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, 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
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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 April 30
1998, the registrant had outstanding 4,891,765 common shares without par
value.
The Index to Exhibits is located at page 14 in the sequential
numbering system. Total pages: 15.
<PAGE>
ROBINSON NUGENT, INC. AND SUBSIDIARIES
INDEX
Page No.
--------
PART I. Financial Information:
Item 1. Financial Statements (Unaudited)
Consolidated balance sheets at March 31,1998,
March 31, 1997 and June 30, 1997 3
Consolidated statements of operations for the three and
nine months ended March 31, 1998 and March 31, 1997 5
Consolidated statements of cash flows for the nine
months ended March 31, 1998 and March 31,1997.... 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 ..... 12
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ROBINSON NUGENT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
March 31 June 30
------------------- -------
ASSETS 1998 1997 1997
------- ------- --------
(Unaudited)
<S> <C> <C> <C>
Current assets:
Cash and cash equivalents $ 2,379 $ 2,027 $ 4,118
Accounts receivable, net 11,071 13,729 11,784
Inventories:
Raw materials 989 1,722 1,294
Work in process 6,750 6,163 5,933
Finished goods 3,049 3,811 3,873
------- ------- -------
Total inventories 10,787 11,696 11,100
Other current assets 1,865 1,638 1,371
------- ------- -------
Total current assets 26,102 29,090 28,373
------- ------- -------
Property, plant & equipment, net 19,725 21,267 21,188
Other assets 153 63 135
------- ------- -------
Total assets $45,980 $50,420 $49,696
======= ======= =======
</TABLE>
See accompanying notes to 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>
March 31 June 30
LIABILITIES AND SHAREHOLDERS' EQUITY 1998 1997 1997
(Unaudited)
<S> <C> <C> <C>
Current liabilities:
Current installments of long-term debt $ 367 $ 752 $ 386
Accounts payable 5,047 4,005 4,265
Accrued expenses 4,707 5,167 5,560
Income taxes 38 1,029 1,581
------- ------- -------
Total current liabilities 10,159 10,953 11,792
------- ------- -------
Long-term debt, excluding current
installments 8,720 8,030 5,926
Deferred income taxes 822 980 838
------- ------- -------
Total liabilities 19,701 19,963 18,556
------- ------- -------
Shareholders' equity:
Common shares without par value
Authorized shares: 15,000,000;
issued shares: 6,851,250 20,996 20,950 20,950
Retained earnings 17,198 20,560 21,290
Equity adjustment from foreign
currency translation 1,195 2,130 2,073
Employee stock purchase plan loans
and deferred compensation (114) (187) (177)
Less 1,959,485 treasury shares (12,996) (12,996) (12,996)
------- ------- -------
Total shareholders' equity 26,279 30,457 31,140
------- ------- -------
Total liabilities and shareholders'
equity $45,980 $50,420 $49,696
======= ======= =======
</TABLE>
See accompanying notes to 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 Nine Months
Ended
March 31 March 31
------------------ ----------------
- --
1998 1997 1998 1997
-------- -------- -------- -------
- -
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Net sales $19,658 $21,651 $57,777 $62,874
Cost of sales 16,729 16,474 47,938 48,722
------- ------- ------- -------
Gross profit 2,929 5,177 9,839 14,152
Selling, general and administrative
expenses 3,801 3,786 11,001 11,464
Restructuring and unusual charges 3,093 -- 3,093 --
------- ------- ------- -------
Operating income (loss) (3,965) 1,391 (4,255) 2,688
------- ------- ------- -------
Other income (expense):
Interest income 13 53 64 95
Interest expense (161) (164) (430)
(538)
Royalty income -- 5 2 55
Currency gain (loss) (98) 133 (10) 308
------- ------- ------- -------
(246) 27 (374) (80)
------- ------- ------- -------
Income (loss) before income taxes (4,211) 1,418 (4,629) 2,608
Income taxes (923) 479 (977) 1,129
------- ------- ------- -------
Net income (loss) $(3,288) $ 939 $(3,652) $ 1,479
======= ======= ======= =======
Per share data:
Basic net income (loss) per common
share $ (.67) $ .19 $ (.75) $ .30
======= ======= ======= =======
Weighted average number of
common shares outstanding 4,892 4,892 4,892 4,892
======= ======= ======= =======
Diluted net income (loss) per common
share $ (.67) $ .19 $ (.75) $ .30
======= ======= ======= =======
Adjusted weighted average number of
common shares, assuming dilution 4,892 4,903 4,892 4,906
======= ======= ======= =======
Dividends per common share $ .03 $ .03 $ .09 $ .09
======= ======= ======= =======
</TABLE>
See accompanying notes to 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>
Nine Months Ended
March 31
-------------------
1998 1997
-------- --------
(Unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $(3,652) $ 1,479
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 4,002 3,989
Disposal of capital assets 110 (8)
Restructuring and unusual charges 3,093
Change in assets and liabilities:
Receivables 713 (3,296)
Inventories 313 1,750
Other assets (509) 47
Accounts payable and accrued expenses (423) (1,077)
Income taxes (1,562) 762
------- -------
Net cash provided by operating activities 2,085 3,640
------- -------
Cash flows from investing activities:
Capital expenditures (6,009) (2,325)
Proceeds from the sale of capital assets -- 146
------- -------
Net cash used in investing activities (6,009) (2,173)
------- -------
Cash flows from financing activities:
Repayments of short-term bank borrowings -- (300)
Proceeds from long-term debt 3,250 --
Repayments of long-term debt (317) (749)
Cash dividends paid (440) (440)
Repayments of employee stock purchase plan loans 53
119
Proceeds from sale of treasury shares 14 --
Stock options exercised 32 --
------- -------
Net cash provided by (used in) financing
activities 2,592 (1,370)
------- -------
Effect of exchange rate changes on cash (407) (438)
------- -------
Decrease in cash and cash equivalents 1,739 (341)
Cash and cash equivalents at beginning of
period 4,118 2,368
------- -------
Cash and cash equivalents at end of period $ 2,379 $ 2,027
======== =======
</TABLE>
See accompanying notes to consolidated financial statements.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (CONTINUED)
ROBINSON NUGENT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
MARCH 31, 1998 AND 1997, AND JUNE 30, 1997
1. In the opinion of management, the accompanying unaudited consolidated
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. In February of 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 128, "Earnings Per
Share". The Company adopted this new standard in fiscal 1998. This
statement changed the required methods used to calculate earnings per
share data. The adoption of this standard does not have a material
impact on these consolidated financial statements.
3. 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, 1997 and management's discussion and analysis
included in Part I, Item 2 in this report.
4. In March 1998, the Company recorded restructuring and unusual
charges of $3,093,000, before taxes. This is presented separately as a
component of operating income (loss) in the consolidated statements of
operations. These charges include $1,184,000 of restructuring expenses
related to the reorganization of the sales organization in Europe,
manufacturing operations in North America and Europe and the
discontinuation of several product lines. Unusual charges of $1,909,000
relate to a reduction in the carrying value of various assembly
equipment, mold tools, dies and related inventory. A major portion of
this reduction relates to the Company's decision to phase out certain
products where increased offshore competition has resulted in
unacceptable profit margins. In addition, the Company has reduced the
carrying value of other assets due to present market demand and
profitability of these products.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
- ---------------------
Net sales for the quarter ended March 31, 1998 were $19,658,000, a 9
percent or $1,993,000 reduction, compared to sales of $21,651,000 in the
same period a year ago. Customer sales in the United States were
$13,442,000 compared to $13,648,000 in the same quarter a year ago and
reflect an increase in the sales of newer PC board and backpanel-type
connectors used in high speed routers, workstations, high-end servers and
other communication and networking components. The Company experienced
lower sales in older, more mature, stamped and screw machine sockets and
connectors. The lower sales in the quarter also reflect a $1,118,000 or
20 percent decline in customer sales in Europe, measured in U. S.
dollars, but only $164,000 or 3 percent lower when measured in local
currencies such as the pound sterling, Swiss franc and German mark.
Customer sales in Asia were $669,000 or 29 percent lower than the same
quarter a year ago. This decline in customer sales reflects a reduction
in the sales of several types of connectors and cable assemblies as
compared to a strong quarter in the previous year. Sales have increased
in the region on a year-to-date basis, and the Company expects to improve
sales even further in this region with the introduction of small outline
memory module connectors currently in development. The economic
conditions in the region, and the instability of the Malaysian ringgit
and other Southeast Asian currencies did not materially impact the
Company's sales in the quarter.
Net sales for the nine months ended March 31, 1998 were $57,777,000, down
8 percent from sales of $62,874,000 for the same period a year ago.
Customer sales were $515,000 or 10 percent higher in Asia, but these
increases were offset by lower customer sales in the United States and
Europe. Higher sales in Asia were due primarily to higher connector and
cable assembly sales in Southeast Asia and Japan. Year-to-date customer
sales in the United States decreased 8 percent or $3,442,000 compared to
the prior year, due primarily to lower sales of high-density sockets and
older styles of back panel connectors. European sales were 13 percent,
or $2,170,000, lower than the prior period when measured in U. S.
dollars. Sales actually increased $1,067,000 or 6 percent when they are
measured in local currencies. These higher sales reflect greater market
penetration in the United Kingdom and Scandinavia related to the
introduction of new designs of smart card reader and PCMCIA type
connectors in electronic memory applications demanded by major
communication and satellite broadcasting companies.
<PAGE>
<TABLE>
<CAPTION>
Comparative sales by geographic territory for the respective periods
follows:
Three Months Ended Nine Months Ended
($000 omitted) March 31 March 31
-------------------- ------------------
(Unaudited) (Unaudited)
1998 1997 1998 1997
-------- -------- ------- -------
<S> <C> <C> <C> <C>
United States:
Domestic $12,929 $13,124 $36,365 $39,211
Export:
Europe 20 18 78 49
Asia -- 8 7 192
Rest of world 493 498 1,206 1,646
------- ------- ------- -------
Total export sales 513 524 1,291 1,887
------- ------- ------- -------
Total sales to
customers 13,442 13,648 37,656 41,098
Intercompany 1,776 2,345 6,114 6,386
------- ------- ------- -------
Total United States 15,218 15,993 43,770 47,484
------- ------- ------- -------
Europe:
Domestic 4,543 5,661 14,495 16,243
Export to Asia -- -- -- 422
------- ------- ------- -------
Total sales to
customers 4,543 5,661 14,495 16,665
Intercompany 927 1,188 3,179 3,036
------- ------- ------- -------
Total Europe 5,470 6,849 17,674 19,701
------- ------- ------- -------
Asia:
Domestic 1,673 2,342 5,626 5,016
Export to Europe -- -- -- 95
------- ------- ------- -------
Total sales to
customers 1,673 2,342 5,626 5,111
Intercompany 1,285 555 2,988 2,174
------- ------- ------- -------
Total Asia 2,958 2,897 8,614 7,285
------- ------- ------- -------
Eliminations (3,988) (4,088) (12,281> (11,596)
------- ------- ------- -------
Consolidated $19,658 $21,651 $57,777 $62,874
======= ======= ======= =======
</TABLE>
Incoming customer orders for the quarter ended March 31, 1998 were $18.7
million, compared to orders of $21.7 million in the same quarter a year
ago. Customer orders for the nine months ended March 31, 1998 were $56.7
million compared to $63.0 million in the prior year, a decrease of $6.3
million or 10 percent. The Company's backlog of unshipped orders at
March 31, 1998 was $13.5 million compared to $16.1 million a year ago.
The gross profit in the quarter amounted to $2,929,000 or 15 percent of
net sales, compared to $5,177,000 or 23.9 percent of net sales in the
prior year. Gross profits are net of engineering charges associated with
new product development. Engineering charges amounted to $1,047,000 or
5.3 percent of net sales in the current quarter compared to $892,000 or
4.1 percent of net sales in the prior year, and reflect a 17 percent
increase in spending as the Company increased its investment in the
development of new and improved product offerings.
Gross profits for the nine months ended March 31, 1998 amounted to
$9,839,000 or 17 percent of net sales, compared to $14,152,000 or 22.5
percent of net sales in the prior year. Engineering expenses for the
nine months ended March 31, 1998 increased by 20 percent, to $2,918,000
or 5.1 percent of net sales compared to $2,427,000 or 3.8 percent of net
sales in the prior year.
<PAGE>
The Company recorded $3,093,000 of restructuring and unusual charges in
the quarter. These charges include $1,184,000 of restructuring expenses
related to the reorganization of the sales organization in Europe,
manufacturing operations in North America and Europe, and the
discontinuation of several product lines. The Company has restructured
its operations in the United States and Europe to better meet the
changing market place and to take advantage of it's present and future
market position. Approximately $232,000 of these charges relate to the
cost of workforce reductions implemented to reduce the Company's cost
structure and enable it to meet changes in the market place. The
remaining $952,000 reflects the cost of disposal and the reduction in the
carrying value of assets affected by this restructuring. In addition,
unusual charges of $1,909,000 relating to a reduction in the carrying
value of various assembly equipment, mold tools, dies and related
inventory were taken in the quarter. These costs result from the
evaluation of the Company's ability to recover asset costs given existing
market conditions. A major portion of these reductions relate to the
Company's decision to phase out certain products where increased offshore
competition has resulted in unacceptable profit margins. In addition,
the Company has reduced the carrying value of other assets due to present
market demand and profitability of these products.
Selling, general and administrative expenses (SG&A) in the quarter were
$3,801,000 compared to expenses of $3,786,000 in the prior year. These
expenses will decline in the future due to the consolidation and
reorganization of several sales offices in Europe. Additional unusual
and restructuring charges may be forthcoming in the following quarters as
management continues to evaluate this organization. SG&A expenses were
$11,001,000 for the nine months ended March 31, 1998, a decrease of
$463,000 or 4 percent compared to expenses of $11,464,000 in the prior
year.
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
the pretax losses incurred in Belgium, Scotland and Switzerland. The
Company maintains a valuation allowance for tax benefits of prior period
net operating losses in various tax 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 March 31, 1998 amounted to $3,288,000
or 67 cents per share, including restructuring and unusual charges of
$2,306,000 (after income taxes) or 47 cents per share, compared to a net
income of $939,000 or 19 cents per share a year ago. The net loss for
the nine months ended March 31, 1998 amounted to $3,652,000 or 75 cents
per share including $2,306,000 (after income taxes) of restructuring and
unusual charges, compared to a net income of $1,479,000 or 30 cents per
share a year ago. Operations in the United States, Europe and Asia
incurred net losses, after restructuring and unusual charges, in the
quarter of $1,821,000, $1,283,000, and $184,000 respectively. Year-to-
date net losses totaled $2,116,000 in the United States, $1,395,000 in
Europe and $141,000 in Asia.
The recent currency crisis in Asia had minimal impact on the Company's
operating results in the first nine months of the year. While the
operating results in Japan were unfavorably impacted by the strengthening
of the U. S. dollar against the Japanese yen, operating results in
Southeast Asia were affected favorably since most of the <PAGE>
Company's sales to customers in Southeast Asia are transacted in U. S.
dollars. These sales were not significantly affected by the currency
crisis. Cost of sales and operating expenses in Southeast Asia were
lower in the period due primarily to the devaluation of the Malaysian
ringgit and the Singapore dollar, compared to the U. S. dollar.
MATERIAL CHANGES IN FINANCIAL CONDITION
- ---------------------------------------
Net working capital at March 31, 1998 amounted to $15.9 million compared
to $18.1 million at March 31, 1997 and $16.6 million at June 30, 1997.
The current ratio was 2.6 to 1 compared to 2.7 to 1 in the prior year.
The Company's existing long-term credit agreement currently provides up
to $8.0 million in revolving credit loans. Long-term borrowings under
this facility were $7.3 million as of March 31, 1998. This line of
credit is unsecured, but the agreement includes various operating and
financial covenants. Although the Company was not in compliance with
certain technical covenants as of March 31, 1998, largely due to the
restructuring and unusual charges recorded in the quarter, it has
obtained a waiver. Long-term debt, excluding current installments,
amounted to $8.7 million, or 33 percent of shareholders' equity at March
31, 1998, compared to $8.0 million or 26 percent of shareholders' equity
at March 31, 1997. The Company believes working capital and capital
expenditure requirements can be met from cash provided by operating
activities, cash balances and borrowings available under the existing
credit facility.
DIVIDEND ACTION
- ---------------
On April 23, 1998, the Board of Directors declared a regular quarterly
dividend of 3 cents per share, payable May 22, 1998, to shareholders of
record May 8, 1998.
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. Mr. Samuel C. Robinson retired as Chairman of the Board of
Directors effective January 22, 1998. Mr. Patrick C. Duffy was
elected to replace Mr. Robinson as Chairman. Mr. Robinson will
remain a Director of the Company.
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, 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 May 14, 1998 /s/ Larry W. Burke
-------------------- -----------------------------------
Larry W. Burke
President and Chief Executive Officer
Date May 14, 1998 /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, 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.)
4.5 Amendment No. 3 to Rights Agreement
dated February 11, 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 Summary of Robinson Nugent, Inc. Bonus
Plan for the fiscal year ended June 30,
1998. (Incorporated by reference to
Exhibit 10.7 to Form 10-K Report for
year ended June 30, 1996.)
(11) Not applicable.
(15) Not applicable.
(18) Not applicable.
(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 MARCH 31, 1998 AND IS QUALIFIED
IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> MAR-31-1998
<CASH> 2,379
<SECURITIES> 0
<RECEIVABLES> 11,642
<ALLOWANCES> 571
<INVENTORY> 10,787
<CURRENT-ASSETS> 26,102
<PP&E> 63,875
<DEPRECIATION> 44,150
<TOTAL-ASSETS> 45,980
<CURRENT-LIABILITIES> 10,159
<BONDS> 0
<COMMON> 20,996
0
0
<OTHER-SE> 5,283
<TOTAL-LIABILITY-AND-EQUITY> 45,980
<SALES> 57,777
<TOTAL-REVENUES> 57,777
<CGS> 47,938
<TOTAL-COSTS> 47,938
<OTHER-EXPENSES> 14,094
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 430
<INCOME-PRETAX> (4,629)
<INCOME-TAX> (977)
<INCOME-CONTINUING> (3,652)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,652)
<EPS-PRIMARY> (.75)
<EPS-DILUTED> (.75)
</TABLE>
