UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
(Mark One)
[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------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from --------------------to----------------------
Commission File Number -------------------------0-9010--------------------------
- ----------------------------ROBINSON NUGENT, INC.-------------------------------
(Exact name of registrant as specified in its charter)
- ---------INDIANA-------------------------------------35-095760------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
800 East Eighth Street, New Albany, Indiana------------47151-1208---------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code -- (812) 945-0211------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
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: As of April 30, 1995, the
registrant had outstanding 5,370,460 common shares without par value.
The Index to Exhibits is located at page 14 in the sequential numbering
system. Total pages: 15.
ROBINSON NUGENT, INC. AND SUBSIDIARIES
INDEX
Page No.
---------
PART I. Financial Information:
ITEM 1. Financial Statements (Unaudited)
Consolidated condensed balance sheets at
March 31, 1995, March 31, 1994 and June 30, 1994 3
Consolidated condensed statements of income for
the three and nine months ended March 31, 1995
and March 31, 1994 5
Consolidated condensed statements of cash flows
for the nine months ended March 31, 1995 and
March 31, 1994 6
Notes to consolidated condensed financial statements 7
ITEM 2. Management's discussion and analysis of
financial condition and results of operations 9
PART II. Other Information 12
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ROBINSON NUGENT, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
March 31 June 30
---------------- ------
1995 1994 1994
------ ------ ------
<S> <C> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 2,346 $ 4,334 $ 2,991
Accounts receivable, net 12,120 9,569 10,539
Inventories:
Raw materials 1,817 1,159 1,304
Work in process 7,271 5,642 5,774
Finished goods 2,744 2,300 2,729
-------- ------- --------
Total inventories 11,832 9,101 9,807
Other current assets 2,644 2,252 2,634
--------- ------- --------
Total current assets 28,942 25,256 25,971
--------- ------- --------
Property, plant & equipment, net 24,380 18,646 19,344
Other assets 1,196 290 62
--------- ------- --------
Total assets $54,518 $44,192 $45,377
====== ====== ======
</TABLE>
See accompanying notes to consolidated condensed financial statements.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
ROBINSON NUGENT, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
March 31 June 30
------------ --------
1995 1994 1994
------ ------ ------
<S> <C> <C> <C>
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt$ 730 $ 469 $ 341
Note payable to bank 350 1,000 800
Accounts payable 6,896 4,783 5,356
Accrued expenses 4,385 3,416 3,689
Income taxes 1,177 1,113 771
-------- -------- --------
Total current liabilities 13,538 10,781 10,957
-------- -------- --------
Long-term debt, excluding current
installments 4,338 2,181 2,408
Deferred income taxes 896 583 593
-------- -------- --------
Total liabilities 18,772 13,545 13,958
-------- -------- --------
Shareholders' equity:
Common shares without par value.
Authorized shares: 15,000,000;
issued shares: 6,850,050 20,878 20,775 20,775
Retained earnings 21,528 19,147 19,299
Equity adjustment from foreign
currency translation 3,943 2,052 2,513
Employee stock purchase plan loans
and deferred compensation (856) (1,253) (1,094)
Less treasury shares: 1,479,590 shares
at March 31, 1995 and 1,532,630 shares
at June 30, 1994 and March 31, 1994 (9,747) (10,074) (10,074)
-------- -------- --------
Total shareholders' equity 35,746 30,647 31,419
-------- -------- --------
Total liabilities and shareholders'
equity $54,518 $44,192 $45,377
======== ======= ==-====
</TABLE>
See accompanying notes to consolidated condensed financial statements.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
ROBINSON NUGENT, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
March 31 March 31
------------------ -----------------
1995 1994 1995 1994
------- ------- ------- -------
<S> <C> <C> <C> <C>
Net sales $20,434 $17,606 $58,958 $48,798
Cost of sales 15,368 12,877 43,054 35,322
-------- -------- -------- --------
Gross profit 5,066 4,729 15,904 13,476
Selling, general and
administrative expenses 3,449 3,507 11,206 10,134
-------- -------- -------- --------
Operating income 1,617 1,222 4,698 3,342
-------- -------- -------- --------
Other income (deductions):
Interest income 34 35 102 141
Interest expense (69) (63) (180) (200)
Currency gain (loss) (279) 81 (295) (26)
Royalty income 35 -- 271 --
Settlement of lawsuit -- -- -- 1,000
Other (15) (1) (38) (19)
-------- -------- -------- --------
(294) 52 (140) 896
-------- -------- -------- --------
Income before income taxes 1,323 1,274 4,558 4,238
Income taxes 581 639 1,781 1,930
-------- -------- -------- --------
Net income $ 742 $ 635 $ 2,777 $ 2,308
======== ======== ======== =======
Net income per common share $ .14 $ .12 $ .52 $ .43
======== ======== ======== =======
Dividends per common share $ .03 $ .03 $ .09 $ .09
======== ======== ======== =======
Weighted average number of
common shares outstanding 5,393 5,372 5,372 5,372
======== ======== ======== =======
</TABLE>
See accompanying notes to consolidated condensed financial statements.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
ROBINSON NUGENT, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
Nine Months Ended
March 31
----------------
1995 1994
------- -------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 2,777 $ 2,308
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 2,700 2,173
Losses from disposition of capital assets -- 19
Increase (decrease) in cash resulting from
changes in assets and liabilities, net of
acquired business:
Accounts receivable (1,241) (244)
Inventories (1,690) (503)
Other current assets 152 (168)
Accounts payable and accrued expenses 1,026 173
Income taxes payable 438 209
Employee stock purchase plan deferred
charges -- (38)
-------- --------
Net cash provided by operating activities 4,162 3,929
-------- --------
Cash flows from investing activities:
Capital expenditures (4,720) (4,557)
(Increase) decrease in other assets 4 (164)
-------- --------
Investment in Teckino Manufacturing b.v.b.a.,
net of cash acquired (186) --
-------- --------
Net cash used in investing activities (4,902) (4,721)
-------- --------
Cash flows from financing activities:
Proceeds from short-term borrowing 350 2,400
Repayments of short-term borrowing (800) (1,400)
Repayments of long-term debt (100) (624)
Cash dividends paid (479) (478)
Employee stock purchase plan loans -- (48)
Repayments of employee stock purchase plan loans 133 65
Stock options exercised 80 6
-------- --------
Net cash used in financing activities (816) (79)
-------- --------
Effect of exchange rate changes on cash 911 279
-------- --------
Decrease in cash and cash equivalents (645) (592)
Cash and cash equivalents at beginning of
period 2,991 4,926
-------- --------
Cash and cash equivalents at end of
period $ 2,346 $ 4,334
======== ========
</TABLE>
See accompanying notes to consolidated condensed financial statements.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
ROBINSON NUGENT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
MARCH 31, 1995 AND 1994, AND JUNE 30, 1994
1. In the opinion of management, the accompanying unaudited consolidated
condensed financial statements contain all adjustments necessary (all of
which are normal and recurring) to present fairly the financial position of
the Company and subsidiaries, results of operations, and cash flows in
conformity with generally accepted accounting principles.
2. Earnings per common share are based upon the weighted average number of
shares outstanding during each period, plus common share equivalents
resulting from dilutive stock options.
Earnings per share computations for each quarter are independent of
year-to-date computations. Accordingly, the net income per common share of
52 cents for the nine months ended March 31, 1995 does not equal the
cumulative total of net income per common share reported for the three
months ended September 30, 1994, December 31, 1994, and March 31, 1995.
3. On February 21, 1995, the Company acquired 100% of Teckino Manufacturing
b.v.b.a. ("Teckino Manufacturing"), an engineering and manufacturing
development company, for $1,538,198. The purchase agreement required a
payment of $228,037 in cash plus $248,571 of company stock (28,408 shares
at $8.75 per share) at closing. In addition, the agreement provides for
future payments at various dates through February 1998 totaling $1,061,590
($619,204 before interest imputed at 8%, plus $604,543 before interest
imputed at 8% of company stock, with shares to be determined based upon the
value of company stock at date of payment). Based upon a $8.75 per share
market price of company stock,the Company estimates total company shares to
be issued in payment of the purchase price will be approximately 100,000
shares.
The acquisition has been accounted for by the purchase method of accounting
and the results of operations of Teckino have been included in the
accompanying consolidated financial statements since date of acquisition.
The excess of the purchase price over the fair value of net assets acquired
was $923,411. This amount has been included in other assets as goodwill and
will be amortized by the straight line method over 10 years.
4. In July, 1993, the Company commenced operations in a newly-acquired
manufacturing facility in Scotland as part of a previously-announced
European reorganization plan. The Company was awarded certain incentives
for its location of operations in Scotland, including reimbursement of
certain employee and training costs and an investment grant related to
expected expenditures for machinery and equipment used in the facility.
The investment grant is payable by a predetermined formula predicated upon
capital expenditures over a four-year period. It is the Company's policy to
recognize the investment grant over the estimated useful life of the
machinery and equipment placed in service. The Company recognized income
grants of $59,000 and $178,000 in the quarter and year to date periods ended
March 31, 1995, and $41,000 and $141,000 for the respective periods ended
March 31, 1994.
5. The Company adopted SFAS No. 109 "Accounting for Income Taxes" in the
quarter ended September 30, 1993. The adoption of SFAS 109 did not have a
material effect on the consolidated financial position or results of
operations of the Company.
6. In December, 1993, the Company agreed to settle a lawsuit filed in
November, 1991 in exchange for the payment to the company of cash in the
amount of $1,000,000. The settlement was related to damage claims
associated with a competitor's recruitment and employment of Robinson Nugent
employees, the appropriation of trade secrets of the Company, and certain
other business practices.
7. Reference is directed to the Company's consolidated financial statements
(Form 10-K), including references to the Annual Report, for the year ended
June 30, 1994 and management's discussion and analysis included in Part I,
Item 2 in this report.
8. Supplemental schedule of noncash investing activities for the nine months
ended March 31, 1995:
The company acquired the business of Teckino Manufacturing as follows:
Fair value of assets acquired, other than cash $ 3,660,000
Liabilities assumed (2,164,000)
Treasury shares (28,408) issued to former owner (248,000)
Payable to former owners of acquired business (1,062,000)
-----------
Cash paid for business $ 186,000
===========
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
MATERIAL CHANGES IN RESULTS OF OPERATIONS
- ------------------------------------------
Net sales for the quarter ended March 31, 1995 were $20,434,000, up 16.1%
over net sales of $17,606,000 in the same quarter a year ago. Net sales for
the nine months ended March 31, 1995 were $58,958,000, up 20.8% over net sales
of $48,798,000 for the same nine month period a year ago. Sales in both the
quarter and nine months ended March 31, 1995 were up in all major geographical
territories, compared to the same periods a year ago. Overall, sales growth was
attributable to a higher sales volume of new products and cable assemblies.
Comparative sales, net of returns, by major geographical territory for the
respective periods follows:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
($000 omitted) March 31 March 31
------------------ -----------------
1995 1994 1995 1994
------- ------- ------- -------
<S> <C> <C> <C> <C>
United States:
Domestic $13,121 $11,107 $37,198 $31,460
Export:
Europe (135) 352 939 397
Asia 1,182 1,580 3,563 4,456
Rest of World 322 270 750 605
-------- -------- -------- --------
1,369 2,202 5,252 5,458
Intercompany 933 560 3,944 2,378
-------- -------- -------- --------
15,423 13,869 46,394 39,296
-------- -------- -------- --------
Europe:
Domestic 4,534 3,202 12,199 8,813
Export to Asia 594 541 1,803 1,762
Rest of World 5 8 17 15
-------- -------- -------- --------
5,133 3,751 14,019 10,590
Intercompany 928 615 2,354 2,154
-------- -------- -------- --------
6,061 4,366 16,373 12,744
-------- -------- -------- --------
Asia:
Domestic 614 330 1,781 597
Export to United States 197 216 708 693
-------- -------- -------- --------
811 546 2,489 1,290
Intercompany 302 120 595 400
-------- -------- -------- --------
1,113 666 3,084 1,690
-------- -------- -------- --------
Eliminations (2,163) (1,295) (6,893) (4,932)
-------- -------- -------- --------
Consolidated $20,434 $17,606 $58,958 $48,798
======== ======== ======== ========
</TABLE>
Incoming customer orders in the third quarter ended March 31, 1995 were at
$22,486,000, up 8.3% over orders of $20,763,000 in the same quarter a year ago.
Customer orders for the nine months ended March 31, 1995 were $59,798,000, up
17.2% over customer orders of $51,014,000 in the same nine months of the prior
year. Backlog of unshipped customer orders at March 31, 1995 was $14,477,000,
an increase of $990,000 or 7.3% compared to $13,487,000 at March 31, 1994.
Gross profit dollars improved in the three months and nine months ended
March 31, 1995 compared to the same period a year ago as a result of higher
sales. Gross profit dollars were $5,066,000 for the quarter compared to
$4,729,000 for the same quarter last year, an increase of 7.1%. Year-to-date
gross profit dollars were $15,904,000 compared to $13,476,000 for the same
period last year, an increase of 18.0%. Gross profit expressed as a percentage
of net sales was 24.8% compared to 26.9% for the same quarter last year, and
27.0% for the nine months ended March 31, 1995 compared to 27.6% for the same
period last year. The gross profit percentage decline in the quarter was the
result of a change in product mix.
Selling, general and administrative expenses for the three months ended
March 31, 1995 were $3,449,000 or 16.9% of net sales, compared to $3,507,000,
or 19.9% of net sales, for the same period a year ago. The lower expenses in
the quarter reflect lower advertising, product promotional programs and
professional fees in the U.S. operations; partly offset by higher selling
expenses in Europe. Expenses for the nine months ended March 31, 1995 amounted
to $11,206,000, or 19.0% of net sales, compared to $10,134,000, or 20.8% of net
sales.
Other income for the nine months ended March 31, 1995 includes $271,000 of
royalty income derived from an agreement reached with a competitor which
provided for a royalty payment to the Company with respect to the competitor's
sales of a product using a patented feature of Robinson Nugent. The agreement
was reached in the first quarter ended September 30, 1994, resulting in a
cumulative payment in the first quarter for all prior periods, and ongoing
future royalty payments. Included in the prior year's nine month's results was
a $1,000,000 settlement payment to the Company relating to damage claims
associated with a competitor's recruitment and employment of Robinson Nugent
employees, the appropriation of trade secrets of the Company, and certain other
business practices.
Net income in the quarter ended March 31, 1995 amounted to $742,000 or 14 cents
per share, compared to $635,000 or 12 cents per share a year ago. Included in
the quarterly results ended March 31, 1995 was a charge for currency translation
of $279,000. This amount was primarily generated by the translation of foreign
currency denominated intercompany loans resulting from transactions in Scotland
and Switzerland.
The net income for the nine months ended March 31, 1995 amounted to $2,777,000,
or 52 cents per share compared to $2,308,000 or 43 cents per share for the
prior year's period. The net income for the nine month period ending March
31, 1994 included the $1,000,000 settlement (approximately $620,000 net income
or 12 cents per share) noted above.
Provision for income taxes was included at an effective tax rate of 39.1 percent
and 45.5 percent on a year-to-date basis in the nine months ended March 31, 1995
and March 31, 1994, respectively. Effective tax rates for the three months
ended March 31, 1995 and March 31, 1994 were 43.9 percent and 50.2 percent,
respectively. Provisions for income taxes are provided at the approximate
effective rates expected for the year. The lower effective tax rates in the
three months and nine months ended March 31, 1995 compared to prior periods,
reflect an improved pretax performance at our European operations resulting
from the Company not recognizing income tax benefits on losses incurred at the
Scotland facility in all periods.
MATERIAL CHANGES IN FINANCIAL CONDITION
- ----------------------------------------
Net working capital at March 31, 1995 amounted to $15,404,000 compared to
$14,475,000 at March 31, 1994 and $15,014,000 at June 30, 1994. The Company's
net working capital position as of March 31, 1995 increased by $929,000 over
last year, reflecting higher accounts receivable and inventories which support
increased sales levels and investments in new product programs, partly offset
by higher accounts payable and accrued expenses. For March 31, 1995 and 1994,
the current ratios were at 2.1 and 2.3, respectively compared to 2.4 at
June 30, 1994.
During the quarter, the Company acquired Teckino Manufacturing for $1,538,198,
(see note 3 of the notes to consolidated condensed financial statements,
included in this report). The purchase agreement included the payment of
$228,037 in cash, $248,571 in company stock (28,408 shares at $8.75 per share)
and $1,061,590 in future notes payable and imputed interest.
The Company's capital expenditures of $4,720,000 for the nine months ended
March 31, 1995, reflect the Company's intention to continue its program of
investment in new products. The Company believes near-term working capital
and capital expenditures requirements can be met from operations, cash balances
and available lines of credit.
PART II. OTHER INFORMATION
Item 1. Not applicable.
Item 2. Not applicable.
Item 3. Not applicable.
Item 4. Not applicable.
Item 5. Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) See Index to Exhibits.
(b) No reports on Form 8-K were filed 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.
ROBINSON NUGENT, INC.
---------------------------------
(Registrant)
Date May 12, 1995 /s/ Larry W. Burke
------------------------- ---------------------------------
Larry W. Burke
President and Chief Executive Officer
Date May 12, 1995 /s/ Anthony J. Accurso
------------------------- ---------------------------------
Anthony J. Accurso
Vice President, Treasurer & Chief
Financial Officer
FORM 10-Q
INDEX TO EXHIBITS
Number of Sequential
Item Numbering
Assigned in System
Regulation S-K Page Number
Item 601 Description of Exhibit of Exhibit
- ------------- ------------------------------------- -----------
(2) Not applicable.
(4) 4.1 Specimen certificate for Common Shares,
without par value. (Incorporated by
reference to Exhibit 4 to Form S-1
Registration Statement No. 2-62521.)
4.2 Rights Agreement dated April 21, 1988
between Robinson Nugent, Inc. and Bank
One, Indianapolis, N.A. (Incorporated
by reference to Exhibit I to Form 8-A
Registration Statement dated May 2,
1988.)
4.3 Amendment No. 1 to Rights Agreement
dated September 26, 1991 between
Robinson Nugent, Inc. and Bank One,
Indianapolis, N.A. (Incorporated by
reference to Exhibit 4.3 to Form 10-K
Report for year ended June 30, 1991.)
4.4 Amendment No. 2 to Rights Agreement
dated June 11, 1992. (Incorporated by
reference to Exhibit 4.4 to Form 8-K
Current Report dated July 6, 1992.)
(10) 10.1 Robinson Nugent, Inc. 1983 Tax-Qualified
Incentive Stock Option Plan.
(Incorporated by reference to Exhibit
10.1 to Form 10-K Report for year ended
June 30, 1983.)
10.2 Robinson Nugent, Inc. 1983 Non Tax-
Qualified Incentive Stock Option Plan.
(Incorporated by reference to Exhibit
10.2 to Form 10-K Report for year ended
June 30, 1983.)
10.3 Deferred compensation agreement dated
May 10, 1990 between Robinson Nugent,
Inc. and Larry W. Burke, President and
Chief Executive Officer, and related
agreement dated May 10, 1990 between
Robinson Nugent, Inc. and PNC Bank,
Kentucky, Inc. (formerly Citizens
Fidelity Bank and Trust Company of
Louisville, Kentucky) as trustee.
(Incorporated by reference to Exhibit
19.1 to Form 10-K Report for year ended
June 30, 1990.)
10.4 Deferred compensation agreement dated
May 10, 1990 between Robinson Nugent,
Inc. and Clifford G. Boggs, former Vice
President, Treasurer and Chief Financial
Officer, and related agreement dated
May 10, 1990 between Robinson Nugent,
Inc. and PNC Bank, Kentucky, Inc.
(formerly Citizens Fidelity Bank and
Trust Company of Louisville, Kentucky)
as trustee. (Incorporated by reference
to Exhibit 19.2 to Form 10-K Report for
year ended June 30, 1990.)
10.5 Summary of Robinson Nugent, Inc. Bonus
Plan for the fiscal year ended June 30,
1994. (Incorporated by reference to
Exhibit 10.5 to Form 10-K Report for
year ended June 30, 1993.)
10.6 1993 Robinson Nugent, Inc. Employee and
Non-Employee Director Stock Option Plan.
(Incorporated by reference to Exhibit
19.1 to Form 10-K Report for year ended
June 30, 1993.)
10.7 Summary of the Robinson Nugent, Inc.
Employee Stock Purchase Plan
(Incorporated by reference to Exhibit
19.2 to Form 10-K Report for year ended
June 30, 1993.)
(11) Not applicable.
(15) Not applicable.
(18) Not applicable.
(19) Not applicable.
(22) Not applicable.
(23) Not applicable.
(24) Not applicable.
(27) 27.1 Financial Data Schedule for the Registrant's nine
month interim period ended March 31, 1995.
(99) Not applicable.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
"This schedule contains summary financial information extracted from the
Robinson Nugent, Inc. 10-Q for the period ending March 31, 1995 and is
qualified in its entirety by reference to such 10-Q."
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> MAR-31-1995
<CASH> 2,346
<SECURITIES> 0
<RECEIVABLES> 12,801
<ALLOWANCES> 681
<INVENTORY> 11,832
<CURRENT-ASSETS> 2,644
<PP&E> 59,517
<DEPRECIATION> 35,137
<TOTAL-ASSETS> 54,518
<CURRENT-LIABILITIES> 13,538
<BONDS> 4,338
<COMMON> 20,878
0
0
<OTHER-SE> 14,868
<TOTAL-LIABILITY-AND-EQUITY> 54,518
<SALES> 58,958
<TOTAL-REVENUES> 58,958
<CGS> 43,054
<TOTAL-COSTS> 43,054
<OTHER-EXPENSES> 11,206
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 180
<INCOME-PRETAX> 4,558
<INCOME-TAX> 1,781
<INCOME-CONTINUING> 2,777
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,777
<EPS-PRIMARY> .52
<EPS-DILUTED> .52
</TABLE>
