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EXHIBIT 20
FERRO CORPORATION
Consolidated Balance Sheets
As of March 31, 1996 (Unaudited) and December 31, 1995
Consolidated Statements of Income
For the Three Months Ended
March 31, 1996 and 1995 (Unaudited)
Consolidated Statements of Cash Flows
For the Three Months Ended
March 31, 1996 and 1995 (Unaudited)
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CONSOLIDATED BALANCE SHEET
FERRO CORPORATION AND SUBSIDIARIES
MARCH 31, 1996 AND DECEMBER 31, 1995
(Dollars in Thousands)
(Unaudited) (Audited)
ASSETS 1996 1995
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Current Assets:
Cash and Cash Equivalents $7,558 $16,695
Net Receivables 239,951 230,742
Inventories 157,874 155,253
Other Current Assets 35,280 29,676
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Total Current Assets $440,663 $432,366
Investments in Affiliated Companies 7,671 7,622
Unamortized Excess of Cost Over Net Assets Acquired 94,961 95,553
Other Assets 32,457 33,119
Net Plant & Equipment 300,957 307,288
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$876,709 $875,948
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LIABILITIES
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Current Liabilities:
Notes and Loans Payable $25,933 $35,587
Accounts Payable, Trade 128,455 115,889
Income Taxes 15,087 10,870
Accrued Payrolls 15,798 16,718
Accrued Expenses and Other Current Liabilities 79,210 78,244
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Total Current Liabilities $264,483 $257,308
Long - Term Debt 105,218 104,910
ESOP Loan Guarantee 28,332 30,470
Deferred Income Taxes 21,539 21,380
Postretirement Liabilities 44,003 43,570
Other Liabilities 30,701 36,160
Shareholders' Equity 382,433 382,150
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$876,709 $875,948
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CONSOLIDATED STATEMENTS OF INCOME
FERRO CORPORATION AND SUBSIDIARIES
Three Months Ended
March 31
(Unaudited) (Unaudited)
(Dollars in Thousands) 1996 1995
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Segment Sales
Coatings, Colors, and Ceramics $195,488 $202,819
Plastics 63,636 75,478
Chemicals 89,060 64,650
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Total Net Sales $348,184 $342,947
Cost of Sales 262,925 257,215
Selling, Administrative and General Expenses 58,768 60,735
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Operating Income 26,491 24,997
Interest Expense 3,322 3,076
Net Foreign Currency (Gain) Loss (267) 143
Other (Income) Expense - Net 2,052 375
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Income Before Taxes 21,384 21,403
Taxes on Income 8,233 8,307
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Net Income 13,151 13,096
Dividend on Preferred Stock, Net of Tax 931 911
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Net Income Available to Common Shareholders $12,220 $12,185
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Per Common Share Data:
Primary Earnings $0.45 $0.44
Fully Diluted Earnings $0.43 $0.41
Shares Outstanding:
Average Outstanding 26,934,790 27,985,977
Average Fully Diluted 29,449,994 30,458,096
Actual End of Period 26,676,272 27,815,359
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Consolidated Statements of Cash Flows
Ferro Corporation and Subsidiaries
Three Months Ended
March 31
(Unaudited) (Unaudited)
(Dollars in Thousands) 1996 1995
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Net Cash Provided from Operating Activities $27,143 $20,050
Cash Flow from Investing Activities:
Capital Expenditures for Plant and Equipment (12,048) (13,540)
Acquisition of Companies, net of cash acquired (5,500) 0
Proceeds From Divestitures 0 928
Change in Restricted Deposits 0 368
Other Investing Activities 437 282
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Net Cash (Used for) Provided by Investing Activities (17,111) (11,962)
Cash Flow from Financing Activities:
Net Borrowings (Repayments) Under Short-Term Lines (7,707) 6,248
Proceeds from Long-Term Debt 1,615 0
Purchase of Treasury Stock (8,795) (588)
Cash Dividend Paid (4,751) (4,896)
Other Financing Activities 504 146
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Net Cash (Used for) Provided by Financing Activities (19,134) 910
Effect of Exchange Rate Changes on Cash (35) (90)
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Increase (Decrease) in Cash and Cash Equivalents (9,137) 8,908
Cash and Cash Equivalents at Beginning of Period 16,695 19,822
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Cash and Cash Equivalents at End of Period $7,558 $28,730
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Cash Paid During the Period for:
Interest $1,245 $854
Income Taxes $4,569 $3,794
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