FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
-----------------------
(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 1-168
AMETEK, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 13-4923320
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Station Square, Paoli, Pennsylvania 19301
- --------------------------------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code 610-647-2121
----------------
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 of the issuer's common stock outstanding as of the latest
practicable date was:
Common Stock, $.01 Par Value, outstanding at July 31, 1996 was 32,627,902
shares.
PART I. FINANCIAL INFORMATION
-----------------------------
Item 1. Financial Statements
- -----------------------------
AMETEK, INC.
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CONSOLIDATED STATEMENT OF INCOME
--------------------------------
(Unaudited)
(Dollars in thousands except per-share amounts)
Three months ended Six months ended
June 30, June 30,
---------------------------- ----------------------------
1996 1995 1996 1995
------------ ------------ ------------ ------------
Net sales $223,998 $219,111 $451,631 $430,638
------------ ------------ ------------ ------------
Expenses:
Cost of sales (excluding depreciation) 173,412 168,549 350,625 331,396
Selling, general and administrative 19,407 19,642 39,321 39,835
Depreciation 7,035 6,450 14,067 13,431
------------ ------------ ------------ ------------
Total expenses 199,854 194,641 404,013 384,662
------------ ------------ ------------ ------------
Operating income 24,144 24,470 47,618 45,976
Other income (expenses):
Interest expense (4,967) (5,422) (9,804) (10,454)
Other, net 815 148 1,359 688
------------ ------------ ------------ ------------
Income from continuing operations
before income taxes 19,992 19,196 39,173 36,210
Provision for income taxes 7,025 7,267 13,990 14,132
------------ ------------ ------------ ------------
Income from continuing operations 12,967 11,929 25,183 22,078
Discontinued operations, net of taxes:
Income from discontinued operations -- 266 -- 779
Gain on sale of discontinued operations -- 10,420 -- 10,420
------------ ------------ ------------ ------------
Net income $12,967 $22,615 $25,183 $33,277
============ ============ ============ ============
Earnings per share:
Income from continuing operations $0.40 $0.36 $0.77 $0.65
Discontinued operations:
Income from discontinued operations -- 0.01 -- 0.02
Gain on sale of discontinued operations -- 0.31 -- 0.31
------------ ------------ ------------ ------------
Net income $0.40 $0.68 $0.77 $0.98
============ ============ ============ ============
Cash dividends paid per share $0.06 $0.06 $0.12 $0.12
============ ============ ============ ============
Average common shares outstanding 32,619,854 33,354,009 32,701,480 33,799,154
============ ============ ============ ============
See accompanying notes.
2
AMETEK, INC.
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CONDENSED CONSOLIDATED BALANCE SHEET
------------------------------------
(Dollars in thousands)
June 30, December 31,
1996 1995
----------- ------------
(Unaudited)
ASSETS
- ------
Current assets:
Cash and cash equivalents $4,157 $7,011
Marketable securities 7,939 5,694
Receivables, less allowance for possible losses 141,696 118,782
Inventories 97,604 101,515
Deferred income taxes 11,531 11,825
Other current assets 5,796 4,518
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Total current assets 268,723 249,345
----------- ------------
Property, plant and equipment 425,664 408,050
Less accumulated depreciation (245,816) (231,212)
----------- ------------
179,848 176,838
----------- ------------
Intangibles, investments and other assets 99,156 100,562
----------- ------------
Total assets $547,727 $526,745
=========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Current liabilities:
Short-term borrowings and current
portion of long-term debt $51,470 $56,374
Accounts payable 70,749 76,569
Accruals 92,151 77,733
----------- ------------
Total current liabilities 214,370 210,676
Long-term debt 150,349 150,430
Deferred income taxes 32,224 31,927
Other long-term liabilities 46,467 46,653
Stockholders' equity 104,317 87,059
----------- ------------
Total liabilities and stockholders' equity $547,727 $526,745
=========== ============
See accompanying notes.
3
AMETEK, INC.
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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
----------------------------------------------
(Unaudited)
(Dollars in thousands)
Six months ended June 30,
-------------------------
1996 1995
-------- --------
Cash provided by (used for):
Operating activities:
Net income $25,183 $33,277
Deduct discontinued operations:
Net income from discontinued operations - (779)
Net gain on sale of discontinued operations - (10,420)
-------- --------
Income from continuing operations 25,183 22,078
Adjustments to reconcile income from continuing operations
to net cash provided by continuing operations:
Depreciation and amortization 18,123 17,527
Deferred income taxes 112 (2,080)
Net change in operating working capital (11,237) (2,483)
Other (2,413) 819
-------- --------
Cash provided by continuing operations 29,768 35,861
Cash used for discontinued operations - (2,572)
-------- --------
Total operating activities 29,768 33,289
-------- --------
Investing activities:
Additions to property, plant and equipment (14,911) (13,240)
Proceeds from sale of discontinued operations and other assets - 37,984
Purchase of and investments in businesses - (38,280)
(Increase) decrease in marketable securities (2,245) 3,083
Other (320) -
-------- --------
Total investing activities (17,476) (10,453)
-------- --------
Financing activities:
Net change in short-term borrowings (5,048) 20,400
Repayments of long-term debt - (5,179)
Repurchases of common stock (10,693) (25,734)
Cash dividends paid (3,930) (4,030)
Other (principally proceeds from stock options) 4,525 1,367
-------- --------
Total financing activities (15,146) (13,176)
-------- --------
(Decrease) increase in cash and cash equivalents (2,854) 9,660
Cash and cash equivalents:
As of January 1 7,011 7,245
-------- --------
As of June 30 $4,157 $16,905
======== ========
See accompanying notes.
4
AMETEK, INC.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
------------------------------------------
June 30, 1996
-------------
(Unaudited)
Note 1 - Financial Statement Presentation
- ------ --------------------------------
The accompanying consolidated financial statements are unaudited, but the
Company believes that all adjustments (which consist of normal recurring
accruals) necessary for fair presentation of the consolidated financial position
of the Company at June 30, 1996 and the consolidated results of its operations
and cash flows for the three and six-month periods ended June 30, 1996 and 1995
have been included. Quarterly results of operations are not necessarily
indicative of results for the full year. Quarterly financial statements should
be read in conjunction with the financial statements and related notes in the
Company's 1995 Annual Report.
Note 2 - Earnings Per Share
- ------ ------------------
Earnings per share is based on the average number of common shares
outstanding each period. No material dilution of earnings per share would
result for the second quarter or first six months of 1996 or 1995 if it were
assumed that all outstanding stock options were exercised.
Note 3 - Inventories
- ------ -----------
The estimated components of inventory stated at lower of LIFO cost or market
are:
In thousands
-------------------------
June 30, December 31,
1996 1995
-------- ------------
(Unaudited)
Finished goods and parts $28,962 $ 31,628
Work in process 22,508 23,491
Raw materials and purchased parts 46,134 46,396
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$97,604 $101,515
======= ========
5
AMETEK, INC.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results
- ------- -----------------------------------------------------------------------
of Operations
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Results of Operations
- ---------------------
The following table sets forth sales and operating income by business
segment:
(Dollars in thousands)
Three months ended June 30, Six months ended June 30,
--------------------------- -------------------------
1996 1995 1996 1995
---- ---- ---- ----
Net sales
---------
Electro-mechanical $ 97,189 $ 98,676 $195,326 $196,166
Precision Instruments 78,541 78,280 158,156 149,741
Industrial Materials 48,268 42,155 98,149 84,731
-------- -------- -------- --------
Total Consolidated $223,998 $219,111 $451,631 $430,638
======== ======== ======== ========
Operating income
----------------
Electro-mechanical $ 9,948 $ 13,498 $ 21,928 $ 26,243
Precision Instruments 9,698 9,735 18,434 17,451
Industrial Materials 9,661 6,699 19,053 14,463
-------- -------- -------- --------
Total Segments 29,307 29,932 59,415 58,157
Corporate and other (5,163) (5,462) (11,797) (12,181)
-------- -------- -------- --------
Total Consolidated $ 24,144 $ 24,470 $ 47,618 $ 45,976
======== ======== ======== ========
Operations for the second quarter of 1996 compared to the second quarter of
------------------------------------------------------------------------------
1995
----
Sales for the second quarter of 1996 were $224.0 million, compared to sales of
$219.1 million for the same quarter of 1995, an increase of $4.9 million or
2.2%. The improvement was due to an increase in sales in the Industrial
Materials Group of $6.1 million or 14.5% to $48.3 million in the current
second quarter, led by the water filtration and specialty metal products
businesses. Partly offsetting that increase was a decrease in sales by the
Electro-mechanical Group, which declined $1.5 million or 1.5% to $97.2 million
for the second quarter of 1996 due to continuing softness in the European
floorcare market. The Precision Instruments Group sales for the second quarter
were essentially unchanged from the second quarter of 1995 at $78.5 million.
Operating income for the second quarter of 1996 declined $.3 million or 1.3%
to $24.1 million; operating profits as a percentage of sales decreased to
13.1% in the current second quarter from 13.7% in the same period of 1995. The
profit effect from the overall sales increase was more than offset by an
unfavorable change in product mix and reduced operating efficiencies,
primarily in the Electro-mechanical Group.
6
AMETEK, INC.
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Results of Operations (cont'd)
- ---------------------
Other expenses, net (including interest expense) decreased $1.1 million or
21.3% to $4.2 million in the second quarter of 1996 compared to $5.3 million
in the same quarter of 1995. The decrease was due to a reduction of interest
expense caused by lower average debt outstanding and lower amortization of
debt issuance costs during the current period. The lower amortization of
deferred debt issuance costs in the current quarter is due to the absence of
such cost pertaining to a prior revolving credit agreement, which costs were
written off in the third quarter of last year. Amortization of lower deferred
debt issuance costs attributable to a subsequent revolving credit agreement
also contributed to the decrease. In addition, other income for the second
quarter of 1996 improved from the same period last year due to higher
investment income.
The effective income tax rate was 35.1% for the second quarter of 1996
compared with 37.9% for the same quarter of 1995. The reduced 1996 tax rate
reflects the effect of a lower proportion of pretax income from the Company's
Italian motor operations in the current second quarter. The second quarter of
1995 included a higher mix of Italian income, which was taxed at a rate higher
than U.S. pretax income.
Income from continuing operations and net income for the second quarter of
1996 was $12.9 million, or $.40 per share, compared to income from continuing
operations of $11.9 million or $.36 per share in the same quarter of 1995, an
income improvement of $1.0 million or 8.7%, and increased earnings per share
from continuing operations of 11.1%. Second quarter 1995 net income was $22.6
million, or $.68 per share, and included income from operations discontinued
of $.3 million, or $.01 per share, and a gain from the May 1995 sale of
discontinued operations of $10.4 million or $.31 per share.
The weighted average shares outstanding during the second quarter of 1996 was
32.6 million shares, compared to 33.3 million shares for the same quarter of
1995, a reduction of .7 million shares or 2.2%. The reduced number of shares
reflects shares repurchased since June 30, 1995 under the Company's share
repurchase program, net of shares issued upon the exercise of employee stock
options.
Electro-mechanical Group sales totaled $97.2 million in the current second
------------------------
quarter, a reduction of $1.5 million or 1.5% from the same quarter of 1995.
The continuing economic downturn in Europe and its negative effects on
Europe's floorcare markets resulted in lower sales from the Group's Italian
motor operations, as well as lower U.S. export sales to Europe. Partly
offsetting this decrease, however, were higher domestic sales to both
floorcare and non-floorcare markets. Domestic order input increased
significantly in the current second quarter compared to the same period in
1995, with especially strong orders in June 1996.
7
AMETEK, INC.
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Results of Operations (cont'd)
- ---------------------
Operating profit of this Group decreased $3.6 million or 26.3% to $9.9
million in this year's second quarter. Operating profit margins decreased
to 10.2% in the current quarter from 13.7% in the same quarter of 1995,
primarily due to the decrease in sales to the European floorcare market,
and resulting operating inefficiencies stemming from the reduction in
capacity utilization in the Group's Italian motor operations. Domestic
operations also experienced a reduction in profit margins for the current
second quarter, resulting primarily from unfavorable product mix and
operating inefficiencies due to the ramp up to higher production levels.
Efforts to moderate the effects of the decline in Group profit margin
continue through the pursuit of increased market share, cost reduction
programs, and the undertaking of new market opportunities. A planned
increase in market penetration is underway by assisting certain vertically
integrated floorcare manufacturers with an evaluation of the benefits of
outsourcing their motor production, which would result in lowering their
operating costs and capital requirements. In addition, a lower cost
operation in Reynosa, Mexico (part of the Group's domestic operations) has
begun production of motor components, in preparation for expanding into
full motor production, and new operations are near commencement in
Shanghai, China. These new operations, and a planned expansion into the
Czech Republic, will position this Group to pursue new market opportunities
in both Europe and Asia, with a reduced cost structure.
In the Precision Instruments Group, sales of $78.5 million in this year's
---------------------------
second quarter were essentially unchanged from the $78.3 million reported
in the same quarter last year. Increased sales of aerospace instruments
were offset by a continuing industry-wide decline in demand for heavy truck
instruments. A 30% increase in order input for aerospace products during
the 1996 second quarter, compared to the same period last year, indicates
continuing strong demand from these markets.
Group operating profit and margins were essentially unchanged for the
comparable second quarters. Group operating profit for both periods was
$9.7 million, and represented approximately 12% of the Group's sales. The
1995 second quarter operating profit included a higher than normal recovery
of certain contract engineering expenses of $.8 million by the aerospace
business. Second quarter 1996 profits of the aerospace business improved
significantly compared to the 1995 second quarter due to the increase in
aerospace product sales, a favorable change in product mix, and a
normalized 1995 second quarter for the engineering expense recovery noted
above. Offsetting the increased profitability of the aerospace business was
reduced profits from the lower sales of heavy truck instruments.
8
AMETEK, INC.
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Results of Operations (cont'd)
- ---------------------
The Industrial Materials Group's second quarter 1996 sales increased $6.1
----------------------------
million or 14.5% to $48.3 million, compared to $42.2 million in sales for
the same quarter of 1995. The higher sales were largely due to increased
penetration into residential and retail water filtration markets, resulting
in higher domestic and export sales of water filtration products, as well
as specialty metal products. Also contributing to the increase were sales
from a French water filtration business acquired in the fourth quarter of
1995.
Group operating profit for the current quarter increased $3.0 million, or
44.2%, to $9.7 million. Profit margins rose to 20.0% for the current second
quarter from 15.9% in the same period last year. The profit increase was
largely due to the increase in sales volume. Also contributing to the
improved profitability was increased operating efficiencies resulting from
the Company's cost containment initiatives throughout this Group. The
French water filtration business acquisition also made a modest
contribution to the increase in profits in the current quarter.
In June 1996, the Company announced that it would retain its Westchester
Plastics Division, a member of this Group, which was previously considered
for sale. The Company intends to combine Westchester Plastics with the
Haveg Division in this Group, to form a new Chemical Products Division
within the Industrial Materials Group.
Operations for the first six months of 1996 compared to the first six months
----------------------------------------------------------------------------
of 1995
-------
Sales for the first six months of 1996 were $451.6 million, an increase of
$21.0 million or 4.9% from the same period of 1995. The sales improvement came
primarily from the Industrial Materials Group, where sales of $98.1 million
for the first six months of 1996 increased $13.4 million or 15.8% from the
same period of 1995, due to higher domestic and export sales of water
filtration and specialty metal products. Precision Instrument Group sales for
the first half of 1996 increased $8.4 million or 5.6% to $158.2 million from
same period of last year, due to higher sales of aerospace instruments and the
contribution of the Dixson heavy vehicle instrumentation business acquired at
the end of the first quarter of 1995. The Electro-mechanical Group sales for
the first half of 1996 were essentially unchanged from the same period of 1995
at $195.3 million.
Operating income for the first half of 1996 was $47.6 million, an increase of
$1.6 million or 3.6% from the first six months of 1995. The profit effects of
the overall sales increase were partly offset by an unfavorable change in
product mix and operating inefficiencies, experienced primarily by the
Electro-mechanical Group.
9
AMETEK, INC.
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Results of Operations (cont'd)
- ---------------------
Other expenses, net (including interest expense) decreased $1.3 million or
13.5% to $8.4 million in the first half of 1996 compared to the same period of
1995. The decrease was due to lower interest expense in the first half of 1996
due to lower average debt outstanding, lower effective interest rates on
outstanding borrowings, and lower amortization of deferred debt issuance
costs. The lower amortization of deferred debt issuance costs was due to the
absence of such costs pertaining to a prior revolving credit agreement, which
were written off in the third quarter of 1995, and amortization of lower
deferred debt issuance costs attributable to a subsequent revolving credit
agreement. Also, other income for the first half of 1996 was higher compared
to the same period of 1995 due to increased investment income.
The effective income tax rate was 35.7% for the first half of 1996, compared
to 39.0% for the same period of 1995. The reduced 1996 tax rate reflects the
effect of a lower proportion of pretax income from the Company's Italian motor
operations in the current six-month period. The 1995 tax rate included a
higher mix of Italian income, which was taxed at a rate higher than U.S.
pretax income, and also included the impact on current and deferred taxes
of a one percent increase in the Italian statutory income tax rate.
Income from continuing operations and net income for the first half of 1996
was $25.2 million, or $.77 per share, compared to income from continuing
operations of $22.1 million or $.65 per share for the same period of 1995, an
income improvement of $3.1 million or 14.1%, and increased earnings per share
from continuing operations of 18.5%. Net income for the first half of 1995 was
$33.3 million, or $.98 per share, which included $.8 million or $.02 per share
for income from operations discontinued, and $10.4 million or $.31 per share
from a gain on the May 1995 sale of discontinued operations.
The weighted average shares outstanding during the first six months of 1996
was 32.7 million shares, compared to 33.8 million for the same period of 1995,
a decrease of 1.1 million shares or 3.2%. The reduced number of shares
reflects shares repurchased since June 30, 1995 under the Company's share
repurchase program, net of shares issued upon the exercise of employee stock
options.
The Electro-mechanical Group sales for the first six months of 1996 were
------------------------
$195.3 million, essentially unchanged from the first six months of 1995.
Domestic sales gains from both floorcare and nonfloorcare products were
offset by lower U.S. export sales to Europe, and reduced European sales by
the Group's Italian motor operations, both caused by the continuing weak
economy in Europe and the resulting negative effect on the Company's
markets there.
Operating profit of this Group decreased $4.3 million or 16.4% to $21.9
million in the first half of 1996. Profit margins decreased to 11.2% in the
first half of 1996 from 13.4% in the same period of 1995. Profitability
improvements in domestic operations from increased sales were more than
offset by declining profits due to reduced sales volume and operating
inefficiencies stemming from the underutilization of operating capacity at
the Group's Italian motor operations.
10
AMETEK, INC.
------------
Results of Operations (cont'd)
- ---------------------
Efforts to moderate the current decrease in profitability include
increasing market penetration in Europe by pursuing vertically integrated
floorcare manufacturers seeking to outsource their motor production to
lower their costs and capital requirements. Profit enhancement initiatives
also includes reducing costs, by among other things, commencing a new lower
cost operation in Mexico, and penetrating new markets in Europe and Asia
with a new operation nearing commencement in China and one planned for the
Czech Republic.
The Precision Instruments Group's sales for the first half of 1996 were
-----------------------------
$158.2 million, an increase of $8.4 million or 5.6% from the first half of
1995. Increased sales of aerospace instruments, and the additional sales
from the Dixson heavy truck instrumentation business acquired at the end of
the 1995 first quarter, were the major reasons for the increase in sales.
Operating profit of the Group for the first six months of 1996 increased
$1.0 million or 5.6% to $18.4 million. The increase was due primarily to
the increased sales volume, as profit margins remained at 11.7% for both
periods.
The Industrial Materials Group's sales for the first six months of 1996
----------------------------
were $98.1 million, an increase of $13.4 million or 15.8% from the same
period of 1995. The higher sales resulted from increased penetration into
residential and retail water filtration markets, resulting in higher
domestic and export sales of water filtration products, as well as
specialty metal products. Also contributing to the increase was sales from
a French water filtration business acquired in the fourth quarter of 1995.
Operating profit of the Group for the first half of 1996 increased $4.6
million or 31.7% to $19.1 million, profit margins for the Group increased
to 19.4% for the first half of 1996 compared to 17.1% for the same period
of 1995. The profit increase was partly due to the higher sales volume, and
cost containment initiatives throughout the Group resulted in increased
operating efficiencies. The French water filtration business acquisition
referred to above also contributed to the increase in profit.
Financial Condition
- -------------------
Liquidity and Capital Resources
-------------------------------
Working capital at June 30, 1996 amounted to $54.4 million, an increase of
$15.7 million from December 31, 1995, due primarily to an increase in
receivables, which was attributable to the higher level of sales during the
current period. The ratio of current assets to current liabilities at June
30, 1996 was 1.25 to 1, compared to 1.18 to 1 at December 31, 1995.
11
AMETEK, INC.
------------
Financial Condition (cont'd)
- -------------------
Cash provided by operating activities in the first half of 1996 totaled
$29.8 million, compared to $33.3 million in cash provided by operations for
the same period of 1995. A higher level of income from continuing
operations in the current six-month period was more than offset by cash
requirements for the increase in operating working capital for the
comparable periods.
Cash used for investing activities in the first half of 1996 totaled $17.5
million, compared to cash used of $10.5 million in the same period last
year. Additions to property, plant and equipment were the primary use of
cash for investing activities in the first half of the current year, and
totaled $14.9 million, compared to $13.2 million in the first half of 1995.
Investing activities in the first six months of 1995 also included $38.0
million of cash proceeds from the sale of discontinued operations and other
assets, as well as $38.3 million of cash used for the purchase of a
business and an investment in a joint venture.
Financing activities in the first six months of 1996 used cash totaling
$15.1 million, compared to cash used of $13.2 million in the same period of
1995. During the first half of 1996, the Company made net repayments of
$5.0 million in short-term borrowings, repurchased 600,000 shares of the
Company's common stock at a total cost of $10.7 million, funded dividend
payments of $3.9 million, and received cash proceeds of $4.7 million from
the exercise of employee stock options. Financing activities for the first
half of 1995 included net proceeds from short-term borrowings of $20.4
million, a scheduled repayment of $5.0 million on long-term loans under a
previous bank credit agreement, expenditures of $25.7 million for the
repurchase of 1.5 million shares of the Company's common stock, and
dividend payments of $4.0 million.
The stock repurchases mentioned above are being made under a previously
announced plan to enhance shareholder value. Since beginning the stock
repurchase program in March 1994, a total of 12.1 million shares have been
acquired at a total cost of $169.2 million, under previous authorizations
totaling $175 million. In June 1996, the Company announced a new $50
million stock repurchase authorization, and rescinded the unused portion
($5.8 million) of the previous authorizations.
As a result of all cash flow activities, cash and cash equivalents and
short-term marketable securities decreased $.6 million since December 31,
1995, to $12.1 million at June 30, 1996. The Company believes it has
sufficient cash-generating capabilities and available credit facilities to
enable it to meet its needs in the foreseeable future.
12
AMETEK, INC.
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PART II. OTHER INFORMATION
---------------------------
Item 6. Exhibits and Reports on Form 8-K
- ------- --------------------------------
a) Exhibits:
Exhibit
Number Description
------ -----------
27 Financial Data Schedule *
* Schedule submitted in electronic format only.
b) Reports on Form 8-K:
For the quarter ended June 30, 1996, the Company filed a Current Report on
Form 8-K dated June 14, 1996, under Item 5, Other Events, to report its
announcement of a new $50 million stock repurchase authorization, and to
announce plans to retain its Westchester Plastics Division, which was
previously considered for sale. The Company intends to combine Westchester
Plastics with its Haveg Division to form a new Chemical Products Division
within its Industrial Materials Group.
13
AMETEK, INC.
------------
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.
AMETEK, INC.
--------------------------------------
(Registrant)
By /s/ Robert R. Mandos, Jr.
--------------------------------------
Robert R. Mandos, Jr.
Comptroller
(Principal Accounting Officer)
August 12, 1996
14