1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2001 Commission file number 0-784
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DETREX CORPORATION
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(Exact name of registrant as specified in its charter)
Michigan 38-0480840
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
24901 Northwestern Hwy., Ste. 500, Southfield, MI 48075
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (248) 358-5800
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Securities registered pursuant to section 12(b) of the Act:
Name of each exchange on
Title of each class which registered
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None None
Securities registered pursuant to Section (g) of the Act:
Common Capital Stock, $2 Par Value
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(Title of Class)
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 and (2) has been subject to such filing requirements for
the past 90 days.
YES X NO
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As of August 14, 2001 1,583,414 shares of the registrant's stock were
outstanding.
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DETREX CORPORATION
INDEX
PART I FINANCIAL INFORMATION PAGE
- ------ --------------------- ----
Item 1 Condensed Consolidated Balance Sheets-
June 30, 2001 and December 31, 2000 3
Condensed Consolidated Unaudited Statements
of Operations For the Three and Six Months
Ended June 30, 2001 and 2000 4
Condensed Consolidated Unaudited Statements
of Cash Flows- Six Months Ended June 30,
2001 and 2000 5
Notes to Condensed Consolidated Unaudited
Financial Statements 6-7
Item 2 Management's Discussion and Analysis of
Interim Financial Information 8-10
PART II OTHER INFORMATION
Item 4 Submission of Matters to Vote of Security Holders 11
Item 6 Exhibits and Reports on Form 8-K 11
SIGNATURES 12
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DETREX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED AUDITED
June 30, 2001 December 31, 2000
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ASSETS
Current Assets:
Cash and cash equivalents $ 391,237 $ 363,829
Accounts receivable (less allowance for uncollectible accounts
of $134,000 in 2001 and $244,000 in 2000) 11,080,826 11,591,331
Inventories:
Raw materials 3,480,453 3,185,785
Work in process 438,771 277,790
Finished goods 6,982,997 6,920,821
----------- -----------
Total Inventories 10,902,221 10,384,396
Prepaid expenses and other 489,526 786,915
Deferred income taxes 2,405,674 1,955,959
----------- -----------
Total Current Assets 25,269,484 25,082,430
Land, buildings, and equipment-net 21,175,715 24,238,494
Property held for sale 2,735,066 --
Prepaid pensions 2,376,043 2,253,947
Other assets 411,603 442,204
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$51,967,911 $52,017,075
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Loans payable $ 8,295,045 $ 6,830,335
Current portion of long-term debt 500,000 600,000
Current maturities of capital leases 132,258 168,414
Accounts payable 6,659,185 5,227,072
Environmental reserve 2,100,000 2,100,000
Accrued compensation 190,753 656,442
Other accruals 2,330,177 2,583,040
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Total Current Liabilities 20,207,418 18,165,303
Long term portion of capital lease obligations 130,845 194,418
Long-term debt 2,400,000 2,900,000
Accrued postretirement benefits 3,728,027 3,728,027
Environmental reserve 2,084,111 2,937,103
Accrued pension and other 551,198 551,198
Minority interest 2,618,834 2,507,635
Deferred income taxes 651,733 651,733
Stockholders' Equity:
Common capital stock, $2 par value, authorized 4,000,000 shares,
outstanding 1,583,414 shares 3,166,828 3,166,828
Additional paid-in capital 22,020 22,020
Retained earnings 16,406,897 17,192,810
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Total Stockholders' Equity 19,595,745 20,381,658
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$51,967,911 $52,017,075
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SEE NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
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DETREX CORPORATION
CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS
Three Months Ended Six Months Ended
June 30 June 30
2001 2000 2001 2000
---- ---- ---- ----
Net sales $18,861,401 $22,211,139 $39,100,235 $45,158,642
Cost of sales 14,749,123 16,833,188 30,420,334 34,041,626
Selling, general and administrative expenses 3,678,769 3,740,729 7,446,717 7,826,400
Provision for depreciation and amortization 954,370 879,428 1,920,539 1,747,787
Net (gain) loss from property transactions (3,959) (3,959) 98,859
84,955
Other income and deductions (45,772) (140,965) (99,609) (181,902)
Minority interest 69,665 105,914 141,199 220,489
Interest expense 208,462 331,208 446,423 637,672
----------- ----------- ----------- -----------
(Loss) income from continuing operations before income taxes (749,257) 376,682 (1,171,409) 767,711
(Credit) provision for income taxes (211,558) 157,871 (385,496) 326,577
----------- ----------- ----------- -----------
Net (loss) income from continuing operations (537,699) 218,811 (785,913) 441,133
Income from discontinued operations, net of taxes -- 42,217 -- 111,452
----------- ----------- ----------- -----------
Net (loss) income $ (537,699) $ 261,028 $ (785,913) $ 552,585
=========== =========== =========== ===========
Basic and diluted (loss) earnings per share:
From continuing operations $ (.34) $ .14 $ (.50) $ .28
From discontinued operations $ -- $ .02 $ -- $ .07
----------- ----------- ----------- -----------
Net Income $ (.34) $ .16 $ (.50) $ .35
=========== =========== =========== ===========
Weighted average shares outstanding:
Basic 1,583,414 1,583,414 1,583,414 1,583,414
Effects of dilutive stock options -- -- -- --
----------- ----------- ----------- -----------
Diluted 1,583,414 1,583,414 1,583,414 1,583,414
=========== =========== =========== ===========
SEE NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
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DETREX CORPORATION
CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30
2001 2000
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income $ (785,913) $ 552,585
Adjustments to reconcile net (loss) income to net cash provided by (used
in)
Operating activities:
(Income) from discontinued operations -- (111,452)
Depreciation and amortization 1,920,539 1,747,787
(Gain) loss on disposal of property (3,959) 98,859
Deferred income taxes (449,715) 169,467
Minority interest 111,199 190,490
Changes to operating assets and liabilities that provided (used) cash:
Accounts receivable 347,169 (958,073)
Inventories (517,825) 66,802
Prepaid expenses and other 177,747 52,992
Other assets 30,601 97,184
Accounts payable 1,361,936 (927,997)
Environmental reserve (852,992) (454,423)
Accrued compensation (465,689) 214,195
Other accruals 386,250 72,104
Postretirement benefits -- 150,000
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Total adjustments 2,045,261 407,935
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Net cash provided by continuing operating activities 1,259,348 960,520
Net cash used in discontinued operating activities (384,470) (294,980)
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Net cash provided by operating activities 874,878 665,540
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CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,078,385) (757,497)
Sale/disposal of fixed assets -- 84,626
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Net cash used in continuing investing activities (1,078,385) (672,871)
Net cash used in discontinued investing activities (534,066) (40,862)
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Net cash used in investing activities (1,612,451) (713,733)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings under revolving credit facility 1,464,710 725,196
Borrowing under equipment loan facility -- 170,000
Repayment of long term debt (600,000) (683,000)
Principal payments under capital lease obligations (99,729) (111,848)
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Net cash provided by financing activities 764,981 100,348
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Net increase in cash and cash equivalents 27,408 52,155
Cash and cash equivalents at beginning of period 363,829 381,269
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Cash and cash equivalents at end of period $ 391,237 $ 433,424
=========== ============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 450,432 $ 696,264
Income taxes $ 93,000 $ 8,000
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Capital lease obligations incurred with the acquisition of equipment $ -0- $ -0-
Capital lease terminations $ -0- $ -0-
SEE NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
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DETREX CORPORATION
NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
1. In the opinion of the Company, the accompanying condensed consolidated
unaudited financial statements reflect all adjustments (consisting of normal
recurring accruals) necessary to present fairly the results of operations for
the periods presented. Certain amounts for 2000 have been reclassified to
conform with 2001 classifications. The information furnished for the six months
may not be indicative of results to be expected for the full year.
2. Effective September 30, 2000, the Company completed the sale of the
assets, excluding real estate, of its paint subsidiary to Red Spot Paint &
Varnish Co., for $11.1 million. The sale resulted in a net gain of $2.6 million.
In addition, the Company and Red Spot entered into an agreement whereby the
Company manufactured for Red Spot for a period of four months commencing October
1, 2000 and ending January 31, 2001. The property related to this discontinued
segment is currently held for sale.
3. The Company entered into a new Credit Agreement (the Agreement) with
Comerica Bank on April 25, 2001. The Agreement, which has an expiration date of
April 25, 2003, provides for a credit facility of up to $13.0 million,
collateralized by the Company's inventory, accounts receivable, certain fixed
assets, and stock of subsidiaries. The Agreement contains, among other
provisions, requirements for maintaining defined levels of tangible net worth
and various financial statement ratios. Interest rates negotiated under the
Agreement are based on eurodollar and/or prime rate based formulas, and are more
favorable than those in the old agreement. The Agreement also provides up to $5
million in Term Loan facilities to finance capital expenditures. At June 30,
2001, the Company was not in compliance with one of the financial covenants
contained in the Agreement, but Comerica has granted a waiver of the covenant
default, effective as of that date. The Company and Comerica are negotiating an
amendment to the Agreement with revised terms and covenants.
4. The Company and at least seventeen other companies are potentially
responsible for sharing the costs in a proceeding to clean up contaminated
sediments in the Fields Brook watershed in Ashtabula, Ohio. The Environmental
Protection Agency (`EPA') issued a Record of Decision in 1986 concerning the
methods it recommends using to accomplish this task. The Company and the other
potentially responsible parties negotiated with the EPA as to how best to effect
the clean up operation. After negotiation, an agreement was reached with the EPA
on clean-up methodology. The clean-up is currently in progress and is expected
to be completed by the end of 2001. The Company's remaining share of clean-up
costs is anticipated to be in the range of approximately $700,000.
The Company maintains a reserve for anticipated expenditures over the
next several years in connection with remedial investigations, feasibility
studies, remedial design, and remediation relating to the clean up of
environmental contamination at several sites, including properties owned by the
Company. The amount of the reserve at June 30, 2001 was $4.2 million. The
reserve includes a provision for the Company's anticipated share of remediation
in the Fields Brook watershed referred to above, as well as a provision for
costs that are expected to be incurred in connection with remediation of other
sites. Some of these studies have been completed; others are ongoing. In some
cases, the methods of remediation remain to be agreed upon.
The Company expects to continue to incur professional fees, expenses
and capital expenditures in connection with its environmental compliance
efforts. In addition to the above, there are several other claims and lawsuits
pending against the Company and its subsidiaries. One of those lawsuits involves
the division of costs between several potentially responsible companies for
reimbursement to the EPA for costs it incurred to conduct environmental
remediation at a drum and barrel recycler, which the Company had utilized
several years ago. The potentially responsible companies entered into an
Agreement to, among other things, jointly defend the cost claims of the EPA. A
dispute arose amongst the potentially responsible companies over the Agreement
which resulted in the filing of a lawsuit. The matter went to trial before a
jury in June of 1999 and a judgment was entered against the Company in the
amount of approximately $750,000, plus interest and attorney fees. The Company
is taking an appeal to the Michigan Court of Appeals and believes it has
reasonable grounds to seek reversal of the judgment.
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DETREX CORPORATION
The amount of liability to the Company with respect to costs of
remediation of contamination of the Fields Brook watershed and of other sites,
and the amount of liability with respect to several other claims and lawsuits
against the Company, was based on available data. The Company has established
its reserves in accordance with its interpretation of the principles outlined in
Statement of Financial Accounting Standards No. 5 and Securities and Exchange
Commission Staff Accounting Bulletin No. 92. In the event that any additional
accruals should be required in the future with respect to such matters, the
amounts of such additional accruals could have a material impact on the results
of operations to be reported for a specific accounting period but should not
have a material impact on the Company's consolidated financial position.
5. The Company has three operating segments that meet the quantitative
thresholds of Statement of Financial Accounting Standards No. 131, "Disclosures
about Segments of an Enterprise and Related Information":
- Harvel Plastics - manufacturer of high quality PVC and CPVC pipe
and custom extrusions
- Elco Corporation - manufacturer of high performance specialty
chemicals including lubricant additives, fine chemicals, and -
hydrochloric acid
- Parts Cleaning Technologies - provides solutions for production
parts cleaning needs, including equipment, solvents, recycling of
waste, and contract parts cleaning
Other includes consulting, property transactions, minority interest and
provisions for certain employee benefit items. Data for the three and six month
periods ended June 30, 2001 and 2000 is as follows:
Three Months Ended June 30 Six Months Ended June 30
------------------------------------ ----------------------------------
2001 2000 2001 2000
---- ---- ---- ----
Net sales:
Harvel Plastics $10,503,742 $12,273,046 $ 21,763,118 $24,668,677
Elco Corporation 4,802,167 5,144,526 9,765,856 10,859,804
Parts Cleaning Technologies 3,605,275 4,683,517 7,724,265 9,349,359
Other (includes intercompany eliminations) (49,783) 110,050 (153,004) 280,802
----------- ----------- ------------- -----------
Total $18,861,401 $22,211,139 $ 39,100,235 $45,158,642
=========== =========== ============= ===========
Earnings (loss) before income taxes:
Harvel Plastics $ 756,657 $ 1,165,168 $ 1,533,606 $ 2,425,620
Elco Corporation 274,726 391,196 576,587 875,574
Parts Cleaning Technologies (798,328) (105,226) (1,241,324) (330,025)
Other 12,500 141,892 25,001 285,083
----------- ----------- ------------- -----------
Sub-total 245,555 1,593,030 893,870 3,256,252
Corporate administrative expense (776,215) (765,474) (1,624,951) (1,680,958)
Corporate interest expense (179,486) (253,711) (372,217) (482,420)
Other (39,121) (197,163) (68,111) (325,163)
----------- ----------- ------------- -----------
Total (loss) income from continuing operations
before taxes $ (749,257) $ 376,682 $ (1,171,409) $ 767,711
=========== =========== ============= ===========
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DETREX CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF INTERIM FINANCIAL INFORMATION
Results of Operations
Detrex Corporation and its consolidated subsidiaries ("the Company") incurred a
net loss from continuing operations of $537,699 during the second quarter of
2001, compared with net income from continuing operations of $218,811 for the
second quarter of 2000. For the first six months of 2001, the Company reported a
net loss from continuing operations of $785,913, compared with net income from
continuing operations of $441,133 for the first half of 2000. Net sales for the
six month period declined to $39.1 million from $45.2 million for the same
period in 2000.
Summarized below is selected operating data for the three and six month periods
ended June 30, 2001 and comparable data for the same periods last year (in
thousands):
Three Months Ended Six Months Ended
June 30 June 30
------- -------
2001 2000 2001 2000
---- ---- ---- ----
$ % $ % $ % $ %
Sales 18,861 100.00 22,211 100.0 39,100 100.00 45,159 100.0
Gross margin 4,112 21.8 5,378 24.2 8,680 22.2 11,117 24.6
Selling, general and administrative expenses 3,679 19.5 3,741 16.8 7,447 19.0 7,826 17.3
Depreciation and amortization 954 5.1 879 4.0 1,921 4.9 1,748 3.9
Net (loss) income from continuing operations (538) (2.9) 219 1.0 (786) (2.0) 441 1.0
Sales declined $3.4 million, or 15%, in the second quarter of 2001 compared to
the same period in the prior year. Each of the three Company business units
continued to experience weak market conditions, caused primarily by decreases in
domestic manufacturing activity due to the economic slowdown and, to a lesser
extent, the continuing strength of the U.S. dollar, which caused export sales to
decline.
The gross margin of the Company decreased by $1.3 million in the second quarter
of 2001 compared to the same period in 2000, primarily due to the lower level of
business activity. Margins as a percentage of sales remained relatively stable
at both Harvel Plastics, Inc. ("Harvel") and The Elco Corporation ("Elco"), as
lower raw material costs and pricing actions were able to offset the adverse
effects of lower capacity utilization. The margins in Parts Cleaning
Technologies ("Parts Cleaning") declined due to a volume reduction of 23%,
shifting product mix within its solvent distribution and contract parts cleaning
product lines, and lower margins on equipment shipments.
Selling, general and administrative expenses declined by 1.7% in the second
quarter of this year and 4.9% year to date, compared to the same periods in the
prior year, as cost reduction actions taken at Parts Cleaning and the corporate
office were partially offset by increased employee benefit costs, primarily
health care and reduced pension credits, at Harvel.
The provision for depreciation and amortization in 2001 is higher than in 2000
as a result of capital expenditures at both Harvel and Elco.
Interest expense in 2001 is lower than in 2000 due to decreases in interest
rates, lower average balances outstanding on the revolving credit facility, the
repayment of the Company's term loans in September of 2000 and the $600,000
principal payment of the Harvel Industrial Development Bonds in January 2001.
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DETREX CORPORATION
The credit for income taxes in the first half of 2001 was approximately 33% of
the pretax loss from continuing operations, as the statutory 34% federal rate
was offset slightly by state and local income tax expense at the profitable
segments. In 2000, the effective tax rate of approximately 43% of the pretax
income from continuing operations reflected the federal tax rate plus state and
local tax expense.
Results of Operations - Segment Disclosure
Harvel's sales declined by $1.7 million, or 14.4%, in the second quarter of 2001
compared to the same period in 2000, and declined $2.9 million, or 10.8%, for
the year to date period compared to the same period in 2000, as demand in the
commercial and industrial segments of the economy continued to be sluggish.
Gross margins expressed as a percentage of sales were relatively unchanged for
the six month period compared to the same period in 2000, as adverse effects
from lower capacity utilization and reduced selling prices due to weak market
demand were substantially offset by decreased raw material costs and more
favorable product mix. Selling, general and administrative expenses increased
nominally in both the quarter and the six month period in 2001 compared to the
same periods in 2000, primarily as the result of increased employee benefit
costs and reduced pension credits.
Revenues at Elco declined 6.6% in the second quarter of 2001, and 10.1 % for the
six month period, both as compared to the respective periods in the prior year.
The principal reasons were a decline in export additive sales for the year to
date and, with respect to the second quarter, a significant decline in domestic
additive sales in June, which was due to delayed orders and inventory
corrections at several major customers. Overall, year to date export additive
sales have declined by approximately $700,000 when compared to the same period
in the prior year, due to the continued strength of the U.S. dollar. Domestic
additive sales for the six month period have declined by approximately $400,000
compared to the same period last year, due primarily to the domestic
manufacturing slowdown. Hydrochloric acid sales in the first six months of 2001
increased by approximately $300,000 compared to the same period in the prior
year, due in large part to the exit from the business of a competitor. For the
2001 year to date period, margins as a percent of sales improved by .7% compared
to the same period in 2000, as the favorable impact from improved pricing levels
and lower raw material costs more than offset the adverse effects of lower
capacity utilization.
Parts Cleaning continued to be adversely affected by the manufacturing slowdown,
as revenues declined by 23% in the second quarter of 2001 compared to the same
period in 2000. Year to date revenues in the solvent distribution business
declined by approximately $1.0 million compared to the same period in 2000. Year
to date revenues for the contract parts cleaning business declined by
approximately $700,000 compared to the same period in 2000, due primarily to
production declines in the automotive customer base. For the three and six month
periods, margins have declined, primarily due to significant volume declines in
higher margin product lines and the adverse effects of lower volume.
Additionally, for the same comparative periods, the equipment product line
suffered margin deterioration due to unanticipated increases in material and
subcontractor costs.
The Company has initiated a study of how to exit its Parts Cleaning segment,
including the transfer or elimination of related environmental liabilities. The
process is at an early stage and is subject to substantial uncertainties,
including the consent of its lenders. Subject to the development of more
complete information, the Company currently estimates that the impact on its
statement of operations could be an after tax loss in the range of $5 - 8
million and that the impact on its cash flow could range from a negative $2
million to a positive cash flow. These estimates may be significantly impacted
by the salability of several operations and other factors.
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DETREX CORPORATION
Liquidity, Financial Condition, and Capital Resources
The Company utilized a combination of internally generated funds and increased
borrowings of $1.5 million under the revolving credit facility to finance
operating activities, $1.1 million in capital expenditures, $500,000 in sale
preparation costs for property held for sale, and a $600,000 reduction in long
term debt during the first half of 2001.
In April, the Company negotiated a new credit facility with Comerica Bank (Note
3). In addition to extending the existing $13.0 million Revolving Credit
Agreement, $5.0 million became available to finance capital expenditures. At
June 30, 2001, the $5.0 million had not yet been utilized. The Company was not
in compliance with one of the financial covenants contained in the Agreement at
June 30, 2001, but Comerica has granted a waiver of the default, effective as of
that date. The Company and Comerica are negotiating an amendment to the
Agreement with revised terms and covenants.
Working capital at June 30, 2001 was $ 5.1 million, as compared to $6.9 million
at December 31, 2000. The company has paid no dividends since the second quarter
of 1991 and cannot forecast when the dividend will be restored.
Other
In July 2001, the Financial Accounting Standards Board issued SFAS No. 141,
"Business Combinations" and SFAS No. 142, "Goodwill and Other Intangible
Assets." SFAS No. 141 is effective immediately and SFAS No. 142 will be
effective January 2002. The new standards are not expected to have a significant
impact on the Company.
Many of the statements included in this quarterly report on Form 10-Q
("quarterly report") that do not relate to present or historical conditions are
"forward-looking statements" within the meaning of the private securities
litigation reform act of 1995 (the "1995 reform act"). Additional oral or
written forward looking statements may be made by or on behalf of the company
from time to time and such statements may be included in documents other than
this quarterly report. Such forward-looking statements involve a number of known
and unknown risks and uncertainties. While these statements represent the
company's current judgment with respect to its business, such risks and
uncertainties could cause actual results, performance and achievements, or
industry results, to differ materially from those suggested herein. The company
undertakes no obligation to release the result of any revisions to these
forward-looking statements, which may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
Forward-looking statements in this quarterly report and elsewhere may include,
without limitation, statements relating to the company's plans, strategies,
objectives, expectations, intentions and adequacy of resources. All
forward-looking statements in this quarterly report and elsewhere are intended
to be made pursuant to the safe harbor provisions of the 1995 reform act.
Factors that could cause results to differ materially from those projected in
the forward-looking statements include: market conditions, salability of the
businesses on favorable terms, availability of buyers, cooperation of lenders,
environmental remediation costs, liquidation value of assets, costs to exit
leased facilities, cost and availability of environmental liability insurance,
marketability of real estate, execution of projects in backlog, and retention of
key personnel.
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DETREX CORPORATION
PART II - OTHER INFORMATION
Item 4 SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS
(a) The 75th Annual Meeting of the Stockholders of Detrex
Corporation was held in Southfield, Michigan on the
26th day of April 2001.
Election of Messrs. Cox and Mark as Directors of the
Third Class to hold office for three year terms or
until their successors have been elected and qualify:
Mr. Cox Mr. Mark
------- --------
For 1,374,259 1,454,296
Against -- --
Abstain 109,429 29,392
Messrs. Emmett, King, Mangold, McCleary, Thalacker,
and Zimmer continue as directors. Mr. Withrow
declined to stand for re-election.
Item 6 EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - None
(b) A report on Form 8-K was filed on April 30, 2001
announcing that Thomas Mark was named Chief Executive
Officer of the Company, effective immediately.
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DETREX CORPORATION
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.
DETREX CORPORATION
Date August 14, 2001 T. E. Mark
--------------- ------------------------------------------------
T. E. Mark
President and Chief Executive Officer
Date August 14, 2001 S. J. Quinlan
--------------- ------------------------------------------------
S. J. Quinlan
Treasurer, Controller & Chief Accounting Officer
12