BMC INDUSTRIES INC/MN/
10-Q, 1995-05-15
COATING, ENGRAVING & ALLIED SERVICES
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<PAGE>

                                  FORM 10-Q

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

     X          QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
- -----------     SECURITIES EXCHANGE ACT OF 1934.  For the Quarterly Period
                ended March 31, 1995.

                TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
- -----------     SECURITIES EXCHANGE ACT OF 1934.  For the Transition Period
                from N/A to   .
                     ---   ---



Commission File No. 1-8467



                             BMC INDUSTRIES, INC.
            (Exact Name of Registrant as Specified in its Charter)



              MINNESOTA                           41-0169210
     ------------------------           --------------------------------
     (State of Incorporation)           (IRS Employer Identification No.)


              Two Appletree Square, Minneapolis, Minnesota 55425
              --------------------------------------------------
              (Address of Principal Executive Offices) (Zip Code)


                                (612) 851-6000
             ---------------------------------------------------
             (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 at least the past 90 days.

                        X    Yes               No
                     ------              ------


     BMC Industries, Inc. has outstanding 13,430,692 shares of common stock as
of May 12, 1995. There is no other class of stock outstanding.


                                Page 1 of 14.
                       Exhibit Index Begins at Page 9.


<PAGE>


                          PART I FINANCIAL INFORMATION


                               BMC INDUSTRIES, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                    (Unaudited)
                                   (in thousands)

 Item 1:  Financial Statements


<TABLE>
<CAPTION>

                                                           MARCH 31  December 31
ASSETS                                                         1995         1994
- --------------------------------------------------------------------------------
<S>                                                        <C>          <C>

Current Assets
  Cash and cash equivalents                                $ 16,530     $ 14,327
  Trade accounts and notes receivable, net of allowances     23,478       24,564
  Inventories - Note 3                                       32,724       28,792
  Deferred income taxes                                       5,241        5,914
  Other current assets                                        5,596        5,221
- --------------------------------------------------------------------------------
      Total Current Assets                                   83,569       78,818
- --------------------------------------------------------------------------------


Property, Plant and Equipment                               142,223       130,622
Less Accumulated Depreciation                                87,094        80,764
                                                          -----------------------
  Property, Plant and Equipment - Net                        55,129        49,858
                                                          -----------------------
Deferred Income Taxes                                         3,344         3,297
Other Assets - Net                                            7,256         6,713
- ---------------------------------------------------------------------------------


Total Assets                                              $ 149,298      $138,686
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------


LIABILITIES AND STOCKHOLDERS' EQUITY
- ---------------------------------------------------------------------------------


Current Liabilities
  Accounts payable                                        $ 12,005       $ 12,090
  Income taxes payable                                       7,454          5,514
  Accrued expenses and other liabilities                    22,941         22,445
- ---------------------------------------------------------------------------------
     Total Current Liabilities                              42,400         40,049
- ---------------------------------------------------------------------------------


Other Liabilities                                           17,111         15,835
Deferred Income Taxes                                        1,036          1,014


Stockholders' Equity
  Common stock                                              51,222         51,156
  Other                                                     (1,270)        (1,263)
  Retained earnings                                         31,985         27,559
Cumulative translation adjustment                            6,814          4,336
- ---------------------------------------------------------------------------------
     Total Stockholders' Equity                             88,751         81,788
- ---------------------------------------------------------------------------------


Total Liabilities and Stockholders' Equity                $149,298       $138,686
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------

</TABLE>

See accompanying Notes to Condensed Consolidated Financial Statements.

                                 Page 2

<PAGE>


                               BMC INDUSTRIES, INC.
                  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                                   (Unaudited)
                     (in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                                           Three Months Ended
                                                                                March 31
                                                                          ---------------------
                                                                              1995         1994
- -----------------------------------------------------------------------------------------------
<S>                                                                        <C>          <C>
Revenues
  Net sales of primary products                                            $57,753      $52,245
  Equipment and technology sales                                             3,581          161
- -----------------------------------------------------------------------------------------------
     Total revenues                                                         61,334       52,406
- -----------------------------------------------------------------------------------------------
Operating Costs and Expenses
  Cost of sales of primary products                                         48,346        44,066
  Cost of equipment and technology sales                                     1,911           270
  Selling                                                                    2,275         2,035
  Administrative                                                             1,254         1,110
- ------------------------------------------------------------------------------------------------
     Total operating costs and expenses                                     53,786        47,481
- ------------------------------------------------------------------------------------------------

Income from Operations                                                       7,548         4,925
- ------------------------------------------------------------------------------------------------

Other Income and (Expense)
  Interest expense                                                             (77)         (975)
  Interest income                                                              185            84
  Other                                                                        (67)           61
- ------------------------------------------------------------------------------------------------

Earnings from Continuing Operations before Income Taxes                      7,589         4,095
Income Tax Provision                                                         2,895         1,393
- ------------------------------------------------------------------------------------------------

Earnings from Continuing Operations                                          4,694         2,702
Provision for Loss Related to Discontinued Operation (less applicable
  income tax benefit of $461) -- (Note 2)                                       --          (839)
- ------------------------------------------------------------------------------------------------

Net Earnings                                                               $ 4,694       $ 1,863
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------

Earnings Per Share from Continuing Operations                              $  0.33       $   .20
Loss Per Share Related to Discontinued Operation                                --         (0.06)
- ------------------------------------------------------------------------------------------------

Net Earnings Per Share                                                     $  0.33       $  0.14
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------

Number of Shares Included in Per Share Computation                          14,014        13,274
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------

Dividends Declared Per Share                                               $  .02        $    --
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------

</TABLE>

See accompanying Notes to Condensed Consolidated Financial Statements.


                                 Page 3



<PAGE>


                             BMC INDUSTRIES, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>

                                                                      Three Months Ended
                                                                           March 31
                                                                    ---------------------
                                                                       1995          1994
- -----------------------------------------------------------------------------------------
<S>                                                                 <C>           <C>
Net Cash Provided by Operating Activities
  Net earnings                                                      $ 4,694       $ 1,863
  Depreciation and amortization                                       2,438         2,231
  Changes in operating assets and liabilities                           227         4,598
- -----------------------------------------------------------------------------------------
     Total                                                            7,359         8,692
- -----------------------------------------------------------------------------------------

Net Cash Used in Investing Activities
  Additions to property, plant and equipment                         (5,547)         (923)
- -----------------------------------------------------------------------------------------

Net Cash Provided by (Used in) Financing Activities
  Repayment of long-term debt                                            (4)       (4,271)
  Common stock issued                                                    59         1,174
- -----------------------------------------------------------------------------------------
     Total                                                               55        (3,097)
- -----------------------------------------------------------------------------------------

Effect of Exchange Rate Changes on Cash and Cash Equivalents            336            65
- -----------------------------------------------------------------------------------------

Net Increase in Cash and Cash Equivalents                             2,203         4,737
Cash and Cash Equivalents at Beginning of Period                     14,327        10,927
- -----------------------------------------------------------------------------------------

Cash and Cash Equivalents at End of Period                          $16,530       $15,664
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------

</TABLE>

See accompanying Notes to Condensed Consolidated Financial Statements.


                                 Page 4



<PAGE>


                             BMC INDUSTRIES, INC.
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)
                   (in thousands, except per share amounts)

1.   Financial Statements

     In the opinion of management, the accompanying unaudited condensed
     consolidated financial statements contain all adjustments necessary to
     present fairly the financial position of the Company as of March 31, 1995,
     and the results of operations and the cash flows for the periods ended
     March 31, 1995 and 1994. Such adjustments are of a normal recurring
     nature. Certain items in the financial statements for the period ended
     March 31, 1994 have been reclassified to conform to the presentation for
     the period ended March 31, 1995.  Per share amounts for the period ended
     March 31, 1994 have been restated to reflect a two-for-one stock split in
     the third quarter of 1994.  The results of operations for the three-month
     period ended March 31, 1995 are not necessarily indicative of the results
     to be expected for the full year.  The balance sheet as of December 31,
     1994 is derived from the audited balance sheet as of that date.  For
     further information, refer to the financial statements and footnotes
     thereto included in the Company's annual report on Form 10-K for the year
     ended December 31, 1994.

2.   Provision for Loss Related to Discontinued Operation

     In the first quarter of 1994, the Company made a provision for estimated
     losses of $1,300, less applicable income tax effect of $461, related to a
     discontinued operation.  This provision was prompted by claims and
     expenses growing out of environmental contamination and other claims
     related to the discontinued operation.  The environmental contamination
     occurred before 1980 at an operation acquired by the Company in 1983 and
     disposed of in 1986.

3.   Inventories

<TABLE>
<CAPTION>

                            March 31, 1995     December 31, 1994
                            --------------     -----------------
      <S>                          <C>
      Raw materials                $11,588               $ 9,748
      Work in process                5,426                 5,501
      Finished goods                15,710                13,543
                                   -------               -------
      Total Inventories            $32,724               $28,792
                                   -------               -------
                                   -------               -------

</TABLE>


                                 Page 5


<PAGE>


4.   Long-term Contract

     Work is continuing on a long-term contract for the construction of
     aperture mask production equipment for a customer in China.  At March 31,
     1995, the contract was approximately 75% complete.  At March 31, 1995, no
     material change had been made in the estimate of costs to complete the
     contract.

5.   Earnings Per Share

     Primary earnings per share is computed using the weighted average number
     of common and common equivalent shares outstanding during the period.
     Common stock equivalents include dilutive stock options and warrants using
     the treasury stock method.  All remaining such warrants were exercised
     during the third quarter of 1994.  Fully diluted earnings per share did
     not differ significantly from primary earnings per share in both years. As
     noted in Note 1, per share amounts for the period ended March 31, 1994
     have been restated to reflect a two-for-one stock split in the third
     quarter of 1994.


                                 Page 6


<PAGE>


                              BMC INDUSTRIES, INC.
ITEM 2:   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

COMPARISON OF THREE MONTHS ENDED MARCH 31, 1995 AND 1994

     Total revenues for the first quarter of 1995 increased by $8.9 million or
17.0% from the first quarter of 1994.  Net sales of primary products
increased $5.5 million or 10.5% from the first quarter of 1994. Net sales of
the Precision Imaged Products group, which excludes equipment and technology
sales, increased by 14.2% due primarily to an improvement in sales mix
related to increased sales of larger-sized and invar color television
aperture masks.  Net sales of the Optical Products group increased 4.2% due
primarily to an increase in unit sales of polycarbonate eyewear lenses,
offset by declines in unit sales of glass and plastic eyewear lenses.

     Cost of sales of primary products was 83.7% of net sales for the first
quarter of 1995, compared to 84.3% in the same period of 1994.  The
improvement occurred in both groups and was due primarily to improved sales
mix and improved manufacturing efficiency.

     Net interest expense for the first quarter of 1995 declined by $1.0
million in comparison to the prior year s first quarter.  This was due
primarily to the payoff of all the Company s outstanding debt during the third
quarter of 1994.

     The provision for income taxes was 38.1% of pre-tax income in the first
quarter of 1995 compared to 34.0% for the same period in 1994.  The higher
effective rate in the first quarter of 1995 versus the same period in 1994
was due to a higher proportion of foreign earnings which incur taxes at rates
higher than in the U.S.  The Company anticipates that its effective tax rate
for the total year of 1995 will be in the approximate range of 34% to 38%
compared to 38% for the total year of 1994.

FINANCIAL POSITION AND LIQUIDITY

     Cash and cash equivalent balances increased by $2.2 million during the
first three months of 1995, due primarily to cash generated from earnings,
offset by capital expenditures.  Working capital was $41.2 million at March 31,
1995 compared to $38.8 million at December 31, 1994.  The current ratio was
1.97 at March 31, 1995, consistent with the 1.97 at December 31, 1994.  The
ratio of total liabilities to equity declined to .68 at March 31, 1995 compared
to .70 at December 31, 1994.

     The Company had $43.9 million available for borrowing under domestic and
foreign bank lines at March 31, 1995.  As of March 31, 1995, the Company had
commitments of approximately $4.1 million related to capital projects.  This
amount included approximately $2.3 million related to the ongoing line
upgrades at the Company's Cortland aperture mask facility.

     The Company announced in May 1995 an increase in its previously-announced
expansion program for its aperture mask operations.  Capital expenditures
associated with the expansion have been increased from $35 million to $80 to
$85 million.  The cost of this expansion is expected to be financed primarily
through internally-generated cash and bank debt.  The Company believes that
such sources are adequate to meet its short and long-term financing needs.


                                 Page 7



<PAGE>


                         PART II. OTHER INFORMATION.

Item 4.   Submission of Matters to a Vote of Securities Holders.

     The Company's 1995 Annual Meeting of Stockholders was held on May 4, 1995.
Three matters were submitted to a vote of stockholders:  (1) Election of
certain members of the Company's Board of Directors, (2) Proposal to amend
Article V of the Company's Second Restated Articles of Incorporation to
increase the number of authorized shares of voting common stock from 24,500,000
shares to 49,500,000 shares and (3) Proposal to amend Article V of the
Company's Second Restated Articles of Incorporation to permit the Board of
Directors to amend the Second Restated Articles of Incorporation to change the
number of authorized shares of capital stock in connection with any division or
combination of the Company's shares.

     (1)  The nominees for election to the Company's Board of Directors, as
          listed in the Company's Proxy Statement dated March 27, 1995, were
          elected for two year terms at that meeting. Voting for the individual
          nominees was as follows:


<TABLE>
<CAPTION>

                                                       Votes Withheld
          Nominee                       Votes For        or Against
          -------                       ----------     --------------
          <S>                           <C>            <C>
          Mr. John W. Castro            10,174,245          20,851
          Mr. Joe E. Davis              10,166,095          29,001
          Dr. Richard A. Swalin         10,172,969          22,127

</TABLE>

          The following directors did not stand for election this year because
          their terms of office continued after the meeting:  Mr. Lyle D.
          Altman, Mr. Paul B. Burke, and Mr. S. Walter Richey.

     (2)  The amendment to Article V of the Second Restated Articles of
          Incorporation increasing the number of authorized common stock was
          approved by the stockholders with votes cast as follows:

<TABLE>

               <S>                               <C>
               Votes for                         9,438,087
               Votes withheld or against           736,469
               Abstentions                          20,540
               Broker non-votes                          0

</TABLE>

     (3)  The amendment to Article V of the Second Restated Articles of
          Incorporation permitting the Board of Directors to change the number
          of authorized shares of capital stock in connection with any division
          or combination of the Company's shares was approved by the
          stockholders with votes cast as follows:

<TABLE>

               <S>                               <C>
               Votes for                         8,824,098
               Votes withheld or against           230,254
               Abstentions                          19,910
               Broker non-votes                  1,120,834

</TABLE>


                                 Page 8



<PAGE>

          A copy of the amendments to Article V of the Second Restated Articles
          of Incorporation was filed with the Company's annual report on Form
          10-K for year ended December 31, 1994.


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K.
<TABLE>
<CAPTION>
     (a)  EXHIBITS                                                                    PAGE


          <S>    <C>                                                                    <C>
          28.1   News Release, dated May 5, 1995, announcing the addition of new
                 production lines...................................................... 10

          28.2   News Release, dated May 4, 1995, announcing the appointment of
                 Paul B. Burke as Chairman of the Board................................ 12

          28.3   News Release, dated April 20, 1995, announcing first quarter 1995
                 operating results..................................................... 13

</TABLE>


     (b)  REPORTS ON FORM 8-K.


          The Company did not file any reports on Form 8-K during the quarter
          ended March 31, 1995.




SIGNATURES


     Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                                      BMC INDUSTRIES, INC.





                                      /s/ Terry R. Nygaard
                                      --------------------
                                      Terry R. Nygaard
                                      Controller (Principal Accounting Officer)



Dated:  May 15, 1995





<PAGE>

CONTACT:  Michael P. Hawks              (NYSE -- BMC)
(612) 851-6030                          FOR IMMEDIATE RELEASE


           BMC ANNOUNCES MASK EXPANSION INVESTMENT OF $80+ MILLION

     May 5, 1995 -- Minneapolis, Minnesota -- BMC Industries announced today
plans to expand its domestic aperture-mask production capacity by adding TWO
new production lines, ONE MORE LINE THAN WAS ANNOUNCED IN JANUARY OF THIS YEAR.
BMC anticipates that the two production lines will require a total investment
of $80 to $85 million, which will be financed through the use of internally
generated cash and bank debt.  BMC presently manufactures aperture masks at
facilities in Cortland, New York and Mullheim, Germany.

     These two new lines are in addition to a third new line, announced in
1994, that is currently under construction at BMC's German mask plant. The
German line will produce computer monitor masks and is scheduled to start up in
the fourth quarter of this year.  Cumulatively, these three new lines will
represent a 60% increase in BMC's aperture mask production lines, bringing
the total from 5 lines to 8 lines.

     Paul B. Burke, Chairman, President and Chief Executive Officer, stated
"The company has been successful in the past four years in substantially
increasing its television aperture mask dollar sales and profits through
improvements in sales mix towards higher-priced television aperture masks.
However, our strategic customers have been dramatically growing their
television picture tube production capabilities and have indicated a strong
desire for us to supply more of their television mask needs. In addition,
the company will complete this year the construction of a new high-resolution
computer monitor mask line in Germany to serve the rapidly growing monitor
market.  Cumulatively, these three lines will enable us to better serve our
customers' needs in both mask types while substantially growing our own sales
and profits."

     The two-line domestic expansion will result in the addition of 13-14
million television-masks annually to BMC's total aperture mask production.
Additionally, it will raise its production capacity for computer-monitor
masks to approximately 10 million masks annually.





                                Page 10



<PAGE>

     The first of the two new domestic lines is expected to become operational
during the first quarter of 1997, approximately one year sooner than
announced in January.  The second line is anticipated to begin production in
the second quarter of 1997.

     The company also indicated that the location for the expansion has not yet
been finalized.  BMC confirmed that its current site located in Cortland, New
York was under consideration, together with 4 other potential domestic sites
in states other than New York.  A final decision on location is targeted for
mid-year.

     The company said its decision to expand was driven by the requirements of
its existing customers, significant capacity expansion for the production of
television picture tubes in North America and Europe, and anticipated growth
in demand for more and bigger televisions and computer monitors over the next
5 to 10 years.  BMC also indicated that the incremental expansion will be
aimed primarily at two TV segments.  The first is the rapidly growing
"large" segment of the TV market composed of tubes above 25 inches.  The
second is the "medium" size TV segment (19 to 23 inches), where BMC
anticipates a growing gap between supply and demand in its key markets.
























                                Page 11



<PAGE>
CONTACT:  Michael P. Hawks              (NYSE -- BMC)
(612) 851-6030                          FOR IMMEDIATE RELEASE


                  BMC APPOINTS BURKE CHAIRMAN OF THE BOARD

     Minneapolis, Minnesota -- May 4, 1995...The Board of Directors of BMC
Industries, Inc. announced today the election of Paul B. Burke, currently
President and Chief Executive Officer, to the additional position of Chairman
of the Board.

     Mr. Burke joined BMC as Associate General Counsel in June, 1983 and was
elected Vice President, Secretary and General Counsel in August, 1985.  He
was then appointed Vice President, Ft. Lauderdale Operations of the Company's
Vison-Ease Lens Division in November, 1987, and in May, 1989 was appointed
President of Vision-Ease Lens.  Mr. Burke has been a member of the Board of
Directors and President and Chief Operating Officer of the Company since May,
1991, and has served as its President and Chief Executive Officer since July,
1991.

     BMC Industries, Inc. is one of the world's largest manufacturers of
aperture masks for color picture tubes used in televisions and computer
monitors. The Company is also a leading producer of polycarbonate, glass
and plastic eyewear lenses.  BMC's common stock is traded on the New York
Stock Exchange under the symbol BMC.













                                Page 12




<PAGE>

CONTACT:  Michael P. Hawks                (NYSE -- BMC)
(612) 851-6030                            FOR IMMEDIATE RELEASE


                   BMC REPORTS RECORD FIRST QUARTER RESULTS


     April 20, 1995 -- Minneapolis, MN --  BMC Industries, Inc. today reported
first quarter 1995 net earnings of $4,694,000 or $.33 per share, up 74% from
earnings from continuing operations of $2,702,000 or $.20 per share in the
year-earlier period.  First quarter total revenues were $61,334,000, an
increase of 17% from $52,406,000 a year ago.

     Paul B. Burke, BMC's president and chief executive officer, said first
quarter results represented continued improvement in the Company's core
manufacturing operations.  Burke said first quarter net income was a new
first quarter record for BMC.  The first quarter of 1995 also marks the
sixteenth consecutive quarter of increased net earnings over the year-earlier
period, excluding income from the sale of equipment and technology and other
non-recurring items.  This long string of quarterly increases reflects the
ongoing shift in the Company's sales mix toward high-margin aperture mask and
eyewear lens products and continuing operating improvement.  In addition, the
first quarter also benefited from higher equipment and technology earnings
and lower interest expense.

     Burke added that both of the Company's core manufacturing operations,
Precision Imaged Products and Optical Products, showed improved sales and
improved profit margins.  He said these improvements reflected increased unit
volumes, improved operating efficiencies and the Company's ongoing focus on
higher-margin growth opportunities in its primary markets.

     BMC is one of the world's largest manufacturers of aperture masks for
color television tubes and computer monitors.  The Company is also a leading
producer of polycarbonate, glass and plastic eyewear lenses.  The common
stock of the Company is traded on the New York Stock Exchange under the
symbol "BMC".




                                Page 13




<PAGE>
               CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                                (Unaudited)
                  (in thousands, except per share amounts)


<TABLE>
<CAPTION>

                                                                                 Three Months Ended
                                                                                       March 31
                                                                                --------------------
                                                                                  1995         1994
- ----------------------------------------------------------------------------------------------------
<S>                                                                             <C>          <C>
Revenues
  Net sales of primary products                                                 $57,753      $52,245
  Equipment and technology sales                                                  3,581          161
- ----------------------------------------------------------------------------------------------------
     Total Revenues                                                              61,334       52,406
- ----------------------------------------------------------------------------------------------------
Operating Costs and Expenses
  Cost of sales of primary products                                              48,346       44,066
  Cost of equipment and technology sales                                          1,911          270
  Selling                                                                         2,275        2,035
  Administrative                                                                  1,254        1,110
- ----------------------------------------------------------------------------------------------------
     Total Operating Costs and Expenses                                          53,786       47,481
- ----------------------------------------------------------------------------------------------------

Income from Operations                                                            7,548        4,925
- ----------------------------------------------------------------------------------------------------
Other Income and (Expense)
  Interest expense                                                                  (77)        (975)
  Interest income                                                                   185           84
  Other income (expense)                                                            (67)          61
- ----------------------------------------------------------------------------------------------------

Earnings from Continuing Operations before Income Taxes                           7,589        4,095
Income Taxes                                                                      2,895        1,393
- ----------------------------------------------------------------------------------------------------

Earnings from Continuing Operations                                               4,694        2,702
Provision for Loss Related to Discontinued Operation (less applicable
  income tax benefit of $461) -- (Note)                                              --         (839)
- ----------------------------------------------------------------------------------------------------

Net Earnings                                                                    $ 4,694      $ 1,863
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------

Earnings Per Share from Continuing Operations                                   $  0.33      $   .20
Loss Per Share Related to Discontinued Operation                                     --        (0.06)
- ----------------------------------------------------------------------------------------------------

Net Earnings Per Share                                                          $  0.33      $  0.14
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------

Number of Shares Included in Per Share Computation                               14,014       13,274
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------

</TABLE>


NOTE:  In the first quarter of 1994, the Company made a provision for
estimated losses of $1,300, less applicable income tax effect of $461,
related to a discontinued operation.  This provision was prompted by claims
and expenses growing out of environmental contamination and other claims
related to the discontinued operation.  The environmental contamination
occurred before 1980 at an operation acquired by BMC in 1983 and disposed of
in 1986.





                                Page 14





<TABLE> <S> <C>

<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               MAR-31-1995
<CASH>                                           5,403
<SECURITIES>                                    11,127
<RECEIVABLES>                                   26,237
<ALLOWANCES>                                     2,759
<INVENTORY>                                     32,724
<CURRENT-ASSETS>                                83,569
<PP&E>                                         142,223
<DEPRECIATION>                                  87,094
<TOTAL-ASSETS>                                 149,298
<CURRENT-LIABILITIES>                           42,400
<BONDS>                                              0
<COMMON>                                        50,214
                                0
                                          0
<OTHER-SE>                                      38,537
<TOTAL-LIABILITY-AND-EQUITY>                   149,298
<SALES>                                         61,241
<TOTAL-REVENUES>                                61,334
<CGS>                                           50,257
<TOTAL-COSTS>                                   53,786
<OTHER-EXPENSES>                                    67
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               (108)
<INCOME-PRETAX>                                  7,589
<INCOME-TAX>                                     2,895
<INCOME-CONTINUING>                              4,694
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     4,694
<EPS-PRIMARY>                                      .33
<EPS-DILUTED>                                      .33
        

</TABLE>


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