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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) April 13, 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.
In February 1997, the Financial Accounting Standards Board issued Statement
No. 128 ("SFAS 128"), "Earnings per Share," which specifies the computation,
presentation, and disclosure requirements for earnings per share. The Company's
earnings press release dated March 26, 1998 was prepared in accordance with
SFAS 128. Although the audited financial statements to be included in, or
incorporated by reference into, the Company's Annual Report on Form 10-K for the
fiscal year ended January 31, 1998 will be prepared in accordance with SFAS 128,
the Company has determined to file the following unaudited selected financial
data, which have been prepared in accordance with SFAS 128.
UNAUDITED SELECTED CONSOLIDATED FINANCIAL DATA
Set forth below are unaudited selected summary consolidated financial and
operating data of the Company for fiscal years 1994 through 1998.
The information presented below is being submitted for incorporation by
reference into the Company's presently effective registration statements on
Form S-3 (Nos. 333-26083 and 333-37659).
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<CAPTION>
Years ended January 31,
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1994 1995 1996 1997 1998
(In thousands, except per share and percent data)
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<S> <C> <C> <C> <C> <C>
STATEMENT OF EARNINGS DATA:
Net sales $167,773 $229,617 $356,702 $531,480 $687,474
Gross profit 77,848 113,528 185,369 287,402 388,912
Operating profit 14,866 23,659 43,682 74,047 98,774
Interest expense 1,750 1,240 2,662 3,554 4,816
Earnings before income taxes
and minority interest 13,255 22,752 42,474 71,939 89,930
Earnings before
minority interest 8,009 13,605 25,552 42,951 54,862
Net earnings 8,009 13,605 25,175 42,757 54,590
Basic earnings per
common share (1) 0.21 0.32 0.56 0.89 1.11
Diluted earnings per
common share (1) 0.21 0.32 0.55 0.88 1.10
Basic weighted average number
of common shares
outstanding (1) 37,972 42,040 45,089 47,974 49,063
Diluted weighted average number
of common shares
outstanding (1) 37,972 42,208 45,373 48,476 49,543
OPERATING DATA:
Gross profit margin 46.4% 49.4% 52.0% 54.1% 56.6%
Operating profit margin 8.9% 10.3% 12.2% 13.9% 14.4%
Capital expenditures $6,998 $10,448 $35,878 $50,526 $62,481
Depreciation and
amortization 2,519 2,890 4,683 8,778 12,396
BALANCE SHEET DATA:
Working capital $15,101 $42,494 $110,538 $113,177 $140,101
Total assets 70,861 102,591 223,469 303,879 447,390
Total debt 31,583 9,837 36,662 44,704 120,630
Total stockholders' equity 16,651 61,196 141,881 189,403 246,832
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(1) Restated for a December 1995 two-for-one stock split and a June 1997
three-for-two stock split, each of which was effected as a stock dividend.
Earnings per common share for fiscal 1995, fiscal 1996, and fiscal 1997
reflects the issuance of 6,000,000 shares of Common Stock as part of the
Company's initial pubic offering in May 1994, the issuance of 3,600,000
shares of Common Stock in a secondary offering in October 1995, and the
issuance of 993,745 shares of Common Stock in connection with the acquisition
of New Ideas International, Inc. in December 1996, respectively. Earnings
per common share for all periods gives effect to the issuance of 2,999,808
shares of Common Stock upon conversion of certain convertible notes in April
1994 and the issuance of 1,900,786 shares of Common Stock in connection with
the acquisition of Endar Corp. in May 1997. Earnings per common share for
the applicable periods also includes the Company's equity in earnings from
its investments in Colony Gift Corporation Ltd. in September 1993 and March
1995, results of operations of Jeanmarie Creations, Inc., 88% owned, of which
80% was acquired in April 1995, 4% was acquired in May 1996, and 4% was
acquired in May 1997, the results of operations from the Company's
acquisition of 75% ownership in Eclipse Candles, Ltd. in July 1995 and
October 1996, the results of operations of New Ideas International, Inc.,
which was acquired in December 1996, and the December 1997 acquisition of
the Sterno -TM- and Handy Fuel -TM- assets, none of which had a material
effect on the Company's results of operations in the period during which they
occurred, or thereafter, and also includes the results of operations of Endar
Corp., which was acquired through a pooling of interests in May 1997 (the
Company's results have been restated to include the historical results of
operations of Endar Corp.).
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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: April 13, 1998 By: /s/ Bruce D. Kreiger
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Name: Bruce D. Kreiger
Title: Vice President &
General Counsel
