UNITED STATES
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
Date of Report (Date of earliest event reported) January 30, 1995
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NEWELL CO.
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(Exact name of registrant as specified in its charter)
Delaware 1-9608 36-3514169
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
29 East Stephenson Street, Freeport, Illinois 61032
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (815) 235-4171
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ITEM 5. OTHER EVENTS.
Newell Co. issued a news release dated January 30, 1995
announcing its results for the fourth quarter and the twelve months
ended December 31, 1994. A copy of the news release is attached as
Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(c) Exhibits.
(99) News Release dated January 30, 1995.
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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.
NEWELL CO.
(Registrant)
Date: February 10, 1995 By: /s/ William T. Alldredge
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William T. Alldredge
Vice President -- Finance
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EXHIBIT INDEX
Exhibit
No. Description
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99 News Release dated January 30, 1995
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EXHIBIT 99
NEWS RELEASE
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NEWELL REPORTS RECORD FOURTH QUARTER RESULTS
1994 FULL YEAR SALES AND EARNINGS REACH AN ALL-TIME HIGH
1994 FULL YEAR RETURN ON EQUITY REACHES 20%
FREEPORT, ILLINOIS, January 30, 1995 -- Newell announced today
that sales and earnings reached record levels for both the fourth
quarter and full year ended December 31, 1994.
For the 1994 fourth quarter, net sales were a record $584.7
million, up 22% from $481.4 million achieved in the fourth quarter of
1993. The increase in sales for the quarter is attributable to
internal sales growth of 6%, and the acquisitions of Goody in 1993,
and Home Fashions, Inc. and Eberhard Faber in 1994.
Net income for the fourth quarter of 1994 increased 12% to $62.1
million from $55.4 million and earnings per share were 39 cents, an
11% increase from 35 cents achieved in the fourth quarter of 1993.
For the full year 1994, sales were up 26% to $2,074.9 million
from $1,645.0 million in 1993. The increase in sales for the full
year 1994 is attributable to internal sales growth of 6%, the
acquisitions of Levolor, Lee/Rowan and Goody in 1993, and the
acquisitions of Home Fashions, Inc. and Eberhard Faber in 1994.
Net income for the full year 1994 was $195.6 million, an increase
of 18% from $165.3 million in 1993 and earnings per share were $1.24,
up 18% from $1.05 in 1993.
William P. Sovey, Newell's Vice Chairman and CEO, stated, "1994
was another year in which we continued to demonstrate growth. In
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achieving record sales and earnings, we demonstrated that Newell's
strategy is sound and that application of that strategy can result in
outstanding performance for our company and for our stockholders.
We're very pleased with the progress Newell has made over the years
and with our growth potential. We are confident about the future."
Newell manufactures and markets high-volume staple consumer
products which are sold internationally through a variety of retail
and wholesale distribution channels. Product categories include
housewares, hardware, home furnishings, and office products.
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NEWELL CO.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in millions except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
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1994 1993 % Change 1994 1993 % Change
-------- -------- -------- -------- -------- --------
Net Sales $584.7 $481.4 21.5% $2,074.9 $1,645.0 26.1%
Cost of products sold 387.5 313.4 1,403.8 1,101.7
-------- -------- -------- --------
GROSS INCOME 197.2 168.0 17.4% 671.1 543.3 23.5%
% of sales 33.7% 34.9% 32.3% 33.0%
Selling, general &
administrative expense 85.2 74.7 313.2 257.2
-------- -------- -------- --------
OPERATING INCOME 112.0 93.3 20.0% 357.9 286.1 25.1%
% of sales 19.2% 19.4% 17.2% 17.4%
Nonoperating expenses:
Interest expense 10.5 5.2 30.0 19.1
Other (2.0) (2.9) (1.4) (8.5)
-------- -------- -------- --------
8.5 2.3 28.6 10.6
-------- -------- -------- --------
INCOME BEFORE TAXES 103.5 91.0 13.7% 329.3 275.5 19.5%
% of sales 17.7% 18.9% 15.9% 16.7%
Income taxes 41.4 35.6 133.7 110.2
Effective rate 40.0% 39.1% 40.6% 40.0%
-------- -------- -------- --------
NET INCOME $62.1 $55.4 12.1% $195.6 $165.3 18.3%
% of sales 10.6% 11.5% 9.4% 10.0%
======== ======== ======== ========
EARNINGS PER SHARE $0.39 $0.35 11.4% $1.24 $1.05 18.1%
======== ======== ======== ========
Average shares outstanding 157.8 157.5 0.2% 157.8 157.3 0.3%
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