SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-C
Report by Issuer of Securities Quoted on NASDAQ
Interdealer Quotation System
Filed pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 and Rule 13a-176
or 15d-17 thereunder
Robinson Nugent, Inc.
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(Exact name of registrant as specified in charter)
Indiana 35-0957603
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(State or other jurisdiction of (IRS Employer
incorporation or organization)
Identification No.)
800 East Eighth Street, New Albany, Indiana 47150
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(Address of principal executive offices)
Issuer's telephone number, including area code (812) 945-0211
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I. change in number of shares outstanding
Indicate any change (increase or decrease) of 5% or more
in the number of shares outstanding:
1. Title of security Robinson Nugent, Inc. Common Stock without Par
Value
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2. Number of shares outstanding before the change 5,391,608
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3. Number of shares outstanding after the change 4,891,765
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4. Effective date of change May 28, 1996
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5. Method of change:
Specify method (such as merger, acquisition, exchange,
distribution, stock split, reverse split, acquisition of stock for
treasury, etc.)
Acquisition of stock for treasury
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Give brief description of transaction Stock was acquired on the
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open market for general corporate purposes (see included press release
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dated April 26, 1996). (Exhibit 99)
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II. change in name of issuer
1. Name prior to change Not applicable
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2. Name after change Not applicable
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3. Effective date of charter amendment changing name Not applicable
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4. Date of shareholder approval of change, if required Not
applicable
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Date
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Anthony J. Accurso
Vice President, Treasurer and
Chief Financial Officer
FOR MORE INFORMATION, CONTACT:
Larry W. Burke
President & Chief Executive Officer
OR
Anthony J. Accurso
Vice President, Treasurer & CFO
(812) 945-0211
FOR IMMEDIATE RELEASE
ROBINSON NUGENT, INC. REPORTS THIRD QUARTER RESULTS AND PLANNED COMMON SHARE
BUYBACK
NEW ALBANY, Ind. (April 26, 1996) -- Robinson Nugent, Inc. (OTC: RNIC) has
reported net income in the third quarter of $332,000 (6 cents per common
share), compared to net income of $742,000
(14 cents per common share), in the same quarter a year ago. Net sales in the
quarter ended March 31, 1996 increased 4 percent to $21,178,000 compared to
$20,434,000 in the comparable prior period.
The lower net income when compared to prior year reflects the additional
cost of the Company's expansion in the European and Asian markets, the higher
levels of depreciation associated with new products, and competitive price
pressure in various product lines.
For the nine months ended March 31, 1996 net sales were $61,725,000 up 5
percent over net sales of $58,958,000 in the same nine months of the prior
year. Net income for the nine months was at $1,076,000 (20 cents per share)
compared to $2,777,000 (51 cents per share) in the prior period.
(More)
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"The results of the third fiscal quarter, while improved over the second
quarter, did not meet our expectations. The sales increase quarter to quarter
was less than prior years and reflects a slowing in the electronic markets we
serve. We have continued our strategy of investing in new products and
expanding
our efforts in the Pacific Rim. We continue to believe this is the right
course for Robinson Nugent." stated Larry W. Burke, President and Chief
Executive Officer.
Incoming customer orders in the third quarter ended March 31, 1996
amounted to $22.3 million, down slightly from orders of $22.5 million in the
same quarter a year ago, however they were up 4 percent from orders of $21.6
million in the second quarter. Customer orders for the nine months ended March
31, 1996 were $63.4 million compared to $59.8 million in the prior year period,
an increase of $3.6 million or
6 percent. Backlog of unshipped orders at March 31, 1996 amounted to $16.9
million compared to
$14.5 million at March 31, 1995.
The Company's Board of Directors has also authorized the purchase of up
500,000 of the outstanding Common Shares of the Company in open market, or
privately negotiated, transactions. The number of shares purchased, if any,
will be dependent upon market conditions and will be subject to such terms and
prices as management determines are appropriate. Purchases may be made from
time to time between May 1, 1996 and April 30, 1997.
Larry W. Burke, President of Robinson Nugent, Inc. said: "It appears to
the Board of Directors that our shares are currently undervalued. We have
resources that can be applied to the repurchase of shares without adversely
affecting our other business objectives and we view this program as an
investment in our future."
(More)
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Shares acquired in this program will be designated as treasury shares and
will be available for general corporate purposes including use in the Company's
stock option and employee stock purchase plans.
As of March 31, 1996, the Company had 5,391,608 shares outstanding. The
common shares of Robinson Nugent, Inc. are traded on the NASDAQ system under
the symbol RNIC.
In other matters, the Company's Board of Directors declared a quarterly
cash dividend of three cents per common share payable May 24, 1996 to
shareholders of record May 10, 1996.
Robinson Nugent, Inc. designs, manufactures, and markets electronic
connectors, integrated circuit sockets and cable assemblies. Its products are
sold throughout the world for use by manufacturers of computers, networks and
telecommunications equipment, automobiles and industrial controls, and a wide
variety of other products to interconnect components of electronic systems.
FINANCIAL HIGHLIGHTS FOLLOW
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<TABLE>
Robinson Nugent, Inc.
Financial Highlights*
March 31, 1996
(In thousands except per share data)
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
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3/31/96 3/31/95 3/31/96 3/31/95
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<S> <C> <C> <C> <C>
Sales $21,178 $20,434 $61,725
$58,958
Gross profit 4,744 5,066 14,277
15,904
GP% 22.4% 24.8% 23.1%
27.0%
Selling, general & administrative expenses 3,952 3,449 11,738
11,206
Pretax income 796 1,323 2,205
4,558
Net income 332 742 1,076
2,777
Net income per share $ .06 $ .14 $ .20 $
.51
Weighted average shares outstanding5,414 5,393 5,433
5,372
</TABLE>
* Unaudited
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