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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
February 10, 1994
THOMAS INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-5426 61-0505332
(Commission File Number) (IRS Employer Identification No.)
4360 Brownsboro Road, Suite 300, Louisville, Kentucky 40207
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
502/893-4600
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ITEM 5. Other Events
On February 10, 1994, the Company announced that its earnings for the
fourth quarter and year ended December 31, 1993, includes pretax
charges of $3,500,000, ($2,040,000 after tax) for restructuring
charges to further consolidate its Commercial & Industrial Lighting
operations.
The Company's press release dated February 10, 1994, filed as Exhibit
21 hereto, is incorporated herein by reference.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
(Reference to Item 601(b) of Regulation SK)
Exhibit No. Exhibit
21(a) Press release of registrant dated
February 10, 1994
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.
THOMAS INDUSTRIES INC.
(Registrant)
By S/Phillip J. Stuecker
Phillip J. Stuecker, Vice President,
Chief Financial Officer, and
Secretary
Date: February 11, 1994
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EXHIBIT 21(a)
Louisville, Ky., February 10, 1994 -- Thomas Industries Inc.
(NYSE-TII) today reported that sales and earnings for the year ended
December 31, 1993, improved over 1992 results.
Net income for the year ended December 31, 1993, was
$3,805,000, or $.38 per share, compared to a loss of $2,032,000,
or $.20 per share in 1992. The 1993 net income includes a fourth
quarter restructuring charge of $2,040,000. Net income for 1992
included a $3,986,000 restructuring charge. Net sales in 1993
improved 7% to $450,149,000, versus $420,754,000 in 1992.
Timothy C. Brown, President and Chief Executive Officer of
Thomas Industries Inc., said, "The restructuring actions were
necessary in order to implement cost reduction strategies within the
Commercial & Industrial Lighting Division, primarily related to the
closing of our Long Island facility. We continue to take actions
required to enhance Thomas Lighting's competitive position in a
difficult marketplace."
The 1993 net income excluding this non-recurring charge is
$5,845,000, or $.58 per share.
Additionally, the Board of Directors declared a quarterly cash
dividend of $.10 per share, payable April 1, 1994, to shareholders
of record March 4, 1994. This will be the 155th consecutive cash
dividend paid by the Company.
In discussing the year-end results, Mr. Brown said, "Once
again, our Compressor and Vacuum Pump Group reported the highest
sales and earnings for any year in the Company's history. In the
Lighting Group, our outdoor lines -- Gardco, Emco and, in Canada,
Lumec -- continued to post strong operating results. Although our
Commercial & Industrial and Residential Divisions continued to
struggle in a very competitive market, we feel confident that the
cost cutting programs that we have implemented will have a positive
impact in 1994."
Thomas Industries designs, manufactures and markets commercial,
industrial and residential lighting products, fractional horsepower
compressors and vacuum pumps, as well as specialty products. Thomas
has operations in the U.S., Canada, Mexico, South America, Europe
and Asia.
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THOMAS INDUSTRIES INC.
COMPARATIVE SALES AND INCOME
For the quarter ended December 31
1993 1992 Change
Net sales $109,752,000 $108,194,000 + 1.4%
Costs and expenses $104,978,000 $106,643,000 - 1.6%
Restructuring costs $ 3,500,000 -0- -
Income before taxes $ 1,274,000 $ 1,551,000 -17.9%
Net income $ 423,000 $ 690,000 -38.7%
Net income per share $.04 $.07 -42.9%
Dividends declared per share $.10 $.10 -
Average number of common
shares outstanding 10,047,480 10,010,853
For the year ended December 31
1993 1992 Change
Net sales $450,149,000 $420,754,000 + 7.0%
Costs and expenses $438,829,000 $414,581,000 + 5.8%
Restructuring costs $ 3,500,000 $ 5,925,000 -40.9%
Income before taxes $ 7,820,000 $ 248,000
Net income (loss) $ 3,805,000 ($ 2,032,000)
Net income (loss) per share $.38 ($.20)
Dividends declared per share $.40 $.40
Average number of common
shares outstanding 10,035,172 10,010,746
The 1993 results include a charge, taken in the fourth quarter,
of $3,500,000 to income before taxes, or $2,040,000 (20 cents per
share) to net income, to further consolidate the Commercial &
Industrial Lighting operations. The net income excluding this
charge is $5,845,000 (58 cents per share). Also included in the
1993 fourth quarter is a gain of $1,913,000 to income before taxes,
or $1,148,000 (11 cents per share) to net income, as the Company
changed its method of applying LIFO for certain inventories.
The 1992 results include a charge, taken in the first quarter, of
$5,925,000 to income before taxes, or $3,986,000 (40 cents per
share) to net income, to establish a reserve for the costs
associated with plant consolidations to reduce excess manufacturing
capacity in the Lighting Segment, and the disposition of other non-
producing assets. The 1992 net income excluding this charge is
$1,954,000 (20 cents per share).
THE FOREGOING FIGURES HAVE BEEN APPROVED BY THE MANAGEMENT OF
THOMAS INDUSTRIES FOR OFFICIAL RELEASE ON THE DATE INDICATED.
