SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 12 OR 15 (d) OF
THE SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: November 12, 1996
GREENSTONE INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State of Incorporation)
0-24504 52-1827142
(Commission File Number) (IRS Employer ID Number)
6500 Rock Spring Drive, Suite 400, Bethesda, MD 20817
(Address of principal executive offices)
Registrant's telephone number, including area code: (301) 564-5900
<PAGE>
Item 5. Other Items.
On November 8, 1996, registrant issued a press release concerning the
company's third quarter and nine months results. A copy of the release is filed
as Exhibit 99 hereto.
Item 7. Exhibits.
Exhibit 99 - Form of press release dated and released November 8, 1996,
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
GREENSTONE INDUSTRIES, INC., a Delaware corporation
By: /s/ John Bernardi
John R. Bernardi
Chief Financial Officer
Date: November 12, 1996
<PAGE>
FOR IMMEDIATE RELEASE: Friday, November 8, 1996
GREENSTONE INDUSTRIES ANNOUNCES THIRD QUARTER
AND NINE MONTH RESULTS
BETHESDA, MARYLAND -- GreenStone Industries, Inc. (NASDAQ/NM: STON, STONW) today
announced results for the third quarter and nine months ended September 28,
1996.
Net sales were $10,792,000 for the third quarter ended September 28, 1996, a
decrease of 2% from $10,962,000 for the quarter ended September 30, 1995. Net
income improved to $242,000 for the quarter ended September 28, 1996 compared
with a net loss of $(820,000) for the quarter ended September 30, 1995. Per
share earnings for the third quarter of 1996 increased to $0.04 from a loss of
$(0.14) per share for the third quarter of 1995.
For the nine month period ended September 28, 1996, net sales increased $1.3
million or 4% to $30.2 million from $28.9 for the nine months ended September
30, 1995. Net income improved to $480,000 for the nine months ended September
28, 1996 compared with a net loss of $(1,369,000) for the nine months ended
September 30, 1995. Per share earnings for the nine months ended September 28,
1996 increased to $0.07 from a loss of $(0.25) for the nine months ended
September 30, 1995.
On October 28, 1996, the company announced it had signed a definitive merger
agreement to be acquired by Louisiana-Pacific Corporation (NYSE:LPX). Closing of
the acquisition is subject to approval by GreenStone's shareholders and
regulatory filings, among other things.
GreenStone Industries manufactures high quality cellulose insulation and
specialty fibers from recycled paper -- primarily old newspaper.
Additional information about the company's products and services, financial data
and other information can be found at the company's web site on the Internet at
http:/www.ston.com.
CONTACT: John R. Bernardi, chief financial officer, (301) 564-5900
(table follows)
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GreenStone Industries, Inc.
<TABLE>
<CAPTION>
Consolidated Condensed Statements of Operations (unaudited)
- -----------------------------------------------------------------------------------------------------------------------------
Quarter Ended Nine Months Ended
--------------------------------------- --------------------------------------
Sept. 28, Sept. 30, Sept. 28, Sept. 30,
1996 1995 1996 1995
----------------- ---------------- ---------------- ----------------
<S> <C>
Net sales $10,792,000 $10,962,000 $30,233,000 $28,936,000
Gross profit 4,123,000 2,705,000 11,529,000 7,627,000
Selling and distribution expense 1,866,000 1,719,000 5,005,000 4,790,000
General & administrative expense 1,669,000 1,614,000 5,132,000 4,173,000
Operating income (loss) 588,000 (629,000) 794,000 (1,721,000)
Net income (loss) $242,000 $(820,000) $480,000 $(1,369,000)
================= ================ ================ ================
Common equivalent shares 6,892,000 5,706,000 6,832,000 5,369,000
outstanding
Earnings (loss) per share $0.04 $(0.14) $0.07 $(0.25)
================= ================ ================ ================
</TABLE>
Consolidated Condensed Balance Sheets
- --------------------------------------------------------------------------------
Sept. 28, December 30,
1996 1995
----------------- -----------------
(unaudited)
Current assets $ 9,457,000 $ 8,548,000
Fixed assets, net 11,090,000 10,868,000
Other assets 4,948,000 5,251,000
----------------- -----------------
Total assets $25,495,000 $24,667,000
================= =================
Current liabilities $ 6,907,000 $ 7,363,000
Long-term debt 7,170,000 8,035,000
Shareholders' equity 11,418,000 9,269,000
----------------- -----------------
Total liabilities and equity $25,495,000 $24,667,000
================= =================
