<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------
FORM 10-Q
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended April 30, 1998
/ / 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 1-12557
------------------------
CASCADE CORPORATION
(Exact name of registrant as specified in its charter)
OREGON 93-0136592
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2201 N.E. 201ST AVE. FAIRVIEW, OREGON 97024-9718
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (503)669-6300
------------------------------
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 outstanding of the registrant's common stock as of
May 30, 1998 was 11,862,206.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Consolidated net sales for the three months ended April 30, 1998 totaled
$107,125,000, an increase of 26.4% compared to sales of $84,725,000 recorded in
the first quarter of 1997. Revenues for the first quarter of 1998 include the
full effect of recent acquisitions. Net income for the first quarter of 1998
was $6,815,000 ($.51 per share) or 135.0% higher than net income of $2,900,000
($.23 per share) for the corresponding 1997 period. Earnings for the quarter
include $1,628,000 ($.12 per share after tax) from the sale of a parcel of land.
Expressed as a return on sales, net income for the first three-month period of
1998 was 4.8% before the land sale. The improvement in operating results is
broad based and management is optimistic about the balance of the year.
The lift truck industry remains exceptionally strong in most major markets.
North American factory orders for new trucks continue at record levels, and the
resulting original equipment manufacturer (OEM) backlogs suggest that demand for
attachments, forks and tires will remain high well into 1999. European OEM
numbers continue to show solid improvement for the second consecutive year, and
industry analysts forecast continued modest growth.
Asian markets continue to be a concern. It is apparent that there are no
short-term solutions to the economic and political problems in Japan,
Southeast Asia and Korea. The U.S. dollar continues to strengthen against
these currencies, and we are reacting by accelerating our plans to increase
local manufacturing capabilities in the region. Over the long-term, Asian
markets will provide significant growth for the full range of Cascade
products, and the Company intends to continue to serve this important region
of the world.
The Company is particularly pleased to report that its Australian
subsidiary, Hyco-Cascade, recorded an operating profit in the first quarter,
a dramatic turnaround from last year. With this quarter's results the Company
is beginning to see positive results from its acquisition program.
Management is continuing to implement its strategy by consolidating
operations, looking for cost reduction opportunities in every aspect of the
business and capitalizing on market synergies.
Cost of sales during the first quarter of 1998 and 1997 was $73,635,000 and
$58,240,000, respectively. For the first quarter of 1998 and 1997, cost of
sales as a percentage of net sales remained constant at 68.7%. As a percentage
of net sales, cost of sales was 72.6% during the fourth quarter of 1997 and was
70.2% for the year ended January 31, 1998. The Company is focusing on lowering
cost of sales as a percentage of sales. During the first quarter of 1998 the
Company implemented selected price increases. In addition, the Company
continues to emphasize cost reductions and manufacturing process
<PAGE>
improvements at all of its facilities. First quarter 1997 cost of sales
included non-recurring inventory charges totaling $855,500 arising from
revaluing inventory of purchased subsidiaries.
Depreciation and amortization expense increased to $5,405,000, 5.0% of net
sales in 1998 from $5,155,000, 6.1% of net sales in 1997. The 1998 increase is
primarily the result of amortization of goodwill recorded with the purchase of
recently acquired subsidiaries.
The Company's selling and administrative expenses during the first quarter
of 1998 were $17,600,000, 16.4% of net sales, versus $15,410,000, 18.2% of net
sales during the year earlier period.
First quarter 1998 interest expense of $2,560,000 was higher than the
$1,515,000 recorded during the 1997 period. Increased interest expense is
the result of additional financing incurred in connection with the purchase
of recently acquired subsidiaries.
Other income and expense for the first quarter of 1998 includes a pre-tax
gain of $2,505,000 from the sale of an undeveloped parcel of land.
The effective tax rate for the quarter was 32.7% compared with 34.0% for
the first quarter of 1997 and 34.4% for the full year ended January 31, 1998.
LIQUIDITY AND CAPITAL RESOURCES
During the first three months of 1998, the Company generated $6,873,000
in cash from operating activities compared with $406,000 for 1997. Cash and
cash equivalents at the end of the first quarter of 1998 totaled $20,045,000.
The Company's total long and short-term debt to equity ratio was 1.39 to
1.00 and working capital was $86,936,000 at April 30, 1998. As of April 30,
1998, the Company had approved borrowing arrangements with commercial banks
totaling $32,541,000 of which $15,878,000 was unused. The Company's
available cash and credit facilities are more than sufficient to meet its
short-term requirements.
For the quarter ended April 30, 1998, capital expenditures totaled
$2,618,000 compared to $6,579,000 recorded during the corresponding 1997
period. Capital expenditures for new facilities, machinery, equipment and
tooling over the preceding five years totaled approximately $73,389,000.
Planned capital expenditures for 1998 are estimated at $16,336,000 and
include $5,815,000 for implementation of an enterprise-wide software system
to link all of the Company's core business systems. Implementation will be
phased-in throughout the operating units with final completion scheduled for
fiscal 2000. The Company plans to use cash generated from operations and
existing credit facilities to fund 1998 capital expenditures.
<PAGE>
The US dollar weakened when compared to the most significant foreign
currencies where the Company operates. As a result, foreign currency
translation adjustments increased shareholders' equity by $1,643,000 ($.12
per share) for the quarter and year to date.
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. Some 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, ship product or engage in any number of similar
business activities.
Based on a recent assessment, the Company determined that it would need to
modify or replace portions of its software so that its computer systems will
properly utilize dates beyond December 31, 1999. The Company presently believes
that with modifications to existing software and conversions to new software,
the Year 2000 Issue can be mitigated. However, if such modifications and
conversions are not made, or not completed timely, the Year 2000 issue could
have a material impact on the operations of the Company.
The Company has initiated formal communications with all of its
significant suppliers and large customers to determine the extent to which
the Company is vulnerable to those third parties' failure to remediate their
own Year 2000 Issue. There can be no guarantee that the systems of other
companies on which the Company's systems rely will be timely converted, or
that a failure to convert by another company, or a conversion that is
incompatible with the Company's systems, would not have a material adverse
effect on the Company. The Company has determined that it has no exposure to
contingencies related to the Year 2000 Issue for the products it has sold.
The Company has initiated the implementation of an enterprise-wide
resource planning (ERP) software system to link all of its core business
systems throughout the Company. This implementation was the result of normal
business migration to improved and expanded software systems to increase the
Company's ability to improve its operational efficiency, reduce costs and
enhance overall quality. As part of this implementation, the Company will
also replace those software systems that will encounter the Year 2000 Issue.
The Company plans to complete the ERP project in the year 2000 and will
complete those portions of the project that will address the Year 2000 Issue
in 1999. The total cost of the ERP project is estimated at $9,000,000 and is
being funded through operating cash flows and the Company will lease portions
of the system. Of the project cost, approximately $7,900,000 will be
capitalized. The remaining $1,100,000 will be expensed or placed under
operating leases. Actual project costs incurred through the end of the first
quarter of 1998 total $1,378,000 on the ERP project.
The costs of the project and the date on which the Company plans to
complete the Year 2000 modifications are based on management's best estimates
which were derived
<PAGE>
utilizing numerous assumptions of future events including the continued
availability of certain resources, third party modifications, plans and other
factors. However, there can be no guarantee that these estimates will be
achieved and actual results could differ materially from those plans.
Specific factors that might cause such material differences include, but are
not limited to, the availability and cost of personnel trained in this area,
the ability to locate and correct all relevant computer codes and similar
uncertainties.
FORWARD-LOOKING STATEMENTS
Forward-looking statements throughout this report are based upon
assumptions involving a number of risks and uncertainties. Factors which
could cause actual results to differ materially from these forward-looking
statements include, but are not limited to competitive factors in, and the
cyclical nature of, the lift truck industry; fluctuations in lift truck
orders or deliveries, availability and cost of raw materials; general
business and economic conditions in North America, Europe and Asia; foreign
currency fluctuations; effectiveness of the Company's cost reduction
initiatives; and the Company's success in organizationally and operationally
integrating recently acquired businesses.
<PAGE>
CASCADE CORPORATION AND SUBSIDIARY COMPANIES
PART 1
CONSOLIDATED BALANCE SHEET
(in thousands, except share data)
<TABLE>
<CAPTION>
April 30 January 31
1998 1998
--------- ----------
(unaudited)
<S> <C> <C>
Assets
Current assets:
Cash and cash equivalents....................... $ 20,045 $ 12,966
Accounts receivable, less allowance
for doubtful accounts of $738 and $743........ 71,803 62,271
Inventories, at average cost
which is lower than market:
Finished goods and components................. 44,985 42,280
Goods in process.............................. 2,170 3,965
Raw materials................................. 13,165 12,035
--------- ----------
60,320 58,280
Deferred income taxes........................... 1,165 1,165
Prepaid expenses................................ 6,749 6,011
--------- ----------
Total current assets.......................... 160,082 140,693
Property, plant and equipment, at cost less
accumulated depreciation...................... 100,249 101,147
Deferred income taxes............................ 4,507 4,044
Goodwill......................................... 93,953 94,982
Other Assets..................................... 10,258 8,726
--------- ----------
Total assets.................................. $369,049 $349,592
--------- ----------
--------- ----------
Liabilities and Shareholders' Equity
Current liabilities:
Notes payable to banks.......................... $ 16,663 $ 13,193
Current portion of long-term debt............... 2,207 2,501
Accounts payable................................ 28,420 23,604
Accrued payroll and payroll taxes............... 6,814 7,331
Other accrued expenses.......................... 19,042 13,001
--------- ----------
Total current liabilities..................... 73,146 59,630
Long-term debt................................... 144,375 144,785
Accrued environmental expenditures............... 10,316 10,316
Other liabilities................................ 3,292 3,720
--------- ----------
Total liabilities............................. 231,129 218,451
--------- ----------
Mandatorily redeemable convertible preferred
stock, no par value, 305,000 and 330,000
shares issued and outstanding.................. 4,575 4,950
Minority interest................................ 15,640 15,640
Shareholders' equity:
Common stock, $.50 par value, authorized
20,000,000 shares; 11,989,704 and
11,988,208 outstanding........................ 5,995 5,994
Additional paid-in capital....................... 3,734 3,711
Retained earnings................................ 114,578 109,091
Cumulative foreign currency
translation adjustments....................... (6,373) (8,016)
Treasury stock, at cost
(127,498 shares).............................. (229) (229)
--------- ----------
Total shareholders' equity.................... 117,705 110,551
--------- ----------
Total liabilities and
shareholders' equity.......................... $369,049 $349,592
--------- ----------
--------- ----------
</TABLE>
The accompanying notes to consolidated financial statements are an integral part
of this statement.
<PAGE>
CASCADE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
(unaudited -- in thousands, except share data)
<TABLE>
<CAPTION>
Three months ended
April 30,
--------------------------
1998 1997
----------- ----------
<S> <C> <C>
Net sales......................................... $ 107,125 $ 84,725
----------- ----------
Costs and expenses:
Cost of goods sold............................. 73,635 58,240
Depreciation and amortization.................. 5,405 5,155
Selling and administrative expenses............ 17,600 15,410
----------- ----------
96,640 78,805
----------- ----------
Operating income................................. 10,485 5,920
Interest expense.............................. 2,560 1,515
Interest income............................... (190) (130)
Other expense, net............................ (2,020) 140
----------- ----------
Income before income taxes....................... 10,135 4,395
Income taxes..................................... 3,320 1,495
----------- ----------
Net income....................................... $ 6,815 $ 2,900
----------- ----------
----------- ----------
Basic earnings per share......................... $ 0.56 $ 0.23
----------- ----------
----------- ----------
Diluted earnings per share....................... $ 0.51 $ 0.23
----------- ----------
----------- ----------
Diluted weighted average shares outstanding...... 13,297,768 12,852,041
----------- ----------
----------- ----------
</TABLE>
The accompanying notes to consolidated financial statements are an integral part
of this statement.
<PAGE>
CASCADE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited - in thousands)
<TABLE>
<CAPTION>
Three months ended
April 30
----------------------
1998 1997
------- -------
<S> <C> <C>
Cash flows from operating activities:
Net income...................................... $ 6,815 $ 2,900
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization................ 5,405 5,155
Deferred income taxes........................ (444) (393)
Gain on disposal of property................. (2,505) --
Changes in operating assets and liabilities:
Accounts receivable.......................... (9,532) (6,025)
Inventories.................................. (2,040) (281)
Prepaid expenses............................. (738) 649
Account payable and accrued expenses......... 10,340 (2,028)
Other liabilities............................ (428) 429
------- -------
Net cash provided by operating activities..... 6,873 406
------- -------
Cash flows from investing activities:
Acquisition of property, plant and equipment..... (2,618) (6,579)
Business acquisitions............................ -- (64,943)
Other assets..................................... (1,518) 511
Proceeds from sale of property................... 2,606 --
------- -------
Net cash used in investing activities.......... (1,530) (71,011)
------- -------
Cash flows from financing activities:
Payments on long-term debt....................... (852) (797)
Notes payable to banks, Net...................... 3,470 67,042
Repurchase of manditorily redeemable convertible
preferred stock................................ (375) --
Issuance of common stock......................... 24 --
Cash dividends................................... (1,328) (1,342)
------- -------
Net cash provided by financing activities...... 939 64,903
------- -------
Effect of exchange rate changes................... 797 1,222
------- -------
Increase (decrease) in cash and cash equivalents.. 7,079 (4,480)
Cash and cash equivalents at
beginning of year................................ 12,966 15,642
------- -------
Cash and cash equivalents at end of period........ $20,045 $11,162
------- -------
------- -------
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest.................................... $ 1,448 $ 1,349
Income taxes................................ $ 3,945 $ 628
Exchangeable preferred stock issued for
acquisition................................... $ -- $15,640
</TABLE>
The accompanying notes to consolidated financial statements are an integral part
of this statement.
<PAGE>
CASCADE CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION>
Fiscal
Year ended
April 30 January 31
1998 1998
-------- ----------
(unaudited)
<S> <C> <C>
COMMON STOCK
Beginning balance............................. 5,994 6,024
Common stock issued (repurchased)............. 1 (30)
-------- --------
5,995 5,994
-------- --------
ADDITIONAL PAID-IN CAPITAL
Beginning balance............................. 3,711 --
Treasury shares issued for acquisition........ -- 3,711
Common stock issued........................... 23 --
-------- --------
3,734 3,711
-------- --------
RETAINED EARNINGS
Beginning balance............................. 109,091 94,561
Net income.................................... 6,815 21,040
Cash dividend................................. (1,328) (5,505)
Common stock repurchsed....................... -- (1,005)
-------- --------
114,578 109,091
-------- --------
CUMULATIVE FOREIGN CURRENCY ADJUSTMENTS
Beginning balance............................. (8,016) (1,142)
Translation adjustments....................... 1,643 (6,874)
-------- --------
(6,373) (8,016)
-------- --------
TREASURY STOCK
Beginning balance............................. (229) (686)
Treasury shares issued for acquisitions....... -- 457
-------- --------
(229) (229)
-------- --------
TOTAL SHAREHOLDERS' EQUITY....................... $117,705 $110,551
-------- --------
-------- --------
</TABLE>
The accompanying notes to consolidated financial statements are an integral part
of this statement.
<PAGE>
CASCADE CORPORATION AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - COMPREHENSIVE INCOME
In June 1997, the Financial Accounting Standards Board (FASB) issued SFAS
No. 130, "Reporting Comprehensive Income". The Company has adopted the standard
as of February 1, 1998. Total comprehensive income consists of the following:
<TABLE>
<CAPTION>
For the quarter ended
---------------------
April 30 April 30
1998 1997
------ -------
<S> <C> <C>
Net income.................................. $6,815 $ 2,900
Translation adjustment...................... 1,643 (2,668)
------ -------
Total comprehensive income.................. $8,458 $ 232
------ -------
------ -------
</TABLE>
Cumulative foreign currency translation adjustments represent the Company's
only other comprehensive income item. The translation adjustment consists of
unrealized gains/losses in accordance with SFAS No. 52, "Foreign Currency
Translation". The Company has no intention of liquidating the assets of the
foreign subsidiaries in the foreseeable future.
<PAGE>
CASCADE CORPORATION AND SUBSIDIARY COMPANIES
SIGNATURES
The enclosed financial statements have not been certified by independent
accountants. However, to the best of my knowledge and belief these financial
statements have been prepared in conformity with generally accepted
accounting principles and on a basis substantially consistent with audited
financial statements included in the annual report filed with the Commission
for the preceding fiscal year.
The Company believes that all adjustments, consisting of normal recurring
adjustments, necessary for a fair statement of the results of operations,
have been included.
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.
CASCADE CORPORATION
June 12, 1998
- ------------------- /s/ Kurt G. Wollenberg
Date ------------------------------
Kurt G. Wollenberg,
Vice President - Finance
<PAGE>
EXHIBIT 11.
CASCADE CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(In thousands except per share data)
<TABLE>
<CAPTION>
QUARTER ENDED APRIL 30
--------------------------------------------------------------------------
1998 1997
------------------------------------ -----------------------------------
PER SHARE PER SHARE
INCOME SHARES AMOUNT INCOME SHARES AMOUNT
------ ------ --------- ------ ------ ---------
(Numerator) (Denominator) (Numerator) (Denominator)
<S> <C> <C> <C> <C> <C> <C>
Net income........................ 6,815 2,900
Less: preferred stock dividend... (143) (143)
------ ------
BASIC EPS
Income available to
common shareholders............. 6,672 11,862 $ 0.56 2,757 11,892 $ 0.23
------ ------
------ ------
Effect of dilutive securities
Manditorily redeemable convertible
preferred stock................. 110 1,100 110 630
Exchangeable preferred stock...... 33 328 33 330
Incentive stock options........... -- 8 -- --
------ ------ ------ ------
DILUTED EPS
Income available to common
shareholder plus assumed
conversions..................... $6,815 13,298 $ 0.51 $2,900 12,852 $ 0.23
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JAN-31-1999
<PERIOD-START> FEB-01-1998
<PERIOD-END> APR-30-1998
<CASH> 20,045
<SECURITIES> 0
<RECEIVABLES> 72,541
<ALLOWANCES> 738
<INVENTORY> 60,320
<CURRENT-ASSETS> 160,082
<PP&E> 204,049
<DEPRECIATION> 103,800
<TOTAL-ASSETS> 369,049
<CURRENT-LIABILITIES> 73,146
<BONDS> 144,375
4,575
15,640
<COMMON> 5,995
<OTHER-SE> 111,710
<TOTAL-LIABILITY-AND-EQUITY> 369,049
<SALES> 107,125
<TOTAL-REVENUES> 107,125
<CGS> 73,635
<TOTAL-COSTS> 96,640
<OTHER-EXPENSES> (2,020)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,560
<INCOME-PRETAX> 10,135
<INCOME-TAX> 3,320
<INCOME-CONTINUING> 6,815
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,815
<EPS-PRIMARY> .56
<EPS-DILUTED> .51
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> JAN-31-1998 JAN-31-1998 JAN-31-1998
<PERIOD-START> FEB-01-1997 FEB-01-1997 FEB-01-1997
<PERIOD-END> APR-30-1997 JUL-31-1997 OCT-31-1997
<CASH> 11,162 16,841 12,083
<SECURITIES> 0 0 0
<RECEIVABLES> 67,544 60,865 67,506
<ALLOWANCES> 492 595 698
<INVENTORY> 49,621 51,970 55,363
<CURRENT-ASSETS> 129,765 141,043 139,485
<PP&E> 186,299 188,639 194,290
<DEPRECIATION> 79,042 81,656 86,197
<TOTAL-ASSETS> 335,374 347,958 355,501
<CURRENT-LIABILITIES> 149,750 159,232 165,118
<BONDS> 0 0 36,172
4,950 4,950 4,950
15,640 15,640 15,640
<COMMON> 6,024 5,994 5,994
<OTHER-SE> 95,279 101,774 107,170
<TOTAL-LIABILITY-AND-EQUITY> 335,374 347,958 355,501
<SALES> 84,725 175,065 272,590
<TOTAL-REVENUES> 84,725 175,065 272,590
<CGS> 58,240 120,685 188,980
<TOTAL-COSTS> 78,805 152,170 237,675
<OTHER-EXPENSES> 140 (380) (550)
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 1,515 4,475 7,125
<INCOME-PRETAX> 4,395 19,050 28,920
<INCOME-TAX> 1,495 6,445 9,835
<INCOME-CONTINUING> 2,900 12,605 19,085
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 2,900 12,605 19,085
<EPS-PRIMARY> .23 1.03 1.57
<EPS-DILUTED> .23 .96 1.45
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS YEAR
<FISCAL-YEAR-END> JAN-31-1997 JAN-31-1997 JAN-31-1997 JAN-31-1997
<PERIOD-START> FEB-01-1996 FEB-01-1996 FEB-01-1996 FEB-01-1996
<PERIOD-END> APR-30-1996 JUL-31-1996 OCT-31-1996 JAN-31-1997
<CASH> 20,573 17,821 14,786 15,642
<SECURITIES> 0 0 0 0
<RECEIVABLES> 37,671 34,843 39,558 43,696
<ALLOWANCES> 747 751 750 227
<INVENTORY> 25,879 26,757 26,513 36,002
<CURRENT-ASSETS> 83,993 79,640 81,411 98,629
<PP&E> 135,586 141,241 142,775 155,801
<DEPRECIATION> 72,299 74,670 75,219 74,408
<TOTAL-ASSETS> 149,395 148,142 153,290 199,493
<CURRENT-LIABILITIES> 31,908 27,993 30,054 65,879
<BONDS> 0 0 0 0
0 0 0 0
0 0 0 4,950
<COMMON> 6,139 6,079 6,024 6,024
<OTHER-SE> 88,638 91,144 92,998 92,733
<TOTAL-LIABILITY-AND-EQUITY> 149,395 148,142 153,290 199,493
<SALES> 57,010 111,815 166,685 218,485
<TOTAL-REVENUES> 57,010 111,815 166,685 218,485
<CGS> 37,345 73,110 108,820 143,080
<TOTAL-COSTS> 49,945 98,150 146,220 193,635
<OTHER-EXPENSES> 360 615 945 65
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 211 410 620 (200)
<INCOME-PRETAX> 6,730 13,110 19,550 24,985
<INCOME-TAX> 2,340 4,385 6,460 7,565
<INCOME-CONTINUING> 4,390 8,725 13,090 17,420
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 4,390 8,725 13,090 17,420
<EPS-PRIMARY> .37 .74 1.11 1.48
<EPS-DILUTED> .37 .74 1.11 1.48
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS YEAR
<FISCAL-YEAR-END> JAN-31-1996 JAN-31-1996 JAN-31-1996 JAN-31-1996
<PERIOD-START> FEB-01-1995 FEB-01-1995 FEB-01-1995 FEB-01-1995
<PERIOD-END> APR-30-1995 JUL-31-1995 OCT-31-1995 JAN-31-1996
<CASH> 17,490 22,963 22,620 23,326
<SECURITIES> 0 0 0 0
<RECEIVABLES> 40,646 42,283 41,738 39,541
<ALLOWANCES> 416 285 387 967
<INVENTORY> 24,402 24,616 25,147 25,215
<CURRENT-ASSETS> 82,826 90,514 89,766 87,964
<PP&E> 134,387 135,233 135,282 133,719
<DEPRECIATION> 69,884 70,526 70,807 70,505
<TOTAL-ASSETS> 149,188 157,063 156,861 153,190
<CURRENT-LIABILITIES> 31,541 36,311 35,550 38,135
<BONDS> 0 0 0 0
0 0 0 0
0 0 0 0
<COMMON> 6,196 6,196 6,196 6,139
<OTHER-SE> 88,623 91,758 94,558 85,918
<TOTAL-LIABILITY-AND-EQUITY> 149,188 157,063 156,861 153,190
<SALES> 57,150 115,800 174,280 234,030
<TOTAL-REVENUES> 57,150 115,800 174,280 234,030
<CGS> 37,595 75,865 114,470 153,345
<TOTAL-COSTS> 49,805 101,855 153,515 202,820
<OTHER-EXPENSES> 600 1,290 2,450 315
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 105 175 170 40
<INCOME-PRETAX> 6,640 13,945 20,765 16,060
<INCOME-TAX> 2,350 5,050 7,190 5,510
<INCOME-CONTINUING> 4,290 8,895 13,575 10,550
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 4,290 8,895 13,575 10,550
<EPS-PRIMARY> .36 .74 1.13 .88
<EPS-DILUTED> .36 .74 1.13 .88
</TABLE>
