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 5, 1998
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
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
1
<PAGE>
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 5, 1998 By: /s/ Richard T. Browning
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Name: Richard T. Browning
Title: Vice President &
Chief Financial
Officer
2
<PAGE>
Exhibit 99.1
CONTACT: FOR IMMEDIATE RELEASE
Richard T. Browning
Chief Financial Officer
(203) 661-1926 ext. 6628
Jane F. Casey
Vice President
(203) 661-1926 ext. 6619
BLYTH INDUSTRIES NET SALES UP 30 PERCENT
Net Earnings Track Sales Growth at 30%
GREENWICH, CT, June 5, 1998: Blyth Industries, Inc. (NYSE:BTH) reported today
that first quarter Net Sales increased by 29.6 percent to $201,030,000 from last
year's $155,060,000 while Operating Profits rose 31.9 percent to $25,710,000
from $19,489,000 in the prior year period. Net Earnings for the quarter
increased 29.7 percent to $14,672,000 compared to $11,314,000 a year earlier.
Diluted Net Earnings Per Share were up 30.4 percent to $0.30 per share from
$0.23 per share for the first quarter last year.
This marks the 16th consecutive quarter since Blyth's IPO listing on the New
York Stock Exchange that sales and earnings exceeded the same quarter of the
prior year.
Commenting on the strong first quarter performance, Robert B. Goergen, Chairman
and CEO, said, "The market for fragranced candles continues to grow in North
America, as well as in Europe where sales growth again exceeded the company
average. In addition, we continue to experience operating margin improvement as
we benefit from the substantial capital investments made over the past three
years and, to a lesser extent, the higher growth rates of our international and
domestic PartyLite businesses."
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 and tags. 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.
For the fiscal year ended January 31, 1998, Blyth reported sales of $687.5
million.
Blyth Industries invites you to view the enhanced Shareholder Information
section of its website located on the Internet at www.blythindustries.com.
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BLYTH INDUSTRIES, INC.
Consolidated Statement of Earnings
(In thousands except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Three Months
Ended April 30, Ended April 30,
1998 1997
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<S> <C> <C>
Net sales $ 201,030 $ 155,060
Cost of goods sold 82,607 69,197
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Gross profit 118,423 85,863
Selling and shipping 72,364 51,517
Administrative 19,842 14,647
Amortization of goodwill 507 210
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92,713 66,374
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Operating profits 25,710 19,489
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Other expense(income)
Interest expense 1,723 904
Interest income (56) (226)
Equity in earnings of investee 40 (81)
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1,707 597
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Earnings before income taxes
and minority interest 24,003 18,892
Income tax expense 9,428 7,616
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Earnings before minority interest 14,575 11,276
Minority interest (97) (38)
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Net earnings $ 14,672 $ 11,314
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Basic:
Net earnings per common share(1) $ 0.30 $ 0.23
Weighted average number of shares outstanding(1) 49,115 48,923
Diluted:
Net earnings per common share(1) $ 0.30 $ 0.23
Weighted average number of shares outstanding(1) 49,633 49,451
</TABLE>
(1) Restated for June 1997 3 for 2 stock split effected as a stock dividend.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
April 30, 1998 April 30, 1997
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<S> <C> <C>
Assets
Cash and Cash Equivalents $ 14,878 $ 21,839
Accounts Receivable, Net 50,937 43,700
Inventories 150,103 121,027
Property, Plant & Equipment, Net 171,928 115,909
Other Assets 66,488 19,900
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$ 454,334 $ 322,375
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Liabilities and Stockholders' Equity
Bank Debt $ 68,957 $ 11,398
Senior Notes 25,000 25,000
Other Liabilities 98,578 85,209
Stockholders' Equity 261,799 200,768
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$ 454,334 $ 322,375
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</TABLE>
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