $ 42,757
----------------- ----------------- ----------------- -----------------
----------------- ----------------- ----------------- -----------------
Basic:
Net earnings per common
share (1) $ 0.35 $ 0.27 $ 1.11 $ 0.89
Weighted average number of
shares outstanding (1) 49,088 48,160 49,063 47,974
Diluted:
Diluted net earnings per
common share (1) $ 0.35 $ 0.27 $ 1.10 $ 0.88
Diluted weighted average
number of shares
outstanding (1) 49,537 48,642 49,543 48,476
</TABLE>
(1) Restated for June 1997 3 for 2 stock split effected as a stock dividend.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
Assets January 31, 1998 January 31, 1997
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<S> <C> <C>
Cash and Cash Equivalents $ 21,273 $ 27,832
Accounts Receivable, Net 51,980 40,558
Inventories 135,524 112,427
Property, Plant & Equipment, Net 170,710 104,850
Other Assets 67,903 18,212
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$ 447,390 $ 303,879
Liabilities & Equity
Bank Debt $ 93,557 16,057
Senior Notes 25,000 25,000
Other Liabilities 82,001 73,105
Stockholders' Equity 246,832 189,717
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$ 447,390 $ 303,879
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</TABLE>
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