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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 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest
event reported) July 27, 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 July 27, 1994.
Item 6. Not Applicable.
Item 7. Exhibits.
99.1 Press Release of the Company dated
July 27, 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
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Name: Raymond F. Wright
Title: Senior Vice President --
Chief Financial Officer
Date: July 27, 1994
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EXHIBIT INDEX
Sequentially
Exhibit No. Description Numbered Page
- - ----------- ----------- -------------
99.1 Press Release of the Company
dated July 27, 1994.
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Exhibit 99.1
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Investor Contact: Media Contact:
- - ---------------- -------------
K. B. Makrakis Bruce P. Garren
(914) 696-6509 (914) 696-6540
FOR IMMEDIATE RELEASE (Wednesday, July 27, 1994)
- - ------------------------------------------------
TAMBRANDS REPORTS GAINS IN SECOND-QUARTER RESULTS
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White Plains, New York--July 27, 1994--Tambrands Inc. (NYSE:TMB) today reported
improved sales and earnings for the second quarter of 1994. Edward T. Fogarty,
President and Chief Executive Officer, announced that net sales for the quarter
ended June 30, 1994 were $165,624,000, an increase of 11% over sales of
$149,041,000 in the second quarter of 1993. Improved sales were driven by
substantial gains in U.S. volumes as retail trade inventories stabilized after
declining sharply in recent quarters, particularly in the second quarter of
1993.
Net earnings were $20,007,000, or $0.54 per share, compared to a net loss of
$3,387,000, or $0.09 per share, in the same period of 1993 after a charge for
restructuring and other costs. Without the charge, second-quarter 1993 earnings
were $16,886,000.
Mr. Fogarty commented, "Tambrands has many challenges ahead, but the second
quarter was very encouraging. The U.S. tampon category continued to grow and
trade inventories stabilized for the period. In the future, we should see our
U.S. sales to the trade aligned much more closely with consumer purchases."
Outside of the United States, second-quarter 1994 volumes were somewhat below
the comparable period of 1993, due in part to the continuing competitive
environment in Europe.
Companywide marketing, selling and distribution expenses in the quarter were
above last year's levels, as Tambrands continued its increased marketing
spending. This increased spending was partially offset by reductions in
administrative expenses, driven principally by the Company's continuing overhead
reduction programs.
For the first six months of 1994, net sales were $304,797,000, compared to
$303,389,000 in the comparable period of 1993. Net earnings for the six months
were $42,051,000, or $1.13 per share, compared to earnings before the cumulative
effect of accounting change of $28,804,000, or $0.74 per share, in the first
half of 1993. Excluding the second-quarter 1993 restructuring charge, net
earnings for the first half of 1993 were $49,077,000.
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Tambrands has manufactured Tampax(R) tampons for almost 60 years, and today
markets them around the world. Tambrands' major markets include the United
States, the United Kingdom, France, Canada and Spain.
A summary of consolidated operating results for the three months and six months
ended June 30, 1994 is attached.
# # #
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TAMBRANDS INC.
CONSOLIDATED INCOME STATEMENTS
3 Months and 6 Months Ended June 30
3 Months Ended 6 Months Ended
June 30 June 30
(In thousands, ----------------- Percent ---------------- Percent
except per share 1994 1993 Change 1994 1993* Change
figures) ------ ------ ------- ------ ------- -------
NET SALES $165,624 $149,041 11 $304,797 $303,389 -
COST OF
PRODUCTS SOLD 52,590 48,096 9 96,511 97,314 (1)
-------- -------- -------- --------
GROSS PROFIT 113,034 100,945 12 208,286 206,075 1
SELLING, ADMIN.
AND GENERAL:
MKTING, SELLING
AND DIST. 65,251 56,434 16 109,573 96,811 13
ADMIN. & GENERAL 13,557 17,091 (21) 27,572 31,402 (12)
RESTRUCTURING &
OTHER CHARGES - 30,042 - - 30,042 -
-------- -------- -------- --------
78,808 103,567 (24) 137,145 158,255 (13)
-------- -------- -------- --------
OPER. INCOME (LOSS) 34,226 (2,622) - 71,141 47,820 49
INTEREST,
NET AND OTHER (2,468) (618) - (4,392) 38 -
-------- -------- -------- --------
EARNINGS (LOSS) BEFORE
PROVISION FOR INCOME
TAXES AND CUM. EFFECT
OF ACCT. CHANGE 31,758 (3,240) - 66,749 47,858 39
PROVISION FOR
INCOME TAXES 11,751 147 - 24,698 19,054 30
-------- -------- -------- --------
EARNINGS (LOSS)
BEFORE CUM. EFFECT
OF ACCT. CHANGE 20,007 (3,387) - 42,051 28,804 46
CUMULATIVE EFFECT
OF ACCT. CHANGE - - - - (10,252) -
-------- -------- -------- --------
NET EARNINGS (LOSS) $ 20,007 $ (3,387) - $ 42,051 $ 18,552 127
======== ======== ======== ========
PER COMMON SHARE:
EARNINGS (LOSS)
BEFORE CUM. EFFECT
OF ACCT. CHANGE $ 0.54 $ (0.09) - $ 1.13 $ 0.74 53
CUMULATIVE EFFECT
OF ACCT. CHANGE - - - - (0.26) -
-------- -------- -------- --------
NET EARNINGS (LOSS) $ 0.54 $ (0.09) - $ 1.13 $ 0.48 135
======== ======== ======== ========
AVG. SHARES
OUTSTANDING 36,781 38,534 37,284 38,810
*Reflects adoption of SFAS No. 112 effective 1/1/93.
