SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
___
| X | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
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OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended July 31, 1996
OR
___
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
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OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from ___________ to __________
Commission file number: 1-4423
HEWLETT-PACKARD COMPANY
----------------------------------------------------
(Exact name of registrant as specified in its charter)
California 94-1081436
- ------------------------------- ------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
3000 Hanover Street, Palo Alto, California 94304
- ------------------------------------------ --------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (415) 857-1501
--------------
__________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last
report)
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
----- -----
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding at July 31, 1996
- ------------------- -----------------------------
Common Stock, $1 par value 1.02 billion shares
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
INDEX
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Page No.
________
Part I. Financial Information
Item 1. Financial Statements.
Consolidated Condensed Balance Sheet
July 31, 1996 (Unaudited) and October 31, 1995 2
Consolidated Condensed Statement of Earnings (Unaudited)
Three months and nine months ended July 31, 1996 and 1995 3
Consolidated Condensed Statement of Cash Flows (Unaudited)
Nine months ended July 31, 1996 and 1995 4
Notes to Consolidated Condensed Financial Statements
(Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial Condition,
Results of Operations and Factors That May Affect Future
Results (Unaudited). 6-10
Part II. Other Information
Item 5. Other Information. 11
Item 6. Exhibits and Reports on Form 8-K. 11
Signature 12
Exhibit Index 13
1
Item 1. Financial Statements.
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEET
------------------------------------
(Millions except par value and number of shares)
July 31 October 31
1996 1995
----------- ----------
Assets (Unaudited)
------
Current assets:
Cash and cash equivalents $ 1,857 $ 1,973
Short-term investments 1,857 643
Accounts and notes receivable 6,546 6,735
Inventories:
Finished goods 4,136 3,368
Purchased parts and fabricated assemblies 2,757 2,645
Other current assets 1,100 875
------- -------
Total current assets 18,253 16,239
------- -------
Property, plant and equipment (less accumulated
depreciation: July 31, 1996 - $4,556;
October 31, 1995 - $4,036) 5,213 4,711
Long-term investments and other assets 3,858 3,477
------- -------
$27,324 $24,427
======= =======
Liabilities and Shareholders' Equity
------------------------------------
Current liabilities:
Notes payable and short-term borrowings $ 3,303 $ 3,214
Accounts payable 2,109 2,422
Employee compensation and benefits 1,525 1,568
Taxes on earnings 1,517 1,494
Deferred revenues 982 782
Other accrued liabilities 1,981 1,464
------- -------
Total current liabilities 11,417 10,944
------- -------
Long-term debt 1,971 663
Other liabilities 1,047 981
Shareholders' equity:
Preferred stock, $1 par value; 300,000,000
shares authorized; none issued
Common stock and capital in excess of $1 par
value; 2,400,000,000 shares authorized;
1,016,814,000 and 1,019,910,000 shares issued
and outstanding at July 31, 1996 and October
31, 1995, respectively* 1,105 1,381
Retained earnings* 11,784 10,458
------- -------
Total shareholders' equity 12,889 11,839
------- -------
$27,324 $24,427
======= =======
The accompanying notes are an integral part of these consolidated condensed
financial statements.
* 1995 amounts have been restated to reflect the retroactive effect of the
July 1996 2-for-1 stock split. See Note 5 for a discussion of the stock
split.
2
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF EARNINGS
--------------------------------------------
(Unaudited)
(Millions except per share amounts)
Three months ended Nine months ended
July 31 July 31
------------------ -----------------
1996 1995 1996 1995
---- ---- ---- ----
Net revenue:
Products $7,783 $6,606 $24,404 $19,230
Services 1,322 1,133 3,869 3,241
------ ------ ------- -------
9,105 7,739 28,273 22,471
------ ------ ------- -------
Costs and expenses:
Cost of products sold and
services 6,194 4,907 18,680 14,108
Research and development 708 587 2,011 1,678
Selling, general and
administrative 1,592 1,421 4,735 4,054
------ ------ ------- -------
8,494 6,915 25,426 19,840
------ ------ ------- -------
Earnings from operations 611 824 2,847 2,631
Interest income and other, net 89 96 188 155
Interest expense 84 53 227 146
------ ------ ------- -------
Earnings before taxes 616 867 2,808 2,640
Provision for taxes 191 291 870 885
------ ------ ------- -------
Net earnings $ 425 $ 576 $ 1,938 $ 1,755
====== ====== ======= =======
Net earnings per share* $ .40 $ .55 $ 1.84 $ 1.67
====== ====== ======= =======
Cash dividends declared per share* $ .24 $ .10 $ .44 $ .35
====== ====== ======= =======
Average shares and equivalents
used in computing net earnings
per share* 1,053 1,054 1,053 1,052
====== ====== ======= =======
The accompanying notes are an integral part of these consolidated condensed
financial statements.
* 1995 amounts have been restated to reflect the retroactive effect of the
July 1996 2-for-1 stock split. See Note 5 for a discussion of the stock
split.
3
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
----------------------------------------------
(Unaudited)
(Millions)
Nine months ended
July 31
-----------------
1996 1995
---- ----
Cash flows from operating activities:
Net earnings $1,938 $1,755
Adjustments to reconcile net earnings to net cash
provided by (used in) operating activities:
Depreciation and amortization 931 822
Deferred taxes on earnings (146) (99)
Change in assets and liabilities:
Accounts and notes receivable 198 (643)
Inventories (848) (1,215)
Accounts payable (321) 475
Taxes on earnings 60 290
Other current assets and liabilities 213 181
Other, net 18 (125)
------ ------
Net cash provided by operating activities 2,043 1,441
------ ------
Cash flows from investing activities:
Investment in property, plant and equipment (1,500) (1,050)
Disposition of property, plant and equipment 249 218
Purchases of short-term investments (5,842) (2,293)
Maturities of short-term investments 4,747 2,668
Purchases of long-term investments (344) (206)
Other, net 17 (58)
------ ------
Net cash used in investing activities (2,673) (721)
------ ------
Cash flows from financing activities:
Change in notes payable and short-term borrowings 44 244
Issuance of long-term debt 1,360 406
Payment of current maturities of long-term debt (24) (266)
Issuance of common stock under employee stock plans 267 258
Repurchase of common stock (802) (384)
Dividends (328) (256)
Other, net (3) -
------ ------
Net cash provided by financing
activities 514 2
------ ------
(Decrease)/Increase in cash and cash equivalents (116) 722
Cash and cash equivalents at beginning of period 1,973 1,357
------ ------
Cash and cash equivalents at end of period $1,857 $2,079
====== ======
The accompanying notes are an integral part of these consolidated
condensed financial statements.
Certain 1995 amounts have been reclassified to conform to the 1996
presentation.
4
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
----------------------------------------------------
(Unaudited)
1. In the opinion of the Company's management, the accompanying
consolidated condensed financial statements contain all adjustments
(which comprise only normal and recurring accruals) necessary to
present fairly the financial position as of July 31, 1996 and
October 31, 1995, the results of operations for the three months
and nine months ended July 31, 1996 and 1995, and the cash flows
for the nine months ended July 31, 1996 and 1995.
The results of operations for the three months and nine months
ended July 31, 1996 are not necessarily indicative of the results
to be expected for the full year.
2. Net earnings per share are computed using the weighted-average
number of common shares and common share equivalents outstanding
during each period. Common share equivalents represent the dilutive
effect of outstanding stock options.
3. Income tax provisions for interim periods are based on estimated
effective annual income tax rates. The effective income tax rate
varies from the U.S. federal statutory income tax rate primarily
because of variations in the tax rates on foreign income.
4. The Company paid interest of $194 million and $132 million during
the nine months ended July 31, 1996 and 1995, respectively. During
the same periods, the Company paid income taxes of $899 million and
$839 million, respectively. The effect of foreign currency exchange
rate fluctuations on cash balances held in foreign currencies was
not material.
5. On May 17, 1996, the Company's Board of Directors approved a 2-for-1
stock split of the Company's $1 par value common stock in the form
of a 100 percent distribution to shareholders of record as of June 21,
1996. As a result of the stock split which took effect in July
1996, authorized, outstanding, and reserved common shares doubled
and retained earnings was reduced by the par value of the additional
common shares issued. The rights of the holders of these securities
were not otherwise modified. All share and per share amounts, and
October 31, 1995 common stock and retained earnings balances, have
been restated to reflect the retroactive effect of the stock split.
6. In December 1995, the Company acquired all of the outstanding shares
of common stock of Convex Computer Corporation ("Convex") in exchange
for 3,056,000 shares of the Company's common stock. Convex designs,
manufactures, markets and supports high performance computers for
engineering, scientific and technical users. The merger has been
accounted for using the pooling-of-interests method. However, the
accompanying consolidated condensed financial statements have not
been restated due to immateriality. Convex's accumulated deficit
and results of operations have been included in the Company's
consolidated condensed financial statements commencing from the
effective date of the merger.
7. In October 1995, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 123 ("FAS 123"),
"Accounting for Stock-Based Compensation." The Company is required
to adopt FAS 123 by fiscal 1997, and upon adoption will elect to
continue to measure compensation cost for its employee stock
compensation plans using the intrinsic value-based method of
accounting prescribed by Accounting Principles Board Opinion No.
25, "Accounting for Stock Issued to Employees." Pro forma
disclosure of net earnings and net earnings per share will reflect
the difference between compensation cost included in net earnings
and the related cost measured by the fair-value based method
defined in FAS 123, including tax effects, that would have been
recognized in the consolidated statement of earnings if the fair
value-based method had been used.
5
Item 2. Management's Discussion and Analysis of Financial Condition,
Results of Operations and Factors That May Affect Future Results
(Unaudited).
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
RESULTS OF OPERATIONS
- ---------------------
Net Revenue - Net revenue for the third quarter ended July 31, 1996 was
$9.1 billion, an increase of 18 percent from the same period of fiscal
1995. Product sales increased 18 percent and service revenue grew 17
percent over the corresponding period of fiscal 1995. Net revenue grew
14 percent to $4.9 billion internationally and 23 percent to $4.2 billion
in the U.S.
Net revenue for the first nine months of fiscal 1996 was $28.3 billion,
an increase of 26 percent from the same period of fiscal 1995. Product
sales increased 27 percent and service revenue grew 19 percent over the
corresponding period of fiscal 1995. Net revenue grew 25 percent to
$16.0 billion internationally and 27 percent to $12.3 billion in the U.S.
The growth in net revenue for the third quarter and first nine months of
fiscal 1996 was principally due to strong demand for the Company's printer
products and related supplies, personal computer products, PC and UNIX
servers, test and measurement products, and professional services and
consulting.
Costs and Expenses - Cost of products sold and services as a percentage
of net revenue was 68.0 percent for the third quarter and 66.1 percent
for the first nine months of fiscal 1996, compared to 63.4 percent for
the third quarter and 62.8 percent for the first nine months of fiscal
1995. These increases over the year-ago periods were the result of
continued competitive pricing pressures, an ongoing shift in the mix of
products sold towards lower gross margin product families, and transition
costs for continued introductions of new products. Specifically in the
third quarter, excess supply in the channel exacerbated pricing pressures
on inkjet printers, causing the Company to reduce prices significantly.
In addition, the general slowdown in certain businesses such as components
and semiconductor test contributed to the increase in the cost of sales
ratio as fixed costs were spread over lower volumes than expected. These
types of factors are likely to continue to cause the cost of sales ratio
to trend upward in the future. Pretax charges of approximately $135 million
related to the exit from disk-mechanism manufacturing and the related
operating losses in that business also contributed to the overall increase
in the cost of sales ratio over the year-ago period. Cost of products sold
and services as a percentage of net revenue would have been 66.0 percent
for the third quarter without these factors, and 65.1 percent for the nine
months ended July 31, 1996.
Operating expenses as a percentage of net revenue were 25.3 percent for
the third quarter and 23.8 percent for the first nine months of fiscal
1996, compared to 26.0 percent for the third quarter and 25.5 percent for
the first nine months of fiscal 1995. These decreases from fiscal 1995
reflect ongoing efforts to achieve expense structures appropriate for
the Company's changing business and expansion of the net revenue base
in fiscal 1996. Operating expenses increased 15 percent for the third
quarter and 18 percent for the first nine months of fiscal 1996 over the
corresponding year-ago periods. These increases resulted primarily
from increased marketing and selling expenses as a result of increased
advertising and commissions, and increased research and development
expenses, reflecting the Company's commitment to ensuring a continuing
flow of high quality products. A part of these increases is also
attributable to increased employment in operating areas. Additionally,
acquisitions of Convex Computer Corporation and certain of the assets of
DP-TEK Development Company LLC contributed to the third quarter increase
in operating expenses. However, that increase was substantially offset by
unrelated favorable currency impacts.
6
Provision for Taxes - The provision for taxes as a percentage of earnings
before taxes was 31.0 percent for the third quarter and first nine
months of fiscal 1996, compared to 33.5 percent for the third quarter
and first nine months of fiscal 1995. The lower tax rates in fiscal 1996
resulted from changes in the geographic mix of the Company's earnings and
resolution of certain issues related to tax returns filed in previous years.
Net Earnings - Net earnings for the third quarter of fiscal 1996 were
$425 million, or 40 cents per share on an average of 1.05 billion shares,
compared to net earnings of $576 million or 55 cents per share on an
average of 1.05 billion shares for the third quarter of fiscal 1995. For
the nine months ended July 31, 1996, net earnings were $1.9 billion, or
$1.84 per share on an average of 1.05 billion shares, compared to net
earnings of $1.8 billion or $1.67 per share on an average of 1.05 billion
shares for the first nine months of fiscal 1995. The 1995 per share amounts
have been restated to reflect the retroactive effect of the July 1996 stock
split.
The decrease in third quarter net earnings is primarily attributable to
charges to exit disk-mechanism manufacturing and the related operating
losses in that business. Without these, third quarter net earnings would
have been 53 cents, a 4 percent decline from the same period of fiscal
1995. The remaining decline was due to the Company's inability to offset
increases in the cost of products sold and services as a percentage of net
revenue with decreases in the operating expense ratio during the quarter,
which adversely affected third quarter operating profits as compared to
the same period in fiscal 1995. The third quarter decline also decreased
the growth in net earnings for the nine months ended July 31, 1996.
FINANCIAL CONDITION
- -------------------
Liquidity and Capital Resources - The Company's financial position remains
strong, with cash and cash equivalents and short-term investments of $3.7
billion at July 31, 1996, compared with $2.8 billion at October 31, 1995.
Cash flows from operating activities were $2.0 billion during the first
nine months of fiscal 1996, compared to $1.4 billion for the corresponding
period of fiscal 1995.
The increase in cash flows from operating activities in fiscal 1996
was primarily attributable to a decline in accounts and notes receivable
since the end of fiscal 1995 as compared to significant growth in the
comparable period of fiscal 1995. Additionally, the Company experienced
slower inventory growth and higher net earnings in fiscal 1996 than in
the comparable period of fiscal 1995. Partially offsetting these factors
were a decline in accounts payable since the end of fiscal 1995 as compared
to significant growth in the comparable period of fiscal 1995.
Inventories grew 26 percent over the year versus revenue growth of 18
percent for the same period. The Company believes that the majority of
the increase in inventories was necessary to meet increased demand and
customer delivery expectations, due primarily to heavy new product
introductions, ramping up for back-to-school and holiday seasons, and
an increasing presence in the retail channel. Inventory management,
however, continues to be an area of focus.
7
Capital expenditures for the first nine months of fiscal 1996 were $1.5
billion, compared to $1.1 billion for the corresponding period in fiscal
1995. The increase in capital expenditures was primarily due to expansion
of capacity for increased levels of business.
The changes in investment and borrowing activities during the first nine
months of fiscal 1996, when compared to the same period in fiscal 1995,
resulted from the Company's rebalancing of its debt financing to more
closely match the term and interest rate profile of its investment
portfolio.
Under the Company's ongoing stock repurchase program, shares have been
purchased periodically to meet employee stock plan requirements. During
the nine months ended July 31, 1996, the Company purchased and retired
approximately 18.2 million shares (on a post-split basis) for an aggregate
price of $802 million. During the nine months ended July 31, 1995, the
Company purchased and retired approximately 13.6 million shares (on a
restated basis) for an aggregate price of $384 million.
FACTORS THAT MAY AFFECT FUTURE RESULTS
- --------------------------------------
HP's future operating results may be adversely affected if the Company
is unable to continue to rapidly develop, manufacture and market
innovative products and services that meet customer requirements. The
process of developing new high technology products and solutions is
complex and uncertain. It requires accurate anticipation of customers'
changing needs and emerging technological trends. The Company then
must make long-term investments and commit significant resources before
knowing whether its predictions will eventually result in products that
achieve market acceptance. After a product is developed, the Company must
quickly ramp manufacturing in sufficient volumes at acceptable costs.
This is a process that requires accurate forecasting of volumes, mix of
products and configurations. Moreover, the supply and timing of a new
product or service must match the customers' demand and timing for those
particular products or services. Given the wide variety of systems,
products and services which the Company offers, the process of planning
production and managing inventory levels becomes increasingly difficult.
Managing inventory levels is becoming increasingly complicated as the
Company continues to sell a greater mix of products, especially printers
and personal computers, through third party distribution channels.
Resellers constantly adjust their ordering patterns to take into account
the Company's, and its competitors', supply into the channel and the timing
of their new product introductions and relative feature sets. Resellers
may increase or even double orders during times of shortages and cancel
orders as supply becomes plentiful. If the back end of product cycles
coincides with a channel filled with currently available products, resellers
may cancel or delay orders in anticipation of the new products. This excess
supply could result in price reductions and inventory writedowns, which in
turn could adversely affect the Company's gross margins.
The short life cycles of many of the Company's products pose a challenge
for the effective management of the transition from existing products to
new products and could adversely affect the Company's future operating
results. Product development or manufacturing delays, variations in
product costs, and delays in customer purchases of existing products in
anticipation of new product introductions are among the factors that make
a smooth transition from current products to new products difficult. In
addition, the timing of competitors' introductions of new products and
services may negatively affect the future operating results of the Company,
especially when these introductions coincide with periods leading up to
the Company's own introduction of new or enhanced products. Furthermore,
some of the Company's own new products replace or compete with others of
the Company's current products.
8
In addition, portions of the company's manufacturing operations are
dependent on the ability of suppliers to deliver components, integral
subassemblies and completed products in time to meet critical manufacturing
and distribution schedules. The Company periodically experiences
constrained supply of certain component parts in some product lines as a
result of strong demand in those product lines and in the industry as a
whole. Continued constraints may adversely affect the Company's operating
results until alternate sourcing could be developed. In order to secure
components for production and introduction of new products, the Company
frequently makes advanced payments to certain suppliers and often enters
into noncancelable purchase commitments with vendors with respect to the
purchase of components. Volatility in the prices of these component parts,
the possible inability of the Company to secure enough components at
reasonable prices to build new products in a timely manner in the quantities
and configurations demanded or, conversely, a temporary oversupply of these
parts, could adversely affect the Company's future operating results.
The Company continues to expand into third-party distribution channels
to accomodate changing industry practices and customer preferences. As
more of the Company's products are distributed through resellers, the
financial health of these resellers and the Company's continuing
relationships with them become more important to the Company's success.
Some of these companies are thinly capitalized and may be unable to
withstand changes in business conditions. The Company's financial
results could be adversely affected if the financial condition of these
resellers substantially weakens or the Company's relationship with such
resellers deteriorates.
Sales outside the United States make up more than half of the Company's
revenues. In addition, a portion of the Company's product and component
manufacturing, along with key suppliers, are located outside the United
States. Accordingly, the Company's future results could be adversely
affected by a variety of factors, including changes in foreign currency
exchange rates, changes in a specific country's or region's political or
economic conditions, trade protection measures, import or export licensing
requirements, the overlap of different tax structures, unexpected changes
in regulatory requirements and natural disasters.
As a matter of course, the Company frequently engages in discussions
with a variety of parties relating to possible acquisitions, strategic
alliances, joint ventures and divestitures. Although the consummation
of any transaction is unlikely to have a material effect on the Company's
results as a whole, the implementation or integration of the transaction
may contribute to the Company's results differing from the investment
community's expectation in a given quarter. Divestitures may result in
the cancellation of orders and charges to earnings. Acquisitions and
strategic alliances may require, among other things, integration or
coordination with a different company culture, management team organization,
and business infrastructure. They may also require the development,
manufacture and marketing of product offerings with the Company's products
in a way that enhances the performance of the combined business or product
line. Depending on the size and complexity of the transaction, successful
integration or implementation depends on a variety of factors, including
the hiring and retention or coordination of key employees, management of
geographically separate facilities, and the integration or coordination of
different research and development and product manufacturing facilities.
All of these efforts require varying levels of management resources,
which may temporarily adversely impact other business operations.
9
A portion of the Company's research and development activities, its
corporate headquarters, other critical business operations and certain of its
suppliers are located near major earthquake faults. The ultimate impact on
the Company, its significant suppliers and the general infrastructure is
unknown, but operating results could be materially affected in the event of
a major earthquake. The Company is predominately self-insured for losses
and interruptions caused by earthquakes.
Operations of the Company involve the use of substances regulated under
various federal, state and international laws governing the environment.
It is the Company's policy to apply strict standards for environmental
protection to sites inside and outside the U.S., even if not subject to
regulations imposed by local governments. The liability for environmental
remediation and related costs is accrued when it is considered probable
and the costs can be estimated. Environmental costs are presently not
material to the Company's operations or financial position.
Although the Company believes that it has the product offerings and
resources needed for continuing success, future revenue and margin
trends cannot be reliably predicted and may cause the Company to adjust
its operations. The Company's stock price, like that of other
technology companies, is subject to significant volatility. The
announcement of new products, services or technological innovations by
the Company or its competitors, quarterly variations in the Company's
results of operations, changes in revenue or earnings estimates by the
investment community and speculation in the press or investment
community are among the factors affecting the Company's stock price. In
addition, the stock price may be affected by general market conditions
and domestic and international macroeconomic factors unrelated to the
Company's performance. Because of the foregoing reasons, recent trends
should not be considered reliable indicators of future stock prices or
financial results.
10
PART II. OTHER INFORMATION
---------------------------
Item 5. Other Information.
On May 17, 1996, the Company's Board of Directors approved a
2-for-1 stock split of the Company's $1 par value common stock
in the form of a 100 percent distribution to shareholders
of record on June 21, 1996. As a result of the split, authorized,
outstanding, and reserved common shares doubled. Retained
earnings was reduced by the par value of the additional common
shares issued. The rights of the holders of these securities
were not otherwise modified.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits:
A list of exhibits is set forth in the Exhibit Index
found on page 13 of this report.
(b) Reports on Form 8-K:
The Company filed a Report on Form 8-K on July 31, 1996
describing the Company's discontinuation of disk-mechanism
manufacturing and cessation of operations of its Disk
Memory Division.
11
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
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 thereunto duly authorized.
HEWLETT-PACKARD COMPANY
(Registrant)
Dated: September 16, 1996 By: ROBERT P. WAYMAN
-------------------------
Robert P. Wayman
Executive Vice President,
Finance and Administration
(Chief Financial Officer)
12
HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
EXHIBIT INDEX
-------------
Exhibits:
1. Not applicable.
2. None.
3. None.
4. None.
5-9. Not applicable.
10-11. None.
12-14. Not applicable.
15. None.
16-17. Not applicable.
18-19. None.
20-21. Not applicable.
22-24. None.
25-26. Not applicable.
27. Financial Data Schedule.
28. Not applicable.
99. None.
13