UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Form 8-K
CURRENT REPORT
Date of Report: April 21, 2003
Thomas & Betts Corporation
| Tennessee | 1-4682 | |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) |
22-1326940
| 8155 T&B Boulevard, Memphis, Tennessee | 38125 | |
| (Address of Principal Executive Offices) | (ZIP Code) |
(901) 252-8000
| ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS | ||||||||
| ITEM 9. REGULATION FD DISCLOSURE | ||||||||
| SIGNATURE | ||||||||
| EXHIBIT INDEX | ||||||||
| EX-20.1 Press Release | ||||||||
| EX-20.2 Conference Call Script | ||||||||
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
| 20.1 | Press Release of the Registrant dated April 21, 2003 | |
| 20.2 | April 22, 2003 Conference Call Script |
ITEM 9. REGULATION FD DISCLOSURE
Information furnished under Item 9 and Item 12.
On April 21, 2003, Thomas & Betts Corporation (the “Registrant” and the “Corporation”), by the press release attached as Exhibit 20.1 to this report, and a conference call held April 22, 2003, and the script attached as Exhibit 20.2 to this report and incorporated herein by reference, commented on the financial results for the fiscal quarter ended March 30, 2003. Management also discussed the Corporation’s outlook for 2003.
Management indicated that about half of the reduction in net interest expense in the first quarter 2003, as compared with the same period in the prior year, is due to the favorable impact of interest rate swap agreements entered into during late 2002; with most of the remainder associated with lower current year debt levels.
Management further indicated that its Communications segment’s net sales associated with the previously classified held for sale assets, which were reclassified during the first quarter 2003 to held and used assets, were approximately $60 million annually.
The following is a reconciliation of the Corporation’s first quarter 2003 underlying effective tax rate to the actual effective tax rate for that period:
| Quarter Ended | ||||||||
| March 30, 2003 | ||||||||
| (In millions) | ||||||||
| Earnings before income taxes | $ | 4.1 | ||||||
| Underlying income tax provision and effective rate | $ | 1.1 | 27 | % | ||||
| Tax benefit from favorable completion of tax audits | (2.0 | ) | ||||||
| Actual income tax benefit and effective rate | $ | (0.9 | ) | (22 | )% | |||
Management currently expects the Corporation’s effective tax rate in 2004 to be in the high 20% to low 30% range with a short-to-medium term expectation thereafter in the low 30% range. The Corporation has been able to maintain an effective tax rate below the U.S. federal statutory tax rate primarily because of tax benefits derived from operations in Puerto Rico.
Management also indicated that the Corporation is not currently in a federal U.S. tax paying status and that taxes paid in 2003 will be mainly related to foreign operations.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THOMAS & BETTS CORPORATION | |
| (Registrant) |
| By: | /s/ JOHN P. MURPHY |
| John P. Murphy | |
| Senior Vice President and Chief | |
| Financial Officer |
Date: April 22, 2003
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EXHIBIT INDEX
| Exhibit | Description of Exhibits | |||
| 20.1 | Press Release dated April 21, 2003 | |||
| 20.2 | April 22, 2003 Conference Call Script | |||
