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
July 23, 1998
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
ITEM 5. Other Events.
On July 16, 1998, the registrant, Thomas Industries Inc., reported earnings
for the second quarter of 1998. A copy of the press release is filed herewith.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit Number Description
99.1 Press release regarding earnings in the second quarter.
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 of
Finance, Chief Financial Officer, and
Secretary
Dated: July 23, 1998
Exhibit 99.1
Louisville, Kentucky, July 16, 1998 Thomas Industries Inc. (NYSE-TII)
today reported that sales in the second quarter of 1998 were the highest for any
quarter in the Company's history, while earnings were the highest for any second
quarter in its history.
Sales for the three months ended June 30, 1998, increased over the second
quarter of 1997, to $143,057,000, from $139,989,000 last year. Net income
increased to $6,875,000, or $.42 per share, compared to $6,430,000, or $.39 per
share in the same period last year.
For the first half of 1998, net sales were a record $284,981,000 versus
$266,345,000 a year ago. Net income was a record $12,125,000, or $.74 per
share, compared to $10,432,000, or $.64 per share in 1997.
In commenting on the results, Timothy C. Brown, Chairman, President and
Chief Executive Officer, said, "Both our Lighting Group and our Compressor &
Vacuum Pump Group posted record sales for any previous second quarter. We saw
particularly strong performances from our Outdoor Divisions on the Lighting
side, and our European Operations on the Compressor and Vacuum Pump side."
Brown remains optimistic about the outlook for the remainder of the year.
"We expect to see continued earnings improvements over the third and fourth
quarters of 1997, resulting in a record year in earnings," he said. Brown added
that the Company's proposed lighting joint venture with The Genlyte Group
[NASDAQ: GLYT] is still anticipated to close sometime during the third quarter
of this year.
In addition, on July 15, 1998, the Board of Directors declared a quarterly
cash dividend of 7-1/2 cents per share, payable October 1, 1998, to shareholders
of record September 4, 1998. This will be the 173rd consecutive quarterly
cash dividend paid by the Company.
Thomas Industries Inc., headquartered in Louisville, Kentucky, is a
recognized leader in the design and manufacture of commercial, industrial and
consumer lighting products, as well as compressors and vacuum pumps primarily
for global OEM applications. The Company has operations in the U.S., Canada,
Mexico, South America, Europe and Asia, and employs approximately 3,350 people.
# # #
The statements in this press release with respect to expectations concerning
future results are forward-looking statements and actual results may differ
materially from those currently expected. Factors that could cause actual
results to differ materially are set forth in the Company's Annual Report on
Form 10-K for the year ended December 31, 1997, under "Management's Discussion
and Analysis of Financial Condition and Results of Operations Forward-Looking
Statements."
<TABLE>
THOMAS INDUSTRIES INC.
COMPARATIVE SALES AND INCOME
(In Thousands Except Per Share Data)
<CAPTION>
For the second quarter ended June 30
1998 1997 Change
<C> <S> <S> <S>
Net sales $143,057 $139,989 + 2.2%
Income before taxes $ 10,912 $ 10,206 + 6.9%
Net income $ 6,875 $ 6,430 + 6.9%
Net income per share
-- Basic $ .43 $ .41 + 4.9%
-- Diluted $ .42 $ .39 + 7.7%
Dividends declared per $ .075 $ .067 + 11.9%
share
Weighted average number
of common shares
outstanding
-- Basic 15,874 15,835
-- Diluted 16,524 16,321
For the six months ended June 30
1998 1997 Change
Net sales $284,981 $266,345 + 7.0%
Income before taxes $ 19,246 $ 16,559 + 16.2%
Net income $ 12,125 $ 10,432 + 16.2%
Net income per share
-- Basic $ .76 $ .66 + 15.2%
-- Diluted $ .74 $ .64 + 15.6%
Dividends declared per $ .15 $ .133 + 12.8%
share
Weighted average number
of common shares
outstanding
-- Basic 15,869 15,827
-- Diluted 16,474 16,302
</TABLE>
Share data have been restated to reflect a three-for-two stock split paid
December 1, 1997.
THE FOREGOING FIGURES HAVE BEEN APPROVED BY THE MANAGEMENT OF THOMAS INDUSTRIES
INC. FOR OFFICIAL RELEASE ON THE DATE INDICATED.<PAGE>
