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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 16, 2000,
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 16, 2000 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 FOURTH QUARTER NET SALES UP 30%
EPS, AT $0.57, INCREASES 27% YEAR-TO-YEAR
GREENWICH, CT, USA March 16, 2000: Blyth Industries, Inc. (NYSE:BTH) today
reported fourth quarter Net Sales of $328,873,000, a 30% increase over the prior
fourth quarter Net Sales of $252,258,000. Operating Profit rose 30% to
$49,167,000 when compared to $37,917,000 in the prior year period. Net Earnings
for the quarter were $27,533,000 compared to $22,573,000 in the prior year, a
22% increase. Diluted Net Earnings Per Share for the fourth quarter were $0.57,
up 27% from $0.45 per share during the same period last year.
Net Sales for the fiscal year ended January 31, 2000 totaled $1,097,450,000, a
25% increase over the $875,065,000 in Net Sales reported a year ago. Operating
Profit for the twelve months increased 28% from $128,237,000 to $164,001,000.
Net Earnings of $92,389,000 increased 24% compared to $74,502,000 for the prior
year. Diluted Net Earnings Per Share were $1.89, up 26% compared to $1.50 for
the prior year.
Commenting on the strong fourth quarter results, Robert B. Goergen, Chairman of
the Board and CEO, said "Blyth's fourth quarter results continued our strong
operating trends as product mix included more premium products, and operating
efficiencies in manufacturing, distribution, sourcing and administrative areas
had a very favorable impact on our operating profit margin. In fact, excluding
the impact of Liljeholmens which was not in the year-earlier results, fourth
quarter operating profit margin grew by over 100 basis points. In addition,
Blyth continued to generate significant Cash Flow from Operations, totaling $120
million for the full fiscal year 2000, demonstrating not only strong earnings
growth but also effective management of working capital."
Mr. Goergen continued by commenting on recent new product launches, "Blyth has a
major presence in four major channels of distribution: direct selling, premium
retail outlets, mass
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retail outlets and the "away from home" market. We continue to aggressively
renew our product lines in each of these channels of distribution with
innovative product offerings, such as Colonial at HOME -TM- in the premium
retail channel and Indulgences-TM- for our direct selling customers, which
demonstrate our ability to develop and launch the type of products needed to
support future sales growth and profitability."
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-Registered Trademark-, PartyLite Gifts-Registered Trademark-, Carolina
Designs-Registered Trademark-, Ambria-TM-, Canterbury-Registered Trademark-,
Florasense-Registered Trademark-, Jeanmarie-Registered Trademark- and
FilterMate-Registered Trademark- and in Europe under Gies, Liljeholmens, Eclipse
Candles and Colony. It is also a leading producer of portable heating fuel
products sold under the Sterno-Registered Trademark-and Handy Fuel-Registered
Trademark- brand names.
Blyth Industries, Inc. can be found on the Internet at www.blythindustries.com.
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 Quarterly Report on Form 10-Q for the quarter ended October 31, 1999,
and in the Company's Annual Report on Form 10-K for the year ended January 31,
1999.
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<TABLE>
<CAPTION>
BLYTH INDUSTRIES, INC.
Consolidated Statement of Earnings
(In thousands except per share data)
(Unaudited)
Three Months Three Months Twelve Months Twelve Months
Ended January 31, Ended January 31, Ended January 31, Ended January 31,
2000 (1) 1999 2000 (1) 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net sales $ 328,873 $ 252,258 $1,097,450 $ 875,065
Cost of goods sold 147,452 102,283 480,446 367,517
---------- ---------- ---------- ----------
Gross profit 181,421 149,975 617,004 507,548
Selling and shipping 103,925 87,472 357,256 296,753
Administrative 27,426 24,024 92,754 80,465
Amortization of goodwill 903 562 2,993 2,093
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132,254 112,058 453,003 379,311
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Operating profit 49,167 37,917 164,001 128,237
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Other expense(income)
Interest expense 4,049 1,432 12,104 6,653
Interest income/other 1,801 (226) 1,361 (481)
Equity in earnings of investee (1,393) (719) 146 (825)
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4,457 487 13,611 5,347
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Earnings before income taxes
and minority interest 44,710 37,430 150,390 122,890
Income tax expense 17,147 14,841 57,543 48,387
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Earnings before minority interest 27,563 22,589 92,847 74,503
Minority interest 30 16 458 1
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Net earnings $ 27,533 $ 22,573 $ 92,389 $ 74,502
========== ========== ========== ==========
Basic:
Net earnings per common share $ 0.57 $ 0.46 $ 1.91 $ 1.52
Weighted average number of shares outstanding 48,089 49,189 48,471 49,165
Diluted:
Net earnings per common share $ 0.57 $ 0.45 $ 1.89 $ 1.50
Weighted average number of shares outstanding 48,383 49,617 48,818 49,604
</TABLE>
<TABLE>
<CAPTION>
Consolidated Balance Sheets
(In thousands)
(Unaudited)
January 31, 2000 (2) January 31, 1999
-------------------- ----------------
<S> <C> <C>
Assets
Cash and Cash Equivalents $ 46,047 $ 18,571
Accounts Receivable, Net 84,919 60,810
Inventories 186,696 169,749
Property, Plant & Equipment, Net 273,528 236,273
Other Assets 121,906 91,380
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$713,096 $576,783
======== ========
Liabilities and Stockholders' Equity
Bank Debt $ 24,710 $ 92,993
Senior Notes 21,429 25,000
Bond Debt 150,000 --
Other Liabilities 136,743 136,758
Stockholders' Equity 380,214 322,032
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$713,096 $576,783
======== ========
</TABLE>
(1) As a result of the Company's purchases of Liljeholmens Stearinfabriks AB and
Colony Gift Corporation Ltd., the results of operations of Liljeholmens and
Colony Gift are included in the Consolidated Statement of Earnings of the
Company since their dates of acquisition.
(2) The balance sheet of Colony Gift is consolidated in the January 31, 2000
Consolidated Balance Sheet of the Company as a result of the Company acquiring a
controlling interest in Colony Gift in June 1999, and was included in the
Consolidated Balance Sheet of the Company as an equity investment at January 31,
1999. Before consolidating Colony Gift, key balance sheet amounts would be:
Accounts Receivable $76,904; Inventory $178,516; Property, Plant & Equipment
$261,187; Bank Debt $21,619; Other Liabilities $131,369.
