<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 10-Q
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended JANUARY 27, 1996
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 - 1653
GENESEE CORPORATION
(Exact name of registrant as specified in its charter)
STATE OF NEW YORK 16-0445920
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
445 St. Paul Street, Rochester, New York 14605
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (716) 546-1030
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
As of the date of this report, the Registrant had the following shares of
common stock outstanding:
Number of Shares
Class Outstanding
Class A Common Stock (voting), 209,885
par value $.50 per share
Class B Common Stock (non-voting), 1,406,466
par value $.50 per share
<PAGE>
<TABLE>
GENESEE CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
January 27, 1996 and April 30, 1995
UNAUDITED AUDITED
(Dollars in Thousands) January 27, 1996 April 30, 1995
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 2,820 10,422
Marketable securities available for sale, at market 36,816 34,300
Trade accounts receivable, less allowance for doubtful accounts
of $585 at January 27, 1995; $565 at April 30, 1995 8,828 11,067
Inventories, at lower of cost (FIFO) or market;
Finished goods 3,311 3,933
In process 1,480 1,190
Raw materials 7,136 8,493
Total inventories 11,927 13,616
Deferred income tax assets - current 1,783 1,680
Real estate mortgage receivable - current - 5,807
Other current assets 1,892 1,460
Total current assets 64,066 78,352
Property, plant and equipment, at cost 124,306 119,444
Less accumulated depreciation 94,401 91,053
Net property, plant and equipment 29,905 28,391
Investment in and notes receivable from unconsolidated real
real estate investments 8,469 4,305
Investment in:
Direct financing leases 3,713 3,511
Leveraged leases 23,022 19,646
Total investments in leases 26,735 23,157
Deferred income tax assets - long term 12,105 12,539
Other non current assets 2,189 1,955
Total assets $143,469 148,699
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long term debt of consolidated real
estate partnerships $ - 4,038
Accounts payable 8,488 9,278
Accrued expenses and other liabilities 4,778 5,986
Federal and state income and excise taxes payable 296 742
Federal and state beer taxes 1,338 2,226
Deferred income taxes - current 835 828
Accrued postretirement benefits - current 582 582
Total current liabilities 16,317 23,680
Deferred income taxes - long term 19,479 18,635
Accrued postretirement benefits - long term 15,698 15,698
Other liabilities 428 308
Total liabilities 51,922 58,321
Minority interests in consolidated subsidiaries 1,477 1,428
Shareholders' equity:
Common stock Class A 105 105
Common stock Class B 753 753
Additional paid-in capital 5,839 5,882
Retained earnings 85,954 86,870
Unrealized gain / (loss) on marketable securities, net of 954 (652)
income taxes
Less treasury stock, at cost 3,535 4,008
Total shareholders' equity 90,070 88,950
Total liabilities and shareholders' equity $143,469 148,699
<FN>
See accompanying notes to consolidated financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
GENESEE CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS
OF EARNINGS AND RETAINED EARNINGS
Thirteen Weeks Ended January 27, 1996 and January 28, 1995
(Dollars in Thousands,
Except Per Share Data) UNAUDITED
1996 1995
<S>
<C> <C>
Revenues $42,320 41,464
Less:
Federal and state beer taxes 8,990 8,867
Sales returns and allowances 962 813
9,952 9,680
Net revenues 32,368 31,784
Cost of sales 25,638 22,947
Gross profit 6,730 8,837
Selling, general and administrative expenses 7,486 7,092
Operating income / (loss) (756) 1,745
Investment income 959 837
Other income / (expense), net 99 (34)
Interest of minority partners in earnings of
consolidated subsidiaries (204) (162)
Earnings before income taxes 98 2,386
Income taxes 39 942
Net earnings - $.04 per share
in 1996, $.90 in 1995 59 1,444
Retained earnings at beginning of period 85,895 86,477
Retained earnings at end of period $85,954 87,921
<FN>
See accompanying notes to consolidated financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
GENESEE CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS
OF EARNINGS AND RETAINED EARNINGS
Thirty-Nine Weeks Ended January 27, 1996 and January 28, 1995
(Dollars in Thousands,
Except Per Share Data) UNAUDITED
1996 1995
<S>
<C> <C>
Revenues $ 139,671 131,148
Less:
Federal and state beer taxes 30,824 29,196
Sales returns and allowances 2,790 2,419
33,614 31,615
Net revenues 106,057 99,533
Cost of sales 82,612 71,460
Gross profit 23,445 28,073
Selling, general and administrative expenses 24,366 22,850
Operating income / (loss) (921) 5,223
Investment income 2,561 2,420
Other income / (expense), net 175 (194)
Gain on sale of interest in real estate partnership - 1,670
Interest of minority partners in earnings of
consolidated subsidiaries (519) (483)
Earnings before income taxes and cumulative
effect of change in accounting principle 1,296 8,636
Income taxes 518 3,418
Net earnings before cumulative effect of change
in accounting principle - $.48 per share in
1996 and $3.26 per share in 1995 778 5,218
Cumulative effect to May 1, 1994 of change in accounting
for investments in debt and equity securities - 760
Net earnings - $.48 per share
in 1996, $3.73 in 1995 778 5,978
Retained earnings at beginning of period 86,870 83,385
Less: Dividends - $1.05 per share in 1996
and $.90 per share in 1995 1,694 1,442
Retained earnings at end of period $85,954 87,921
<FN>
See accompanying notes to consolidated financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
GENESEE CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Thirty-Nine Weeks Ended January 27, 1996 and January 28, 1995
UNAUDTIED
(Dollars in Thousands)
1996 1995
<S>
<C> <C>
Cash flows from operating activities:
Net Income $ 778 5,978
Adjustments to reconcile net income to net
cash provided by operating activities:
Cumulative effect of change in accounting principle - (760)
Depreciation 3,348 3,835
Other 538 (1,187)
Changes in non-cash assets and liabilities:
Trade accounts receivable 2,219 2,253
Inventories 1,689 (3,107)
Deferred income tax assets 331 1,444
Other assets (666) (912)
Accounts payable (790) (348)
Accrued expenses and other liabilities (1,208) 1,130
Income taxes payable (446) 809
Federal and state beer taxes (888) (687)
Deferred income tax liabilities (220) 255
Accrued postretirement benefits - 603
Other liabilities 120 238
Net cash provided by operating activities 4,805 9,544
Cash flows from investing activities:
Capital expenditures (4,862) (2,667)
Proceeds from sale of property, plant, and equipment - 10,947
Sale of marketable securities 8,568 9,434
Purchases of marketable securities (8,407) (12,250)
Investments in and advances to unconsolidated real estate investments, net of distributions (4,164) 156
Net investment in direct financing and leveraged leases (3,578) (1,327)
Repayment of real estate mortgage receivable 5,807 193
Withdrawals by minority interest (470) (476)
Net cash (used in) provided by investing activities (7,106) 4,010
Cash flows from financing activities:
Principal payments on long term debt of consolidated real estate partnerships (4,038) (5,771)
Dividends paid (1,693) (1,442)
Net proceeds from treasury stock transactions 430 14
Net cash (used in) provided by financing activities (5,301) (7,199)
Net increase / (decrease) in cash and cash equivalents (7,602) 6,355
Cash and cash equivalents at beginning of period 10,422 7,159
Cash and cash equivalents at end of period $ 2,820 13,514
<FN>
See accompanying notes to consolidated financial statements.
</FN>
</TABLE>
<PAGE>
GENESEE CORPORATION
Notes to Consolidated Financial Statements
NOTE (A) The Corporation's consolidated financial statements enclosed herein
are unaudited with the exception of the Consolidated Balance Sheet at
April 30, 1995 and, because of the seasonal nature of the business and
the varying schedule of its special sales efforts, these results are
not necessarily indicative of the results to be expected for the
entire year. In the opinion of management, the interim financial
statements reflect all adjustments, consisting of only normal
recurring items which are necessary for a fair presentation of the
results for the periods presented. The accompanying financial
statements have been prepared in accordance with GAAP and SEC
guidelines applicable to interim financial information. These
statements should be reviewed in conjunction with the annual report
to shareholders for the year end April 30, 1995.
NOTE (B) The weighted average number of Class A and Class B shares outstanding
used in the computation of net earnings per share is 1,616,250 for
the thirteen week period ended January 27, 1996 and 1,602,021 for the
thirteen week period ended January 28, 1995. The weighted average
number of Class A and Class B shares outstanding used in the
computation of net earnings per share is 1,609,121 for the thirty
nine weeks ended January 27, 1996 and 1,601,781 for the thirty nine
weeks ended January 28, 1995.
<PAGE>
GENESEE CORPORATION
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Comparison of 13 weeks ended January 27, 1996 to 13 weeks ended January 28, 1995
Consolidated net revenues for the thirteen weeks ended January 27, 1996 were
$32.4 million, an increase of $600,000 over the consolidated net revenues
reported for the same period last year. The higher revenues were primarily the
result of higher private label sales at Ontario Foods.
On a consolidated basis, the Corporation reported a $756,000 operating loss for
the third quarter compared to an operating profit of $1.7 million for the same
period last year. The unfavorable performance relative to last year is
attributable to Genesee Brewing Company's $1.2 million operating loss in the
third quarter this year which, in turn, is attributable primarily to a
substantial increase in the cost of aluminum cans and slightly lower barrel
sales.
.
As a result of the operating loss, the Corporation reported consolidated net
earnings of $59,000, or $.04 per share in the third quarter this year, compared
to net earnings of $1.4 million, or $.90 per share, for the same period last
year.
Genesee Brewing Company
Genesee Brewing Company's net sales in the third quarter were $26.5 million,
down $301,000 from last year's third quarter net sales as the result of a 15,000
barrel decline in unit sales volume. The decrease in net sales and barrel sales
for Genesee Brewing Company was partly due to a decline in sales of can packages
sold overseas as part of Genesee Brewing Company's export sales efforts.
Products sold outside the United States generally carry a lower profit margin
due to high freight and handling costs. The increase in aluminum can costs
adversely affected Genesee Brewing Company's willingness to be price competitive
in these export markets. The lower sales volume is also attributable to
generally poor sales during the 1995 holiday season this year compared to the
prior year. The company believes its sales performance over this period
mirrored the sales performance of all major domestic brewers during the same
period.
Genesee Brewing Company's gross profit declined to $5.7 million or 21.4% of net
sales in the third quarter of fiscal 1996, compared to $7.9 million or 29.3% of
net sales in the third quarter of fiscal 1995. The decrease in gross profit
was primarily the result of lower volume and the aluminum can cost increase that
went into effect January 1, 1995. The aluminum can cost increase adversely
affected all major domestic brewing companies in calendar year 1995 and
accounted for approximately $525,000 of the decline in Genesee Brewing Company's
gross profit in the third quarter of fiscal 1996. However, due to recent
declines in aluminum prices, Genesee Brewing Company has been able to negotiate
a new pricing formula with its aluminum can supplier that is expected to result
in over $1 million of cost savings (relative to January 1, 1995 can prices) for
calendar year 1996. The new pricing for aluminum cans did not become effective
until January 1, 1996 and therefore had only a minor impact on Genesee Brewing
Company's third quarter performance.
<PAGE>
GENESEE CORPORATION
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations (continued)
Genesee Brewing Company's selling, general and administrative expenses were up
$428,000 in the third quarter of fiscal 1996 compared to the same period last
year. The increase reflects planned increases in sales and marketing
expenditures to support the company's HighFalls brands. Sales of HighFalls
brands in the third quarter this year were up over 47,000 barrels compared to
the same period last year.
The aluminum can cost increase, lower volume, and higher sales and marketing
expenditures resulted in a third quarter operating loss of $1.2 million for
Genesee Brewing Company compared to an operating profit of $1.4 million reported
in the third quarter last year.
During the second quarter of fiscal 1996, Genesee Brewing Company began
production under a contract to brew and package malt beverage products for
Boston Beer Company. Genesee Brewing Company's third quarter sales include
approximately 15,000 barrels of produced for Boston Beer Company. Although
initial volumes are small, production on this contract is expected to grow.
Ontario Foods
Net sales for Ontario Foods were $5.2 million in the third quarter of fiscal
1996, compared to $4.5 million for the third quarter last year. The sales
increase is attributable to continued growth in side dish sales and higher sale
of hot cocoa mix. Private label sales were up more than $1 million compared to
the third quarter last year.
Although sales increased, Ontario Foods reported a third quarter operating loss
of $40,000, compared to $12,000 of operating income reported in the third
quarter last year. Ontario Foods' operating loss is attributable to an
unfavorable shift in product mix during the quarter. In particular, a major
contract customer moved production of its infant cereal product to its own
production facility. This is typical of the contract manufacturing business in
that contract customers often move volume back into their own plants once a
product has attained general market acceptance and sufficient volume. Loss of
the infant cereal volume (which carried a higher profit margin) accounted for
approximately $100,000 of Ontario Foods' lower third quarter profitability.
Ontario Foods is seeking other potential contract business to replace the lost
infant cereal volume.
Genesee Ventures
Genesee Ventures, Inc., the Corporation's equipment leasing and real estate
investment subsidiary, reported operating income of $583,000 for the third
quarter of fiscal 1996, compared to $487,000 for the third quarter of fiscal
1995. The higher operating income was primarily due to favorable equipment
lease residual experience and to the revenue derived from higher than normal
lease originations in December 1995.
<PAGE>
GENESEE CORPORATION
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations (continued)
Comparison of 39 weeks ended January 27, 1996 to 39 weeks ended January 28, 1995
Consolidated net revenues for the 39 weeks ended January 27, 1996 were $106.0
million, an increase of $6.5 million over the consolidated net revenues reported
for the same period last year. The higher revenues were the result of higher
sales by Genesee Brewing Company and Ontario Foods.
On a consolidated basis, the Corporation reported a $921,000 operating loss for
the first three quarters compared to an operating profit of $5.2 million for the
same period last year. This year's loss is attributable to a substantial
increase in the cost of aluminum cans and to planned increases in Genesee
Brewing Company's sales and marketing expenditures.
As a result of this operating loss, the Corporation reported consolidated net
earnings of $778,000, or $.48 per share, for the first three quarters this year,
compared to net earnings of $6.0 million, or $3.73 per share, for the same
period last year. Last year's net income included a $1.7 million pre-tax gain
on the sale of a real estate investment and a $760,000 after-tax benefit from a
change in accounting treatment for debt and equity securities required by
Statement of Financial Accounting Standards No. 115 (SFAS 115), Accounting
for Certain Investments in Debt and Equity Securities.
Genesee Brewing Company
Genesee Brewing Company's net sales in the first three quarters were $89.3
million, an increase of $4.8 million or 5.7% from last year's net sales of $84.5
million. Volume increased by 53,000 barrels in the first three quarters this
year compared to the prior year. The increase in net sales and barrel sales for
Genesee Brewing Company was the result of continued growth in the sales of
HighFalls brands and the popularity of the new, value-priced 30 and 36 can
"multi-paks" Genesee Brewing Company introduced in February 1995.
The growth in HighFalls brands and multi-pak sales offset the volume decline in
Genesee Brewing Company's more established "core" brands. In recent years,
Genesee Brewing Company and most other brewers have experienced volume declines
in their established brands due to changing consumer preferences that favor new
brands and "niche" products targeted at specific consumer markets. In response
to the growth opportunities in the specialty beer segment, Genesee Brewing
Company recently formed the HighFalls Brewing Company division which is now the
umbrella entity for all of Genesee Brewing Company's specialty brand sales
efforts. The HighFalls brands (which include JW Dundee's Honey Brown Lager
and the Michael Shea's family of brands) have increased their penetration
in Genesee Brewing Company's traditional markets and have expanded distribution
into new markets such as Arizona, Kansas, Texas and Nebraska. As a result,
HighFalls volume increased 146,000 barrels in the first three quarters this year
compared to the same period last year.
<PAGE>
GENESEE CORPORATION
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations (continued)
Despite higher barrel sales, Genesee Brewing Company's gross profit was $20.2
million or 22.6% of net sales in the first three quarters of fiscal 1996,
compared to $24.9 million or 29.5% of net sales in the first three quarters of
fiscal 1995. The effect of increased barrel volume was offset by an unfavorable
shift in package mix away from higher margin returnable, refillable packages and
into lower margin, value-priced multi-paks. However, the decrease in gross
profit was primarily the result of a substantial increase in the cost of
aluminum cans that went into effect January 1, 1995 and has adversely affected
all domestic brewing companies that use aluminum cans. The can cost increase
accounted for approximately $3.5 million of the decline in Genesee Brewing
Company's gross profit in the first three quarters this year.
Genesee Brewing Company's selling, general and administrative expense increased
by $1.7 million in the first three quarters of fiscal 1996 compared to the same
period last year. The increase reflects the planned increases in sales and
marketing expenditures primarily to support the HighFalls brands.
The aluminum can cost increase, shift in package mix, and the higher sales and
marketing expenditures resulted in an operating loss of $2.3 million for Genesee
Brewing Company for the first three quarters of fiscal 1996 compared to an
operating profit of $4.1 million reported in the first three quarters last
year.
In recent months, world aluminum prices have been declining. Based on these
falling prices, Genesee Brewing Company negotiated a new pricing formula with
its aluminum can supplier that is expected to result in over $1 million of cost
savings (relative to January 1, 1995 can prices) for calendar year 1996. The
new can costs did not become effective until January 1, 1996 and therefore had
only a minor impact on Genesee Brewing Company's year to date performance
through January 27, 1996.
During the second quarter of fiscal 1996, the Genesee Brewing Company began
production under a contract to brew and package malt beverage products for the
Boston Beer Company. The year to date volume for fiscal 1996 includes
approximately 20,000 barrels of production under this contract. Although
initial volumes are small, production is expected to grow. Production for
Boston Beer Company will allow Genesee Brewing Company to make greater
utilization of its existing plant capacity.
Ontario Foods
Net sales for Ontario Foods were $15.2 million in the first three quarters of
fiscal 1996, compared to $12.7 million for the first three quarters last year.
The sales increase is attributable to continued growth in side dish sales,
higher sales of iced tea mix, soup, hot cocoa mix and the addition of the
private label product lines acquired from a New Jersey food processing company
in the third quarter of fiscal 1995.
<PAGE>
GENESEE CORPORATION
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations (continued)
Due to the increased sales, Ontario Foods reported operating income of $276,000
for the first three quarters of fiscal 1996, compared to operating income of
$108,000 for the same period last year.
Genesee Ventures
Genesee Ventures, Inc., the Corporation's equipment leasing and real estate
investment subsidiary, reported operating income of $1.5 million for the first
three quarters of fiscal 1996, compared to $1.8 million for the first three
quarters of fiscal 1995. Last year's operating income included three months of
operating income from Genesee Venture's majority interest in a Columbus, Ohio
apartment project that was sold in August 1994. Year-to-date lease equipment
revenues are up $150,000 compared to last year due to favorable lease residual
experience.
LIQUIDITY AND CAPITAL RESOURCES
Cash, cash equivalents, and marketable securities totaled $39.6 million at
January 27, 1996, compared to $44.7 million at April 30, 1995. The lower
balances were primarily due to the decreased profitability of Genesee Brewing
Company as a result of the higher cost of aluminum cans, capital spending for
major modifications to one of Genesee Brewing Company's bottling lines, the use
of funds in August 1995 to acquire a 50% interest in a 125 unit apartment
complex located in a suburb of Rochester, New York, and an increase in
investments in the Corporation's equipment leasing portfolio.
Trade receivables at January 27, 1996 were approximately $2.2 million lower
than the balances reported at April 30, 1995. The peak selling season for
Genesee Brewing Company is typically April through August. Genesee Brewing
Company's receivables are traditionally higher at fiscal year end and throughout
the summer months.
Inventories at January 27, 1996 were approximately $1.7 million lower than the
balances reported at April 30, 1995. Ontario Foods typically purchases sugar
during the winter months to take advantage of lower material prices for spring
and summer production of iced tea and drink mixes. Ontario Foods' sugar
inventories therefore decline throughout the summer months and are at a low
point in the third fiscal quarter.
On June 12, 1995 the Corporation received payment in full on the $5.8 million
mortgage receivable shown on the Corporation's consolidated balance sheet at
April 30, 1995. Simultaneously, the Corporation paid off underlying mortgages
and term notes payable having a combined principal balance of approximately $4
million at April 30, 1995. The mortgage receivable and notes payable relate to
the November 1990 sale of the Hamburg, New York manufactured home park owned by
a partnership in which the Corporation had a 50% (and later a 95%) interest.
<PAGE>
GENESEE CORPORATION
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations (continued)
Investment in leveraged leases at January 27, 1996 increased approximately $3.4
million due to higher than normal lease originations in December 1995.
During fiscal 1995, Genesee Brewing Company initiated a plan to make major
modifications to one of its bottling lines. These modifications included
installation of state of the art packaging equipment and rotary labelers to
enhance Genesee Brewing Company's packaging and labeling capability. This
capital project was completed during the third quarter of fiscal 1996 and
expenditures totaled nearly $4 million.
Current liabilities at January 27, 1996 were down $7.4 million from fiscal year
end. This decrease was primarily attributable to paying off the underlying
mortgages and term notes payable as mentioned above, a decrease in income taxes
payable due to decreased profitability and a decrease in beer taxes resulting
from the decline in barrel sales.
The Corporation adopted Statement of Financial Accounting Standards No. 115,
Accounting for Certain Investments in Debt and Equity Securities, ( SFAS #115)
effective May 1, 1994. In expanding the use of fair value accounting, the
Corporation has classified its entire investment portfolio as "available for
sale". Securities available for sale are reported at fair value, with
unrealized gains and losses credited or charged, net of income tax, directly to
stockholders' equity. The fair value of the Corporation's marketable securities
available for sale increased by approximately $1.6 million, net of income tax,
since April 30, 1995 due to the overall strength of financial markets over that
period.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) No exhibits are being filed with this report.
(b) The Corporation filed a report on Form 8-K on January 22, 1996
to report a change in the Corporation's independent accountants.
<PAGE>
GENESEE CORPORATION
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.
GENESEE CORPORATION
Date: 3/8/96 / s / Robert N. Latella
Robert N. Latella
Executive Vice President
and Chief Operating Officer
Date: 3/8/96 / s / Edward J. Rompala
Edward J. Rompala
Vice President and Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S>
<C> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> JAN-27-1996
<CASH> 2,820
<SECURITIES> 36,816
<RECEIVABLES> 9,413
<ALLOWANCES> 585
<INVENTORY> 11,927
<CURRENT-ASSETS> 64,066
<PP&E> 124,306
<DEPRECIATION> 94,401
<TOTAL-ASSETS> 143,469
<CURRENT-LIABILITIES> 16,317
<BONDS> 0
<COMMON> 858
0
0
<OTHER-SE> 89,212
<TOTAL-LIABILITY-AND-EQUITY> 143,469
<SALES> 139,671
<TOTAL-REVENUES> 139,671
<CGS> 82,612
<TOTAL-COSTS> 33,614
<OTHER-EXPENSES> 24,366
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,296
<INCOME-TAX> 518
<INCOME-CONTINUING> 778
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 778
<EPS-PRIMARY> 0.48
<EPS-DILUTED> 0
