<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 1, 1998
-----------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-8044
-------------------------------------------
HUNT CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 21-0481254
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Commerce Square 2005 Market Street, Philadelphia, PA 19103
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone no., including area code (215) 656-0300
-----------------
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 April 1, 1998, there were outstanding 11,277,000 shares of the
registrant's common stock.
<PAGE>
Page 2
HUNT CORPORATION
INDEX
Page
----
PART I - FINANCIAL INFORMATION
---------------------
Item 1 - Financial Statements
--------------------
Condensed Consolidated Balance Sheets as of
March 1, 1998 and November 30, 1997 3
Condensed Consolidated Statements of Income -
Three Months Ended March 1, 1998 and March 2, 1997 4
Condensed Consolidated Statements of Cash Flows -
Three Months Ended March 1, 1998 and March 2, 1997 5
Notes to Condensed Consolidated Financial
Statements 6 - 7
Item 2 - Management's Discussion and Analysis of
---------------------------------------
Financial Condition and Results of Operations 8 - 11
---------------------------------------------
PART II - OTHER INFORMATION
-----------------
Item 6 - Exhibits and Reports on Form 8-K 12
--------------------------------
Signatures 13
----------
Exhibit Index 14
-------------
<PAGE>
Part I - FINANCIAL INFORMATION Page 3
---------------------
Item 1. Financial Statements
Hunt Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands except share and per share amounts)
<TABLE>
<CAPTION>
March 1, November 30,
ASSETS 1998 1997
---------- ------------
Current assets:
<S> <C> <C>
Cash and cash equivalents $ 47,561 $ 65,449
Accounts receivable, less allowance for doubtful
accounts: 1998, $2,001; 1997, $1,842 34,500 33,565
Inventories:
Raw materials 8,232 7,345
Work in process 3,288 2,845
Finished goods 11,057 9,962
---------- ------------
Total inventories 22,577 20,152
Deferred income taxes 7,070 9,107
Prepaid expenses and other current assets 2,392 2,051
---------- ------------
Total current assets 114,100 130,324
Property, plant and equipment, at cost, less accumulated depreciation and
amortization:
1998, $39,772; 1997, $38,738 44,961 42,973
Excess of acquisition costs over net assets acquired,
less accumulated amortization 26,193 26,906
Intangible assets, net 2,512 2,587
Other assets 7,576 6,732
---------- ------------
Total assets $ 195,342 $ 209,522
========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 3,527 $ 2,203
Accounts payable 10,989 11,120
Accrued expenses:
Salaries, wages and commissions 2,875 4,675
Income taxes 5,487 14,089
Insurance 1,881 1,891
Compensated absences 1,983 2,116
Restructuring 7,269 9,385
Other 14,179 18,633
---------- ------------
Total current liabilities 48,190 64,112
Long-term debt, less current portion 53,871 54,096
Deferred income taxes 2,166 3,527
Other non-current liabilities 14,759 13,126
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.10 par value, authorized 1,000,000 shares (including
50,000 shares of Series A Junior
Participating Preferred); none issued - -
Common stock, $.10 par value, 40,000,000 shares
authorized; issued: 1998 and 1997 -16,152,322 shares 1,615 1,615
Capital in excess of par value 6,434 6,434
Cumulative translation adjustment (659) 275
Retained earnings 153,085 151,093
---------- ------------
160,475 159,417
Less cost of treasury stock:
1998 - 4,945,172 shares; 1997 - 4,985,224 shares (84,119) (84,756)
---------- ------------
Total stockholders' equity 76,356 74,661
---------- ------------
Total liabilities and stockholders' equity $ 195,342 $ 209,522
========== ============
See accompanying notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
Page 4
Hunt Corporation
Condensed Consolidated Statements of Income
(Unaudited)
(In thousands except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended
----------------------------
March 1, March 2
1998 1997
------------ ------------
<S> <C> <C>
Net sales $61,265 $61,404
Cost of sales 37,582 38,142
------------ ------------
Gross profit 23,683 23,262
Selling and shipping expenses 10,910 11,709
Administrative and general expenses 7,361 8,747
Restructuring and other - (438)
------------ ------------
Income from operations 5,412 3,244
Interest expense 1,183 1,323
Other income, net (867) (33)
------------ ------------
Income from continuing operations before income taxes 5,096 1,954
Provision for income taxes 1,783 664
------------ ------------
Income from continuing operations 3,313 1,290
Income from discontinued operations, net of income taxes of $607 - 1,109
------------ ------------
Net income $3,313 $ 2,399
============ ============
Basic earnings per common share:
Income from continuing operations $ .30 $ .12
Income from discontinued operations - .10
------------ ------------
Net income per share $ .30 $ .22
============ ============
Diluted earnings per common share:
Income from continuing operations $ .28 $ .11
Income from discontinued operations - .10
------------ ------------
Net income per share $ .28 $ .21
============ ============
Dividends per common share $ .103 $ .095
============ ============
See accompanying notes to condensed consolidated financial statements.
</TABLE>
<PAGE>
Page 5
Hunt Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three Months Ended
---------------------------------
March 1, March 2,
1998 1997
------------ --------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 3,313 $ 2,399
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 1,956 2,345
Deferred income taxes 676 271
Loss on disposals of property, plant and equipment 4 36
Gain on sale of businesses - (474)
Payments for special charges (2,169) (181)
Issuance of stock under management incentive bonus
and stock grant plans 197 918
Changes in operating assets and liabilities, including
effect of divestitures (17,898) (22)
------------ --------------
Net cash provided by (used in) operating activities (13,921) 5,292
------------ --------------
Cash flows from investing activities:
Additions to property, plant and equipment (4,092) (995)
Proceeds from sale of businesses - 10,956
Other, net 20 (837)
------------ --------------
Net cash provided by (used in) investing activities (4,072) 9,124
------------ --------------
Cash flows from financing activities:
Proceeds from issuance of long-term debt 1,385 -
Payments on long-term debt, including current maturities (167) (11,000)
Book overdrafts (393) -
Proceeds from exercise of stock options 932 113
Dividends paid (1,145) (1,043)
Other, net (38) 139
------------ --------------
Net cash provided by (used in) financing activities 574 (11,791)
------------ --------------
Effect of exchange rate changes on cash (469) (55)
------------ --------------
Net increase (decrease) in cash and cash equivalents (17,888) 2,570
Cash and cash equivalents, beginning of period 65,449 1,528
------------ --------------
Cash and cash equivalents, end of period $ 47,561 $ 4,098
============ ==============
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
Page 6
Hunt Manufacturing Co.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1. The accompanying condensed consolidated financial statements and related
notes are unaudited; however, in management's opinion all adjustments
(consisting of normal recurring accruals) necessary for a fair presentation of
the financial position at March 1, 1998 and the results of operations and cash
flows for the periods shown have been made. Such statements are presented in
accordance with the requirements of Form 10-Q and do not include all disclosures
normally required by generally accepted accounting principles or those normally
made in Form 10-K.
2. During the first quarter of fiscal 1998, the Company adopted Statement of
Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share." SFAS No.
128 simplifies the standards for computing earnings per share by replacing the
"primary" and "fully diluted" calculations previously used with "basic earnings
per share" which includes only actual shares outstanding and "diluted earnings
per share" which includes the effect of any common stock equivalents or other
items that dilute earnings per share. Earnings per share amounts have been
restated in accordance with SFAS No. 128 as shown below:
<TABLE>
<CAPTION>
Three Months Ended
March 1, 1998 March 2, 1997
------------- -------------
<S> <C> <C>
Income from continuing operations $3,313 $1,290
Income from discontinued operations - 1,109
---------- ---------
Net income 3,313 2,399
Basic earnings per share:
Average common shares outstanding 11,203 11,007
Income from continuing operations $ .30 $ .12
Income from discontinued operations - .10
---------- ---------
Net income $ .30 $ .22
Diluted earnings per share:
Average common shares outstanding 11,203 11,007
Add: common equivalent shares representing
shares issuable upon exercise of stock options
and stock grants 590 290
---------- ----------
Average common shares and dilutive
securities outstanding 11,793 11,297
Income from continuing operations $.28 $.11
Income from discontinued operations - .10
---------- ----------
Net income $.28 .21
</TABLE>
<PAGE>
Page 7
3. During the second quarter of fiscal 1997, the Company initiated a new
strategy for growth and restructuring plan. As a result, the Company recorded a
pre-tax charge to earnings of $26.8 million in fiscal 1997 of which 49% was for
cash items. The following table sets forth the details and the cumulative
activity in the various accruals associated with the restructuring plan in the
Condensed Consolidated Balance Sheets at March 1,1998 (in thousands):
<TABLE>
<CAPTION>
Accrual Balance Current Cash Non-Cash Accrual Balance
at November 30, 1997 Provision Reductions Reductions at March 1, 1998
-------------------- --------- ---------- ---------- ----------------
<S> <C> <C> <C> <C> <C>
Restructuring and
non-current liabilities $11,391 - $(2,169) $ (13) $ 9,209
PP&E, Inventory, and
intangible assets 2,091 - - (383) 1,708
------- ------- ------- ------- -------
Total $13,482 - $(2,169) $ (396) $10,917
</TABLE>
4. During the first quarter of fiscal 1997, the Company realized a net gain of
$.5 million pre-tax, or $.03 per share after-tax, on the divestitures of its
Lit-Ning business and its Hunt Data Products' MediaMate and Calise' brand
products. The net gain is included in restructuring and other costs in the
accompanying Condensed Consolidated Statements of Income
5. In November 1997, the Company sold its Bevis office furniture business. Bevis
had sales of approximately $15.2 million and income after-taxes of $1.1 million
in the first quarter of fiscal 1997. The Bevis business is presented as a
discontinued operation in the accompanying Condensed Consolidated Statements of
Income and Notes to Condensed Consolidated Financial Statements.
6. The Company has been sued for patent infringement with respect to one of its
relatively minor products, and the trial is presently scheduled to commence
during the Company's second fiscal quarter. The Court has ordered pretrial
mediation of this matter. The plaintiff has offered to settle for a payment of
$1.0 million by the Company and the Company's agreement to redesign the
allegedly infringing product. Settlement discussions are continuing. Although
the Company believes that it has good defenses to the plaintiff's claims and
should ultimately prevail in the litigation if the matter is not settled, there
can be no assurance that this will be the case.
<PAGE>
Page 8
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
The following discussion includes certain forward-looking statements. Such
forward-looking statements represent management's assessment based upon
information currently available, but are subject to risks and uncertainties
which could cause actual results to differ materially from those set forth in
the forward-looking statements. These risks and uncertainties include, but are
not limited to, the Company's ability to successfully complete the
implementation, and realize the anticipated growth and other benefits, of its
strategic plan on a timely basis, the effect of general economic conditions,
technological and other changes affecting the manufacture of and demand for the
Company's products, competitive and other pressures in the market place, and
other risks and uncertainties set forth herein and in the Company's Forms 10-Q,
10-K and 8-K filings with the Securities and Exchange Commission
In April 1997, the Company initiated a new strategy for growth and restructuring
plan (the "strategic plan") designed to restore higher levels of sales growth,
profitability and to reduce its cost structure. The cost reduction portion of
the strategic plan resulted in cost savings of approximately $7.3 million in
fiscal 1997 and management believes will result in annual cost savings of
approximately $18.0 million in fiscal 1998. Approximately $4.7 million of the
1998 savings was realized in the first quarter of fiscal 1998. The cost savings
are expected to result primarily from a significant reduction of the Company's
stock keeping units ("SKU's"), the rationalization of manufacturing and
warehouse facilities and from a major restructuring of its administrative and
marketing and selling functions, most of which actions were accomplished during
fiscal 1997. Although the Company expects realization of such future cost
savings, there is no assurance that they will be achieved. (See Note 3 to the
Notes to Condensed Consolidated Financial Statements.)
Results of Operations
Net Sales
Net sales from continuing operations of $61.3 million for the first quarter of
fiscal 1998 declined .2% from the first quarter of fiscal 1997 largely due to
the divestitures of the Lit-Ning, Hunt Data Products and Speedball brand
products businesses, and to a lesser extent, to other products rationalized
during fiscal 1997. Excluding the sales of divested businesses and product
rationalization, net sales would have increased 19% in the first quarter of
fiscal 1998 compared to the first quarter of fiscal 1997. This increase was
largely attributable to higher sales of presentation products (up 21%), such as
foamboard, mounting and laminating equipment and supplies products, and consumer
products (up 16%), consisting of office and art supplies products.
Export sales decreased 9% in the first quarter of 1998 compared to the same
prior year period. Excluding the sales of divested businesses and product
rationalization, export sales would have increased 15% over the first quarter of
fiscal 1997. Foreign sales increased 12% in the first quarter of fiscal 1998
compared to the same period of fiscal
<PAGE>
Page 9
1997, primarily due to sales of products of Sallmetall (acquired near the end of
March 1997). Excluding the effects of Sallmetall and product rationalization,
foreign sales would have decreased 13% from the same prior year period.
Gross Profit
The Company's gross profit percentage increased to 38.7% of net sales in the
first quarter of fiscal 1998 from 37.9% in the first quarter of fiscal 1997. The
first quarter improvement in gross profit percentage reflects the results of the
cost saving initiatives undertaken as part of the Company's restructuring plan
as previously discussed coupled with the incremental margin attributable to
higher sales associated with the Company's strategic plan. Although the Company
has experienced some stabilization in the costs of some of its raw materials,
management is uncertain if this condition will continue.
Selling, Shipping, Administrative and General Expenses
Selling and shipping expenses, as a percentage of net sales, decreased to 17.8%
for the first quarter of fiscal 1998 compared to the prior year first quarter
expense levels of 19.1%. This decrease was principally due to lower marketing
administration expense primarily due to lower headcount resulting from the
Company's strategic plan, previously mentioned and to lower promotional and
freight expenses.
Administrative and general expenses decreased $1.4 million, or 16%, in the first
quarter of fiscal 1998 compared to the first quarter of fiscal 1997 due
primarily to prior year consulting fees related to the Company's strategic plan
($1.0 million pre-tax, or $.06 per share after tax on a basic and diluted basis)
and to current year capitalization of costs in connection with the adoption of
Statement of Position ("SOP") 98-1, "Accounting for the Costs of Computer
Software Developed or Obtained for Internal Use."
Restructuring and Other
In the first quarter of fiscal 1997, the Company realized a net gain on business
divestitures of $.5 million pre-tax, or $.03 per share after-tax.
Interest Expense
Interest expense decreased $0.1 million, or 10%, in the first quarter of fiscal
1998 from the first quarter of fiscal 1997 due to a lower average debt balance.
Other Income, Net
The increase in other income, net, of $.9 million in the first quarter of fiscal
1998 compared to $33,000 in the first quarter of fiscal 1997 was due to higher
interest income resulting from higher average cash balances.
<PAGE>
Page 10
Provision for Income Taxes
The Company's effective income tax rate from continuing operations was 35% for
the first quarter of fiscal 1998 compared to 34% for the first quarter of fiscal
1997.
Financial Condition
The Company's working capital decreased slightly to $65.9 million at the end of
the first quarter of fiscal 1998 from $66.2 million at the end of fiscal 1997.
The current ratio increased to 2.4 at March 1, 1998 from 2.0 at November 30,
1997. The Company's debt/capitalization percentage remained constant at 43% at
the end of the first quarter of fiscal 1998 compared to the end of fiscal 1997.
Available cash balances were sufficient during the first three months of fiscal
1998 to fund additions to property, plant and equipment of $4.1 million and pay
cash dividends of $1.1 million.
Current assets decreased to $114.1 million at the end of the first quarter of
fiscal 1998 from $130.3 million at the end of fiscal 1997, largely as a result
of lower cash and cash equivalent balances and deferred income taxes partially
offset by higher inventory. The decrease in cash and cash equivalents was
largely due to income tax payments in connection with the net gains on business
divestitures, capital expenditures and payments associated with the
restructuring plan. Inventories increased to $22.6 million at March 1, 1998 from
$20.2 million at November 30, 1997, due principally to higher anticipated sales
volume. The $2.0 million decrease in deferred income taxes was due to temporary
differences between reporting for financial and income tax purposes in
connection with the restructuring charges.
Current liabilities decreased to $48.2 million at the end of the first quarter
of fiscal 1998 from $64.1 million at the end of fiscal 1997. This decrease was
largely attributable to the payments of income taxes and reductions in the
accruals associated with the Company's business divestitures and restructuring
plan.
The effect of unfavorable currency exchange rates for the British pound sterling
and the Dutch guilder (the functional currencies of the Company's U.K. and
Holland operations, respectively) was the principal cause for the $0.9 million
decrease in the cumulative translation adjustment account in stockholders'
equity.
The Company has a revolving credit agreement of $75 million and a line of credit
agreement of $2.5 million. There was $1.6 million borrowed under these credit
facilities as of March 1, 1998. Management believes that funds generated from
operations, combined with the existing credit facilities, will be sufficient to
meet currently anticipated working capital and other capital and debt service
requirements. Should the Company require additional funds, management believes
that the Company could obtain them at competitive costs. Management currently
expects that total fiscal 1998 expenditures for additions to property, plant and
equipment to increase capacity and productivity will approximate $15.0 million,
of which approximately $4.1 million has been expended through the first three
months of fiscal 1998.
<PAGE>
Page 11
New Accounting Standards
During the first quarter of fiscal 1998, the Company adopted several new
accounting standards:
SFAS No. 128, "Earnings per Share", changes the manner in which earnings per
share amounts are calculated and presented. See Note 2 to Condensed Consolidated
Financial Statements herein.
SOP 98-1, "Accounting for the Costs of Computer Software Developed or Obtained
for Internal Use", provides guidance in accounting for the costs of computer
software developed or obtained for internal use and for determining if computer
software is for internal use. The adoption of this Statement does not have a
material impact on the Company's results of operations or financial position.
SOP 96-1, "Environmental Remediation Liabilities," provides guidance on specific
accounting issues that are present in the recognition, measurement, display and
disclosure of environmental remediation liabilities. The adoption of this
statement does not have a material impact on the Company's results of operations
or financial position.
During 1997, the FASB issued SFAS No. 130, "Reporting Comprehensive Income" and
SFAS No. 131, "Disclosures about Segments of an Enterprise and Related
Information." SFAS No. 130 requires that the components of comprehensive income
be reported in the financial statements. SFAS No. 131 requires the reporting of
segment information utilizing the approach that the Company uses to manage its
internal organization. Also, SFAS 131 requires the reporting of segment
information on a condensed basis for interim periods beginning in fiscal 1999.
The statements are effective for fiscal years beginning after December 15, 1997.
The adoption of SFAS No. 130 and SFAS No. 131 is not expected to have any impact
on the Company's consolidated results of operations, financial position or cash
flows.
<PAGE>
Page 12
Item 6 Exhibits and Reports on Form 8-K
(a) Exhibits
27. Financial Data Schedule for the quarter ended March 1, 1998.
27.1 Restated Financial Data Schedule for the year ended November 30, 1997.
27.2 Restated Financial Data Schedule for the quarter ended March 2, 1997.
27.3 Restated Financial Data Schedule for the quarter ended June 1, 1997.
27.4 Restated Financial Data Schedule for the quarter ended August 31, 1997.
27.5 Restated Financial Data Schedule for the year ended December 1, 1996.
27.6 Restated Financial Data Schedule for the quarter ended March 3, 1996.
27.7 Restated Financial Data Schedule for the quarter ended June 2, 1996.
27.8 Restated Financial Data Schedule for the quarter ended September 1, 1996.
27.9 Restated Financial Data Schedule for the year ended December 3, 1995.
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter for which this
report is filed.
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<PAGE>
Page 13
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.
HUNT CORPORATION.
Date April 14, 1998 By /s/ William E. Chandler
----------------------------- ----------------------------
William E. Chandler
Senior Vice President, Finance
(Principal Financial Officer)
Date April 14, 1998 By /s/ Donald L. Thompson
------------------------------ ---------------------------
Donald L. Thompson
Chairman of the Board
and Chief Executive Officer
Date April 14, 1998 By /s/ John Fanelli III
------------------------------ -------------------------
John Fanelli III
Vice President, Corporate Controller
(Principal Accounting Officer)
<PAGE>
Page 14
EXHIBIT INDEX
<TABLE>
<CAPTION>
<S> <C>
Exhibit 27 - Financial Data Schedule for the quarter ended March 1, 1998.
-----------------------------------------------------------
Exhibit 27.1 - Restated Financial Data Schedule for the year ended November 30, 1997.
----------------------------------------------------------------------
Exhibit 27.2 - Restated Financial Data Schedule for the quarter ended March 2, 1997.
---------------------------------------------------------------------
Exhibit 27.3 - Restated Financial Data Schedule for the quarter ended June 1, 1997.
--------------------------------------------------------------------
Exhibit 27.4 - Restated Financial Data Schedule for the quarter ended August 31, 1997.
-----------------------------------------------------------------------
Exhibit 27.5 - Restated Financial Data Schedule for the year ended December 1, 1996.
---------------------------------------------------------------------
Exhibit 27.6 - Restated Financial Data Schedule for the quarter ended March 3, 1996.
---------------------------------------------------------------------
Exhibit 27.7 - Restated Financial Data Schedule for the quarter ended June 2, 1996.
--------------------------------------------------------------------
Exhibit 27.8 - Restated Financial Data Schedule for the quarter ended September 1, 1996.
-------------------------------------------------------------------------
Exhibit 27.9 - Restated Financial Data Schedule for the year ended December 3, 1995.
---------------------------------------------------------------------
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-01-1998
<PERIOD-END> MAR-01-1998
<CASH> 47,561
<SECURITIES> 0
<RECEIVABLES> 36,501
<ALLOWANCES> (2,001)
<INVENTORY> 22,577
<CURRENT-ASSETS> 114,100
<PP&E> 93,346
<DEPRECIATION> (48,385)
<TOTAL-ASSETS> 194,590
<CURRENT-LIABILITIES> 48,190
<BONDS> 53,871
0
0
<COMMON> 1,615
<OTHER-SE> 75,409
<TOTAL-LIABILITY-AND-EQUITY> 194,590
<SALES> 61,265
<TOTAL-REVENUES> 61,265
<CGS> 37,582
<TOTAL-COSTS> 37,582
<OTHER-EXPENSES> 17,317
<LOSS-PROVISION> 87
<INTEREST-EXPENSE> 1,183
<INCOME-PRETAX> 5,096
<INCOME-TAX> 1,783
<INCOME-CONTINUING> 3,313
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,313
<EPS-PRIMARY> .30
<EPS-DILUTED> .28
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-K FOR NOVEMBER 30, 1997
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-END> NOV-30-1997
<CASH> 65,449
<SECURITIES> 0
<RECEIVABLES> 35,407
<ALLOWANCES> (1,842)
<INVENTORY> 20,152
<CURRENT-ASSETS> 130,324
<PP&E> 81,711
<DEPRECIATION> (38,738)
<TOTAL-ASSETS> 209,522
<CURRENT-LIABILITIES> 64,112
<BONDS> 54,096
0
0
<COMMON> 1,615
<OTHER-SE> 73,046
<TOTAL-LIABILITY-AND-EQUITY> 209,522
<SALES> 259,540
<TOTAL-REVENUES> 259,540
<CGS> 165,396
<TOTAL-COSTS> 165,396
<OTHER-EXPENSES> 97,767
<LOSS-PROVISION> 786
<INTEREST-EXPENSE> 4,382
<INCOME-PRETAX> (8,791)
<INCOME-TAX> (2,729)
<INCOME-CONTINUING> (6,062)
<DISCONTINUED> 20,114
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 14,052
<EPS-PRIMARY> 1.27
<EPS-DILUTED> 1.27
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINCIAL STATEMENTS INCLUDED IN FORM 10-Q FOR MARCH 2, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-02-1997
<PERIOD-END> MAR-02-1997
<CASH> 4,098
<SECURITIES> 0
<RECEIVABLES> 47,041
<ALLOWANCES> (1,772)
<INVENTORY> 29,505
<CURRENT-ASSETS> 86,162
<PP&E> 97,296
<DEPRECIATION> (48,385)
<TOTAL-ASSETS> 165,334
<CURRENT-LIABILITIES> 33,623
<BONDS> 53,559
0
0
<COMMON> 1,615
<OTHER-SE> 62,609
<TOTAL-LIABILITY-AND-EQUITY> 165,334
<SALES> 61,404
<TOTAL-REVENUES> 61,404
<CGS> 38,141
<TOTAL-COSTS> 38,141
<OTHER-EXPENSES> 19,990
<LOSS-PROVISION> 47
<INTEREST-EXPENSE> 1,323
<INCOME-PRETAX> 1,955
<INCOME-TAX> 664
<INCOME-CONTINUING> 1,291
<DISCONTINUED> 1,109
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,400
<EPS-PRIMARY> 0.22
<EPS-DILUTED> 0.21
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDETED FINANCIAL STATEMENTS INCLUDED IN FORM 10-Q FOR JUNE 1, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-01-1997
<PERIOD-END> JUN-01-1997
<CASH> 4,587
<SECURITIES> 0
<RECEIVABLES> 46,338
<ALLOWANCES> (2,339)
<INVENTORY> 30,432
<CURRENT-ASSETS> 93,121
<PP&E> 95,732
<DEPRECIATION> (45,351)
<TOTAL-ASSETS> 183,252
<CURRENT-LIABILITIES> 47,134
<BONDS> 62,675
0
0
<COMMON> 1,615
<OTHER-SE> 55,163
<TOTAL-LIABILITY-AND-EQUITY> 183,252
<SALES> 123,737
<TOTAL-REVENUES> 123,737
<CGS> 80,430
<TOTAL-COSTS> 80,430
<OTHER-EXPENSES> 51,146
<LOSS-PROVISION> 462
<INTEREST-EXPENSE> 2,671
<INCOME-PRETAX> (10,868)
<INCOME-TAX> (4,199)
<INCOME-CONTINUING> (6,669)
<DISCONTINUED> 2,074
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (4,595)
<EPS-PRIMARY> (0.42)
<EPS-DILUTED> (0.41)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-Q FOR AUGUST 31,1997 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<CASH> 6,126
<SECURITIES> 0
<RECEIVABLES> 46,274
<ALLOWANCES> (2,231)
<INVENTORY> 29,451
<CURRENT-ASSETS> 92,572
<PP&E> 94,421
<DEPRECIATION> (45,600)
<TOTAL-ASSETS> 181,028
<CURRENT-LIABILITIES> 46,732
<BONDS> 57,811
0
0
<COMMON> 1,615
<OTHER-SE> 57,645
<TOTAL-LIABILITY-AND-EQUITY> 181,028
<SALES> 190,947
<TOTAL-REVENUES> 190,947
<CGS> 121,672
<TOTAL-COSTS> 121,672
<OTHER-EXPENSES> 72,249
<LOSS-PROVISION> 734
<INTEREST-EXPENSE> 3,971
<INCOME-PRETAX> (7,523)
<INCOME-TAX> (2,746)
<INCOME-CONTINUING> (4,777)
<DISCONTINUED> 3,685
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,092)
<EPS-PRIMARY> (0.10)
<EPS-DILUTED> (0.10)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACETED FROM THE
COSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-K FOR DECEMBER 1,1996
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-01-1996
<PERIOD-END> DEC-01-1996
<CASH> 1,528
<SECURITIES> 0
<RECEIVABLES> 50,821
<ALLOWANCES> (1,909)
<INVENTORY> 35,391
<CURRENT-ASSETS> 92,000
<PP&E> 106,648
<DEPRECIATION> (53,937)
<TOTAL-ASSETS> 175,674
<CURRENT-LIABILITIES> 33,675
<BONDS> 64,559
0
0
<COMMON> 1,615
<OTHER-SE> 61,065
<TOTAL-LIABILITY-AND-EQUITY> 175,674
<SALES> 264,457
<TOTAL-REVENUES> 264,457
<CGS> 163,172
<TOTAL-COSTS> 163,175
<OTHER-EXPENSES> 80,974
<LOSS-PROVISION> 439
<INTEREST-EXPENSE> 4,285
<INCOME-PRETAX> 15,794
<INCOME-TAX> 5,321
<INCOME-CONTINUING> 10,473
<DISCONTINUED> 4,746
<EXTRAORDINARY> 251
<CHANGES> 0
<NET-INCOME> 14,968
<EPS-PRIMARY> 1.31
<EPS-DILUTED> 1.28
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-Q FOR MARCH 3, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-03-1996
<PERIOD-END> MAR-03-1996
<CASH> 2,767
<SECURITIES> 0
<RECEIVABLES> 45,543
<ALLOWANCES> (2,142)
<INVENTORY> 37,404
<CURRENT-ASSETS> 90,191
<PP&E> 101,313
<DEPRECIATION> (49,754)
<TOTAL-ASSETS> 172,844
<CURRENT-LIABILITIES> 35,850
<BONDS> 73,750
0
0
<COMMON> 1,615
<OTHER-SE> 50,186
<TOTAL-LIABILITY-AND-EQUITY> 172,844
<SALES> 58,116
<TOTAL-REVENUES> 58,116
<CGS> 36,154
<TOTAL-COSTS> 36,154
<OTHER-EXPENSES> 18,208
<LOSS-PROVISION> (5)
<INTEREST-EXPENSE> 875
<INCOME-PRETAX> 2,936
<INCOME-TAX> 1,012
<INCOME-CONTINUING> 1,924
<DISCONTINUED> 902
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,826
<EPS-PRIMARY> 0.22
<EPS-DILUTED> 0.21
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-Q FOR JUNE 2, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-02-1996
<PERIOD-END> JUN-02-1996
<CASH> 2,343
<SECURITIES> 0
<RECEIVABLES> 47,114
<ALLOWANCES> (1,738)
<INVENTORY> 37,198
<CURRENT-ASSETS> 91,636
<PP&E> 102,530
<DEPRECIATION> (51,195)
<TOTAL-ASSETS> 173,603
<CURRENT-LIABILITIES> 34,175
<BONDS> 73,268
0
0
<COMMON> 1,615
<OTHER-SE> 52,329
<TOTAL-LIABILITY-AND-EQUITY> 173,603
<SALES> 125,104
<TOTAL-REVENUES> 125,104
<CGS> 77,678
<TOTAL-COSTS> 77,678
<OTHER-EXPENSES> 38,770
<LOSS-PROVISION> 74
<INTEREST-EXPENSE> 2,140
<INCOME-PRETAX> 6,546
<INCOME-TAX> 2,257
<INCOME-CONTINUING> 4,289
<DISCONTINUED> 1,810
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,099
<EPS-PRIMARY> 0.51
<EPS-DILUTED> 0.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-Q FOR SEPTEMBER 1, 1996
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-01-1996
<PERIOD-END> SEP-01-1996
<CASH> 2,623
<SECURITIES> 0
<RECEIVABLES> 51,338
<ALLOWANCES> (1,738)
<INVENTORY> 38,922
<CURRENT-ASSETS> 98,180
<PP&E> 103,809
<DEPRECIATION> (52,026)
<TOTAL-ASSETS> 180,288
<CURRENT-LIABILITIES> 32,129
<BONDS> 78,559
0
0
<COMMON> 1,615
<OTHER-SE> 54,788
<TOTAL-LIABILITY-AND-EQUITY> 180,288
<SALES> 192,703
<TOTAL-REVENUES> 192,703
<CGS> 119,208
<TOTAL-COSTS> 119,208
<OTHER-EXPENSES> 60,311
<LOSS-PROVISION> 314
<INTEREST-EXPENSE> 3,524
<INCOME-PRETAX> 9,502
<INCOME-TAX> 3,198
<INCOME-CONTINUING> 6,304
<DISCONTINUED> 3,196
<EXTRAORDINARY> 251
<CHANGES> 0
<NET-INCOME> 9,249
<EPS-PRIMARY> 0.80
<EPS-DILUTED> 0.78
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS INCLUDED IN FORM 10-K FOR DECEMBER 3, 1995
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-03-1995
<PERIOD-END> DEC-03-1995
<CASH> 15,503
<SECURITIES> 0
<RECEIVABLES> 44,341
<ALLOWANCES> (2,305)
<INVENTORY> 36,131
<CURRENT-ASSETS> 100,092
<PP&E> 100,119
<DEPRECIATION> (48,111)
<TOTAL-ASSETS> 182,810
<CURRENT-LIABILITIES> 30,950
<BONDS> 3,559
0
0
<COMMON> 1,615
<OTHER-SE> 134,578
<TOTAL-LIABILITY-AND-EQUITY> 182,810
<SALES> 253,603
<TOTAL-REVENUES> 253,603
<CGS> 155,784
<TOTAL-COSTS> 155,784
<OTHER-EXPENSES> 79,421
<LOSS-PROVISION> 916
<INTEREST-EXPENSE> (455)
<INCOME-PRETAX> 18,151
<INCOME-TAX> 6,254
<INCOME-CONTINUING> 11,897
<DISCONTINUED> 3,438
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 15,335
<EPS-PRIMARY> 0.96
<EPS-DILUTED> 0.95
</TABLE>
