FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the quarterly period ended December 27, 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 1-8277
ACME ELECTRIC CORPORATION
(Exact name of registrant as specified in its charter)
STATE OF NEW YORK 16-0324980
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
400 Quaker Road, East Aurora, New York 14052
(Address of principal executive offices)
716/655-3800
(Telephone Number)
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.
(1) YES x NO ____
(2) YES x NO ____
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.
Class Outstanding at December 27, 1996
Common Stock, Par Value $1.00 Per Share 5,035,183
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ACME ELECTRIC CORPORATION
PART I - FINANCIAL INFORMATION
ITEM I - FINANCIAL STATEMENTS
BALANCE SHEET
Unaudited Audited
December 27, 1996 June 30, 1996
(000's) (000's)
----------------- -------------
<S> <C> <C>
ASSETS
Current Assets:
Cash $ 1,301 $ 828
Accounts receivable, net 14,755 15,445
Inventories, net 14,866 15,008
Deferred income taxes 1,017 1,093
Other current assets 2,860 2,997
------- -------
Total current asset 34,799 35,371
------- -------
Property, plant and equipment, at cost 36,530 34,983
Less accumulated depreciation (20,493) (19,495)
Facilities held for sale, net 981 981
------- -------
Total property, plant & equipment, net 17,018 16,469
------- -------
Other assets 2,144 2,304
------- -------
Total Assets $53,961 $54,144
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 6,241 $ 6,045
Accrued compensation and other 4,194 4,763
Current portion of long-term debt 2,483 2,206
------- -------
Total current liabilities 12,918 13,014
Long-term debt 24,399 24,394
Other long-term liabilities 781 1,052
------- -------
Total Liabilities $38,098 $38,460
------- -------
Shareholders' Equity:
Common stock, Par Value $1.00
Authorized 8,000,000 shares
Issued 5,035,183 and 5,020,153 5,035 5,020
Capital in excess of par value 18,984 18,910
Accumulated deficit (7,262) (7,352)
Less: Treasury stock at cost
(80,699 Shares) (894) (894)
------- -------
Total shareholders' equity 15,863 15,684
------- -------
Total Liabilities and
Shareholders' Equity $53,961 $54,144
======= =======
</TABLE>
See accompanying Notes to Financial Statements.<PAGE>
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ACME ELECTRIC CORPORATION
STATEMENT OF OPERATIONS
(Unaudited)
13 Weeks 13 Weeks 26 Weeks 26 Weeks
Ended Ended Ended Ended
12/27/96 12/29/95 12/27/96 12/29/95
(000's) (000's) (000's) (000's)
-------- -------- -------- --------
<S> <C> <C> <C> <C>
NET SALES $23,478 $23,425 $46,701 $49,356
------ ------ ------ ------
COSTS AND EXPENSES:
Cost of Sales 17,973 19,096 35,854 38,856
Research and
Engineering Expense 1,142 1,149 2,291 2,296
Selling and Adminis-
trative Expense 3,728 3,877 7,414 7,743
Interest Expense 499 605 970 1,190
------- ------- ------- -------
TOTAL COSTS AND
EXPENSES 23,342 24,727 46,529 50,085
------- ------- ------- -------
INCOME (LOSS) BEFORE
TAXES 136 (1,302) 172 (729)
INCOME TAX EXPENSE
(BENEFIT) 52 (468) 82 (228)
------- ------- ------- -------
NET INCOME (LOSS) $ 84 $ (834) $ 90 $ (501)
======= ======= ======= =======
Weighted Average
Number of Shares
Outstanding 4,965,378 4,949,791 4,961,463 4,955,494
NET INCOME (LOSS)
PER COMMON SHARE $ .02 $ (.17) $ .02 $ (.10)
======= ======= ======= =======
</TABLE>
See accompanying Notes to Financial Statements
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ACME ELECTRIC CORPORATION
STATEMENT OF CASH FLOWS
(Unaudited)
26 Weeks Ended 26 Weeks Ended
December 27, 1996 December 29, 1995
(000's) (000's)
----------------- -----------------
<S> <C> <C>
Cash flows from operating activities:
Net income (Loss) $ 90 $ (501)
Adjustments to reconcile net income
(loss) to net cash flows from
operating activities:
Loss from joint-venture 43 112
Depreciation and amortization 998 1,100
Change in assets and liabilities:
Accounts receivable, net 690 1,120
Inventories, net 142 (382)
Other assets 330 (97)
Accounts payable 196 (2,764)
Accrued compensation and other (840) 48
------- -------
Net cash provided from (used in)
operating activities 1,648 (1,364)
------- -------
Cash flows from investing activities:
Additions to property, plant and
equipment (1,547) (821)
Investment in unconsolidated
subsidiary ( --) (105)
------- -------
Net cash used in investing activities (1,547) (926)
------- -------
Cash flows from financing activities:
Increase of borrowings, net 282 1,880
Proceeds from employee stock purchase,
stock option and dividend reinvest-
ment plans 89 51
Purchase of treasury stock -- (5)
------- -------
Net cash provided by financing
activities 371 1,926
------- -------
Net increase (decrease) in cash 473 (364)
Cash at beginning of period 828 386
------- -------
Cash at end of period $ 1,301 $ 22
======= =======
</TABLE>
See accompanying Notes to Financial Statements.
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ACME ELECTRIC CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. The Balance Sheet of Acme Electric Corporation ("Registrant") at
December 27, 1996, the Statement of Operations for the thirteen- and
twenty-six-week periods ended December 27, 1996, and December 29,
1995, and the Statement of Cash Flows for the twenty-six weeks ended
December 27, 1996, and December 29, 1995, include all adjustments for
a fair representation of the results for such periods.
The unaudited financial data included herein was compiled in
accordance with the "Summary of Significant Accounting Principles and
Practices" (Note 1 of Notes to Consolidated Financial Statements)
contained in the Registrant's 1996 Annual Report filed on Form 10-K.
2. Accounts receivable included in the Balance Sheet are as follows:
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December 27, 1996 June 30, 1996
(000's) (000's)
----------------- -------------
<S> <C> <C>
Billed $14,639 $14,938
Unbilled 699 896
------- -------
Subtotal 15,338 15,834
Less allowance for
doubtful accounts (583) (389)
------- -------
$14,755 $15,445
======= =======
</TABLE>
Unbilled receivables are comprised of revenue amounts in long-term
contracts, which have been earned, but not yet billed. Management
anticipates that all unbilled receivables will be invoiced and
collected within a twelve-month period.
3. Inventories included in the Balance Sheet are as follows:
<TABLE>
December 27, 1996 June 30, 1996
(000's) (000's)
----------------- -------------
<S> <C> <C>
Raw Material $ 7,187 $ 6,733
Work-In-Process 3,175 3,876
Finished Goods 4,504 4,399
------- -------
$14,866 $15,008
======= =======
</TABLE>
Inventories are reported net of reserves for obsolescence of $561,000
and $399,000 at December 27 and June 30, respectively.
<PAGE>
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ACME ELECTRIC CORPORATION
Item 2
Management's Discussion and Analysis of
Financial Condition and Results of Operations
The following is Management's discussion and analysis of certain
significant factors which have affected the Registrant's financial
condition and results of operations during the periods included in the
accompanying financial statements.
A summary of the period-to-period change in the principal items
included in the balance sheets and which affect financial condition
follows:
Comparison of Balance Sheets at
December 27, 1996
and
June 30, 1996
Increase (Decrease)
(000's)
Current Assets $ (572)
Property, Plant & Equipment Net 549
Intangibles and Other Assets (160)
-----
$ (183)
=====
Current Liabilities $ (96)
Long-Term Debt and Other Liabilities (266)
Shareholders' Equity $ 179
-----
$ (183)
=====
Current assets at December 27, 1996, reflect a net decrease of
approximately $572,000, or 1.6%, from the June 30, 1996, level, primarily
due to lower accounts receivable outstanding. The Company's outstanding
receivables declined from June 30 levels, as a result of lower transformer
product sales made in December, compared with the sales of the prior June,
due, in part, to holiday interruptions and nationwide weather conditions.
The net increase in property, plant and equipment of $549,000, or
3.3%, represents general equipment expenditures of $759,000, combined with
$787,000 of new business system capital costs, offset against depreciation
expense of $997,000 for the six-month period ended December 27, 1996.
Intangibles and other assets decreased $160,000, or 6.9%, primarily
due to amortization of deferred costs.
Current liabilities decreased $96,000, or 0.7%, as a result of early
funding of the payroll accruals due to the holiday schedules, which, in
part, were offset by an increase in the accounts payable and current
portion of long-term debt. The current portion of debt increased as the
Company concluded negotiations for an additional $500,000 (three-year lease
arrangement) of financing associated with the implementation of the new
business system.
<PAGE>
<PAGE>
Management's Discussion and Analysis of
Financial Condition and Results of Operations (Cont'd)
Long-term debt and other liabilities decreased approximately $266,000,
or approximately 1.4%, from June 30, 1996. This decrease reflects the net
reduction in long-term debt made during the first half of fiscal 1997, as
the Company financed its capital expenditures primarily through cash from
operations.
The increase in shareholders' equity of $179,000 is primarily due to
proceeds from employee stock purchase plan programs received since June 30,
1996, and the net income realized year-to-date.
The Company has financed its working capital requirements, as well as
its year-to-date capital expenditures, through operations. The Company
expects that operating activities for the remainder of fiscal 1997 will
provide adequate cash flow to support working capital requirements and
remaining equipment expenditures through the end of the current fiscal
year.
The Company has in place a credit agreement which provides for two
secured term loans, with current principal balances of $4,386,000 and
$1,833,000, respectively, and a secured revolving credit line, with a
$21,000,000 limit and a maturity date of December 1, 1997, against which
the Company has combined outstanding borrowings and letters of credit of
approximately $15,137,000. Outstanding borrowings against the revolving
credit facility are limited by formula to specified amounts of accounts
receivable and inventory, reduced by outstanding term debt. As of December
27, 1996, the Company's eligible (formula-based) unborrowed funds available
on the line of credit were approximately $4,400,000. Management believes
that the current financing arrangement will provide adequate liquidity in
the near term, with intentions to negotiate longer term facility
commitments for the future.
The Company has announced that contingencies for the sale of the
Aerospace Division were not met, and the business will remain an integral
part of the Company. This business is slowly improving and is expected to
operate at breakeven within the next twelve months.
<PAGE>
<PAGE>
RESULTS OF OPERATIONS:
Thirteen- and twenty-six-week periods ended December 27, 1996,
compared with the comparable thirteen- and twenty-six-week periods
ended December 29, 1995
Consolidated sales for the thirteen- and twenty-six-week periods ended
December 27, 1996, were $23,478,000 and $46,701,000, respectively, compared
with $23,425,000 and $49,356,000 for the comparable periods of a year
earlier, or an increase over the prior year's same quarter of .2% and a
decrease of 5.4% in the year-to-date comparison. Net sales varied little
in the quarter-to-quarter comparison. Year-to-date sales, compared with
the same period of a year ago, declined $2,655,000 as a result of lower
sales of uninterruptible power supply (UPS) products ($885,000), the
maturing of certain OEM power supply programs of the Electronics Division
and lower engineering program revenue ($875,000) earned by the Aerospace
Division due to fewer engineering contracts.
Cost of sales as a percentage of sales for the thirteen- and twenty-
six-week periods ended December 27, 1996, were 76.6% and 76.8%,
respectively, compared to 81.5% and 78.7% for the comparable periods of the
prior year. The improvement in the cost of sales ratio, both for the
quarter-to-quarter and year-to-date comparisons, is primarily attributable
to improved productivity in the Company's Power Distribution Product
Division, where current year production output has increased over the
three- and six-month periods of the prior year, with 65 fewer manufacturing
personnel employed. Manufacturing overhead costs are correspond-ingly
down, as a result of the lower employment levels throughout the Company.
Research and engineering expenses as a percent of net sales for the
thirteen-and twenty-six-week periods ended December 27, 1996, were 4.9%,
relatively unchanged from the 4.9% and 4.7% experienced for the comparable
periods of a year ago.
Selling and administrative costs as a percent of net sales were 15.9%
for the thirteen- and twenty-six-week periods ended December 27, 1996,
compared to 16.5% and 15.7% for the comparable periods of a year earlier.
The reduced selling and administrative costs of the most recent quarter are
the result of reduced administrative overheads in the Aerospace Division,
combined with lower marketing and commission expenses incurred in the
Electronics Division due to reduced UPS product sales and related support.
The current year-to-date percentage increase over that of the prior year is
due to lower sales achieved in the current year. Actual aggregate selling
and administrative costs were lower by $324,000 in the current year,
compared with the comparable period of the prior year.
Interest expense as a percent of net sales for the thirteen- and
twenty-six-week periods ended December 27, 1996, declined slightly to 2.1%
from 2.6% and 2.4%, respectively, for the comparable periods of the prior
year. Interest expense for the thirteen- and twenty-six-week periods
compared to the prior year decreased $106,000 and $220,000, respectively.
These reductions are due to reduced debt levels, as the Company has reduced
its working capital nearly $5,000,000 from December of 1995 to December
1996.
<PAGE>
<PAGE>
RESULTS OF OPERATIONS (Cont'd)
Income taxes as a percent of income (loss) before taxes were 38.2% and
47.7%, respectively, for the thirteen- and twenty-six-week periods ended
December 27, 1996, compared with 35.9% and 31.3%, respectively, for the
comparable periods of a year earlier. The variation in the effective tax
rate is due to the low pre-tax earnings and the relative effect that
certain book-to-tax differences (book expenses not deductible for tax
purposes to include losses from the foreign joint venture) have on the
calculated effective rate. The effective tax rate as a percentage of
domestic earnings has remained essentially unchanged at 38.5%.
Backlog at December 27, 1996, was $18,239,000, compared with
$17,419,649 at the end of the comparable period of the prior year.
PART II
OTHER INFORMATION
Item 5. Other Information
- --------------------------
a. Exhibits
Interim Report dated
February 7, 1997 for the
quarter ended December 27,
1996. See Exhibit 13 attached.
Financial Data Schedule. See Exhibit 27 attached.
News release of January 7,
1997, announcing Acme being
named supplier of power
sources for Silicon Graphics. See Exhibit 99.1 attached.
News release of February 4,
1997, announcing second-quarter
results for fiscal year 1997. See Exhibit 99.2 attached.
b. There were no reports filed on Form 8-K during the twenty-six-
week period ended December 27, 1996.
<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.
ACME ELECTRIC CORPORATION
(Registrant)
Date: February 10, 1997 /s/
Robert J. McKenna
Chairman, President and
Chief Executive Officer
Date: February 10, 1997 /s/
Daniel K. Corwin
Senior Vice President and
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-END> JUN-30-1995
<CASH> 386
<SECURITIES> 0
<RECEIVABLES> 17,704
<ALLOWANCES> 451
<INVENTORY> 17,352
<CURRENT-ASSETS> 39,437
<PP&E> 32,434
<DEPRECIATION> 17,777
<TOTAL-ASSETS> 56,178
<CURRENT-LIABILITIES> 14,447
<BONDS> 24,419
<COMMON> 23,810
0
0
<OTHER-SE> (7,961)
<TOTAL-LIABILITY-AND-EQUITY> 56,178
<SALES> 91,127
<TOTAL-REVENUES> 91,127
<CGS> 67,837
<TOTAL-COSTS> 87,490
<OTHER-EXPENSES> 161
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,866
<INCOME-PRETAX> 1,610
<INCOME-TAX> 618
<INCOME-CONTINUING> 992
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 992
<EPS-PRIMARY> .20
<EPS-DILUTED> .20
</TABLE>
ACME ELECTRIC CORPORATION
INTERIM REPORT FOR THE
PERIOD ENDED DECEMBER 27, 1996
To Our Shareholders:
In the second quarter, net income was $84,000 on sales of $23,478,000.
This compares to a net loss of $834,000 on sales of $23,425,000 for the
same quarter of last year.
The Ultra Force Battery Company was unable to meet required contingen-
cies for the purchase of our Aerospace Division, which will now remain an
integral part of the Company. This business is slowly improving and is
expected to operate at a break-even level within the next nine to twelve
months. Several important new military programs will move into production
between now and next Fall, which will further improve performance.
The Electronics Division has converted 80% of its manufacturing
operations to Demand Flow Technology. We are pleased with the early
results -- service and quality levels are up, while inventories have
declined $2.5 million from a year ago.
This past quarter, the Electronics Division received the first award
ever granted by Silicon Graphics to a power supply source for excellence in
product and process design. The Division has been named the sole supplier
of high-wattage power supplies for Silicon Graphics' new Onyx 2 line of
super computers.
The Power Distribution Products Division has received formal
certification from the JcIT Institute of Technology for its Demand Flow
Technology conversion. Here, too, we have improved service and quality
levels with less inventory investment. On-time delivery for the Division
has improved to over 95% of orders from 78% a year ago.
Sales of electrical products to Latin America and the Far East
continue to grow as we expand our efforts in those regions.
Throughout the balance of this fiscal year, we will be completing our
conversion to an Oracle-Registered Trademark- client/server-based business
system. Much planning and preparation have gone into this project to
ensure minimal disruption to our business. The system has been thoroughly
tested in one of our sheet metal operations and is now ready to be
implemented throughout the major portions of our business. This new system
will support us well for many years and enable us to more effectively
manage the Company.
Robert J. McKenna
Chairman and CEO
February 7, 1997
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ACME ELECTRIC CORPORATION
East Aurora, New York
The following tables set forth certain unaudited financial information for the
twenty-six-week
periods ended December 27, 1996, and December 29, 1995 (in thousands, except
for per share
data):
BALANCE SHEET
Dec. 27, 1996 Dec. 29, 1995
June 30, 1996
------------- -------------
- -------------
<S> <C> <C>
<C>
Current Assets.................. $34,799 $38,523
$35,371
Fixed Assets and Other - Net.... 19,162 16,331
18,773
Total......................... $53,961 $54,854
$54,144
Current Liabilities............. $12,918 $11,714
$13,014
Long-Term Debt.................. 25,180 27,746
25,446
Shareholders' Equity............ 15,863 15,394
15,684
Total......................... $53,961 $54,854
$54,144
</TABLE>
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<CAPTION>
INCOME STATEMENT
13 Weeks 13 Weeks 26 Weeks 26
Weeks Fiscal Year
Ended Ended Ended Ended
Ended
Dec. 27, 1996 Dec. 29, 1995 Dec. 27, 1996 Dec. 29,
1995 June 30, 1996
------------- ------------- ------------- ---------
- ----- -------------
<S> <C> <C> <C> <C>
<C>
Net Sales............... $23,478 $23,425 $46,701
$49,356 $96,551
Net Income (Loss)....... 84 (834) 90
(501) (280)
Net Income (Loss) Per
Common Share $.02 $(.17) $.02
$(.10) $(.06)
Weighted Number of Shares
Outstanding Used to
Compute Net Income (Loss)
per Common Share 4,965,378 4,949,791 4,961,463
4,955,494 4,955,626
</TABLE>
Company news is available by FAX: dial 1-800-758-5804 and input extension
006675; or for INTERNET
access, to:
http://www.prnewswire.com/cnoc/exec/menu?006675
ACME ELECTRIC CORPORATION
NEWS RELEASE
NAMED SUPPLIER OF POWER SOURCES FOR SILICON GRAPHICS
FOR IMMEDIATE RELEASE
ACME ELECTRIC NAMED SUPPLIER OF POWER SOURCES
FOR NEW LINE OF SUPERCOMPUTERS
EAST AURORA, N.Y., January 7, 1997 -- Acme Electric Corporation
(NYSE: ACE) has been named the sole supplier of high-wattage power source
equipment for Silicon Graphics' new Onyx2 line of supercomputers. The
power sources, which deliver power ranging from 7,000 to 21,000 watts,
are used in the Onyx2 family of visual computing models.
The Onyx2 family offers fully-scalable computer systems that can
simultaneously process graphics, imaging and video data in real time.
These systems feature high-performance MIPS-Registered Trademark- RISC
processors and high-bandwidth Scalable Shared-memory Multi-processing
(S(2)MP) architecture for significantly increased graphic processing speed.
These computers are designed for advanced imaging, simulation, prototyping
and diagnostic technology used in such diverse applications as interactive
entertainment games, broadcast special effects, defense imaging, medical
diagnostic imaging, seismic surveys, and 3D modeling for the scientific and
manufacturing industries.
Acme Electric's K-CAR Model HF-75781 is a switch-mode power supply
designed to generate the extremely high current of 675 amps at 3.45 volts
required in these applications. Specifically engineered to meet
restrictive space requirements, the power supply features an energy
density of 2.78 watts per cubic inch. Silicon Graphics presented Acme
Electric with an award of excellence for the electronic design and
packaging of this power supply.
Founded in 1917, Acme Electric Corporation is a leader in the design
and manufacture of power conversion equipment for electronic and
electrical systems for industrial, commercial, residential, military and
aerospace applications. Corporate headquarters are in East Aurora, N.Y.,
with operations in Cuba, N.Y., Lumberton, N.C. and Tempe, Ariz.
# # # #
ACME ELECTRIC CORPORATION
NEWS RELEASE
ANNOUNCES SECOND QUARTER RESULTS
FOR IMMEDIATE RELEASE
ACME ELECTRIC ANNOUNCES SECOND-QUARTER RESULTS
EAST AURORA, N.Y., February 4, 1997 -- Acme Electric Corporation
(NYSE:ACE) announced today that, for the second quarter of its 1997
fiscal year ended December 27, 1996, net sales were $23,478,000,
compared to $23,425,000 for the comparable period of the previous year,
with net income of $84,000, or $.02 per share, compared to a net loss
of $834,000, or $.17 per share the previous year. Net sales for the
twenty-six-week period ended December 27, 1996, were $46,701,000,
compared with $49,356,000 for the comparable period of the previous
year. Net income for the twenty-six-week period ended December 27,
1996, was $90,000, or $.02 per share, compared with a net loss of
$501,000, or $.10 per share, for the comparable period of the previous
year.
Chairman and Chief Executive Officer, Robert J. McKenna, said
that, "Our results should improve through our continued investment in
converting operations to Demand Flow Technology and installing an
Oracle-Registered Trademark--based business system. The improvement in
quality, service and flexibility makes these investments worthwhile for
the long-term future of the Company." Mr. McKenna also reported that
contingencies for the sale of the Aerospace Division were not met. The
business will remain an integral part of the Company, as it continues
its strategy to achieve profitable operation.
McKenna added that, "The financial results for the quarter show
improvement compared to the previous year, and our long-term prospects
are improving as well."
Founded in 1917, Acme Electric Corporation is a leader in the
design and manufacture of power conversion products for electronic and
electrical systems for industrial, commercial, residential, and
military and aerospace applications. corporate headquarters are in
East Aurora, N.Y., with operations in Cuba, N.Y., Lumberton, N.C. and
Tempe, Ariz. Company news is available by FAX: dial 1-800-758-5804,
and input extension 006675; or for INTERNET access go to:
http://www.prnewswire.com/cnoc/exec/menu?006675
# # # #
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ACME ELECTRIC CORPORATION
Comparative Analysis
(in thousands, except for per share data)
13 Weeks 13 Weeks 26 Weeks 26 Weeks
Ended Ended Ended Ended
Dec. 27, 1996 Dec. 29, 1995 Dec. 27, 1996 Dec. 29, 1995
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net Sales $23,478 $23,425 $46,701 $49,356
Net Income (Loss) 84 (834) 90 (501)
Net Income (Loss)
Per Common Share $.02 $(.17) $.02 $(.10)
Weighted Number of
Shares Outstanding
Used to Compute Net
Income (Loss) Per
Common Share 4,965,378 4,949,791 4,961,463 4,955,494
</TABLE>
