<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: (13 weeks) July 1, 1995
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:
TRIDEX CORPORATION
(Exact name of registrant as specified in its charter)
CONNECTICUT 06-0682273
(State or other jurisdiction (I.R.S. Employer Identification No.)
incorporation or organization)
61 WILTON ROAD, WESTPORT CT 06880
(Address of principal executive offices)
(Zip Code)
(203) 226-1144
(Registrant's telephone number, including area code)
Former address:
(Former name, former address and former fiscal year, if changed
since last report.)
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
--- ---
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
YES NO
--- ---
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
CLASS OUTSTANDING AUGUST 1, 1995
----- --------------------------
COMMON STOCK, 3,684,826
NO PAR VALUE
<PAGE> 2
TRIDEX CORPORATION AND SUBSIDIARIES
INDEX
<TABLE>
<CAPTION>
Page No.
--------
<S> <C> <C>
PART I. Financial Information:
Item 1. Financial Statements
Consolidated Condensed Balance Sheets
July 1, 1995 and April 1, 1995 3
Consolidated Statements of Income for the 13 Weeks Ended
July 1, 1995 and July 2, 1994 4
Consolidated Statements of Cash Flows for the 13 Weeks Ended
July 1, 1995 and July 2, 1994 5
Notes to Consolidated Condensed Financial Statements 6
Item 2. Management's Discussion and Analysis of the Results of
Operations and Financial Condition 9
PART II. Other Information:
Item 5. Other Information 10
Item 6. Exhibits and Reports on Form 8-K 10
Signatures 11
EXHIBIT INDEX
Exhibit 11 Computation of Per Share Earnings 12
Exhibit 27 Financial Data Schedule
</TABLE>
2
<PAGE> 3
TRIDEX CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
JULY 1, 1995 APRIL 1, 1995
------------ -------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 393 $ 347
Receivables 10,383 9,635
Inventories 8,915 8,238
Prepaid expenses 470 601
Deferred tax assets 742 742
------- -------
Total current assets 20,903 19,563
------- -------
Plant and equipment, net 4,687 4,423
Excess of cost over fair value of net assets acquired 10,043 10,260
Other assets 2,052 2,116
------- -------
$37,685 $36,362
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank loans payable $ 4,194 $ 2,400
Current portion of long term debt 2,376 2,346
Accounts payable 4,476 4,877
Accrued liabilities 4,098 3,977
------- -------
Total current liabilities 15,144 13,600
------- -------
Long term debt, less current portion:
Term loan payable 1,166 1,458
Senior subordinated convertible debentures,
due 1997, net of discount of $20 and $22 3,450 3,448
Subordinated convertible term promissory notes,
due 1997, net of discount of $265 and $308 935 1,092
Other 138 187
------- -------
5,689 6,185
------- -------
Shareholders' equity:
Common stock, at stated value 950 950
Additional paid-in capital 21,854 21,853
Accumulated deficit (5,299) (5,612)
Cumulative translation adjustment 85 124
Common shares held in treasury, at cost (738) (738)
------- -------
$16,852 $16,577
------- -------
$37,685 36,362
======= =======
</TABLE>
SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.
3
<PAGE> 4
TRIDEX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
13 WEEKS ENDED
----------------------------
JULY 1, 1995 JULY 2, 1994
------------ ------------
<S> <C> <C>
Net sales $ 15,113 $ 10,411
---------- ----------
Operating costs and expenses:
Cost of sales 10,223 6,756
Engineering, design and product development costs 720 492
Selling, administrative and general expenses 3,220 2,221
---------- ----------
14,163 9,469
---------- ----------
Operating profit 950 942
Other charges (income):
Interest expense, net 360 225
11 (48)
---------- ----------
Other, net 371 177
Profit before income taxes 579 765
Provision for income taxes 266 325
---------- ----------
Net income $ 313 $ 440
========== ==========
Earnings per common and common equivalent share:
Primary $ 0.08 $ 0.12
========== ==========
Average common and common equivalent shares outstanding 3,883,389 3,806,239
========== ==========
</TABLE>
SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.
4
<PAGE> 5
TRIDEX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
13 WEEKS ENDED
----------------------------
JULY 1, 1995 JULY 2, 1994
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 313 $ 440
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 641 466
Changes in operating assets and liabilities:
Receivables (790) 1,319
Inventory (696) (450)
Other current assets 128 (110)
Other assets (7) (66)
Accounts payable, accrued liabilities and income taxes payable (242) 118
------ -------
Net cash (used in) provided by operating activities (653) 1,717
------ -------
Cash flows from investing activities:
Purchases of plant and equipment (585) (623)
Acquired assets and acquisition costs, net of cash acquired (5,508)
Other (4)
------ -------
Net cash used in investing activities (589) (6,131)
------ -------
Cash flows from financing activities:
Net change in borrowings under line of credit 1,794 1,300
Net proceeds from issuance of long term debt 3,500
Principal payments on long term borrowings (505) (337)
Issuance of common stock 658
Proceeds from exercise of stock options and warrants 1 14
Other (3)
------ -------
Net cash provided by financing activities 1,287 5,135
------ -------
Effect of exchange rate changes on cash 1
Increase in cash and cash equivalents 46 721
Cash and cash equivalents at beginning of period 347 39
------ -------
Cash and cash equivalents at end of period $ 393 $ 760
====== =======
Supplemental cash flow information:
Interest paid $ 305 $ 226
Income taxes paid 220 90
Supplemental non-cash investing and financing activities:
Acquisitions:
Fair market value of assets acquired, excluding cash acquired $ 3,881
Goodwill 3,978
Debt incurred (4,800)
Liabilities assumed (2,351)
Issuance of common stock (658)
-------
Net cash used $ 50
=======
</TABLE>
SEE NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS.
5
<PAGE> 6
TRIDEX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
1. In the opinion of the Company, the accompanying unaudited consolidated
condensed financial statements contain all adjustments (consisting only
of normal recurring adjustments) necessary to present fairly its
financial position as of July 1, 1995, the results of its operations for
the 13 weeks ended July 1, 1995 and July 2, 1994 and changes in its cash
flows for the 13 weeks ended July 1, 1995 and July 2, 1994. The April
1, 1995 consolidated condensed balance sheet has been derived from the
Company's annual financial statements at that date.
The financial position and results of operations of the Company's
foreign subsidiaries are measured using local currency as the functional
currency. Assets and liabilities of such subsidiaries have been
translated at current exchange rates, and related revenues and expenses
have been translated at weighted average exchange rates. The aggregate
effect of translation adjustments so calculated is included as a
separate component of shareholders' equity. Transaction gains and
losses are included in other income.
The results of operations for the 13 weeks ended July 1, 1995 and July
2, 1994 are not necessarily indicative of the results to be expected for
the full year.
2. Primary earnings per common share is based on the weighted average
number of shares outstanding during the period after consideration of
the dilutive effect of stock options and warrants.
3. Inventories:
Components of inventory are:
<TABLE>
<CAPTION>
July 1, 1995 April 1, 1995
------------ -------------
(Dollars in Thousands)
<S> <C> <C>
Raw materials and $6,618 $6,232
component parts
Work-in-process 1,201 869
Finished goods 1,096 1,137
------ ------
$8,915 $8,238
====== ======
</TABLE>
4. Environmental matters:
Allu Realty Trust ("Allu"), a Massachusetts business trust, with
transferable shares, all of which are owned by Tridex, is the former
owner of land improved with a manufacturing-warehouse building located
at 100 Foley Street, Somerville, Massachusetts (the "Site"). Although
Allu has sold the property to 100 Foley Street Incorporated ("Foley"),
an unrelated entity, Allu and Tridex remain responsible for certain
environmental problems associated with the Site.
During July 1984, Allu and Tridex disclosed to the Massachusetts
Department of the Attorney General the existence of chromium, oil and
grease at the Site. As a result, the Environmental Protection Division
of the Department of the Attorney General and the Massachusetts
Department of Environmental Protection ("MDEP") conducted an
investigation of the Site. At MDEP's request, the Company retained an
environmental engineering firm, which completed a Phase II investigation
study of the Site. The Company has conducted further studies to
characterize and assess the Site more specifically and to determine
appropriate long term clean-up measures. In January 1993, the Company
entered into an agreement with Foley pursuant to which Tridex and Foley
agreed to pay 75% and 25%, respectively, of the costs incurred after
January 1, 1992 in connection with the investigation and remediation of
the Site (the "Site Participation Agreement"). The Site Participation
Agreement also provides that, to the extent there are available proceeds
6
<PAGE> 7
from the sale of the Site or, if not sold, from the operation of the Site
after January 1, 1997, Tridex shall be reimbursed for all or a portion of
the $260,000 it expended in connection with the Site prior to January 1,
1992. Under the terms of an Escrow Agreement entered into by Tridex and
Foley simultaneously with the Site Participation Agreement (the "Escrow
Agreement"), Tridex and Foley each placed $125,000 into escrow to fund
the payment of their obligations under the Site Participation Agreement.
Under the terms of the Escrow Agreement, Tridex must place an additional
$100,000 in escrow at the request of the Escrow Agent and thereafter the
amount of any additional funds required by the Escrow Agent to be placed
in escrow shall be contributed 75% by Tridex and 25% by Foley.
Approximately $1,000 is being held in escrow as of July 1, 1995, all of
which was contributed by Foley.
As of July 1, 1995, the Company had spent approximately $589,000 in
connection with the Site. Of this amount, approximately $429,000 relates
to investigation or remediation costs incurred at the Site. Although it
is difficult to distinguish between amounts spent for investigation and
remediation, the Company estimates that approximately $356,000 has been
spent in connection with investigation and approximately $73,000 has been
spent in connection with remediation of the Site. The Company estimates
that approximately $100,000 to $300,000 will be spent in connection with
the Site during fiscal 1996, including expenditures from the escrow
account. Based upon preliminary estimates provided by a consulting
environmental engineer and based upon the likely future uses of the
property, as of July 1, 1995, the Company had accrued $323,000 for the
estimated liability associated with the Site which represents currently
estimated minimum cost of remediation, after considering the cost sharing
arrangement discussed above. Accordingly, although no assurances can be
given regarding the materiality of the total costs which may be incurred,
the Company does not believe at this time that the remediation of the
Site is reasonably likely to have a material effect on the Company's
financial condition, results of operations or liquidity. The Company
believes that implementation of clean-up measures will commence, and may
be completed, in fiscal 1996, in which case the entire amount of
remediation costs to be borne by the Company would be incurred and paid
in fiscal 1996. The Company expects that, as in the past, funds being
held in escrow, cash from operations and the Company's credit facilities
will be sufficient to pay the costs of remediation without a material
effect on the Company's operations.
The Company has also been notified by an adjacent property owner, Cooper
Industries ("Cooper"), that certain petroleum products that may have
migrated from the Site have been detected in a monitoring well located on
Cooper's property. The Company and Foley are investigating possible oil
contamination along the border between the Site and the property owned by
Cooper.
5. Bank Credit Agreement:
The Company's agreement with Fleet Bank, N.A. ("Fleet"), (the "Fleet
Credit Agreement") provides the Company with a $4,625,000 working
capital revolving credit facility (the "Working Capital Facility") and a
$3,500,000 acquisition term loan facility (the "Acquisition Facility").
The Working Capital Facility is for a term of one year, bears interest
payable monthly at a rate one percentage point above Fleet's prime rate,
or 10.0% at July 1, 1995, and bears a non-utilization fee. Availability
under the Working Capital Facility is limited to 80% of the Company's
eligible accounts receivable and 25% of the Company's eligible
inventory. The Acquisition Facility, which was used to fund the
acquisition discussed below, is for a term of three years, bears
interest payable monthly at a rate 1.5 percentage points above Fleet's
prime rate, or 10.5% on July 1, 1995, and requires principal to be paid
in quarterly installments. The Fleet Credit Agreement is secured by a
first priority security interest in certain assets, imposes certain
covenants (including minimum tangible capital base, minimum working
capital, maximum leverage ratios and minimum interest coverage ratios)
and restricts the amount available for payment of cash dividends and
capital stock distributions.
6. Acquisition of Cash Bases GB Limited:
On June 20, 1994, the Company completed the acquisition of Cash Bases GB
Limited ("Cash Bases"), of Newhaven, England. The purchase price of
3,500,000 U.K. pounds sterling (approximately $5.330 million) was paid
3,067,000 U.K. pounds sterling (approximately $4.672 million) in cash
and 433,000 U.K. pounds sterling (approximately $658,000) by delivery
of 96,788 shares of Tridex common stock, of which 72,647 shares were
placed in escrow to secure the accuracy of certain representations and
warranties made by the sellers. The escrowed shares were released as
scheduled since the Company made no claim against the sellers for breach
of representations and warranties prior to the scheduled release date.
In addition, the Company guaranteed the sellers that the sales price of
all such shares
7
<PAGE> 8
sold by sellers will not be less than the average market price of Tridex
common stock at the time of the acquisition ($6.80 per shares). The
Company's liability must be settled in U.K. pounds sterling when the
shares are sold. Based upon the current market price for the Company's
common stock and current foreign exchange rates, the Company's liability
for the final installment of 27,942 shares released from escrow in June
1995 will approximate $35,000.
The Company financed the cash portion of the purchase price through the
Fleet Credit Agreement, discussed above. The acquisition has been
accounted for using the purchase method of accounting. The acquired
company's assets and liabilities have been recorded in the Company's
financial statements at their estimated fair values at the acquisition
date. The Consolidated Statements of Income include the results of
operations of the acquired company from the acquisition date. The
following pro forma data (unaudited) reflect the fiscal 1995 acquisition
of Cash Bases as if the acquisition had occurred at the beginning of
fiscal 1995; such data does not purport to be indicative of what would
have occurred had this transaction been made on that date:
<TABLE>
<CAPTION>
13 Weeks Ended
July 2, 1994
------------
(In thousands of dollars,
except per share amounts)
(Unaudited)
<S> <C>
Revenue $13,036
Operating profit 1,149
Net income 503
Earnings per common and common
equivalent share $ 0.13
</TABLE>
7. Other charges (income):
Other non-operating expense for the current quarter is primarily
transactional foreign exchange losses. Other charges (income) in the
first quarter of fiscal 1995 includes $115,000 of additional cash
compensation received in the quarter related to the October, 1993 sale
of the general solenoid product line of Magnetec Corporation
("Magnetec"), a wholly-owned subsidiary of the Company, offset by an
additional provision for loss on disposal of unused real estate of
$70,000.
8
<PAGE> 9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION
RESULTS OF OPERATIONS
FIRST QUARTER FISCAL 1996 COMPARED TO FIRST QUARTER FISCAL 1995
CONSOLIDATED NET SALES for the quarter (13 weeks) ended July 1, 1995 increased
$4,702,000 (45%) to $15,113,000 from $10,411,000 in the comparable quarter of
the prior year. The increase is due to the contribution of Cash Bases GB
Limited ("Cash Bases") acquired on June 20, 1994 and to greater volume of
shipments of POS printers and POS terminals.
CONSOLIDATED GROSS PROFIT increased $1,235,000 (34%) to $4,890,000 from
$3,655,000 in the prior year's quarter, primarily as a result of the
contribution of Cash Bases and to the greater volume of shipments of POS
printers and POS terminals. Gross profit was adversely impacted by the
relocation of Magnetec during the current quarter and by a production
disruption experienced during a manufacturing system conversion at Cash Bases.
Consolidated gross profit percentage decreased to 32% of sales from 35% of
sales in the prior year's quarter. The decrease in gross margin reflects a
change in sales mix of products into the POS markets and the non-recurring
costs and unfavorable variances incurred by Magnetec and Cash Bases during the
quarter.
CONSOLIDATED ENGINEERING, DESIGN AND PRODUCT DEVELOPMENT COSTS increased
$228,000 (46%) to $720,000 from $492,000 in the prior year's quarter. The
increase is primarily the result of the inclusion of such costs for Cash Bases,
as well as the cost of developing new products and enhancing existing products.
CONSOLIDATED SELLING, ADMINISTRATIVE AND GENERAL EXPENSES increased $999,000
(45%) to $3,220,000 from $2,221,000 in the prior year's quarter. The increase
in selling expenses is primarily the result of the inclusion of such costs for
Cash Bases and the increased staff to support a greater selling effort, in both
the United States and the European markets. The increase in general and
administrative expenses is primarily the result of the inclusion of such costs
for Cash Bases and additional employee costs, professional services to support
business growth and the amortization of acquisition and finance costs.
CONSOLIDATED OPERATING PROFIT for the current quarter increased $8,000 (1%) to
$950,000 from $942,000 in the prior year's quarter, primarily as a result of
the greater volume of shipments of POS printers and POS terminals.
Consolidated operating profit as a percentage of revenue decreased to 6% from
9% in the prior year's quarter.
NET INTEREST EXPENSE increased $135,000 (60%) to $360,000 from $225,000 in the
prior year's quarter. The increase in interest expense was due primarily to
the additional indebtedness incurred to acquire Cash Bases.
OTHER NON-OPERATING EXPENSE, NET for the current quarter is primarily
transactional foreign exchange losses. The prior year's quarter includes an
additional gain of $115,000 related to the October 1993 sale of the Magnetec
solenoid product line, offset by an additional provision of $70,000 for loss on
disposal of unused real estate.
PROVISION FOR INCOME TAXES reflects an increase in the effective tax rate to
46% from 42.5% in the prior year.
NET INCOME for the current quarter was $313,000 (or $0.08 per share) as
compared to $440,000 (or $0.12 per share) in the prior year's quarter. The
average number of common and common equivalent shares outstanding increased to
3,883,389 shares from 3,806,239 shares in the prior year's quarter.
LIQUIDITY AND CAPITAL RESOURCES
The Company's working capital at July 1, 1995 was $5,759,000 compared with
$5,963,000 at April 1, 1995. The current ratio was 1.4 to 1 at July 1, 1995
and at April 1, 1995. The decrease in working capital is due largely to the
additional borrowings under short term credit facilities.
The Company's Working Capital Facility with the Fleet Bank, N.A. ("Fleet"),
provides critical capital for the Company. If for any reason this or
comparable financing is not available to the Company, it would have an adverse
effect on the Company and it's ability to conduct its operations as presently
conducted. The Company is required to comply with certain financial covenants,
including minimum tangible capital base, minimum working capital, maximum
leverage ratios and minimum interest coverage ratios, otherwise the lender may
withdraw its
9
<PAGE> 10
commitment. The Company was in full compliance with these covenants for the
period ended July 1, 1995 and expects to be in full compliance with these
covenants for the remainder of fiscal 1996.
During the first quarter of fiscal year 1996, the Company's operating cash
needs were satisfied from cash generated from operations and borrowings under
its credit facilities. At July 1, 1995, the Company had no material
commitments for capital expenditures and had availability of $725,000 under the
Working Capital Facility. As indicated above, during the first quarter of
fiscal 1996, the Company's operations were effected by the relocation of
Magnetec to a new facility, a temporary decrease in distributor demand for POS
printers and a production disruption during a manufacturing system conversion
at Cash Bases. As a result, cash flow from operations was adversely affected.
In order to meet anticipated cash requirements during the first and second
quarters of fiscal 1996, the Company and Fleet amended the Working Capital
Facility to increase its borrowing limit to $4,625,000. In addition, to assure
sufficient working capital availability, several senior executives agreed to
defer payment of incentive bonuses totaling approximately $380,000 from June to
July, 1995. During the remainder of fiscal 1996, the Company expects that
funds generated from operations, supplemented by borrowings under the Working
Capital Facility, if necessary, will be sufficient to satisfy its cash needs
for working capital, scheduled debt retirements and capital expenditures,
primarily tooling for new products.
Over the long term, the Company believes that funds generated from operations
and borrowings under the Working Capital Facility, if necessary, will continue
to satisfy its working capital needs, support a certain level of growth and
meet scheduled debt retirements. Nevertheless, to facilitate anticipated
growth and provide additional liquidity, as well as take advantage of the
current favorable financial market, the Company is reviewing refinancing
alternatives regarding its short and long term debt.
PART II. OTHER INFORMATION
ITEM 5. Other Information
Until August 8, 1995, the Company's Common Stock was listed on the American
Stock Exchange (the "AMEX") where it traded under the symbol "TDX." As of
August 9, 1995, the Common Stock ceased to be traded on the AMEX and became
quoted on and commenced trading on the National Association of Securities
Dealers Automated Quotation - National Market System ("NASDAQ - NMS") under the
symbol "TRDX."
ITEM 6. Exhibits and Reports on Form 8-K
a. Exhibits
Exhibit 11. Computation of Per Share Earnings
Exhibit 27. Financial Data Schedule
b. Reports on Form 8-K
The Company did not file any reports on Form 8-K during the
quarter covered by this report.
10
<PAGE> 11
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.
TRIDEX CORPORATION
(Registrant)
August 10, 1995 /s/Seth M. Lukash
-----------------
Seth M. Lukash
Chairman of the Board, President, Chief Executive
Officer, and Chief Operating Officer
August 10, 1995 /s/Richard L. Cote
------------------
Richard L. Cote
Senior Vice President and
Chief Financial Officer
August 10, 1995 /s/George T. Crandall
---------------------
George T. Crandall
Vice President and Treasurer
11
<PAGE> 12
EXHIBIT INDEX
Exhibit No. Description Page No.
--------- --------------------- -------
EX-11 Computation of per share earnings
EX-27 Financial Data Schedule
<PAGE> 1
TRIDEX CORPORATION AND SUBSIDIARIES
EXHIBIT 11 COMPUTATION OF PER SHARE EARNINGS
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
13 WEEKS ENDED
------------------------------
JULY 1, 1995 JULY 2, 1994
------------ ------------
<S> <C> <C>
PRIMARY:
EARNINGS:
Net income $ 313 $ 440
========== ==========
SHARES:
Average common shares outstanding 3,679,788 3,551,988
Dilutive effect of outstanding options and warrants
as determined by the treasury stock method 203,601 254,251
---------- ----------
3,883,389 3,806,239
========== ==========
EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE:
Primary $ 0.08 $ 0.12
========== ==========
</TABLE>
12
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A) TRIDEX
CORPORATION QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JULY 1, 1995 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH (B) FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-30-1996
<PERIOD-START> APR-02-1995
<PERIOD-END> JUL-01-1995
<CASH> 393
<SECURITIES> 0
<RECEIVABLES> 10,433
<ALLOWANCES> 50
<INVENTORY> 8,915
<CURRENT-ASSETS> 20,903
<PP&E> 11,703
<DEPRECIATION> 7,016
<TOTAL-ASSETS> 37,685
<CURRENT-LIABILITIES> 15,144
<BONDS> 5,689
<COMMON> 950
0
0
<OTHER-SE> 15,902
<TOTAL-LIABILITY-AND-EQUITY> 37,685
<SALES> 15,113
<TOTAL-REVENUES> 15,113
<CGS> 10,223
<TOTAL-COSTS> 10,223
<OTHER-EXPENSES> 3,941
<LOSS-PROVISION> 10
<INTEREST-EXPENSE> 360
<INCOME-PRETAX> 579
<INCOME-TAX> 266
<INCOME-CONTINUING> 313
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 313
<EPS-PRIMARY> .08
<EPS-DILUTED> .08
</TABLE>
