<PAGE>
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 3, 1998
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 333-43089
The GSI Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware 37-0856587
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
1004 E. Illinois Street, Assumption, Illinois 62510
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (217) 226-4421
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 [_] No [X]
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date. Common stock, par
value $0.01 per share, 2,000,000 shares outstanding as of May 4, 1998.
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
------
<S> <C>
PART I-Financial Information
Item 1. - Financial Statements
Balance Sheets............................................................. 3
Statements of Operations................................................... 3
Statements of Changes in Stockholder's Equity.............................. 5
Statements of Cash Flows................................................... 6
Notes to Financial Statements.............................................. 7
</TABLE>
<PAGE>
PART I - FINANCIAL INFORMATION
THE GSI GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AS OF APRIL 3, 1998 AND DECEMBER 31, 1997
(In thousands, except share and per share data)
(Unaudited)
<TABLE>
<CAPTION>
April 3, December 31,
ASSETS 1998 1997
- ------------------------------------------------- ---------- ------------
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ - $ 18,572
Accounts receivable, net 27,833 23,214
Inventories, net 54,441 46,882
Prepaids 6,756 8,165
Other 3,050 3,155
---------- ------------
Total current assets 92,080 99,988
========== ============
NOTES RECEIVABLE, less current portion 1,084 1,084
---------- ------------
LONG-TERM RETAINAGE 579 579
---------- ------------
PROPERTY, PLANT AND EQUIPMENT, net 37,647 36,143
---------- ------------
OTHER ASSETS:
Goodwill, net 8,364 7,991
Other intangible assets, net 515 564
Deferred financing costs 3,483 3,514
Other 453 246
---------- ------------
Total other assets 12,815 12,315
---------- ------------
Total assets $ 144,205 $ 150,109
========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
- -------------------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 12,407 $ 11,948
Dividend payable 3,509 5,300
Payroll and payroll related expenses 5,052 3,843
Deferred taxes 1,234 1,234
Accrued expenses 13,044 9,067
Customer deposits 9,664 4,883
Current maturities of long-term debt 339 14,663
---------- ------------
Total current liabilities 45,249 50,938
---------- ------------
LONG-TERM DEBT, less current maturities 102,606 101,868
---------- ------------
DEFERRED INCOME TAXES 2,087 2,087
---------- ------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock, $.01 par value, voting
(authorized 6,900,000 shares;
issued 6,633,652 shares) 18 18
Common stock, $.01 par value, nonvoting
(authorized 1,100,000 shares;
issued 200,000 shares) 2 2
Paid-in capital 2,473 2,473
Cumulative translation adjustment (901) (869)
Retained earnings 18,204 19,125
Treasury stock, at cost (25,533) (25,533)
---------- ------------
Total stockholders' equity (deficit) (5,737) (4,784)
---------- ------------
Total liabilities and stockholders' equity $ 144,205 $ 150,109
========== ============
</TABLE>
The accompanying notes to financial statements are
an integral part of these balance sheets.
1
<PAGE>
THE GSI GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Month Period Ended April 3, 1998 and March 31, 1997
(In thousands, except share and per share data)
(Unaudited)
<TABLE>
<CAPTION>
Period Ended
---------------------------
April 3, March 31,
1998 1997
---------- ----------
<S> <C> <C>
NET SALES $ 52,161 $ 33,604
COST OF SALES 40,154 26,598
---------- ----------
Gross profit 12,007 7,006
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 10,390 6,987
---------- ----------
Operating income 1,617 19
---------- ----------
OTHER INCOME (EXPENSE):
Interest expense (2,910) (999)
Interest income 233 33
Other, net (26) (48)
---------- ----------
Income (loss) before income taxes (1,086) (995)
---------- ----------
INCOME TAXES (165) (10)
---------- ----------
Net income $ (921) $ (985)
---------- ----------
BASIC AND DILUTED EARNINGS PER SHARE:
Net income $ (0.46) $ (0.49)
---------- ----------
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING 2,000,000 2,000,000
========== ==========
</TABLE>
The accompanying notes to financial statements are an integral part of these
statements.
2
<PAGE>
THE GSI GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Years Ended December 31, 1996 and 1997
and the Quarter Ended April 3, 1998
(In Thousands)
(Unaudited)
<TABLE>
<CAPTION>
Common Stock
---------------------------------------
Voting Nonvoting
-------------------- -----------------
Additional Cumulative
Shares Shares Paid-in Translation Retained
Issued Amount Issued Amount Capital Adjustment Earnings
---------- ------- ------- ------ ---------- ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1995 1,800,000 $ 18 - $ - $ 182 - $ 12,687
Treasury stock purchased (1,460,158) (15) - - 15 - -
Stock split-
Voting common stock 785,158 8 - - 26 - -
Nonvoting common stock - - 200,000 2 7 - -
Stock sold pursuant to four
purchase agreements 675,000 7 - - 2,243 - -
Net income - - - - - - 10,499
Dividends - - - - - - (5,527)
---------- ------- ------- ------ -------- --------- --------
Balance, December 31, 1996 1,800,000 18 200,000 2 2,473 - 17,659
Net income - - - - - - 17,562
Dividends - - - - - - (16,096)
Cumulative Translation
Adjustment - - - - - (869) -
---------- ------- ------- ------ -------- --------- --------
Balance, December 31, 1997 1,800,000 $ 18 200,000 $ 2 $ 2,473 $ (869) $ 19,125
Net income - - - - - - (921)
Cumulative Translation
Adjustment - - - - - (32) -
---------- ------- ------- ------ -------- ---------- --------
Balance, April 3, 1998 1,800,000 $ 18 200,000 $ 2 $ 2,473 $ (901) $ 18,204
---------- ------- ------- ------ -------- ---------- --------
</TABLE>
<TABLE>
<CAPTION>
Treasury Stock
---------------------------------------------
Voting Nonvoting
----------------------- -------------------
Total
Stockholders'
Shares Amount Shares Amount Equity
---------- ---------- -------- -------- ---------------
<S> <C> <C> <C> <C> <C>
Balance, December 31, 1995 - $ - - $ - $ 12,887
Treasury stock purchased 1,460,158 (25,490) - - (25,490)
Stock split-
Voting common stock 3,373,494 (34) - - -
Nonvoting common stock - - 859,316 $ (9) -
Stock sold pursuant to four
purchase agreements - - - - 2,250
Net income - - - - 10,499
Dividends - - - - (5,527)
---------- --------- -------- ------- ------------
Balance, December 31, 1996 4,833,652 (25,524) 859,316 (9) (5,381)
Net income - - - - 17,562
Dividends - - - - (16,096)
Cumulative Translation
Adjustment - - - - (869)
---------- --------- -------- ------- ------------
Balance, December 31, 1997 4,833,652 $ (25,524) 859,316 $ (9) $ (4,784)
Net income - - - - (921)
Cumulative Translation
Adjustment - - - - (32)
---------- --------- -------- ------- ------------
Balance, April 3, 1998 4,833,652 $ (25,524) 859,316 $ (9) $ (5,737)
---------- --------- -------- ------- ------------
</TABLE>
3
<PAGE>
THE GSI GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Quarters Ended April 3, 1998 and March 31, 1997
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
April 3, March 31,
1998 1997
---------------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net Income (Loss) $ (921) $ (985)
Adjustments to reconcile net income to cash provided by operating
activities:
Depreciation and amortization 1,257 940
Amortization of deferred financing costs 96 --
Gain (loss) on sale of equipment (1) (2)
Changes in assets and liabilities
Accounts receivable (4,619) 34
Inventories (7,559) (4,892)
Other current assets 1,514 529
Accounts payable 448 (1,271)
Accrued expenses and payroll and payroll related expenses 5,279 574
Customer deposits 4,781 3,291
Other -- 63
-------- -------
Net cash flows provided by (used in) operating activities 275 (1,719)
-------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (2,669) (2,870)
Proceeds from sale of fixed assets 75 12
Payments received on notes receivable -- 171
Acquisition of Clark Products, Inc., net of cash acquired -- (835)
Other -- (354)
-------- -------
Net cash flows provided by (used in) investing activities (2,594) (3,876)
-------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on former shareholder loans (14,312) --
Payments on long-term debt (85) (719)
Deferred financing costs (65) --
Net (payments) borrowings under line-of-credit agreement -- 6,331
Dividends (1,791) --
Other -- (110)
-------- -------
Net cash flows provided by (used in) financing activities (16,253) 5,502
-------- -------
INCREASE IN CASH AND CASH EQUIVALENTS $(18,572) $ (93)
CASH & CASH EQUIVALENTS, beginning of period 18,572 1,490
-------- -------
CASH AND CASH EQUIVALENTS, end of period $ 0 $ 1,397
======== =======
</TABLE>
The accompanying notes to financial statements are an integral part of these
statements.
4
<PAGE>
THE GSI GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The accompanying financial statements reflect the consolidated results of
the GSI Group, Inc. and its subsidiaries (the "Company").
The consolidated financial statements includes the accounts of the Company
and its subsidiaries. All intercompany transactions and balances have been
eliminated.
In the opinion of management, the accompanying unaudited financial
statements of the Company contain adjustments which are of a normal recurring
nature necessary to present fairly the financial position as of April 3, 1998
and March 31, 1997 and the results of operations, changes in stockholder's
equity and cash flows for the periods indicated in accordance with generally
accepted accounting principals. Interim financial results are not necessarily
indicative of operating results for an entire year.
Certain reclassifications have been made to prior-year amounts to conform
to the current-year presentation.
Beginning with the first quarter of 1998, the Company has adopted thirteen
week fiscal quarter periods for operational and financial reporting purposes.
Financial Information About Industry Segments
The Company operates in primarily one industry segment, which includes the
design, manufacture and sale of agricultural equipment.
New Accounting Pronouncements
During the first quarter of 1998, the Company adopted Statement of
Financial Accounting Standards No. 130, "Reporting Comprehensive Income," ("SFAS
No. 130"), which requires companies to report all changes in equity during a
period, except those resulting from investment by owners and distributions to
owners, in a financial statement for the period in which they are recognized.
The Company has chosen to disclose Comprehensive Income, which encompasses net
income and foreign currency translation adjustments, in the notes to financial
statements for interim periods.
The components of Comprehensive Income for the periods presented are as
follows:
<TABLE>
<CAPTION>
April 3, March 31,
1998 1997
--------------- ---------------
<S> <C> <C>
Net Income $(921) $(985)
Cumulative Translation Adjustment (32) --
--------------- ---------------
Comprehensive Income $(953) $(985)
=============== ===============
</TABLE>
5
<PAGE>
2. Detail Of Certain Assets
<TABLE>
<CAPTION>
As of
-----
April 3, December 31,
-------- ------------
1998 1997
---- ----
Accounts Receivable (In thousands)
--------------
<S> <C> <C> <C>
Trade receivables........................... $ 29,906 $ 25,050
Allowance for doubtful accounts............. (2,073) (1,836)
------------- --------------
Total.................................... $ 27,833 $ 23,214
============= ==============
Inventories
Raw materials............................... $ 13,039 $ 8,883
Work-in-process............................. 11,754 12,464
Finished goods.............................. 29,648 25,535
------------- --------------
Total.................................... $ 54,441 $ 46,882
============= ==============
Property, Plant and Equipment
Land........................................ $ 895 $ 895
Buildings................................... 18,437 18,799
Machinery................................... 36,642 34,897
Furniture and fixtures...................... 4,601 4,514
Construction-in-progress.................... 2,543 1,364
------------- --------------
63,118 60,469
Accumulated depreciation.................... (25,471) (24,326)
------------- --------------
Property, Plant and equipment, net.......... $ 37,647 $ 36,143
============= ==============
Intangible Assets
Goodwill.................................... $ 8,616 $ 8,182
Accumulated amortization.................... (252) (191)
------------- --------------
Total.................................... $ 8,364 $ 7,991
============= ==============
Other intangible assets..................... $ 1,963 $ 1,963
Accumulated amortization.................... (1,448) (1,399)
------------- --------------
Total.................................... $ 515 $ 564
============= ==============
Deferred Financing Costs
Deferred financing costs.................... $ 3,793 $ 3,728
Accumulated amortization.................... (310) (214)
------------- --------------
Total.................................... $ 3,483 $ 3,514
============= ==============
</TABLE>
3. Supplemental Cash Flow Information
The Company paid approximately $0.7 and $1.0 million in interest during the
first quarters ended April 3, 1998 and March 31, 1997, respectively. The
Company paid no income taxes during the first quarters of 1998 and 1997.
6
<PAGE>
4. Long-Term Debt
Long-term debt at April 3, 1998 and December 31, 1997, consisted of the
following (in thousands):
<TABLE>
<CAPTION>
April 3, December 31,
1998 1997
---------- ------------
<S> <C> <C>
Citizens National Bank IRB.................................................. $ 2,000 $ 2,042
Various noncompete, license and patent agreements........................... 78 78
Notes to former stockholders................................................ -- 14,312
LaSalle Bank revolving line................................................. -- --
Clark Products, Inc. promissory note........................................ 558 600
10.25% senior subordinated notes payable.................................... 98,409 98,374
Norwest Bank Iowa revolving line of credit.................................. 1,900 1,125
----------- -------------
Total............................................................. 102,945 116,531
Less -
Current maturities..................................................... (339) (14,663)
----------- -------------
Total long-term debt.............................................. $102,606 $101,868
=========== =============
</TABLE>
The senior subordinated note and credit agreements provide for certain
restrictive financial and non-financial covenants. The more significant of the
non-financial covenants restrict the ability of the Company to dispose of
assets, incur additional indebtedness, pay dividends or make distributions and
other payments affecting subsidiaries. In addition, the Company is required to
maintain a certain funded debt to EBITDA ratio, fixed charge coverage ratio and
certain levels of EBITDA. The Company was in compliance with all covenants as of
April 3, 1998.
The fair value of long-term debt approximates carrying value based on the
borrowing rate currently available to the Company for borrowing with similar
terms and maturities.
5. Acquisitions
On November 5, 1997, the Company acquired all of the capital stock of David
Manufacturing Co. ("DMC") for approximately $17.9 million in cash. DMC is a
manufacturer and supplier of grain drying and handling equipment. The
acquisition was recorded in accordance with the purchase method of accounting
and accordingly, the acquired assets and assumed liabilities have been recorded
at their estimated fair market values at the date of acquisition. The purchase
price exceeded the fair market value of net assets acquired resulting in
goodwill of approximately $6.4 million.
The following summarized unaudited pro forma financial information assumes
the DMC acquisition had occurred on January 1, 1997:
<TABLE>
<CAPTION>
April 3, March 31,
1998 1997
<S> <C> <C>
(Unaudited)
(In thousands, except per share data)
-----------------------------------------
Net sales.......................................... $ 52,161 $ 37,172
Net loss........................................... (921) (2,455)
Basic and diluted loss per share................... (.46) (1.23)
</TABLE>
The pro forma results do not necessarily represent results that would have
occurred had the acquisition taken place on the basis assumed above, nor are
they indicative of the results of future operations.
7
<PAGE>
6. Guarantor Subsidiary
The Company's payment obligation under the Senior Subordinated Notes are fully
and unconditionally guaranteed on a joint and several basis by David
Manufacturing Co. ( the "Guarantor Subsidiary"). The Guarantor Subsidiary is a
direct wholly-owned subsidiary of the Company. The obligations of the Guarantor
Subsidiary under its Guarantee are subordinated to such subsidiary's obligations
under its guarantee of the LaSalle Bank revolving line.
Presented below is unaudited condensed consolidating financial information for
The GSI Group, Inc. ("Parent Company"), the Guarantor Subsidiary and
GSI/Cumberland Canada, GSI/Cumberland Mexico, GSI/Cumberland BV, GSI/Cumberland
Malaysia and GSI/Cumberland South Africa (the "Non-Guarantor Subsidiaries"). In
the Company's opinion, separate financial statements and other disclosures
concerning the Guarantor Subsidiary would not provide additional information
that is material to investors.
Investments in subsidiaries are accounted for by the Parent Company on the
equity method of accounting for purposes of this supplemental condensed
consolidating financial statements. Earnings of subsidiaries are, therefore,
reflected in the Parent Company's investments in and advances to/from
subsidiaries account and earnings. The elimination entries eliminate investments
in subsidiaries and intercompany balances and transactions.
8
<PAGE>
<TABLE>
<CAPTION>
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET
APRIL 3, 1998
(In Thousands)
Non-
Parent Guarantor Guarantor
Company Subsidiary Subsidiaries Eliminations Consolidated
---------- ------------ ------------ ------------ -------------
ASSETS
Current assets:
<S> <C> <C> <C> <C> <C>
Cash and cash equivalents................ $ (484) $ 85 $ 399 $ -- $ --
Accounts receivable, net................. 34,530 1,354 2,220 (10,271) 27,833
Inventories, net......................... 35,316 12,948 6,745 (568) 54,441
Other current assets..................... 8,976 441 389 -- 9,806
-------- ------- ------- -------- --------
Total current assets..................... 78,338 14,828 9,753 (10,839) 92,080
Property, plant and equipment, net.......... 28,321 8,060 1,266 -- 37,647
Goodwill.................................... 1,938 6,426 -- -- 8,364
Investment in and advances to/from
subsidiaries............................. 20,436 (17,544) (2,272) (620) --
Other long-term assets...................... 5,701 413 -- -- 6,114
-------- ------- ------- -------- --------
Total assets............................. $134,734 $12,183 $ 8,747 $(11,459) $144,205
======== ======= ======= ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt........ $ 339 $ -- $ -- $ -- $ 339
Accounts payable......................... 11,430 3,049 8,199 (10,271) 12,407
Accrued liabilities...................... 26,820 5,507 176 -- 32,503
-------- ------- ------- -------- --------
Total current liabilities................ 38,589 8,556 8,375 (10,271) 45,249
Long-term debt.............................. 100,706 1,900 -- -- 102,606
Other long-term liabilities................. 403 1,187 497 -- 2,087
-------- ------- ------- -------- --------
Total liabilities........................ 139,698 11,643 8,872 (10,271) 149,942
Stockholders' Equity:
Common stock............................. 20 228 165 (393) 20
Additional paid-in capital............... 2,473 -- 2,118 (2,118) 2,473
Cumulative translation adjustment........ -- -- (901) -- (901)
Retained earnings (deficit).............. 18,772 (384) (1,507) 1,323 18,204
Treasury stock, at cost.................. (25,533) -- -- -- (25,533)
-------- ------- ------- -------- --------
Total stockholders' equity (deficit)..... (4,268) (156) (125) (1,188) (5,737)
-------- ------- ------- -------- --------
Total liabilities and stockholders' equity.. $135,430 $11,487 $ 8,747 $(11,459) $144,205
======== ======= ======= ======== ========
</TABLE>
9
<PAGE>
6. Guarantor Subsidiary (Continued)
<TABLE>
<CAPTION>
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
THREE MONTHS ENDED APRIL 3, 1998
(In Thousands)
Non-
Parent Guarantor Guarantor
Company Subsidiary Subsidiaries Eliminations Consolidated
----------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
Net sales......................................... $50,232 $3,421 $ 1,516 $(3,008) $52,161
Cost of sales..................................... 38,728 2,762 1,404 (2,740) 40,154
------- ------ ------- ------- -------
Gross profit................................. 11,504 659 112 (268) 12,007
Selling, general and administrative expenses...... 8,472 819 829 -- 10,390
------- ------ ------- ------- -------
Operating income (loss)...................... 2,763 (160) (718) (268) 1,617
Interest expense.................................. (2,620) (290) -- -- (2,910)
Other income (expense)............................ 236 -- (29) -- 207
------- ------ ------- ------- -------
Income (loss) before income taxes................. 379 (450) (747) (268) (1,086)
Provision (benefit) for income taxes.............. 8 (173) -- -- (165)
------- ------ ------- ------- -------
Income (loss) before equity in income of
consolidated subsidiaries.................... 371 (277) (747) (268) (921)
Equity in income of consolidated subsidiaries..... (1,436) -- -- 1,436 --
------- ------ ------- ------- -------
Net income........................................ $(1,065) $ (277) $ (747) $ 1,132 $ (921)
======= ====== ======= ======= =======
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
SUPPLEMENTAL CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
THREE MONTHS ENDED APRIL 3, 1998
(In Thousands)
Non-
Parent Guarantor Guarantor
Company Subsidiary Subsidiaries Eliminations Consolidated
----------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
Cash flows from operating activities............... $ 976 $ (296) $ (405) $ -- $ 275
----------- ------------ ------------ ------------ -------------
Cash flows from investing activities:
Capital expenditures............................. (1,686) (465) (518) (2,669)
Other............................................ -- -- 60 -- 60
----------- ------------ ------------ ------------ -------------
Net cash provided by (used in) investing
activities....................................... (1,686) (465) (458) -- (2,609)
----------- ------------ ------------ ------------ -------------
Cash flows from financing activities:
Advances (to) from affiliates.................... (938) -- 938 -- --
Net borrowings (payments) on debt................ (15,172) 775 -- -- (14,397)
Dividends........................................ (1,791) -- -- -- (1,791)
Other............................................ (65) -- -- -- (65)
----------- ------------ ------------ ------------ -------------
Net cash provided by (used in) financing
activities....................................... (17,966) 775 938 -- (16,253)
----------- ------------ ------------ ------------ -------------
Change in cash and cash equivalents................ (18,661) 14 75 -- (18,572)
Cash and cash equivalents, beginning of period..... 18,177 71 324 -- 18,572
----------- ------------ ------------ ------------ -------------
Cash and cash equivalents, end of period........... $ (484) $ 85 $ 399 $ -- $ --
=========== ============ ============ ============ =============
</TABLE>
11
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
The GSI Group, Inc.
By: /s/ John W. Funk
John W. Funk, Director, Chief Financial
Officer, Secretary and General Counsel
(Authorized Signatory and Principal Financial
Officer)
Date: June 11, 1998
12
