SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) January 16, 1997
PPG INDUSTRIES, INC.
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(Exact name of registrant as specified in its charter)
Pennsylvania 1-1687 25-0730780
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
One PPG Place, Pittsburgh, Pennsylvania 15272
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (412) 434-3131
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Not Applicable
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(Former Name or former address, if changed since last report.)
Item 5. Other Events
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On January 16, 1997, PPG Industries, Inc. issued the press release attached
hereto as Exhibit 20, which is incorporated by reference herein.
Item 7. Financial Statements and Exhibits
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(12) Computation of Ratio of Earnings to Fixed Charges (Exhibit 12 is
filed hereby so as to become, by way of incorporation by reference,
an exhibit to Registration Statement No. 33-64081 on Form S-3.)
(20) PPG Industries, Inc. press release dated January 16, 1997.
SIGNATURE
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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.
PPG INDUSTRIES, INC.
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(Registrant)
/s/ W.H. Hernandez
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W. H. Hernandez
Senior Vice President, Finance
Date: February 18, 1997
PPG INDUSTRIES AND CONSOLIDATED SUBSIDIARIES
CONDENSED STATEMENT OF OPERATIONS (unaudited)
(All amounts in millions except per-share data)
3 Months Ended 12 Months Ended
Dec. 31 Dec. 31
1996 1995 1996 1995
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Net sales $1,754.5 $1,722.4 $7,218.1 $7,057.7
Cost of sales 1,073.1 1,045.3 4,340.3 4,212.1
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GROSS PROFIT 681.4 677.1 2,877.8 2,845.6
Other expenses:
Selling & other 326.7 301.0 1,243.4 1,213.5
Depreciation 88.3 85.4 340.2 331.5
Interest 23.2 22.2 95.6 84.6
Other (earnings) charges
- net (11.8) 2.1 (41.0) (46.3)
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INCOME BEFORE INCOME
TAXES & MINORITY
INTEREST 255.0 266.4 1,239.6 1,262.3
Income taxes 96.9 101.3 471.0 479.7
Minority interest 6.0 3.9 24.6 15.0
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NET INCOME $ 152.1 $ 161.2 $ 744.0 $ 767.6
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EARNINGS PER SHARE $ 0.83 $ 0.83 $ 3.96 $ 3.80
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Avg. shares outstanding 183.9 195.9 187.8 202.0
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CONDENSED BALANCE SHEET (unaudited)
Dec. 31 Dec. 31
1996 1995
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(millions)
Current assets:
Cash & cash equivalents $ 69.6 $ 105.6
Receivables - net 1,225.6 1,245.1
Inventories 796.5 737.5
Other 204.7 187.3
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Total current assets 2,296.4 2,275.5
Investments 254.4 223.8
Property less accumulated depreciation 2,913.5 2,834.8
Other assets 977.1 860.2
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TOTAL $6,441.4 $6,194.3
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Current liabilities:
Short-term debt & current portion of
long-term debt $ 648.3 $ 485.3
Accounts payable & accrued liabilities 1,105.5 1,103.5
Income taxes 15.1 40.6
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Total current liabilities 1,768.9 1,629.4
Long-term debt 833.9 735.5
Deferred income taxes 419.1 354.9
Accumulated provisions 860.7 837.1
Minority interest 76.2 68.2
Shareholders' equity 2,482.6 2,569.2
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TOTAL $6,441.4 $6,194.3
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BUSINESS SEGMENT INFORMATION (unaudited)
3 Months Ended 12 Months Ended
Dec. 31 Dec. 31
1996 1995 1996 1995
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(millions)
Net sales
Coatings & Resins $ 727 $ 702 $2,902 $2,812
Glass 638 637 2,704 2,651
Chemicals 389 384 1,612 1,595
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TOTAL $1,754 $1,723 $7,218 $7,058
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Operating income
Coatings & Resins $ 116 $ 106 $ 529 $ 469
Glass 84 75 431 479
Chemicals 80 97 376 383
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TOTAL 280 278 1,336 1,331
Interest - net (20) (20) (85) (74)
Other unallocated
corporate (expense)
income - net (5) 8 (11) 5
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INCOME BEFORE INCOME
TAXES & MINORITY
INTEREST $ 255 $ 266 $1,240 $1,262
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