<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(mark one)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934
For the quarterly period ended June 15, 1996
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 1-4455
DOLE FOOD COMPANY, INC.
______________________________________________________
(Exact name of registrant as specified in its charter)
HAWAII 99-0035300
_______________________________ ___________________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
31365 Oak Crest Drive
Westlake Village, California 91361
_____________________________________________________
(Address of principal executive offices and zip code)
(818) 879-6600
_____________________________________________________
(Registrant's telephone number, including area code)
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.
Class Shares Outstanding at July 3, 1996
_____________________ __________________________________
Common Stock, without 60,065,886
par value
<PAGE>
DOLE FOOD COMPANY, INC.
Index
Page
Number
------
Part I. Financial Information
Item 1. Financial Statements
Consolidated Statements of Income -- quarters and half
years ended June 15, 1996 and June 17, 1995................... 3-4
Consolidated Balance Sheets -- June 15, 1996 and
December 30, 1995............................................. 5
Consolidated Statements of Cash Flow -- half years
ended June 15, 1996 and June 17, 1995......................... 6
Notes to Consolidated Financial Statements.................... 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations................. 8-9
Part II. Other Information
Item 3. Legal Proceedings....................................... 10
Item 4. Submission of Matters to a Vote of Security Holders..... 10-11
Item 6. Exhibits and Reports on Form 8-K........................ 11
Signatures....................................................... 12
-2-
<PAGE>
PART I.
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DOLE FOOD COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in 000s, except per share amounts)
Quarter Ended
------------------------
June 15, June 17,
1996 1995
---------- ----------
Revenue $1,041,191 $1,068,814
Cost of products sold 861,599 885,391
---------- ----------
Gross margin 179,592 183,423
Selling, marketing and administrative
expenses 88,423 107,209
---------- ----------
Operating income 91,169 76,214
Interest expense (16,382) (20,772)
Interest income 1,419 968
Other income (expense) - net 1,374 (3,110)
Net gain on assets sold or held for disposal - 61,655
---------- ----------
Income from continuing operations,
before income taxes 77,580 114,955
Income taxes (14,000) (39,100)
---------- ----------
Income from continuing operations 63,580 75,855
Income from discontinued operations,
net of income taxes - 2,807
---------- ----------
Net income $ 63,580 $ 78,662
---------- ----------
---------- ----------
Earnings per common share:
Continuing operations $ 1.05 $ 1.27
Discontinued operations - .05
---------- ----------
Net income per common share $ 1.05 $ 1.32
---------- ----------
---------- ----------
Average number of common shares outstanding 60,476 59,698
---------- ----------
---------- ----------
See Notes to Consolidated Financial Statements.
-3-
<PAGE>
DOLE FOOD COMPANY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in 000s, except per share amounts)
Half Year Ended
------------------------
June 15, June 17,
1996 1995
---------- ----------
Revenue $1,855,629 $1,917,938
Cost of products sold 1,549,047 1,583,766
---------- ----------
Gross margin 306,582 334,172
Selling, marketing and administrative
expenses 168,238 203,212
---------- ----------
Operating income 138,344 130,960
Interest expense (33,384) (44,863)
Interest income 3,603 3,184
Other income (expense) - net 5,526 (3,970)
Net gain on assets sold or held for disposal - 61,655
---------- ----------
Income from continuing operations,
before income taxes 114,089 146,966
Income taxes (20,500) (46,700)
---------- ----------
Income from continuing operations 93,589 100,266
Income from discontinued operations,
net of income taxes - 2,017
---------- ----------
Net income $ 93,589 $ 102,283
---------- ----------
---------- ----------
Earnings per common share
Continuing operations $ 1.55 $ 1.68
Discontinued operations - .03
---------- ----------
Net income per common share $ 1.55 $ 1.71
---------- ----------
---------- ----------
Average number of common shares outstanding 60,393 59,705
---------- ----------
---------- ----------
See Notes to Consolidated Financial Statements.
-4-
<PAGE>
DOLE FOOD COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(in 000s)
June 15, December 30,
1996 1995
(Unaudited) (Audited)
----------- -----------
Current assets
Cash and short-term investments $ 35,173 $ 72,151
Receivables - net 507,618 462,303
Inventories
Finished products 204,418 179,390
Raw materials and work in progress 152,406 216,830
Growing crop costs 40,479 51,980
Packing materials 23,337 25,227
Operating supplies and other 94,513 86,233
---------- ----------
515,153 559,660
Prepaid expenses 55,702 43,087
---------- ----------
Total current assets 1,113,646 1,137,201
Investments 62,147 63,319
Property, plant and equipment - net 1,022,907 1,016,991
Long-term receivables - net 34,495 28,409
Other assets 182,576 196,272
---------- ----------
$2,415,771 $2,442,192
---------- ----------
---------- ----------
Current liabilities
Notes payable $ 8,778 $ 21,778
Current portion of long-term debt 1,934 1,779
Accounts payable and accrued liabilities 649,291 633,333
---------- ----------
Total current liabilities 660,003 656,890
Long-term debt 790,179 895,998
Other long-term liabilities 354,258 354,545
Minority interests 24,919 26,324
Common shareholders' equity
Common stock 320,697 320,497
Additional paid-in capital 176,036 170,266
Retained earnings 139,865 58,269
Cumulative foreign currency translation
adjustment (50,186) (40,597)
---------- ----------
Total common shareholders' equity 586,412 508,435
---------- ----------
$2,415,771 $2,442,192
---------- ----------
---------- ----------
See Notes to Consolidated Financial Statements.
-5-
<PAGE>
DOLE FOOD COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
(in 000s)
Half Year Ended
----------------------
June 15, June 17,
1996 1995
--------- ---------
Operating activities
Income from continuing operations $ 93,589 $ 100,266
Adjustments to continuing operations
Depreciation and amortization 51,271 52,936
Equity earnings, net of distributions (1,914) (930)
Net gain on assets sold or held for disposal - (61,655)
Provision for deferred income taxes 11,908 14,549
Other (4,054) 969
Change in operating assets and liabilities
Receivables - net (50,444) (5,908)
Inventories 44,606 11
Prepaid expenses (12,615) (14,269)
Accounts payable and accrued liabilities 15,958 128,381
Other (9,206) 1,967
--------- ---------
Cash flow from operating activities
of continuing operations 139,099 216,317
Cash flow used in operating activities
of discontinued operations - (7,149)
--------- ---------
Cash flow from operating activities 139,099 209,168
Investing activities
Capital additions (34,973) (56,510)
Proceeds from sales of businesses and assets 9,676 376,553
Businesses acquired, net of acquired cash (32,578) (10,196)
Sales (purchases) of investments - net 6,485 (6,808)
Other - 735
--------- ---------
Cash flow (used in) from investing activities
of continuing operations (51,390) 303,774
Cash flow used in investing activities
of discontinued operations - (5,803)
--------- ---------
Cash flow (used in) from investing
activities (51,390) 297,971
Financing activities
Short-term repayments - net (13,000) (41,661)
Long-term repayments - net (105,664) (448,735)
Cash dividends paid (11,993) (11,897)
Issuance of common stock 5,970 178
--------- ---------
Cash flow used in financing activities
of continuing operations (124,687) (502,115)
Cash flow used in financing activities
of discontinued operations - (728)
--------- ---------
Cash flow used in financing activities (124,687) (502,843)
(Decrease) increase in cash and short-term
investments (36,978) 4,296
Cash and short-term investments at beginning
of period 72,151 45,162
--------- ---------
Cash and short-term investments at end of period $ 35,173 $ 49,458
--------- ---------
--------- ---------
See Notes to Consolidated Financial Statements.
-6-
<PAGE>
DOLE FOOD COMPANY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. In the opinion of management, the accompanying unaudited
consolidated financial statements of Dole Food Company, Inc. (the
"Company") include all adjustments necessary to present fairly
its financial position as of June 15, 1996, its results of operations
for the quarter and half year then ended, and cash flow for the half
year then ended. Interim results are subject to significant seasonal
variations and are not necessarily indicative of the results of
operations for a full year.
On December 28, 1995, the Company completed the separation of its
real estate and resorts business from its food business through
a pro rata distribution to its shareholders. In connection with
the distribution, 1995 operating results of the real estate and
resorts business have been presented as discontinued operations.
Certain prior year amounts have been reclassified to conform to
the 1996 presentation.
2. The Company declared and paid cash dividends on its common stock of
approximately $12.0 million during the first half of 1996.
During the first half of 1995, the Company declared cash
dividends on its common stock of approximately $5.9 million and
paid cash dividends of approximately $11.9 million. The cash
dividends represent the regular quarterly dividend of 10 cents
per share.
3. The Company paid interest of $34.1 million in the first half of
1996 and $57.8 million for the same period in 1995. The Company
received income tax refunds (net of income taxes paid) of $12.1
million for the first half of 1996 and paid income taxes (net of
refunds) of $9.9 million for the first half of 1995.
4. On May 19, 1995, the Company completed the sale of its worldwide
juice and juice beverage business, resulting in initial net
proceeds of approximately $233 million and a pretax gain of
approximately $145 million. In addition, during the second
quarter of 1995, the Company began to implement its plans to sell
certain of its agricultural properties and other assets which
have generated low returns. The book value of the assets to be
sold exceeded the estimated fair value less costs to sell,
resulting in an adjustment of $83.3 million. The resulting net
pretax gain of $61.7 million was recorded in the 1995 second
quarter.
-7-
<PAGE>
DOLE FOOD COMPANY, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
The Company's operating activities during the first half of 1996 provided
$139.1 million of cash, primarily due to operating results.
The Company had a net reduction in borrowings in the first half of 1995
due to proceeds of approximately $133 million generated from the sale and
leaseback of certain vessels and proceeds of approximately $233 million
from the sale of the worldwide juice and juice beverage business.
As a result of the significant reduction in debt, on June 5, 1996, the
Company voluntarily reduced the commitments outstanding under its existing
credit facility from $1 billion to $600 million. In addition, the Company
has received commitments for a new $600 million five-year revolving credit
facility which will replace the existing facility. At June 15, 1996, the
Company had net borrowings outstanding of approximately $65 million under the
$600 million credit facility. The Company also borrows under uncommitted
lines of credit at rates offered from time to time by various banks that may
or may not be lenders under the $600 million credit facility.
During the first half of 1996, the Company completed certain acquisitions
of various food operations primarily located in Europe for a total cash
purchase price of approximately $32.6 million.
Capital expenditures totaled approximately $35.0 million for the first
half of 1996 compared to approximately $56.5 million for the first half
of 1995. The 1996 expenditures were invested in various business
expansions and modernization of existing facilities.
RESULTS OF OPERATIONS
Net income for the first half of 1996 increased to $93.6 million or
$1.55 per share compared to net income from continuing operations
of $65.4 million or $1.10 per share for the first half of 1995, excluding
the net gain on assets sold or held for disposal. Net income for the
second quarter of 1996 increased to $63.6 million or $1.05 per share
compared to net income from continuing operations of $41.0 million or 69
cents per share for the second quarter of 1995, excluding the net gain
on assets sold or held for disposal.
Revenue for the first half of 1996 totaled $1.86 billion, compared to revenue
from continuing operations of $1.80 billion for the same period in 1995,
excluding revenue of $119.4 million from the beverage and pistachio
businesses which were sold in 1995. Second quarter 1996 revenue increased to
$1.04 billion compared to revenue from continuing operations of $1.01 billion
for the second quarter of 1995, excluding revenue of $59.4 million from the
beverage and pistachio businesses. The growth in revenue is primarily
attributable to volume increases in the banana and value added, pre-cut salad
operations, and business acquisitions and joint ventures.
-8-
<PAGE>
DOLE FOOD COMPANY, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS (CONT'D)
Selling, marketing and administrative expenses decreased $35.0 million
to $168.2 million or 9% of revenue for the first half of 1996, compared
to 11% of revenue for the first half of 1995 and decreased $18.8 million
to $88.4 million or 8% of revenue for the second quarter of 1996 compared
to 10% of revenue for the second quarter of 1995. The decrease in
expenses was primarily due to the sale of the beverage business.
Operating income increased to $138.3 million for the first half of 1996
compared to operating income from continuing operations of $131.0 million for
the first half of 1995. For the second quarter of 1996, operating income
increased to $91.2 million compared to operating income from continuing
operations of $76.2 million for the same quarter of 1995. Higher earnings for
the first half and second quarter of 1996 were primarily related to improved
performance in bananas, fresh and processed pineapple and value added, precut
salad businesses. However, overall results were adversely impacted by the
weaker yen during the second quarter of 1996 compared to the second quarter
of 1995. Additionally, in 1995 the fresh vegetable business posted higher
earnings due to temporary market conditions resulting from the March 1995
California floods.
Interest expense, net of interest income, decreased to $29.8 million for
the first half of 1996 from $41.7 million for the first half of 1995
primarily as a result of lower average debt levels.
Other income of $5.5 million for the first half of 1996 and $1.4 million
for the second quarter of 1996 was primarily from a gain on the sale of
certain investments, and earnings from joint ventures, respectively.
The Company's effective tax rate decreased to 18% for the first half of 1996
from 23% for continuing operations for the first half of 1995, excluding the
impact of the net gain on assets sold or held for disposal, primarily as a
result of the 1995 real estate and resorts business distribution which caused
a change in the mix of the Company's foreign and domestic earnings.
-9-
<PAGE>
PART II. OTHER INFORMATION
DOLE FOOD COMPANY, INC.
Item 3. Legal Proceedings
In the Company's Form 10-K for the year ended December 30, 1995, the Company
described certain lawsuits that had been filed in Texas against some of the
manufacturers of a formerly widely used agricultural chemical called DBCP,
the Company and several of its competitors. In these lawsuits, a large number
of foreign nationals allege personal injuries caused by contact with DBCP.
The plaintiffs claim that during the 1960's and 1970's they were employees of
Company subsidiaries, competitors and independent local growers. In October
1995, four of the six cases pending in Texas state courts were dismissed by
the Texas federal court on the grounds that the plaintiffs' home countries
are the more appropriate forums for the claims. This dismissal involved
approximately 75% of the Texas plaintiffs, many of whom have now filed claims
in their home countries. The remaining two cases were remanded to Texas state
courts. In March 1996, one of these remaining cases was removed to federal
court, and in June 1996, the court denied a motion to have the case remanded
back to state court. Similar DBCP actions were filed in Louisiana state court
in June 1995 by plaintiffs from some of the same foreign countries. The
Louisiana cases were removed to federal court where defendants have filed a
motion to dismiss on the same grounds successfully asserted in the Texas
dismissal action. In May 1996, additional DBCP actions were filed in
Mississippi state court. These cases have been removed to federal court. As
to all such matters, the Company has denied liability and asserted
substantial defenses. In the opinion of management, after consultation with
outside counsel, the pending lawsuits are not expected to have a material
adverse effect on the Company's financial position or results of operations.
The Company is involved from time to time in other various claims and legal
actions incident to its operations, both as plaintiff and defendant. In the
opinion of management, after consultation with outside counsel, none of the
claims or actions to which the Company is a party is expected to have a
material adverse effect on the Company's financial position or results of
operations.
Item 4. Submission of Matters to a Vote of Security Holders
Dole Food Company, Inc. held its Annual Meeting of Stockholders (the
"Meeting") on May 9, 1996, at which the Company's stockholders voted: (1)
to elect the nominated slate of seven directors, each to serve until the
next meeting and until his or her successor has been duly elected and
qualified: Elaine L. Chao, Mike Curb, David A. DeLorenzo, Richard M.
Ferry, James F. Gary, Zoltan Merszei and David H. Murdock; (2) to
approve amendments to the Company's 1991 Stock Option and Award Plan; (3)
to approve the Company's Non-Employee Directors Deferred Stock and Cash
Compensation Plan and (4) to elect Arthur Andersen LLP as the Company's
independent public accountants and auditors for the 1996 fiscal year.
-10-
<PAGE>
Holders of record of the Company's common stock as of March 22, 1996 were
entitled to vote at the Meeting. On March 22, 1996, there were 59,991,726
shares of common stock outstanding and entitled to vote and 54,312,175 of
such shares were represented at the Meeting. Each of the directors received
at least 99.0% of the shares cast in favor of his or her election. The
shares cast for each director are as follows: Elaine L. Chao: 53,914,930
shares for and 397,245 shares withheld; Mike Curb: 53,915,769 shares for and
396,406 shares withheld; David A. DeLorenzo: 53,797,876 shares for and
514,299 shares withheld; Richard M. Ferry: 53,929,224 shares for and 382,951
shares withheld; James F. Gary: 53,910,146 shares for and 402,029 shares
withheld; Zoltan Merszei: 53,889,478 shares for and 422,697 shares withheld;
and David H. Murdock: 53,754,424 shares for and 557,751 shares withheld. With
respect to the amendments to the Company's 1991 Stock Option and Award Plan,
the shares cast were 38,303,827 shares for, 15,609,561 shares against, and
398,787 shares in abstention. With respect to the Non-Employee Directors
Deferred Stock and Cash Compensation Plan, the shares cast were 52,529,276
shares for, 1,351,020 shares against, and 431,879 shares in abstention. With
respect to the election of Arthur Andersen LLP, the shares cast were
54,034,517 shares for, 118,685 shares against, and 158,973 shares in
abstention.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
Exhibit Page
No. Number
------- ------
11 Computations of earnings per common share 13-14
27 Financial data schedule
(b) No reports on Form 8-K were filed for the quarter
ended June 15, 1996.
-11-
<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.
DOLE FOOD COMPANY, INC.
Registrant
July 10, 1996 By /s/ MICHAEL S. KARSNER
---------------------------------
Michael S. Karsner
Senior Vice President -
Chief Financial Officer
By /s/ PATRICIA A. MCKAY
---------------------------------
Patricia A. McKay
Vice President - Finance
and Controller
-12-
<PAGE>
EXHIBIT 11
DOLE FOOD COMPANY, INC.
Computations of Earnings per Common Share
(Unaudited)
(in 000s, except per share amounts)
Quarter Ended
------------------------
June 15, June 17,
1996 1995
---------- ----------
PRIMARY
Income from continuing operations
applicable to common shares $ 63,580 $ 75,855
Income from discontinued operations
applicable to common shares - 2,807
---------- ----------
Net income applicable to common shares $ 63,580 $ 78,662
---------- ----------
---------- ----------
Average number of common shares outstanding
during the period 60,022 59,482
Add:
Shares issuable upon exercise of stock
options at average prices during the
period 454 216
---------- ----------
Total primary shares 60,476 59,698
---------- ----------
---------- ----------
Primary earnings per common share:
Continuing operations $ 1.05 $ 1.27
Discontinued operations - .05
---------- ----------
Net income $ 1.05 $ 1.32
---------- ----------
---------- ----------
FULLY DILUTED
Income from continuing operations
applicable to common shares $ 63,580 $ 75,855
Income from discontinued operations
applicable to common shares - 2,807
---------- ----------
Net income applicable to common shares $ 63,580 $ 78,662
---------- ----------
---------- ----------
Average number of common shares outstanding
during the period 60,022 59,482
Add:
Shares issuable upon exercise of stock
options at higher of average prices
or end of period prices 630 216
---------- ----------
Total fully diluted shares 60,652 59,698
---------- ----------
---------- ----------
Fully diluted earnings per common share
Continuing operations $ 1.05 $ 1.27
Discontinued operations - .05
---------- ----------
Net income $ 1.05 $ 1.32
---------- ----------
---------- ----------
-13-
<PAGE>
EXHIBIT 11
(Continued)
DOLE FOOD COMPANY, INC.
Computations of Earnings per Common Share
(Unaudited)
(in 000s, except per share amounts)
Half Year Ended
-------------------
June 15, June 17,
1996 1995
-------- --------
PRIMARY
Income from continuing operations
applicable to common shares $ 93,589 $100,266
Income from discontinued operations
applicable to common shares - 2,017
-------- --------
Net income applicable to common shares $ 93,589 $102,283
-------- --------
-------- --------
Average number of common shares outstanding
during the period 59,956 59,481
Add:
Shares issuable upon exercise of stock
options at average prices during the
period 437 224
-------- --------
Total primary shares 60,393 59,705
-------- --------
-------- --------
Primary earnings per common share:
Continuing operations $ 1.55 $ 1.68
Discontinued operations - .03
-------- --------
Net income $ 1.55 $ 1.71
-------- --------
-------- --------
FULLY DILUTED
Income from continuing operations
applicable to common shares $ 93,589 $100,266
Income from discontinued operations
applicable to common shares - 2,017
-------- --------
Net income applicable to common shares $ 93,589 $102,283
-------- --------
-------- --------
Average number of common shares outstanding
during the period 59,956 59,481
Add:
Shares issuable upon exercise of stock
options at higher of average prices
or end of period prices 630 245
-------- --------
Total fully diluted shares 60,586 59,726
-------- --------
-------- --------
Fully diluted earnings per common share
Continuing operations $ 1.54 $ 1.68
Discontinued operations - .03
-------- --------
Net income $ 1.54 $ 1.71
-------- --------
-------- --------
-14-
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS <F1>
<FISCAL-YEAR-END> DEC-28-1996<F1>
<PERIOD-START> DEC-31-1995<F1>
<PERIOD-END> JUN-15-1996<F1>
<CASH> 35,173
<SECURITIES> 0
<RECEIVABLES> 442,915<F2>
<ALLOWANCES> 46,851<F3>
<INVENTORY> 515,153
<CURRENT-ASSETS> 1,113,646
<PP&E> 1,614,034
<DEPRECIATION> 591,127
<TOTAL-ASSETS> 2,415,771
<CURRENT-LIABILITIES> 660,003
<BONDS> 790,179
0
0
<COMMON> 320,697
<OTHER-SE> 265,715
<TOTAL-LIABILITY-AND-EQUITY> 2,415,771
<SALES> 1,855,629
<TOTAL-REVENUES> 1,855,629
<CGS> 1,549,047
<TOTAL-COSTS> 1,549,047
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0<F3>
<INTEREST-EXPENSE> 33,384
<INCOME-PRETAX> 114,089
<INCOME-TAX> 20,500
<INCOME-CONTINUING> 93,589
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 93,589
<EPS-PRIMARY> 1.55
<EPS-DILUTED> 1.54
<FN>
<F1>The Company's fiscal year ends on the Saturday closest to December 31. Fiscal
year 1996 consists of 52 weeks and ends on December 28, 1996. All quarters in
1996 have 12 weeks, except the third quarter of 1996 which has 16 weeks.
<F2>Includes trade receivables only.
<F3>Includes amounts related to trade receivables and current notes receivable.
</FN>
</TABLE>
