SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------
FORM 10-QSB
[ ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 27, 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 No. 0-5258
IEH CORPORATION
(Exact name of registrant as specified in its charter)
New York 1365549348
- ------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
140 58th Street, Suite 8E, Brooklyn, New York 11220
---------------------------------------------------
(Address of principal executive office)
Registrant's telephone number, including area code: (718) 492-4440
---------------
________________________________________________________________________________
Former name, former address and former fiscal year,
if changed since last report.
Check whether the Issuer: (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 [ ]
2,303,502 shares of Common Shares, par value $.50 per share, were
outstanding as of November 12, 1996.
<PAGE>
IEH CORPORATION
CONTENTS
PART 1 - FINANCIAL INFORMATION:
ITEM 1 - FINANCIAL STATEMENTS
Balance Sheets
September 27, 1996 (Unaudited)
and March 29, 1996
Statement of Operations
(Unaudited) for the six months
ended September 27, 1996 and
September 30, 1995
Statement of Cash Flows (Unaudited)
for the six months ended September 27, 1996
and September 30, 1995
Notes to Financial Statements
(Unaudited)
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
PART II - OTHER INFORMATION
<PAGE>
<TABLE>
<CAPTION>
IEH CORPORATION
BALANCE SHEETS
As of September 27, 1996 and March 29, 1996
September 27, March 29,
1996 1996
(Unaudited) (Note 1)
ASSETS
<S> <C> <C>
CURRENT ASSETS:
Cash ................................................ $ 56,714 $ 3,416
Accounts receivable, less allowance for
doubtful accounts of $10,062 at Sept 27, 1996
and March 29, 1996 ................................. 726,854 861,103
Inventories (Note 2 ) ............................... 1,126,525 1,016,272
Prepaid expenses and other current assets(Note 3) ... 24,179 54,000
Other receivables ................................... 23,704 61,410
---------- ----------
Total current assets ............................. 1,957,976 1,996,201
---------- ----------
PROPERTY, PLANT AND EQUIPMENT, less accumulated
depreciation and amortization of $4,119,699 at
Sept 27, 1996 and $3,967,899 at March 29, 1996 ..... 1,491,060 1,537,973
---------- ----------
OTHER ASSETS:
Prepaid pension cost (Note 6) ....................... 43,949 43,949
Other assets ........................................ 47,761 48,510
---------- ----------
91,710 92,459
---------- ----------
Total assets ..................................... $3,540,746 $3,626,633
========== ==========
See accompanying notes to financial statements
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IEH CORPORATION
BALANCE SHEETS
As of September 27, 1996 and March 29, 1996
September 27, March 29,
1996 1996
(Unaudited) (Note 1)
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C>
CURRENT LIABILITIES:
Accounts receivable financing .................................... $ 694,504 $ 643,380
Notes payable, current portion ................................... 3,571 4,542
Loan payable, current portion (Note 5) ........................... 44,362 43,528
Accrued corporate income taxes ................................... 34,850 29,064
Union pension and health and welfare,current portion(Note 6) ..... 120,000 120,000
Accounts payable ................................................. 988,905 1,097,924
Other current liabilities (Note 4) ............................... 55,177 155,775
----------- -----------
Total current liabilities ..................................... 1,941,369 2,094,213
----------- -----------
LONG-TERM LIABILITIES:
Pension plan payable (Note 6) .................................... 582,455 516,966
Loan payable, less current portion (Note 5) ...................... 263,403 278,680
Union pension and health and welfare, less current portion(Note 6) 244,504 283,101
----------- -----------
1,090,362 1,078,747
----------- -----------
Total liabilities ............................................. 3,031,731 3,172,960
----------- -----------
STOCKHOLDERS' EQUITY:
Common stock, $.50 par value:
10,000,000 shares authorized;
2,303,502 shares issued and outstanding .......................... 1,151,751 1,151,751
Capital in excess of par value ................................... 1,615,874 1,615,874
Retained earnings(Deficit) ....................................... (2,258,610) (2,313,952)
Total stockholders' equity .................................... 509,015 453,673
----------- -----------
Total liabilities and stockholders' equity .................... $ 3,540,746 $ 3,626,633
=========== ===========
See accompanying notes to financial statements
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IEH CORPORATION
STATEMENT OF OPERATIONS
(Unaudited)
Six Months Ended Three Months Ended
--------------------------------- ---------------------------------
Sept 27, Sept 30, Sept 27, Sept 30,
1996 1995 1996 1995
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
REVENUE, net sales ....................... $ 2,312,104 $ 1,870,487 $ 1,159,719 $ 838,839
----------- ----------- ----------- -----------
COSTS AND EXPENSES:
Cost of products sold ................... 1,679,334 1,474,929 823,701 663,885
Selling, general and
administrative ........................ 337,381 341,046 194,728 142,968
Interest ................................ 74,338 69,993 35,060 32,277
Depreciation and
amortization .......................... 153,300 132,900 76,200 66,450
----------- ----------- ----------- -----------
2,244,353 2,018,868 1,129,689 905,580
----------- ----------- ----------- -----------
OPERATING INCOME(LOSS) ................... 67,751 (148,381) 30,030 (66,471)
----------- ----------- ----------- -----------
OTHER INCOME ............................. 627 -- -- --
----------- ----------- ----------- -----------
INCOME (LOSS) BEFORE
INCOME TAXES ............................ 68,378 (148,381) 30,030 (66,471)
----------- ----------- ----------- -----------
PROVISION FOR
INCOME TAXES ............................ 13,036 12,600 6,600 6,300
----------- ----------- ----------- -----------
NET INCOME (LOSS) ........................ $ 55,342 $ (160,981) $ 23,430 $ ( 73,041)
=========== =========== =========== ===========
NET INCOME (LOSS) PER
COMMON SHARE ............................ $ .024 $(. 07 $ .01 $ ( .03)
=========== =========== =========== ===========
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES OUTSTANDING
(in thousands) .......................... 2,304 2,304 2,304 2,304
=========== =========== =========== ===========
See accompanying notes to financial statements
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IEH CORPORATION
STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash
(Unaudited)
Six Months Ended
---------------------------------
September 27, September 30,
1996 1995
--------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income(loss) ................................................................... $ 55,342 $(160,981)
--------- ---------
Adjustments to reconcile net income(loss)
to net cash used in operating activities:
Depreciation and amortization .................................................... 153,300 132,900
Changes in assets and liabilities:
(Increase) decrease in accounts receivable ....................................... 134,249 163,968
(Increase) decrease in inventories ............................................... (110,253) 33,375
(Increase) decrease in prepaid expenses
and other current assets ...................................................... 29,821 4,259
(Increase) decrease in other receivables ......................................... 37,706 (27,421)
(Increase) decrease in other assets .............................................. 749 750
(Decrease) increase in accounts payable .......................................... (109,019) 178,697
(Decrease) increase in other current liabilities ................................. (100,598) (80,993)
(Decrease) increase in accrued corporate income taxes payable .................... 5,786 13,958
(Decrease) increase in due to union pension and health and welfare ............... (38,597) (2,285)
(Decrease) increase in pension plan payable ...................................... 65,489 676
--------- ---------
Total adjustments ....................................................... 68,633 417,884
--------- ---------
NET CASH USED IN OPERATING ACTIVITIES ................................................ 123,975 256,903
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment ......................................... (106,387) (98,847)
--------- ---------
NET CASH PROVIDED BY (USED IN)
INVESTING ACTIVITIES ............................................................. (106,387) (98,847)
--------- ---------
See accompanying notes to financial statements
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IEH CORPORATION
STATEMENTS OF CASH FLOWS (CONTINUED)
Increase (Decrease) in Cash
(Unaudited)
Six Months Ended
---------------------------------------
September 27, September 30,
1996 1995
--------- ---------
<S> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on notes payable ........................................... $ (971) $ ( 16,668)
Proceeds from accounts receivable financing ................................... 51,124 --
Principal payments on accounts receivable financing ........................... -- (120,821)
Principal payments on loan payable ............................................ (14,443) (20,567)
--------- ---------
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES ........................................................ 35,710 (158,056)
--------- ---------
INCREASE (DECREASE) IN CASH .................................................... 53,298 --
CASH, beginning of period ...................................................... 3,416 300
--------- ---------
CASH, end of period ............................................................ $ 56,714 $ 300
========= =========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION,
cash paid during the six months for:
Interest ................................................................... $ 74,338 $ 69,993
========= =========
Income Taxes ............................................................... $ 13,036 $ 12,600
========= =========
See accompanying notes to financial statements
</TABLE>
<PAGE>
IEH CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 1- FINANCIAL STATEMENTS:
The accompanying financial statements of IEH Corporation("The Company")
for the six months ended September 27, 1996 and September 30, 1995 have
been prepared in accordance with the instructions to Form 10-QSB and do
not include all of the information and footnotes required by generally
accepted accounting principles. The financial statements have been
prepared by management from the books and records of the Company and
reflect, in the opinion of management, all adjustments (consisting of
normal recurring accruals) necessary for a fair presentation of the
financial position, results of operations, and cash flows of the
Company. These statements should be read in conjunction with the
financial statements and notes thereto included in the Company's annual
report Form 10- KSB for the fiscal year ended March 29, 1996. The
balance sheet at March 29, 1996 has been taken from the audited
financial statements of that date.
Note 2- INVENTORIES:
Inventories are comprised of the following:
<TABLE>
<CAPTION>
September 27, March 29,
1996 1996
---- ----
(Unaudited)
<S> <C> <C>
Raw materials $ 673,509 $ 607,593
Work in process 125,602 113,309
Finished goods 327,414 295,370
--------- ---------
$1,126,525 $ 1,016,272
========== ===========
</TABLE>
Inventories are priced at the lower of cost (first-in, first -out
method) or market. During the current fiscal year, the Company
established a reserve for obsolescence to reflect net realizable value.
The balance of this reserve as of September 27, 1996 was $24,000.
Inventories at September 27, 1996 are recorded net of this reserve.
<PAGE>
IEH CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 3- PREPAID EXPENSES AND OTHER CURRENT ASSETS:
Prepaid expenses and other current assets are comprised of the
following:
<TABLE>
<CAPTION>
September 27, March 29,
1996 1996
---- ----
( Unaudited )
<S> <C> <C>
Prepaid insurance $ 24,179 $ 54,000
Other current assets - -
-------- -----
$ 24,179 $ 54,000
======== ========
</TABLE>
Note 4- OTHER CURRENT LIABILITIES:
Other current liabilities are comprised of the following:
<TABLE>
<CAPTION>
September 27, March 29,
1996 1996
---- ----
(Unaudited)
<S> <C> <C>
Payroll and vacation accruals $ 1,720 $ 5,590
Sales commissions 13,653 6,074
Pension plan payable - 65,389
Other 39,804 78,722
--------- ---------
$ 55,177 $155,775
========= ========
</TABLE>
Note 5- LOAN PAYABLE:
On July 22, 1992, the Company obtained a loan of $435,000 from the New
York State Urban Development Corporation, ("UDC") collateralized by
machinery and equipment. The loan is payable over ten years, with
interest rates progressively increasing from 4% to 7%.
The balance remaining at September 27, 1996 was $307,765.
<PAGE>
IEH CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 5- LOAN PAYABLE (continued):
Aggregate future principal payments are as follows:
<TABLE>
<CAPTION>
<S> <C>
Fiscal Year Ending March:
1997 $ 29,085
1998 45,710
1999 48,529
2000 50,694
Thereafter 133,747
----------
$ 307,765
==========
</TABLE>
As of September 27, 1996, the Company had failed to meet one of the
financial covenants of the loan agreement; namely that the "Company
shall be obligated to maintain a tangible net worth of not less than
$1,300,000 and the Company shall be obligated to maintain a ratio of
current assets to current liabilities of 1.1 to 1.0. The Company
reported tangible net worth of $509,015. The ratio of current assets to
current liabilities at September 27, 1996 was 1.008 to 1.0.
The Company had previously received a waiver of this covenant from the
UDC through the period ending July 8, 1993 and had subsequently
received an additional waiver of this covenant through the period
ending March 31, 1994.
There are no assurances that the Company will receive any additional
waivers of this covenant. Should the Company not receive any additional
waivers, then it will be deemed to be in default of this loan
obligation to the UDC and the entire loan plus interest will become due
and payable.
<PAGE>
IEH CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 6- COMMITMENTS:
The Company has, with the United Auto Workers of America, Local 259, a
collective bargaining multi-employer pension plan. Contributions are
made in accordance with a negotiated labor contract and are based on
the number of covered employees employed per month. With the passage of
the Multi-Employer Pension Amendments Act of 1980 ("The Act"), the
Company may become subject to liabilities in excess of contributions
made under the collective bargaining agreement. Generally, these
liabilities are contingent upon the termination, withdrawal, or partial
withdrawal from the Plan. The Company has not taken any action to
terminate, withdraw or partially withdraw from the Plan nor does it
intend to do so in the future. Under the Act, liabilities would be
based upon the Company's proportional share of the Plan's unfunded
vested benefits which is currently not available. The amount of
accumulated benefits and net assets of such Plan also is not currently
available to the Company. Total contributions charged to operations
under this pension plan were $21,403 for the six months ended September
27, 1996.
In December, 1993, the Company and Local 259 entered into a verbal
agreement whereby the Company would satisfy this debt by the following
payment schedule:
The sum of $10,000 will be paid by the Company each month in
satisfaction of the current arrears until this total debt has
been paid. Under this agreement, the projected payment schedule
for arrears will satisfy the total debt in 49 months.
Additionally, both parties have agreed that current obligatory
funding by the Company will be made on a timely current basis.
Effective February 1, 1995, the Company withdrew from the union's
health and welfare plan,and offered and provided its employees an
alternative health insurance plan.
As of September 27, 1996, the Company reported arrears with respect to
its past contributions to the union's health and welfare plan and
contributions to the pension plan. The amount due the health and
welfare plan was $149,889 and the amount due the pension plan was
$214,615, for a total of $364,504.
The total amount due of $364,504 is reported on the accompanying
balance sheet in two components; $120,000 reported as a current
liability and $244,504 as a long-term liability.
On June 30, 1995, the Company applied to the Pension Benefit Guaranty
Corporation ("PBGC") to have the PBGC assume all of the Company's
responsibilities and liabilities under its Salaries Pension Plan. On
<PAGE>
IEH CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
COMMITMENTS: (continued)
April 26, 1996, the PBGC determined that the Salaried Pension Plan did
not have sufficient assets available to pay benefits which were and are
currently due under the terms of the Plan. The PBGC further determined
that pursuant to the provisions of the Employment Retirement Income
Security Act of 1974, as amended ("ERISA") that the Plan must be
terminated in order to protect the interests of the Plan's
participants. Accordingly, the PBGC intends to proceed pursuant to
ERISA to have the Plan terminated and the PBGC appointed as statutory
trustee, and to have July 31, 1995 established as the Plan's
termination date.
Note 7- CONTINGENCIES:
In 1979, the Company entered into an agreement with Brevetron S.A. for
the manufacture and sale of certain electrical connectors. The
agreement was a so-called "hybrid" agreement involving a license under
both patent rights and know-how. The license was non-exclusive, and in
fact the Company encountered licensed competition in the United States
in the sale of these products known as the "Hypertac" socket. The last
of these patents expired in 1992. The Company, however, had continued
to pay licensing fees to Brevetron S.A. and thru the year ended March
31, 1995 had recorded a licensing fee liability of $75,417. For the six
months ended September 30, 1995, the Company had recorded an additional
$31,783 in license fees. Upon having outside counsel conduct a review
of the agreement, the Company has advised Brevetron that it believes
that there is no legal obligation for the Company to pay any further
licensing fees. It is the opinion of counsel that the agreement has
been unenforceable since January 7, 1992, the date of expiration of the
latest patent. Accordingly, the Company had reversed the accrual of
license fees of $31,783 that were recorded in the period ending
September 30, 1995. The remaining liability of $75,417 representing the
amount of licensing fees recorded as a liability as of March 31, 1995
was reversed as of March 29, 1996.
Note 8- CHANGES IN STOCKHOLDERS' EQUITY:
Retained earnings increased by $23,430 which represents the net income
for the three months ended June 28, 1996.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Results of Operations:
The following table sets forth for the periods indicated, percentages
for certain items reflected in the financial data as such items bear to the
revenues of the Company:
<TABLE>
<CAPTION>
Six Months Ended
September 27, September 30,
---------------------------
1996 1995
-------- --------
<S> <C> <C>
Operating Revenues (in thousands) ................. $ 2,312 $ 1,870
-------- --------
Costs and Expenses:
(as a percentage of revenues)
Cost of Products Sold .................... 72.6% 78.9%
Selling, General and Administrative ...... 14.6% 18.2%
Interest Expense ......................... 3.2% 3.7%
Depreciation and amortization ............ 6.6% 7.1%
-------- --------
Total costs and expenses ........ 97.0% 107.9%
-------- --------
Operating Income (loss) ........................... 3.0% (7.9%)
-------- --------
Other Income ...................................... .0% .0%
-------- --------
Income (loss) before Income Taxes ................. 3.0% (7.9%)
-------- --------
Income Taxes ...................................... .6% (.7%)
-------- --------
Net Income (loss) ................................. 2.4% (8.6%)
======== ========
</TABLE>
<PAGE>
Comparative Analysis:
Operating revenues for the six month period ending September 27, 1996 amounted
to $2,312,104, reflecting a 23.6% increase over the previous six month period
ending September 30, 1995. The increase in revenues in this comparative period
reflects the Company's efforts to redirect its sales efforts to commercial
electronic sales.
Cost of products sold amounted to $1,679,334 or 72.6% of revenues. This
reflected an increase of 13.9% in the cost of products sold from $1,474,929 or
78.9% of revenues from the comparative six month period ending September 30,
1995. The increase is reflective of increased costs of production as a result of
increased sales.
Selling, general and administrative expenses were $ 337,381 or 14.6% of revenues
compared to $341,046 or 18.2% of revenues for the comparative six month period
ending September 30, 1995. This decrease of 1% was attributable to mamagement's
efforts to better control costs.
Interest expenses was $74,338 or 3.2% of total revenues as compared to $69,993
or 3.7% of revenues for the prior six month period ending September 30, 1995.
The increase of 6.2% reflects higher rates prevailing in the current period as
compared to the prior six month period.
Depreciation and amortization of $153,300 or 6.6% of revenues was reported for
the six months ended September 27, 1996 as compared to $132,900 or 7.1% of
revenues for the prior six months ended September 30, 1995. This expense as a
percentage of revenues increased as a result of increased purchases of fixed
assets during the six months ended September 27, 1996.
The Company reported net income of $55,342 for the six months ended September
27, 1996 representing net income of $.024 per common share as compared to a net
loss of $160,981 and net loss per common share of $.07 for the comparative
period ending September 30, 1995. This increase is due to an overall increase in
revenues for the current period.
<PAGE>
Item 2- Management's Discussion and Analysis of Financial Condition and
Results of Operations
Results of Operations:
The following table sets forth for the periods indicated, sales
revenues and percentages for certain items in the financial data as such items
bear to the revenues of the Company:
<TABLE>
<CAPTION>
Three Months Ended
September 27, September 30,
------------------------------
1996 1995
-------- ------
<S> <C> <C>
Revenues, net sales(in thousands) .............. $ 1,160 $ 839
-------- ------
Costs and Expenses:
(as a percentage of revenues)
Cost of products sold ......................... 71.0% 79.1%
Selling,general and administrative ............ 16.8% 17.1%
Interest expense .............................. 3.0% 3.8%
Depreciation and amortization ................. 6.6% 7.9%
-------- ------
Total costs and expenses .............. 97.4% 107.9%
-------- ------
Operating income (loss) ....................... 2.6% (7.9%)
-------- ------
Other income .................................. .0% .0%
-------- ------
Income (loss) before income taxes ............. 2.6% (7.9%)
-------- ------
Provision for income taxes .................... (.6%) (.8%)
-------- ------
Net income (loss) ............................. 2.0% (8.7%)
======== ======
</TABLE>
Comparative Analysis:
Operating revenues for the three month period ending September 27, 1996 amounted
to $1,159,719 reflecting an 38.2% increase versus the prior three month period
ending September 30, 1995 of $838,839. The increase in revenues in this
comparative period reflects the Company's efforts to redirect its sales efforts
to commercial electronic sales.
<PAGE>
Comparative Analysis (continued)
Cost of products sold amounted to $823,701 for the three months ended September
27, 1996 or 71.0% of revenues. This reflected an increase of 24.1% in the cost
of products sold from $663,885 or 79.1% of revenues from the comparative three
month period ended September 30, 1995. This increase is primarily due to the
increase in revenue and resultant costs associated with production.
Selling, general and administrative expenses were $194,728 or 16.8% of revenues,
compared to $142,968 or 17.1% of revenues for the comparative three month period
ending September 30, 1995. This increase of 36.2% was attributed to increased
variable expenses based on sales.
Interest expense was $35,060 or 3.0% of revenues as compared to $32,277 or 3.8%
of revenues for the prior three month period ending September 30, 1995. The
increase in interest expense of 8.6% reflects the higher rates prevailing in the
current fiscal year as compared to the prior year.
Depreciation and amortization of $76,200 or 6.6% was reported for the three
months ended September 27, 1996 as compared to $66,450 or 7.9% of revenues for
the prior three month period ending September 30, 1995. This expense as a
percentage of revenues increased as a result of an increase in the acquisition
of machinery and equipment during the three month period ended September 30,
1995.
The Company reported net income of $23,430 for the three month period ended
September 27,1996, representing net income of $.01 per common share as compared
to a net loss of $.03 per common share for the three months ended September
30,1995. This comparative increase for the current three month period is due to
an overall increase in revenues during this period.
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 27. Financial Data Schedule
(b) Reports on Form 8-K during Quarter
None
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
has duly cause this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
IEH CORPORATION
(Registrant)
November 12, 1996 /s/Michael Offerman
----------------------------
Michael Offerman
President
November 12, 1996 /s/Robert Knoth
----------------------------
Robert Knoth
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-28-1997
<PERIOD-END> SEP-27-1996
<CASH> 56,714
<SECURITIES> 0
<RECEIVABLES> 726,854
<ALLOWANCES> 0
<INVENTORY> 1,126,525
<CURRENT-ASSETS> 1,957,976
<PP&E> 5,610,729
<DEPRECIATION> 4,119,699
<TOTAL-ASSETS> 3,540,746
<CURRENT-LIABILITIES> 1,941,369
<BONDS> 263,403
0
0
<COMMON> 1,151,751
<OTHER-SE> (642,736)
<TOTAL-LIABILITY-AND-EQUITY> 3,540,746
<SALES> 2,312,104
<TOTAL-REVENUES> 2,312,731
<CGS> 1,679,334
<TOTAL-COSTS> 337,381
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 74,338
<INCOME-PRETAX> 68,378
<INCOME-TAX> 13,036
<INCOME-CONTINUING> 55,342
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 55,342
<EPS-PRIMARY> .024
<EPS-DILUTED> 0
</TABLE>
