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Previous: TURNER BROADCASTING SYSTEM INC, DEF 14A, 1994-06-20 |
Next: WASHINGTON NATURAL GAS CO (PRED), 8-K, 1994-06-20 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment No. 1
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 1994
OR
[ ] 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 0-5374
VARLEN CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 13-2651100
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
55 Shuman Boulevard, P.O. Box 3089
Naperville, Illinois 60566-7089
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code (708)420-0400
Indicate by check 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
At June 1, 1994, 4,851,507 shares, par value $.10 per share, of common
stock of the Registrant were outstanding.
This amendment is being filed to correct PART I. FINANCIAL STATEMENTS, Assets
January 31, 1994 column, Accounts receivable, less allowance for doubtful
accounts of $1,275 and $1,207 to read as $35,455 and to correct
Schedule 27, Item No. 5-02(22), Bonds, corrected to read $72,713.
<PAGE>
PART I. FINANCIAL STATEMENTS
VARLEN CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
April 30, January 31,
1994 1994
<C> <C> <C> <C>
Assets
Cash $ 7,034 $ 5,168
Accounts receivable, less allowance for doubtful 44,203 35,455
accounts of $1,275 and $1,207
Inventories:
Raw materials 12,835 12,594
Work in process 9,380 13,228
Finished goods 12,373 11,245
34,588 37,067
Deferred and refundable income taxes 3,993 4,095
Other current assets 2,971 2,621
Net current assets of discontinued operations 69 169
Total current assets 92,858 84,575
Property, plant, and equipment 109,342 106,700
Less: accumulated depreciation 56,517 53,833
52,825 52,867
Goodwill and other intangible assets, net 45,539 45,829
Other assets 2,447 2,461
Net non-current assets of discontinued operations 514 532
$ 194,183 $ 186,264
Liabilities and Stockholders' Equity
Current maturities of long-term debt $ 65 $ 122
Accounts payable 21,043 16,784
Accrued expenses 14,909 18,230
Income taxes payable 3,162 393
Total current liabilities 39,179 35,529
Long-term debt:
Convertible subordinated debentures 69,000 69,000
Other long-term debt 3,713 3,698
Total long-term debt (notes 2 and 5) 72,713 72,698
Deferred income taxes 5,310 5,217
Other liabilities 9,482 9,176
Common stock 485 485
Other stockholders' equity (notes 5 and 6) 67,014 63,159
$ 194,183 $ 186,264
</TABLE>
See Notes to Condensed Consolidated Financial Statements
<PAGE>
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.
VARLEN CORPORATION
(Registrant)
June 17, 1994 By:/s/ Richard A. Nunemaker
Richard A. Nunemaker
Vice President, Finance and
Chief Financial Officer
(Principal Financial Officer
and Principal Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the first
quarter 10-Q and is qualified in its entirety by reference to such 10-Q.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> QTR-1
<FISCAL-YEAR-END> JAN-31-1994
<PERIOD-END> APR-30-1994
<CASH> 7034
<SECURITIES> 0
<RECEIVABLES> 44203
<ALLOWANCES> 1275
<INVENTORY> 34588
<CURRENT-ASSETS> 92858
<PP&E> 109342
<DEPRECIATION> 56517
<TOTAL-ASSETS> 194183
<CURRENT-LIABILITIES> 39179
<BONDS> 72713
<COMMON> 485
0
0
<OTHER-SE> 67014
<TOTAL-LIABILITY-AND-EQUITY> 194183
<SALES> 79900
<TOTAL-REVENUES> 79900
<CGS> 60376
<TOTAL-COSTS> 60376
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1265
<INCOME-PRETAX> 6511
<INCOME-TAX> 2881
<INCOME-CONTINUING> 3630
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3630
<EPS-PRIMARY> .72
<EPS-DILUTED> .57
</TABLE>
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