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EXHIBIT 20
FERRO CORPORATION
Consolidated Balance Sheets
As of March 31, 1997 (Unaudited) and December 31, 1996
Consolidated Statements of Income
For the Three Months Ended
March 31, 1997 and 1996 (Unaudited)
Consolidated Statements of Cash Flows
For the Three Months Ended
March 31, 1997 and 1996 (Unaudited)
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CONSOLIDATED BALANCE SHEET
FERRO CORPORATION AND SUBSIDIARIES
MARCH 31, 1997 AND DECEMBER 31, 1996
(Dollars in Thousands)
(Unaudited) (Audited)
ASSETS 1997 1996
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Current Assets:
Cash and Cash Equivalents $ 16,891 $ 14,026
Net Receivables 243,647 214,131
Inventories 145,008 149,343
Other Current Assets 41,532 39,022
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Total Current Assets $447,078 $416,522
Investments in Affiliated Companies 4,756 7,126
Unamortized Excess of Cost Over Net Assets Acquired 90,234 93,302
Other Assets 45,806 46,135
Net Plant and Equipment 301,565 307,383
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$889,439 $870,468
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LIABILITIES
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Current Liabilities:
Notes and Loans Payable $ 44,227 $ 30,200
Accounts Payable, Trade 119,469 113,156
Income Taxes 17,242 10,597
Accrued Payrolls 15,839 16,559
Accrued Expenses and Other Current Liabilities 80,004 81,821
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Total Current Liabilities $276,781 $252,333
Long-Term Debt 104,867 105,308
ESOP Loan Guarantee 20,224 22,592
Deferred Income Taxes 23,179 23,391
Postretirement Liabilities 45,306 44,846
Other Liabilities 39,528 37,794
Shareholders' Equity 379,554 384,204
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$889,439 $870,468
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CONSOLIDATED STATEMENTS OF INCOME
FERRO CORPORATION AND SUBSIDIARIES
Three Months Ended
March 31
(Unaudited) (Unaudited)
(Dollars in Thousands) 1997 1996
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Segment Sales
Coatings, Colors and Ceramics $ 202,545 $ 195,488
Plastics 59,241 63,636
Chemicals 80,411 89,060
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Total Net Sales $ 342,197 $ 348,184
Cost of Sales 255,770 262,925
Selling, Administrative and General Expenses 57,845 58,768
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Operating Income 28,582 26,491
Interest Expense 3,030 3,322
Net Foreign Currency (Gain) Loss (1,397) (267)
Other (Income) Expense - Net 2,463 2,052
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Income Before Taxes 24,486 21,384
Taxes on Income 9,292 8,233
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Net Income 15,194 13,151
Dividend on Preferred Stock, Net of Tax 941 931
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Net Income Available to Common Shareholders $ 14,253 $ 12,220
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Per Common Share Data:
Primary Earnings $ 0.55 $ 0.45
Fully Diluted Earnings $ 0.52 $ 0.43
Shares Outstanding:
Average Outstanding 25,931,456 26,934,790
Average Fully Diluted 28,243,135 29,449,994
Actual End of Period 25,595,936 26,676,272
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CONSOLIDATED STATEMENTS OF CASH FLOWS
FERRO CORPORATION AND SUBSIDIARIES
Three Months Ended
March 31
(Unaudited) (Unaudited)
(Dollars in Thousands) 1997 1996
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Net Cash Provided from Operating Activities $ 28,434 $ 27,143
Cash Flow from Investing Activities:
Capital Expenditures for Plant and Equipment (9,048) (12,048)
Acquisition of Companies, net of cash acquired 0 (5,500)
Other Investing Activities 516 437
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Net Cash (Used for) Provided by Investing Activities (8,532) (17,111)
Cash Flow from Financing Activities:
Net Borrowings (Payments) Under Short-Term Lines (6,234) (7,707)
Proceeds from Long-Term Debt 11 1,615
Principal Payments on Long-Term Debt (117) (47)
Purchase of Treasury Stock (5,751) (8,795)
Cash Dividend Paid (5,053) (4,751)
Other Financing Activities 913 551
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Net Cash (Used for) Provided by Financing Activities (16,231) (19,134)
Effect of Exchange Rate Changes on Cash (806) (35)
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Increase (Decrease) in Cash and Cash Equivalents 2,865 (9,137)
Cash and Cash Equivalents at Beginning of Period 14,026 16,695
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Cash and Cash Equivalents at End of Period $ 16,891 $ 7,558
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Cash Paid During the Period for:
Interest, net of amounts capitalized $ 1,504 $ 1,245
Income Taxes $ 2,477 $ 4,569
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