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
For the quarterly period ended June 30, 1997
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _________________to _________________
Commission file number 1-655
MAYTAG CORPORATION
A Delaware Corporation I.R.S. Employer Identification No. 42-0401785
403 West Fourth Street North, Newton, Iowa 50208
Registrant's telephone number: 515-792-7000
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
The number of shares outstanding of each of the issuer's classes of common
stock, as of June 30, 1997:
Common Stock, $1.25 par value - 98,578,316
Page 1 of 17
MAYTAG CORPORATION
Quarterly Report on Form 10-Q
Quarter Ended June 30, 1997
I N D E X
Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Statements of Consolidated Income................ 3
Condensed Statements of Consolidated Financial Condition... 4
Condensed Statements of Consolidated Cash Flows............ 6
Notes to Condensed Consolidated Financial Statements....... 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations........................ 9
PART II OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders....... 14
Item 6. Exhibits and Reports on Form 8-K.......................... 15
Signatures................................................ 16
Financial Data Schedule................................... 17
2
Part I FINANCIAL INFORMATION
Item 1. Financial Statements
MAYTAG CORPORATION
Condensed Statements of Consolidated Income
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
In thousands except per
share data 1997 1996 1997 1996
Net sales $ 814,541 $ 754,619 $1,607,010 $1,485,865
Cost of sales 590,096 547,404 1,173,083 1,076,223
Gross profit 224,445 207,215 433,927 409,642
Selling, general and
administrative expenses 136,059 125,396 269,041 251,122
Restructuring charge 40,000
Operating income 88,386 81,819 164,886 118,520
Interest expense (14,431) (10,458) (29,142) (21,360)
Other - net (1,601) 891 478 1,955
Income before income
taxes and minority
interest 72,354 72,252 136,222 99,115
Income taxes 27,728 27,909 51,872 38,654
Income before minority
interest 44,626 44,343 84,350 60,461
Minority interest (843) (2,067)
Net income $ 43,783 $ 44,343 $ 82,283 $ 60,461
Earnings per common
share:
Net income income $ 0.45 $ 0.43 $ 0.84 $ 0.58
Weighted average shares
outstanding 97,785 102,604 97,700 103,667
Dividends per common
share $ 0.16 $ 0.14 $ 0.32 $ 0.28
See notes to condensed consolidated financial statements.
3
MAYTAG CORPORATION
Condensed Statements of Consolidated Financial Condition
June 30 December 31
1997 1996
In thousands except share data (Unaudited)
Assets
Current assets
Cash and cash equivalents $ 33,770 $ 27,543
Accounts receivable 511,328 462,882
Inventories 366,400 327,136
Deferred income taxes 30,266 30,266
Other current assets 45,908 57,132
Total current assets 987,672 904,959
Noncurrent assets
Deferred income taxes 135,659 131,159
Pension investments 1,806 1,441
Intangible pension asset 70,511 70,511
Other intangibles 317,556 322,436
Other noncurrent assets 30,103 47,549
Total noncurrent assets 555,635 573,096
Property, plant and equipment
Property, plant and equipment 1,736,448 1,655,646
Less allowance for depreciation 842,323 803,761
Total property, plant and equipment 894,125 851,885
Total assets $ 2,437,432 $ 2,329,940
See notes to condensed consolidated financial statements.
4
MAYTAG CORPORATION
Condensed Statements of Consolidated Financial Condition - Continued
June 30 December 31
1997 1996
In thousands except share data (Unaudited)
Liabilities and Shareowners' Equity
Current liabilities
Notes payable $ 103,049 $ 55,489
Accounts payable 201,010 206,397
Compensation to employees 70,002 64,104
Accrued liabilities 177,724 180,726
Income taxes payable 4,209
Current maturities of long-term debt 59,368 59,086
Total current liabilities 611,153 570,011
Noncurrent liabilities
Deferred income taxes 27,115 27,012
Long-term debt 479,100 488,537
Postretirement benefits other than
pensions 451,536 447,415
Pension liability 59,856 50,377
Other noncurrent liabilities 97,838 102,621
Total noncurrent liabilities 1,115,445 1,115,962
Minority interest 72,044 69,977
Shareowners' equity
Preferred stock:
Authorized--24,000,000 shares
(par value $1.00)
Issued--none
Common stock:
Authorized--200,000,000 shares
(par value $1.25)
Issued--117,150,593 shares,
including shares in treasury 146,438 146,438
Additional paid-in capital 473,842 471,158
Retained earnings 474,192 423,552
Cost of Common stock in treasury
(1997--18,572,277 shares;
1996--19,106,012 shares) (393,802) (405,035)
Employee stock plans (54,799) (55,204)
Minimum pension liability adjustment (107) (107)
Foreign currency translation (6,974) (6,812)
Total shareowners' equity 638,790 573,990
Total liabilities and shareowners'
equity $ 2,437,432 $ 2,329,940
See notes to condensed consolidated financial statements.
5
MAYTAG CORPORATION
Condensed Statements of Consolidated Cash Flows
(Unaudited)
Six Months Ended
June 30
In thousands 1997 1996
Operating activities
Net income $ 82,283 $ 60,461
Adjustments to reconcile net income to net cash
provided by operating activities:
Minority interest 2,067
Depreciation and amortization 66,298 54,392
Deferred income taxes (4,397) 2,013
Restructuring charge 40,000
Changes in working capital items:
Accounts receivable (48,446) (60,077)
Inventories (39,264) (36,656)
Other current assets 2,600 15,231
Other current liabilities (944) (2,610)
Restructuring reserves (5,753) (9,218)
Pension assets and liabilities 9,114 (24,349)
Postretirement benefits 4,120 11,120
Other--net 12,636 (4,205)
Net cash provided by operating 80,314 46,102
activities
Investing activities
Capital expenditures (103,649) (90,347)
Total investing activities (103,649) (90,347)
Financing activities
Proceeds from issuance of notes payable 48,553
Repayment of notes payable (993)
Proceeds from issuance of long-term debt 1,104 89
Repayment of long-term debt (10,260)
Stock repurchases (11,779) (85,655)
Stock options exercised and other Common stock
transactions 26,102 12,464
Dividends (31,645) (29,110)
Investment by joint venture partner 8,625
Proceeds from interest rate swaps 6,500
Total financing activities 29,707 (95,712)
Effect of exchange rates on cash (145) 799
Increase (decrease) in cash and cash
equivalents 6,227 (139,158)
Cash and cash equivalents at beginning of year 27,543 141,214
Cash and cash equivalents at end of period $ 33,770 $ 2,056
See notes to condensed consolidated financial statements.
6
MAYTAG CORPORATION
Notes to Condensed Consolidated Financial Statements
June 30, 1997
(Unaudited)
NOTE A--BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments considered
necessary for a fair presentation have been included. Operating results for the
six month period ended June 30, 1997 are not necessarily indicative of the
results that may be expected for the year ending December 31, 1997. For further
information, refer to the consolidated financial statements and footnotes
included in the Maytag Corporation annual report on Form 10-K for the year ended
December 31, 1996.
NOTE B--INVENTORIES
Inventories consist of the following (in thousands):
June 30 December 31
1997 1996
Raw materials $ 55,408 $ 53,319
Work in process 49,691 45,406
Finished products 255,571 222,954
Supplies 5,730 5,457
$ 366,400 $ 327,136
NOTE C--RESTRUCTURING CHARGE
During the first quarter of 1996 the Company announced the restructuring of its
major appliance operations in an effort to strengthen its position in the
industry and to deliver improved performance to both customers and shareowners.
This included the consolidation of two separate organizational units into a
single operation responsible for all activities associated with the manufacture
and distribution of the Company's brands of major appliances and the closing of
a cooking products plant in Indianapolis, Indiana, with transfer of that
production to an existing plant in Cleveland, Tennessee.
As a result of these actions the Company recorded a one-time restructuring
charge of $40 million, or $24.4 million after-tax, in the first quarter of 1996.
This charge is primarily related to the costs associated with the consolidation
of cooking products manufacturing activities and consolidation of activities of
the two separate organizational units. Of this $40 million restructuring charge
it is currently estimated that cash expenditures of approximately $16 million,
primarily related to severance, and non-cash charges of approximately $24
million, primarily related to write-offs of property, plant and equipment, are
expected to be incurred. During 1996 the Company incurred approximately $18
million of costs, of which approximately $12 million were cash expenditures that
were charged to the $40 million reserve established for this restructuring.
7
During the first half of 1997, the Company incurred approximately $6 million of
costs, of which approximately $2 million were cash expenditures.
NOTE D--CONTINGENCIES
In connection with the 1994 sale of its home appliance operations in Australia
and New Zealand, the Company made various warranties to the buyer. The buyer
asserted several claims against the Company alleging breaches of certain of
those warranties. Except for one continuing claim for future product warranty
costs associated with certain products manufactured prior to the date the
operations were sold, all claims have been settled for an insignificant amount.
Based on the information currently available for the remaining claim, no
estimate of the potential loss can be made at this time. However, the
resolution of this claim is not expected to have a significant adverse effect on
the Company's consolidated financial position.
In connection with the 1995 sale of its home appliance operations in Europe,
the Company agreed to indemnify the buyer for liabilities resulting from
customer claims under the 1992 and 1993 "free flights" promotions in excess of
the reserve balance at the time of sale. The resolution of these customer
claims is not expected to have a significant adverse effect on the Company's
consolidated financial position.
As announced in 1995 the Company conducted an in-home inspection program to
address a potential problem with a small electrical component in Maytag brand
dishwashers. The majority of the costs related to this program have been
incurred as the inspection has been undertaken for substantially all of the
units identified within the inspection program.
Other contingent liabilities arising in the normal course of business,
including guarantees, repurchase agreements, pending litigation, environmental
issues, taxes and other claims are not considered to be significant in relation
to the Company's consolidated financial position.
NOTE E--INDUSTRY SEGMENT AND GEOGRAPHIC INFORMATION
Principal financial data by industry segment and different geographic locations
is as follows (in thousands):
Quarter Ended June 30
Net sales 1997 1996
Home appliances
North America $ 724,569 $ 709,511
Asia 26,255
Vending equipment 63,717 45,108
Consolidated $ 814,541 $ 754,619
Operating income 1997 1996
Home appliances
North America $ 84,596 $ 85,172
Asia 2,625
Vending equipment 7,739 3,017
General corporate (6,574) (6,370)
Consolidated $ 88,386 $ 81,819
8
Six Months Ended June 30
Net sales 1997 1996
Home appliances
North America $ 1,425,729 $ 1,392,161
Asia 61,708
Vending equipment 119,573 93,704
Consolidated $ 1,607,010 $ 1,485,865
Operating income 1997 1996
Home appliances
North America $ 158,103 $ 123,901
Asia 6,149
Vending equipment 14,300 8,940
General corporate (13,666) (14,321)
Consolidated $ 164,886 $ 118,520
NOTE F--NEW ACCOUNTING STANDARD
In February 1997, the Financial Accounting Standards Board issued FASB Statement
No. 128, "Earnings Per Share," ("SFAS No. 128"). SFAS No. 128 requires dual
presentation of basic and diluted earnings per share ("EPS") on the face of the
income statement. Basic EPS is computed by dividing net income by the weighted
average number of common shares outstanding during the period. Diluted EPS
reflects the potential dilution from the exercise or conversion of securities
into common stock, such as stock options. SFAS No. 128 is effective for periods
beginning after December 15, 1997 and will require restatement of prior periods.
Earlier application in not permitted. The impact of the adoption of SFAS No.
128 is not material.
NOTE G--SUBSEQUENT EVENT
On July 7, 1997, a major customer of the Company, Montgomery Ward Holding Co.
("Montgomery Ward"), filed for reorganization under Chapter 11 of the U.S.
Bankruptcy Code. At the time of the filing, after adjustments which should be
available in bankruptcy, the Company has accounts receivable due from Montgomery
Ward of approximately $39 million. While the Company is currently unable to
project the ultimate recovery on the accounts receivable, the Company has
approximately $9 million of reserves for an estimated potential loss on the
carrying value of the accounts receivable.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
COMPARISON OF 1997 WITH 1996
NET SALES: The Company's consolidated net sales increased 7.9 percent in the
second quarter of 1997 compared to the same period in 1996. Net sales in the
second quarter of 1997 include sales totaling $26.3 million of the Company's
China joint venture which was established in the third quarter of 1996. (See
discussion of this investment in "Liquidity and Capital Resources" section of
this Management's Discussion and Analysis.) Excluding sales of the China joint
venture, the Company's net sales increased 4.5 percent in the second quarter of
1997 compared to 1996. Consolidated net sales increased 8.2 percent in the
first half of 1997 compared to the same period in 1996. Net sales in the first
half of 1997 include sales totaling $61.7 million of the Company's China joint
venture. Excluding sales of the China joint venture, the Company's net sales
increased 4.0 percent in the first half of 1997 compared to 1996.
9
Net sales of the North American home appliances segment, which includes
major appliances and floor care products, increased 2.1 percent in the second
quarter of 1997 from the same period in 1996. For the first half of 1997, net
sales for the North American home appliances segment increased 2.4 percent from
the same period in 1996. The Company's net sales of major appliances were up
from the previous year primarily due to an increase in sales of Maytag brand
laundry and dishwashing products and premium brand refrigeration products and
exports of major appliances partially offset by a decrease in sales of cooking
products and private label sales of major appliances. The Company's net sales
of floor care products continued at record levels despite a decrease in industry
shipments in the first half of 1997 compared to 1996. A primary contributor to
the record sales of floor care products is the continued success of the Hoover
brand upright extractor which was previously the only product of this unique
design in the market. A major competitor entered the upright extractor market
in the latter part of 1996 and at least one other competitor entered the market
in 1997. The Company believes the potential negative impact of this competition
may be mitigated by the expansion of the market for products of this type which
currently has low saturation levels and by the introduction of new models of
Hoover brand extractors with new features during the third quarter of 1997.
Vending equipment net sales were up 41.3 percent from the second quarter of
1996. Year-to-date, vending equipment net sales increased 27.6 percent from the
same period in 1996. The increase in sales was driven by a significant increase
in domestic vender sales partially offset by decreases in export vender sales
and glass front merchandisers. The increase in domestic vender sales is
partially due to depressed sales volume in 1996 resulting from Dixie-Narco's
inability to produce sufficient volume of newly designed venders.
GROSS PROFIT: The Company's consolidated gross profit as a percent of sales
increased slightly to 27.6 percent of sales in the second quarter of 1997 from
27.5 percent of sales in the second quarter of 1996. For the first half of
1997, consolidated gross profit as a percent of sales decreased to 27.0 percent
from 27.6 percent in the first half of 1996. The decrease in gross margin in
the first half of 1997 compared to 1996 was primarily due to the factors within
the North American home appliances segment described below.
In the first half of 1997, gross margins decreased in the North American
home appliances segment primarily due to production start-up costs associated
with the Company's redesigned line of top-mount refrigerators and an increase in
distribution costs related to the continuing transition to regional distribution
centers. These costs more than offset the additional gross profit from improved
brand and product sales mix and the manufacturing cost savings from the
consolidation of cooking products manufacturing activities and facilities
realized from the 1996 restructuring of the Company's major appliance
operations. (See further discussion of this restructuring under the heading
"Restructuring Charge" in this Management's Discussion and Analysis.)
Vending equipment gross margins increased in the first half of 1997 compared
to 1996 due to the increase in production volume from the increase in net sales
and because the first half of 1996 included additional manufacturing costs
associated with the production of newly designed venders.
The Company expects raw material prices in 1997 to be approximately the same
to down slightly from 1996 levels.
10
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES: Selling, general and
administrative expenses as a percent of sales were approximately the same
compared to the prior year for the second quarter and first half of 1997.
RESTRUCTURING CHARGE: During the first quarter of 1996 the Company recorded a
one-time restructuring charge of $40 million, or $24.4 million after-tax,
primarily related to the costs associated with the consolidation of activities
and facilities related to the manufacture of cooking products and consolidation
of activities of the two separate major appliance organizational units. (See
further discussion of the restructuring in "NOTE C--RESTRUCTURING CHARGE" of the
Notes to Condensed Consolidated Financial Statements.)
The Company incurred $10.5 million of additional restructuring costs during
1996, not included in the one-time restructuring charge which were charged to
operations as incurred. Of these additional restructuring costs, $2.3 million
were incurred during the first half of 1996.
OPERATING INCOME: Operating income for the second quarter of 1997 was 10.9
percent of sales compared to 10.8 percent of sales in the second quarter of
1996. For the first half of 1997, operating income was 10.3 percent of sales
compared to 8.0 percent of sales in the first half of 1996. However, excluding
the $40 million restructuring charge, operating income in the first half of 1996
was 10.7 percent of sales.
Operating income for the North American home appliances segment for the
second quarter of 1997 was 0.7 percent lower than the same quarter of last year.
Operating income as a percent of sales was 11.7 percent in the second quarter
compared to 12.0 percent in the second quarter of 1996. Excluding the $40
million restructuring charge, operating income for the North American home
appliances segment was 3.5 percent lower in the first half of 1997 than the same
period in 1996. Operating income for the first half of 1997 was 11.1 percent of
sales compared to 11.8 percent of sales in 1996. The decrease in operating
income is due to the decrease in gross profit discussed previously.
Vending equipment operating income increased 156.5 percent in the second
quarter of 1997 to 12.1 percent of sales compared to 6.7 percent in the same
period of 1996, primarily due to the increase in gross profit discussed
previously. For the first half of 1997, vending equipment operating income
increased 60.0 percent to 12.0 percent of sales compared to 9.5 percent of sales
in the first half of 1996.
INTEREST EXPENSE: Interest expense increased 38 percent and 36.4 percent from
the second quarter and first half of 1996, respectively due to an increase in
short-term borrowings, interest expense from the China joint venture, lower
capitalized interest and interest expense from the Company's interest rate swap
program. The interest expense from the interest rate swaps are partially offset
by mark to market unrealized gains which are reflected in Other-net in the
Condensed Statement of Consolidated Income.
INCOME TAXES: The effective tax rate for the first half of 1997 was 38.1
percent compared to 39 percent in the first half of 1996. The decrease is
primarily due to a lower effective tax rate for the China joint venture as a
result of its qualification for a tax holiday in China for the next several
years which provides for zero or a reduced amount of taxes in addition to
savings from state and local tax initiatives.
NET INCOME: Net income for the second quarter of 1997 was $43.8 million, or
$.45 per share, compared to net income of $44.3 million, or $.43 per share in
the second quarter of 1996. Net income for the first half of 1997 was $82.3
million, or $.84 per share, compared to net income of $60.5 million, or $.58 per
share in the first half of 1996. Excluding the $24.4 million after-tax
11
restructuring charge, income for the first half of 1996 would have been $84.9
million, or $.82 per share. The increase in normalized earnings per share in
the first half of 1997 compared to the same period in 1996 was due to the effect
of the Company's share repurchase program. (See discussion of the share
repurchase program in "Liquidity and Capital Resources" section of this
Management's Discussion and Analysis.)
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary sources of liquidity are cash provided by operating
activities and borrowings. Detailed information on the Company's cash flows is
presented in the Condensed Statements of Consolidated Cash Flows.
NET CASH PROVIDED BY OPERATING ACTIVITIES: Cash flow generated from operating
activities consists of net income adjusted for certain non-cash items, changes
in working capital, and changes in pension assets and liabilities and
postretirement benefits. Non-cash items include depreciation and amortization,
the restructuring charge and deferred income taxes. Working capital consists
primarily of accounts receivable, inventories, other current assets and other
current liabilities.
Net cash provided by operating activities in the first half of 1997
increased from the first half of 1996 primarily due to a $40 million pension
contribution made in the first quarter of 1996.
A portion of the Company's accounts receivable is concentrated among major
national retailers, including Montgomery Ward. (See discussion of Montgomery
Ward in "NOTE G--SUBSEQUENT EVENT" of the Notes to Condensed Consolidated
Financial Statements.) The Company believes the loss of future business with
any of these national retailers and the impact on the Company's ongoing
operations would be mitigated by increased sales to other customers.
TOTAL INVESTING ACTIVITIES: The Company continually invests in its businesses
for new product designs, cost reduction programs, replacement of equipment,
capacity expansion and government mandated product requirements.
Capital expenditures in the first half of 1997 were $103.6 million compared
to $90.3 million in the same period in 1996. The higher capital spending is due
to several major capital projects that the Company continues to implement.
These projects include a new high efficiency clothes washer for both commercial
and household use, a complete redesign of the Company's refrigerator product
lines, a newly designed line of upright floor care products and a refrigeration
products facility by the China joint venture. Planned capital expenditures for
1997 including those for the China joint venture are approximately $245 million
and primarily relate to the continuation of the projects described above. As a
result of these major projects, approximately $5 million of capitalized interest
is included in 1997 planned capital spending.
TOTAL FINANCING ACTIVITIES: Dividend payments for the first half of 1997
amounted to $31.6 million, or $.32 per share, compared to $29.1 million, or $.28
per share in the first half of 1996.
In the second quarter of 1997, the Company's board of directors authorized
an additional repurchase of the Company's common stock. This board action
authorizes the repurchase of up to 15 million additional shares over a non-
specified period of time beyond the previous share repurchase authorizations of
5 million shares and 10.8 million shares. Under these authorizations which
commenced in the fourth quarter of 1995, the Company has repurchased
approximately 11.4 million shares at a cost of $231 million.
12
In connection with share repurchase program, the Company sold put options
which gave the purchaser the right to sell shares of Maytag Common stock to the
Company at specified prices upon exercise of the options. The Company's
objective in selling put options is to reduce the average price of repurchased
shares. For the first half of 1997, the Company received $4.1 million in
proceeds from the sale of put options.
In the third quarter of 1996, the Company invested approximately $35 million
and committed additional investments of approximately $35 million for a 50.5
percent ownership in a joint venture with a manufacturer of appliances in China.
The Company's joint venture partner also committed additional investments of
approximately $35 million of which $8.6 million was contributed in the first
half of 1997 and $8.6 million was contributed in the fourth quarter of 1996.
Any funding requirements for future investing and financing activities in
excess of cash on hand and generated from future operations will be supplemented
by borrowings. The Company's commercial paper program is supported by a credit
agreement with a consortium of banks which provides revolving credit facilities
totaling $400 million. This agreement expires June 29, 2001 and includes
covenants for interest coverage and leverage which the Company was in compliance
with at June 30, 1997. The Company also maintains the ability to issue an
aggregate of $125 million in debt securities under an effective shelf
registration statement filed with the Securities and Exchange Commission.
CONTINGENCIES
The Company has contingent liabilities arising in the normal course of business
or from operations which have been discontinued or divested. (See discussion of
these contingent liabilities in "NOTE D--CONTINGENCIES" of the Notes to
Condensed Consolidated Financial Statements.)
13
MAYTAG CORPORATION
June 30, 1997
PART II OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.
(a) The Company held its Annual Meeting of Shareholders on May 15, 1997.
(c) The following matters were voted upon at the Annual Meeting of
Shareholders:
1. The election of the nominees for the Board of Directors who will
serve for a term to expire at the 2000 Annual Meeting of
Shareholders was voted on by the shareholders. The nominees, all
of whom were elected, were Lester Crown, Bernard G. Rethore, Neele
E. Stearns, Jr., Carole J. Uhrich. The Inspectors of Election
certified the following vote tabulations:
FOR WITHHELD NON-VOTES
Lester Crown 83,904,586 1,995,810 0
Bernard G. Rethore 84,232,304 1,668,091 0
Neele E. Stearns, Jr. 84,208,389 1,692,007 0
Carole J. Uhrich 84,267,360 1,633,036 0
2. A proposal to select Ernst & Young LLP as independent auditors to
audit the financial statements to be included in the Annual Report
to Shareholders for 1997 was approved by the shareholders. The
Inspectors of Election certified the following vote tabulations:
FOR AGAINST ABSTAIN NON-VOTES
85,194,578 417,560 288,258 0
14
MAYTAG CORPORATION
Exhibits and Reports on Form 8-K
June 30, 1997
PART II OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
(27) Financial Data Schedule
(b) Reports on Form 8-K
The Company filed a Form 8-K dated May 15, 1997 indicating, under Item 5,
the Company's board of directors authorized an additional repurchase of the
Company's common stock.
The Company filed a Form 8-K dated July 17, 1997 providing, under Item 5,
an update of information regarding a major customer, Montgomery Ward, which
filed for Chapter 11 bankruptcy protection on July 7, 1997.
15
MAYTAG CORPORATION
Signatures
June 30, 1997
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.
MAYTAG CORPORATION
Date: August 13, 1997 s/s Gerald J. Pribanic
Gerald J. Pribanic
Executive Vice President and
Chief Financial Officer
s/s Steven H. Wood
Steven H. Wood
Vice President, Financial
Reporting and Audit and Chief
Accounting Officer
16