SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
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 0-1349
Stanhome Inc.
___________________________________________________________________________
(Exact name of registrant as specified in its charter)
Massachusetts 04-1864170
____________________________________ ______________________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
333 Western Avenue, Westfield, Massachusetts 01085
___________________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 413-562-3631
___________________________________________________________________________
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 [_]
June 30,
1996 1995
____ ____
Shares Outstanding:
Common Stock with
Associated Rights 17,898,467 18,791,638
Total number of pages
contained herein 28
Index to Exhibits is
on page 20
PART I. FINANCIAL INFORMATION
------------------------------
STANHOME INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
JUNE 30, 1996 and DECEMBER 31, 1995
(Unaudited)
June 30, December 31,
1996 1995
---- ----
ASSETS
CURRENT ASSETS:
Cash and certificates of deposit $ 20,477,816 $ 23,053,926
Notes and accounts receivable, net 195,200,578 158,572,959
Inventories 120,726,325 114,294,928
Prepaid advertising 35,089,298 39,665,306
Other prepaid expenses 10,229,615 6,784,465
------------ ------------
Total current assets 381,723,632 342,371,584
------------ ------------
PROPERTY, PLANT AND EQUIPMENT, at cost 132,359,252 131,795,141
Less - Accumulated depreciation and
amortization 73,494,942 70,947,871
------------ ------------
58,864,310 60,847,270
------------ ------------
OTHER ASSETS:
Goodwill and other intangibles, net 120,773,283 119,826,382
Other 13,063,529 11,420,987
------------ ------------
133,836,812 131,247,369
------------ ------------
$574,424,754 $534,466,223
============ ============
<FN>
The accompanying notes are an integral part of these condensed financial
statements.
-2-
STANHOME INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
JUNE 30, 1996 and DECEMBER 31, 1995
(Unaudited)
June 30, December 31,
1996 1995
---- ----
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Notes and loans payable $125,957,176 $ 74,864,065
Accounts payable 57,832,607 64,880,028
Federal, state and foreign taxes
on income 32,077,104 28,758,277
Accrued expenses--
Payroll and commissions 12,951,138 13,658,026
Royalties 9,987,908 8,587,986
Vacation, sick and postretirement
benefits 7,824,678 6,979,623
Pensions and profit sharing 6,046,753 8,610,616
Other 38,480,062 36,106,020
------------ ------------
Total current liabilities 291,157,426 242,444,641
------------ ------------
LONG-TERM LIABILITIES:
Foreign employee severance obligations 12,707,192 12,482,097
Postretirement benefits 12,789,255 12,749,258
------------ ------------
Total long-term liabilities 25,496,447 25,231,355
------------ ------------
SHAREHOLDERS' EQUITY:
Common stock 3,153,530 3,153,530
Capital in excess of par value 44,705,463 43,098,856
Retained earnings 390,412,975 385,008,394
Cumulative translation adjustments ( 28,612,995) ( 27,409,482)
------------ ------------
409,658,973 403,851,298
Less - Shares held in treasury, at cost 151,888,092 137,061,071
------------ ------------
Total shareholders' equity 257,770,881 266,790,227
------------ ------------
$574,424,754 $534,466,223
============ ============
<FN>
The accompanying notes are an integral part of these condensed financial
statements.
-3-
STANHOME INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
FOR THE QUARTERS ENDED JUNE 30, 1996 and 1995 (Unaudited)
1996 1995
---- ----
NET SALES $217,724,172 $209,489,366
COST OF SALES 95,095,791 88,567,476
------------ ------------
GROSS PROFIT 122,628,381 120,921,890
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSE 100,008,670 97,920,280
------------ ------------
OPERATING PROFIT 22,619,711 23,001,610
Interest expense ( 2,105,054) ( 1,936,735)
Other expense, net ( 783,212) ( 438,711)
------------ ------------
INCOME BEFORE INCOME TAXES 19,731,445 20,626,164
Income taxes 8,780,493 9,457,068
------------ ------------
NET INCOME $ 10,950,952 $ 11,169,096
============ ============
EARNINGS PER COMMON SHARE,
primary and fully diluted $ .60 $ .59
===== =====
<FN>
The accompanying notes are an integral part of these condensed financial
statements.
-4-
STANHOME INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 and 1995 (Unaudited)
1996 1995
---- ----
NET SALES $400,763,899 $394,358,528
COST OF SALES 173,188,356 165,993,464
------------ ------------
GROSS PROFIT 227,575,543 228,365,064
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSE 194,560,707 191,593,349
------------ ------------
OPERATING PROFIT 33,014,836 36,771,715
Interest expense ( 3,951,112) ( 3,279,032)
Other expense, net ( 1,582,937) ( 596,178)
------------ ------------
INCOME BEFORE INCOME TAXES 27,480,787 32,896,505
Income taxes 12,459,503 15,277,068
------------ ------------
NET INCOME 15,021,284 17,619,437
RETAINED EARNINGS, beginning of
period 385,008,394 362,946,840
Cash dividends, $.53 per share in
1996 and 1995 ( 9,616,703) ( 10,004,986)
------------ ------------
RETAINED EARNINGS, end of period $390,412,975 $370,561,291
============ ============
EARNINGS PER COMMON SHARE:
Primary and fully diluted $ .82 $ .93
===== =====
<FN>
The accompanying notes are an integral part of these condensed financial
statements.
-5-
STANHOME INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 and 1995 (Unaudited)
1996 1995
---- ----
OPERATING ACTIVITIES:
Net cash used by
operating activities ($25,884,695) ($18,802,821)
----------- -----------
INVESTING ACTIVITIES:
Purchase of property, plant
and equipment ( 3,910,264) ( 5,294,924)
Payments for acquisition of businesses,
net of cash acquired ( 1,484,383) ( 1,429,057)
Proceeds from sales of property,
plant and equipment 2,574,793 741,402
Other, principally marketable
securities - 114,243
----------- -----------
Net cash used by investing activities ( 2,819,854) ( 5,868,336)
----------- -----------
FINANCING ACTIVITIES:
Cash dividends ( 9,616,703) ( 10,004,986)
Exchanges and purchases of common stock ( 15,178,033) ( 11,800,149)
Notes and loans payable 49,650,150 65,075,904
Exercise of stock options 1,690,544 805,307
Other common stock issuance 267,075 342,512
----------- -----------
Net cash provided by
financing activities 26,813,033 44,418,588
----------- -----------
Effect of exchange rate changes on
cash and cash equivalents ( 684,594) 391,717
----------- -----------
Increase/(decrease) in cash and
cash equivalents ( 2,576,110) 20,139,148
Cash and cash equivalents,
beginning of year 23,051,926 19,349,839
----------- -----------
Cash and cash equivalents,
end of quarter $20,475,816 $39,488,987
=========== ===========
SUPPLEMENTAL CASH FLOW DATA
Cash paid for:
Interest $ 2,760,982 $ 2,646,470
Income taxes $ 9,237,855 $23,768,333
<FN>
The accompanying notes are an integral part of these condensed financial
statements.
-6-
STANHOME INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
The consolidated condensed financial statements and related notes
included herein have been prepared by the Company, without audit except for
the December 31, 1995 condensed balance sheet, which was derived from the
Annual Report on Form 10-K, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations, although the
Company believes that the disclosures are adequate to make the information
presented not misleading. The information furnished reflects all normal
recurring adjustments which are, in the opinion of management, necessary to
a fair statement of the results for the interim periods. It is suggested
that these condensed financial statements be read in conjunction with the
financial statements and related notes to consolidated financial statements
included in the Company's Annual Report on Form 10-K for the year ended
December 31, 1995.
1. ACCOUNTING POLICIES:
The Company's financial statements for the three and six months ended
June 30, 1996 have been prepared in accordance with the accounting policies
described in Note 1 to the December 31, 1995 consolidated financial
statements included in the Company's 1995 Annual Report on Form 10-K. The
Company considers all highly liquid securities, including certificates of
deposit with maturities of three months or less, when purchased, to be cash
equivalents. Notes and accounts receivable were net of reserves for
-7-
uncollectible accounts, returns and allowances of $23,124,000 at June 30,
1996 and $20,741,000 at December 31, 1995.
The Company recognizes revenue as merchandise is turned over to the
shipper and a provision for anticipated merchandise returns and allowances
is recorded based upon historical experience. Amounts billed to customers
for shipping and handling orders are netted against the associated costs.
2. INVENTORY CLASSES:
The major classes of inventories at June 30 and December 31 were as
follows (in thousands):
June 30, December 3l,
1996 1995
---- ----
Raw materials and supplies $ 7,546 $ 7,312
Work in process 1,258 1,237
Finished goods in transit 14,805 16,215
Finished goods 97,117 89,531
-------- --------
$120,726 $114,295
======== ========
3. OTHER EXPENSE, NET:
Other expense, net for the quarters and six months ended June 30,
1996 and 1995 consists of the following (in thousands):
Quarters Ended June 30
----------------------
1996 1995
---- ----
Interest income $ 733 $ 761
Other assets amortization ( 1,200) ( 1,008)
Other items, net ( 316) ( 191)
------ ------
($ 783) ($ 438)
====== ======
Six Months Ended June 30
------------------------
1996 1995
---- ----
Interest income $1,226 $1,506
Other assets amortization ( 2,353) ( 2,017)
Other items, net ( 456) ( 85)
------ ------
($1,583) ($ 596)
====== ======
-8-
4. EARNINGS PER COMMON SHARE (BASIS OF CALCULATION):
Earnings per common share are based on the average number of common
shares outstanding and common share equivalents for the periods covered.
For both years, there was no difference in earnings per share between
primary and fully diluted earnings per share computations. For the second
quarter, the average number of shares utilized in the fully diluted
computation was 18,218,514 and 18,913,987 shares for 1996 and 1995,
respectively. The average number of shares utilized in the fully diluted
computation for the six months ended June 30 was 18,299,763 for 1996 and
19,034,754 for 1995. Both 1996 computations included common share
equivalents of 66,434 and both 1995 computations included common share
equivalents of 112,814. The lower average number of shares for the second
quarter and first six months of 1996 primarily resulted from the
repurchase of shares as part of the Company's repurchase program.
5. FINANCIAL INSTRUMENTS:
The Company enters into various short-term foreign exchange
agreements during the year, all of which are held for purposes other than
trading. The purpose of the Company's foreign currency hedging activities
is to protect the Company from risk that the eventual settlement of
foreign currency transactions will be adversely affected by changes in
exchange rates. The Company's various subsidiaries import products in
foreign currencies and from time to time will enter into agreements or
build foreign currency deposits as a partial hedge against currency
fluctuations on inventory purchases. Gains and losses on these agreements
are deferred and recorded as a component of cost of sales when the related
inventory is sold. At June 30, 1996, there were no open inventory
purchase agreements and deferred amounts were not material. The Company
-9-
makes short-term foreign currency intercompany loans to various
international subsidiaries and utilizes agreements to fully hedge these
transactions against currency fluctuations. The cost of these agreements
is included in the interest charged to the subsidiaries and expensed
monthly as the interest is accrued. The intercompany interest eliminates
upon consolidation and any gains and losses on the agreements are recorded
as a component of other expense. All of the outstanding agreements as of
June 30, 1996 are to hedge intercompany loans. The Company receives
dividends, technical service fees, royalties and other payments from its
subsidiaries and licensees. From time to time, the Company will enter into
foreign currency forward agreements as a partial hedge against currency
fluctuations on these current receivables. Gains and losses are recognized
or the credit or debit offsets the foreign currency payables. As of June
30, 1996, net deferred amounts on outstanding agreements were not material.
The outstanding agreement amounts (notional value) at June 30, 1996, are as
follows (in thousands):
Canada $ 6,602
Germany 3,938
U.S. 1,900
-------
Total $12,440
=======
-10-
STANHOME INC.
QUARTER AND SIX MONTHS ENDED JUNE 30, 1996
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
BUSINESS SEGMENTS of the Company's operations are summarized on Page
18. A discussion and analysis of the segments follows:
GIFTWARE
Giftware Group sales increased 7% for the second quarter and 1% for
the first six months primarily due to unit volume growth in the United
States from existing lines. International sales decreased slightly and
represented 15% of year-to-date sales in both 1996 and 1995. Year-to-date
1996 sales of the Precious Moments line represented 44% of total sales
compared to 48% in 1995 and the Cherished Teddies line represented 17% of
year-to-date sales in 1996 compared to 10% in 1995. Operating profit for
the first six months as a percentage of sales was 12.7% in 1996 compared to
13.8% in 1995. The decrease was due to higher cost of sales (approximately
.7%) from an unfavorable product mix and to a higher percentage of selling,
general and administrative expenses. Most of the operating profit decrease
was from international markets. Operating profit in the United States was
down approximately 1%.
DIRECT RESPONSE
Direct Response Group sales decreased 5% in the second quarter but
were 4% higher for the six months due to unit volume growth from increased
product offerings primarily in the figural categories. Year-to-date doll
-11-
sales decreased to 19% of 1996 sales compared to 33% in 1995 and plate
sales decreased to 35% of sales in 1996 compared to 43% in 1995. The
Precious Moments line represented 10% of year-to-date 1996 sales compared
to 11% in 1995 and the Cherished Teddies line represented 10% of year-to-
date sales in both 1996 and 1995. International sales decreased and
operating losses increased for the quarter and year-to-date. International
sales represented 9% of the first six months sales compared to 10% in 1995.
Market conditions for the direct response businesses for the Company's
products continue to be soft and very competitive with many product
offerings and ads going against weakness in consumer spending. Operating
losses increased for the second quarter and first six months. For the
first six months, cost of sales as a percentage of sales increased 2.9% due
to product mix and higher product returns. For the first six months, total
selling, general and administrative expenses decreased as a percentage of
sales due to a lower percentage of advertising (47% of sales in 1996 versus
51% in 1995) due to product sales mix and a higher percentage of sales from
existing customer lists. Partially offsetting the improved advertising
ratio was a higher level of selling, general and administrative expenses,
including higher bad debts and approximately $460 thousand of expense
during the second quarter for new market testing.
DIRECT SELLING
Total Direct Selling sales for the quarter and first six months were
about level with 1995. Operating profit decreased for the quarter and
first six months of 1996. Operating profit for the first six months as a
percentage of sales was 10.0% in 1996 compared to 11.3% in 1995. The
decrease was due to higher cost of sales (approximately .5%) from product
-12-
mix and a higher percentage of selling, general and administrative
expenses.
European sales decreased 3% and 1% for the quarter and first six
months, respectively, and represented 87% of total 1996 sales for the
quarter and 88% for the year-to-date. Operating profit decreased 27% for
the second quarter and 17% for the first six months, and represented 82%
of total 1996 operating profit for the quarter and 88% for the year-to-
date. Operating profit for the first six months as a percentage of sales
for Europe was down 1.7% compared to 1995. The decrease was due to higher
levels of selling, general and administrative expense principally in Italy
and the impact of full six month expenses of the European headquarters.
The Italian government has introduced new social benefit taxes that have
become effective during the second quarter of 1996. This additional tax
burden has unfavorably impacted the Italian subsidiary's independent
Dealer force and its ability to recruit and retain Dealers. First six
months 1996 European local currency sales and operating profit translated
at 1995 average exchange rates would have resulted in a 3% sales decrease
and a 17% operating profit decrease. Sales for the Mexican and Venezuelan
group increased 33% and 13%, respectively, for the second quarter and
first six months resulting from improvement in Mexico. The group's second
quarter and year-to-date operating profit increased substantially from a
low base and benefited from higher sales in Mexico.
UNALLOCATED EXPENSES increased in the first six months due to higher
compensation, benefits and general expenses consistent with the Company
programs. Unallocated expenses are corporate expenses and other items not
directly related to the operations of the Groups.
-13-
INTERNATIONAL ECONOMIES AND CURRENCY
The Latin American operations in Mexico and Venezuela have experienced
highly inflationary economies with rapidly changing prices in local
currencies. These conditions, with the resulting adverse impact on local
economies, have made it difficult for operations in these locations to
achieve adequate operating margins. In addition, the strengthening of the
dollar versus Latin American currencies has resulted in lower U.S. dollar
results for these operations. European operations were not materially
impacted by currency translation rates in 1996 compared to 1995. The value
of the U.S. dollar versus international currencies where the Company
conducts business will continue to impact the future results of these
businesses. In addition to the currency risks, the Company's international
operations, including sources of imported products, are subject to other
risks of doing business abroad, including import or export restrictions and
changes in economic and political climates.
The fluctuations in net sales and operating profit margins from
quarter to quarter are partially due to the seasonal characteristics of the
Company's business segments.
INTEREST EXPENSE AND OTHER EXPENSE, NET
Interest expense increased due to higher interest rates and higher
borrowing levels for general working capital and for stock buy backs.
Notes and loans payable going into 1996 were approximately $35.9 million
higher than at the start of 1995. Other assets amortization of goodwill
increased due to the continuing impact from the 1994 acquisitions. The
amortization for Giftware in 1996 was $2.0 million compared to $1.7
million in 1995 and the amortization for Direct Response was $.3 million
in 1996 and $.3 million in 1995.
-14-
THE EFFECTIVE TAX RATE of 45% was lower than the 46% in 1995 despite
higher non deductible goodwill in 1996. This was due principally to
earnings mix with a lower ratio of foreign income to United States income,
which has a lower rate.
FINANCIAL CONDITION
The Company has historically satisfied its capital requirements with
internally generated funds and short-term loans. Working capital
requirements have seasonal variations during the year and are generally
greatest during the third quarter.
The major sources of funds from operating activities in the first six
months of 1996 were from net income, depreciation, amortization, lower
prepaid expense (from less spending in the media) and higher accrued tax
levels (due to timing of payments). Prepaid expenses are down from June
of last year due principally to less media spending in 1996 by the Direct
Response Group since the focus for sales generation has been toward
existing customers. The major uses of funds were increased accounts
receivable which increased due to the higher sales volume, timing of sales
in the quarter and marketing programs, particularly in Giftware; increased
inventories to support the higher sales volume and from lower sales of in-
stock goods; increased other assets reflecting higher levels of funded
retirement benefits; and lower accounts payable and accrued expenses due
principally to timing and the payment of year end payrolls and benefits.
The June 30, 1996 increase in net accounts receivable compared to 1995 was
due to the timing of sales during the second quarter, more customers with
extended credit terms and higher sales volume. The increase in
inventories in 1996 compared to 1995 was due to increases to support
-15-
higher levels of sales, lower sales of in-stock goods for the Giftware
Group and higher inventories in the Direct Response Group to provide
customers with quicker fulfillment of orders.
The major uses of cash in investing activities in the first six
months of 1996 were for capital expenditures and the acquisition of a
small French giftware company. The acquisition was accounted for using
the purchase method with basically all of the purchase pricing allocated
to goodwill. The Company has an acquisition program, and may utilize
funds for this purpose in the future. Capital expenditure commitments for
$17 million are forecasted for 1996. Proceeds from the sale of property,
plant and equipment was primarily from the sale of a distribution center
in Charlotte, North Carolina. As of June 30, 1996, two other distribution
centers in the United States with a book value of $622 thousand remain to
be sold. The Italian subsidiary invests excess cash in short-term
investments which change from time to time based on availability and
rates. The level of changes of marketable securities from period to
period principally represents investment alternatives versus certificates
of deposit, time deposits, and intercompany loans.
The major uses of cash in financing activities in the first six
months of 1996 were for dividends to shareholders and purchases of common
stock. Purchases of common stock principally included shares repurchased
by the Company. During the first six months this year, the Company
repurchased 515 thousand shares for $15.2 million. The Company has an
authorized program to purchase shares of stock for the Company treasury
from time to time in the open market, depending on market conditions, and
may utilize funds for this purpose in the future. As of June 30, 1996,
.8 million shares remained available for purchase under the program. The
-16-
Company's earnings, cash flow, and available debt capacity have made and
make stock repurchases, in the Company's view, one of its best investment
alternatives. The major source of funds from financing activities was
from higher seasonal borrowings. Total stock options outstanding at the
exercise price amounted to $87 million at June 30, 1996 and the Company
could receive these funds in the future if the options are exercised.
Fluctuations in the value of the U.S. dollar versus international
currencies affect the U.S. dollar translation value of international
currency denominated balance sheet items. The changes in the balance sheet
dollar values due to international currency translation fluctuations are
recorded as a component of shareholders' equity. International currency
fluctuations of $1,204,000 increased the cumulative translation component
which contributed to the shareholders' equity decrease in the first six
months of 1996. The translation adjustments to the June 30, 1996 balance
sheet that produced the 1996 change in the cumulative translation component
of shareholders' equity were decreases in working capital by $885,000;
increases in net property, plant and equipment and other assets by
$110,000; and increases in long-term liabilities by $429,000. The Company
depends upon its international operations to pay dividends and to make
other payments to the Company. The Company's international operations are
subject to the risks of doing business abroad including currency, economic
and political.
The Company currently believes that cash from operations and available
financing alternatives are adequate to meet anticipated requirements for
working capital, dividends, capital expenditures, the stock repurchase
program and other needs. No liquidity problems are anticipated.
-17-
STANHOME INC.
SALES AND OPERATING PROFIT BY BUSINESS SEGMENT
FOR THE SECOND QUARTER AND FIRST SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
(In Thousands)
Second Quarter First Six Months
----------------------------- ------------------------------
1996 1995 Percent 1996 1995 Percent
Actual Actual Change Actual Actual Change
------ ------ ------- ------ ------ -------
Net Sales:
Giftware $130,823 $122,126 7% $230,435 $228,081 1%
Direct Response 35,094 37,019 ( 5) 71,781 68,825 4
Direct Selling 52,282 52,114 - 99,930 99,873 -
Eliminations ( 475) ( 1,769) ( 1,382) ( 2,420)
-------- -------- -------- --------
Total Net Sales $217,724 $209,490 4% $400,764 $394,359 2%
======== ======== ======== ========
Operating Profit:
Giftware $ 21,346 $ 19,913 7% $ 29,356 $ 31,412 ( 7%)
Direct Response ( 1,756) ( 852) (106) ( 1,049) ( 868) (21)
Direct Selling 5,512 6,586 (16) 10,015 11,335 (12)
Unallocated Expense ( 2,482) ( 2,645) 6 ( 5,307) ( 5,107) ( 4)
-------- -------- -------- --------
Total Operating Profit $ 22,620 $ 23,002 ( 2%) $ 33,015 $ 36,772 (10%)
======== ======== ======== ========
-18-
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
- 1996 Stock Option Plan, as amended
- Financial Data Schedule
(b) Reports on Form 8-K
No reports on Form 8-K were filed by the Company during
the Quarter for which this report is filed.
All other items hereunder are omitted because either such item is
inapplicable or the response to it is negative.
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.
STANHOME INC.
(Registrant)
Date: August 13, 1996 /s/G. William Seawright
_____________________________________
G. William Seawright
President and Chief Executive Officer
Date: August 13, 1996 /s/Allan G. Keirstead
_____________________________________
Allan G. Keirstead
Chief Administrative and Financial
Officer
-19-
EXHIBIT INDEX
Reg. S-K
Item 601 Exhibit 10-Q Page No.
_________ _______ _____________
10 1996 Stock Option Plan, as amended 21
and restated through June 4, 1996
27 Financial Data Schedule 28
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