FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[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: 0-20704
ACX TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Colorado 84-1208699
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
16000 Table Mountain Parkway, Golden, Colorado 80403
(Address of principal executive offices) (Zip Code)
(303) 271-7000
(Registrant's telephone number, including area code)
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 [ ]
There were 28,134,356 shares of common stock outstanding as of
August 6, 1997.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ACX TECHNOLOGIES, INC.
CONSOLIDATED INCOME STATEMENT
(In thousands, except per share data)
Three months Six months
ended ended
June 30, June 30,
1997 1996 1997 1996
-------------------- --------------------
Net sales $186,777 $183,987 $360,235 $361,125
Costs and expenses:
Cost of goods sold 140,370 142,585 272,230 281,063
Marketing, general and
administrative 23,969 19,507 46,748 39,095
Research and development 4,499 3,771 8,416 7,394
Restructuring -- -- 2,280 --
------- ------- ------- -------
Total operating expenses 168,838 165,863 329,674 327,552
------- ------- ------- -------
Operating income 17,939 18,124 30,561 33,573
Other income - net 260 24 286 41
Interest expense - net (610) (2,182) (1,765) (3,788)
------- ------- ------- -------
Income from continuing
operations before
income taxes 17,589 15,966 29,082 29,826
Income tax expense 7,150 6,200 11,850 11,900
------- ------- ------- -------
Income from continuing
operations 10,439 9,766 17,232 17,926
------- ------- ------- -------
Discontinued operations:
Loss from discontinued
operations of Golden
Aluminum Company -- -- -- (5,033)
Loss on disposal of Golden
Aluminum Company -- -- -- (70,000)
------- ------- ------- --------
Net income (loss) $10,439 $ 9,766 $17,232 ($57,107)
======= ======= ======= ========
Net income (loss) per share
of common stock:
Continuing operations $ 0.36 $ 0.34 $ 0.60 $ 0.63
Discontinued operations -- -- -- (2.62)
------- ------- ------- -------
Net income (loss) per share $ 0.36 $ 0.34 $ 0.60 ($ 1.99)
======= ======= ======= =======
Weighted average shares
outstanding 28,928 28,813 28,854 28,645
======= ======= ======= =======
See Notes to Consolidated Financial Statements.
ACX TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEET
(In thousands, except share data)
June 30, December 31,
1997 1996
------------ ------------
ASSETS
Current assets
Cash and cash equivalents $ 67,289 $ 15,671
Accounts receivable 83,542 71,886
Inventories:
Finished 50,983 46,312
In process 30,631 28,837
Raw materials 28,279 26,371
-------- --------
Total inventories 109,893 101,520
-------- --------
Deferred tax asset 11,902 18,218
Other assets 24,584 11,571
Net current assets of discontinued
operations 2,425 53,052
-------- --------
Total current assets 299,635 271,918
Properties at cost less accumulated
depreciation and amortization of
$251,969 in 1997 and $234,248 in 1996 252,583 244,615
Note receivable 54,583 --
Goodwill, net 47,027 46,799
Other assets 32,656 49,860
Noncurrent assets of discontinued
operations -- 63,500
-------- --------
Total assets $686,484 $676,692
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Total current liabilities $112,129 $117,292
Long-term debt 100,000 100,000
Accrued postretirement benefits 28,784 27,890
Other long-term liabilities 16,844 19,002
-------- --------
Total liabilities 257,757 264,184
Minority interest 13,269 14,605
Shareholders' equity
Preferred stock, non-voting, $0.01 par
value, 20,000,000 shares authorized and
no shares issued or outstanding -- --
Common stock, $0.01 par value
100,000,000 shares authorized and
28,049,000 and 27,934,000 issued and
outstanding at June 30, 1997, and
December 31, 1996 280 279
Paid-in capital 445,208 443,302
Retained earnings (30,039) (47,271)
Cumulative translation adjustment
and other 9 1,593
-------- --------
Total shareholders' equity 415,458 397,903
-------- --------
Total liabilities and shareholders'
equity $686,484 $676,692
======== ========
See Notes to Consolidated Financial Statements.
ACX TECHNOLOGIES, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
Six months ended
June 30,
1997 1996
----------------------
Cash flows from operating activities:
Net income (loss) $ 17,232 ($57,107)
Adjustments to reconcile net income
(loss) to net cash provided by
(used in) operating activities:
Loss on disposal of discontinued
operations, net of tax -- 70,000
Depreciation and amortization 21,089 24,648
Change in deferred income taxes 19,523 603
Change in accrued postretirement
benefits 894 493
Change in current assets and
current liabilities 8,561 (43,586)
Change in deferred items and
other 2,412 (960)
-------- --------
Net cash provided by (used in)
operating activities 69,711 (5,909)
Cash flows used in investing activities (19,932) (30,986)
Cash flows provided by financing
activities 1,839 2,992
-------- --------
Cash and cash equivalents:
Net increase (decrease) in cash and
cash equivalents 51,618 (33,903)
Balance at beginning of period 15,671 52,686
-------- --------
Balance at end of period $ 67,289 $ 18,783
======== ========
See Notes to Consolidated Financial Statements.
ACX TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Discontinued Aluminum Operations
On March 1, 1997, the sale of Golden Aluminum Company (Golden
Aluminum) was completed for $70 million, of which $10 million was
paid at closing and $60 million is due within two years. In
addition, ACX Technologies, Inc. (the Company) retained a 3.6
percent equity interest in either Golden Aluminum or the
purchaser which increases by 0.3 percent for each month the
obligation remains unpaid after the one year anniversary of the
sale. In accordance with the purchase agreement, the purchaser
has the right to sell Golden Aluminum back to the Company during
the two year period in discharge of the $60 million obligation.
The initial payment of $10 million is non-refundable. Nearly all
of the working capital of Golden Aluminum, which was not part of
the sales agreement, has been liquidated during the first half of
1997.
Summarized results of discontinued operations are as follows:
Three months ended Six months ended
June 30, June 30,
1997 1996 1997 1996
------------------ -------------------
Revenues $ -- $38,550 $38,526 $71,243
======= ======= ======= =======
Loss from operations
before income taxes $ -- $ -- $ -- ($ 8,033)
Income tax benefit -- -- -- 3,000
------- ------- ------- -------
Net loss from operations
-- -- -- (5,033)
======= ======= ======= =======
Loss per common share $ -- $ -- $ -- ($ 0.18)
======= ======= ======= =======
Loss on disposal before
income taxes -- -- -- (92,000)
Loss on operations during
disposition period
before income taxes -- -- -- (18,000)
Income tax benefit -- -- -- 40,000
------- ------- ------- -------
Net loss on disposal of
discontinued operation $ -- $ -- $ -- ($70,000)
======= ======= ======= =======
Loss per common share $ -- $ -- $ -- ($ 2.44)
======= ======= ======= =======
The historical operating results and the loss on the sale of this
business have been segregated as discontinued operations for all
periods presented in the consolidated income statement. The
remaining assets and liabilities held for sale have been
separately identified as net current assets of discontinued
operations, which consist primarily of accounts receivable and
inventory, partially offset by accounts payable. The noncurrent
assets reported in the December 31, 1996 balance sheet are
composed primarily of the fixed assets of Golden Aluminum which
were subsequently sold on March 1, 1997. The non-current notes
receivable of $54.6 million reported in the June 30, 1997 balance
sheet represents the discounted obligation for the remaining
sales price of Golden Aluminum. The consolidated statement of
cash flows has not been restated for the discontinued operation
and, therefore, includes sources and uses of cash for Golden
Aluminum's operations.
Note 2. Restructuring Charges
During the first quarter of 1997, the Company adopted a plan to
exit the high-fructose corn syrup business and recorded severance
and exit costs of $2.3 million in conjunction with this plan.
Severance and outplacement costs of $0.9 million were paid in the
second quarter of 1997 to eliminate approximately 70 positions
held primarily by manufacturing and administrative employees.
The remaining charge of $1.4 million relates to various exit
costs which the Company expects to pay during the remainder of
1997.
During the fourth quarter of 1996, the Company recorded
restructuring charges of $2.4 million related to operations at
Golden Technologies. During the first six months of 1997,
approximately $0.7 million was paid in cash with respect to this
charge. Almost all of the remaining expected cash outlay of $1.3
million is expected to be paid during the third quarter of 1997.
Note 3. Adoption of New Accounting Standards
Statement of Financial Accounting Standards No. 128, "Earnings
per Share", was issued in February, 1997. The adoption of this
new accounting standard, which is required on December 31, 1997,
will result in the restatement of earnings per share for all
periods presented. Based on management's estimates, the adoption
of this standard is not expected to have a material effect on the
Company's financial statements.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
General Business Overview
The operations of ACX Technologies, Inc. (the Company) consist of
two primary business segments conducted by Coors Ceramics Company
(Coors Ceramics) and Graphic Packaging Corporation (Graphic
Packaging). Coors Ceramics manufactures advanced technical
ceramic products while Graphic Packaging produces high-value
consumer and industrial flexible packaging and folding cartons.
In addition to its primary business units, the Company operates
Golden Technologies Company, Inc. (Golden Technologies), which
includes operations that assemble and distribute solar electric
systems primarily through its majority owned subsidiary
Photocomm, Inc., as well as operations which are developing
biodegradable polymers and operations that produce corn starch
and other food ingredients. Prior to 1997, Golden Technologies'
operations included the manufacture of high-fructose corn syrup
but in early 1997, the Company adopted a plan to exit this
business. Effective March 31, 1997, operations at the corn-wet
milling facility have been converted to producing corn starch
only.
Until early 1996, the Company operated Golden Aluminum Company
(Golden Aluminum) which produced aluminum flat rolled products
primarily for the aluminum can industry. In 1996, the Company's
Board of Directors adopted a plan to dispose of this business.
Effective March 1, 1997, the Company sold Golden Aluminum for $70
million, of which $10 million was paid at closing and $60 million
is due within two years. In accordance with the purchase
agreement, the purchaser has the right to sell Golden Aluminum to
the Company during the two year period in discharge of the $60
million obligation. The initial payment of $10 million is non-
refundable. Nearly all of the working capital of Golden Aluminum
on March 1, 1997 of $55 million, which was not part of the sales
agreement, has been liquidated during the first half of 1997.
The operating results of Golden Aluminum have been classified as
discontinued operations for all periods presented and,
consequently, the following discussion excludes any analysis of
the discontinued operations.
Results from Continuing Operations
Consolidated net sales for the three months ended June 30, 1997,
increased $2.8 million or 1.5 percent to $186.8 million, when
compared to net sales of $184.0 million reported in the second
quarter of 1996. A 6.0 percent increase in net sales at Graphic
Packaging and a 5.6 percent increase in net sales at Coors
Ceramics gave rise to the consolidated increase. This growth
resulted in quarterly net sales records for both companies.
Offsetting these increases were reduced sales at Golden
Technologies, which is no longer producing or selling high-
fructose corn syrup. When compared to the prior year six months
ended June 30, 1996, net sales dropped approximately $900,000 due
to the 1997 first quarter reduction in high-fructose corn syrup
sales and due to lower sales volumes of ceramic components sold
to the semiconductor processing industry.
Consolidated gross margin (gross profit as a percent of net
sales) for the three month period increased from 22.5 percent in
1996 to 24.8 percent in 1997 while the six month period
experienced a similar increase from 22.2 percent in 1996 to 24.4
percent in 1997. While Coors Ceramics and Graphic Packaging both
contributed to the gross margin improvements over the 1996
results, the elimination of the low margin corn syrup business at
Golden Technologies was the largest contributor to the
improvement in gross margin.
As a percent of sales, marketing, general and administrative
costs increased from approximately 11 percent for the three and
six month periods of 1996 to approximately 13 percent for the
1997 similar periods. The increase in these costs was primarily
attributable to increased sales activities at all three business
units, including the addition of Photocomm, Inc., which is
included in the Company's financial statements since the November
1996 acquisition of its controlling interest in Photocomm.
For the three months ended June 30, 1997, consolidated operating
income was $17.9 million compared to $18.1 million in the year-
ago second quarter. Increases in operating income at Coors
Ceramics were offset by additional losses at Golden Technologies,
while Graphic Packaging's 1997 operating results were flat
compared to 1996. These results include approximately $2 million
of additional charges taken in Graphic Packaging's 1997 second
quarter, related to the disposition of its Linearpak system and
severance costs related to several organizational changes. For
the six months ended June 30, 1997, consolidated operating income
decreased $3.0 million to $30.6 million compared to the first six
months of 1996. In addition to the second quarter charges at
Graphic Packaging of $2.0 million, restructuring charges of $2.3
million taken at Golden Technologies during the first quarter
plus additional spending for Golden Technologies' programmable-
life semi-works polymer plant accounts for a majority of this
decrease.
Interest expense - net for the second quarter and first half of
1997 was $0.6 million and $1.8 million, respectively, compared to
$2.2 million and $3.8 million in the 1996 similar periods.
Interest expense - net has been favorably impacted by additional
interest income in 1997 from investments and from imputed
interest on the note receivable received in the sale of Golden
Aluminum. Cash generated from the sale of Golden Aluminum and
the ensuing working capital liquidation have contributed to the
Company's increase in short-term, interest bearing investments.
The consolidated effective tax rate for second quarter and first
six months of 1997 was 40.7 percent. The effective tax rate of
the Company is higher than the statutory tax rate of 35 percent
because of state and foreign taxes, deductions that are not
deductible for tax purposes such as the amortization of goodwill,
and the lack of tax benefits from operating losses at the
Company's subsidiaries that are not consolidated for tax
purposes.
Liquidity and Capital Resources
The Company's liquidity is generated from both internal and
external sources and is used to fund short-term working capital
needs, capital expenditures and acquisitions. Internally
generated liquidity is measured by net cash from operations as
discussed below and working capital. At June 30, 1997, the
Company's working capital (excluding the net current assets of
the discontinued operation) was $185.1 million with a current
ratio of 2.7 to 1. The Company considers its working capital
sufficient to meet its anticipated short-term requirements. For
long-term requirements, the Company has access to a $125 million
unsecured, committed revolving credit facility which was unused
during the first half of 1997.
Net cash generated by operations for the first half of 1997 was
$69.7 million compared to cash used during the 1996 first half of
$5.9 million. Contributing to the improved cash position was the
liquidation of Golden Aluminum's working capital, offset in part
by the additional cash used to fund the operations of Golden
Aluminum through the date of sale. Year-to-date capital
expenditures for 1997 of $27.2 million net of $10.0 million in
proceeds from the Golden Aluminum sale accounted for the majority
of the net cash used in investing activities.
Segment Information
Net sales and operating income for the second quarter and six
months of 1997 and 1996 are summarized by segment below:
Second Quarter Only
(In thousands)
Operating
Net Sales Income(Loss)
1997 1996 1997 1996
------------------ ------------------
Coors Ceramics $75,011 $71,027 $12,789 $11,947
Graphic Packaging 97,247 91,752 11,211 11,208
Golden Technologies 14,519 21,208 (4,213) (3,439)
Corporate -- -- (1,848) (1,592)
-------- -------- ------- -------
$186,777 $183,987 $17,939 $18,124
======== ======== ======= =======
Year-To-Date
(In thousands)
Operating
Net Sales Income(Loss)
1997 1996 1997 1996
------------------- -------------------
Coors Ceramics $146,427 $145,415 $24,237 $24,599
Graphic Packaging 183,084 174,117 19,159 18,764
Golden Technologies 30,724 41,593 (8,994) (6,109)
Corporate - - (3,841) (3,681)
-------- -------- ------- -------
$360,235 $361,125 $30,561 $33,573
======== ======== ======= =======
COORS CERAMICS
Coors Ceramics reported record net sales of $75.0 million for
the second quarter of 1997, up $4.0 million from 1996 second
quarter net sales of $71.0 million. Increased volume from the
petrochemical, automotive and telecommunications industries were
primarily responsible for the improvement. Operating income for
the 1997 second quarter also increased when compared to the 1996
similar period. The improvement of $0.8 million, or 7.0 percent,
resulted in operating income of $12.8 million for the 1997 second
quarter. Operating margins for the second quarter grew slightly,
from 16.8 percent in 1996 to 17.0 percent in 1997.
During the first six months of 1997, Coors Ceramics' net sales
increased $1.0 million to $146.4 million from $145.4 million in
the 1996 comparable period. First half 1997 sales to the
semiconductor processing markets were below the 1996 first six
months due to the slowdown in this industry which began in the
second quarter of 1996. Offsetting the semiconductor decrease
was improved automotive and pulp and paper volume. Operating
income for the 1997 year-to-date period declined 1.5 percent to
$24.2 million compared to the 1996 first six months. Operating
margins also dipped slightly, from 16.9 percent in 1996 to 16.5
percent in 1997. The lower mix of first half sales to the
semiconductor and telecommunications industries contributed to
these declines.
Coors Ceramics' management continues to focus on manufacturing
efficiencies, strategic acquisitions and broadening its materials
base to continue its upward momentum. The August 1, 1997
acquisition of the assets of Tetrafluor, Inc. is expected to
bring customer and process synergies to Coors Ceramics. Looking
ahead to the end of 1997, Coors Ceramics' level of success
continues to depend upon the strength of the U.S. and European
economies, the potential rebound of semiconductor processing and
telecommunications markets and the continued execution of its
advanced materials strategy.
GRAPHIC PACKAGING
Graphic Packaging's 1997 second quarter net sales of $97.2
million increased $5.5 million, or 6.0 percent over 1996 second
quarter net sales. Nearly all of Graphic Packaging's flexible
operations posted increased sales, primarily related to improved
volumes of confectionery and snack food packaging. In addition,
the acquisition of the Richmond facility continues to produce
benefits as increased sales to the tobacco industry also
contributed to Graphic Packaging's record quarter. Second
quarter 1997 operating income was unchanged from the 1996 similar
period at $11.2 million. However, the 1997 results include an
additional charge of approximately $2.0 million related to the
sale of the Linearpak system and to severance for several
organizational changes. Excluding this additional charge,
Graphic Packaging reported a 1997 second quarter operating margin
of over 13.5 percent and increased its operating income by more
than 17 percent. Increased plant utilization at several of the
flexible operations and improved product mix account for the
improved operating performance.
Graphic Packaging reported net sales of $183.1 million for the
first six months of 1997, an increase of $9.0 million or 5.2
percent over the 1996 first half. Operating income for the 1997
year-to-date period improved $0.4 million to $19.2 million. Year-
to-date 1997 net sales and operating income improvements came
from additional volume in several markets including tobacco,
confectionery, bakery, snack food and detergent. Offsetting the
increase in operating income was the additional $2.0 million of
charges taken in the second quarter, noted above.
Management expects Graphic Packaging's results for the remainder
of the year to remain solid, although the favorable product mix
and capacity utilization experienced in the second quarter of
1997 is not expected to continue at the same level on a regular
basis. In addition, Graphic Packaging results could be impacted
favorably or unfavorably as it continues to face the challenge of
obtaining significant sales volumes to fully utilize new
capabilities and capacity at its Franklin, Ohio facility.
GOLDEN TECHNOLOGIES
Golden Technologies reported net sales for the second quarter of
1997 of $14.5 million compared to the $21.2 million reported in
the year earlier period. The operating loss for the 1997 second
quarter was $4.2 million compared to the 1996 second quarter
operating loss of $3.4 million. Reduced sales are the result of
exiting the high-fructose corn syrup business during the first
quarter of 1997, offset in part by the net sales of Photocomm,
Inc., a controlling interest of which was acquired in November
1996. The increase in operating loss during the 1997 second
quarter relates primarily to additional costs associated with
development activities at Chronopol, Inc., the Company's
programmable-life polymer venture. The completion and scale-up
of Chronopol's semi-works facility has taken longer than
anticipated. The Company is currently continuing its
developmental efforts to determine and demonstrate the market
feasibility of the programmable-life polymer, while
simultaneously reviewing alternative strategies to reduce and
limit the ongoing financial impact of this project on the Company
through the end of 1997 and into 1998.
Net sales for the six months ended June 30, 1997, were $30.7
million compared to $41.6 million recorded in 1996. The
additional sales due to the acquisition of Photocomm, Inc. in
November 1996 were more than offset by the exit of the high-
fructose corn syrup business during the 1997 first quarter.
Operating loss for the first half of 1997 was $9.0 million,
compared to an operating loss of $6.1 million during the 1996
similar period. Restructuring charges of $2.3 million taken in
the first quarter of 1997 and the additional costs at Chronopol,
Inc., mentioned above, account for the majority of the additional
loss.
Forward-Looking Statements
Some of the statements in this Form 10-Q Quarterly Report, as
well as statements by the Company in periodic press releases,
oral statements made by the Company's officials to analysts and
shareholders in the course of presentations about the Company and
conference calls following quarterly earnings releases,
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Words or
phrases denoting the anticipated results of future events such as
"anticipate," "believe," "estimate," "will likely," "are expected
to," "will continue," "focus on," "intend to," "project," and
similar expressions that denote uncertainty are intended to
identify such forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied
by the forward-looking statements. Such factors include, among
other things, (i) general economic and business conditions; (ii)
changes in industries in which the Company does business, such as
beverage, telecommunications, automotive, semiconductor, pulp and
paper, and tobacco; (iii) the loss of major customers; (iv) the
loss of market share and increased competition in certain
markets; (v) industry shifts to alternative materials, such as
replacement of ceramics by plastics and competitors offering
products with characteristics similar to the Company's products;
(vi) changes in consumer buying habits; (vii) governmental
regulation including environmental laws; and (viii) other factors
over which the Company has little or no control.
These statements should be read in conjunction with the financial
statements and notes thereto included in the Company's Form 10-K
for the year ended December 31, 1996. The accompanying financial
statements have not been examined by independent accountants in
accordance with generally accepted auditing standards, but in the
opinion of management of ACX Technologies, such financial
statements include all adjustments necessary to summarize fairly
the Company's financial position and results of operations. All
adjustments made to the interim financial statements presented
are of a normal recurring nature. The results of operations for
the second quarter and six months ended June 30, 1997, may not be
indicative of results that may be expected for the year ending
December 31, 1997.
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
The following matters were submitted to a vote of shareholders of
the Company at the Annual Meeting of Shareholders held May 13,
1997.
a) The following members were elected to the Board of Directors
to hold office for a three year term:
Shares Shares Term
Nominee Voted For Withheld Expires
John D. Beckett 25,415,217 73,468 2000
John K. Coors 25,412,343 76,342 2000
William K. Coors 25,410,796 77,889 2000
The terms of office of the Company's other directors
continuing after the Annual Meeting, are as follows:
Term Expires
Jeffrey H. Coors 1998
John H. Mullin, III 1998
Joseph Coors, Jr. 1999
Richard P. Godwin 1999
John Hoyt Stookey 1999
b) The ACX Technologies, Inc. Equity Incentive Plan was amended
to add incentive stock options to the type of awards that may be
granted under the Plan and to increase the number of shares
available under the Plan. This proposal was approved by a vote
of 18,279,684 in favor, 4,556,956 against, 251,738 abstentions
and 2,400,307 broker non-votes.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
Exhibit
Number Document Description
3.1 Articles of Incorporation of Registrant.
(Incorporated by reference to Exhibit 3.1 to
Form 10 filed on October 6, 1992, file
No. 0-20704)
3.1A Articles of Amendment to Articles of
Incorporation of Registrant. (Incorporated by
reference to Exhibit 3.1A to Form 8 filed on
December 3, 1992, file No. 0-20704)
3.2 Bylaws of Registrant, as amended.
(Incorporated by reference to Exhibit 3.2 to
Form 10-Q filed on November 7, 1996, file
No. 0-20704)
4 Form of Stock Certificate of Common Stock.
(Incorporated by reference to Exhibit 4 to Form
10-K filed on March 7, 1996, file No. 0-20704)
10.9* ACX Technologies, Inc. Equity
Incentive Plan, as amended. (Incorporated by
reference to Exhibit A to the Proxy Statement
filed in connection with the May 13, 1997,
Annual Meeting of Shareholders)
10.10* ACX Technologies, Inc. Equity
Compensation Plan for Non-Employee Directors,
as amended.
27 Financial Data Schedule
* Management contracts or compensatory plans,
contracts or arrangements required to be filed as an
Exhibit pursuant to Item 14(c).
(b) Reports on Form 8-K
There were no reports filed on Form 8-K during the quarter ended
June 30, 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.
Date: August 6, 1997 By /s/Jed J. Burnham
-------------------------------
Jed J. Burnham
(Chief Financial Officer and
Treasurer)
Date: August 6, 1997 By /s/Gail A. Constancio
-------------------------------
Gail A. Constancio
(Controller and Principal
Accounting Officer)