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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) February 2, 1994
Tambrands Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-8714 13-1366500
(State of (Commission File Number) (IRS Employer
incorporation) Identification No.)
777 Westchester Avenue, White Plains, New York 10604
(Address of principal executive offices) (Zip Code)
(914) 696-6000
(Registrant's telephone number,
including area code)
N/A
(Former name or former address, if changed since last report)
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Items 1-4. Not Applicable.
Item 5. Other Events.
The Company issued a press release on February 2, 1994.
Item 6. Not Applicable.
Item 7. Exhibits.
99.1 Press Release of the Company dated February 2,
1994.
Item 8. Not Applicable.
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SIGNATURE
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 thereunto duly authorized.
Tambrands Inc.
By /s/ Raymond F. Wright
Name: Raymond F. Wright
Title: Senior Vice President--
Chief Financial Officer
Date: February 3, 1994
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EXHIBIT INDEX
Sequentially
Exhibit No. Description Numbered Page
99.1 Press Release of the Company
dated February 2, 1994.
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NEWS RELEASE
Investor Contact: Media Contact:
K. B. Makrakis Bruce P. Garren
(914) 696-6509 (914) 696-6540
FOR IMMEDIATE RELEASE (Wednesday, February 2, 1994)
TAMBRANDS ANNOUNCES 1993 FOURTH-QUARTER AND FULL-YEAR RESULTS
White Plains, New York--February 2, 1994--Tambrands Inc. (NYSE:TMB) today
reported sales and earnings in line with expectations for the fourth
quarter and the year ended December 31, 1993.
Howard B. Wentz, Jr., Chairman of the Board, announced that net sales for
the quarter were $146,659,000, compared to $165,312,000 in the fourth
quarter of 1992. Sales were lower due to lower volumes, caused primarily
by fluctuations in trade customers' inventories in the United States. Net
earnings were $21,074,000, or $.55 per share, compared to $31,099,000, or
$.80 per share, in the comparable period of 1992.
Wentz said, "The positive trends that began in the third quarter of 1993
continued in the fourth quarter. I believe we have resolved the
difficulties of the first half of last year and put a solid foundation in
place for 1994 and beyond." He pointed out that U.S. market share for the
second half of 1993, the period when the Company began executing its new
marketing strategy, was more than a full point ahead of the first half. As
the result of strong tampon category growth, U.S. Tampax tampon consumer
purchases in units increased by more than 7% in the second half over the
first half, and were slightly higher for the full-year 1993 than in 1992.
Marketing, selling and distribution expenses in the quarter were above last
year's levels, as the Company continued its increased advertising and
promotional spending worldwide. This increased spending was largely offset
by reductions in administrative and general expenses, driven principally by
the Company's previously announced restructuring.
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For the full-year 1993, net sales were $611,465,000, compared to
$684,113,000 for 1992. Sales were lower for the year due to several
factors: lower volumes, caused primarily by the reduction of trade
customers' inventories; the weakening of European currencies; and the
divestitures in 1992 of the Maxithins sanitary pad business in North
America and the pad and diaper businesses in Brazil and Mexico.
The results of the Company's operations in Ukraine, Russia and China are
now included in the consolidated results.
The Company reported a one-time charge of $10,252,000 after tax, or $.27
per share, retroactive to the first quarter of 1993, representing the
effect of adopting Statement of Financial Accounting Standards No. 112.
SFAS 112 requires changes in the accounting for postemployment benefits.
Net earnings for 1993 after the SFAS 112 charge were $63,450,000, or $1.64
per share, compared to $121,400,000, or $3.06 per share, in 1992.
Excluding the cumulative effects of accounting changes, earnings in 1993
were $73,702,000, or $1.91 per share, compared to $122,409,000, or $3.09
per share, in 1992. Also, the 1993 results were adversely affected by the
previously announced second-quarter charge of $20,273,000 after tax for
restructuring and other costs.
Tambrands manufactures Tampax(r) tampons and markets them around the world.
A summary of consolidated operating results for the three months and year
ended December 31, 1993 is attached.
# # #
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TAMBRANDS INC.
CONSOLIDATED INCOME STATEMENT
3 Months and 12 Months Ended December 31
<TABLE>
<CAPTION>
3 Months Ended 12 Months Ended
(In thousands, December 31 Percent December 31* Percent
except per share figures) 1993 1992 Change 1993 1992 Change
<S> <C> <C> <C> <C> <C> <C>
NET SALES $146,659 $165,312 (11) $611,465 $684,113 (11)
COST OF PRODUCTS SOLD 50,448 54,021 (7) 201,706 228,081 (12)
GROSS PROFIT 96,211 111,291 (14) 409,759 456,032 (10)
SELLING, ADMIN. AND GENERAL:
MARKETING, SELLING AND
DISTRIBUTION 48,570 44,397 9 202,031 193,477 4
ADMIN. AND GENERAL 16,262 19,640 (17) 61,378 67,823 (10)
RESTRUCTURING AND OTHER CHARGES - - -- 30,042 - --
64,832 64,037 1 293,451 261,300 12
OPERATING INCOME 31,379 47,254 (34) 116,308 194,732 (40)
INTEREST, NET AND OTHER 1,962 815 -- 2,344 (2,869) --
EARNINGS BEFORE PROVISION FOR INCOME
TAXES AND CUM. EFFECT OF ACCT. CHANGE 33,341 48,069 (31) 118,652 191,863 (38)
PROVISION FOR INCOME TAXES 12,267 16,970 (28) 44,950 69,454 (35)
EARNINGS BEFORE CUMULATIVE EFFECT
OF ACCT. CHANGE 21,074 31,099 (32) 73,702 122,409 (40)
CUMULATIVE EFFECT OF ACCT. CHANGE - - -- (10,252) (1,009) --
NET EARNINGS $ 21,074 $ 31,099 (32) $ 63,450 $121,400 (48)
PER COMMON SHARE: EARNINGS BEFORE
CUMULATIVE EFFECT OF ACCT. CHANGE $ 0.55 $ 0.80 (31) $ 1.91 $ 3.09 (38)
CUMULATIVE EFFECT OF ACCT. CHANGE - - -- (0.27) (0.03) --
NET EARNINGS $ 0.55 $ 0.80 (31) $ 1.64 $ 3.06 (46)
AVG. SHARES OUTSTANDING 38,410 39,040 38,632 39,640
<FN>
*Reflects adoption of SFAS Nos. 106 and 112 effective 1/1/92 and 1/1/93, respectively.
</TABLE>
