SECURITIES and EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997
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: 5,089,039 shares (as of October 24,
1997)
Page 1 of 17
<PAGE>
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 - 14
Forward-Looking Statements 15
PART II - OTHER INFORMATION
Item 6 - Exhibits and Reports on Form 8-K 16
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<PAGE>
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands)
September 30, December 31,
1997 1996
Assets:
Cash and cash equivalents $ 5,879 $ 6,317
Short-term investments 62,554 55,674
Receivables, net 43,765 37,708
Deferred tax asset 7,925 8,769
Inventories 47,306 46,987
Other current assets 2,155 2,378
-------- --------
Total current assets 169,584 157,833
-------- --------
Property, plant and equipment, at cost 217,290 210,230
Less, accumulated depreciation 152,175 146,268
-------- --------
Property, plant and equipment, net 65,115 63,962
Prepaid pension costs 37,612 35,016
Other assets 8,776 10,353
-------- --------
Total assets $281,087 $267,164
======== ========
Liabilities:
Accounts payable and accrued expenses $ 26,113 $ 25,206
Dividends payable 1,272
Income taxes payable 3,832 3,189
Other current liabilities 10,442 14,021
-------- --------
Total current liabilities 41,659 42,416
-------- --------
Long-term debt 10,347 10,347
Deferred income taxes 8,556 8,686
Other liabilities 22,861 22,352
-------- --------
Total liabilities 83,423 83,801
-------- --------
Stockholders' equity:
Common stock, $1 par value 10,000 10,000
Capital surplus 57,032 57,127
Retained earnings 316,006 299,740
Unearned portion of restricted stock (385) (608)
Equity adjustments from foreign currency
translation (3,902) (1,506)
-------- --------
378,751 364,753
Less, cost of treasury stock 181,087 181,390
-------- --------
Total stockholders' equity 197,664 183,363
-------- --------
Total liabilities and stockholders'
equity $281,087 $267,164
======== ========
See notes to consolidated financial statements.
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<PAGE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of EARNINGS
(UNAUDITED)
(In thousands except per share data)
Nine Months Ended Three Months Ended
September 30, September 30,
1997 1996(1) 1997 1996(1)
Net sales $160,237 $124,440 $52,677 $44,881
Cost of sales 105,466 83,662 33,675 30,500
-------- -------- ------- -------
Gross margin 54,771 40,778 19,002 14,381
Research and development costs 1,441 564 495 254
Selling expenses 4,333 4,663 1,423 1,433
General and administrative 25,217 19,435 8,564 7,388
-------- -------- ------- -------
Operating income 23,780 16,116 8,520 5,306
Investment income, net 2,488 2,348 640 813
Rental income, net 2,195 2,119 454 898
Other income (expense), net 2,104 (270) 2,355 (24)
Interest expense 307 284 118 91
-------- -------- ------- --------
Earnings before taxes 30,260 20,029 11,851 6,902
Provision for taxes 10,179 7,068 3,775 2,458
-------- -------- ------- -------
Net earnings $ 20,081 $ 12,961 $ 8,076 $ 4,444
======== ======== ======= =======
Weighted average number of
common shares outstanding 5,085 5,079 5,085 5,078
===== ===== ===== =====
Earnings per common share $3.95 $2.55 $1.59 $0.88
===== ===== ===== =====
Dividends per common share $0.75 $0.75 $0.25 $0.25
===== ===== ===== =====
(1) Prior year information has been restated to conform to current presentation.
See notes to consolidated financial statements.
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<PAGE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of CASH FLOWS
(UNAUDITED)
(In thousands)
Nine Months Ended
September 30,
----------------------
1997 1996
---- ----
Cash flows from operating activities:
Net earnings $20,081 $12,961
------- -------
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation and amortization 7,124 6,690
Net gains on short-term investments (1,309) (600)
Net gains on sales of excess property (2,008)
Increase in deferred taxes 714 609
Changes in operating assets and liabilities:
Proceeds from sales of trading securities 190,006 230,501
Purchases of trading securities (196,079) (219,806)
Increase in receivables (3,141) (1,908)
Increase in inventory (3,631) (7,298)
Increase in progress payments 396 2,091
Increase in accounts payable and
accrued expenses 907 6,312
Increase (decrease) in income taxes payable 643 (238)
Increase in other assets (2,421) (2,727)
Decrease in other liabilities (2,568) (45)
Other, net (1,642) (475)
--------- ---------
Total adjustments (13,009) 13,106
--------- ---------
Net cash provided by operating activities 7,072 26,067
--------- ---------
Cash flows from investing activities:
Proceeds from sales of real estate and equipment 3,493 464
Additions to property, plant and equipment (8,460) (8,767)
Acquisition of Accessory Services business (16,621)
Net cash used by investing activities (4,967) (24,924)
--------- ---------
Cash flows from financing activities:
Dividends paid (2,543) (2,539)
--------- ---------
Net cash used by financing activities (2,543) (2,539)
--------- ---------
Net decrease in cash and cash equivalents ( 438) (1,396)
Cash and cash equivalents at beginning of period 6,317 8,865
--------- ---------
Cash and cash equivalents at end of period $ 5,879 $ 7,469
======== =========
See notes to consolidated financial statements.
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<PAGE>
<TABLE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS of STOCKHOLDERS' EQUITY
(UNAUDITED)
(In thousands)
<CAPTION>
Equity
Unearned Adjustments
Portion of from Foreign
Common Capital Retained Restricted Currency Treasury
Stock Surplus Earnings Stock Awards Translation Stock
<S> <C> <C> <C> <C> <C> <C>
December 31, 1995 $10,000 $57,141 $288,710 $(780) $(1,330) $181,562
Net earnings 16,109
Common dividends (5,079)
Stock awards issued 10 (93) (83)
Stock options exercised (24) (89)
Amortization of earned portion
of restricted stock 265
Translation adjustments, net (176)
------- ------- -------- ------ -------- ---------
December 31, 1996 10,000 57,127 299,740 (608) (1,506) 181,390
Net earnings 20,081
Common dividends (3,815)
Stock options exercised (95) (303)
Amortization of earned portion
of restricted stock 223
Translation adjustments, net (2,396)
------- ------- -------- ------ -------- ---------
September 30, 1997 $10,000 $57,032 $316,006 $(385) $(3,902) $181,087
======= ======= ======== ====== ======== =========
See notes to consolidated financial statements.
</TABLE>
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<PAGE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. BASIS of PRESENTATION
Curtiss-Wright Corporation (the "Corporation") is a diversified
multi-national manufacturing and service concern that designs,
manufactures and overhauls precision components and systems and provides
highly engineered services to the aerospace, automotive, shipbuilding,
oil, petrochemical, agricultural equipment, power generation, metal
working and fire & rescue industries. Operations are conducted principally
by three wholly-owned subsidiaries: Curtiss-Wright Flight Systems, Inc.,
Metal Improvement Company, Inc. and Curtiss-Wright Flow Control
Corporation. The group's principal operations include three domestic
manufacturing facilities, thirty-four Metal Improvement service facilities
located in North America and Europe, and five component overhaul
locations.
The information furnished in this report has been prepared in conformity
with generally accepted accounting principles and as such 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 1996
Annual Report on Form 10-K. The results of operations for these interim
periods are not necessarily indicative of the operating results for a full
year.
2. RECEIVABLES
Receivables, at September 30, 1997 and December 31, 1996, 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)
September 30, December 31,
1997 1996
Accounts receivable, billed $46,252 $37,253
Less: progress payments applied 6,752 5,701
39,500 31,552
-------- --------
Unbilled charges on long-term
contracts 14,168 19,761
Less: progress payments applied 8,081 12,048
-------- --------
6,087 7,713
-------- --------
Allowance for doubtful accounts (1,822) (1,557)
-------- --------
Receivables, net $43,765 $37,708
======== ========
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<PAGE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONSOLIDATED FINANCIAL STATEMENTS, Continued
(UNAUDITED)
3. INVENTORIES
Inventories are valued at the lower of cost (principally average cost) or
market. The composition of inventories at September 30, 1997 and December
31, 1996 is as follows:
(In thousands)
September 30, December 31,
1997 1996
Raw materials $ 4,992 $ 4,653
Work-in-process 25,358 25,128
Finished goods 17,747 15,817
Inventoried costs related to U.S.
Government and other long-term
contracts 7,439 6,307
------- -------
Total inventories 55,536 51,905
Less: progress payments applied,
principally related to long-term
contracts 8,230 4,918
------- -------
Net inventories $47,306 $46,987
======= =======
4. ENVIRONMENTAL MATTERS
The Corporation establishes a reserve for a potential environmental
responsibility when it concludes that a determination of legal liability
is probable. Such amounts, if quantified, reflect the Corporation's
estimate of the amount of that liability. If only a range of potential
liability can be estimated, a reserve will be established at the low end
of that range. Such reserves represent today's values of anticipated
remediation not reduced by any potential recovery from insurance carriers
or through contested third-party legal actions, and are not discounted for
the time value of money.
The Corporation is joined with many other corporations and municipalities
as potentially reponsible parties (PRPs) in a number of environmental
cleanup sites, which include the Sharkey Landfill Superfund Site,
Parsippany, N. J., Caldwell Trucking Company Superfund Site, Fairfield, N.
J., and Pfohl Brothers Landfill Site, Cheektowaga, N. Y., identified to
date as the most significant sites. Other environmental sites in which the
Corporation is involved include but are not limited to Chemsol, Inc.
Superfund Site, Piscataway, N. J., and PJP Landfill, Jersey City, N. J.
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<PAGE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONSOLIDATED FINANCIAL STATEMENTS, Continued
(UNAUDITED)
The Corporation believes that the outcome of any of these matters would
not have a material adverse effect on the Corporation's results of
operations or financial condition.
5. 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.
6. RECENTLY ISSUED ACCOUNTING STANDARDS
In February 1997, the Financial Accounting Standards Board issued
Statement No. 128, "Earnings per Share" ("SFAS No. 128"). This statement
simplifies the standards for computing earnings per share ("EPS"), making
them comparable to international EPS standards and amends certain
disclosure requirements regarding EPS. The Corporation plans to adopt this
statement for interim and annual periods ending after December 15, 1997
which is the statement's effective date. The statement is not expected to
have a material impact on the Corporation.
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<PAGE>
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 posted a 17% increase in sales and a 61%
increase in its operating earnings for the third quarter of 1997, as compared
with the third quarter of 1996. Operating earnings for the third quarter of 1997
totaled $8.5 million on sales of $52.7 million, compared with operating earnings
of $5.3 million and sales of $44.9 million for the same prior year period. New
orders received during the 1997 period also increased, totaling $53.6 million,
an increase of 46% when compared with orders of $36.6 million received in the
same period of 1996.
Net earnings totaled $8.1 million, or $1.59 per share for the third quarter
of 1997, including $2.0 million or $.39 per share from the sales of excess real
estate. Net earnings for the third quarter of 1996 were $4.4 million or $.88 per
share. Net earnings for the third quarter of 1997 exceeded those of the same
period of 1996 by 82% and would have represented a 37% improvement without those
property sales.
For the first nine months of 1997 the Corporation's operating income rose
48% to $23.8 million, compared with operating income of $16.1 million for the
same 1996 period. Overall, net earnings totaled $20.1 million or $3.95 per
share, a 55% improvement over net earnings of $13.0 million or $2.55 per share,
posted for the first nine months of 1996. Excluding gains generated by the third
quarter 1997 property sales, net earnings of $18.1 million for the nine-month
period were 39% above those of the same 1996 period, and represented the highest
earnings for the first nine months in eight years. Sales for the first nine
months of 1997 were $160.2 million, 29% higher than sales of $124.4 million
posted in the same nine-month period of 1996. New orders received in the 1997
period totaled $152.7 million, compared with new orders of $119.2 million
received during the same period of 1996.
Segment Performance
The Corporation's Aerospace & Marine segment posted substantially improved
results for both the third quarter and first nine months of 1997 when compared
with those for the same respective periods of 1996. Sales increased 29% in the
third quarter of 1997 to $38.1 million from sales in the same quarter of the
prior year and totaled $115.6 million for the nine-month 1997 period, 48% higher
than those for the same nine-month period of 1996. Operating income also
increased substantially when comparing both the third quarter and first nine
months of 1997 with the same respective periods of 1996.
Sales and operating income improvements in the Aerospace & Marine segment
are reflective of a high sales volume of metal-treating services. Sales of
shot-peening, peen-forming and heat-treating services to aerospace customers
have increased significantly when comparing 1997 results with those of the prior
year. Operating income from such services also has increased significantly
in the third quarter and first nine months of 1997.
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<PAGE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
MANAGEMENT'S DISCUSSION and ANALYSIS of
FINANCIAL CONDITION and RESULTS of OPERATIONS, Continued
Aerospace & Marine segment results for the third quarter and first nine
months of 1997 have also benefited from increased contributions from our
overhaul and repair businesses. Sales of overhaul services improved 39% and 78%
for the third quarter and first nine-month periods of 1997, as compared with the
same respective periods of 1996. Sales for the nine-month 1997 period reflect a
full period of contributions from our Miami-based facility, acquired in May
1996. In the aggregate, sales of overhaul and repair services accounted for 31%
of Aerospace & Marine segment sales for the first nine months of 1997, compared
with 25% for the same period of 1996.
The Corporation also posted significant increases in sales of its OEM
commercial actuation systems when comparing the third quarter and first nine
months of 1997 with the same respective periods of 1996. Sales increases in OEM
products are attributable to the high level of production being generated for
Boeing jetliners. New Boeing programs and increased build rates on traditional
programs have contributed to a production sales growth of 124% in the 1997
nine-month period over the same period of 1996. Despite significant increases in
sales associated with the new Boeing programs, operating income has been
impaired as a result of additions to the work force and associated high levels
of manufacturing variations. Operating income was further impaired by the timing
and magnitude of production work in response to Boeing's aggressive ramp-up
during the nine month 1997 period. Also reducing Aerospace & Marine operating
income for the first nine months of 1997 were military development program cost
overruns, most of which occurred earlier in the year.
New orders received by the Aerospace & Marine segment in the third quarter
of 1997 totaled $36.2 million, 67% above orders of $21.6 million received in the
third quarter of 1996. New orders improved 37% when comparing the first nine
months of 1997 with the same prior year period. Increases in new orders for both
1997 periods largely reflect the current high sales volumes generated by our
overhaul and metal- treating service businesses. In addition, during the third
quarter of 1997, the Corporation received an initial contract award, valued at
$2.4 million, from Sino Swearingen Aircraft Company of San Antonio, Texas for
trailing edge wing-flap drive systems for the new SJ30-2 Business Jet. The
Corporation currently supplies flap drive systems for various commercial and
military aircraft, and this is its first program providing such components to
the business jet market.
The Corporation's Industrial segment posted slight declines in sales for
both the third quarter and first nine months of 1997, as compared to the same
respective periods of 1996. Sales for industrial products totaled $14.6 million
for the third quarter of 1997, 5% below sales of $15.4 million posted in the
same prior year period, while sales totaling $44.6 million for the nine-month
1997 period are 3% below the $46.1 million for the first nine months of 1996.
This slight decline in sales of the Industrial segment was attributed to a
softening of selective industrial markets serviced by our metal-treating
businesses. Sales in the commercial valve area also declined for the third
quarter and first nine month periods of 1997, as compared with those same
periods of 1996 because of the high level of field service and spare parts sales
experienced in the 1996 periods but not realized in 1997. For the third quarter
and first nine months of 1997, sales of the Industrial segment benefited in part
from increased market acceptance of its new rescue tool products.
-11-
<PAGE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
MANAGEMENT'S DISCUSSION and ANALYSIS of
FINANCIAL CONDITION and RESULTS of OPERATIONS, Continued
Despite declining sales, operating income of the Industrial segment
improved slightly in the third quarter and first nine months of 1997 in
comparison to results of the same 1996 periods. Operating income for the 1996
periods had been hampered by non-recurring costs associated with our
metal-treating businesses.
New orders received by the Industrial segment improved in both the third
quarter and first nine-month periods of 1997 when compared with the same
respective prior year periods. The Corporation has received commercial nuclear
valve orders for Korean power plants totaling approximately $5.0 million during
the first nine months of 1997.
Non-Operating Revenue and Costs
The Corporation recorded non-operating net revenue totaling $3.4 million
for the third quarter of 1997 compared with $1.7 million for the third quarter
of 1996. Non- operating net revenue totaled $6.8 million for the first nine
months of 1997 compared with $4.2 million for the first nine months of 1996. The
significant increase in non-operating revenue for both 1997 periods was due to
the sale by the Corporation of two parcels of land during the third quarter of
1997 for a combined price of approximately $3,450,000. The undeveloped land
consisted of approximately 655 acres located in Hardwick Township, New Jersey
and 33 acres located in Nantucket, Massachusetts. The Corporation recognized net
earnings of $2,008,000 or $.39 per share, which reflects tax benefits from the
application of a capital-loss carryforward to the gains realized on the sales.
Administrative expenses for the Corporation as a whole increased for the
third quarter and first nine month periods of 1997, as compared with those same
respective periods of 1996. Impacting third quarter and nine-month 1997
administrative costs were significantly increased expenses for legal services
provided in defense or pursuit of environmental and related claims. Partially
offsetting these increased expenses was higher accrued non-cash income generated
from the Corporation's overfunded pension plan. Net pension income increased
slightly, totaling $2.6 million for the first nine months of 1997, compared with
$2.3 million for the same period of 1996. In the aggregate, administrative
expenses have remained largely consistent as a percentage of sales for both the
1997 and 1996 periods.
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<PAGE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
MANAGEMENT'S DISCUSSION and ANALYSIS of
FINANCIAL CONDITION and RESULTS of OPERATIONS, Continued
CHANGES IN FINANCIAL CONDITION:
Liquidity and Capital Resources:
The Corporation's working capital was $127.9 million at September 30, 1997,
a 9% increase from working capital at December 31, 1996 of $115.4 million. The
ratio of current assets to current liabilities was 4.07 to 1 at September 30,
1997, compared with a current ratio of 3.72 to 1 at December 31, 1996. Cash,
cash equivalents and short-term investments totaled $68.4 million in aggregate
at September 30, 1997, a 10% increase from $62.0 million at the prior year end.
Changes in working capital reflect a substantial increase in accounts
receivable from customers primarily due to the increase in sales comparing the
third quarter of 1997 to sales totals for the last quarter of 1996. Gross
inventory also increased due to a high level of finished goods maintained at our
component overhaul and repair businesses but was offset by increased progress
payments received under long-term government contracts. Working capital was also
improved through a reduction in the current portion of amounts held in reserve
for the environmental remediation program at the Corporation's Wood-Ridge, New
Jersey Business Complex as a result of the expenditure of $2.7 million on
remediation efforts during the first nine months of 1997. Partially offsetting
the increase in working capital was an increase in accounts payable and accrued
expenses at September 30, 1997, from December 31, 1996, and accrued dividends
payable for the third quarter of 1997.
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 $10.8 million remains unused at September 30, 1997,
encompasses various letters of credit issued primarily in connection with
outstanding industrial revenue bonds. There were no cash borrowings during the
first nine months of 1997 and no outstanding balances for borrowed funds under
the agreement at September 30, 1997.
During the first nine months of 1997, internally generated funds were
adequate to meet capital expenditures of $8.5 million. Expenditures incurred
during the first nine months of 1997 primarily related to expansion of the
Corporation's metal-treating business, including newly established facilities in
Belgium and Southern Germany. The Corporation has also made significant capital
investments for machinery and equipment at its newly expanded Shelby, North
Carolina facility. Projected funds from operating sources and the Corporation's
short-term investments are expected to be more than adequate in 1997 to cover
the costs of planned expansion. Capital expenditures of approximately $4.3
million are anticipated for the balance of the year along with $1.4 million of
anticipated expenditures connected with environmental remediation programs at
the Corporation's Wood-Ridge, New Jersey Business Complex.
-13-
<PAGE>
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
MANAGEMENT'S DISCUSSION and ANALYSIS of
FINANCIAL CONDITION and RESULTS of OPERATIONS, Continued
Recently Issued Accounting Standards:
As discussed in Note 6 to the Consolidated Financial Statements, the
Corporation plans to adopt SFAS No. 128, "Earnings per Share," for interim and
annual periods ending after December 15, 1997 as required by the statement. The
adoption of SFAS No. 128 is not expected to have a material impact on the
Corporation.
-14-
<PAGE>
FORWARD-LOOKING STATEMENTS
Because forward-looking statements involve risks and uncertainties, actual
results may differ materially from those which are expressed or implied. Such
statements in this report include those contained in (a) the Environmental
Matters note to the Consolidated Financial Statements and (b) information
relating to future capital expenditures contained in the Changes in Financial
Condition portion of the MD&A section hereof. Important factors that could cause
the actual results to differ materially from those in these forward-looking
statements include, among other items, (I) unanticipated environmental
remediation expenses or claims; (ii) a reduction in anticipated orders; (iii) an
economic downturn; (iv) changes in the need for additional machinery and
equipment and/or in the cost for the expansion of the Corporation's operations;
(v) changes in the competitive marketplace and/or customer requirements; (vi) an
inability to perform customer contracts at anticipated cost levels and (vii)
other factors that generally affect the business of aerospace, marine and
industrial companies.
-15-
<PAGE>
PART II - OTHER INFORMATION
Item 6EXHIBITS and REPORTS on FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedules (Page 17)
(b) Reports on Form 8-K
The Registrant did not file any report on Form 8-K during the
quarter ended September 30, 1997.
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
undesigned 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: November 5, 1997
-16-
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 5,879
<SECURITIES> 62,554
<RECEIVABLES> 48,587
<ALLOWANCES> 1,822
<INVENTORY> 47,306
<CURRENT-ASSETS> 169,584
<PP&E> 217,290
<DEPRECIATION> 152,175
<TOTAL-ASSETS> 281,087
<CURRENT-LIABILITIES> 41,659
<BONDS> 10,347
0
0
<COMMON> 10,000
<OTHER-SE> 187,664
<TOTAL-LIABILITY-AND-EQUITY> 281,087
<SALES> 160,237
<TOTAL-REVENUES> 167,024
<CGS> 105,466
<TOTAL-COSTS> 136,457
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 307
<INCOME-PRETAX> 30,260
<INCOME-TAX> 10,179
<INCOME-CONTINUING> 20,081
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 20,081
<EPS-PRIMARY> 3.95
<EPS-DILUTED> 3.95
</TABLE>
