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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Amendment #1
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
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EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
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AND EXCHANGE ACT OF 1934
For the transition period from ____________________ to ____________________
Commission File No. 0-13059
CERADYNE, INC.
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(Exact name of Registrant as specified in its charter)
Delaware 33-0055414
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3169 Redhill Avenue, Costa Mesa, CA 92626
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(Address of principal executive) (Zip Code)
Registrant's telephone number, including area code (714) 549-0421
N/A
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(Former name, former address and former fiscal year, if changed since last
report)
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
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Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at September 30, 1996
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Common Stock, $.01 par value 7,834,190 Shares
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<CAPTION>
CERADYNE, INC.
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
9-30-1996 12-31-1995
(UNAUDITED) (AUDITED)
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<S> <C> <C>
CURRENT LIABILITIES:
Current portion of long-term debt $ 464 $ 1,601
Accounts payable $ 1,494 $ 1,642
Accrued expenses:
Payroll and payroll related $ 846 $ 588
Other $ 333 $ 381
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Total current liabilities $ 3,137 $ 4,212
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LONG-TERM DEBT $ 555 $ 555
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DEFERRED REVENUE $ 261 $ 261
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SHAREHOLDERS' EQUITY:
Common stock, $.01 par value:
Authorized - 12,000,000 shares;
Outstanding - 7,834,190 shares &
7,715,624 shares at 9-30-1996 &
12-31-1995, respectively $ 36,967 $ 36,590
Accumulated deficit $ (13,938) $ (16,738)
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TOTAL SHAREHOLDERS' EQUITY $ 23,029 $ 19,852
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TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 26,982 $ 24,880
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SEE ACCOMPANYING CONDENSED NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS.
5
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Items 2, 3 and 5. Not applicable
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) Financial Data Schedule:
None
(b) Reports on Form 8-K:
None
SIGNATURE
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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.
CERADYNE, INC.
By: /s/ Howard F. George
----------------------------------------------------
Howard F. George
Vice President
Chief Financial Officer
(Principal Financial and Accounting Officer)
Dated: November 20, 1996
18
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<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 10Q - FIRST
AND SECOND QUARTER 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JUL-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 3,099
<SECURITIES> 0
<RECEIVABLES> 5,448
<ALLOWANCES> 132
<INVENTORY> 8,830
<CURRENT-ASSETS> 18,571
<PP&E> 24,433
<DEPRECIATION> 18,571
<TOTAL-ASSETS> 26,982
<CURRENT-LIABILITIES> 3,137
<BONDS> 0
0
0
<COMMON> 36,967
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 26,982
<SALES> 7,385
<TOTAL-REVENUES> 7,385
<CGS> 5,223
<TOTAL-COSTS> 1,037
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 19
<INCOME-PRETAX> 1,106
<INCOME-TAX> 22
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,084
<EPS-PRIMARY> .14
<EPS-DILUTED> .14
</TABLE>
