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) 20 July 2001
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Air Products and Chemicals, Inc.
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(Exact name of registrant as specified in charter)
Delaware 1-4534 23-1274455
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(State of other jurisdiction of incorporation) (Commission file number) (IRS Identification number)
7201 Hamilton Boulevard, Allentown, Pennsylvania 18195-1501
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (610) 481-4911
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Item 5. Other Items
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AIR PRODUCTS REPORTS THIRD QUARTER
EARNINGS PER SHARE OF 60 CENTS
LEHIGH VALLEY, Pa. (July 20, 2001) - Air Products and Chemicals, Inc.
(NYSE:APD) today reported net income from operations of $132 million, or
diluted earnings per share of 60 cents, for the June quarter. Diluted
earnings per share declined six percent compared with prior year earnings
per share of 64 cents, excluding disclosed items in the 2000 quarter. Net
income from operations declined five percent compared with prior year
earnings of $139 million, primarily due to continued weakness in U.S.
manufacturing and a slowdown in the global electronics industry. Revenues
of $1.4 billion increased one percent compared with prior year.
The following discussion excludes prior year special items.
Commenting on the quarter, Air Products Chairman and Chief Executive
Officer John P. Jones said, "Thanks to the hard work of our entire global
team and the broad-based strength of our portfolio, Air Products met
expectations in a quarter that presented challenges on multiple fronts.
Although our chemicals and North American gases businesses improved on a
sequential basis, both continued to be affected by weaker economic
conditions. Additionally, after six quarters of significant expansion, our
Electronics Division was affected by the dramatic slowdown in the
electronics manufacturing sector."
Industrial gas sales increased 10 percent, while operating income declined
seven percent compared with the prior year. Excluding natural gas and
currency effects, industrial gas sales increased six percent. Operating
results for the global Chemicals and Processing Industries (CPI) Division
improved on higher sales of HYCO (hydrogen, carbon monoxide, and syngas-a
mix of hydrogen and carbon monoxide) products. In Asia, higher liquid
volumes contributed to better results. European performance improved on a
2
constant currency basis, primarily due to strong sales to the medical
market. A combination of weaker volumes and higher natural gas and power
costs resulted in lower operating results for North American gases. While
the Electronics Division's sales were flat, the group's operating results
declined, principally due to lower volumes and a less favorable product
mix.
Chemicals' sales and operating income declined compared with last year due
to the slower economy and outages at key customers' facilities. As
expected, operating income and margin increased on a sequential basis for
the Chemicals Group.
Commenting on Air Products' outlook for its fourth fiscal quarter, Mr.
Jones said, "We expect higher operating rates at our customers' facilities
to result in better volumes and better operating leverage for our chemicals
business. However, the continuing decline in U.S. manufacturing, which has
become particularly acute in the electronics sector, will continue to
create challenges for our businesses. Given these conditions, we now
anticipate our earnings per share from operations for fiscal 2001 will be
approximately $2.30."
Mr. Jones concluded by saying, "Faced with these challenges, we will
continue to focus on improving our cost structure and refining our
strategies, ensuring Air Products' ability to capitalize on growth
opportunities once the economy improves."
***NOTE: The forward-looking statements contained in this release are based
on current expectations regarding important risk factors. Actual results
may differ materially from those expressed. Factors that might cause
forward-looking statements to differ materially from actual results
include, among other things, overall economic and business conditions;
demand and timing of the placing of orders for the goods and services of
Air Products; competitive factors in the industries in which it competes;
whether prices of natural gas and other raw materials fall in the remaining
quarter of fiscal 2001; the ability to recover increased energy and raw
material costs from customers; the availability of utilities, particularly
in California, to provide electrical power; changes in government
regulation; success of implementing cost reduction programs; the timing,
impact and
3
other uncertainties of future acquisitions or divestitures; fluctuations in
interest rates and foreign currencies; the impact of tax and other
legislation and regulations in the jurisdictions in which Air Products and
its affiliates operate; and the timing and rate at which tax credits can be
utilized.
Financial tables follow:
4
AIR PRODUCTS AND CHEMICALS, INC.
SUMMARY OF CONSOLIDATED FINANCIAL INFORMATION
(Unaudited)
(Millions of dollars, except per share)
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Three Months Ended Nine Months Ended
30 June 30 June
2001 2000 2001 2000
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Sales $1,415.9 $1,406.4 $4,355.5 $4,018.0
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Net Income (Loss):
As reported $132.3 $(192.5) $362.5 $(94.3)
Exclusive of special items $132.3 $ 138.8(b) $386.2(a) $393.2(c)
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Basic Earnings (Loss) Per Share:
As reported $.62 $(.90) $1.69 $(.44)
Exclusive of special items $.62 $.65 $1.80 $1.84
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Diluted Earnings (Loss) Per Share: (d)
As reported $.60 $(.90) $1.65 $(.44)
Exclusive of special items $.60 $.64(b) $1.76(a) $1.82(c)
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Operating Return on Net Assets 11.1% 10.6%
Capital Expenditures $538.5 $813.2
Depreciation $141.9 $150.4 $433.6 $426.7
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(a) Excludes an after-tax charge of $20.0 million, $.09 per share, for a global
cost reduction plan and an after-tax charge of $3.7 million, or $.02 per
share, for costs related to a litigation settlement.
(b) Excludes an after-tax charge of $301.8 million, or $1.39 per share, for
costs related to the BOC transaction, and an after-tax charge of $29.5
million, or $.14 per share, for a global cost reduction plan.
(c) Excludes an after-tax charge of $456.5 million, or $2.12 per share, for
costs related to the BOC transaction, an after-tax charge of $35.0 million,
or $.16 per share, for a global cost reduction plan, and an after-tax gain
of $4.0 million, or $.02 per share, on the sale of packaged gas facilities.
The costs related to the BOC transaction consist primarily of charges
recorded on purchased option and forward exchange contracts entered into to
hedge the currency exposure of the transaction.
(d) The calculation of diluted earnings per share for fiscal 2000 was based on
the weighted average of common shares outstanding due to the net loss
position. The calculation of diluted earnings per share excluding special
items was based on the weighted average of common shares and common
equivalent shares. The weighted average of common shares and common
equivalent shares for the three and nine months ended 30 June 2000 was
216.5 million and 215.8 million shares, respectively. Additionally, the
calculation of the per share impact of special items on a diluted basis was
based on the weighted average of common shares and common equivalent shares
for all periods presented.
5
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED INCOME
(Unaudited)
(Millions of dollars, except per share)
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Three Months Ended Nine Months Ended
30 June 30 June
2001 2000 2001 2000
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SALES AND OTHER INCOME
Sales $1,415.9 $1,406.4 $4,355.5 $4,018.0
Other income (expense), net 8.1 (4.5) 12.4 9.4
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1,424.0 1,401.9 4,367.9 4,027.4
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COSTS AND EXPENSES
Cost of sales 1,004.3 993.7 3,134.2 2,796.4
Selling and administrative 173.3 189.5 536.3 537.2
Research and development 31.0 32.3 90.3 92.3
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OPERATING INCOME 215.4 186.4 607.1 601.5
Income from equity affiliates, net of related 21.8 20.4 59.6 62.0
expenses
Loss on currency hedges related to BOC -- 482.5 -- 730.4
transaction and expenses
Interest expense 48.7 52.9 147.4 141.0
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INCOME (LOSS) BEFORE TAXES AND 188.5 (328.6) 519.3 (207.9)
MINORITY INTEREST
Income taxes (benefits) 53.8 (137.6) 152.1 (120.2)
Minority interest (a) 2.4 1.5 4.7 6.6
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NET INCOME (LOSS) $132.3 ($192.5) $362.5 $(94.3)
===================================================================================================================
BASIC EARNINGS (LOSS) PER COMMON $.62 $(.90) $1.69 $(.44)
SHARE
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DILUTED EARNINGS (LOSS) PER $.60 $(.90) $1.65 $(.44)
COMMON SHARE
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WEIGHTED AVERAGE NUMBER OF 214.9 213.4 214.7 213.3
COMMON SHARES (in millions)
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WEIGHTED AVERAGE NUMBER OF 220.5 213.4 219.1 213.3
COMMON AND COMMON
EQUIVALENT SHARES (in millions) (b) (c)
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DIVIDENDS DECLARED PER COMMON $.20 $.19 $.58 $.55
SHARE - Cash
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(a) Minority interest primarily includes before-tax amounts.
(b) The dilution of earnings per common share is due mainly to the impact of
unexercised stock options.
(c) Common equivalent shares were not considered in fiscal year 2000 due to the
net loss position.
6
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions of dollars)
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30 June
ASSETS 2001 2000
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CURRENT ASSETS
Cash and cash items $116.1 $113.3
Trade receivables, less allowances for 946.2 960.9
doubtful accounts
Inventories and contracts in progress 507.2 524.5
Other current assets 210.6 349.8
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TOTAL CURRENT ASSETS 1,780.1 1,948.5
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INVESTMENTS IN NET ASSETS OF AND ADVANCES TO 511.9 503.7
EQUITY AFFILIATES
PLANT AND EQUIPMENT, at cost 10,509.4 10,625.4
Less - Accumulated depreciation 5,327.2 5,211.8
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PLANT AND EQUIPMENT, net 5,182.2 5,413.6
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GOODWILL AND OTHER NONCURRENT ASSETS 744.6 701.0
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TOTAL ASSETS $8,218.8 $8,566.8
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LIABILITIES AND SHAREHOLDERS' EQUITY
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CURRENT LIABILITIES
Payables, trade and other $533.5 $557.3
Accrued liabilities 287.0 325.3
Accrued income taxes 3.1 12.5
Short-term borrowings 85.9 716.2
Current portion of long-term debt 286.4 72.8
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TOTAL CURRENT LIABILITIES 1,195.9 1,684.1
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LONG-TERM DEBT 2,542.6 2,800.2
DEFERRED INCOME & OTHER NONCURRENT LIABILITIES 510.1 565.9
DEFERRED INCOME TAXES 833.2 750.9
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TOTAL LIABILITIES 5,081.8 5,801.1
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MINORITY INTERESTS IN SUBSIDIARY COMPANIES 118.1 122.0
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TOTAL SHAREHOLDERS' EQUITY 3,018.9 2,643.7
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $8,218.8 $8,566.8
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7
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONDENSED CONSOLIDATED CASH FLOWS
(Unaudited)
(Millions of dollars)
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Nine Months Ended
30 June
2001 2000
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OPERATING ACTIVITIES
Net Income (Loss) $362.5 $(94.3)
Adjustments to reconcile income (loss) to cash provided by operating activities:
Depreciation 433.6 426.7
Deferred income taxes 26.5 3.4
Impairment of long lived assets 6.4 --
Loss on BOC transaction -- 706.1
Undistributed earnings of unconsolidated affiliates (45.2) (43.1)
(Gain) Loss on sale of assets and investments 1.2 (9.0)
Other (25.4) 115.8
Working capital changes that provided (used) cash, net of effects of acquisitions:
Trade receivables 8.5 (89.8)
Inventories and contracts in progress (33.2) (27.1)
Payables, trade and other (38.1) 56.1
Other (8.4) (167.5)
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CASH PROVIDED BY OPERATING ACTIVITIES 688.4 877.3
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INVESTING ACTIVITIES
Additions to plant and equipment (a) (510.1) (586.2)
Acquisitions, less cash acquired (b) -- (169.7)
Investment in and advances to unconsolidated affiliates (27.8) (15.8)
BOC transaction costs -- (665.8)
Proceeds from sale of assets and investments 42.4 42.0
Other 30.1 (2.9)
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CASH USED FOR INVESTING ACTIVITIES (465.4) (1,398.4)
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FINANCING ACTIVITIES
Long-term debt proceeds 120.5 534.0
Payments on long-term debt (42.1) (426.9)
Net (decrease) increase in commercial paper and short-term borrowings (157.4) 576.4
Purchase of treasury stock (75.0) --
Dividends paid to shareholders (122.2) (115.2)
Other 77.6 5.6
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CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (198.6) 573.9
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Effect of Exchange Rate Changes on Cash (2.4) (1.1)
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Increase in Cash and Cash Items 22.0 51.7
Cash and Cash Items - Beginning of Year 94.1 61.6
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Cash and Cash Items - End of Period $116.1 $113.3
================================================================================================================================
(a) Excludes capital lease additions of $.6 million and $17.2 million in fiscal
2001 and 2000, respectively.
(b) Excludes $24.3 million of long-term debt assumed in acquisitions in fiscal
2000.
8
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The results for the nine months ended 30 June 2001 included a charge of $30.9
million ($20.0 million after-tax) for a global cost reduction plan. The plan
included 311 position eliminations, resulting in a charge of $22.4 million for
severence and termination benefits. A charge of $8.5 million was recognized for
asset impairments and other related restructuring costs. The restructuring
charges included in cost of sales, selling and administrative, and other expense
were $14.4 million, $9.4 million, and $7.1 million, respectively. The results
for the nine months ended 30 June 2001, also included a charge of $6.0 million
($3.7 million after-tax) related to a litigation settlement.
Income from equity affiliates, net of related expenses, contributed $.09 and
$.08 per share to diluted earnings per share for the three months ended 30 June
2001 and 30 June 2000, respectively. Income from equity affiliates, net of
related expenses, contributed $.25 and $.26 per share to diluted earnings per
share for the nine months ended 30 June 2001 and 30 June 2000, respectively.
The company, The BOC Group plc (BOC) and L'Air Liquide S.A. (Air Liquide) of
France announced in July 1999 that they had agreed to the terms of a recommended
offer for the share capital of BOC. In May 2000, the company and Air Liquide
announced that the Federal Trade Commission had indicated it would not approve
the offer by 12 May 2000, the date on which the period for satisfying the
preconditions to the offer would expire, and the offer was not extended beyond
12 May 2000. As a result, certain costs and financing fees that had been
deferred were expensed in the third quarter of fiscal 2000.
The results for the three and nine months ended 30 June 2000 included a charge
of $482.5 million ($301.8 million after-tax) and $730.4 million ($456.5 million
after-tax), respectively, for costs related to the BOC transaction. These costs
consisted primarily of charges recorded on purchased option and forward exchange
contracts entered into to hedge the currency exposure of the BOC transaction.
The results for the three months ended 30 June 2000 included a charge of $46.7
million ($29.5 million after-tax) for the global cost reduction plan. The
restructuring charges included in cost of sales, selling and administrative,
research and development, and other expenses were $17.3 million, $21.0 million,
$.9 million, and $7.5 million, respectively.
The results for the nine months ended 30 June 2000, included a charge of $55.4
million ($35.0 million after-tax) for the global cost reduction plan and a gain
of $6.3 million ($4.0 million after-tax) related to the sale of packaged gas
facilities. The restructuring charges included in cost of sales, selling and
administrative, research and development, and other expenses were $20.6 million,
$25.4 million, $1.9 million, and $7.5 million, respectively.
The effective tax rate for the nine months ended 30 June 2000 was 56.0 percent,
after minority interest of $6.6 million. This rate was significantly impacted by
a higher tax rate on the BOC transaction, the global cost reduction plan, and
the sale of packaged gas facilities. Excluding the tax impacts of these
transactions, the effective rate for the nine months was 30.4 percent. The
current year-to-date effective tax rate was 29.6 percent, after minority
interest of $4.7 million.
9
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
SUMMARY BY BUSINESS SEGMENTS
(Unaudited)
Business segment information is shown below:
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(Millions of dollars) Three Months Ended Nine Months Ended
30 June 30 June
2001 2000 2001 2000
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Revenues from external customers
Gases $983.9 $894.8 $3,019.3 $2,517.5
Equipment 57.3 65.0 177.9 169.4
Chemicals 374.7 446.6 1,158.3 1,331.1
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Segment Totals 1,415.9 1,406.4 4,355.5 4,018.0
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Consolidated Totals $1,415.9 $1,406.4 $4,355.5 $4,018.0
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Operating income
Gases $175.2 $157.3 $523.4 $481.6
Equipment 2.7 (3.6) 7.3 3.2
Chemicals 39.7 44.8 95.2 146.4
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Segment Totals 217.6 198.5 625.9 631.2
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Corporate research and development and (2.2) (12.1) (18.8) (29.7)
other income/(expense)
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Consolidated Totals $215.4 $186.4 $607.1 $601.5
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Operating income (excluding special
items)
Gases $175.2 $189.3(b) $549.7(a) $507.3(c)(d)
Equipment 2.7 3.3(b) 7.3 10.1(c)
Chemicals 39.7 51.7(b) 99.8(a) 162.0(c)
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Segment Totals 217.6 244.3 656.8 679.4
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Corporate research and development and (2.2) (11.2)(b) (12.8)(e) (28.8)(c)
other income/(expense)
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Consolidated Totals $215.4 $233.1 $644.0 $650.6
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Equity affiliates' income
Gases $17.8 $18.4 $53.1 $52.6
Equipment .4 1.0 1.3 1.8
Chemicals 3.7 2.0 5.2 8.7
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Segment Totals 21.9 21.4 59.6 63.1
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Other (.1) (1.0) -- (1.1)
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Consolidated Totals $21.8 $20.4 $59.6 $62.0
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10
(Millions of dollars)
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30 June
2001 2000
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Total assets
Gases $6,380.1 $6,264.3
Equipment 210.1 233.9
Chemicals 1,459.0 1,677.7
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Segment Totals 8,049.2 8,175.9
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Corporate assets 169.6 390.9
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Consolidated Totals $8,218.8 $8,566.8
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Twelve Months Ended
30 June
2001 2000
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ORONA (f)
Gases 12.6% 11.4%
Equipment 6.2% 5.8%
Chemicals 9.1% 13.1%
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Segment Totals 11.7% 11.6%
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Consolidated Totals 11.1% 10.6%
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(a) The results for the nine months ended 30 June 2001 exclude a cost reduction
charge in gases ($26.3 million) and chemicals ($4.6 million).
(b) The results for the three months ended 30 June 2000 exclude a cost
reduction charge in gases ($32.0 million), equipment ($6.9 million),
chemicals ($6.9 million) and corporate ($.9 million).
(c) The results for the nine months ended 30 June 2000 exclude a cost reduction
charge in gases ($32.0 million), equipment ($6.9 million), chemicals ($15.6
million) and corporate ($.9 million).
(d) The results for nine months ended 30 June 2000 exclude a gain on the sale
of packaged gas facilities of $6.3 million.
(e) The results for the nine months ended 30 June 2001 exclude a litigation
settlement charge of $6.0 million.
(f) Operating return on net assets (ORONA) is calculated as the rolling four
quarter sum of operating income divided by the rolling five quarter average
of total assets less investments in equity affiliates. The ORONA
calculation excludes all special items impacting operating income.
11
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
SUMMARY BY GEOGRAPHIC REGIONS
(Unaudited)
(Millions of dollars)
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Three Months Ended Nine Months Ended
30 June 30 June
2001 2000 2001 2000
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Revenues from external customers
United States $945.9 $937.3 $2,934.5 $2,655.8
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United Kingdom 106.1 122.4 325.0 367.9
Spain 74.9 75.5 222.7 231.2
Other Europe 144.9 127.8 438.9 417.7
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Total Europe 325.9 325.7 986.6 1,016.8
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Canada/Latin America 60.9 60.4 183.2 173.8
Asia 83.1 82.9 251.0 171.3
All Other .1 .1 .2 .3
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Total $1,415.9 $1,406.4 $4,355.5 $4,018.0
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Note: Geographic information is based on country of origin. The other Europe
segment operates principally in France, Germany, Netherlands, and Belgium.
# # #
Media Inquiries:
Lisa Walsh, tel: (610) 481-5784; e-mail: walshla@apci.com.
Investor Inquiries:
Alexander W. Masetti, tel: (610) 481-7461; e-mail: masettaw@apci.com.
12
Item 9. Regulation FD Disclosure
---------------------------------
The Q3 earnings teleconference following the earnings release which started at
1:00 p.m. EDST on July 20, 2001 can be accessed by listening on the Company's
web site at http://www.airproducts.com/fin/quarterly.htm. Recordings of the
earnings teleconference and copies of the slides used will continue to be
available at the above web address until midnight on July 27, 2001.
13
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, thereunto duly authorized.
Air Products and Chemicals, Inc.
----------------------------------------
(Registrant)
Dated: 20 July 2001 By: /s/ Leo J. Daley
---------------------------------------
Leo J. Daley
Vice President - Finance and Controller
(Chief Financial Officer)
14