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EXHIBIT 20
FERRO CORPORATION
Consolidated Balance Sheets
As of March 31, 1995 (Unaudited) and December 31, 1994
Consolidated Statements of Income
For the Three Months Ended
March 31, 1995 and 1994 (Unaudited)
Consolidated Statements of Cash Flows
For the Three Months Ended
March 31, 1995 and 1994 (Unaudited)
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CONSOLIDATED BALANCE SHEET
FERRO CORPORATION AND SUBSIDIARIES
MARCH 31, 1995 AND DECEMBER 31, 1994
(Dollars in Thousands)
(Unaudited) (Audited)
ASSETS 1995 1994
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Current Assets:
Cash $ 28,730 $ 19,822
Net Receivables 238,756 217,889
Inventories 162,079 142,133
Other Current Assets 31,133 35,571
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Total Current Assets $460,698 $415,415
Investments in Affiliated Companies 8,684 8,923
Unamortized Excess of Cost Over Net Assets Acquired 51,979 50,629
Other Assets 36,114 37,820
Net Plant & Equipment 302,732 288,589
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$860,207 $801,376
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LIABILITIES
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Current Liabilities
Notes and Loans Payable $ 25,344 $ 18,752
Account Payable, Trade 136,945 120,308
Income Taxes 13,683 8,553
Accrued Payrolls 18,153 15,553
Accrued Expenses and Other Current Liabilities 73,259 65,170
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Total Current Liabilities $267,384 $228,336
Long-Term Debt 81,013 77,611
ESOP Loan Guarantee 35,580 37,503
Deferred Income Taxes 17,611 17,309
Postretirement Liabilities 42,756 42,076
Other Liabilities 32,523 31,797
Shareholders' Equity 383,340 366,744
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$860,207 $801,376
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CONSOLIDATED STATEMENTS OF INCOME
FERRO CORPORATION AND SUBSIDIARIES
Three Months Ended
March 31
(Unaudited) (Unaudited)
(Dollars in Thousands) 1995 1994
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Segment Sales
Coatings, Colors and Ceramics $ 202,819 $ 165,801
Plastics 75,478 65,683
Chemicals 64,650 51,840
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Total Net Sales $ 342,947 $ 283,324
Cost of Sales 257,215 212,382
Selling, Administrative and General Expenses 60,735 50,504
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Operating Income 24,997 20,438
Interest Expense 3,076 2,867
Net Foreign Currency (Gain) Loss 143 344
Other (Income) Expense - Net 375 (993)
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Income Before Taxes 21,403 18,220
Taxes on Income 8,307 6,896
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Net Income 13,096 11,324
Dividend on Preferred Stock, Net of Tax 911 886
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Net Income Available to Common Shareholders $ 12,185 $ 10,438
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Per Common Share Data:
Primary Earnings $ 0.44 $ 0.35
Fully Diluted Earnings $ 0.41 $ 0.34
Average Shares Outstanding 27,985,977 29,610,820
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CONSOLIDATED STATEMENTS OF CASH FLOWS
FERRO CORPORATION AND SUBSIDIARIES
Three Months Ended
March 31
(Unaudited) (Unaudited)
(Dollars in Thousands) 1995 1994
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Net Cash Provided from Operating Activities $ 20,050 $ 18,782
Cash Flow from Investing Activities:
Investment in Marketable Securities 0 (4,424)
Capital Expenditures for Plant and Equipment (13,540) (11,199)
Proceeds From Divestitures 928 3,156
Other Investing Activities 650 473
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Net Cash (Used for) Provided by Investing Activities (11,962) (11,994)
Cash Flow from Financing Activities:
Net Borrowings (Payments) Under Short-Term Lines 6,248 (2,556)
Purchase of Treasury Stock (588) (262)
Cash Dividend Paid (4,896) (5,102)
Other Financing Activities 146 1,241
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Net Cash (Used for) Provided by Financing Activities 910 (6,679)
Effect of Exchange Rate Changes on Cash (90) 153
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Increase (Decrease) in Cash and Cash Equivalents 8,908 262
Cash and Cash Equivalents at Beginning of Period 19,822 25,116
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Cash and Cash Equivalents at End of Period $ 28,730 $ 25,378
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Cash Paid During the Period for:
Interest $ 854 $ 716
Income Taxes $ 3,794 $ 3,376
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