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) 23 April 2002
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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 (Commission file number) (IRS Identification
of incorporation) 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 Events.
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AIR PRODUCTS REPORTS SECOND QUARTER EPS OF 57 CENTS
LEHIGH VALLEY, Pa. (April 23, 2002) - Air Products and Chemicals, Inc.
(NYSE:APD) today reported net income of $126 million, or diluted earnings per
share (EPS) of $.57, for its second fiscal quarter ended March 31, 2002. Net
income and diluted EPS were up 33% compared with prior year results of
$95 million and $.43 per share.
Fiscal 2002 results include an after-tax gain of $25.7 million, or $.12 per
share, on the sale of the U.S. packaged gas business and an after-tax charge of
$18.9 million, or $.09 per share for a global cost reduction plan. Fiscal 2001
results include an after-tax charge of $23.7 million, or $.11 per share,
principally for a global cost reduction plan. Details of these special items
are contained in the attached notes.
Excluding special items in both quarters, net income from ongoing operations of
$119 million increased 1%. EPS from operations of $.54 was equal to last year's
results.
Revenues of $1.3 billion declined 14%. Excluding the impact of natural gas
pass-through, acquisitions and divestitures, and currency effects, sales
declined 3%, reflecting continued weakness in the global manufacturing sector,
including electronics.
The following discussion excludes special items.
Commenting on the quarter, Air Products Chairman and Chief Executive Officer
John P. Jones said, "While manufacturing activity remained at low levels, we
again saw improvement in our chemicals business, which traditionally has led us
out of downturns. Delivering on our commitment to improve our portfolio, we
completed the sale of our U.S. packaged gas business last month. During the
quarter, Air Products also received the Environmental Protection Agency's
prestigious Climate Protection Award. The award recognizes our work helping
semiconductor manufacturers reduce emissions from their processes through
technologies including nitrogen trifluoride (NF3) chamber cleaning."
In our industrial gases segment, sales of $887 million declined 18%. Excluding
natural gas pass-through, acquisitions and divestitures, and currency effects,
sales declined 4%. Operating income declined 19%, primarily due to the
pronounced global electronics slowdown, as current trough levels of activity are
being compared with last year's record levels. In our North American merchant
gases business, margin expansion in the liquid oxygen, nitrogen, hydrogen and
helium product lines helped offset continued softer volumes. North American
operating results include a write-off of about $7 million in receivables
associated with three bankrupt steel customers.
In our chemicals segment, sales of $358 million declined 8%, primarily due to
lower activity in amines and polyurethane intermediates. Operating income of
$47 million, however, doubled from
2
last year due to margin improvement in most product lines and lower costs due to
continuous improvement efforts and lower natural gas and feedstock costs.
Operating margins in chemicals climbed to 13%, improving sequentially and moving
closer to historical levels.
Equipment segment sales increased 5%, and operating income was up on higher
shipments of helium containers and membrane units. The equipment backlog
dropped sequentially, reflecting lower plant and equipment activity.
Regarding Air Products' outlook, Mr. Jones said, "Last quarter, we said we
expected fiscal year operating EPS of about $2.35. We are maintaining that
guidance, less an adjustment of about $.03 per share equivalent to the dilutive
effect of the U.S. packaged gas divestiture in the last half of our fiscal year.
For the third quarter, we anticipate operating EPS will be about 10% higher than
second quarter operating EPS."
Mr. Jones concluded by saying, "However, the economy remains a concern. The
recent upturn in the U.S. Industrial Production index is encouraging, but
widespread uncertainty remains on the strength and pace of this recovery.
Higher volumes across major businesses are required to bring our operating
leverage to the forecasted bottom line particularly in electronics, chemicals
and merchant gases."
***NOTE: Fiscal 2002 second quarter earnings reflect a $.02 per share benefit,
and the fiscal 2002 earnings outlook reflects $.07 per share benefit from the
adoption of a new accounting standard for goodwill. In addition, the
divestiture of the U.S. packaged gas business is expected to be approximately
$.03 per share dilutive in the first six months, but earnings neutral in the
12 months after close.
***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, in particular the success of the world
economy, including the electronics industry, strengthening in the second half of
the fiscal year and resulting in meaningful increases in the demand for Air
Products' goods and services during that time; competitive factors in the
industries in which it competes; the ability to recover increased energy and raw
material costs from customers; spikes in the pricing of natural gas; changes in
government regulations; consequences of acts of terrorism impacting the United
States' and other markets; the success of implementing cost reduction programs;
the timing, impact and other uncertainties of future acquisitions or
divestitures; significant fluctuations in interest rates and foreign currencies;
the impact of tax and other legislation and regulations in jurisdictions in
which Air Products and its affiliates operate; and the timing and rate at which
tax credits can be utilized.
Please review the attached financial tables, including the Summary of
Consolidated Financial Information:
3
AIR PRODUCTS AND CHEMICALS, INC.
SUMMARY OF CONSOLIDATED FINANCIAL INFORMATION
(Unaudited)
(Millions of dollars, except per share)
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Three Months Ended Six Months Ended
31 March 31 March
2002 2001 2002 2001
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Sales $1,312.7 $1,534.5 $2,629.2 $3,010.3
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Net Income:
As reported $126.1 $ 94.6 $239.8 $230.2
Exclusive of special items $119.3(a) $118.3(b) $233.0(a) $253.9(b)
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Basic Earnings Per Share:
As reported $.58 $.44 $1.11 $1.07
Exclusive of special items $.55 $.55 $1.08 $1.18
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Diluted Earnings Per Share:
As reported $.57 $.43 $1.08 $1.05
Exclusive of special items $.54(a) $.54(b) $1.05(a) $1.16(b)
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Operating Return on Net Assets 10.6% 11.3%
Capital Expenditures $358.9 $329.3
Depreciation $136.4 $143.3 $275.7 $291.7
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(a) Excluded an after-tax gain of $25.7, or $.12 per share, on the sale of U.S.
packaged gas business and an after-tax charge of $18.9, or $.09 per share,
for a global cost reduction plan.
(b) Excluded an after-tax charge of $20.0, or $.09 per share, for a global cost
reduction plan and an after-tax charge of $3.7, or $.02 per share, for
costs related to a litigation settlement.
4
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED INCOME
(Unaudited)
(Millions of dollars, except per share)
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Three Months Ended Six Months Ended
31 March 31 March
2002 2001 2002 2001
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SALES $1,312.7 $1,534.5 $2,629.2 $3,010.3
COSTS AND EXPENSES
Cost of sales 942.3 1,141.0 1,879.4 2,200.6
Selling and administrative 189.1 189.5 358.4 363.0
Research and development 28.1 30.8 58.5 59.3
Other (income) expense, net (1.6) 9.0 (6.1) (4.3)
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OPERATING INCOME 154.8 164.2 339.0 391.7
Income from equity affiliates, net of 20.3 16.9 38.7 37.8
related expenses
Gain on sale of packaged gas business 55.7 -- 55.7 --
Interest expense 31.0 50.3 66.1 98.7
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INCOME BEFORE TAXES AND 199.8 130.8 367.3 330.8
MINORITY INTEREST
Income taxes 69.6 36.6 118.4 98.3
Minority interest (a) 4.1 (.4) 9.1 2.3
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NET INCOME $126.1 $94.6 $239.8 $230.2
===============================================================================================================
BASIC EARNINGS PER COMMON $.58 $.44 $1.11 $1.07
SHARE
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DILUTED EARNINGS PER COMMON $.57 $.43 $1.08 $1.05
SHARE
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WEIGHTED AVERAGE NUMBER OF 216.6 214.5 216.2 214.4
COMMON SHARES (in millions)
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WEIGHTED AVERAGE NUMBER OF 222.9 218.9 221.7 218.4
COMMON AND COMMON
EQUIVALENT SHARES (in millions) (b)
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DIVIDENDS DECLARED PER COMMON $.20 $.19 $.40 $.38
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.
5
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Millions of dollars)
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31 March
ASSETS 2002 2001
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CURRENT ASSETS
Cash and cash items $ 97.8 $ 100.6
Trade receivables, less allowances for 867.2 1,049.8
doubtful accounts
Inventories and contracts in progress 459.7 514.2
Other current assets 206.6 240.3
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TOTAL CURRENT ASSETS 1,631.3 1,904.9
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INVESTMENTS IN NET ASSETS OF AND ADVANCES TO 530.6 493.8
EQUITY AFFILIATES
PLANT AND EQUIPMENT, at cost 10,157.1 10,451.6
Less - Accumulated depreciation 5,160.2 5,274.9
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PLANT AND EQUIPMENT, net 4,996.9 5,176.7
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GOODWILL 343.1 342.7
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OTHER NONCURRENT ASSETS 368.9 366.4
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TOTAL ASSETS $ 7,870.8 $ 8,284.5
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LIABILITIES AND SHAREHOLDERS' EQUITY
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CURRENT LIABILITIES
Payables, trade and other $ 460.3 $ 577.0
Accrued liabilities 323.0 336.6
Accrued income taxes 77.5 17.1
Short-term borrowings 46.6 209.1
Current portion of long-term debt 66.9 302.0
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TOTAL CURRENT LIABILITIES 974.3 1,441.8
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LONG-TERM DEBT 1,968.9 2,515.6
DEFERRED INCOME & OTHER NONCURRENT LIABILITIES 718.9 534.3
DEFERRED INCOME TAXES 791.1 785.6
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TOTAL LIABILITIES 4,453.2 5,277.3
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MINORITY INTERESTS IN SUBSIDIARY COMPANIES 120.9 117.4
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TOTAL SHAREHOLDERS' EQUITY 3,296.7 2,889.8
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 7,870.8 $ 8,284.5
=================================================================================================
6
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONDENSED CONSOLIDATED CASH FLOWS
(Unaudited)
(Millions of dollars)
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Six Months Ended
31 March
2002 2001
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OPERATING ACTIVITIES
Net Income $239.8 $230.2
Adjustments to reconcile income to cash provided by operating
activities:
Depreciation 275.7 291.7
Deferred income taxes 7.4 7.1
Undistributed earnings of unconsolidated affiliates (30.9) (19.9)
Gain on sale of assets and investments (58.6) (.6)
Other 66.1 (8.2)
Working capital changes that provided (used) cash, excluding
effects of acquisitions and divestitures:
Trade receivables 10.1 (82.2)
Inventories and contracts in progress (5.8) (37.9)
Payables, trade and other (43.0) 1.6
Other 16.3 (1.9)
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CASH PROVIDED BY OPERATING ACTIVITIES 477.1 379.9
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INVESTING ACTIVITIES
Additions to plant and equipment (a) (321.3) (302.3)
Investment in and advances to unconsolidated affiliates (34.7) (26.5)
Acquisitions, less cash acquired (1.1) --
Proceeds from sale of assets and investments 267.8 32.2
Other 10.5 23.0
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CASH USED FOR INVESTING ACTIVITIES (78.8) (273.6)
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FINANCING ACTIVITIES
Long-term debt proceeds 20.8 54.4
Payments on long-term debt (164.8) (21.4)
Net decrease in commercial paper and short-term borrowings (205.2) (25.7)
Purchase of treasury stock -- (50.0)
Dividends paid to shareholders (86.2) (81.5)
Issuance of stock for options and award plans 75.5 27.0
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CASH USED FOR BY FINANCING ACTIVITIES (359.9) (97.2)
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Effect of Exchange Rate Changes on Cash (6.8) (2.6)
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Increase in Cash and Cash Items 31.6 6.5
Cash and Cash Items - Beginning of Year 66.2 94.1
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Cash and Cash Items - End of Period $97.8 $100.6
===========================================================================================================================
(a) Excludes capital lease additions of $1.8 and $.5 in 2002 and 2001,
respectively.
7
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(millions of dollars, except per share)
The company adopted Statement of Financial Accounting Standards (SFAS) No. 142,
"Goodwill and Other Intangible Assets" on 1 October 2001. As required by
SFAS 142, the company performed an impairment test on goodwill as of 1 October
2001, which indicated no impairment of goodwill. As of 1 October 2001 the
company is no longer amortizing goodwill, including goodwill associated with
investments in equity affiliates. Goodwill amortization in 2001 was $14.8 on an
after-tax basis, or $.07 per share. Goodwill amortization for the three and six
months ended 31 March 2001 was $3.6 and $7.4 on an after-tax basis, or $.02 and
$.04 per share, respectively.
On 28 February 2002, the company completed the sale of the majority of its U.S.
packaged gas business, excluding the electronic gases and magnetic resonance
imaging related helium operations, to Airgas, Inc. (Airgas). This sale included
approximately 100 facilities in 30 states associated with the filling and
distribution of cylinders, liquid dewars, tube trailers, and other containers of
industrial gases and non-electronic specialty gases, and the retail selling of
welding hardgoods, including customer service centers, warehouses, and other
related assets. The company also sold its packaged gas operations in the
Carolinas and in Southern Virginia to National Welders Supply Company, Inc., a
joint venture between Airgas and the Turner family of Charlotte, N.C. The assets
sold generated $240 in revenues in 2001 with a modest contribution to operating
income. For the five months ended 28 February 2002, the revenues were
approximately $100 also with a modest contribution to operating income. These
facilities employed 1,200 people. The proceeds from these transactions were
$254.5. The results for the three and six months ended 31 March 2002 included a
gain of $55.7 ($25.7 after-tax, or $.12 per share).
The results for the three and six months ended 31 March 2002 included a charge
of $30.8 ($18.9 after-tax, or $.09 per share) for a global cost reduction plan
including packaged gas divestiture related reductions. The plan included 333
position eliminations, resulting in a charge of $27.1 for severance and pension
related benefits. A charge of $3.7 was recognized for asset impairments related
to the planned sale or closure of two small chemicals facilities. The
restructuring charges included in cost of sales, selling and administrative,
research and development, and other expense were $13.4, $14.1, $.4, and $2.9,
respectively.
Income from equity affiliates contributed $.09 and $.07 to diluted earnings per
share for the three months ended 31 March 2002 and 2001, respectively. Income
from equity affiliates contributed $.16 to diluted earnings per share for both
the six months ended 31 March 2002 and 2001.
The results for the three and six months ended 31 March 2001 included a charge
of $30.9 ($20.0 after-tax, or $.09 per share) for a global cost reduction plan.
The plan included 311 position eliminations, resulting in a charge of $22.4 for
severence and termination benefits. A charge of $8.5 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, $9.4, and $7.1, respectively. The results for the three and six months
ended 31 March 2001, also, included a charge of $6.0 ($3.7 after-tax, or $.02
per share) related to a litigation settlement.
8
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 Six Months Ended
31 March 31 March
2002 2001 2002 2001
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Revenues from external customers
Gases $ 886.8 $1,079.4 $1,790.9 $2,106.1
Chemicals 358.1 390.3 707.1 783.6
Equipment 67.8 64.8 131.2 120.6
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Segment Totals 1,312.7 1,534.5 2,629.2 3,010.3
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Consolidated Totals $1,312.7 $1,534.5 $2,629.2 $3,010.3
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Operating income
Gases $122.5 $156.8 $274.5 $348.2
Chemicals 42.0 18.5 82.5 55.5
Equipment 5.1 3.5 6.0 4.6
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Segment Totals 169.6 178.8 363.0 408.3
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Corporate research and development and (14.8) (14.6) (24.0) (16.6)
other income/(expense)
Consolidated Totals $154.8 $164.2 $339.0 $391.7
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Operating income (excluding special
items)
Gases $148.7(a) $183.1(c) $300.7(a) $374.5(c)
Chemicals 46.6(b) 23.1(d) 87.1(b) 60.1(d)
Equipment 5.1 3.5 6.0 4.6
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Segment Totals 200.4 209.7 393.8 439.2
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Corporate research and development and (14.8) (8.6)(e) (24.0) (10.6)(e)
other income/(expense)
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Consolidated Totals $185.6 $201.1 $369.8 $428.6
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Equity affiliates' income
Gases $16.3 $16.6 $32.1 $35.3
Chemicals 2.8 -- 5.1 1.5
Equipment 1.2 .2 1.5 .9
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Segment Totals 20.3 16.8 38.7 37.7
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Other -- .1 -- .1
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Consolidated Totals $20.3 $16.9 $38.7 $37.8
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9
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(Millions of dollars)
31 March
2002 2001
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Identifiable assets (f)
Gases $5,503.2 $5,930.7
Chemicals 1,384.4 1,457.9
Equipment 214.1 229.9
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Segment Totals 7,101.7 7,618.5
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Corporate assets 238.5 172.2
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Consolidated Totals $7,340.2 $7,790.7
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Twelve Months Ended
31 March
2002 2001
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ORONA(f)
Gases 11.2% 12.9%
Chemicals 12.0% 9.6%
Equipment 6.5% 6.3%
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Segment Totals 11.2% 12.0%
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Consolidated Totals 10.6% 11.3%
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(a) The results for the three and six months ended 31 March 2002 excluded
a cost reduction charge of $26.2.
(b) The results for the three and six months ended 31 March 2002 excluded a
cost reduction charge of $4.6.
(c) The results for the three and six months ended 31 March 2001 excluded a
cost reduction charge of $26.3.
(d) The results for the three and six months ended 31 March 2001 excluded a
cost reduction charge of $4.6.
(e) The results for the three and six months ended 31 March 2001 excluded a
litigation settlement charge of $6.0.
(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
(identifiable assets). The ORONA calculation excluded all special items
impacting operating income.
10
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
SUMMARY BY GEOGRAPHIC REGIONS
(Unaudited)
(Millions of dollars)
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Three Months Ended Six Months Ended
31 March 31 March
2002 2001 2002 2001
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Revenues from external customers
United States $ 819.9 $1,030.9 $1,657.8 $2,012.1
Canada 27.1 29.8 52.1 59.3
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Total North America 847.0 1,060.7 1,709.9 2,071.4
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United Kingdom 108.0 125.7 218.9 238.1
Spain 80.5 82.8 161.7 157.1
Other Europe 180.5 159.9 332.4 307.5
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Total Europe 369.0 368.4 713.0 702.7
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Asia 69.1 77.1 152.0 169.7
Latin America 27.6 28.3 54.2 66.4
All Other -- -- .1 .1
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Total $1,312.7 $1,534.5 $2,629.2 $3,010.3
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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 A. Walsh, tel: (610) 481-5784; e-mail: walshla@apci.com
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Investor Inquiries:
-------------------
Alexander W. Masetti, tel: (610) 481-7461; e-mail: masettaw@apci.com.
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Item 9. Regulation FD Disclosure
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The Q2 earnings teleconference following the earnings release which started at
10:00 a.m. EDST on April 23 could 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 April 30, 2002.
11
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: 23 April 2002 By: /s/Paul E. Huck
----------------------------------------
Paul E. Huck
Vice President and Corporate Controller
(Chief Accounting Officer)
12