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Previous: ZALE CORP, S-8, 1998-05-01 |
Next: ZIONS COOPERATIVE MERCANTILE INSTITUTION, 10-K/A, 1998-05-01 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported): MAY 1, 1998
ZERO CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-5260 95-1718077
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
444 SOUTH FLOWER STREET, LOS ANGELES, CALIFORNIA 90071-2922
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (213) 629-7000
<PAGE>
ITEM 5. Other Events.
ZERO Corporation (the "Company") is filing this Current Report on Form 8-K to
restate its earnings per share information and to file as exhibits the related
restated financial data schedules for prior fiscal years and interim periods
not already so restated.
As disclosed in the Company's Quarterly Report on Form 10-Q for its third
quarter ended December 31, 1997, the Company adopted during that period
Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings Per
Share," as required, and, in that Form 10-Q included restated earnings per
share information for the three months and nine months ended December 31, 1997.
The following tables set forth the restated earnings per share information
required by SFAS No. 128 for the required fiscal years and for the interim
periods not previously restated:
<PAGE>
A. EARNINGS PER SHARE - FOR EACH OF THE LAST FIVE FISCAL YEARS:
(In thousands, except per share amounts)
<TABLE>
<CAPTION>
For the years ended March 31,
1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C>
NET INCOME:
Net income $ 15,888 $ 16,950 $ 14,825 $ 12,851 $ 11,635
BASIC EARNINGS PER SHARE:
Weighted average common shares
outstanding 12,177 15,719 15,936 15,854 15,731
Earnings Per Share $ 1.30 $ 1.08 $ 0.93 $ 0.81 $ 0.74
DILUTED EARNINGS PER SHARE:
Weighted average common and
equivalent shares outstanding 12,415 15,866 16,020 15,958 15,792
Earnings Per Share $ 1.28 $ 1.07 $ 0.93 $ 0.81 $ 0.74
</TABLE>
B. EARNINGS PER SHARE - FOR QUARTERS ENDED JUNE 30, 1997 AND
SEPTEMBER 30, 1997 AND FOR EACH QUARTER OF THE LAST TWO FISCAL YEARS:
(In thousands, except per share amounts)
<TABLE>
<CAPTION>
For the quarters ended,
Jun 30, Sep 30,
1997 1997
<S> <C> <C>
NET INCOME:
Net income $ 4,803 $ 6,517
BASIC EARNINGS PER SHARE:
Weighted average common shares
outstanding 12,264 12,314
Earnings Per Share $ 0.39 $ 0.53
DILUTED EARNINGS PER SHARE:
Weighted average common and equivalent
shares outstanding 12,534 12,626
Earnings Per Share $ 0.38 $ 0.52
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
For the quarters ended, Fiscal
Jun 30, Sep 30, Dec 31, Mar 31, 1997
1996 1996 1996 1997 Total
<S> <C> <C> <C> <C> <C>
NET INCOME:
Net income $ 3,800 $ 3,722 $ 4,199 $ 4,167 $ 15,888
BASIC EARNINGS PER SHARE:
Weighted average common shares
outstanding 12,119 12,165 12,180 12,245 12,177
Earnings Per Share $ 0.31 $ 0.31 $ 0.34 $ 0.34 $ 1.30
DILUTED EARNINGS PER SHARE:
Weighted average common and
equivalent shares outstanding 12,392 12,411 12,381 12,474 12,415
Earnings Per Share $ 0.31 $ 0.30 $ 0.34 $ 0.33 $ 1.28
</TABLE>
<TABLE>
<CAPTION>
For the quarters ended, Fiscal
Jun 30, Sep 30, Dec 31, Mar 31, 1996
1995 1995 1995 1996 Total
<S> <C> <C> <C> <C> <C>
NET INCOME:
Net income $ 3,707 $ 4,550 $ 3,852 $ 4,841 $ 16,950
BASIC EARNINGS PER SHARE:
Weighted average common shares
outstanding 15,974 16,044 16,081 14,776 15,719
Earnings Per Share $ 0.23 $ 0.28 $ 0.24 $ 0.33 $ 1.08
DILUTED EARNINGS PER SHARE:
Weighted average common and
equivalent shares outstanding 16,094 16,210 16,251 14,908 15,866
Earnings Per Share $ 0.23 $ 0.28 $ 0.24 $ 0.32 $ 1.07
</TABLE>
<PAGE>
C. EARNINGS PER SHARE - CALCULATION FOR EACH OF THE LAST THREE FISCAL YEARS:
(In thousands, except per share amounts)
<TABLE>
<CAPTION>
For the years ended March 31,
1997 1996 1995
<S> <C> <C> <C>
NUMERATOR:
Net income $ 15,888 $ 16,950 $ 14,825
DENOMINATOR:
Weighted average common shares outstanding
for basic earnings per share 12,177 15,719 15,936
Net effect of dilutive options based on the
treasury stock method using average
market price 238 147 84
Weighted average common and equivalent
shares outstanding for diluted earnings
per share 12,415 15,866 16,020
BASIC EARNINGS PER SHARE $ 1.30 $ 1.08 $ 0.93
DILUTED EARNINGS PER SHARE $ 1.28 $ 1.07 $ 0.93
</TABLE>
<PAGE>
ITEM 7. EXHIBITS.
(c) See Index to Exhibits on page 7, which is incorporated herein by
reference.
SIGNATURE
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.
ZERO CORPORATION
Date: MAY 1, 1998 /s/ GEORGE A. DANIELS
George A. Daniels
Vice President and
Chief Financial Officer
Date: MAY 1, 1998 /s/ DIANE N. KAJIKAMI
Diane N. Kajikami
Controller and
Chief Accounting Officer
<PAGE>
ZERO CORPORATION
INDEX TO EXHIBITS
FORM 8-K CURRENT REPORT
Date of Report: May 1, 1998
<TABLE>
<CAPTION>
Exhibit
Number Description Page No.
<S> <C> <C>
27.397 Restated Financial Data Schedule 8
(fiscal year ended March 31, 1997)
27.396 Restated Financial Data Schedule 9
(fiscal year ended March 31, 1996)
27.395 Restated Financial Data Schedule 10
(fiscal year ended March 31, 1995)
27.1297 Restated Financial Data Schedule 11
(nine month period ended December 31, 1997)
27.997 Restated Financial Data Schedule 12
(six month period ended September 30, 1997)
27.697 Restated Financial Data Schedule 13
(three month period ended June 30, 1997)
27.1296 Restated Financial Data Schedule 14
(nine month period ended December 31, 1996)
27.996 Restated Financial Data Schedule 15
(six month period ended September 30, 1996)
27.696 Restated Financial Data Schedule 16
(three month period ended June 30, 1996)
27.1295 Restated Financial Data Schedule 17
(nine month period ended December 31, 1995)
27.995 Restated Financial Data Schedule 18
(six month period ended September 30, 1995)
27.695 Restated Financial Data Schedule 19
(three month period ended June 30, 1995)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
audited financial statements of ZERO Corporation for the fiscal year ended March
31, 1997 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 16,201
<SECURITIES> 0
<RECEIVABLES> 36,573
<ALLOWANCES> 607
<INVENTORY> 35,010
<CURRENT-ASSETS> 91,349
<PP&E> 97,241
<DEPRECIATION> 52,866
<TOTAL-ASSETS> 185,956
<CURRENT-LIABILITIES> 21,008
<BONDS> 51,503
0
0
<COMMON> 164
<OTHER-SE> 101,089
<TOTAL-LIABILITY-AND-EQUITY> 185,956
<SALES> 225,442
<TOTAL-REVENUES> 225,442
<CGS> 151,131
<TOTAL-COSTS> 151,131
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,670
<INCOME-PRETAX> 26,481
<INCOME-TAX> 10,593
<INCOME-CONTINUING> 15,888
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 15,888
<EPS-PRIMARY> 1.30
<EPS-DILUTED> 1.28
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
audited financial statements of ZERO Corporation for the fiscal year ended March
31, 1996 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 7,018
<SECURITIES> 965
<RECEIVABLES> 34,732
<ALLOWANCES> 759
<INVENTORY> 31,561
<CURRENT-ASSETS> 78,448
<PP&E> 89,400
<DEPRECIATION> 49,679
<TOTAL-ASSETS> 165,838
<CURRENT-LIABILITIES> 20,274
<BONDS> 51,525
0
0
<COMMON> 163
<OTHER-SE> 84,668
<TOTAL-LIABILITY-AND-EQUITY> 165,838
<SALES> 206,247
<TOTAL-REVENUES> 206,247
<CGS> 135,708
<TOTAL-COSTS> 135,708
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,163
<INCOME-PRETAX> 28,247
<INCOME-TAX> 11,297
<INCOME-CONTINUING> 16,950
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 16,950
<EPS-PRIMARY> 1.08
<EPS-DILUTED> 1.07
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
audited financial statements of ZERO Corporation for the fiscal year ended March
31, 1995 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 17,132
<SECURITIES> 19,902
<RECEIVABLES> 27,034
<ALLOWANCES> 724
<INVENTORY> 26,221
<CURRENT-ASSETS> 92,892
<PP&E> 81,914
<DEPRECIATION> 47,925
<TOTAL-ASSETS> 171,524
<CURRENT-LIABILITIES> 19,361
<BONDS> 0
0
0
<COMMON> 161
<OTHER-SE> 145,433
<TOTAL-LIABILITY-AND-EQUITY> 171,524
<SALES> 179,694
<TOTAL-REVENUES> 179,694
<CGS> 118,084
<TOTAL-COSTS> 118,084
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 662
<INCOME-PRETAX> 24,226
<INCOME-TAX> 9,401
<INCOME-CONTINUING> 14,825
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 14,825
<EPS-PRIMARY> .93
<EPS-DILUTED> .93
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
unaudited financial statements of ZERO Corporation for the nine month period
ended December 31, 1997 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> DEC-31-1997
<CASH> 22,051
<SECURITIES> 4,918
<RECEIVABLES> 38,363
<ALLOWANCES> 826
<INVENTORY> 34,137
<CURRENT-ASSETS> 102,379
<PP&E> 106,776
<DEPRECIATION> 57,444
<TOTAL-ASSETS> 206,361
<CURRENT-LIABILITIES> 24,066
<BONDS> 51,573
0
0
<COMMON> 166
<OTHER-SE> 117,472
<TOTAL-LIABILITY-AND-EQUITY> 206,361
<SALES> 195,927
<TOTAL-REVENUES> 195,927
<CGS> 130,705
<TOTAL-COSTS> 130,705
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,588
<INCOME-PRETAX> 26,347
<INCOME-TAX> 9,838
<INCOME-CONTINUING> 16,509
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 16,509
<EPS-PRIMARY> 1.34
<EPS-DILUTED> 1.31
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
unaudited financial statements of ZERO Corporation for the six month period
ended September 30, 1997 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<CASH> 17,321
<SECURITIES> 0
<RECEIVABLES> 38,088
<ALLOWANCES> 844
<INVENTORY> 35,865
<CURRENT-ASSETS> 99,294
<PP&E> 102,053
<DEPRECIATION> 55,577
<TOTAL-ASSETS> 200,979
<CURRENT-LIABILITIES> 24,525
<BONDS> 51,509
0
0
<COMMON> 165
<OTHER-SE> 112,056
<TOTAL-LIABILITY-AND-EQUITY> 200,979
<SALES> 129,017
<TOTAL-REVENUES> 129,017
<CGS> 85,913
<TOTAL-COSTS> 85,913
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,374
<INCOME-PRETAX> 17,728
<INCOME-TAX> 6,408
<INCOME-CONTINUING> 11,320
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,320
<EPS-PRIMARY> .92
<EPS-DILUTED> .90
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
unaudited financial statements of ZERO Corporation for the three month period
ended June 30, 1997 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> JUN-30-1997
<CASH> 21,511
<SECURITIES> 0
<RECEIVABLES> 38,011
<ALLOWANCES> 653
<INVENTORY> 35,096
<CURRENT-ASSETS> 97,623
<PP&E> 99,607
<DEPRECIATION> 54,291
<TOTAL-ASSETS> 194,280
<CURRENT-LIABILITIES> 24,282
<BONDS> 51,487
0
0
<COMMON> 165
<OTHER-SE> 105,641
<TOTAL-LIABILITY-AND-EQUITY> 194,280
<SALES> 64,552
<TOTAL-REVENUES> 64,552
<CGS> 42,974
<TOTAL-COSTS> 42,974
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,154
<INCOME-PRETAX> 8,005
<INCOME-TAX> 3,202
<INCOME-CONTINUING> 4,803
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,803
<EPS-PRIMARY> .39
<EPS-DILUTED> .38
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
unaudited financial statements of ZERO Corporation for the nine month period
ended December 31, 1996 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> DEC-31-1996
<CASH> 12,208
<SECURITIES> 0
<RECEIVABLES> 35,975
<ALLOWANCES> 671
<INVENTORY> 34,938
<CURRENT-ASSETS> 86,936
<PP&E> 97,018
<DEPRECIATION> 53,761
<TOTAL-ASSETS> 179,718
<CURRENT-LIABILITIES> 19,946
<BONDS> 51,631
0
0
<COMMON> 163
<OTHER-SE> 96,373
<TOTAL-LIABILITY-AND-EQUITY> 179,718
<SALES> 166,597
<TOTAL-REVENUES> 166,597
<CGS> 111,261
<TOTAL-COSTS> 111,261
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,440
<INCOME-PRETAX> 19,618
<INCOME-TAX> 7,897
<INCOME-CONTINUING> 11,721
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,721
<EPS-PRIMARY> .96
<EPS-DILUTED> .95
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
unaudited financial statements of ZERO Corporation for the six month period
ended September 30, 1996 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<CASH> 11,194
<SECURITIES> 0
<RECEIVABLES> 32,856
<ALLOWANCES> 811
<INVENTORY> 33,366
<CURRENT-ASSETS> 80,575
<PP&E> 94,790
<DEPRECIATION> 52,372
<TOTAL-ASSETS> 172,723
<CURRENT-LIABILITIES> 18,264
<BONDS> 51,522
0
0
<COMMON> 163
<OTHER-SE> 92,037
<TOTAL-LIABILITY-AND-EQUITY> 172,723
<SALES> 108,051
<TOTAL-REVENUES> 108,051
<CGS> 71,925
<TOTAL-COSTS> 71,925
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,285
<INCOME-PRETAX> 12,740
<INCOME-TAX> 5,218
<INCOME-CONTINUING> 7,522
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,522
<EPS-PRIMARY> .62
<EPS-DILUTED> .61
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
unaudited financial statements of ZERO Corporation for the three month period
ended June 30, 1996 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> JUN-30-1996
<CASH> 12,170
<SECURITIES> 965
<RECEIVABLES> 31,831
<ALLOWANCES> 813
<INVENTORY> 33,382
<CURRENT-ASSETS> 82,570
<PP&E> 91,867
<DEPRECIATION> 50,463
<TOTAL-ASSETS> 173,487
<CURRENT-LIABILITIES> 23,182
<BONDS> 51,526
0
0
<COMMON> 163
<OTHER-SE> 88,249
<TOTAL-LIABILITY-AND-EQUITY> 173,487
<SALES> 54,664
<TOTAL-REVENUES> 54,664
<CGS> 35,910
<TOTAL-COSTS> 35,910
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,135
<INCOME-PRETAX> 6,430
<INCOME-TAX> 2,630
<INCOME-CONTINUING> 3,800
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,800
<EPS-PRIMARY> .31
<EPS-DILUTED> .31
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
unaudited financial statements of ZERO Corporation for the nine month period
ended December 31, 1995 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> DEC-31-1995
<CASH> 32,530
<SECURITIES> 1,973
<RECEIVABLES> 31,743
<ALLOWANCES> 817
<INVENTORY> 30,588
<CURRENT-ASSETS> 101,467
<PP&E> 83,740
<DEPRECIATION> 49,147
<TOTAL-ASSETS> 182,399
<CURRENT-LIABILITIES> 17,944
<BONDS> 1,515
0
0
<COMMON> 162
<OTHER-SE> 153,239
<TOTAL-LIABILITY-AND-EQUITY> 182,399
<SALES> 150,332
<TOTAL-REVENUES> 150,332
<CGS> 98,937
<TOTAL-COSTS> 98,937
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 688
<INCOME-PRETAX> 20,183
<INCOME-TAX> 8,074
<INCOME-CONTINUING> 12,109
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12,109
<EPS-PRIMARY> .75
<EPS-DILUTED> .75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
unaudited financial statements of ZERO Corporation for the six month period
ended September 30, 1995 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> SEP-30-1995
<CASH> 31,551
<SECURITIES> 2,965
<RECEIVABLES> 31,559
<ALLOWANCES> 772
<INVENTORY> 30,666
<CURRENT-ASSETS> 100,646
<PP&E> 81,677
<DEPRECIATION> 48,456
<TOTAL-ASSETS> 179,448
<CURRENT-LIABILITIES> 18,524
<BONDS> 1,480
0
0
<COMMON> 162
<OTHER-SE> 150,957
<TOTAL-LIABILITY-AND-EQUITY> 179,448
<SALES> 100,004
<TOTAL-REVENUES> 100,004
<CGS> 65,384
<TOTAL-COSTS> 65,384
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 433
<INCOME-PRETAX> 13,763
<INCOME-TAX> 5,506
<INCOME-CONTINUING> 8,257
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,257
<EPS-PRIMARY> .51
<EPS-DILUTED> .51
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains restated summary financial information extracted from the
unaudited financial statements of ZERO Corporation for the three month period
ended June 30, 1995 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> JUN-30-1995
<CASH> 27,321
<SECURITIES> 6,160
<RECEIVABLES> 29,346
<ALLOWANCES> 758
<INVENTORY> 28,974
<CURRENT-ASSETS> 94,452
<PP&E> 80,280
<DEPRECIATION> 47,447
<TOTAL-ASSETS> 175,633
<CURRENT-LIABILITIES> 19,474
<BONDS> 591
0
0
<COMMON> 161
<OTHER-SE> 147,578
<TOTAL-LIABILITY-AND-EQUITY> 175,633
<SALES> 48,617
<TOTAL-REVENUES> 48,617
<CGS> 32,023
<TOTAL-COSTS> 32,023
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 196
<INCOME-PRETAX> 6,179
<INCOME-TAX> 2,472
<INCOME-CONTINUING> 3,707
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,707
<EPS-PRIMARY> .23
<EPS-DILUTED> .23
</TABLE>
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