SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
For the quarterly period ended March 31, 1995
Commission File Number 1-134
CURTISS-WRIGHT CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 13-0612970
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1200 Wall Street West
Lyndhurst, New Jersey 07071
(Address of principal executive offices) (Zip Code)
(201) 896-8400
(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 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.
Common Stock, par value $1.00 per share: 5,059,053 shares
(as of May 9, 1995)
Page 1 of 16 <PAGE>
<PAGE> 2
CURTISS-WRIGHT CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTS
PAGE
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Earnings 4
Consolidated Statements of Cash Flows 5
Consolidated Statements of Stockholders'
Equity 6
Notes to Consolidated Financial Statements 7 - 9
Item 2 - Management's Discussion and Analysis of
Financial Condition and Results of
Operations 10 -13
PART II - OTHER INFORMATION
Item 4 - Submission of Matters to a Vote of
Security Holders 14
Item 6 - Exhibits and Reports on Form 8-K 15 -16
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<PAGE>
<PAGE> 3
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
March 31, December 31,
1995 1994
Assets: ---------- ----------
Cash and cash equivalents $ 5,098 $ 4,245
Short-term investments 71,708 72,200
Receivables, net 34,848 32,467
Deferred tax asset 8,079 8,204
Inventories 27,123 24,889
Other current assets 2,291 2,338
---------- ----------
Total current assets 149,147 144,343
---------- ----------
Property, plant and equipment, at cost 204,876 202,988
Less, accumulated depreciation 145,345 142,550
---------- ----------
Property, plant and equipment, net 59,531 60,438
Prepaid pension costs 28,772 28,092
Other assets 5,781 5,821
---------- ----------
Total assets $243,231 $238,694
========== ==========
Liabilities:
Accounts payable and accrued expenses $ 15,406 $ 15,250
Dividends payable 1,264
Income taxes payable 2,101 2,105
Other current liabilities 18,537 18,659
---------- ----------
Total current liabilities 37,308 36,014
---------- ----------
Long-term debt 9,047 9,047
Deferred income taxes 7,016 6,446
9Accrued benefit costs 10,958 10,802
Other liabilities 16,632 17,616
---------- ----------
Total liabilities 80,961 79,925
---------- ----------
Stockholders' equity:
Common stock, $1 par value 10,000 10,000
Capital surplus 57,139 57,139
Retained earnings 278,347 275,600
Equity adjustments from foreign
currency translation (868) (1,622)
---------- ----------
344,618 341,117
Less, cost of treasury stock 182,348 182,348
---------- ----------
Total shareholders' equity 162,270 158,769
---------- ----------
Total liab. & shareholders' equity $243,231 $238,694
========== ==========
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[FN] See notes to consolidated financial statements. <PAGE>
<PAGE> 4
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of EARNINGS
(UNAUDITED)
(In thousands except per share data)
Three Months Ended
March 31,
------------------------
1995 1994
--------- ---------
Revenues:
Sales $37,543 $38,538
Rentals and gains and losses on
sales of real estate and equipment 2,092 2,100
Interest, dividends and gains & losses on
sales of short-term investments, net 1,060 825
Other income, net 118 198
--------- ---------
Total revenues 40,813 41,661
--------- ---------
Cost and expenses:
Product and engineering 25,981 27,144
Selling and service 1,589 1,357
Administrative and general 7,037 6,515
Interest 128 88
--------- ---------
Total costs and expenses 34,735 35,104
--------- ---------
Earnings before income taxes & cumulative
effect of change in accounting principle 6,078 6,557
Provision for income taxes 2,066 2,252
--------- ---------
Earnings before cumulative effect
of change in accounting principle 4,012 4,305
Cumulative effect of change in
accounting principle (net of
applicable taxes) (244)
--------- ---------
Net earnings $ 4,012 $ 4,061
========= =========
Weighted average number of common
shares outstanding 5,061 5,061
Net earnings per common share:
Earnings before cumulative effect
of change in accounting principle $ .79 $ .85
Cumulative effect of change in
accounting principle (.05)
--------- ---------
Net earnings per common share $ .79 $ .80
========= =========
Dividends per common share $ .25 $ .25
========= =========
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[FN] See notes to consolidated financial statements.<PAGE>
<PAGE> 5
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of CASH FLOWS
(UNAUDITED)
(In thousands)
Three Months Ended
March 31
----------------------
1995 1994
---------- ----------
Cash flows from operating activities:
Net earnings $ 4,012 $ 4,061
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Cumulative eff of changes in acctg principles 244
Depreciation and amortization 2,471 2,721
Net gains on short-term investments (216) (495)
(Increase) decrease in net deferred taxes 695 (614)
Changes in operating assets and liabilities:
Proceeds from sales of trading securities 37,599 31,043
Purchases of trading securities (36,848) (40,500)
Increase in receivables (1,275) (1,582)
(Increase) decrease in inventory (2,622) 515
Increase (decrease) in progress payments (718) 208
Inc (dec) in accts payable & accrued expenses 156 (1,276)
Increase (decrease) in income taxes payable (4) 3,637
Increase in other assets (591) (428)
Increase (decrease) in other liabilities (957) 786
Litigation settlement (8,880)
Other, net 299 (218)
---------- ----------
Total adjustments (2,011) (14,839)
---------- ----------
Net cash provided (used) by operating
activities 2,001 (10,778)
---------- ----------
Cash flows from investing activities:
Proceeds (losses) on sales of real estate & equip. 379 (57)
Additions to property, plant and equipment (1,489) (334)
---------- ----------
Net cash used by investing activities (1,110) (391)
---------- ----------
Cash flows from financing activities:
Principal payments on long-term debt (38) (25)
---------- ----------
Net cash used by financing activities (38) (25)
---------- ----------
Net inc (dec) in cash & cash equivalents 853 (11,194)
Cash and cash equivalents at beginning of period 4,245 20,349
---------- ----------
Cash and cash equivalents at end of period $ 5,098 $ 9,155
========== ==========
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[FN] See notes to consolidated financial statements.<PAGE>
<PAGE> 6
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of STOCKHOLDERS' EQUITY
(UNAUDITED)
(In thousands of dollars)
<TABLE>
<CAPTION>
Equity
Unearned Adjustments
Common Stock Portion of from Foreign
Shares Capital Retained Restricted Currency Treasury Stock
Issued Amount Surplus Earnings Stock Translation Shares Amount
- - ----------------- ---------- ------- ------- -------- ------ -------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
December 31, 1993 10,000,000 $10,000 $57,172 $261,356 $ (87) $(1,862) 4,939,257 $182,348
Net earnings 19,303
Common dividends (5,059)
Amortization of
unearned portion
of restricted
stock (33) 87
Translation ad-
justments, net (240)
---------- ------- ------- -------- ------ -------- --------- --------
December 31, 1994 10,000,000 10,000 57,139 275,600 (1,622) 4,939,257 182,348
Net earnings 4,012
Common dividends (1,265)
Translation ad-
justment, net 754
---------- ------- ------- -------- ------ -------- --------- --------
March 31, 1995 10,000,000 $10,000 $57,139 $278,347 $ - $ (868) 4,939,257 $182,348
========== ======= ======= ======== ====== ======== ========= ========
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<FN> See notes to consolidated financial statements.
</TABLE> <PAGE>
<PAGE> 7
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. BASIS OF PRESENTATION
The information furnished in this report reflects all adjustments,
consisting primarily of normal recurring accruals, which are, in the
opinion of management, necessary for a fair statement of the results for
the interim periods presented. The unaudited consolidated financial
statements should be read in conjunction with the consolidated financial
statements and notes thereto included in the Corporation's 1994 Annual
Report to Stockholders. The results of operations for these interim
periods are not necessarily indicative of the operating results for a full
year.
2. SHORT-TERM INVESTMENTS
The Corporation accounts for its short-term investments in accordance
with Statement of Financial Accounting Standards No. 115, "Accounting for
Certain Investments in Debt and Equity Securities" (SFAS No. 115). The
Corporation's short-term investments are comprised of marketable equity and
non-equity securities, all classified as trading securities under SFAS No.
115 and accordingly carried at their fair value, which is based on quoted
prices for these investments at March 31, 1995.
Short-term investments have an aggregate cost of $71,785,000 and an
aggregate fair value of $71,708,000 at March 31, 1995, compared to an
aggregate cost of $72,750,000 and an aggregate fair value of $72,200,000 at
December 31, 1994. Included in the determination of net earnings were net
realized gains and losses on the sales of short-term investments,
determined on the specific identification cost basis. The Corporation
realized net losses of $257,000 for the first quarter of 1995 and realized
net gains of $1,209,000 for the first quarter of 1994. Also included in
the determination of net earnings for the first quarter of 1995 were net
unrealized holding gains on trading securities totaling $473,000, and net
unrealized holding losses of $714,000 for the first quarter of 1994.
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<PAGE>
<PAGE> 8
3. RECEIVABLES
Receivables, at March 31, 1995 and December 31, 1994, include amounts
billed to customers and unbilled charges on long-term contracts consisting
of amounts recognized as sales but not billed at the dates presented.
Substantially all amounts of unbilled receivables are expected to be billed
and collected within a year. The composition of receivables for those
periods is as follows:
(In thousands)
---------------------------
(Unaudited)
March 31, December 31,
1995 1994
--------- ---------
Accounts receivable, billed $26,904 $28,121
Less: progress payments applied 2,147 4,464
--------- ---------
24,757 23,657
--------- ---------
Unbilled charges on long-term contracts 29,551 27,084
Less: progress payments applied 18,791 17,580
--------- ---------
10,760 9,504
--------- ---------
Allowance for doubtful accounts (669) (694)
--------- ---------
Receivables, net $34,848 $32,467
========= =========
4. INVENTORIES
Inventories are valued at the lower of cost (principally average cost)
or market. The composition of inventories at March 31, 1995 and December
31, 1994 is as follows:
In thousands
---------------------------
(Unaudited)
March 31, December 31,
1995 1994
--------- ---------
Raw material $ 4,303 $ 4,195
Work-in-process 11,217 9,819
Finished goods 3,529 3,477
Inventoried costs related to U. S.
Government & other long-term contracts 11,113 10,049
--------- ---------
Total inventories 30,162 27,540
Less: progress payments applied, principally
related to long-term contracts 3,039 2,651
--------- ---------
Net inventories $27,123 $24,889
========= =========
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<PAGE>
<PAGE> 9
5. ENVIRONMENTAL MATTERS
The Corporation is subject to federal, state and local laws and
regulations concerning the environment, and is currently participating in
administrative or court proceedings involving a number of sites under these
laws, usually as a participant in an industry group of potentially
responsible parties. Many of these proceedings are at a stage where it is
impossible to estimate with any certainty the total cost of remediation,
the timing and extent of remedial actions which may be required by
governmental authorities, and the amount of the liability, if any, of the
Corporation alone or in relation to that of any other responsible parties.
The Corporation also has been seeking to establish insurance coverage with
respect to a number of these matters through litigation against certain
insurance carriers. When it is possible to make a reasonable estimate of
the Corporation's liability with respect to an environmental matter, a
provision is recorded as appropriate. Actual costs to be incurred in
future periods may vary from these estimates.
Based on facts presently known to it, the Corporation does not believe
that the outcome of any one of these environmental proceedings, in excess
of amounts provided, will have a material adverse effect on its results of
operations or financial condition.
6. CONSOLIDATED STATEMENTS OF CASH FLOWS
Interest payments of $141,000 and $62,000 were made primarily in
association with long-term debt in the first quarters of 1995 and 1994,
respectively. The Corporation made an estimated federal income tax payment
of $412,000 for the first quarter of 1995, while no estimated payment was
necessary for the first quarter of 1994.
7. EARNINGS PER SHARE
Earnings per share were computed by dividing the applicable amount of
earnings by the weighted average number of common shares outstanding during
each period shown in the accompanying Consolidated Statements of Earnings.
The assumed exercise of outstanding stock options had an immaterial
dilutive effect on earnings per share in each respective period.
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<PAGE>
<PAGE> 10
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
MANAGEMENT'S DISCUSSION and ANALYSIS of
FINANCIAL CONDITION and RESULTS of OPERATIONS
RESULTS OF OPERATIONS:
Curtiss-Wright Corporation posted consolidated net earnings for the
first quarter of 1995 totaling $4.0 million, or $.79 per share, as compared
with first quarter 1994 net earnings of $4.1 million, or $.80 per share.
Net earnings for the first quarter of 1994 had been reduced by $.2 million,
or $.05 per share, on account of a change in accounting for estimated
future postemployment benefits.
Total sales reported for the first quarter of 1995 were $37.5 million,
a 3% decline when compared with sales of $38.5 million for the first
quarter of 1994. Aggregate pre-tax operating earnings generated by the
Corporation's three business segments, excluding net pension income and
corporate charges, also declined slightly. Segment operating earnings for
the first quarter of 1995 totaled $5.4 million, a 5% decrease when compared
with earnings of $5.6 million, for the same period of last year. New
orders totaling $34.8 million were received in the first three months of
1995, well above total orders of $26.8 million received in the first three
months of 1994. The increase in orders was primarily within the
Corporation's Industrial segment. The backlog of unshipped orders for the
Corporation totaled $113.8 million at March 31, 1995, substantially below
the backlog of $137.5 million at March 31, 1994.
Curtiss-Wright's first quarter 1995 results present a marked departure
from its long standing tradition of strong Aerospace sales and operating
profits. As discussed in previous filings, the Corporation has been
subjected to adverse conditions in global aerospace markets over the past
few years. Aerospace markets have been impacted by a global airline
business recession, severe declines in both military and commercial
aircraft production, the maturation of the F-16 and end of the F-14
production programs and a stretch-out of the F-22 development program.
These conditions are reflected in the first quarter operating results for
1995. However, a strong performance by the Industrial segment offset most
of the declines in Aerospace sales and earnings.
Segment Performance:
The Corporation's Aerospace segment posted sales of $16.9 million for
the first quarter of 1995, a decline of 25% when compared with sales for
the same period of 1994. Operating earnings for the segment also declined
in 1995, totaling 58% below earnings levels of the same prior year period.
These declines are reflective of the significantly lower production volume
and related sales on the Lockheed Martin F-16 program and an
underabsorption of current costs because of less than full utilization of
production facilities. Engineering overruns on the development contracts
discussed below also contributed to the decline in operating profit for the
current period. The Corporation's sales of actuation components and
systems continued to be adversely affected by declines in Boeing commercial
production programs, caused by continued schedule adjustments on current
contracts. The declines in production programs were partially offset by
increases in both military and commercial spare parts sales and increases
in overhaul activities relating to actuation equipment manufactured by
Curtiss-Wright and other firms. Reflecting global market conditions, sales
of shot peening and peen forming services also declined in both domestic
and foreign aerospace markets when comparing the first quarter of 1995 with
the first quarter of 1994. The decline in sales of these services was less
severe than the declines in sales of actuation equipment and operating
profits for the first quarter of 1995 which were on par with the same
period of 1994.
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<PAGE>
<PAGE> 11
Curtiss-Wright continues to make significant strides in the expansion
of its overhaul operations. During the first quarter of 1995, the
Corporation established a joint venture operation with Danish Aerotech A/S
located in Karup, Denmark. This new operation, Curtiss-Wright Flight
Systems Europe A/S, will provide overhaul services to the commercial
European, Middle East and African markets. Curtiss-Wright has received
final approval to provide these overhaul services from both the Federal
Aviation Administration and European aviation authorities. In addition,
final preparations to open this new facility were completed early in the
second quarter of 1995 and the Corporation has begun to provide overhaul
services from its European facility.
Curtiss-Wright also continues to make progress on its fixed price
engineering and development contracts associated with the Lockheed
Martin/Boeing F-22, the McDonnell Douglas F/A-18 E/F and the Bell Boeing V-
22 Osprey. For the first quarter of 1995, more than 6% of Aerospace
segment revenue is attributable to these engineering and development
contracts, compared to only 1% for the first quarter of 1994. While these
engineering efforts are significant to the future of Curtiss-Wright, the
revenues associated with them do not fully offset the impact of production
declines associated with the F-16 program.
New orders received in the first quarter of 1995 by the Aerospace
segment totaled $13.4 million, compared with $14.8 million received in the
first quarter of 1994. During the first quarter of 1995, the Corporation
received a $1.2 million order to provide F-16 actuation components for
foreign military use. Backlog levels totaled $74.4 million at March 31,
1995 compared with $95.7 million at March 31, 1994.
The Flow Control and Marine segment reported sales of $5.8 million for
the first quarter of 1995, compared with sales of $6.7 million for the same
period of 1994. Sales of valve products for military customers were lower
for the 1995 period, as were sales of commercial valve spare parts and
extruded pipe products for marine markets, when compared with the sales
levels achieved in the same period of the prior year. Operating profits
also declined slightly in 1995, when comparing those same respective
periods. The decline in operating earnings generally reflects the overall
decline in sales.
New orders for the Flow Control and Marine segment totaled $4.5
million in the first quarter of 1994, compared with $2.6 million in the
first quarter of 1994. The Corporation's Target Rock subsidiary recently
received a $3.5 million contract to develop a 4" hydraulically operated
gate (HOG) valve for use in the U.S. Navy's next generation of nuclear
attack submarines. This contract follows the award of similar contracts,
valued at approximately $4.4 million, for the development of next
generation solenoid and manual valves to be used in the attack submarine
program, which had been received in late 1994. In addition, Target Rock
Corporation received a contract for design and modification of 6" HOG
valves to be used in a Navy retrofit program. This contract was also
received in late 1994. These contracts represent multi-year development
opportunities and only the first year funding is reflected in the
Corporation's backlog at March 31, 1995. Total backlog for the Flow
Control and Marine segment was $32.2 million at March 31, 1995, compared
with $38.7 at March 31, 1994.
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<PAGE>
<PAGE> 12
The Corporation's Industrial segment posted sales of $14.8 million for
the first quarter of 1995, compared with sales of $9.3 million for the
first quarter of 1994. Significantly higher sales and operating earnings
primarily reflect improvements at the Corporation's Metal Improvement
Company subsidiary. These improvements were generally across the board for
all products and services within its Industrial marketplace, including its
shot peening, heat treating and compressor flapper valve businesses. The
Industrial segment also reported improvements in sales and operating
earnings of extruded tubular pipe products for commercial customers for the
first quarter of 1995 as compared with the first quarter of 1994.
New orders received in the first quarter of 1995 totaled $16.9
million, compared with orders of $9.4 million received in the same prior
year period. Backlog levels for the Industrial segment, which are
historically low relative to sales due to the short lead times for the
majority of the segment's products and services, totaled $7.1 million at
March 31, 1995, compared with $3.1 million at March 31, 1994.
Other Revenue and Costs:
Other revenues recorded by the Corporation in the first quarter of
1995 totaled $3.3 million, compared to $3.1 million reported for the same
period of 1994. The change in other revenue is primarily reflective of
higher overall investment income for the 1995 period, when compared to the
prior year. Operating costs, for the Corporation as a whole, were slightly
lower for the first quarter of 1995 than costs incurred in the first
quarter of 1994. Lower costs are primarily reflective of the lower sales
by our operating segments, as detailed above, recorded in the first quarter
of 1995, as compared with the prior year's period.
Administrative expenses for the first quarter of both years were
reduced by accrued income generated from the Corporation's overfunded
pension plan. Net pension income recognized in the first quarter of 1994
totaled $.7 million, compared with $.9 million in the first quarter of
1994.
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<PAGE>
<PAGE> 13
CHANGES IN FINANCIAL CONDITION:
Liquidity and Capital Resources:
The Corporation's working capital was $111.8 million at March 31,
1995, an increase of 3% from working capital at December 31, 1994 and 15%
over working capital at March 31, 1994. The ratio of current assets to
current liabilities was 4.0 to 1 at March 31, 1995, remaining level with
the ratio at December 31, 1994. The increase in working capital reflects
higher net receivables and inventory levels at March 31, 1995, when
compared with levels at December 31, 1994. An increase in net receivables
primarily reflects the higher sales volume of shot peening and related
services in the current period, while the increase in inventory reflect
current levels of work in progress, the timing of progress payments
received and the schedule of engineering benchmarks on development
programs.
The Corporation continues to maintain its $22.5 million revolving
credit lending facility and its $22.5 million short term credit agreement,
which provide additional sources of capital to the Corporation. The
revolving credit agreement, of which $3.6 million remains unused at March
31, 1995, encompasses various letters of credit issued primarily in
connection with outstanding industrial revenue bonds. There were no cash
borrowings made on the short-term credit agreement during the first quarter
of 1995.
During the first quarter of 1995, internally generated funds were
adequate to meet capital expenditures of $1.5 million, primarily for
machinery and equipment within the operating segments. Projected funds
from operating sources are expected to be more than adequate to cover
future cash requirements, including anticipated capital expenditures of
approximately $8.3 million for the balance of the year and anticipated
expenditures connected with environmental remediation programs.
- 13 -
<PAGE>
<PAGE> 14
PART II - OTHER INFORMATION
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On May 5, 1995, the Registrant held its annual meeting of share-
holders. The matters submitted to a vote by the shareholders were the
election of directors, the retention of independent accountants for the
Registrant, and the approval by the shareholders of the
Registrant's 1995 Long-Term Incentive Plan.
The vote received by the director nominees was as follows:
For Withheld
Thomas R. Berner 4,603,315 8,828
John S. Bull 4,601,883 10,260
James B. Busey IV 4,601,171 10,972
David Lasky 4,603,427 8,716
William W. Sihler 4,602,780 9,363
J. McLain Stewart 4,600,622 11,521
The foregoing represent all of the Registrant's directors.
There were no votes against or broker nonvotes.
The shareholders approved the retention of Price Waterhouse as
independent accountants and auditors for the Registrant. The holders of
4,470,236 shares voted in favor; 133,202 voted against, and 3,087
abstained. There were no broker nonvotes.
The final item voted on at the May 5, 1995 meeting was the
Registrant's 1995 Long-Term Incentive Plan, which plan had previously been
adopted subject to shareholder approval. The shareholders did approve the
plan, the holders of 3,878,101 shares voting in favor and 236,824 voting
against, there having been 393,340 broker nonvotes and 8,423 abstentions.
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<PAGE>
<PAGE> 15
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedules (Page 16)
The Registrant incorporates herein by reference Curtiss-Wright's
1995 Long-Term Incentive Plan, approved by Shareholders on May 5, 1995,
which was filed on March 22, 1995 as Exhibit A to Registrant's Proxy
Statement, dated March 13,1995.
(b) Reports on Form 8-K
The Registrant did not file any reports on Form 8-K during the
quarter ended March 31, 1995.
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.
CURTISS-WRIGHT CORPORATION
(Registrant)
By: Robert A. Bosi
Robert A. Bosi,
Vice President-Finance
By: Kenneth P. Slezak
Kenneth P. Slezak,
Controller
Dated: May 12, 1995
- 15 -
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> QTR-1
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 5,098
<SECURITIES> 71,708
<RECEIVABLES> 35,517
<ALLOWANCES> 669
<INVENTORY> 27,123
<CURRENT-ASSETS> 149,147
<PP&E> 204,876
<DEPRECIATION> 145,345
<TOTAL-ASSETS> 243,231
<CURRENT-LIABILITIES> 37,308
<BONDS> 9,047
<COMMON> 10,000
0
0
<OTHER-SE> 152,270
<TOTAL-LIABILITY-AND-EQUITY> 243,231
<SALES> 37,543
<TOTAL-REVENUES> 40,813
<CGS> 25,428
<TOTAL-COSTS> 34,607
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 128
<INCOME-PRETAX> 6,078
<INCOME-TAX> 2,066
<INCOME-CONTINUING> 4,012
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,012
<EPS-PRIMARY> .79
<EPS-DILUTED> 0
- 16 -
</TABLE>
