<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2000
-------------------------------------------------
Commission File Number 333-51355
----------------------------------------------------------
NUMATICS, INCORPORATED
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Michigan 38-2955710
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
1450 North Milford Road, Milford, Michigan 48357
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(248) 887-4111
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
- --------------------------------------------------------------------------------
(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 _____
-----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
Common Stock - 21,276.2 shares as of May 5, 2000
<PAGE>
INDEX
NUMATICS, INCORPORATED AND SUBSIDIARIES
Page No. Description
-----------------------------------------------------------------------------
1 PART I. FINANCIAL INFORMATION
1 Item 1 Consolidated Financial Statements (Unaudited)
4 Notes to Consolidated Financial Statements (Unaudited)
11 Item 2 Management's Discussion and Analysis of Financial
Condition and Results of Operations
12 Item 3 Quantitative and Qualitative Disclosures About Market
Risk
13 PART II. OTHER INFORMATION
13 Item 6 Exhibits and Reports on Form 8-K
13 Signatures
14 Exhibit 27 Financial Data Schedule
ii
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Numatics, Incorporated
Consolidated Statements of Operations
<TABLE>
<CAPTION>
(Unaudited)
Three Months Ended
March 31
----------------------------
2000 1999
------------ ------------
<S> <C> <C>
Net sales $ 37,129,791 $ 34,367,875
Costs and expenses:
Costs of products sold 22,456,180 21,722,687
Marketing, engineering, general and administrative 8,540,323 7,771,996
Single business tax 114,100 138,480
------------ ------------
Operating income 6,019,188 4,734,712
Other expenses
Interest and other financing expenses 4,180,578 3,885,994
Other 599,102 937,305
------------ ------------
Income (loss) before income taxes 1,239,508 (88,587)
Income taxes 560,782 183,854
------------ ------------
Net income (loss) $ 678,726 $ (272,441)
============ ============
</TABLE>
See accompanying notes.
1
<PAGE>
Numatics, Incorporated
Consolidated Balance Sheets
<TABLE>
<CAPTION>
(Unaudited)
March 31 December 31
2000 1999
------------- -------------
<S> <C> <C>
ASSETS
Current assets:
Cash and equivalents $ 933,666 $ 1,552,063
Accounts receivable 23,237,193 23,964,195
Inventories 37,190,285 35,377,585
Other current assets 3,613,052 3,816,348
------------- -------------
Total current assets 64,974,196 64,710,191
Other assets:
Goodwill, net of accumulated amortization 5,893,919 6,123,496
Other intangible assets, net of accumulated amortization 4,913,969 5,217,320
Deferred income taxes 3,000,214 2,609,032
Investment in affiliates 2,321,870 2,294,454
Other 250,977 386,002
------------- -------------
16,380,949 16,630,304
Properties:
Land 1,374,761 1,489,357
Buildings and improvements 14,312,545 14,099,546
Machinery and equipment 49,234,762 48,190,493
------------- -------------
64,922,068 63,779,396
Less accumulated depreciation (31,824,791) (30,567,303)
------------- -------------
33,097,277 33,212,093
------------- -------------
$ 114,452,422 $ 114,552,588
============= =============
LIABILITIES AND ACCUMULATED DEFICIENCY
Current liabilities:
Accounts payable trade $ 9,133,989 $ 10,370,630
Accrued expenses 7,979,498 4,568,094
Compensation and employee benefits 3,481,774 4,614,723
Income and single business tax 901,625 580,713
Current portion of long term debt 3,482,077 3,414,651
------------- -------------
Total current liabilities 24,978,963 23,548,811
Long term debt, less current portion 156,446,283 158,977,572
Deferred retirement benefits 5,401,838 5,173,025
Deferred income taxes -- 63,594
Minority interest in subsidiaries (redeemable upon the
happening of certain events outside the control of
the Company: $772,201 in 2000 and $1,015,818
in 1999) 710,645 683,987
Common stock $.01 par value, 250,000 shares authorized;
21,276 shares outstanding and related
additional paid in capital 4,602,151 4,602,151
Accumulated deficiency (77,534,532) (78,213,258)
Equity adjustment from foreign currency translation (152,926) (283,294)
------------- -------------
(73,085,307) (73,894,401)
------------- -------------
$ 114,452,422 $ 114,552,588
============= =============
</TABLE>
See accompanying notes.
2
<PAGE>
Numatics, Incorporated
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
(Unaudited)
Three Months Ended
March 31
--------------------------
2000 1999
----------- -----------
<S> <C> <C>
Operating activities
Net income (loss) $ 678,726 $ (272,441)
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation 1,328,458 1,199,167
Amortization 341,188 201,788
Minority interest expense 26,658 31,694
Deferred taxes (407,567) (227,397)
Deferred retirement benefits 228,813 221,619
Unrealized foreign currency losses 380,387 758,911
Changes in operating assets and liabilities:
Trade receivables 565,912 (1,892,597)
Inventories (2,114,673) (500,256)
Other current assets 455,378 279,219
Accounts payable and accrued expenses 2,241,757 2,913,728
Compensation and employee benefits (1,142,750) (483,832)
Income and single business taxes 337,038 292,458
----------- -----------
Net cash provided by operating activities 2,919,325 2,522,061
Investing activities
Capital expenditures (1,458,947) (1,999,203)
Other investments 5,434 (300,436)
----------- -----------
Net cash used in investing activities (1,453,513) (2,299,639)
Financing activities
Proceeds from long-term borrowing -- 108,856
Debt repayments (2,161,825) (431,510)
Debt issuance costs -- (6,467)
----------- -----------
Net cash used in financing activities (2,161,825) (329,121)
Effect of exchange rate changes on cash 77,616 (77,929)
----------- -----------
Net decrease in cash and cash equivalents (618,397) (184,628)
Cash and equivalents at beginning of period 1,552,063 1,121,142
----------- -----------
Cash and equivalents at end of period $ 933,666 $ 936,514
=========== ===========
</TABLE>
See accompanying notes.
3
<PAGE>
NUMATICS, INCORPORATED
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2000
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. 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 accruals) considered necessary for a fair presentation have
been included. Operating results for the three-month period ended March 31, 2000
are not necessarily indicative of the results that may be expected for the year
ending December 31, 2000.
The balance sheet at December 31, 1999 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 Numatics, Incorporated annual report on Form
10-K for the year ended December 31, 1999.
2. COMPREHENSIVE INCOME
The components of comprehensive income for three-month periods ended March 31,
2000 and 1999 are as follows:
Three Months Ended
March 31
-----------------------------------
2000 1999
--------------- ----------------
Net income (loss) $ 678,726 $ (272,441)
Foreign currency translation
adjustments 130,368 146,550
--------------- ----------------
$ 809,094 $ (125,891)
=============== ================
The components of accumulated comprehensive income at March 31, 2000 and
December 31, 1999 are as follows:
3/31/2000 12/31/1999
---------------- ----------------
Foreign currency translation
adjustments $ (152,926) $ (283,294)
================ ================
4
<PAGE>
NUMATICS, INCORPORATED
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2000
3. SEGMENT AND GEOGRAPHIC INFORMATION
The Company reports its segments based on geographic area. The operating
segments' accounting policies are consistent with those described in Note 1.
Financial information, summarized by geographic area, is as follows:
Three Months Ended March 31
2000 1999
----------------------------------------
Net sales:
North America $ 31,191,284 $ 28,459,998
International 5,938,507 5,907,877
----------------------------------------
$ 37,129,791 $ 34,367,875
========================================
Three Months Ended March 31
2000 1999
----------------------------------------
Operating income:
North America $ 5,622,273 $ 4,816,061
International 396,915 (81,349)
----------------------------------------
$ 6,019,188 $ 4,734,712
========================================
5
<PAGE>
NUMATICS, INCORPORATED
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2000
4. GUARANTOR AND NON-GUARANTOR SUBSIDIARIES
The $115 million of 9 5/8 % senior subordinated notes issued by Numatics, Inc.
in 1998 are guaranteed by the Company's United States subsidiaries in which it
owns 100 % of the voting stock. Each of the Guarantor Subsidiaries has fully and
unconditionally guaranteed, on a joint and several basis, the obligation to pay
principal, premium, if any, and interest and Liquidated Damages on the Notes.
The following supplemental consolidating condensed financial statements present:
1. Consolidating condensed balance sheets as of March 31, 2000 and December 31,
1999, consolidating condensed statements of operations for the three month
periods ended March 31, 2000 and 1999 and consolidating condensed statements of
cash flows for the three months ended March 31, 2000 and 1999.
2. Numatics, Incorporated (the Parent), combined Guarantor Subsidiaries and
combined Non-Guarantor Subsidiaries (consisting of the Parent's foreign
subsidiaries).
3. Elimination entries necessary to consolidate the Parent and all of its
subsidiaries.
Management does not believe that separate financial statements of the Guarantor
Subsidiaries are material to investors. Therefore, separate financial statements
and other disclosures concerning the Guarantor Subsidiaries are not presented.
6
<PAGE>
NUMATICS, INCORPORATED
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2000
4. GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (continued)
BALANCE SHEET
March 31, 2000
<TABLE>
<CAPTION>
Non-
Guarantor Guarantor
Parent Subsidiaries Subsidiaries Eliminations Consolidated
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Trade receivables $ 11,983,583 $ 2,498,056 $ 8,755,554 $ -- $ 23,237,193
Inventories 20,678,321 4,941,424 12,639,540 (1,069,000) 37,190,285
Other 2,901,445 352,065 1,293,208 -- 4,546,718
--------------------------------------------------------------------------------
Total current assets 35,563,349 7,791,545 22,688,302 (1,069,000) 64,974,196
Goodwill, net of accumulated amortization 1,406,718 -- 2,972,394 1,514,807 5,893,919
Other 19,119,170 40,173 650,869 (9,323,182) 10,487,030
Intercompany amounts 28,009,259 659,580 3,907,743 (32,576,582) --
Property, plant and equipment, net of
accumulated depreciation 27,513,048 948,285 4,635,944 -- 33,097,277
--------------------------------------------------------------------------------
$ 111,611,544 9,439,583 $ 34,855,252 $ (41,453,957) 114,452,422
================================================================================
Accounts payable and accrued expenses $ 12,704,689 $ 1,054,214 $ 3,354,584 -- $ 17,113,487
Compensation and employee benefits 2,195,581 71,823 1,214,370 -- 3,481,774
Current portion of long-term debt 2,915,176 -- 566,901 -- 3,482,077
Other 424,254 72,233 405,138 -- 901,625
--------------------------------------------------------------------------------
Total current liabilities 18,239,700 1,198,270 5,540,993 -- 24,978,963
Long-term debt less current portion 150,433,809 316,426 5,696,048 -- 156,446,283
Other 5,401,838 -- -- 710,645 6,112,483
Intercompany amounts 11,006,357 4,658,484 16,911,741 (32,576,582) --
Accumulated deficiency (73,470,160) 3,266,403 6,706,470 (9,588,020) (73,085,307)
--------------------------------------------------------------------------------
$ 111,611,544 $ 9,439,583 $ 34,855,252 $ (41,453,957) $ 114,452,422
================================================================================
</TABLE>
December 31, 1999
<TABLE>
<CAPTION>
Non-
Guarantor Guarantor
Parent Subsidiaries Subsidiaries Eliminations Consolidated
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Trade receivables $ 12,880,427 $ 2,837,294 $ 8,246,474 $ -- $ 23,964,195
Inventories 19,558,547 4,752,589 12,404,449 (1,338,000) 35,377,585
Other 3,237,081 620,917 1,510,413 -- 5,368,411
--------------------------------------------------------------------------------
Total current assets 35,676,055 8,210,800 22,161,336 (1,338,000) 64,710,191
Goodwill, net of accumulated amortization 1,429,281 -- 3,123,842 1,570,373 6,123,496
Other 19,611,630 40,172 178,188 (9,323,182) 10,506,808
Intercompany amounts 25,530,618 466,158 4,234,758 (30,231,534) --
Property, plant and equipment, net of
accumulated depreciation 27,343,326 959,693 4,909,074 -- 33,212,093
--------------------------------------------------------------------------------
$ 109,590,910 $ 9,676,823 $ 34,607,198 $ (39,322,343) $ 114,552,588
================================================================================
Accounts payable and accrued expenses $ 10,313,402 $ 1,287,689 $ 3,337,633 -- $ 14,938,724
Compensation and employee benefits 3,072,524 158,014 1,384,185 -- 4,614,723
Current portion of long-term debt 2,843,227 -- 571,424 -- 3,414,651
Other 392,003 80,034 108,676 -- 580,713
--------------------------------------------------------------------------------
Total current liabilities 16,621,156 1,525,737 5,401,918 -- 23,548,811
Long-term debt less current portion 152,003,109 354,414 6,620,049 -- 158,977,572
Other 5,173,025 -- 63,595 683,986 5,920,606
Intercompany amounts 9,460,130 4,628,788 16,142,616 (30,231,534) --
Accumulated deficiency (73,666,510) 3,167,884 6,379,020 (9,774,795) (73,894,401)
--------------------------------------------------------------------------------
$ 109,590,910 $ 9,676,823 $ 34,607,198 $ (39,322,343) $ 114,552,588
================================================================================
</TABLE>
7
<PAGE>
NUMATICS, INCORPORATED
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2000
4. GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (continued)
STATEMENT OF OPERATIONS
Three Months Ended March 31, 2000
<TABLE>
<CAPTION>
Non-
Guarantor Guarantor
Parent Subsidiaries Subsidiaries Eliminations Consolidated
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net sales $26,767,153 $ 4,674,271 $13,218,367 $(7,530,000) $37,129,791
Costs and expenses 22,232,038 4,487,864 12,134,135 (7,743,434) 31,110,603
--------------------------------------------------------------------
Operating income 4,535,115 186,407 1,084,232 213,434 6,019,188
Interest and other 4,347,518 87,885 878,401 26,658 5,340,462
--------------------------------------------------------------------
Net income $ 187,597 $ 98,522 $ 205,831 $ 186,776 $ 678,726
====================================================================
</TABLE>
Three Months Ended March 31, 1999
<TABLE>
<CAPTION>
Non-
Guarantor Guarantor
Parent Subsidiaries Subsidiaries Eliminations Consolidated
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net sales $ 23,948,406 $ 3,832,855 $12,015,614 $(5,429,000) $34,367,875
Costs and expenses 19,773,599 3,622,678 11,485,214 (5,248,328) 29,633,163
--------------------------------------------------------------------
Operating income 4,174,807 210,177 530,400 (180,672) 4,734,712
Interest and other 4,160,441 76,932 738,086 31,694 5,007,153
--------------------------------------------------------------------
Net income (loss) $ 14,366 $ 133,245 $ (207,686) $ (212,366) $ (272,441)
====================================================================
</TABLE>
8
<PAGE>
NUMATICS, INCORPORATION
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2000
4. GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (continued)
STATEMENT OF CASH FLOWS
Three Months ended March 31, 2000
<TABLE>
<CAPTION>
Non-
Guarantor Guarantor
Parent Subsidiaries Subsidiaries Eliminations Consolidated
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net cash provided by (used in)
operating activities $ 3,950,175 $ (116,157) $ (914,693) $ -- $ 2,919,325
Cash flows from investing activities:
Capital expenditures (1,280,534) (55,821) (122,592) -- (1,458,947)
Other investments -- -- 5,434 -- 5,434
--------------------------------------------------------------------------
Net cash used in investing activities (1,280,534) (55,821) (117,158) -- (1,453,513)
Cash flows from financing activities:
Proceeds from borrowing -- -- -- -- --
Debt repayments (1,500,416) (37,988) (623,421) -- (2,161,825)
Debt issuance costs -- -- -- -- --
Dividends -- -- -- -- --
Extraordinary item (extinguishment
of debt) -- -- -- -- --
Issuance of stock -- -- -- -- --
Other -- -- (22,732) 100,348 77,616
--------------------------------------------------------------------------
Net cash provided (used) in financing
activities (1,500,416) (37,988) (646,153) 100,348 (2,084,209)
Intercompany accounts (1,084,012) (163,727) 1,348,087 (100,348) --
--------------------------------------------------------------------------
Net increase (decrease) in cash 85,213 (373,693) (329,917) -- (618,397)
--------------------------------------------------------------------------
Cash and cash equivalents at
beginning of year 116,240 531,357 904,466 -- 1,552,063
--------------------------------------------------------------------------
Cash and cash equivalents at end of
period $ 201,453 $ 157,664 $ 574,549 $ -- $ 933,666
==========================================================================
</TABLE>
9
<PAGE>
NUMATICS, INCORPORATION
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2000
4 GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (continued)
Three Months ended March 31, 1999
<TABLE>
<CAPTION>
Non-
Guarantor Guarantor
Parent Subsidiaries Subsidiaries Eliminations Consolidated
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net cash used in operating activities $ 2,467,500 $ 210,666 $ (156,105) $ -- $ 2,522,061
Cash flows from investing activities:
Capital expenditures (1,693,777) (121,003) (184,423) -- (1,999,203)
Other investments (265,000) (42,183) 6,747 -- (300,436)
----------------------------------------------------------------------------
Net cash used in investing activities (1,958,777) (163,186) (177,676) -- (2,299,639)
Cash flows from financing activities:
Proceeds from borrowing 44,922 -- 63,934 -- 108,856
Debt repayments (431,510) -- -- -- (431,510)
Debt issuance costs -- -- (6,467) -- (6,467)
Dividends -- -- -- -- --
Extraordinary item (extinguishment
of debt) -- -- -- -- --
Issuance of stock -- -- -- -- --
Other -- -- (22,616) (55,313) (77,929)
----------------------------------------------------------------------------
Net cash provided (used) in financing
activities (386,588) -- 34,851 (55,313) (407,050)
Intercompany accounts (72,151) 160,030 (143,192) 55,313 --
----------------------------------------------------------------------------
Net increase (decrease) in cash 49,984 207,510 (442,122) -- (184,628)
----------------------------------------------------------------------------
Cash and cash equivalents at
beginning of year 111,489 68,652 941,001 -- 1,121,142
----------------------------------------------------------------------------
Cash and cash equivalents at end of year $ 161,473 $ 276,162 $ 498,879 $ -- $ 936,514
============================================================================
</TABLE>
10
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Three Months Ended March 31, 2000 Compared With Three Months Ended
March 31, 1999
Net Sales. Net sales of $37.1 million for the three months ended March 31, 2000
were 8.0% higher than the $34.4 million in the same period of 1999. Net sales of
traditional valve products increased 0.3% or $0.1 million while net sales of
other products increased 8.7% or $0.8 million and cylinder sales increased 38.5%
or $1.9 million. North American sales increased 9.6% or $2.7 million and
international sales increased 0.5% or $0.1 million.
Gross Profit. Gross profit was $14.7 million, or 39.5% of net sales, for the
three months ended March 31, 2000 compared with $12.6 million, or 36.8% of net
sales, in the same period of 1999. Increased production volumes as a result of
higher sales levels, in conjunction with continued emphasis on cost savings and
reductions, contributed to the current period's improved gross margin.
Marketing, Engineering, General and Administrative. Marketing, engineering,
general and administrative expenses were $8.5 million for the three months ended
March 31, 2000, compared to $7.8 million for the same period in 1999. This $0.7
million increase was a result of expanded marketing programs, professional fees,
and costs attributed to the implementation of a new computer system.
Operating Income. Operating income for the three months ended March 31, 2000 was
$6.0 million compared to $4.7 million in the same period in 1999. This $1.3
million increase was primarily due to the increased sales and improved gross
profit margin. Operating income in North America increased $0.8 million, or
16.7%, while the International segment's operating income increased by $0.5
million, from a loss of $0.1 million.
Interest and Other Financing Expenses. Interest expense increased $0.3 million
to $4.2 million in the first three months of 2000 from $3.9 million in 1999 as a
result of the general increase in interest rates.
Other Expense. Other expense of $0.6 million for the three months ended March
31, 2000 was attributable to unrealized foreign exchange losses, which resulted
from the strengthening of the U.S. dollar against major foreign currencies,
compared to $0.9 million in the three months ended March 31, 1999.
11
<PAGE>
Net Income (Loss). Due to the factors discussed above, net income increased $1.0
million, to $0.7 million during the three months ended March 31, 2000 from a
loss of $0.3 million in the first three months of 1999.
Liquidity and Capital Resources
Historically, the Company has utilized cash from operations and borrowings under
its credit facilities to satisfy its operating and capital needs and to service
its indebtedness.
Working capital was $40.0 million at March 31, 2000 compared to $41.2 million at
December 31, 1999. The decrease was primarily attributable to a $2.8 million
increase in accrued expenses for accrued interest on the Company's senior
subordinated notes partially offset by a $1.8 million increase in inventories.
Total assets were $114.5 million at March 31, 2000, substantially equal to the
$114.6 million at December 31, 1999.
Total debt outstanding was $159.9 million at March 31, 2000 compared to $162.4
million at December 31, 1999. This decrease was a result of the cash generated
by operating activities and normal scheduled debt payments. The Company
estimates that borrowing base limitations would have limited the Company's
revolving credit availability to approximately $32.7 million as of March 31,
2000.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in the information that would be provided
under Item 305 of Regulation S-K from the end of the preceding fiscal year to
March 31, 2000.
12
<PAGE>
PART II OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
Exhibit Description
------- -----------
27 Financial Data Schedule
(b) Reports on Form 8-K:
No reports on Form 8-K were filed by the Company during the three months
ended March 31, 2000.
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 thereunto duly authorized.
NUMATICS, INCORPORATED
By: /s/ Robert P. Robeson
------------------------------------------
Robert P. Robeson
Vice President , Treasurer and
Chief Financial Officer
Date: May 9, 2000
----------------------------------------
13
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-2000 DEC-31-1999
<PERIOD-START> JAN-01-2000 JAN-01-1999
<PERIOD-END> MAR-31-2000 DEC-31-1999
<CASH> 933,666 1,552,063
<SECURITIES> 0 0
<RECEIVABLES> 23,237,193 24,006,715
<ALLOWANCES> (57,926) 42,520
<INVENTORY> 37,190,285 35,377,585
<CURRENT-ASSETS> 64,974,196 64,710,191
<PP&E> 64,922,068 63,779,396
<DEPRECIATION> (31,824,791) (30,567,303)
<TOTAL-ASSETS> 114,067,241 114,552,588
<CURRENT-LIABILITIES> 24,978,963 23,548,811
<BONDS> 156,446,283 158,977,572
0 0
0 0
<COMMON> 4,602,151 4,602,151
<OTHER-SE> (77,687,458) (78,496,552)
<TOTAL-LIABILITY-AND-EQUITY> 114,067,241 114,552,588
<SALES> 37,129,791 140,120,460
<TOTAL-REVENUES> 37,129,791 140,120,460
<CGS> 22,456,180 87,685,619
<TOTAL-COSTS> 8,645,423 32,234,483
<OTHER-EXPENSES> 599,102 1,732,388
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 4,180,578 16,061,893
<INCOME-PRETAX> 1,239,508 2,406,077
<INCOME-TAX> 560,782 1,520,449
<INCOME-CONTINUING> 560,782 885,628
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 560,782 885,628
<EPS-BASIC> 0 0
<EPS-DILUTED> 0 0
</TABLE>
