Page 1 of 16 pages
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For Transition Period from to
For Quarter Ended June 30, 1997 Commission File Number 1-5112
ETHYL CORPORATION
(Exact name of registrant as specified in its charter)
VIRGINIA 54-0118820
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
330 SOUTH FOURTH STREET
P. O. BOX 2189
RICHMOND, VIRGINIA 23218-2189
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code - (804) 788-5000
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports); and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
Number of shares of common stock, $1 par value, outstanding as of July 31,
1997: 118,443,835.
ETHYL CORPORATION
I N D E X
Page
Number
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Consolidated Balance Sheets - June 30, 1997 and December
31, 1996 3 - 4
Consolidated Statements of Income - Three Months and Six
Months Ended June 30, 1997 and 1996 5
Condensed Consolidated Statements of Cash Flows -
Six Months Ended June 30, 1997 and 1996 6
Notes to Financial Statements 7 - 9
ITEM 2. Management's Discussion and Analysis of Results
of Operations and Financial Condition 10 - 14
PART II. OTHER INFORMATION
ITEM 5. Other Information 15
ITEM 6. Exhibits and Reports on Form 8-K 15
SIGNATURE 16
2
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
ETHYL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
June 30
1997 December 31
ASSETS (unaudited) 1996
---------- ----------
Current assets:
Cash and cash equivalents $ 15,786 $ 20,148
Accounts receivable, less allowance for
doubtful accounts (1997 - $2,375; 1996
- $2,375) 153,706 177,788
Inventories:
Finished goods and work-in-process 183,102 179,322
Raw materials 19,539 21,498
Stores, supplies and other 10,061 9,782
---------- ----------
Total inventories 212,702 210,602
Deferred income taxes and prepaid expenses 22,583 18,627
---------- ----------
Total current assets 404,777 427,165
---------- ----------
Property, plant and equipment, at cost 760,657 764,145
Less accumulated depreciation and
amortization (345,335) (333,268)
---------- ----------
Net property, plant and equipment 415,322 430,877
---------- ----------
Prepaid pension cost, other assets
and deferred charges 170,538 159,470
Goodwill and other intangibles - net of
amortization 70,478 77,657
---------- ----------
Total assets $ 1,061,115 $ 1,095,169
========== ==========
See accompanying notes to financial statements.
3
ETHYL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)
June 30
1997 December 31
LIABILITIES AND SHAREHOLDERS' EQUITY (unaudited) 1996
---------- ----------
Current liabilities:
Accounts payable $ 79,119 $ 74,939
Accrued expenses 61,048 64,167
Cash dividends payable 14,806 14,806
Long-term debt, current portion 6,727 6,701
Income taxes payable 16,165 20,298
---------- ----------
Total current liabilities 177,865 180,911
---------- ----------
Long-term debt 291,358 325,480
Other noncurrent liabilities 84,834 84,502
Deferred income taxes 59,285 64,376
Shareholders' equity:
Common stock ($1 par value)
Issued - 118,443,835 in 1997 and 1996 118,444 118,444
Additional paid-in capital 2,799 2,799
Foreign currency translation adjustments (6,931) (1,888)
Retained earnings 333,461 320,545
---------- ----------
447,773 439,900
---------- ----------
Total liabilities and shareholders' equity $ 1,061,115 $ 1,095,169
========== ==========
See accompanying notes to financial statements.
4
ETHYL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands Except Per Share Amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
-------------------- -------------------
1997 1996 1997 1996
-------- -------- ------- --------
Net sales $269,336 $ 299,320 $535,049 $ 541,505
Cost of goods sold 189,965 217,516 379,653 383,644
-------- -------- ------- --------
Gross profit 79,371 81,804 155,396 157,861
Selling, general and administrative expenses 23,670 26,000 45,929 49,843
Research, development and testing expenses 16,395 17,716 32,792 34,028
-------- -------- ------- --------
Operating profit 39,306 38,088 76,675 73,990
Interest and financing expenses 5,265 6,273 10,563 12,198
Other (income)/expense, net (19) (425) (357) (955)
-------- -------- ------- --------
Income before income taxes 34,060 32,240 66,469 62,747
Income taxes 12,122 12,128 23,942 23,605
------- -------- ------- --------
Net income $ 21,938 $ 20,112 $ 42,527 $ 39,142
======= ======== ======= ========
Earnings per share $ .19 $ .17 $ .36 $ .33
======= ======== ======= ========
Shares used to compute earnings per share 118,448 118,448 118,446 118,452
======= ======== ======= ========
Cash dividends per share of common stock $ .125 $ .125 $ .25 $ .25
======= ======== ======= ========
<FN>
See accompanying notes to financial statements.
5
ETHYL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars In Thousands)
(Unaudited)
Six Months Ended
June 30
--------------------
1997 1996
-------- --------
Cash and cash equivalents at beginning of year $ 20,148 $ 29,972
-------- --------
Cash flows from operating activities:
Net income 42,527 39,142
Adjustments to reconcile net income to cash flows
from operating activities:
Depreciation and amortization 32,359 27,956
Working capital decreases, net of effects from
acquisition 7,214 24,355
Other, net (6,361) (2,419)
-------- --------
Cash provided from operating activities 75,739 89,034
-------- --------
Cash flows from investing activities:
Acquisition of business (net of $1,245 cash acquired) - (134,615)
Capital expenditures (16,159) (18,347)
Other, net (131) (611)
-------- --------
Cash used in investing activities (16,290) (153,573)
-------- --------
Cash flows from financing activities:
Repayment of long-term debt (34,200) -
Additional long-term debt - 114,000
Cash dividends paid (29,611) (29,611)
Other, net - -
-------- --------
Cash provided from (used in) financing activities (63,811) 84,389
-------- --------
(Decrease)increase in cash and cash equivalents (4,362) 19,850
-------- --------
Cash and cash equivalents at end of period $ 15,786 $ 49,822
======== ========
See accompanying notes to financial statements.
6
ETHYL CORPORATION AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(In Thousands Except Per-Share Amounts)
(Unaudited)
1. In the opinion of management, the accompanying consolidated
financial statements of Ethyl Corporation and Subsidiaries (the
"Company") contain all adjustments necessary to present fairly, in
all material respects, the Company's consolidated financial position
as of June 30, 1997 and the consolidated results of operations for
the three and six-month periods ended June 30, 1997 and 1996 and the
consolidated cash flows for the six-month periods ended June 30, 1997
and 1996. All adjustments are of a normal, recurring nature. These
financial statements should be read in conjunction with the
consolidated financial statements and notes thereto included in the
December 31, 1996, Annual Report. The December 31, 1996,
consolidated balance sheet data was derived from audited financial
statements but does not include all disclosures required by generally
accepted accounting principles. The results of operations for the
six-month period ended June 30, 1997, are not necessarily indicative
of the results to be expected for the full year.
2. On February 29, 1996, the Company completed the acquisition
of the worldwide lubricant additives business of Texaco Inc.,
("Texaco") including manufacturing and blending facilities,
identifiable intangibles and working capital. The acquisition,
accounted for under the purchase method, included a cash payment of
$134.3 million and a future contingent payment of up to $60 million.
The cash payment was financed primarily under the Company's revolving
credit agreement. The payment of up to $60 million will become due
on February 26, 1999, with interest payable on the contingent debt
until such date. The actual amount of the contingent payment and
total interest will be determined using an agreed-upon formula based
on volumes of certain acquired product lines shipped during the
calendar years 1996 through 1998, as specified in the contingent note
agreement. Texaco retained substantially all noncurrent liabilities.
As the Company's June 30,1996, financial statements only include four
months of operations of the acquired lubricant additive business,
the following selected unaudited pro forma information is being
provided to present a summary of the combined results of the Company
and the worldwide lubricant additives business of Texaco as if the
acquisition had occurred as of January 1, 1996, giving effect to
adjustments for interest expense that would have been incurred to
finance the acquisition and other purchase accounting adjustments.
The pro forma data is for informational purposes only and may not
necessarily reflect the results of operations of Ethyl had the
acquired business operated as part of the Company for the six-month
period ended June 30, 1996.
Six Months Ended
June 30
1996
-------
Net Sales $590,680
Net Income $ 40,674
Earnings Per Share $.34
7
ETHYL CORPORATION AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
(In Thousands Except Per-Share Amounts)
(Unaudited)
3. Long-term debt consists of the following: June 30 December 31
1997 1996
-------- ---------
Variable-rate bank loans (average effective
interest rate was 6.0% for the six-month
period ended June 30, 1997 and 5.9% for
the year 1996) $264,800 $299,000
8.6% to 8.86% Medium-Term Notes due
through 2001 33,750 33,750
-------- --------
Total long-term debt 298,550 332,750
Less unamortized discount (465) (569)
-------- --------
Net long-term debt $298,085 $332,181
Less current portion (6,727) (6,701)
-------- --------
Long-term debt $291,358 $325,480
======== ========
(No portion of the contingent note payable principal related to the purchase
of the lubricant additives business from Texaco has been recorded on the June
30, 1997 or December 31, 1996 consolidated balance sheets.)
4. Recently Issued Accounting Standards:
Effective December 31, 1997, the Company will adopt Financial Accounting
Standards Board ("FASB") Statement No. 128 "Earnings Per Share" which
will supersede Accounting Principles Board ("APB") Opinion No. 15
"Earnings Per Share." This new statement requires that "basic earnings per
share" be computed by dividing income available to common shareholders by
the weighted average number of common shares outstanding for the period.
"Diluted earnings per share," if different, reflect potential dilution if
stock options or other contracts would result in the issue or exercise of
additional shares of common stock that shared in the earnings. "Basic
earnings per share" and "diluted earnings per share" will replace
"primary earnings per share" and "fully diluted earnings per share,"
respectively, as described under APB Opinion No. 15, and must be reported
on the income statement.
FASB Statement No. 128 may not be adopted for quarterly periods prior to
December 31, 1997, but supplemental pro forma disclosure of the impact of
FASB Statement No. 128 may be reported. Presently, management does not
anticipate any material change in the earnings per share amounts as a
result of FASB Statement No. 128.
8
ETHYL CORPORATION AND SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS (Cont'd.)
(In Thousands Except Per-Share Amounts)
(Unaudited)
4. Recently Issued Accounting Standards (cont'd.):
FASB Statement No. 130, "Reporting Comprehensive Income" is effective for
periods beginning after December 15, 1997, including interim periods.
This Statement establishes standards for reporting "comprehensive income"
in financial statements, either in the income statement or in a separate
statement, and also requires display of "accumulated other comprehensive
income" in a separate caption in the equity section of the balance sheet.
Material components of accumulated other comprehensive income must also be
disclosed in a statement or in notes to financial statements.
FASB Statement No. 131, "Disclosures about Segments of an Enterprise and
Related Information" is effective for annual periods beginning after
December 15, 1997, and for interim periods after the year of adoption.
This statement establishes standards for reporting information about
operating segments, including related disclosures about products and
services, geographic areas, and major customers. The Company has not
identified what impact, if any, Statement No. 131 will have on operating
segments reported, or on the financial statements and related disclosures.
9
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
The following is management's discussion and analysis of certain significant
factors affecting the Company's results of operations during the periods
included in the accompanying consolidated statements of income and changes in
the Company's financial condition since December 31, 1996. The Company's
results of operations for the second quarter and six months of 1997 and the
second quarter and six months of 1996 include the results of the lubricant
additives business of Texaco Inc. ("Texaco") since it was acquired on February
29, 1996, while the balance sheets at June 30, 1997, and December 31, 1996,
include an allocation of the purchase price and other purchase accounting
adjustments as well as borrowing used to finance the acquisition.
Some of the information presented in the following discussion constitutes
forward-looking comments within the meaning of the Private Securities
Litigation Reform Act of 1995. Although the Company believes its expectations
are based on reasonable assumptions within the bounds of its knowledge of its
business and operations, there can be no assurance that actual results will
not differ materially from its expectations. Factors which could cause actual
results to differ from expectations include, without limitation, the timing of
orders received from customers, the gain or loss of significant customers,
competition from other manufacturers, changes in the demand for the Company's
products, increases in the cost of the product, changes in the market in
general and significant changes in new product introduction resulting in an
increase in capital project requests and approvals leading to additional
capital spending.
Results of Operations
Second Quarter 1997 Compared to Second Quarter 1996
Net sales for the second quarter of 1997 amounted to $269.3 million, down
$30.0 million (10%) from $299.3 million in the 1996 second quarter. The
decrease in net sales was due to lower shipments ($26.7 million), and the
impact of lower selling prices ($3.3 million). These decreases were caused by
lower shipments of lead antiknocks, reflecting market decline as well as
fluctuations in orders and shipping patterns, lower shipments and slightly
lower selling prices of lubricant additives as well as somewhat lower selling
prices of non-lead fuel additives. This was offset in part by higher shipments
of non-lead fuel additives as well as higher selling prices for lead
antiknocks.
Cost of goods sold in the 1997 quarter of $190.0 million decreased $27.6
million (13%) from $217.5 million in the 1996 quarter. The overall decrease
was due to lower shipments ($17.7 million) primarily of lubricant additives
and lead antiknocks, as well as the impact of lower costs ($9.9 million),
including lower per unit raw material costs in the 1997 quarter. This was
partly offset by higher shipments of certain non-lead fuel additives.
Gross profit amounted to $79.4 million in the 1997 quarter versus $81.8
million in the 1996 quarter. However, as a result of a 10% decrease in net
10
sales and a 13% decrease in cost of goods sold in 1997 from 1996, the gross
profit margin increased to 29.5% in the second quarter 1997 from 27.3% in the
second quarter 1996. The higher gross profit margins mainly reflected
reductions in fixed facilities costs and per unit raw material costs, as well
as higher sales volumes of certain non-lead fuel additives. This was partly
offset by the change in product mix, due to an increase in the extent to which
sales and profits come from lubricant additives and non-lead fuel additives,
and a net unfavorable foreign currency effect.
Selling, general and administrative expenses combined with research,
development and testing expenses amounted to $40.1 million in the second
quarter 1997, down $3.6 million from $43.7 million in the second quarter 1996,
reflecting the Company's continuing application of strict cost controls. The
decrease primarily results from lower expenses related to marketing activities
for HiTEC (R) 3000 performance additive ("MMT") and overall lower selling and
administrative expenses. Research, development and testing expenses were also
down from the 1996 period. Even though these expenses are lower in 1997, as a
percentage of net sales, selling, general and administrative expenses,
including research, development and testing expenses, increased to 14.9%
during the 1997 quarter from 14.6% during the 1996 quarter reflecting the
effect of lower 1997 sales.
Operating profit in the 1997 quarter increased to $39.3 million, up $1.2
million (3%) from $38.1 million in the 1996 quarter. Most of the increase
results from the benefit of lower selling, general and administrative
expenses, as well as lower research, development and testing expenses, and
higher gross profit margins in the 1997 quarter, offset in part by lower
operating profit from lead antiknocks and lubricant additives, and an
unfavorable foreign currency effect. The higher margins were due to
reductions in fixed facilities expenses and per unit raw material costs, and
higher sales volumes of certain non-lead fuel additives, which were partly
offset by a change in the product mix reflecting the increase in the extent
to which profits come from lubricant additives and non-lead fuel additives.
Interest expense in 1997 decreased 16% to $5.3 million from $6.3 million in
the 1996 quarter. The $1.0 million decline reflects approximately $1.6
million from a decrease in average debt outstanding, reflecting the use of the
Company's cash flow to reduce long-term debt, offset by approximately
$0.2 million of higher interest cost from slightly higher average interest
rates for variable-rate debt as well as $0.4 million from higher commitment
and other fees.
Other income, net, decreased to $19 thousand in the 1997 quarter from $425
thousand other income, net, in the 1996 quarter. The decrease reflects
changes in a number of immaterial nonoperating items.
Income Taxes
Income taxes in the second quarter 1997 were essentially unchanged from the
second quarter 1996, in spite of a 6% increase in income before income taxes,
11
because of the impact of a lower effective income tax rate (35.6% in the 1997
quarter versus 37.6% in the 1996 quarter), primarily due to lower state income
taxes and other tax adjustments.
Six Months 1997 Compared to Six Months 1996
Net sales for the six months of 1997 amounted to $535.0 million, down $6.5
million (1%) from $541.5 million in the 1996 period. The decrease in net sales
was mainly due to the impact of lower selling prices ($5.0 million). The
volume of product shipments measured in metric tons increased but, due to
product mix, the dollar impact of those shipments resulted in a $1.5 million
decrease in net sales. The decreased sales reflected lower shipments of lead
antiknocks, reflecting market decline as well as fluctuations in orders and
shipping patterns, and lower selling prices of lubricant additives, reflecting
the continued competitive pricing conditions in this business, as well as
lower selling prices for non-lead fuel additives. This was partly offset by
higher shipments of lubricant and non-lead fuel additives as well as higher
selling prices for lead antiknocks. Sales included revenues from the worldwide
lubricant additives business acquired from Texaco for six months in the 1997
period versus only four months in the 1996 period.
Cost of goods sold in six months 1997 of $379.7 million decreased $3.9 million
(1%) from $383.6 million in the 1996 quarter. The overall decrease was due to
the impact of lower costs ($14.6 million) including lower per unit raw
material costs in the 1997 period and lower lead antiknock shipments, largely
offset by the effect of higher shipments ($10.7 million) primarily of
lubricant additives and non-lead fuel additives. The costs included cost of
goods sold of the worldwide lubricant additives business acquired from Texaco
for six months in the 1997 period versus four months in the 1996 period.
Gross profit amounted to $155.4 million in 1997 versus $157.9 million in 1996.
As a result of a 1% decrease in net sales and a 1% decrease in cost of goods
sold in 1997 from 1996, the gross profit margin decreased slightly to 29.0% in
the 1997 period from 29.2% in the 1996 period. The lower margins mainly
reflected a change in product mix, due to an increase in the extent to which
sales and profits come from lubricant additives and non-lead fuel additives, a
net unfavorable foreign currency effect and the competitive pricing conditions
in the lubricant additives business.
Selling, general and administrative expenses combined with research,
development and testing expenses amounted to $78.7 million in the six months
1997, down $5.2 million from $83.9 million in the six months 1996, reflecting
the Company's continuing application of strict cost controls. The decrease
primarily results from lower expenses related to marketing activities for MMT
and lower selling and administrative expenses for lead antiknocks. Research,
development and testing expenses were down slightly from the prior period. As
a percentage of net sales, selling, general and administrative expenses,
including research, development and testing expenses decreased to 14.7% during
the 1997 period from 15.5% during the 1996 period.
12
Operating profit in the 1997 period increased to $76.7 million, up $2.7
million (4%) from $74.0 million in the 1996 period. Most of the increase
resulted from lower selling, general and other administrative expenses and the
benefit of a full six months results from the acquired lubricant additives
business, and higher profits from all major product groups other than
antiknocks, substantially offset by lower operating profit from lead
antiknocks, lower gross profit margins in the 1997 period and an unfavorable
foreign currency effect. The lower gross profit margins reflect a change in
the product mix due to the increase in the extent to which profits come from
lubricant additives and non-lead fuel additives.
Interest expense in 1997 decreased 13% to $10.6 million from $12.2 million in
the 1996 period. The $1.6 million decline reflects approximately a $1.9
million reduction from a decrease in average debt outstanding, reflecting the
use of the Company's cash flow to reduce long-term debt, offset by
approximately $0.2 million higher interest costs from higher average interest
rates for variable-rate debt as well as $0.1 million by a reduction in the
amount of interest costs capitalized and higher commitment and other fees.
Other income, net, decreased to $357 thousand in the 1997 period from $955
thousand other income, net, in the 1996 period. The decrease reflects changes
in a number of immaterial nonoperating items.
Income Taxes
Income taxes in the first half of 1997 increased 1% from the first half 1996,
primarily due to a 6% increase in income before income taxes which was largely
offset by the impact of a lower effective income tax rate (36.0% in the 1997
period versus 37.6% in the 1996 period), primarily due to lower state income
taxes and other tax adjustments.
Financial Condition and Liquidity
Cash and cash equivalents at June 30, 1997, were about $15.8 million, down
$4.3 million from $20.1 million at year-end 1996. Cash flows were more than
sufficient to cover operating activities during the 1997 period. Cash flows
from operating activities of $75.7 million, together with utilization of $4.3
million of cash on hand, were used to cover capital expenditures of $16.2
million and cash dividends to shareholders of $29.6 million, as well as
repayments of $34.2 million in long-term debt. Management anticipates that
cash provided from operations in the future will be sufficient to cover the
Company's operating expenses, service debt obligations, including reducing
long-term debt, and make dividend payments to shareholders.
The noncurrent portion of Ethyl's long-term debt amounted to $291.4 million at
June 30, 1997, representing a decrease in long-term debt of about $34.2
13
million from December 31, 1996. The Company also has a contingent note
associated with the 1996 lubricant additives acquisition of up to $60 million
payable to Texaco. The actual amount due on the contingent note will be
determined using an agreed upon formula based on volumes of certain acquired
product lines shipped during calendar years 1996 through 1998. The Company's
long-term debt as a percent of total capitalization was approximately 39.4% at
June 30, 1997, excluding the effect of the contingent note, compared to 42.5%
at December 31, 1996. The Company targets a range of 30% to 50% for its
long-term debt to total capitalization ratio, and continues to utilize a
portion of its cash flow to reduce long-term debt.
The Company's capital spending program over the next three to five years is
expected to be somewhat higher than in 1996. Capital spending for
environmental and safety projects on plant expansion and replacement related
construction will likely be about the same as current levels. The Company's
capital spending is expected to be financed with cash provided from operations.
Recent Developments
Profit from lead antiknocks for the second half of 1997 (especially the third
quarter 1997) is expected to be significantly below the second half of 1996
due to a declining market as well as continuing fluctuations in lead orders
and shipping patterns, which could cause the Company's overall earnings for
the second half and full year 1997 to fall below the earnings for the same
1996 periods.
In Canada, legislation was introduced in May 1995 in the Canadian Parliament
to restrict the interprovincial transport of MMT in Canada as well as the
import of MMT into Canada. The legislation passed the House of Commons in
December 1996 and passed the Senate in April 1997. It was signed into law on
April 25, 1997, and became effective on June 23.
On September 10, 1996, the Company served notice of intent on the Canadian
government that the Company intended to file a claim against the Canadian
government for damages under the arbitration provisions of the North American
Free Trade Agreement ("NAFTA"). The NAFTA allows a company to bring before an
arbitration panel claims against a NAFTA government for alleged violations of
that country's obligations toward foreign investors as required by the Treaty.
The Company's management contends the legislation violates Canada's
obligations relating to national treatment and performance requirements and
constitutes expropriation which would cause a significant impact on the
Company's Toronto-based subsidiary. The Company filed its NAFTA claim on
April 14, 1997. The arbitration process is proceeding on schedule.
14
PART II - Other Information
ITEM 5. Other Information
Refer to "Recent Developments" in Item 2 "Management's Discussion and
Analysis of Results of Operations and Financial Condition" on page 14.
ITEM 6. Exhibits and Reports on Form 8-K
(a) Exhibits - None
(b) No reports on Form 8-K have been filed during the quarter
for which this report is filed.
15
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 there-unto duly authorized.
ETHYL CORPORATION
(Registrant)
Date: August 1, 1997 By: s/ Charles B. Walker
Charles B. Walker
Vice Chairman of the Board,
Chief Financial Officer
and Treasurer
(Principal Financial Officer)
Date: August 1, 1997 By: s/ Wayne C. Drinkwater
Wayne C. Drinkwater
Controller
(Principal Accounting Officer)
16