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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT - JULY 14, 1999
(Date of earliest event reported)
ALLIEDSIGNAL INC.
(Exact name of Registrant as specified in its Charter)
DELAWARE 1-8974 22-2640650
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification Number)
incorporation)
101 COLUMBIA ROAD, P.O. BOX 4000, MORRISTOWN, NEW JERSEY 07962-2497
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (973) 455-2000
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ITEM 5. OTHER EVENTS.
Results of Operations for Three-Month and Six-Month Periods Ended June 30, 1999
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AlliedSignal Inc. issued a press release on July 14, 1999 reporting
the following results of operations for the three-month and six-month
periods ended June 30, 1999:
AlliedSignal Inc.
Consolidated Statement of Income (Unaudited)
(In millions except per share amounts)
Three months Six months
ended June 30 ended June 30
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1999 1998 1999 1998
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Net sales $3,818 $3,869 $7,414 $7,515
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Cost of goods sold 3,045 (A) 2,949 5,754 (A) 5,758
Selling, general and administrative expenses 418 406 799 804
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Total costs and expenses 3,463 3,355 6,553 6,562
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Income from operations 355 514 861 953
Equity in income of affiliated companies (16) (A) 29 (4) (A) 63
Other income (expense) 277 (B) -- 292 (B) (1)
Interest and other financial charges (30) (32) (74) (66)
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Income before taxes on income 586 511 1,075 949
Taxes on income 186 161 340 299
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Net income $400 $350 $735 $650
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Earnings per share of common stock -
basic $0.72 $0.62 $1.33 $1.15
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Earnings per share of common stock -
assuming dilution $0.71 $0.61 $1.30 $1.13
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Weighted average number of shares
outstanding - basic 552 563 554 564
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Weighted average number of shares
outstanding - assuming dilution 565 577 567 578
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(A) Cost of goods sold includes a provision of $222 million for
repositioning and other charges. A charge of $36 million relating to the
writedown of an equity investment is included in equity in income of
affiliated companies. Total pretax repositioning and other charges were
$258 million (after-tax $156 million, or $0.28 per share).
(B) Includes the pretax gain of $268 million (after-tax $161 million, or
$0.29 per share) on the sale of our investment in AMP common stock.
AlliedSignal Inc.
Segment Data
(Dollars in Millions)
Three months ended June 30
Income From
Net Sales Operations
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1999 1998 1999 1998
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Aerospace Systems $1,202 $1,204 $245 $201
Specialty Chemicals & Electronic Solutions 517 589 75 112
Turbine Technologies 1,002 921 177 103
Performance Polymers 469 531 70 92
Transportation Products 615 609 47 35
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Total Businesses 3,805 3,854 614 543
Corporate & Unallocated 13 15 (37) (29)
Other (A) -- -- (222) --
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$3,818 $3,869 $355 $514
Total ============= ========== ====== =========
Six months ended June 30
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Income From
Net Sales Operations
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1999 1998 1999 1998
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Aerospace Systems $2,352 $2,334 $450 $396
Specialty Chemicals & Electronic Solutions 1,045 1,187 160 211
Turbine Technologies 1,865 1,741 311 191
Performance Polymers 924 1,058 134 165
Transportation Products 1,208 1,155 90 51
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Total Businesses 7,394 7,475 1,145 1,014
Corporate & Unallocated 20 40 (62) (61)
Other (A) -- -- (222) --
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$7,414 $7,515 $861 $953
Total ============= ========== ====== =========
(A) Other represents the provision for repositioning and other charges.
SIGNATURE
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 hereunto duly authorized.
Date: July 16, 1999 AlliedSignal Inc.
(Registrant)
By: /s/ Peter M. Kreindler
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Peter M. Kreindler
Senior Vice President,
General Counsel and Secretary