FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997
Commission file number 1-5318
KENNAMETAL INC.
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 25-0900168
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
ROUTE 981 AT WESTMORELAND COUNTY AIRPORT
P.O. BOX 231
LATROBE, PENNSYLVANIA 15650
(Address of registrant's principal executive offices)
Registrant's telephone number, including area code: (412) 539-5000
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 [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
TITLE OF EACH CLASS OUTSTANDING AT APRIL 30, 1997
- ---------------------------------------- -----------------------------
Capital Stock, par value $1.25 per share 26,081,259
KENNAMETAL INC.
FORM 10-Q
FOR QUARTER ENDED MARCH 31, 1997
TABLE OF CONTENTS
Item No.
PART I. FINANCIAL INFORMATION
1. Financial Statements:
Condensed Consolidated Balance Sheets (Unaudited)
March 31, 1997 and June 30, 1996
Condensed Consolidated Statements of Income (Unaudited)
Three months and nine months ended March 31, 1997 and 1996
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine months ended March 31, 1997 and 1996
Notes to Condensed Consolidated Financial Statements
(Unaudited)
2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
PART II. OTHER INFORMATION
1. Legal Proceedings
5. Other Information
6. Exhibits and Reports on Form 8-K
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
KENNAMETAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
- -----------------------------------------------------------------------------
(in thousands)
March 31, June 30,
1997 1996
--------- --------
ASSETS
Current Assets:
Cash and equivalents $ 18,698 $ 17,090
Accounts receivable, less allowance for
doubtful accounts of $7,678 and $9,296 187,719 189,820
Inventories 203,902 204,934
Deferred income taxes 23,827 24,620
-------- --------
Total current assets 434,146 436,464
-------- --------
Property, Plant and Equipment:
Land and buildings 156,279 156,064
Machinery and equipment 461,566 415,443
Less accumulated depreciation (325,361) (304,400)
-------- --------
Net property, plant and equipment 292,484 267,107
-------- --------
Other Assets:
Investments in affiliated companies 11,151 8,742
Intangible assets, less accumulated
amortization of $23,010 and $20,795 42,980 33,756
Deferred income taxes 35,812 41,757
Other 15,819 11,665
-------- --------
Total other assets 105,762 95,920
-------- --------
Total assets $832,392 $799,491
======== ========
LIABILITIES
Current Liabilities:
Current maturities of term debt and capital leases $ 12,799 $ 17,543
Notes payable to banks 77,930 57,549
Accounts payable 58,625 64,663
Accrued vacation pay 21,272 19,228
Other 71,617 59,830
-------- --------
Total current liabilities 242,243 218,813
-------- --------
Term Debt and Capital Leases, Less Current Maturities 52,442 56,059
Deferred Income Taxes 20,745 20,611
Other Liabilities 54,106 52,559
-------- --------
Total liabilities 369,536 348,042
-------- --------
Minority Interest in Consolidated Subsidiaries 8,796 12,500
-------- --------
SHAREHOLDERS' EQUITY
Shareholders' Equity:
Preferred stock, 5,000 shares authorized; none issued - -
Capital stock, $1.25 par value; 70,000 shares
authorized; 29,370 shares issued 36,712 36,712
Additional paid-in capital 90,437 87,417
Retained earnings 388,183 351,594
Treasury shares, at cost; 2,972 and 2,667 shares held (51,411) (35,734)
Cumulative translation adjustments (9,861) (1,040)
-------- --------
Total shareholders' equity 454,060 438,949
-------- --------
Total liabilities and shareholders' equity $832,392 $799,491
======== ========
See accompanying notes to condensed consolidated financial statements.
KENNAMETAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
- -----------------------------------------------------------------------------------
(in thousands, except per share data)
Three Months Ended Nine Months Ended
March 31, March 31,
------------------- -------------------
1997 1996 1997 1996
-------- -------- -------- --------
OPERATIONS:
Net sales $295,365 $286,095 $844,003 $800,172
Cost of goods sold 168,799 162,129 489,381 461,960
-------- -------- -------- --------
Gross profit 126,566 123,966 354,622 338,212
Research and development expenses 6,154 5,346 17,587 15,287
Selling, marketing and distribution
expenses 67,150 61,037 194,940 181,044
General and administrative expenses 17,351 16,810 51,356 48,484
Amortization of intangibles 735 417 2,029 1,199
-------- -------- -------- --------
Operating income 35,176 40,356 88,710 92,198
Interest expense 2,744 2,896 8,159 9,008
Other income (expense) ( 304) 204 547 889
-------- -------- -------- --------
Income before taxes 32,128 37,664 81,098 84,079
Provision for income taxes 12,200 14,300 31,400 33,200
-------- -------- -------- --------
Net income $ 19,928 $ 23,364 $ 49,698 $ 50,879
======== ======== ======== ========
PER SHARE DATA:
Earnings per share $ 0.75 $ 0.88 $ 1.86 $ 1.91
======== ======== ======== ========
Dividends per share $ 0.17 $ 0.15 $ 0.49 $ 0.45
======== ======== ======== ========
Weighted average shares outstanding 26,691 26,644 26,719 26,622
======== ======== ======== ========
See accompanying notes to condensed consolidated financial statements.
KENNAMETAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
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(in thousands)
Nine Months Ended
March 31,
-----------------------
1997 1996
------- -------
OPERATING ACTIVITIES:
Net income $49,698 $50,879
Adjustments for noncash items:
Depreciation and amortization 31,117 29,889
Other 6,911 11,950
Changes in certain assets and liabilities,
net of effects of acquisitions:
Accounts receivable (653) (21,042)
Inventories 1,405 (15,091)
Accounts payable and accrued liabilities (2,658) (3,880)
Other, net (16,669) (4,147)
------- -------
Net cash flow from operating activities 69,151 48,558
------- -------
INVESTING ACTIVITIES:
Purchases of property, plant and equipment (57,024) (40,537)
Disposals of property, plant and equipment 348 5,131
Acquisitions, net of cash (17,665) (1,441)
Other 4,637 1,745
------- -------
Net cash flow used for investing activities (69,704) (35,102)
------- -------
FINANCING ACTIVITIES:
Increase in short-term debt 21,390 4,993
Increase in term debt 943 7,734
Reduction in term debt (8,427) (13,713)
Purchase of treasury stock (2,631) -
Dividend reinvestment and employee stock plans 4,762 1,583
Cash dividends paid to shareholders (13,109) (11,978)
------- -------
Net cash flow from (used for) financing activities 2,928 (11,381)
------- -------
Effect of exchange rate changes on cash (767) (278)
------- -------
CASH AND EQUIVALENTS:
Net increase in cash and equivalents 1,608 1,797
Cash and equivalents, beginning 17,090 10,827
------- -------
Cash and equivalents, ending $18,698 $12,624
======= =======
SUPPLEMENTAL DISCLOSURES:
Interest paid $ 6,421 $ 7,753
Income taxes paid 35,445 31,378
Purchase of treasury stock included in
current liabilities 14,788 -
See accompanying notes to condensed consolidated financial statements.
KENNAMETAL INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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1. The condensed consolidated financial statements should be read in
conjunction with the Notes to Consolidated Financial Statements included
in the Company's 1996 Annual Report. The condensed consolidated balance
sheet as of June 30, 1996 has been derived from the audited balance sheet
included in the Company's 1996 Annual Report. These interim statements
are unaudited; however, management believes that all adjustments necessary
for a fair presentation have been made and all adjustments are normal,
recurring adjustments. The results for the nine months ended
March 31, 1997 are not necessarily indicative of the results to be
expected for the full fiscal year.
2. Inventories are stated at lower of cost or market. Cost is determined
using the last-in, first-out (LIFO) method for a significant portion of
domestic inventories and the first-in, first-out (FIFO) method or average
cost for other inventories. The Company used the LIFO method of valuing
its inventories for approximately 55 percent of total inventories at
March 31, 1997. Because inventory valuations under the LIFO method are
based on an annual determination of quantities and costs as of June 30 of
each year, the interim LIFO valuations are based on management's
projections of expected year-end inventory levels and costs. Therefore,
the interim financial results are subject to any final year-end LIFO
inventory adjustments.
3. The major classes of inventory as of the balance sheet dates were as
follows (in thousands):
March 31, June 30,
1997 1996
-------- --------
Finished goods $174,625 $169,108
Work in process and powder blends 49,093 59,326
Raw materials and supplies 21,097 16,514
-------- --------
Inventory at current cost 244,815 244,948
Less LIFO valuation (40,913) (40,014)
-------- --------
Total inventories $203,902 $204,934
======== ========
4. The Company has been involved in various environmental cleanup and
remediation activities at several of its manufacturing facilities. In
addition, the Company has been named as a potentially responsible party at
four Superfund sites in the United States. However, it is management's
opinion, based on its evaluations and discussions with outside counsel and
independent consultants, that the ultimate resolution of these
environmental matters will not have a material adverse effect on the
results of operations, financial position or cash flows of the Company.
The Company maintains a Corporate Environmental, Health and Safety (EH&S)
Department to facilitate compliance with environmental regulations and to
monitor and oversee remediation activities. In addition, the Company has
established an EH&S administrator at each of its domestic manufacturing
facilities. The Company's financial management team periodically meets
with members of the Corporate EH&S Department and the Corporate Legal
Department to review and evaluate the status of environmental projects and
contingencies. On a quarterly and annual basis, management establishes or
adjusts financial provisions and reserves for environmental contingencies
in accordance with Statement of Financial Accounting Standards (SFAS)
No. 5, "Accounting for Contingencies."
5. Effective July 1, 1996, the Company adopted SFAS No. 121, "Accounting for
the Impairment of Long-Lived Assets and for Long-Lived Assets to be
Disposed of." The adoption of SFAS No. 121 did not have an impact on the
consolidated financial statements, as the statement is consistent with
existing Company policy.
6. During the nine-month period ended March 31, 1997, the Company acquired
three companies with annual sales totaling approximately $22 million for a
total consideration of approximately $19 million. The acquisitions were
accounted for using the purchase method of accounting. The consolidated
financial statements include the operating results of each business from
the date of acquisition. Pro forma results of operations have not been
presented because the effects of these acquisitions were not significant.
7. On April 25, 1997, the Company's J&L America, Inc. subsidiary
("J&L") obtained a $25.0 million line of credit with a bank and shortly
thereafter borrowed $20.0 million under the line of credit to fund a
dividend to Kennametal. Interest payable under the line of credit is
based on the LIBOR rate plus 25 basis points and is required to be repaid
in full within six months. Kennametal has guaranteed repayment of the
line of credit in the event of default by J&L.
8. On April 28, 1997, the Company's board of directors approved a proposal
for the sale, by a newly formed subsidiary, JLK Direct Distribution Inc.
("JLK"), of up to 20 percent of its common stock in an initial public
offering ("IPO"). It is expected that, following the IPO, Kennametal will
own approximately 80 percent of the outstanding common stock of JLK and
will retain a majority of both the economic and voting interests of JLK.
JLK filed a registration statement with the Securities and Exchange
Commission covering this IPO. JLK will operate the industrial supply
business consisting of the Company's wholly owned J&L subsidiary and its
Full Service Supply organization. JLK will meet the needs of small- and
medium-sized customers through its direct marketing catalog and showroom
programs and will serve large industrial manufacturers through integrated
industrial supply programs.
Additionally, on April 30, 1997, Kennametal, through its J&L subsidiary,
acquired all the outstanding stock of the Strelinger Company (Strelinger).
Strelinger is based in Troy, Michigan, and is engaged in the distribution
of metalcutting tools and industrial supplies. Strelinger had sales of
$30 million in its latest fiscal year and employed approximately 85
people. J&L paid approximately $4 million in cash and assumed certain
liabilities totaling $7 million.
9. The Financial Accounting Standards Board ("FASB") recently issued SFAS
No. 128, "Earnings Per Share" ("SFAS No. 128") and SFAS No. 129, "Disclosure
of Information about Capital Structures" ("SFAS No. 129"). SFAS No. 128
was issued in February 1997 and is effective for periods ending after
December 15, 1997. This statement, upon adoption, will require all prior
ending earnings per share ("EPS") data to be restated to conform to the
provisions of the statement. This statement's objective is to simplify
the computations of EPS and to make the U.S. standard for EPS computations
more compatible with that of the International Accounting Standards
Committee. The Company will adopt SFAS No. 128 in fiscal 1998 and does
not anticipate that the statement will have a significant impact on its
reported EPS.
SFAS No. 129 was issued in February 1997 and is effective for periods
ending after December 15, 1997. This statement, upon adoption, will
require all companies to provide specific disclosure regarding their
capital structure. SFAS No. 129 will specify the disclosure for all
companies, including descriptions of their capital structure and the
contractual rights of the holders of such securities. The Company will
adopt SFAS No. 129 in fiscal 1998 and does not anticipate that the
statement will have a significant impact on its disclosure.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
- -----------------------------------------------------------------------------
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
There were no material changes in financial position, liquidity or capital
resources between June 30, 1996 and March 31, 1997. The ratio of current
assets to current liabilities was 1.8 as of March 31, 1997, compared to 2.0 as
of June 30, 1996. The debt-to-capital ratio (i.e., total debt divided by the
sum of total debt and shareholders' equity) was 24 percent as of
March 31, 1997, and 23 percent as of June 30, 1996.
On January 31, 1997, the Company announced the adoption of a program to
repurchase from time to time up to a total of 1.6 million shares of its
outstanding capital stock. The repurchases were made in the open market or in
negotiated or other permissible transactions. During the period ended
March 31, 1997, the Company repurchased approximately 465,000 shares of its
common stock at a total cost of approximately $17.4 million. Furthermore,
through April 30, 1997, the Company purchased an additional 316,000 shares of
its common stock at a total cost of approximately $11.2 million.
On April 25, 1997, the Company's J&L subsidiary obtained a $25.0 million line
of credit with a bank and shortly thereafter borrowed $20.0 million under the
line or credit to fund a dividend to Kennametal. Interest payable under the
line of credit is based on the LIBOR rate plus 25 basis points and is required
to be repaid in full within six months. Kennametal has guaranteed repayment
of the line of credit in the event of default by J&L.
Capital expenditures are estimated to be $70-80 million in fiscal year 1997.
Expenditures are being made to construct a new corporate headquarters and a
manufacturing facility in China to acquire additional client-server
information systems and to upgrade machinery and equipment. Capital
expenditures are being financed with cash from operations and borrowings under
existing revolving credit agreements with banks.
RESULTS OF OPERATIONS
SALES AND EARNINGS
During the quarter ended March 31, 1997, consolidated sales were $295 million,
up 3 percent from $286 million in the same quarter last year. Net income was
$19.9 million, or $0.75 per share, as compared with net income of
$23.4 million, or $0.88 per share in the same quarter last year.
During the nine-month period ended March 31, 1997, consolidated sales were
$844 million, up 5 percent from $800 million last year. Net income was
$49.7 million, or $1.86 per share, compared to $50.9 million, or $1.91 per
share last year.
For the quarter ended March 31, 1997, the overall increase in sales was
attributed to higher sales of metalworking products and industrial supplies
sold to the Industrial Supply market through J&L Industrial Supply and through
Full Service Supply programs. The increase in sales was offset in part by
lower sales of metalworking products in Europe, primarily in Germany, as a
result of weak economic conditions in Germany and negative currency
translation effects.
The following table presents the Company's sales by market and geographic area
(in thousands):
Three Months Ended Nine Months Ended
March 31, March 31,
-------------------------- -------- -------- --------
1997 1996 % Change 1997 1996 % Change
-------- -------- -------- -------- -------- --------
By Market:
Metalworking:
North America $ 95,992 $ 97,524 (2)% $277,835 $274,600 1%
Europe 65,116 73,417 (11) 187,525 206,548 (9)
Asia-Pacific 9,721 9,144 6 30,480 25,715 19
Industrial Supply 86,693 69,677 24 234,061 185,354 26
Mining and Construction 37,843 36,333 4 114,102 107,955 6
-------- -------- --- -------- -------- ---
Net sales $295,365 $286,095 3% $844,003 $800,172 5%
======== ======== === ======== ======== ===
By Geographic Area:
Within the United States $192,173 $175,813 9% $545,843 $488,173 12%
International 103,192 110,282 (6) 298,160 311,999 (4)
-------- -------- --- -------- -------- ---
Net sales $295,365 $286,095 3% $844,003 $800,172 5%
======== ======== === ======== ======== ===
METALWORKING MARKETS
During the March 1997 quarter, sales of traditional metalcutting products sold
through all sales channels in North America, including sales through the
Industrial Supply market, increased 4 percent due to modest but steadily
improving economic conditions in the United States and due to continued
emphasis on milling and drilling products. Sales, as reflected in the North
America Metalworking market, decreased 2 percent during the quarter.
Sales in the Europe Metalworking market decreased 11 percent. Demand for
metalworking products continued to be slow due to weak economic conditions in
Europe, principally in Germany. However, sales grew in the United Kingdom and
France. Excluding the impact of unfavorable foreign currency translation
effects, sales in the Europe Metalworking market decreased 6 percent.
In the Asia-Pacific Metalworking market, sales rose 6 percent as a result of
increased demand in Australia, Singapore and Japan, although sales were again
impacted by soft economic conditions in Korea and Thailand. Excluding
unfavorable foreign currency translation effects, sales in the Asia-Pacific
Metalworking market increased 11 percent.
For the nine-month period, sales in the North America Metalworking market
increased 1 percent because of stable economic conditions in the United States
and due to continued emphasis on milling and drilling products. In the Europe
Metalworking market, sales decreased 9 percent because of weak economic
conditions in Europe, primarily in Germany, and from the impact of unfavorable
foreign currency translation effects. In the Asia-Pacific Metalworking
market, sales increased 19 percent because of increased demand.
INDUSTRIAL SUPPLY MARKET
During the March 1997 quarter, sales in the Industrial Supply market increased
24 percent as a result of increased sales through mail order and Full Service
Supply programs. Sales increased primarily because of the expanded product
offering of over 20,000 new stock keeping units (SKUs) in J&L's 1997 master
catalog and from the addition of new showrooms and innovative marketing
programs. During the third quarter, J&L opened a new location in Houston,
Texas, and now operates a total of 23 locations in the United States and one
location in the United Kingdom. The Industrial Supply market now represents
29 percent of total sales.
For the nine-month period, sales in the Industrial Supply market increased
26 percent due to an expanded product offering in the 1997 master catalog, new
showrooms and innovative marketing programs and due to new and existing Full
Service Supply programs with large customers.
MINING AND CONSTRUCTION MARKET
During the March 1997 quarter, sales in the Mining and Construction market
increased 4 percent from the previous year as a result of increased domestic
demand for mining tools offset by slightly lower demand for highway
construction tools. International sales of mining and highway construction
tools declined slightly as a result of weak economic conditions in Europe.
For the nine-month period, sales of mining and construction tools increased
6 percent from the prior year primarily because of increased sales of domestic
mining tools.
GROSS PROFIT MARGIN
As a percentage of sales, gross profit margin for the March 1997 quarter was
42.9 percent compared to 43.3 percent last year. The gross profit margin
declined as a result of lower production volumes, unfavorable foreign currency
translation effects coupled with a less favorable sales mix. This decrease
was partially offset by productivity improvements related to the Focused
Factory initiative.
For the nine-month period, the gross profit margin was 42.0 percent, compared
with 42.3 percent last year. The gross profit margin declined slightly as a
result of lower production volumes, unfavorable foreign currency translation
effects and from a less favorable sales mix. This decline was partially
offset by productivity improvements related to the Focused Factory initiative.
OPERATING EXPENSES
For the quarter ended March 31, 1997, operating expenses as a percentage of
sales were 30.7 percent compared to 29.1 percent last year. Operating
expenses increased 9 percent primarily because of higher costs related to the
J&L showroom expansion program, including higher direct mail costs and
increased direct marketing costs in new territories in the United States and
in Europe. Operating expenses also increased from higher costs necessary to
support new and existing Full Service Supply programs and from higher research
and development costs. Also included in operating expenses are relocation and
related costs incurred in connection with the construction of the new
corporate headquarters which amounted to $1.7 million during the third
quarter.
For the nine-month period, operating expenses as a percentage of sales were
31.3 percent compared to 30.6 percent last year. Operating expenses increased
primarily because of higher costs related to the J&L showroom expansion
program, including higher direct mail costs and increased direct marketing in
new territories in the United States and in Europe. Operating expenses also
increased from higher costs to support new and existing Full Service Supply
programs, higher research and development costs and from earlier than
anticipated relocation and related costs of $2.6 million related to the new
corporate headquarters.
INCOME TAXES
The effective tax rate was 38 percent, the same as in the third quarter of a
year ago. For the nine-month period, the effective tax rate was 39 percent
compared to 40 percent in the prior year.
OUTLOOK
In looking to the fourth quarter ending June 30, 1997, management expects
consolidated sales to increase over the fourth quarter of fiscal 1996. Sales
to the North America Metalworking market should benefit from slowly improving
economic conditions in the United States. Sales in the Europe Metalworking
market are expected to remain weak. Sales in the Asia-Pacific Metalworking
market are expected to continue to be slow.
Sales in the Industrial Supply market should continue to benefit from
expansion of locations, increased mail order sales as a result of the expanded
product offering in the new J&L Industrial Supply master catalog and new Full
Service Supply programs. Sales in the Mining and Construction market should
increase from additional domestic demand.
This Form 10-Q, including the prior two paragraphs, contains "forward-looking
statements" as defined in Section 21E of the Securities Exchange Act of 1934.
Actual results can differ from those in the forward-looking statements to the
extent that the anticipated economic conditions in the United States, Europe
and Asia-Pacific are not realized.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
- ----------------------------------------------------------------------------
The information set forth in Note 4 to the condensed consolidated financial
statements, contained in Part I, Item 1 of this Form 10-Q, is incorporated by
reference herein and supplements the information previously reported in Part
I, Item 3 of the Company's Form 10-K for the year ended June 30, 1996, which
is also incorporated by reference herein.
It is management's opinion, based on its evaluation and discussions with
outside counsel, that the Company has viable defenses to these cases and that,
in any event, the ultimate resolutions of these matters will not have a
materially adverse effect on the results of operations, financial position or
cash flows of the Company.
ITEM 5. OTHER INFORMATION
- ------------------------------------------------------------------------------
On April 28, 1997, the Company's board of directors approved a proposal for
the sale, by a newly formed subsidiary, JLK Direct Distribution Inc. ("JLK"),
of up to 20 percent of its common stock in an initial public offering ("IPO").
It is expected that, following the offering, Kennametal will own approximately
80 percent of the outstanding common stock of JLK and will retain a majority
of both the economic and voting interests of JLK. The Company also filed a
registration statement with the Securities and Exchange Commission covering
this offering.
On April 28, 1997, the Company issued a press release announcing the IPO.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
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(a) Exhibits
(10) Material Contracts
10.1 Form of Employment Agreement with
certain executive officers Filed herewith
10.2 Supplemental Executive Retirement Plan Filed herewith
10.3 Amendment to Credit Agreement
dated April 19, 1996 Filed herewith
(27) Financial Data Schedule for the nine months ended
March 31, 1997, submitted to the Securities
and Exchange Commission in electronic format Filed herewith
(99) Additional Exhibits
Press Release Dated April 28, 1997 Filed herewith
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter
ended March 31, 1997.
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.
KENNAMETAL INC.
Date: May 13, 1997 By: /s/ RICHARD J. ORWIG
--------------------
Richard J. Orwig
Vice President
Chief Financial and Administrative Officer