FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
X OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 28, 1996
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 1-7699
FLEETWOOD ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
Delaware 95-1948322
_______________________ ____________________________________________
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
3125 Myers Street, Riverside, California 92503-5527
__________________________________________________________________________
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (909) 351-3500
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 close of the period covered by this report.
Class Outstanding at January 28, 1996
_________________________ _____________________________________
Common stock, $1 par value 45,601,442 shares
Preferred share purchase rights --
CONDENSED FINANCIAL STATEMENTS
The following unaudited interim condensed financial statements have been
prepared by the Company pursuant to the rules and regulations of the
Securities and Exchange Commission. Such financial statements have been
reviewed by Arthur Andersen LLP in accordance with standards established by
the American Institute of Certified Public Accountants. As indicated in their
report included herein, Arthur Andersen LLP does not express an opinion on
these statements.
Certain information and note disclosures normally included in annual
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to those rules and
regulations, although the Company believes that the disclosures made are
adequate to make the information presented not misleading. In the Company's
opinion, the statements reflect all adjustments (which include only normal
recurring adjustments) necessary to present fairly the results of operations
for the periods ending January 28, 1996 and January 29, 1995 and the balances
as of January 28, 1996 and April 30, 1995. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and the notes thereto included in the Company's latest annual
report on Form 10-K.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the board of directors and shareholders of Fleetwood Enterprises, Inc.:
We have reviewed the accompanying condensed consolidated balance sheet of
FLEETWOOD ENTERPRISES, INC. (a Delaware Corporation) and subsidiaries as of
January 28, 1996, and the related condensed consolidated statements of income
for the thirteen and thirty-nine week periods ended January 28, 1996 and the
thirteen and forty week periods ended January 29, 1995, the condensed
consolidated statements of cash flows for the thirty-nine and forty week
periods ended January 28, 1996 and January 29, 1995, respectively, and the
condensed consolidated statement of changes in shareholders' equity for the
thirty-nine week period ended January 28, 1996, in accordance with standards
established by the American Institute of Certified Public Accountants.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to the financial data and making inquiries of persons responsible for
financial and accounting matters. It is substantially less in scope than an
audit conducted in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the condensed consolidated financial statements referred to
above for them to be in conformity with generally accepted accounting
principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of Fleetwood Enterprises, Inc. and
subsidiaries as of April 30, 1995, and the related consolidated statements of
income, cash flows and changes in shareholders' equity for the year then ended
(not presented herein) and, in our report dated June 26, 1995 we expressed an
unqualified opinion on those consolidated financial statements. In our
opinion, the information set forth in the accompanying condensed consolidated
balance sheet as of April 30, 1995, is fairly stated, in all material
respects, in relation to the consolidated balance sheet from which it has been
derived.
ARTHUR ANDERSEN LLP
Orange County, California
February 27, 1996
<TABLE>
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands except per share data)
(UNAUDITED)
Thirteen Thirteen Thirty-nine Forty
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
Jan. 28, Jan. 29, Jan. 28, Jan. 29,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Manufacturing sales $625,444 $648,248 $2,037,247 $2,101,351
Finance interest income 12,873 13,177 38,590 34,793
------- ------- ------- -------
638,317 661,425 2,075,837 2,136,144
COSTS AND EXPENSES:
Cost of products sold 511,102 534,175 1,655,869 1,714,510
Operating expenses 94,828 93,053 302,947 296,421
Finance interest expense 5,772 6,255 17,760 15,424
------- ------- ------- -------
611,702 633,483 1,976,576 2,026,355
Operating income 26,615 27,942 99,261 109,789
OTHER INCOME (EXPENSE):
Investment income 3,480 3,835 10,227 8,372
Interest expense (383) (1,180) (1,001) (3,024)
Other (457) (339) (617) (531)
----- ----- ----- -----
2,640 2,316 8,609 4,817
Income before provision for
income taxes 29,255 30,258 107,870 114,606
Provision for
income taxes (12,062) (12,116) (44,146) (46,528)
Minority interest in net
loss of subsidiary 109 138 387 663
Net income $17,302 $18,280 $64,111 $68,741
Net income per Common
and equivalent share $.37 $.39 $1.38 $1.48
Dividends declared
per share of Common
stock outstanding $.15 $.14 $.45 $.42
Common and equivalent
shares outstanding 46,387 46,379 46,467 46,507
See accompanying notes to financial statements.
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (CONDENSED)
(Amounts in thousands)
ASSETS
January 28, April 30,
1996 1995
(Unaudited)
<S> <C> <C>
Cash $ 33,531 $ 40,560
Investments 235,617 157,685
Receivables:
Manufacturing 157,123 152,210
Finance company 393,436 385,026
Inventories:
Raw materials 97,951 133,379
Work in process and finished products 60,367 81,914
Land held for future development 6,906 6,868
Property, plant and equipment 266,797 263,108
Deferred tax benefits 69,411 66,237
Other assets 72,704 58,073
---------- --------
$1,393,843 $1,345,060
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable $ 84,324 $ 96,428
Commercial paper borrowings
and long-term debt 390,807 385,876
Employee compensation and benefits 101,322 103,516
Federal and state taxes on income (8,919) (11,043)
Insurance reserves 47,376 44,367
Other liabilities 138,920 118,858
------- -------
Total liabilities 753,830 738,002
Contingent liabilities
Minority interest (1,472) (1,085)
Shareholders' equity:
Preferred stock, $1 par value,authorized
10,000,000 shares, none outstanding -- --
Common stock, $1 par value,authorized
75,000,000 shares, outstanding 45,601,000
at January 28, 1996 and 46,062,000
at April 30, 1995 45,601 46,062
Capital surplus 42,108 41,561
Retained earnings 552,892 519,941
Foreign currency translation
adjustment (508) 229
Investment securities valuation
adjustment 1,392 350
------- -------
641,485 608,143
------- -------
$1,393,843 $1,345,060
See accompanying notes to financial statements.
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONDENSED)
(Amounts in thousands)
(UNAUDITED)
Thirty-nine Forty
Weeks Ended Weeks Ended
Jan. 28, 1996 Jan. 29, 1995
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $64,111 $68,741
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation expense 19,398 16,303
Amortization of intangibles and goodwill 935 1,466
Provision for credit losses 3,194 4,560
(Gain) loss on sales of property,
plant and equipment 617 531
Changes in assets and liabilities:
Increase in manufacturing
receivables (4,913) (21,793)
(Increase) decrease in inventories 56,975 (33,381)
Increase in deferred tax benefits (3,174) (5,862)
Increase in other assets (15,566) (4,971)
Increase (decrease) in accounts payable (12,104) 4,202
Increase (decrease) in employee
compensation and benefits (2,194) 1,495
Increase (decrease) in Federal and
state taxes on income 2,124 (2,680)
Increase (decrease) in insurance
reserves 3,009 (2,679)
Increase in other liabilities 20,062 26,803
Foreign currency translation adjustment (737) 184
------- -------
Net cash provided by operating activities 131,737 52,919
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of finance receivables (799,929) (879,762)
Principal collected on finance receivables 638,325 644,875
Proceeds from sale of retail sales contracts 150,000 269,562
Purchases of investment securities:
Held-to-maturity (6,410,069) (4,617,311)
Available-for-sale (363,536) (361,542)
Proceeds from maturity of investment securities:
Held-to-maturity 6,398,030 4,597,327
Available-for-sale 181,703 258,634
Proceeds from sale of available-for-
sale investment securities 116,982 102,331
Purchases of property, plant
and equipment, net (23,704) (47,256)
Additions to land held for future development (38) (34)
Minority interest in subsidiary (387) (693)
------- -------
Net cash used in investing activities (112,623) (33,869)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of commercial paper 1,205,668 1,565,325
Principal payments on commercial paper (1,200,737) (1,575,441)
Dividends to shareholders (20,661) (19,330)
Proceeds from exercise of stock options 1,092 347
Purchase of Common stock (11,505) --
------- ---------
Net cash used in
financing activities (26,143) (29,099)
Decrease in cash (7,029) (10,049)
Cash at beginning of period 40,560 37,267
------ -------
Cash at end of period $33,531 $27,218
------ ------
Supplementary disclosures:
Income taxes paid $41,482 $57,460
Interest paid 19,781 19,163
See accompanying notes to financial statements.
FLEETWOOD ENTERPRISES, INC.
CONSOLIDATED STATEMENT OF CHANGES
IN SHAREHOLDERS' EQUITY (CONDENSED)
(Amounts in thousands)
(UNAUDITED)
Invest-
ment
Foreign Secu-
Currency rities
Trans- Valu- Total
Common Stock lation ation Share-
Number of Capital Retained Adjust- Adjust- holders'
Shares Amount Surplus Earnings ment ment Equity
<S> <C> <C> <C> <C> <C> <C> <C>
Balance
April 30,
1995 46,062 $46,062 $41,561 $519,941 $229 $350 $608,143
Add (deduct)-
Net income -- -- -- 64,111 -- -- 64,111
Cash dividends
declared on
Common stock -- -- -- (20,661) -- -- (20,661)
Stock options
exercised 66 66 1,026 -- -- -- 1,092
Stock
repurchased (527) (527) (479) (10,499) -- -- (11,505)
Foreign currency
translation
adjustment -- -- -- -- (737) -- (737)
Investment securities
valuation
adjustment -- -- -- -- -- 1,042 1,042
Balance Janaury 28,
1996 45,601 $45,601 $42,108 $552,892 $(508) $1,392 $641,485
See accompanying notes to financial statements.
</TABLE>
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 28, 1996
1) Reference to Annual Report
Reference is made to the Notes to Consolidated Financial Statements
included in the Company's Form 10-K annual report for the year ended
April 30, 1995.
2) Industry Segment Information
Information with respect to industry segments for the periods ending
January 28, 1996 and January 29, 1995 is shown below:
<TABLE>
13 Weeks 13 Weeks 39 Weeks 40 Weeks
Ended Ended Ended Ended
Jan. 28, Jan. 29, Jan. 28, Jan. 29,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Manufactured housing $333,045 $330,615 $1,081,034 $1,026,653
Recreational vehicles 279,577 305,538 921,194 1,040,147
Supply operations 12,822 12,095 35,019 34,551
Finance operations 12,873 13,177 38,590 34,793
-------- -------- ---------- ----------
$638,317 $661,425 $2,075,837 $2,136,144
OPERATING INCOME:
Manufactured housing $20,166 $17,941 $79,310 $63,114
Recreational vehicles 2,955 6,012 14,604 38,166
Supply operations 973 1,309 1,881 4,173
Finance operations 4,002 3,790 11,746 10,961
Corporate and other* (1,481) (1,110) (8,280) (6,625)
------- ------- ------- --------
$26,615 $27,942 $99,261 $109,789
* Including adjustments and eliminations.
</TABLE>
FLEETWOOD ENTERPRISES, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Amounts in thousands)
The following is an analysis of changes in key items included in the
consolidated statements of income for the 13-week and 39-week periods ended
January 28, 1996.
<TABLE>
Thirteen Weeks Thirty-nine Weeks
Ended Ended*
January 28, January 28,
1996 1996
Increase % Increase %
(Decrease) Change (Decrease) Change
<S> <C> <C> <C> <C>
Manufacturing sales $(22,804) (3.5)% $(64,104) (3.1)%
Cost of products sold (23,073) (4.3) (58,641) (3.4)
------- --- ------- ---
Manufacturing gross profit 269 .2 (5,463) (1.4)
Finance interest income (304) (2.3) 3,797 10.9
Finance interest expense (483) (7.7) 2,336 15.1
------ --- ------- ---
Net finance revenues 179 2.6 1,461 7.5
Selling expenses 2,767 6.7 10,538 8.1
General and administrative
expenses (992) (1.9) (4,012) (2.4)
----- --- ----- ----
Operating expenses 1,775 1.9 6,526 2.2
Operating income (1,327) (4.8) (10,528) (9.6)
Other income (expense) 324 14.0 3,792 78.7
Income before taxes (1,003) (3.3) (6,736) (5.9)
Provision for income taxes (54) (.4) (2,382) (5.1)
Net income $(978) (5.4)% $(4,630) (6.7)%
* Compared to 40-week period in January 1995.
</TABLE>
Current Quarter Compared to Same Quarter Last Year
Net income for the third quarter of fiscal 1996 was $17,302,000 or 37 cents
per share, down slightly from $18,280,000 or 39 cents per share in the prior
year. Consolidated revenues of $638.3 million for the winter quarter were
off 3 percent from the record $661.4 million achieved in last year's third
period. January sales were impacted by inclement weather in many parts of
the country, but particularly in the Northeast and Mid-Atlantic regions.
Third quarter earnings were behind last year's record performance due to
lower sales and profits from the Company's recreational vehicle group. The
manufactured housing group achieved record operating earnings for the
quarter, but this was not enough to offset the reversal in RV profits. In
addition to weaker earnings from U.S. operations, the RV group was hampered
by continuing losses from its European operation which incurred a $1.4
million operating loss in the third quarter.
Fleetwood's housing group generated record revenues for the third quarter and
the nine months as a result of healthy market demand for affordable
manufactured housing. Third quarter sales reached $333.0 million, up from
$330.6 million in last year's comparable period. During the January quarter,
the Company shipped 15,946 homes compared to 16,119 for the similar period a
year ago. Housing group sales represented 52 percent of total Company
revenues compared to 50 percent last year.
Recreational vehicle revenues for the third quarter were $279.6 million, off
8 percent from last year's record $305.5 million, as a result of lower demand
for travel trailers and motor homes. Adverse weather was a significant
factor that dampened RV sales in the winter quarter. Domestic motor home
revenues decreased 9 percent to $156.2 million on a 15 percent decline in
unit volume to 2,784. Travel trailer sales of $93.0 million were 12 percent
behind the prior year as unit volume fell 14 percent to 6,645. The Company's
folding trailer division generated record third quarter sales of $18.9
million, 28 percent ahead of the prior year, on a 28 percent rise in
shipments to 4,564 units. The Company's European RV operation recorded
revenues of $11.5 million, off 7 percent from last year's third period.
Recreational vehicle sales accounted for 44 percent of total Company
revenues, down from 46 percent last year.
Manufacturing gross profit rose as a percentage of sales from 17.6 to 18.3
percent with improved housing margins offsetting lower RV margins. Selling
price increases and lower lumber costs led to the higher housing margins. RV
margins were under pressure mainly due to the competitive pricing environment
for travel trailers and folding trailers.
Net finance revenues increased 3 percent to $7.1 million as the decline in
interest expense more than offset the decrease in interest income.
Operating expenses rose 2 percent to $94.8 million, and increased as a
percentage of revenues from 14.1 to 14.9 percent. Selling expenses increased
12 percent to $44.1 million, and also rose as a percentage of sales from 6.2
to 6.9 percent. Most of the increase resulted from higher product warranty
and service costs in manufactured housing substantially due to increased
emphasis on customer service. General and administrative expenses declined 2
percent to $50.7 million, but rose as a percentage of sales from 7.8 to 7.9
percent on the lower sales volume.
Non-operating income included $3.5 million of investment income which was
down 9 percent from last year's $3.8 million. Last year's third quarter
included $1.9 million of interest received on Federal income tax refunds.
The combined Federal and state income tax rate was 41.2 percent compared to
40.0 percent for last year's third quarter. The higher effective tax rate
partially reflects the impact of a higher loss from the European RV
operation, which carries no tax benefit, and higher state income tax
accruals.
Current Year-To-Date Compared to Same Period Last Year
Earnings for the first nine months of fiscal 1996 were off 7 percent to
$64,111,000 or $1.38 per share compared to last year's record $68,741,000 or
$1.48 per share. The earnings decline largely resulted from lower RV sales
and profits, as discussed previously, which more than offset record earnings
from the Company's housing group. Fleetwood's European RV operation
generated an operating loss for the nine months of $3.8 million which
contributed to the unfavorable RV results. Nine-month revenues declined 3
percent to $2.08 billion compared to the all-time high of $2.14 billion
reached in the prior year.
For the nine months, Fleetwood's housing revenues increased to a record $1.08
billion, 5 percent ahead of last year's $1.03 billion. This increase
reflects the continuing growth in industry volume which has doubled in the
last 4 years. Industry shipments for calendar 1995 rose nearly 12 percent to
340,000 homes, the highest level in more than 20 years. Fleetwood shipments
for the nine-month period totaled 51,966 units, down slightly from 52,020 for
last year's similar period. Fleetwood's market share in calendar 1995
slipped to 20.1 percent from 21.6 percent in the prior year due to capacity
constraints in some key market areas, notably the Southeast. Housing group
sales accounted for 52 percent of total Company revenues compared to 48
percent last year.
Fleetwood's RV group recorded revenues of $921.2 million, 11 percent behind
last year's $1.04 billion. The motor home group experienced a 17 percent
sales decline to $486.7 million, while travel trailers posted revenues of
$328.5 million, 9 percent below the prior year. Motor home shipments were
off 22 percent to 9,277 and travel trailer units fell 10 percent to 24,693.
Folding trailer sales were up 12 percent to $63.5 million on a 14 percent
rise in shipments of 15,376 units. Fleetwood's European RV sales were $42.5
million, 14 percent ahead of last year's similar period. Recreational
vehicle sales were 44 percent of total Company revenues, down from 49 percent
last year.
Manufacturing gross profit improved as a percentage of sales from 18.4
percent to 18.7 percent, reflecting continuing improvement in the housing
group for reasons previously discussed. Margins in the RV group continued
lower and partially offset the improvements in manufactured housing.
Net finance revenues of $20.8 million represented an 8 percent increase over
last year's similar period. Finance interest income increased 11 percent
while interest expense rose 15 percent as the spread between borrowing and
lending rates continued to narrow.
Operating expenses of $302.9 million were up 2 percent from last year's
similar period, and also rose as a percentage of revenues from 13.9 percent
to 14.6 percent. Selling expenses climbed 8 percent to $140.6 million, as
higher product warranty and service costs more than offset reductions in
other selling expenses. As a percentage of sales, selling expenses were up
from 6.1 percent to 6.8 percent. General and administrative expenses
declined 2 percent to $162.4 million, but were unchanged as a percentage of
sales at 7.8 percent. The reduced costs were primarily due to lower
management incentive compensation reflecting the decline in profits.
Non-operating income included $10.2 million of investment income compared to
$8.4 million for the same period last year, an increase of 22 percent. This
reflects larger invested balances as well a higher yields.
The combined Federal and state income tax rate rose to 40.9 percent compared
to last year's 40.6 percent for the reasons mentioned previously.
Liquidity and Capital Resources
The Company generally relies upon internally generated cash flows to fund
capital expenditures and to satisfy working capital needs for its
manufacturing operations. Positive cash flows from the first nine months'
operations resulted in cash and investments increasing $70.9 million to
$269.1 million at the end of January.
Cash outflows in the first nine months of fiscal 1996 included capital
expenditures of $23.7 million, most of which was related to continuing
capacity expansion in the Company's housing group. The quarterly shareholder
dividend was increased from a per share rate of 14 cents to 15 cents in June
1995 which increased the aggregate dividend payments to $20.7 million for the
first nine months of fiscal 1996.
The Company's finance subsidiary secured cash for lending operations
primarily through the issuance of commercial paper and the sale to investors
of securities backed by retail sales contracts on Fleetwood recreational
vehicles. On July 31, 1995, Fleetwood Credit Corp. presold $150 million of
asset-backed securities which were fully funded by October 1995. The
proceeds of these sales were principally used to pay down commercial paper
debt.
The finance subsidiary uses the commercial paper market and long-term debt to
fund both its wholesale receivables, which are prime rate based, and its
fixed-rate retail installment sales contract receivables prior to their sale
in the asset-backed securities market. To protect the value of the retail
installment sale contract portfolio from unfavorable changes in interest
rates, the finance subsidiary sometimes enters into interest rate exchange
agreements or other interest rate hedging transactions during the period
between origination of the receivables and their sale in the asset-backed
securities market. During the July quarter, a hedging arrangement was in
effect in the form of a forward sale agreement of U.S. Treasury securities.
This agreement was closed out concurrent with the sale of retail receivables
on July 31, 1995, and no other agreements are currently outstanding. A loss
of $4.2 million was incurred on the aforementioned forward sale agreement,
but this was offset by a corresponding increase in the value of retail
receivables.
The finance company maintains a committed revolving credit facility with a
number of major banks to support the issuance of commercial paper. At
January 28, 1996, these facilities totaled $350 million, none of which is
being used.
PART II OTHER INFORMATION
Positive Divestiture of Finance Subsidiary
On January 30, 1996, the Company announced that it is exploring the possible
divestiture of Fleetwood Credit Corp. (FCC), its wholly owned RV finance
subsidiary. The Company believes that this is an appropriate time to
consider the possible transfer of ownership of FCC to a larger financial
institution with a long-term commitment to the lending business that can
better facilitate FCC's continued growth. At the same time, this would allow
Fleetwood to redeploy some of its capital to create greater value for its
shareholders. During Fleetwood's latest fiscal year which ended April 30,
1995, the finance company contributed revenues of $47.8 million and operating
income of $14.7 million. For the nine months ended January 28, 1996,
Fleetwood Credit generated revenues of $38.6 million and pre-tax operating
earnings of $11.7 million. These revenues and profits were derived almost
exclusively from the financing of Fleetwood recreational vehicles. At
January 28, 1996, the finance company had total assets of approximately $527
million, excluding retail receivables sold to investors which the Company
continues to service.
SIGNATURE
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.
FLEETWOOD ENTERPRISES, INC.
______________________________
Paul M. Bingham
Financial Vice President
and Chief Financial Officer
March 5, 1996
FLEETWOOD ENTERPRISES, INC.
CONSOLIDATED FINANCIAL INFORMATION
FINANCIAL DATA SCHEDULE
[SROS] NYSE
[SROS] PSE
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-28-1996
<PERIOD-END> JAN-28-1996
<CASH> 33,531
<SECURITIES> 235,617
<RECEIVABLES> 574,379
<ALLOWANCES> 23,820
<INVENTORY> 158,318
<CURRENT-ASSETS> 0
<PP&E> 427,192
<DEPRECIATION> 160,395
<TOTAL-ASSETS> 1,393,843
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 45,601
0
0
<OTHER-SE> 595,884
<TOTAL-LIABILITY-AND-EQUITY> 1,393,843
<SALES> 2,037,247
<TOTAL-REVENUES> 2,075,837
<CGS> 1,655,869
<TOTAL-COSTS> 1,976,576
<OTHER-EXPENSES> 617
<LOSS-PROVISION> 3,194
<INTEREST-EXPENSE> 1,001
<INCOME-PRETAX> 107,870
<INCOME-TAX> 44,146
<INCOME-CONTINUING> 64,111
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 64,111
<EPS-PRIMARY> 1.38
<EPS-DILUTED> 1.38
<FN> Amounts for current assets and current
liabilities are not shown since balance sheet
is presented in nonclassified format.
</TABLE>
