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 September 30, 1998
---------------------------------
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 35-0957603
- -----------------------------------------------------------------------
(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 practical date: As of October
31, 1998, the registrant had outstanding 4,891,765 common shares without
par value.
The Index to Exhibits is located at page 15 in the sequential
numbering system. Total pages: 17.
<PAGE>
ROBINSON NUGENT, INC. AND SUBSIDIARIES
INDEX
Page No.
--------
PART I. Financial Information:
Item 1. Financial Statements
Consolidated balance sheets at September 30, 1998,
September 30, 1997 and June 30, 1998 ......3
Consolidated statements of operations for the three
months ended September 30, 1998 and September 30, 1997 . .....5
Consolidated statements of cash flows for the
three months ended September 30, 1998 and September 30,1997...6
Notes to consolidated financial statements ......7
Item 2. Management's discussion and analysis of financial
condition and results of operations ......8
PART II. Other Information .....13
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ROBINSON NUGENT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
September 30 June 30
---------------------- -------
ASSETS 1998 1997 1998
------- ------- -------
(Unaudited)
<S> <C> <C> <C>
Current assets:
Cash and cash equivalents $ 1,035 $ 3,262 $ 959
Accounts receivable, net 8,472 11,006 9,274
Inventories:
Raw materials 990 1,184 1,497
Work in process 5,818 6,729 5,595
Finished goods 4,224 3,716 2,970
------- ------- -------
Total inventories 11,032 11,629 10,062
Other current assets 2,069 1,538 2,012
------- ------- -------
Total current assets 22,608 27,435 22,307
Property, plant & equipment, net 20,200 21,188 19,424
Other assets 517 147 571
------- ------- -------
Total assets $43,325 $48,770 $42,302
======= ======= =======
</TABLE>
See accompanying notes to the consolidated financial statements.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
ROBINSON NUGENT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
September 30 June 30
-------------------- -------
LIABILITIES AND SHAREHOLDERS' EQUITY 1998 1997 1998
------- ------- -------
(Unaudited)
<S> <C> <C> <C>
Current liabilities:
Current installments of long-term
debt $ 379 $ 376 $ 367
Short-term bank borrowings -- -- 570
Accounts payable 5,294 4,888 5,147
Accrued expenses 5,268 4,603 5,483
Income taxes -- 953 --
------- ------- -------
Total current liabilities 10,941 10,820 11,567
Long-term debt, excluding current
installments 9,228 6,845 7,607
Other liabilities 980 -- --
Deferred income taxes -- 830 --
------- ------- -------
Total liabilities 21,149 18,495 19,174
------- ------- -------
Shareholders' equity:
Common shares without par value
Authorized shares 15,000,000;
issued 6,851,250 shares 20,950 20,950 20,950
Retained earnings 13,246 21,011 14,563
Equity adjustment from foreign
currency translation 1,067 1,471 713
Employee stock purchase plan loans
and deferred compensation (95) (161) (106)
Less 1,959,485 treasury shares (12,992) (12,996) (12,992)
------- ------- -------
Total shareholders' equity 22,176 30,275 23,128
------- ------- -------
Total liabilities and
shareholders' equity $43,325 $48,770 $42,302
======= ======= =======
</TABLE>
See accompanying notes to the consolidated financial statements.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
ROBINSON NUGENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Three Months Ended
September 30
--------------------
1998 1997
------- -------
(Unaudited)
<S> <C> <C>
Net sales $14,914 $18,543
Cost of sales 12,086 15,157
------- -------
Gross profit 2,828 3,386
Selling, general and
administrative expenses 3,418 3,650
Restructuring and unusual
expenses 798 --
------- -------
Operating loss (1,388) (264)
------- -------
Other income (expense):
Interest income 13 31
Interest expense (164) (134)
Royalty income -- 1
Currency gain (loss) (67) 156
------- -------
(218) 54
Loss before income taxes (1,606) (210)
Income taxes (289) (78)
------- -------
Net loss $(1,317) $ (132)
======= =======
Per Share Data:
Basic net loss per common share $ (.27) $ (.03)
======= =======
Weighted average number of
common shares outstanding 4,892 4,892
======= =======
Diluted net loss per common
share $ (.27) $ (.03)
======= =======
Adjusted weighted average
number of common shares,
assuming dilution 4,892 4,892
======= =======
Dividends per common share $ -- $ .03
======= =======
</TABLE>
See accompanying notes to the consolidated financial statements.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
ROBINSON NUGENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
<TABLE>
<CAPTION>
Three Months Ended
September 30
--------------------
1998 1997
----- -----
(Unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net loss $(1,317) $ (132)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 1,035 1,466
Disposal of capital assets 8 2
Changes in assets and liabilities
Receivables 802 778
Inventories (970) (529)
Other assets (256) (198)
Accounts payable and accrued expenses 912 (334)
Income taxes (321) (628)
Deferred income taxes (9) (6)
------- -------
Net cash provided by (used in) operating
activities (116) 419
------- -------
Cash flows from investing activities:
Capital expenditures (1,351) (1,881)
------- -------
Net cash used in investing activities (1,351) (1,881)
------- -------
Cash flows from financing activities:
Proceeds from long-term debt 1,500 1,000
Repayments of long-term debt (41) (37)
Cash dividends paid -- (147)
Repayments of employee stock purchase plan
loans 10 14
------- -------
Net cash provided by financing activities 1,469 830
------- -------
Effect of exchange rate changes on cash 74 (224)
------- -------
Decrease in cash and cash equivalents 76 (856)
Cash and cash equivalents at beginning of period 959 4,118
------- -------
Cash and cash equivalents at end of period $ 1,035 $ 3,262
======= =======
</TABLE>
See accompanying notes to the consolidated financial statements.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
ROBINSON NUGENT, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
SEPTEMBER 30, 1998 AND 1997, AND JUNE 30, 1998
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 its subsidiaries, results of
operations, and cash flows in conformity with generally accepted
accounting principles. The results of operations for the interim period
are not necessarily an indication of results to be expected for the
entire year.
2. 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, 1998, and management's discussion and
analysis included in Part I, Item 2 in this report.
3. The Company recorded restructuring and unusual expenses of $798,000,
before taxes, in the quarter. This is presented separately as a
component of the operating loss in the consolidated statements of
operations. These expenses include $532,000 of restructuring
expenses related to the move of the Company's cable assembly
operations from North Carolina to Reynosa, Mexico. Also included are
$266,000 of personnel costs incurred to design and implement a new
worldwide information system that satisfies year 2000 requirements.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
- ---------------------
Customer orders for the first quarter ended September 30, 1998, amounted
to $16.8 million, up 28% from orders of $13.1 million in the fourth
quarter of the prior year. This increase reflected a 35% increase in the
United States, a 12% increase in Europe and a 24% increase in Asia. In
addition, the Company increased its backlog of unshipped orders in the
quarter by $2.1 million or 21%, to $12.3 million. The Company increased
its backlog in every geographic region it serves. The backlog in the
United States was up $1.5 million or 22%, while Europe and Asia were up
$.4 million (17%) and $.2 million (18%) respectively. Customer orders
were $18.1 million in the first quarter of the prior year, and the
backlog of unshipped orders at September 30, 1997, was $14.1 million.
Based on the improved incoming order activity and a higher backlog of
unshipped orders, management anticipates higher sales levels as the year
progresses. Net sales for the quarter were $14.9 million compared to
$16.4 million in the fourth quarter of the prior year, and $18.5 million
in the same period a year ago.
Customer sales in the United States were $10.1 million compared to $11.8
million in the prior year, and $11.0 million in the prior quarter. The
Company continues to experience a decline in the sales of older, more
mature products, such as stamped and screw machine sockets, as well as
older versions of backpanel connectors and high-density sockets. But it
has experienced higher levels of incoming orders and sales activity on
its more profitable METPAK 2 connectors, and its high-density, surface
mount, fine pitch board-to-board interconnect systems. These types of
connectors are used in high-speed routers, computer workstations, high-
end servers and other communication and networking components.
European customer sales were $3.5 million compared to $4.7 million in the
first quarter of the prior year, and $4.0 million in the prior quarter.
This sales decline is due primarily to a reduction in sales of screw
machine and stamped sockets. The European sales team has refocused its
sales effort on more profitable business niches. The lower sales of
these older, more mature connectors has been partially offset by an
increase in sales of newer, more profitable smart card reader and PCMCIA
connectors. These connectors are currently in demand by major
communication and satellite broadcasting companies in Europe. Based on
higher incoming order activity and an increase in the backlog of
unshipped orders in these product categories, management anticipates
improved performance in this region as the year progresses.
Customer sales in Asia, which includes sales generated from operations in
Japan, Malaysia and Singapore, were $1.3 million in the quarter compared
to $2.1 million in the first quarter of the prior year, and $1.4 million
in the prior quarter. The Company expects sales to improve in this
region due to the introduction of a new product line consisting of small
outline memory module connectors. The economic and social conditions in
the region and the instability of the Japanese yen and other Asian
currencies had some impact on sales in the quarter. The continuing
strength of the dollar and the pound sterling against these currencies
has perpetuated the high relative cost of products produced in North
America and Europe, compared to products <PAGE>
produced locally in the region. The recent strengthening of the Japanese
yen should help provide some relief.
Comparative sales by geographic territory for the respective periods
follows:
<TABLE>
<CAPTION>
Three Months Ended
($000 omitted) September 30
-------------------
1998 1997
-------- -------
<S> <C> <C>
United States:
Domestic $ 9,800 $11,372
Export:
Europe -- 21
Asia -- 7
Rest of world 339 356
------- -------
Total export sales 339 384
------- -------
Total sales to customers 10,139 11,756
Intercompany 872 2,238
------- -------
Total United States 11,011 13,994
------- -------
Europe:
Domestic 3,475 4,672
Export to Asia -- --
------- -------
Total sales to customers 3,475 4,672
Intercompany 558 1,081
------- -------
Total Europe 4,033 5,753
------- -------
Asia:
Domestic 1,300 2,115
Rest of world -- --
------- -------
Total sales to customers 1,300 2,115
Intercompany 891 847
------- -------
Total Asia 2,191 2,962
------- -------
Eliminations (2,321) (4,166)
------- -------
Consolidated $14,914 $18,543
======= =======
</TABLE>
Gross profits in the quarter ended September 30, 1998, amounted to
$2,828,000 or 19.0 percent of net sales, compared to $3,386,000 or 18.3
percent of net sales in the prior year. Gross profits are net of
engineering charges associated with new product development, which
amounted to $793,000 or 5.3 percent of net sales in the current quarter
compared to $987,000 or 5.3 percent of net sales in the prior year. The
reduction in gross profits in the quarter compared to the prior year
reflects lower sales, continued competitive price pressures worldwide,
and lower plant utilization as a result of the lower sales volumes.
Gross profits were favorably impacted by the effect of manufacturing cost
reduction programs.
Selling, general and administrative expenses of $3,418,000 for the three
months ended September 30, 1998 decreased 6.4% compared to expenses of
$3,650,000 in the prior year. Lower sales and marketing expenses in the
United States and Europe, coupled with lower administrative expenses in
Asia, were partially offset by an increase in administrative, recruiting
and compensation expenses in the United States.
The Company recorded restructuring and unusual expenses of $798,000,
before taxes, in the quarter. These expenses include $532,000 of
restructuring expenses related to the move of the Company's cable
assembly operations from North Carolina to Reynosa, Mexico. <PAGE>
The new facility started operations in September 1998. The North
Carolina facility will be closed by the end of December 1998. Most of
the costs related to this project were incurred and expensed in the
current and previous quarters. The restructuring and unusual expenses
also include $266,000 of personnel costs incurred to design and implement
a new worldwide information system that satisfies year 2000 requirements.
Other income and expense for the three months ended September 30, 1998,
reflect other expenses of $218,000 compared to other income of $54,000
for the comparable three-month period in the prior year. Other income
and expense reflected a currency loss in the current quarter, compared to
a currency gain in the prior period, combined with higher interest
expense. Interest expense increased from $134,000 in the prior period to
$164,000 in the current period due primarily to an increase in short-
term and long-term debt. Currency losses in the quarter totaled $67,000
compared to a currency gain of $156,000 in the prior period. These
currency losses were generated overseas, primarily in Malaysia. The
losses in Malaysia were a direct result of a decision by the government
of Malaysia to freeze foreign currency exchange rates relative to the
Malaysian ringgit.
The provision for income taxes was provided using the appropriate
effective tax rates for each of the tax jurisdictions in which the
Company operates. An income tax benefit has been accrued for losses
generated in the United States, but no tax benefit has been recognized on
pretax losses incurred in Belgium, Scotland, Malaysia and Japan. The
Company maintains a valuation allowance for tax benefits of prior period
net operating losses in various jurisdictions. At such time as
management is able to project the probable utilization of all or part of
these net operating loss carryforward provisions, the valuation
allowances for these deferred tax assets will be reversed.
The net loss in the quarter ended September 30, 1998, amounted to
$1,317,000 or 27 cents per share, including restructuring and unusual
expenses of $519,000 (after income taxes) or 11 cents per share, compared
to a net loss of $132,000 or 3 cents per share, in the prior period.
Operations in the United States, Europe and Asia incurred net losses,
after restructuring and unusual expenses, in the quarter of $606,000,
$590,000 and $121,000 respectively.
Although the Company was not profitable in the quarter, there was a
significant improvement in its operating performance over the prior
quarter. While sales declined 9% from $16.4 million in the fourth
quarter of the prior year to $14.9 million in the current quarter, the
Company's pretax loss, excluding restructuring and unusual expenses,
improved from $1.8 million to $0.8 million. Management anticipates
higher sales levels and a return to profitability as the year progresses.
This improved performance in future quarters does not depend solely upon
higher revenue levels, as it will be augmented by reductions in
manufacturing costs and operating expenses implemented in the current and
prior periods.
FINANCIAL CONDITION AND LIQUIDITY
- ----------------------------------
Working capital at September 30, 1998, amounted to $11.7 million compared
to $16.6 million at September 30, 1997 and $10.7 million at June 30,
1998. The current ratio was 2.1 to 1 at September 30, 1998 compared to
2.5 to 1 at September 30, 1997. The decrease in working capital,
compared to the prior year, primarily reflects a reduction in accounts
receivables and inventory, augmented by increases in accounts payable and
accrued expenses. In November 1998, the Company amended its existing
credit agreement, and entered into a new term loan agreement with its
primary bank. The amendments to <PAGE>
the credit agreement primarily reflected the elimination of a scheduled
$1.0 million decrease in the credit facility, revised financial
covenants, and the pledge of accounts receivable and inventory as
collateral for this agreement. This collateral will be released by the
bank when the Company achieves certain financial ratio levels. Long term
borrowings under this facility were $7.7 million as of September 30,
1998. The new $1.3 million term loan is secured by a mortgage on the
facility in Dallas, Texas. Long-term debt excluding current installments,
represented $9.2 million, or 42 percent of shareholders' equity at
September 30, 1998, compared to $7.6 million or 33 percent of
shareholders' equity at June 30, 1998.
The Company believes future working capital and capital expenditure
requirements can be met from cash provided by operating activities,
existing cash balances, and borrowings available under the existing
credit facilities.
INFORMATION SYSTEMS AND YEAR 2000 ISSUES
- ----------------------------------------
The Company is currently in the process of replacing the management
information systems of its operations in the United States, Europe and
Asia including order management, manufacturing resource planning, finance
and accounting. These systems are scheduled to be operational by June
30, 1999 at a total cost of approximately $5.0 million. The
implementation program is on schedule. The Company has incurred costs in
the current and prior periods of approximately $2.3 million.
Expenditures in the quarter include $266,000 of personnel costs reflected
in the restructuring and unusual expense category of the statement of
operations, and $0.6 million of capital expenditures. Funding for these
expenditures has been provided by operating activities, existing cash
balances and borrowings available under the existing credit facilities.
This new information system is currently being tested in a pilot program.
While the Company expects that this new integrated system will increase
operational efficiencies, support future growth, and address the impact
of the year 2000 on current information systems, the Company's future
operating results and financial condition could be adversely affected by
functional or performance difficulties with the new system during the
transition period.
The Company does not presently have a contingency plan in the event of
failure of these new management information systems, and is uncertain as
to the effects of any such failure on the Company's results of operation,
liquidity and financial conditions. The Company intends to create a
contingency plan during fiscal 1999.
In addition, other information and operational systems have to be
assessed related to the impact of the year 2000. Plans are being
developed to address system modifications required by December 31, 1999.
The Company has considered the potential effect of Year 2000 issues on
the Company's business, results of operations, and financial condition if
key suppliers and vendors do not become year 2000 compliant in a timely
manner. Management has taken reasonable steps to verify the year 2000
readiness of its suppliers, vendors and customers.
DIVIDEND ACTION
- ---------------
On July 23, 1998 the Board of Directors voted not to declare a cash
dividend in the quarter.
<PAGE>
CAUTIONARY STATEMENTS FOR PURPOSES OF THE SAFE HARBOR
- -----------------------------------------------------
In addition to statements of historical fact, this quarterly report
contains forward-looking statements which are inherently subject to
change, based on known and unknown risks, including but not limited to
changes in the market and industry. Please refer to documents filed with
the Securities and Exchange Commission for additional information on
factors that could materially affect the Company's financial results.
<PAGE>
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
September 30, 1998.
<PAGE>
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 11/13/98 /s/ Larry W. Burke
-------------------- ------------------------------
Larry W. Burke
President and Chief Executive Officer
Date 11/13/98 /s/ Robert L. Knabel
-------------------- ------------------------------
Robert L. Knabel
Vice President, Treasurer and Chief
Financial Officer
<PAGE>
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, (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
Report dated July 6, 1992.)
4.5 Amendment No. 3 to Rights Agreement dated
February 11, 1998 (Incorporated by reference
To Exhibit 4.5 to Form 10-Q Report for the
Period ended December 31, 1998.)
(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.)
<PAGE>
10.3 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.)
10.4 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.)
10.5 Deferred compensation agreement dated
May 10, 1990 between Robinson Nugent,
Inc. and Larry W. Burke, President and
Chief Executive Officer. (Incorporated
by reference to Exhibit 19.1 to Form
10-K Report for year ended June 30, 1990.)
10.6 Rabbi Trust Agreement dated July 1, 1996
between Robinson Nugent, Inc. and Dean
Witter Trust Company, related to the
deferred compensation agreement between
Robinson Nugent, Inc. and Larry W. Burke
President and Chief Executive Officer.
(Incorporated by reference to Exhibit
10.6 to Form 10-K Report for year ended
June 30, 1997.)
10.7 Amendment of the 1993 Robinson Nugent, Inc.
Employee and Non-Employee Director Stock
Option Plan. (Incorporated by reference to
Exhibit 10.7 to Form 10-K Report for year
ended June 30, 1998.)
10.8 Summary of the 1993 Robinson Nugent, Inc.
Employee and Non-Employee Director Stock
Option Plan, as amended. (Incorporated by
Reference to Exhibit 10.8 to Form 10-K Report
for year ended June 30, 1998.)
10.9 Summary of Robinson Nugent, Inc. Bonus
Plan for the fiscal year ended June 30,
1999. (Incorporated by reference to
Exhibit 10.9 to Form 10-K Report for
year ended June 30, 1998.)
(11) Not applicable.
(15) Not applicable.
(18) Not applicable.
<PAGE>
(19) Not applicable.
(22) Not applicable.
(23) Not applicable.
(24) Not applicable.
(27) Financial Data Schedule
(99) Not applicable.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ROBINSON
NUGENT, INC. 10-Q FOR THE PERIOD ENDING SEPTEMBER 30, 1998 AND IS
QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 1,035
<SECURITIES> 0
<RECEIVABLES> 9,064
<ALLOWANCES> 592
<INVENTORY> 11,032
<CURRENT-ASSETS> 22,608
<PP&E> 65,473
<DEPRECIATION> 45,273
<TOTAL-ASSETS> 43,325
<CURRENT-LIABILITIES> 10,941
<BONDS> 0
<COMMON> 20,950
0
0
<OTHER-SE> 1,226
<TOTAL-LIABILITY-AND-EQUITY> 43,325
<SALES> 14,914
<TOTAL-REVENUES> 14,914
<CGS> 12,086
<TOTAL-COSTS> 12,086
<OTHER-EXPENSES> 4,216
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 164
<INCOME-PRETAX> (1,606)
<INCOME-TAX> (289)
<INCOME-CONTINUING> (1,317)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,317)
<EPS-PRIMARY> (.27)
<EPS-DILUTED> (.27)
</TABLE>
