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 (Date of Earliest Event Reported) July 27, 1994 E. I. du Pont de Nemours and Company (Exact Name of Registrant as Specified in Its Charter) Delaware 1-815 51-0014090 (State or Other Jurisdiction (Commission (I.R.S Employer of Incorporation) File Number) Identification No.) 1007 Market Street Wilmington, Delaware 19898 (Address of principal executive offices) Registrant's telephone number, including area code: (302) 774-1000 1 Item 7. Financial Statements and Exhibits In connection with Debt Securities that may be offered on a delayed or continuous basis under Registration Statements on Form S-3 (No. 33-48128 and No. 33-53327), we hereby file the following press release. Exhibit Number Description of Exhibit ------- ------------------------------------------------- 99 Copy of the Registrant's Earnings Press Release, dated July 27, 1994 2 SIGNATURE 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. E. I. DU PONT DE NEMOURS AND COMPANY (Registrant) /s/ D. B. Smith ------------------------------------ D. B. Smith Assistant Controller July 27, 1994 3 EXHIBIT INDEX Exhibit Number Description - ------- ------------------------------------------------------- 99 Copy of the Registrant's Earnings Press Release, dated July 27, 1994. 4 EXHIBIT 99 Contact: Mike Ricciuto (302) 774-2883 WILMINGTON, Del., July 27 -- DuPont reported net income for the second quarter of 1994 of $792 million, or $1.16 per share, a record high for any quarter, up 53 percent from the $516 million, or $.76 per share, earned in the second quarter 1993. Earnings per share for the first six months of 1994 were $2.10, also a record, compared to $1.49 earned in 1993. Excluding nonrecurring charges from both periods, second quarter 1994 net income was up 56 percent, and first half 1994 net income was up 48 percent. "This impressive performance reflects tremendous efforts by our employees to improve productivity and grow our businesses, while maintaining tight constraints on spending in a very competitive market," said chairman Edgar S. Woolard Jr. "Strong earnings and spending controls have generated $900 million of net cash flow for the first half of this year." Sales for the second quarter were $10.2 billion, up 6 percent from prior year. Petroleum segment sales were up 6 percent on higher oil volumes outside the United States and improved U.S. refinery operations. Combined segments other than Petroleum were up 7 percent, reflecting 10 percent higher volume, partly offset by 3 percent lower selling prices. 5 Petroleum segment earnings of $201 million were up $23 million, or 13 percent. After adjusting 1993 results to exclude a nonrecurring after-tax charge of $21 million related to the sale of petroleum producing properties, earnings were up slightly, despite significantly lower refined product margins and lower crude oil prices. Upstream earnings were $153 million, up 19 percent, reflecting higher volumes, principally outside the United States, and lower operating and dryhole costs, partly offset by lower crude oil prices. Downstream earnings were $48 million, down 31 percent, on lower worldwide refined product margins. Chemicals segment earnings were $101 million, up $10 million, or 11 percent, reflecting 4 percent higher sales and lower costs. Sales volume increased 9 percent, while selling prices declined 5 percent. Fibers segment earnings of $177 million were up $67 million, or 61 percent, reflecting improvements in nylon, aramids, and nonwovens. Segment sales were 13 percent higher. Excluding additional sales from the acquisition of ICI's nylon business, sales were up 3 percent, reflecting 6 percent higher volume, partly offset by 3 percent lower prices. Polymers segment earnings were $183 million, up $76 million, or 71 percent from last year. Packaging, indus- trial, and engineering polymers improved, reflecting lower 6 costs and higher sales. Adjusting for the absence of sales from the divested acrylics and polyethylene businesses, segment sales increased 13 percent, due to 16 percent higher volume, partly offset by 3 percent lower prices. Diversified Businesses segment earnings totaled $208 million, including an after-tax charge of $47 million, or $.07 per share, reflecting an update of the estimate of costs related to the recall of "Benlate" DF 50 fungicide. This update is based on recent trial results, settlement experience, and the rate of spending on litigation associated with the recall. Excluding this charge, earnings were $255 million, up $134 million, or 111 percent from the prior year. This reflects higher sales and lower costs in crop protection chemicals, a significant turnaround in printing and publishing, and recovery of coal earnings which were adversely affected last year by strikes. Segment sales were up 10 percent after adjusting for prior-year divestiture of the sporting goods business. Higher sales volume, up 14 percent, was partly offset by 4 percent lower prices. Net income for the first six months of 1994 was $1.4 billion, or $2.10 per share, compared to $1.0 billion, or $1.49 per share, in the same period last year. First half sales totaled $19.4 billion, up 4 percent. 7 "Most of our businesses performed very well during the current quarter, particularly in the United States and Europe, even though selling prices remain under pressure and are below last year's levels," said Woolard. "We are continuing our focus on profitable growth opportunities and productivity improvement, and, absent a slowdown in worldwide economies, we expect continued earnings gains compared to last year." ### 7/27/94 8 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES Three Months Ended Six Months Ended CONSOLIDATED INCOME STATEMENT<Fa> June 30 June 30 - ------------------------------------------------------------------------------------------------- (Dollars in millions, except per share) 1994 1993 1994 1993 - ------------------------------------------------------------------------------------------------- SALES ............................................ $10,161 $9,546 $19,351 $18,616 Other Income ..................................... 278 153 483 361 ------- ------ ------- ------- Total ........................................ 10,439 9,699 19,834 18,977 ------- ------ ------- ------- Cost of Goods Sold and Other Expenses ............ 7,492 7,100 14,167 13,872 Selling, General and Administrative Expenses ..... 709 807 1,373 1,549 Depreciation, Depletion and Amortization ......... 670 683 1,373 1,360 Exploration Expenses, Including Dry Hole Costs and Impairment of Unproved Properties .......... 53 94 112 150 Interest and Debt Expense ........................ 148 176 290 320 ------- ------ ------- ------- Total ........................................ 9,072 8,860 17,315 17,251 ------- ------ ------- ------- EARNINGS BEFORE INCOME TAXES ..................... 1,367 839 2,519 1,726 Provision for Income Taxes ....................... 575 323 1,085 717 ------- ------ ------- ------- NET INCOME ....................................... $ 792 $ 516 $ 1,434 $ 1,009 ======= ====== ======= ======= EARNINGS PER SHARE OF COMMON STOCK<Fb>............ $ 1.16 $ .76 $ 2.10 $ 1.49 ======= ====== ======= ======= DIVIDENDS PER SHARE OF COMMON STOCK .............. $ .44 $ .44 $ .88 $ .88 ======= ====== ======= ======= <FN> <Fa>Certain reclassifications of 1993 data have been made to conform to 1994 classifications. <Fb>Earnings per share are calculated on the basis of the following average number of common shares outstanding: Six Months Ended June 30: 1994 -- 679,204,899 1993 -- 675,997,819 9 E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES Three Months Ended Six Months Ended CONSOLIDATED INDUSTRY SEGMENT INFORMATION June 30 June 30 - ---------------------------------------------------------------------------------------------------------------- (Dollars in millions) 1994 1993 1994 1993 - ---------------------------------------------------------------------------------------------------------------- SALES - ----- Chemicals ........................................ $ 959 $ 922 $ 1,807 $ 1,781 Fibers ........................................... 1,722 1,530 3,367 2,977 Polymers ......................................... 1,619 1,527 3,102 2,987 Petroleum ........................................ 4,139 3,923 8,001 7,717 Diversified Businesses ........................... 1,722 1,644 3,074 3,154 ------- ------ ------- ------- Total ........................................ $10,161 $9,546 $19,351 $18,616 ======= ====== ======= ======= AFTER-TAX OPERATING INCOME - -------------------------- Chemicals ........................................ $ 101 $ 91 $ 184 $ 160 Fibers ........................................... 177 110 321 212 Polymers ......................................... 183 107 330 184 Petroleum ........................................ 201 178<Fa> 416 410<Fa><Fb> Diversified Businesses ........................... 208<Fc> 121 356<Fc> 228 ------- ------ ------- ------- Total ........................................ 870 607 1,607 1,194 Interest and Other Corporate Expenses Net of Tax ............................ (78) (91) (173) (185) ------- ------ ------- ------- NET INCOME ....................................... $ 792 $ 516 $ 1,434 $ 1,009 - ---------- ======= ====== ======= ======= <FN> <Fa>Includes $21 loss from sale of petroleum producing properties. <Fb>Includes $32 gain from exchange of North Sea properties. <Fc> Includes $47 charge associated with "Benlate" DF 50 fungicide recall. 10