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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) MAY 13, 2002
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BLYTH, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-13026 36-2984916
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
ONE EAST WEAVER STREET, GREENWICH, CONNECTICUT 06831
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 661-1926
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Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events
See Exhibit 99.1 attached hereto.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(c) Exhibits
99.1 Press Release
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SIGNATURES
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.
BLYTH, INC.
Date: May 15, 2002 By: /s/ Bruce D. Kreiger
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Name: Bruce D. Kreiger
Title: Vice President & General Counsel
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Exhibit 99.1
[BLYTH LOGO]
CONTACT: FOR IMMEDIATE RELEASE
Robert H. Barghaus
Chief Financial Officer
(203) 661-1926, ext. 6668
Jane F. Casey
Vice President
(203) 661-1926 ext. 6619
BLYTH, INC. ACQUIRES CBK, LTD.
LEADING DESIGNER AND MARKETER OF PREMIUM EVERYDAY GIFTWARE AND HOME DECOR
TO COMPLEMENT BLYTH'S EXISTING CREATIVE EXPRESSIONS BUSINESSES
GREENWICH, CT, USA May 13, 2002: Blyth, Inc. (NYSE:BTH), a leader in the
candles, home fragrance and decorative accessories industry, today announced
that it has acquired all of the membership interest in CBK, Ltd., LLC, a
designer and marketer of premium everyday giftware and home decor, sold under
the CBK(TM) brand. The effective date of the acquisition was May 10, 2002.
Blyth purchased the interests in CBK for total cash consideration of
approximately $49.5 million. CBK will remain obligated on its indebtedness,
including approximately $4.8 million of long-term debt. The purchase price
reflects an EBIT multiple in keeping with the Company's practice and objectives.
Blyth anticipates CBK's annualized sales to be approximately $80 million and
that it will be accretive to its fiscal year 2003 earnings per share.
Commenting on the newest addition to the Blyth family of companies, Robert B.
Goergen, Blyth's Chairman and CEO, said, "CBK is a market leader in the large
and growing gifts and decorative accessories industry and fits solidly into
Blyth's Creative Expressions acquisition strategy. CBK's ability to capitalize
on emerging trends and speed product to market with one of the largest employee
sales forces in the industry makes it unique among its competitors. Moreover,
the members of CBK's strong management team, who will continue in their roles,
have delivered a history of significant sales and profit growth over the past
five years."
CBK was founded in 1979 by Carl and Robert Kirkland. The Company designs and
markets a wide range of products, including metal arts, such as planters, stands
and decorative accessories, picture frames, lamps, wicker furniture, garden
decor and other giftable products for the home. The CBK(TM) brand is sold by
more than 25,000 independent retailers throughout the United States. The
Company's products are sourced primarily from Asia. CBK(TM) brand products
consistently rank at the top of their competitive categories in point-of-sale
surveys conducted by giftware industry publications.
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John H. Dammermann, Vice President, and head of Blyth's Creative Expressions
segment, said, "CBK is an ideal addition to our Creative Expressions business as
its premium everyday products complement the largely seasonal offerings of
Midwest of Cannon Falls. The CBK(TM) brand is respected for its quality and
offers the newest trends in home decor to a wide audience at attractive price
points."
Randy Eller, CBK's President, joined the Company in 1987 from Russ Berrie and
Company, Inc. and held several positions of increasing responsibility in sales
and marketing prior to his appointment as President in 1996. Mr. Eller added,
"Joining Blyth offers numerous benefits to CBK. We expect that improved
operating efficiencies will result from leveraging the resources of Blyth's
Global Services Group, particularly for CBK's supply chain management
requirements. We would also expect that CBK's strong brand awareness among
retailers in the premium channel will help facilitate Blyth's growth in the
large giftware and decorative accessories industry."
CBK is headquartered in Union City, Tennessee. Additional information may be
found at the Company's website, www.cbkltd.com.
Blyth, Inc., headquartered in Greenwich, CT, USA, designs, manufactures and
markets an extensive line of candles and home fragrance products including
scented candles, potpourri and other fragranced products, as well as tabletop
illumination products and portable heating fuel, and markets a broad range of
related candle accessories. Its products are sold direct to the consumer under
the PartyLite(R) brand, to retailers in the mid-tier and premium retail
channels, under the Colonial Candle of Cape Cod(R), Kate's(TM) and Carolina(R)
brands, in the mass retail channel under the Florasense(R), Ambria(TM) and
FilterMate(R) brands and to the Foodservice industry, under the Ambria(TM),
Sterno(R) and HandyFuel(R) brand names. In Europe, its products are also sold
under the Gies, Ambria, Carolina, Colonial and Wax Lyrical brands. Blyth also
markets a broad range of Creative Expressions products, including decorative and
seasonal products under the Midwest of Cannon Falls(R) and Impact(TM) brands,
and paper-related products under the Jeanmarie(R) brand. Net Sales for the
twelve months ended January 31, 2002 totaled $1,199 million.
Blyth, Inc. can be found on the Internet at www.blythinc.com.
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
include statements concerning plans, objectives, goals, strategies, future
events or performance and underlying assumptions and other statements which are
other than statements of historical facts. Actual results could differ
materially due to various factors, including the current slowing of the United
States economy as a whole and the continuing weakness of the retail environment,
the effects of our restructuring, the risk that we will be unable to maintain
the Company's historic growth rate, the Company's ability to respond
appropriately to changes in product demand, the risks (including foreign
currency fluctuations, economic and political instability, transportation
delays, difficulty in maintaining quality control, trade and foreign tax laws
and others) associated with international sales and foreign products, risks
associated with our ability to
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recruit new independent sales consultants, our dependence on key management
personnel, risks associated with the sourcing of raw materials for our products,
competition in terms of price and new product introductions, and other factors
described in this press release and in the Company's Annual Report on Form 10-K
for the year ended January 31, 2002.
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