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 June 30, 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: 5,059,293 shares (as of August 8,
1995)
Page 1 of 14 <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 - 12
PART II - OTHER INFORMATION
Item 5 - Other Information 13
Item 6 - Exhibits and Reports on Form 8-K 13
- 2 - <PAGE>
<PAGE>3
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In Thousands)
June 30, December 31,
1995 1994
Assets: --------- ---------
Cash and cash equivalents $ 5,700 $ 4,245
Short-term investments 75,690 72,200
Receivables, net 32,578 32,467
Deferred tax asset 7,203 8,204
Inventories 27,041 24,889
Other current assets 2,142 2,338
--------- ---------
Total current assets 150,354 144,343
--------- ---------
Property, plant and equipment, at cost 195,830 202,988
Less, accumulated depreciation 138,463 142,550
--------- ---------
Property, plant and equipment, net 57,367 60,438
Prepaid pension costs 29,453 28,092
Other assets 5,803 5,821
--------- ---------
Total assets $242,977 $238,694
========= =========
Liabilities:
Current portion of long-term debt $ 4,000 $ 5,354
Accounts payable and accrued expenses 14,200 15,250
Dividends payable 1,264
Income taxes payable 350 2,105
Other current liabilities 13,518 13,305
--------- ---------
Total current liabilities 33,332 36,014
--------- ---------
Long-term debt 10,347 9,047
Deferred income taxes 6,671 6,446
Accrued post retirement benefit costs 10,982 10,802
Other liabilities 16,351 17,616
--------- ---------
Total liabilities 77,683 79,925
--------- ---------
Stockholders' equity:
Common stock, $1 par value 10,000 10,000
Capital surplus 57,132 57,139
Retained earnings 281,307 275,600
Equity adjustments from foreign
currency translation (811) (1,622)
--------- ---------
347,628 341,117
Less, cost of treasury stock 182,334 182,348
--------- ---------
Total stockholders' equity 165,294 158,769
--------- ---------
Total liab. & stockholders' equity $242,977 $238,694
========= =========
[FN] See notes to consolidated financial statements.
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<PAGE>4
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of EARNINGS
(UNAUDITED)
(In thousands except per share data)
Six Months Ended Three Months Ended
June 30, June 30,
1995 1994 1995 1994
Revenues: --------- --------- -------- --------
Sales $ 74,459 $ 76,027 $36,916 $37,489
Rentals & gains on sales of real
estate and equipment 4,469 4,138 2,377 2,038
Interest, dividends & gains/(losses)
on short-term investments, net 2,299 1,690 1,239 865
Other income, net 139 232 21 34
--------- --------- -------- --------
Total revenues 81,366 82,087 40,553 40,426
--------- --------- -------- --------
Costs and Expenses:
Product and engineering 51,585 52,245 25,604 25,101
Selling and service 3,037 2,646 1,448 1,289
Administrative and general 14,093 12,987 7,056 6,472
Interest 289 181 161 93
--------- --------- -------- --------
Total costs and expenses 69,004 68,059 34,269 32,955
--------- --------- -------- --------
Earnings before taxes & cumulative
eff. of change in acct'g principle 12,362 14,028 6,284 7,471
Provision for income taxes 4,125 4,398 2,059 2,146
Earnings before cumulative effect of
change in accounting principle 8,237 9,630 4,225 5,325
Cumulative effect of change in acct'g
principle (net of applicable taxes) (244)
--------- --------- -------- --------
Net earnings $ 8,237 $ 9,386 $ 4,225 $ 5,325
========= ========= ======== ========
Weighted average number of
common shares outstanding 5,061 5,061 5,061 5,061
Net earnings per common share:
Earnings before cumulative effect
of change in accounting principle $1.63 $1.90 $ .83 $1.05
Cumulative effect of change in
accounting principle (.05)
--------- --------- -------- --------
Net earnings per common share $1.63 $1.85 $ .83 $1.05
========= ========= ======== ========
Dividends per common share $ .50 $ .50 $ .25 $ .25
========= ========= ======== ========
[FN] See notes to consolidated financial statements.
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<PAGE>5
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of CASH FLOWS
(UNAUDITED)
(In thousands)
Six Months Ended
June 30
1995 1994
Cash flows from operating activities: --------- ---------
Net earnings $ 8,237 $ 9,386
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Cum effect of change in accounting principle 244
Depreciation and amortization 4,975 5,350
Net gains on sales of short-term investments (714) (965)
Increase (decrease) in deferred taxes 1,226 (11)
Changes in operating assets and liabilities:
Proceeds from sales of trading securities 90,750 69,000
Purchases of trading securities (93,442) (83,484)
Increase in receivables (741) (1,465)
Increase in inventory (3,809) (2,002)
Increase in progress payments 2,287 823
Inc (dec) in accts payable & accrued expenses (1,050) 1,743
Increase (decrease) in income taxes payable (1,755) 2,258
Increase in other assets (1,145) (1,359)
Decrease in other liabilities (958) (471)
Litigation settlement (8,880)
Other, net 64 904
--------- ---------
Total adjustments (4,312) (18,315)
--------- ---------
Net cash provided (used) by operating activities 3,925 (8,929)
--------- ---------
Cash flows from investing activities:
Proceeds from sales of real estate and equipment 1,813 34
Additions to property, plant and equipment (2,964) (1,412)
--------- ---------
Net cash used by investing activities (1,151) (1,378)
--------- ---------
Cash flows from financing activities:
Principal payments on long-term debt (54) (88)
Dividends paid (1,265) (1,266)
--------- ---------
Net cash used by financing activities (1,319) (1,354)
--------- ---------
Net increase (decrease) in cash and cash equivalents 1,455 (11,661)
Cash and cash equivalents at beginning of period 4,245 20,349
--------- ---------
Cash and cash equivalents at end of period $ 5,700 $ 8,688
========= =========
[FN] See notes to consolidated financial statements.
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<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>
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 8,237
Common dividends (2,530)
Exercise of stock
options (7) (240) (14)
Translation ad-
justment, net 811
---------- ------- ------- -------- ------- ----------- -------- -------
June 30, 1995 10,000,000 $10,000 $57,132 $281,307 $ - $ (811) 4,939,017 $182,334
========== ======= ======= ======== ======= =========== ======== =======
</TABLE>
[FN] See notes to consolidated financial statements.
- 6 - <PAGE>
<PAGE>7
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. BASIS OF PRESENTATION
The financial statements present the consolidated accounts of Curtiss-
Wright Corporation and all majority owned subsidiaries (the "Corporation"),
after elimination of all significant intercompany transactions and
accounts.
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, are carried at their fair value, which is based on
quoted prices for these investments. Short-term investments have an aggregate
cost of $75,378,000 and an aggregate fair value of $75,690,000 at June 30,
1995, compared with 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 composition of investment income
for the first six months and second quarter of 1995 and 1994, respectively,
is as follows:
(In thousands)
Six Months Ended Three Months Ended
June 30, June 30,
1995 1994 1995 1994
------- ------- ------- -------
Net realized gains (losses) on the
sale of marketable securities $ (147) $2,312 $ 110 $1,103
Interest and dividend income, net 1,585 725 741 395
Net unrealized holding gains (losses) 861 (1,347) 388 (633)
------- ------- ------- -------
Int, div & gains/(losses) on short-
term investments, net $2,299 $1,690 $1,239 $ 865
------- ------- ------- -------
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<PAGE>8
3. RECEIVABLES
Receivables, at June 30, 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)
Jun 30, Dec 31,
1995 1994
-------- --------
Accounts receivable, billed $25,274 $28,121
Less: progress payments applied 3,100 4,464
-------- --------
22,174 23,657
-------- --------
Unbilled charges on long-term contracts 30,634 27,084
Less: progress payments applied 19,574 17,580
-------- --------
11,060 9,504
-------- --------
Allowance for doubtful accounts (656) (694)
-------- --------
Receivables, net $32,578 $32,467
======== ========
4. INVENTORIES
Inventories are valued at the lower of cost (principally average cost)
or market. The composition of inventories at June 30, 1995 and December 31,
1994 is as follows:
(In thousands)
Jun 30, Dec 31,
1995 1994
-------- --------
Raw materials $ 3,718 $ 4,195
Work-in-process 15,388 9,819
Finished goods 3,070 3,477
Inventoried costs related to U. S. Gov't and
other long-term contracts 9,173 10,049
-------- --------
Total inventories 31,349 27,540
Less: progress payments applied, principally
related to long-term contracts 4,308 2,651
-------- --------
Net inventories $27,041 $24,889
======== ========
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<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 party. 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 and the advice of counsel, 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 $294,000 and $212,000 were made primarily in
association with long-term debt in the first six months of 1995 and 1994,
respectively. The Corporation made estimated federal income tax payments of
$3,012,000 and $2,400,000 the first six months of 1995 and 1994,
respectively.
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 all outstanding stock options had an immaterial
dilutive effect on earnings per share in each respective period.
- 9 - <PAGE>
<PAGE>10
PART I - ITEM 2
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
MANAGEMENT'S DISCUSSION and ANALYSIS of
FINANCIAL CONDITION and RESULTS of OPERATIONS
RESULTS OF OPERATIONS:
Curtiss-Wright Corporation (the "Corporation") posted consolidated net
earnings for the second quarter of 1995 totaling $4.2 million, or $.83 per
share, a 21% decline when compared with net earnings of $5.3 million, or
$1.05 per share, reported in the second quarter of 1994. Net earnings for
the second quarter increased slightly in 1995, from $.79 per share in the
first quarter to $.83 per share in the second quarter. For the first six
months of 1995, net earnings totaled $8.2 million, or $1.63 per share, as
compared with net earnings of $9.4 million, or $1.85 per share, reported for
the same period of 1994.
Sales for the second quarter of 1995 were $36.9 million, down slightly
from the level of the $37.5 million recorded in the 1994 second quarter.
For the six-month period, sales also declined from $76.0 million in 1994 to
$74.5 million in 1995. Operating income generated by the Corporation's
three business segments was lower in the second quarter of 1995, totaling
$4.9 million, compared with operating earnings of $6.8 million for the
second quarter of 1994. For the first six months of 1995, operating income
also decreased compared to 1994 first half levels, totaling $10.3 million in
1995 and $12.4 million in 1994. Overall, sales and operating earnings
continue to reflect the trend of recent quarters with a substantial decline
in Aerospace results, largely offset by increases in Industrial segment
results. Our Flow Control and Marine segment continues to maintain steady
levels of sales and operating income.
New orders rose to $36.5 million and $71.3 million for the second
quarter and first six months of 1995, respectively, from new orders of $31.8
million and $58.6 million reported for the same respective periods of 1994.
The increase in new orders reflects a higher level of activity in 1995 from
industrial markets, overhaul services and the receipt of two production
orders for commercial actuation systems received from the Boeing Airplane
Company. Backlog levels of unshipped orders totaled $104.0 million at June
30, 1995, compared with $116.6 million at December 31, 1994 and $131.7
million at June 30, 1994. Significant declines in backlog positions for the
Aerospace and Flow Control and Marine segments reflect a decline in
available new production in military aircraft and shipbuilding programs.
The Industrial segment also reported a decline in backlog due to the sale of
the Buffalo Extrusion Facility, discussed below.
On June 13, 1995, the Corporation consummated the sale of its Extrusion
Facility, located in Buffalo, New York, to International Extruded Products,
LLC. The Buffalo facility manufactured extruded shapes and seamless tubular
products of various metal alloys, utilizing a 12,000 ton press. The
facility's products served Aerospace, Industrial and Flow Control and Marine
markets but historically accounted for less than 10% of the Corporation's
total consolidated sales. In earlier years, Buffalo's extrusion business
had been largely in defense-oriented areas. More recently, its business had
shifted to lower margin commercial pipe markets, bearing no relationship to
Curtiss-Wright's other businesses. Buffalo had reported a small operating
loss in 1994 and was only marginally profitable during the first six months
of 1995. The transaction did not have a material impact on 1995 earnings.
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<PAGE>11
Segment Performance:
The Corporation's Aerospace segment posted substantially lower results
for both the second quarter and first six months of 1995, when compared with
those for the same periods of 1994. Sales declined 19% in the second quarter
of 1995, to $17.3 million, from sales in the same period of the prior year and
totaled $34.2 million for the first six months of 1995, 22% lower than in the
same six month period of 1994. Sales reductions in both periods, year to year,
continue to reflect the completion last year of an Air Force F-16 retrofit
program and a general softness in the global aerospace market. The F-16
retrofit program, completed in the third quarter of 1994, had contributed high
sales levels of Curtiss-Wright actuation equipment in both the second quarter
and first six months of last year. Sales of actuation products for Boeing
production programs also continued to decline in comparison to the prior year,
reflecting reduced current Boeing requirements. Aerospace sales of shot-
peening and peen-forming services also declined when comparing the second
quarter and first six months of 1995 to the same prior year periods. However,
for the second quarter and first six months of 1995, the Aerospace segment has
shown some significant improvements, when compared with 1994, in sales of
actuation spare parts and overhaul services. Revenue from overhaul services,
although currently at a much smaller volume than sales of production programs,
has increased more than 46% in the first six months of 1995, when compared with
the same period of 1994. The joint-venture overhaul facility in Denmark
recently established to service the European commercial markets is fully
operational and generated its first sales during the second quarter of 1995.
Operating income of the Aerospace segment for the second quarter of 1995
was substantially below that of the same period of 1994 as was operating income
for the first six months of 1995 in comparison with the six month 1994 period.
In addition to the decline in revenue from current military and commercial
production programs, the Corporation recorded significant non-reimbursed
engineering costs associated with its actuation and control development
programs during the first six months of 1995. It is important to note that
Curtiss-Wright is currently running full scale development programs on three
major aircraft, the Lockheed/Martin F-22, the Bell Boeing V-22 Osprey and the
McDonnell Douglas F/A-18 E/F, an extraordinary situation for the Corporation.
While these development costs have had a substantial impact on operating
income for the second quarter and first six months of 1995, they are regarded
as an important investment in the future of Curtiss-Wright. Historically, the
successful completion of a development program has gone a long way to ensuring
the capture of follow-on production contracts.
The Corporation's Industrial segment posted substantial increases in sales
and operating income for the first six months of 1995, when compared with the
six month 1994 results. Sales totaled $13.4 million and $28.1 million for the
second quarter and first six months of 1995, respectively, as compared with
sales of $9.9 million and $19.3 million posted in the same respective periods
of 1994. Improvements in the Industrial segment's results are largely
reflective of higher domestic and European sales volumes from the Corporation's
Metal Improvement Company (MIC) subsidiary. MIC performs shot-peening and
heat-treating services for automotive, industrial and farm machinery customers
and has experienced improvements throughout all sectors of its markets during
the first half of 1995.
Sales for the Flow Control and Marine segment totaled $6.3 million and
$12.1 million for the second quarter and first six month periods of 1995,
respectively, as compared with sales of $6.2 million and $12.9 million reported
in the second quarter and first six-month periods of 1994, respectively.
Operating income for the second quarter of 1995 improved over the income
recorded in the second quarter of 1994, largely due to revenue recognized under
a termination claim stemming from the partial cancellation of a valve actuation
contract.
-11 - <PAGE>
<PAGE>12
Other Revenues and Costs:
Other revenue recorded in the second quarter of 1995 totaled $3.6
million, compared with $2.9 million recorded in the second quarter of 1994,
while other revenue for the first six months of 1995 totaled $6.9 million,
compared with $6.1 million recorded in the same period of 1994. The change
in other revenue for both 1995 periods is reflective of higher overall
investment income and gains recorded on the sale of machinery and equipment.
Despite lower sales, operating costs for the Corporation as a whole
were slightly higher for the second quarter and first six months of 1995,
when compared with costs incurred in the same respective periods of 1994.
The increase in operating costs is attributed to a high level of non-reimbursed
expenses for Aerospace development programs, as discussed above.
In addition, operating costs for the same 1994 periods had been reduced by
lower Corporate administrative costs and a life insurance dividend of $0.5
million received in the second quarter of 1994. Administrative expenses for
the first six months of 1995 also reflect a reduction in accrued income
generated from the Corporation's overfunded pension plan. Pension income
for the first six months of 1995 totaled $1.4 million, compared with $1.8
million for the first six months of 1994.
CHANGES IN FINANCIAL CONDITION:
Liquidity and Capital Resources:
The Corporation's working capital was $117.0 million at June 30, 1995,
an 8% increase from working capital of $108.3 million at December 31, 1994.
The ratio of current assets to current liabilities at June 30, 1995 also
increased to 4.5 to 1 from 4.0 to 1 at December 31, 1994. The increase in
working capital reflects an increase in cash, cash equivalents and short-term
investments balances which total $81.4 million at June 30, 1995, a 6%
increase from December 31, 1994. Net inventories at June 30, 1995 were
higher when compared with balances at December 31, 1994, primarily due to
significant increases in work-in-process inventory associated with current
development contracts. Working capital for the first six months of 1995
also improved due to a reclassification of $1.3 million of debt from current
to long-term liabilities. In May 1994, the bond holder had exercised a call
option requiring payment in May 1995; however, the call was recently
rescinded returning the bond to its original maturity date in the year 2001.
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 June 30,
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 six months of 1995.
During the first half of 1995, internally generated funds were more
than adequate to meet capital requirements. Projected funds from operating
sources are expected to be more than adequate to cover future cash
requirements, including anticipated capital expenditures of approximately
$8.0 million for the balance of the year and anticipated expenditures
connected with environmental remediation programs. In addition, the
Corporation expects to make payment on an outstanding industrial revenue
bond amounting to $4.0 million early in the fourth quarter of 1995.
- 12 - <PAGE>
<PAGE>13
PART II - OTHER INFORMATION
Item 5. OTHER INFORMATION
On June 13, 1995, the Corporation consummated the sale of its
Extrusion Facility located in Buffalo, New York to International Extruded
Products, LLC. This facility had manufactured extruded shapes and seamless
tubular products of various metal alloys. This facility had accounted for
less than 10% of the Registrant's total consolidated sales. The sale of
this facility will not have a material impact on the Corporation's 1995
earnings.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedules (Page 14)
(b) Reports on Form 8-K
The Corporation did not file any reports on Form 8-K during the
quarter ended June 30, 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: s/Robert A. Bosi
Robert A. Bosi,
Vice President-Finance
By: s/Kenneth P. Slezak
Kenneth P. Slezak,
Controller
Dated: August 11, 1995
- 13 -
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 5,700
<SECURITIES> 75,690
<RECEIVABLES> 33,234
<ALLOWANCES> 656
<INVENTORY> 27,041
<CURRENT-ASSETS> 150,354
<PP&E> 195,830
<DEPRECIATION> 138,463
<TOTAL-ASSETS> 242,977
<CURRENT-LIABILITIES> 33,332
<BONDS> 10,347
<COMMON> 10,000
0
0
<OTHER-SE> 155,294
<TOTAL-LIABILITY-AND-EQUITY> 242,977
<SALES> 74,459
<TOTAL-REVENUES> 81,366
<CGS> 50,695
<TOTAL-COSTS> 68,715
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 289
<INCOME-PRETAX> 12,362
<INCOME-TAX> 4,125
<INCOME-CONTINUING> 8,237
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,237
<EPS-PRIMARY> 1.63
<EPS-DILUTED> 0
- 14 -
