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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 23, 1996
EASCO, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-25834 94-3157362
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(State of other (Commission (IRS Employer
jurisdiction of File No.) Identification No.)
incorporation)
c/o Easco, Inc.
706 South State Street
Girard, Ohio 44420
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(Address of principal executive offices)
Registrant's telephone number, including area code (330) 545-4311
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Former name or former address, if changed since last report: Not applicable
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Item 5. Other Events.
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On September 23, 1996, Easco, Inc. announced that it expects to report a loss of
up to $0.10 per share for the third quarter of 1996.
Item 7(c). Exhibits.
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(1) Press release, dated September 23, 1996, of Easco, Inc.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
EASCO, INC.
September 24, 1996 /s/ Bruce McH. Kirchner
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Bruce McH. Kirchner
Vice President and
Chief Financial Officer
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706 South State Street
Girard, Ohio 44420
Telephone (330) 545-4311
FAX (330) 545-3119
Exhibit 1
EASCO,INC.
[Logo]
FOR IMMEDIATE RELEASE
Investor inquiries contact:
Michael M. Hagerty
President
(330) 545-4311
EASCO, INC. EXPECTS LOSS FOR THIRD QUARTER
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Girard, Ohio (September 23, 1996) -- Easco, Inc. (NASDAQ:ESCO) announced today
that, based on preliminary estimates, the Company expects to report a loss of
approximately $1 million, or $0.10 per share, for the third quarter of 1996. The
expected loss is primarily the result of previously announced operating
difficulties which continued in the third quarter, along with one-time charges
of $1.8 million which principally reflect losses on work in process and accounts
receivable for a customer that is presently experiencing financial difficulties.
Easco expects to return to modest profitability as measured by net income in the
fourth quarter of this year. The overall level of business, as reflected by
order activity, continues to be strong, and the level of shipments for the third
quarter is expected to be near the 86 million pounds shipped by Easco in the
second quarter of 1996.
The Company expects to report results for the third quarter during the third
full week of October. As previously reported, for the third quarter of 1995,
Easco's net income was $1.1 million, or $0.10 per share, on revenues of $82.8
million. Shipments were 74.8 million pounds.
For the first half of 1996, Easco reported net income of $4.7 million, or $0.46
per share, on revenues of $169.6 million. Shipments were 161.8 million pounds.
These results compared to 1995 first-half net income of $7.8 million, or $0.85
per share on revenues of $180.6 million. For the first half of 1995, shipments
were 158.6 million pounds.
Easco, Inc. is the largest independent extruder of soft alloy aluminum products
in the United States and is a leading producer of painted extrusions. The
Company operates 23 aluminum extrusion presses and three casting facilities. Its
products include standard and custom profiles, conduit, drawn tubing and vinyl
extrusions.
Cautionary Statement
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The above statements concerning the third and fourth quarters of 1996 are
forward looking statements as such term is used under the Private Securities
Litigation Reform Act of 1995. The Company's performance may be affected by many
uncertainties that exist in the Company's operations and business environment
that may cause actual performance to materially differ from any forward looking
statements. These uncertainties which include economic conditions, market demand
and pricing, competitive and cost factors, fluctuations in the cost of raw
materials, and other factors, are described in Easco, Inc.'s 10-Q report filed
August 12, 1996 with the Securities and Exchange Commission.
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