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EXHIBIT 20
FERRO CORPORATION
Consolidated Balance Sheets
As of September 30, 1995 (Unaudited) and December 31, 1994
Consolidate Statements of Income
For the Three Months and Nine Months Ended
September 30, 1995 and 1994 (Unaudited)
Consolidated Statements of Cash Flows
For the Three Months and Nine Months Ended
September 30, 1995 and 1994 (Unaudited)
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CONSOLIDATED BALANCE SHEET
FERRO CORPORATION AND SUBSIDIARIES
SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
(Dollars in Thousands)
(Unaudited) (Audited)
ASSETS 1995 1994
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Current Assets:
Cash $ 65,845 $ 19,822
Marketable Securities 24,980 -
Net Receivables 231,686 217,889
Inventories 155,351 142,133
Other Current Assets 31,269 35,571
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Total Current Assets $509,131 $415,415
Investments in Affiliated Companies 7,696 8,923
Unamortized Excess of Cost Over Net Assets Acquired 48,724 50,629
Other Assets 31,453 37,820
Net Plant and Equipment 304,349 288,589
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$901,353 $801,376
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LIABILITIES
Current Liabilities:
Notes and Loans Payable $ 23,906 $ 18,752
Accounts Payable, Trade 126,531 120,308
Income Taxes 10,451 8,553
Accrued Payrolls 21,000 15,553
Accrued Expenses and Other Current Liabilities 75,484 65,170
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Total Current Liabilities $257,372 $228,336
Long - Term Debt 130,482 77,611
ESOP Loan Guarantee 32,284 37,503
Deferred Income Taxes 18,204 17,309
Postretirement Liabilities 44,267 42,076
Other Liabilities 30,880 31,797
Shareholders' Equity 387,864 366,744
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$901,353 $801,376
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Consolidated Statements of Cash Flows
Ferro Corporation and Subsidiaries
Three Months Ended Nine Months Ended
September 30 September 30
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
(Dollars in Thousands) 1995 1994 1995 1994
Net Cash Provided from Operating Activities $ 34,602 $ 31,039 $ 72,958 $ 66,194
Cash Flow from Investing Activities:
Investment in Marketable Securities 25,004 20,620 (24,980) 38,335
Capital Expenditures for Plant and Equipment (11,402) (15,150) (37,244) (43,913)
Acquisition of Companies, net of cash acquired 0 (718) 0 (9,514)
Proceeds from Divestitures 1,569 0 2,497 3,156
Transactions with Affiliated Companies 1,833 (1,465) 1,833 126
Change in Restricted Deposits 4,800 0 4,365 (584)
Other Investing Activities 260 (1,430) 1,800 (132)
Net Cash (Used for) Provided by Investing Activities 22,064 1,857 (51,729) (12,526)
Cash Flow from Financing Activities:
Net Borrowings (Payments) under Short-Term Lines (3,716) 761 4,810 1,454
Proceeds from Long-Term Debt 0 0 49,322 0
Purchase of Treasury Stock (13,278) (11,923) (14,114) (32,160)
Cash Dividend Paid (4,858) (4,969) (14,643) (15,099)
Other Financing Activities 205 (71) 83 1,113
Net Cash (Used for) Provided by Financing Activities (21,647) (16,202) 25,458 (44,692)
Effect of Exchange Rate Changes on Cash (451) 226 (664) 1,149
Increase (Decrease) in Cash and Cash Equivalents 34,568 16,920 46,023 10,125
Cash and Cash Equivalents at Beginning of Period 31,277 18,321 19,822 25,116
Cash and Cash Equivalents at End of Period $ 65,845 $ 35,241 $ 65,845 $ 35,241
Cash Paid During the Period for:
Interest $ 1,901 $ 1,040 $ 8,095 $ 6,742
Income Taxes $ 10,170 $ 9,281 $ 24,492 $ 20,413
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CONSOLIDATED STATEMENTS OF INCOME
FERRO CORPORATION AND SUBSIDIARIES
Three Months Ended Nine Months Ended
September 30 September 30
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
(Dollars in Thousands) 1995 1994 1995 1994
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Segment Sales
Coatings, Colors, and Ceramics $185,435 $177,506 $589,565 $520,846
Plastics 61,403 65,423 208,225 197,893
Chemicals 64,003 53,874 190,009 161,613
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Total Net Sales $310,841 $296,803 $987,799 $880,352
Cost of Sales 240,853 223,110 748,779 659,522
Selling, Administrative and General Expenses 51,251 52,686 167,869 156,347
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Operating Income 18,737 21,007 71,151 64,483
Interest Expense 4,676 2,693 11,343 8,546
Net Foreign Currency (Gain) Loss (321) 20 90 755
Other (Income) Expense - Net (1,258) 564 (1,425) (157)
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Income before Taxes 15,640 17,730 61,143 55,339
Taxes on Income 5,815 6,098 23,564 20,417
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Net Income 9,825 11,632 37,579 34,922
Dividend on Preferred Stock, Net of Tax 919 898 2,743 2,678
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Net Income Available to Common Shareholders $ 8,906 $ 10,734 $ 34,836 $ 32,244
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Per Common Share Data:
Primary Earnings $0.32 $0.38 $1.24 $1.11
Fully Diluted Earnings $0.31 $0.36 $1.19 $1.06
Shares Outstanding:
Average Outstanding 27,913,904 28,350,428 27,995,032 28,976,931
Average Fully Diluted 30,323,976 30,807,467 30,428,405 31,440,834
Actual End of Period 27,344,105 28,031,485 27,344,105 28,031,485
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10/12/95