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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) May 27, 1999
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BLYTH INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-13026 36-2984916
(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
(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: May 28, 1999 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
Richard T. Browning
Chief Financial Officer
(203) 661-1926, ext. 6628
Jane F. Casey
Vice President
(203) 661-1926, ext. 6619
BLYTH INDUSTRIES REPORTS FIRST QUARTER NET SALES UP 22%
EPS, AT $0.38, INCREASES 27% YEAR-TO-YEAR
GREENWICH, CT, May 27, 1999: Blyth Industries, Inc. (NYSE:BTH) reported today
that first quarter Net Sales increased by 22% to $244,273,000 compared with
$201,030,000 a year earlier. Operating Profit rose 27% to $32,595,000 when
compared to $25,710,000 in the prior year period. Net Earnings for the quarter
increased 26% to $18,537,000 from $14,672,000 a year earlier. Diluted Net
Earnings Per Share for the first quarter were $0.38, up 27% from $0.30 per share
during the same period last year.
Commenting on the strong first quarter results, Robert B. Goergen, Chairman of
the Board and CEO, said "we are pleased with the sales and earnings growth in
the first quarter which is right in line with our overall corporate goals.
Similarly, operating margins continued to improve, reflecting cost improvements
in manufacturing and distribution, as well as sourcing efficiencies." Referring
to steps recently taken by the Company with respect to its European retail
business, Mr. Goergen said, "over the past few months, we achieved several key
milestones in further developing our European retail business, including
acquiring the remaining minority interests that we did not already own in
Eclipse Candles in March and Colony Gift Corp. in May. In addition, we fully
expect to acquire all of the remaining interests in Liljeholmens Stearinfabriks
that we do not already own since approximately 97% of its shareholders have
already tendered their shares."
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 lighting products, potpourri and
environmental fragrance products, and markets a broad range of related candle
accessories and decorative gift bags and tags. Its products are sold in the
United States 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(R) and in Europe under Gies(TM),
Liljeholmens(R), Eclipse Candles(TM) and Colony(R). It is also a leading
producer of portable heating fuel products sold under the Sterno(R) and Handy
Fuel(R) brand names. Net Sales for the twelve months ended April 30, 1999
totaled $918,308,000.
Blyth Industries, Inc. can be found on the Internet at www.blythindustries.com.
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The aforementioned tender offer is not being made directly or indirectly in, or
by use of the mails or by any means or instrumentality of interstate or foreign
commerce or of any facilities of a national securities exchange of, the United
States of America, its possessions or territories or any area subject to its
jurisdiction or any political subdivision thereof, or in any other jurisdiction
in which the making of the offer would not be in compliance with the laws of
such jurisdiction.
This press release contains "forward-looking statements", within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
include statements concerning plans, objectives, goals, strategies, future
events or performance and underlying assumptions and other statements which are
other than statements of historical facts. Actual results could differ
materially due to various factors, including the risk of maintaining the
Company's growth rate, the Company's ability to respond to increased product
demand, the risks associated with international sales and foreign products,
dependence on key management personnel, competition in terms of price and new
product introductions, and other factors described in this press release, in the
Company's Annual Report on Form 10-K for the year ended January 31, 1999.
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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,
1999 (1) 1998
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<S> <C> <C>
Net sales $ 244,273 $ 201,030
Cost of goods sold 103,793 82,607
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Gross profit 140,480 118,423
Selling and shipping 85,385 72,364
Administrative 21,864 19,842
Amortization of goodwill 636 507
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107,885 92,713
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Operating profit 32,595 25,710
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Other expense(income)
Interest expense 1,884 1,723
Interest income (120) (56)
Equity in earnings of investees 413 40
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2,177 1,707
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Earnings before income taxes
and minority interest 30,418 24,003
Income tax expense 11,683 9,428
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Earnings before minority interest 18,735 14,575
Minority interest 198 (97)
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Net earnings $ 18,537 $ 14,672
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Basic:
Net earnings per common share $ 0.38 $ 0.30
Weighted average number of shares outstanding 48,941 49,115
Diluted:
Net earnings per common share $ 0.38 $ 0.30
Weighted average number of shares outstanding 49,262 49,633
</TABLE>
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(Unaudited)
April 30, 1999 (2) April 30, 1998
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Assets
Cash and Cash Equivalents $ 18,650 $ 14,878
Accounts Receivable, Net 64,965 50,937
Inventories 186,164 150,103
Property, Plant & Equipment, Net 235,295 171,928
Other Assets 83,668 66,488
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$588,742 $454,334
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Liabilities and Stockholders' Equity
Bank Debt $100,859 $ 68,957
Senior Notes 25,000 25,000
Other Liabilities 136,134 98,578
Stockholders' Equity 326,749 261,799
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$588,742 $454,334
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(1) As a result of the Company's December 1998 purchase of approximately 79%
of Liljeholmens Stearinfabriks AB voting common stock, the results of
operations of Liljeholmens are included in the Consolidated Statement of
Earnings of the Company. The minority shareholders approximately 61%
economic interest is reflected within minority interest.
(2) The balance sheet of Liljeholmens is included in the April 30, 1999
Consolidated Balance Sheet of the Company. Before including Liljeholmens,
key balance sheet amounts would be: Accounts Receivable $56,654;
Inventory $167,436; Fixed Assets $197,089; Bank Debt $74,810.
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