SEC Filing | Hubbell Incorporated

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10Q / X / QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended JUNE 30, 1999 / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from TO Commission File Number 1-2958 HUBBELL INCORPORATED (Exact name of registrant as specified in its charter) STATE OF CONNECTICUT 06-0397030 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 584 DERBY MILFORD ROAD, ORANGE, CT 06477 (Address of principal executive offices) (Zip Code) (203) 799-4100 (Registrant's telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO The number of shares of registrant's classes of common stock outstanding as of August 9, 1999 were: Class A ($.01 par value) 10,421,000 Class B ($.01 par value) 54,562,000

2 INDEX HUBBELL INCORPORATED Part I. Financial Information PAGE Item 1. Financial Statements Consolidated balance sheets - June 30, 1999 (unaudited) and December 31, 1998 3 Consolidated statements of income (unaudited) - Three months ended June 30, 1999 and 1998, Six months ended June 30, 1999 and 1998 4 Consolidated statements of cash flows (unaudited) - Six months ended June 30, 1999 and 1998 5 Notes to consolidated financial statements - June 30, 1999 6-8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9-12 Part II. Other Information Item 1. Legal Proceedings N/A Item 2. Changes In Securities and Use of Proceeds N/A Item 3. Defaults upon Senior Securities N/A Item 4. Submission of Matters to a Vote of Security Holders 13 Item 5. Other Information N/A Item 6. Exhibits and Reports on Form 8-K 14 Signatures 14 2

3 HUBBELL INCORPORATED PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET (IN MILLIONS) (Unaudited) June 30, 1999 December 31, 1998 ------------- ----------------- ASSETS Current Assets: Cash and temporary cash investments $ 20.4 $ 30.1 Accounts receivable (net) 241.4 200.2 Inventories 303.1 300.9 Prepaid taxes 27.4 24.0 Other 10.4 9.6 ---------- ---------- TOTAL CURRENT ASSETS 602.7 564.8 Property, Plant and Equipment (net) 317.9 310.1 Other Assets: Investments 209.2 197.3 Purchase price in excess of net assets of companies acquired (net) 236.8 232.6 Property held as investment 11.8 12.0 Other 74.1 73.6 ---------- ---------- $ 1,452.5 $ 1,390.4 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Commercial paper and notes $ 173.1 $ 113.3 Accounts payable 69.8 69.8 Accrued salaries, wages and employee benefits 30.9 26.6 Accrued income taxes 33.5 31.1 Dividends payable 20.8 20.4 Accrued consolidation and streamlining charge 10.0 10.0 Other accrued liabilities 61.4 73.8 ---------- ---------- TOTAL CURRENT LIABILITIES 399.5 345.0 Long-Term Debt 99.6 99.6 Other Non-Current Liabilities 95.0 104.1 Deferred Income Taxes 3.3 1.1 Shareholders' Equity 855.1 840.6 ---------- ---------- $ 1,452.5 $ 1,390.4 ========== ========== See notes to consolidated financial statements 3

4 HUBBELL INCORPORATED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 ------- ------- 1999 1998 1999 1998 ---- ---- ---- ---- NET SALES $368.6 $372.5 $736.1 $712.2 Cost of goods sold 258.1 256.2 518.5 491.4 ------- ------- ------- ------- GROSS PROFIT 110.5 116.3 217.6 220.8 Selling & administrative Expenses 54.6 56.2 109.9 107.5 ------- ------- ------- ------- OPERATING INCOME 55.9 60.1 107.7 113.3 ------- ------- ------- ------- OTHER INCOME (EXPENSE): Investment income 3.4 4.1 6.8 8.1 Interest expense (4.1) (2.6) (7.6) (4.3) Other income (expense), net 3.1 (.7) 5.0 (1.2) ------- ------- ------- ------- TOTAL OTHER INCOME, NET 2.4 .8 4.2 2.6 ------- ------- ------- ------- INCOME BEFORE INCOME TAXES 58.3 60.9 111.9 115.9 Provision for income taxes 15.2 16.7 29.1 31.9 ------- ------- ------- ------- NET INCOME $43.1 $44.2 $82.8 $84.0 ======= ======= ======= ======= EARNINGS PER SHARE - BASIC $0.66 $0.67 $1.27 $1.26 ======= ======= ======= ======= EARNINGS PER SHARE - DILUTED $0.65 $0.65 $1.25 $1.23 ======= ======= ======= ======= CASH DIVIDENDS PER COMMON SHARE $0.32 $0.31 $0.63 $0.60 ======= ======= ======= ======= See notes to consolidated financial statements. 4

5 HUBBELL INCORPORATED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (IN MILLIONS) SIX MONTHS ENDED JUNE 30 ---------------------- CASH FLOWS FROM OPERATING ACTIVITIES 1999 1998 ---- ---- Net income $ 82.8 $ 84.0 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 28.8 25.9 Deferred income taxes (1.2) 1.0 Expenditures for streamlining, consolidation and restructuring (2.7) (1.6) Changes in assets and liabilities, net of the effect of business acquisitions: (Increase)/Decrease in accounts receivable (40.2) (15.6) (Increase)/Decrease in inventories .9 (6.5) (Increase)/Decrease in other current assets 1.2 17.4 Increase/(Decrease) in current operating liabilities (15.5) (16.1) (Increase)/Decrease in other, net (.7) .8 ------- ------ Net cash provided by operating activities 53.4 89.3 ----- ----- CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of businesses (13.3) (20.5) Additions to property, plant and equipment (32.3) (44.1) Purchases of investments (27.1) (17.5) Repayments and sales of investments 15.2 11.0 Other, net 1.5 2.1 ------ ------ Net cash used in investing activities (56.0) (69.0) ------- ------ CASH FLOWS FROM FINANCING ACTIVITIES Payment of dividends (40.6) (38.9) Commercial paper and notes - borrowings 59.8 57.8 Exercise of stock options 4.3 4.3 Acquisition of treasury shares (30.6) (60.9) -------- ------ Net cash used in financing activities (7.1) (37.7) -------- ------ Decrease in cash and temporary cash investments (9.7) (17.4) CASH AND TEMPORARY CASH INVESTMENTS Beginning of period 30.1 75.2 ------ ------ End of period $ 20.4 $ 57.8 ====== ====== See notes to consolidated financial statements 5

6 HUBBELL INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three- and six-month periods ended June 30, 1999 are not necessarily indicative of the results that may be expected for the year ended December 31, 1999. The balance sheet at December 31, 1998 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Hubbell Incorporated Annual Report on Form 10-K for the year ended December 31, 1998. 2. INVENTORIES ARE CLASSIFIED AS FOLLOWS: (IN MILLIONS) JUNE 30, DECEMBER 31, 1999 1998 ---- ---- Raw Material $108.2 $ 104.9 Work-in-Process 76.5 79.6 Finished Goods 164.5 162.0 ------ ------ 349.2 346.5 Excess of current production costs over LIFO cost basis 46.1 45.6 ------- ------- $303.1 $300.9 ====== ====== 3. SHAREHOLDERS' EQUITY COMPRISES: (IN MILLIONS) JUNE 30, DECEMBER 31, 1999 1998 ---- ---- Common Stock, $.01 par value: Class A-authorized 50,000,000 shares, outstanding 10,474,021 and 10,781,483 shares $ .1 $ .1 Class B-authorized 150,000,000 shares outstanding 54,521,265 and 54,813,287 shares .5 .5 Additional paid-in-capital 371.0 397.8 Retained earnings 497.5 455.7 Unrealized holding gains (losses) on securities --- .1 Cumulative translation adjustments (14.0) (13.6) -------- --------- $855.1 $840.6 ====== ====== 6

7 HUBBELL INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) 4. There were no acquisitions completed during the second quarter of 1999. During the first quarter of 1999, the Company's Power Segment acquired assets used in the manufacture and supply of high voltage underground cable accessory products and technology for the electrical utility market for a cash purchase price of $13.3 million. During the first half of 1998, the Company acquired three product lines and associated assets for an aggregate cash purchase price of $20.5 million, including the business and assets of Siescor Technologies, Inc., which was acquired at the beginning of the second quarter. The costs of the acquired businesses have been allocated to assets acquired and liabilities assumed based on fair values with the residual amount assigned to goodwill, which is being amortized over forty years. The businesses have been included in the financial statements as of their respective acquisition date and had no material effect on the Company's financial position and reported earnings during the respective periods. 5. The following table sets forth the computation of earnings per share for the three and six months ended June 30 (in millions except per share data): THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 ------- ------- 1999 1998 1999 1998 ---- ---- ---- ---- Net Income $43.1 $44.2 $82.8 $84.0 ===== ===== ===== ===== Weighted average number of common shares outstanding during the period 65.0 66.2 65.2 66.5 Common equivalent shares 1.2 1.8 1.1 1.9 ------ ------ ------ ------ Average number of shares outstanding 66.2 68.0 66.3 68.4 Earnings per share: Basic $0.66 $0.67 $1.27 $1.26 Diluted $0.65 $0.65 $1.25 $1.23 6. COMPREHENSIVE INCOME Total comprehensive income was $43.0 and $82.4 for the three and six-months ended June 30, 1999 and $42.0 and $82.1 for the three and six-months ended June 30, 1998. 7

8 HUBBELL INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED) 7. The following table sets forth financial information by industry segment for the three and six-months ended June 30 (in millions): Industry Segment THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30 JUNE 30 ------- ------- 1999 1998 1999 1998 ---- ---- ---- ---- Net Sales Electrical $220.0 $205.1 $440.2 $396.3 Power 102.4 97.7 199.9 191.9 Telecommunications 27.9 50.1 60.9 84.8 Other 18.3 19.6 35.1 39.2 ------- ------- ------- ------- Total $368.6 $372.5 $736.1 $712.2 ====== ====== ====== ====== Operating Income Electrical $ 39.8 $ 37.6 $ 76.2 $ 71.5 Power 13.7 12.2 26.2 24.4 Telecommunications 0.6 8.2 2.4 13.9 Other 1.8 2.1 2.9 3.5 ------- ------- ------- ------- Segment Total 55.9 60.1 107.7 113.3 Interest Expense (4.1) (2.6) (7.6) (4.3) Investment and Other Income, Net 6.5 3.4 11.8 6.9 ------- ------- ------- ------- Income Before Income Taxes $ 58.3 $ 60.9 $111.9 $115.9 ====== ====== ====== ====== 8. The issuance of FAS No. 133 - "Accounting for Derivative Instruments and Hedging Activity" effective in 2001 requires the recognition of all derivatives as either assets or liabilities on the consolidated balance sheet at fair value. This will change the current practices of the Company, but it is not expected to have a significant impact on financial position or results of operations. 9. SUBSEQUENT EVENT On July 15, 1999, the Company completed the purchase of the Haefely high voltage test and instrumentation business from Trench Switzerland AG for $25 million. Based in Switzerland, the product lines acquired include high voltage test and measurement and a full line of electromagnetic test equipment. This acquisition is not expected to have any material effect on the Company's financial position and reported earnings. 8

9 HUBBELL INCORPORATED ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS JUNE 30, 1999 RESULTS OF OPERATIONS Consolidated net sales for the second quarter were down slightly versus the comparable period of the prior year. Sales improvements at the Company's largest segments, Electrical and Power Products, combined with the first quarter 1999 acquisition of high voltage underground cable accessory product assets and six product lines in 1998, were more than offset by significantly lower shipments from the company's Telecommunications Segment. For the year-to-date period, sales improved more than 3% due principally to the product line acquisitions and higher shipments from the Company's two largest segments, which together account for more than 85% of combined revenues. Operating income for the quarter and year-to-date period declined due to the lower Telecommunications volume and a year-over-year increase in new product development costs within this segment. Operating income at the largest segments, Electrical and Power Products, improved during the three and six month periods of 1999 versus 1998 on higher volumes and profitability improvements. Segment Results Electrical Segment sales increased more than 7% for the second quarter and 11% year-to-date on higher shipments of generally all products within the segment and the effect of the acquisition of three lighting businesses during 1998. Operating income also increased in response to the strong volumes. Margin levels for the quarter and year-to-date were essentially even with those of the comparable periods of the prior year despite an increased emphasis of lower margin commercial products in the segment's overall sales mix and lower initial margins of newly acquired businesses. Power Segment sales increased in excess of 4% for the second quarter and six months of 1999 versus 1998. The effect of the acquisition of the underground cable accessory products business in 1999 and higher shipments of generally all products within the segment contributed equally to the increase. Operating income increased at more than the rate of increase in sales due to improved operating efficiencies from the consolidation and streamlining program, partially offset by continued weakness in international markets and price declines in select products. Telecommunications Segment sales and margins declined sharply for the quarter and year-to-date period versus comparable periods of the prior year. At Pulse Communications, Inc. ("Pulse"), the Company's telecommunications subsidiary, orders from the telephone operating companies for the subsidiary's multiplexing products declined substantially versus the same periods of 1998. Concurrently, the subsidiary's investment in DSL product development continued at a high rate. The Company, together with its external advisors, is reviewing strategic alternatives with respect to a possible investment by a partner in the subsidiary's WavePacer(TM) DSL business, a division of Pulse. 9

10 HUBBELL INCORPORATED MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS JUNE 30, 1999 (CONTINUED) The Other Industry Segment sales declined 7% for the quarter and 10% for the first six months of 1999 due to a decline in the capital goods markets in the United States, in particular machine tools and steel, and weaker international sales. Operating profits declined due to volume and an increase in commercial versus industrial products in the segment's overall mix of sales. The effective income tax rate for 1999 was 26.0% versus 27.5% in 1998. The decrease in the effective tax rate reflects a higher level of tax benefit from Puerto Rico operations. Other income net has increased primarily as a result of insurance recoveries received in connection with damage sustained from Hurricane Georges in 1998. Year-to-date net income was slightly lower and diluted earnings per share were essentially even with the comparable year-ago period. The Company's consolidation and streamlining program is proceeding according to management's plan. At June 30, 1999, the accrual balance was $22.2 million. Through June 30, 1999, cumulative costs charged to the consolidation and streamlining accrual were $22.4 million as follows (in millions): Employee Asset Exist Other Benefits Disposals Costs Costs Total 1997 Streamlining Charge $15.6 $18.0 $6.1 $4.9 $44.6 Amounts Utilized in 1997 (0.6) (7.3) (0.1) (4.9) (12.9) Amounts Utilized in 1998 (3.8) (2.4) (0.6) --- (6.8) Amounts Utilized in 1999 (0.6) (2.1) --- --- (2.7) -------- ------- ------- ------ ------- Remaining Reserve $10.6 $ 6.2 $ 5.4 $ --- $22.2 ===== ===== ===== ===== ===== FINANCIAL CONDITION At June 30, 1999, the Company's financial position remained strong with working capital of $203.2 million and a current ratio of 1.5 to 1. Total borrowings at June 30, 1999, were $272.7 million, 31.9% of shareholder's equity. The net decline in cash and temporary cash investments of $9.7 million for the six months ended June 30, 1999, reflects the following: investments in plant and equipment as part of the consolidation and streamlining initiative, the acquisition of treasury shares under the Company's share repurchase program, and quarterly dividend payments, offset by cash provided from operating activities and the issuance of commercial paper. Net cash provided by operating activities exceeded $50 million and reflects a higher accounts receivable balance due primarily to higher sales. 10

11 HUBBELL INCORPORATED MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS JUNE 30, 1999 (CONTINUED) The Company believes that currently available cash, borrowing facilities, and its ability to increase its credit lines, if needed, combined with internally generated funds, should be more than sufficient to fund capital expenditures as well as any increase in working capital that would be required to accommodate a higher level of business activity. IMPACT OF THE YEAR 2000 ISSUE The Year 2000 Issue is the result of computer programs being written using two digits rather than four to define the applicable year. Any of the Company's computer programs that have date-sensitive software may recognize a date using "00" as the Year 1900 rather than the Year 2000. This could result in a system failure or miscalculations causing disruptions of operations, including, among other things, a temporary inability to process transactions, send invoices, or engage in similar normal business activities. During 1995, the Company established a task force to assess the impact the Year 2000 could have on the Company's operations and its relationship with customers and vendors and to develop appropriate action plans. The action plans address the required modification or replacement of software and equipment utilized in the Company's operations along with a timetable and estimated costs. Cost for replacement of software and equipment are capitalized in accordance with Company policies while costs of modifications are expensed as incurred. Total expenditures are estimated to be $20 million with approximately 90% having been spent to date. The action plans also address the impact that suppliers and customer Year 2000 issues may have on the Company. The Company relies on third party suppliers for materials, utilities, transportation, banking and key services. Efforts to evaluate supplier's Year 2000 readiness and to determine alternatives and contingency plans such as alternate supply sources and accumulation of inventory are substantially complete. Approaches to reducing supply disruptions will vary by business and facility and are intended as a means of managing the risk but cannot eliminate the potential for disruption due to a third party. The Company is also dependent upon its customers for sales and cashflow. Interruptions in our customers' operation from Year 2000 issues could result in reduced sales, increased inventories or receivables and lower cashflows. While these events are possible, the diversity of the Company's customer base is broad enough to minimize the effects of a single occurrence. Steps are being taken to monitor customers' Year 2000 readiness, including testing of transactions, as a means of determining risks and alternatives. At this time, activities have been progressing in accordance with the action plans and executive management is monitoring programs. While the Company believes its efforts to address the Year 2000 Issue will be successful in avoiding any material adverse effect on the Company's operations or financial condition, it recognizes that failing to resolve Year 2000 issues on a timely basis would, in a "most reasonably likely worst case scenario", significantly limit its ability to manufacture and distribute its products and process its daily business transactions for a period of time, especially if such failure is coupled with third party or infrastructure failures. Similarly, the Company could be significantly affected by the failure of one or more significant suppliers, customers or components of 11

12 HUBBELL INCORPORATED MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS JUNE 30, 1999 (CONTINUED) the infrastructure to conduct their respective operations after 1999. Adverse effects on the Company could include, among other things, business disruption, increased costs, loss of business and other similar risks. MARKET RISKS In the operation of its business, the Company has identified market risk exposures to foreign currency exchange rates, raw material prices and interest rates. There have not been any material changes affecting the identified risks or the Company's strategy for managing the exposures from the preceding fiscal year. FORWARD-LOOKING STATEMENTS Certain statements made in the discussion of Financial Condition and Results of Operations are forward-looking. Certain statements under the caption "Impact of the Year 2000 Issue" are also forward-looking. These may be identified by the use of forward-looking words or phrases, such as "believe", "expect", "anticipate", "should", "plan", "estimated", "potential", "target", "goals", and "scheduled", among others. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company is hereby identifying important factors that could cause actual results to differ materially from those contained in the specified statements. The Company notes that a variety of factors could cause the Company's assessment of Year 2000 issues to differ materially from the actual impact of Year 2000 issues. The risks and uncertainties that may affect the Company's assessment of Year 2000 issues includes (1) the complexity involved in ascertaining all situations in which Year 2000 issues may arise; (2) the ability of the Company to obtain the services of sufficient personnel to implement the program; (3) possible increases in the cost of personnel required to implement the program; (4) absence of delays in scheduled deliveries of new hardware and software from third party suppliers; (5) the receipt and the reliability of responses from suppliers, customers and others to whom compliance inquiries are being made; (6) the ability of material third parties to bring their affected systems into compliance and (7) absence of unforeseen events which could delay timely implementation of the program. 12

13 HUBBELL INCORPORATED PART II -- OTHER INFORMATION ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS At the Annual Meeting of Shareholders held on May 3, 1999: 1. The following eight (8) individuals were elected directors of the Company for the ensuing year to serve until the next Annual Meeting of Shareholders of the Company and until their respective successors may be elected and qualified, the affirmative votes being a majority of the voting power of all outstanding eligible shares all voting as a single class: NAME OF INDIVIDUAL VOTES FOR VOTES WITHHELD ------------------ --------- -------------- G. Jackson Ratcliffe 233,126,136 2,675,843 Andrew McNally IV 233,055,018 2,746,961 John A. Urquhart 234,403,671 1,398,308 George W. Edwards, Jr 232,993,761 2,808,218 E. Richard Brooks 234,340,050 1,461,929 Daniel J. Meyer 234,288,528 1,513,451 Malcolm Wallop 233,905,591 1,896,388 Joel S. Hoffman 234,309,723 1,492,256 2. PricewaterhouseCoopers LLP was ratified as independent accountants to examine the annual financial statements for the Company for the year 1999 receiving 234,969,257 affirmative votes, being a majority of the votes cast on the matter all voting as a single class, with 453,691 negative votes and 379,012 votes abstained. 3. The proposal relating to approval of an amendment to the Company's 1973 Stock Option Plan for Key Employees, which appears on pages 20 to 23 of the proxy statement, dated March 22, 1999 (the "Proxy Statement"), which proposal is incorporated herein by reference, has been approved with 223,699,589 affirmative votes, being a majority of the votes cast on the matter all voting as a single class (and representing a majority of the votes entitled to be cast), with 9,954,887 negative votes and 2,147,449 votes abstained. 4. The shareholder proposal relating to Board diversity, which appears on pages 23 to 25 of the Proxy Statement, which proposal is incorporated herein by reference, has been rejected with 17,915,749 affirmative votes, being the affirmative vote of less than a majority of the votes cast on the matter all voting as a single class, with 190,286,368 negative votes, being a majority of the votes cast on the matter all voting as a single class, and 3,883,974 votes abstained. 13

14 HUBBELL INCORPORATED PART II -- OTHER INFORMATION ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K EXHIBITS NUMBER DESCRIPTION 27. Financial Data Schedule (Electronic filings only) REPORTS ON FORM 8-K There were no reports on Form 8-K filed for the three months ended June 30, 1999. 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 thereunto duly authorized. HUBBELL INCORPORATED Dated: /s/ T. H. Powers ------------------------- Timothy H. Powers Senior Vice President and Chief Financial Officer 14

5 1,000 6-MOS DEC-31-1999 JUN-30-1999 7,828 12,536 247,726 6,271 303,134 602,709 633,784 315,912 1,452,516 399,496 99,613 0 0 650 854,433 1,452,516 736,104 736,104 518,542 518,542 5,059 166 7,675 111,919 29,099 82,820 0 0 0 82,820 1.27 1.25